01Week 04
Listed Stock Pitch
An investment thesis on a listed company, covering valuation, principal risks, and a buy, hold, or sell recommendation.
- Slides
- 5 to 8
- Slides
- Presentation
- 5 min
- Presentation
- Or recorded
- Live
- Or recorded
Eight-week applied programme
M&A and Equity Research.
Build a company valuation, develop a stock pitch and write an M&A report through an applied finance programme.
See analyst work- Weeks
- 8
- Weeks
- Per week
- 3–4 hrs
- Per week
- One-time
- €49
- One-time
- full-fee scholarships
- 10
- full-fee scholarships
- For the next cohort
Selected work
Analyst research.
Company analyses written by Avenor analysts on listed companies of their choosing, published unedited.Explore examples of the company analysis produced during the programme.
I.NYSE · FY2025
Spotify Technology S.A.
- Revenue
- €17.19bn
- Revenue
- From Premium
- 89.3%
- From Premium
- Moat rating
- Narrow
- Moat rating
II.Nasdaq Copenhagen · FY2025
Pandora A/S
- Revenue
- DKK 32.5bn
- Revenue
- Gross margin
- 77.9%
- Gross margin
- Moat rating
- Narrow
- Moat rating
III.Nasdaq Helsinki · FY2025
Finnair Oyj
- Revenue
- €3.11bn
- Revenue
- From passengers
- 78.7%
- From passengers
- Moat rating
- None
- Moat rating
Major deliverables
A stock pitch and an M&A report.
02Weeks 05 to 08
M&A Report
An in-depth analysis of an existing or potential M&A transaction, developed from outline to final submission.
- Weeks
- 4
- Weeks
- Transaction
- 1
- Transaction
- Board review
- Top 10
- Board review
Both culminate in one polished, in-depth submission.
Curriculum
The programme structure.
Three phases over eight weeks, each building on the analytical work of the last.
I.Weeks 01 to 03
Valuation Foundations
A structured grounding in the core methods of company analysis, applied to a listed company of the analyst's choosing.
- Financial statement analysis
- Comparable company analysis
- Discounted cash flow
II.Week 04
Listed Stock Pitch
The preceding analysis is consolidated into a formal investment thesis and presented live or by recording.
- Investment thesis
- Valuation and principal risks
- Buy, hold, or sell recommendation
III.Weeks 05 to 08
M&A Report
An extended study of an existing or prospective transaction, progressing from proposal to a final submission reviewed by the Avenor team.
- Transaction selection and outline
- Analysis and supporting evidence
- Drafting and final submission
Outcomes
On completion.
Each participant who completes the programme receives the following.
Awarded
Certificate of Completion
- 01All handbook assignments submitted
- 02Stock pitch delivered live or as a recording
- 03Final report submitted within the eight weeks
The award is confirmed by the Avenor team once all three are complete.
Retained
A complete valuation portfolio
- Financial statement analysis
- Comparable companies table
- Discounted cash flow model
- Listed stock pitch deck
Reviewed
Formal review of the final report
Every submission is assessed by the Avenor team.
10
strongest reports put forward for additional Strategic Board review.
Enrolment
Apply to the programme.
Tell us about your interest in finance. The Avenor team will review your application and contact you about next steps.
Questions before applying? Contact us10 full-fee scholarships for the next cohort.
Awarded based on your CV and interview. Applying and interviewing are free.
FAQ
Who is the programme for?+
It’s designed for students interested in finance who want hands-on experience and analytical work they can discuss in interviews or include in a portfolio.
How long does the programme take?+
The programme runs over eight weeks. You can organise your work around your studies, but all required assignments, the stock pitch and the final report must be completed within that period.
How much time should I set aside?+
Plan for around 3–4 hours per week. Your pace may vary depending on your experience and how much time you spend on each assignment.
What practical work will I complete, and will it be reviewed?+
You’ll complete individual coursework in equity research and M&A, including company analysis, valuation, an investment thesis, a stock pitch, and a final report. The Avenor team reviews every report. The 10 strongest final reports are eligible for additional Strategic Board review.
How much does the programme cost?+
The current price is €49, paid once.
Are scholarships available?+
10 full-fee scholarships for the next cohort. Awarded based on your CV and interview. Applying and interviewing are free.