How to analyze con calls?

Seen a lot people jumping to valuation without developing a reasonable business understanding.

A valuation model is as good as its inputs.
Garbage in garbage out.

A great source to understand a business is earnings conference calls or con calls in short.
They are a phenomenal source of industry insights, understanding competitive advantage besides business performance and growth ambitions.

Understanding con call transcripts is an essential step in #EquityResearch and #investing. It is also a key document for Strategy and Consulting professionals.

But here is the challenge — even if you go through con call transcripts, there is so much of information (across a wide variety of business aspects) thrown at you that you may struggle to put it all together and make sense of it.
Putting all of that info. in a framework and then looking for the missing pieces is key to building a comprehensive industry and business understanding.


In this 3-video series, I have explained how to read con calls using a company — Narayana Hrudalaya con calls — as example.

Video 1: What to look for in Con Calls?

Video 2: How to Assess Business Moat?

Video 3: How to decode future Growth from ConCalls?

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Gautam is the passionate equity researcher and instructor at Invest and Rise