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CFA INSTITUTE RESEARCH CHALLENGE
France Local Level
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CFA Society France
AGENDA AND TIMELINE
6 to 6.30 pm: Welcome
6.30/45 pm: Kick off
• CFA Institute Mission & Vision
• About CFA Society France
• Presentation of CFA Institute Research Challenge
• Focus on the local level
• Sponsor Acknowledgement
• 2018 France local level subject company
7.30/45 pm: Cocktail
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CFA Society France
ABOUT CFA INSTITUTE
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CFA Institute is the global association of investment professionals that sets the
standard for professional excellence and credentials.
• Over 135 000 members in 150 countries
• 147 member societies in 70 countries
CFA Society France
ABOUT CFA INSTITUTE
Mission
To lead the investment profession globally by promoting the highest
standards of ethics, education, and professional excellence for the
ultimate benefit of society.
Vision
• Serves all finance professionals seeking education, knowledge,
professional development, connection, or inspiration.
• Leads the investment profession’s thinking in the areas of ethics,
capital market integrity, and excellence of practice.
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CFA Society France
ABOUT US – CFA SOCIETY FRANCE
• One of 148 member societies of CFA Institute
• Over 950 members in 2016
• Over 3 000 CFA Program candidates in 2016
• 30+ events per year
• Students outreach: 11 partnerships with universities, QuantAwards
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CFA Society France
ABOUT US – CFA SOCIETY FRANCE
Mission
To provide our members with professional development, sense of
community and networking opportunities primarily via regular
conferences and events. We also seek to maintain constructive relations
with local financial and regulatory institutions and promote the
professional and ethical standards of CFA Institute.
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CFA Society France
ABOUT CFA INSTITUTE RESEARCH CHALLENGE
• The CFA Institute Research Challenge is a worldwide intercollegiate
competition that tests the equity research and valuation, investment report
writing, and presentation skills of university students.
• This annual educational initiative promotes best practices in equity
research among the next generation of analysts through hands-on
mentoring and intensive training in company analysis and
presentation skills.
• Students work in teams to research and analyze a publicly traded
company. Each team writes a research report on their assigned company
with a buy, sell, or hold recommendation and may be asked to
present and defend their analysis to a panel of industry professionals.
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CFA Society France
HOW IT WORKS
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100+ Local Challenges
APAC ~20 Teams
EMEA ~30 Teams
Americas ~55 Teams
4 Teams
CFA Society France
HOW IT WORKS: LOCAL LEVEL
• The local competitions are hosted by CFA Societies.
• Each team is assigned a Mentor, an investment industry professional -
usually a CFA charterholder – who helps students connect academic
theory with real-world practice.
• Teams analyze the stock, meeting the IR/management and write
initiation of coverage report that includes a buy, sell or hold
recommendation.
• At each local final competition, teams present and defend their
recommendations to a high-profile panel of judges.
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CFA Society France
HOW IT WORKS: REGIONAL AND GLOBAL LEVELS
• The regional and global competitions are hosted by CFA Institute.
• The winner from each local competition advances to one of
the three regional competitions: in the Americas; the Asia
Pacific; and the Europe, Middle East, and Africa regions.
• The winner from each regional competition will advance to the Global
Final, where one team will emerge as global champion of
the CFA Institute Research Challenge.
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CFA Society France 11
2017 GLOBAL PARTICIPATION
4 250+ Students
3 500+ Indusry Volunteers
925+ Universities
133 CFA Member Societies
103 Local Level Challenges
75 Countries
CFA Society France
BENEFITS FOR STUDENTS
• Network of over 12,000 of the world’s top business and finance
students
• Access and exposure to leading industry professionals
• Experience presenting to top financial professionals
• Real-world learning experience
• Best practices in research and report writing
• Professional report and experience to use on resume/CV and job interviews
• On-site opportunities: keynote speakers, educational sessions, and recruiting
sessions
• Individual and team prizes
• Opportunity for travel
• Potential for media exposure
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CFA Society France
2017 FRENCH CHAMPIONS
2017 Paris final
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CFA Society France
2017 FRENCH CHAMPIONS
IÉSEG School of Management
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CFA Society France
2017 GLOBAL CHAMPIONS
Barna Business SchoolRepresenting the CFA Institute Research Challenge in Central America
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CFA Society France
RULES OVERVIEW
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• Each team consists of 3-5 students (undergraduate or graduate)
• Only one team may represent each university
• Students must be enrolled in the university they represent and registered for at least a part-time course load at the time of the kickoff meeting
• Reports and presentations must be the students’ original work
• Students may not have contact with the subject company outside of organized events
• Students may not enlist the help of any professionals other than the mentor or faculty advisor
• Mentors and faculty may NOT contact the company
• Mentors, faculty, and subject company may NOT provide material non-public information
• Written reports must conform to the guidelines set forth by CFA Institute and include the cover and back pages provided by CFA Institute
• Teams may not use props in their oral presentations
• Students, mentors, and faculty advisors must all agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct
• Official rules
CFA Society France
SAMPLE REPORT
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CFA Society France
ADVISOR AND MENTOR INVOLVEMENT
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Faculty Advisor
• Insight and guidance on research methods and tools as taught in academia
• 10 hours maximum of productive time
• Access to faculty for other projects unrelated to the Research Challenge is permitted
• All work must be the original work of the students
Industry Mentor
• Insight and guidance on industry practice
• 6 hours maximum of productive time
• Face to face or virtual
• Company management question development
• Review first draft of research report
• Presentation development assistance
CFA Society France
YOUR MENTOR
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Mentors Ecole
Jocelyn Jovène IAE Gustave Eiffel
Christophe Haussmann ESCP Europe Business School
Thomas Vieux University of Montpellier I
Gmail Laurent ICN Business School
Julien Coudert ESSEC Business School
Mikael Dauvert University of Lorraine (ISAM-IAE)
Simon LeChipre Grenoble School of Management
Pierre Merveille EMLYON Business School
Antoine Petit EDHEC Business School
Lewis Smith University Lille II
Diego-Felipe APONTE VARGAS
Toulouse Business School
Sebastien Fay AUDENCIA School of Management
Gregory Derrien NEOMA Business School
Mourad Mnif University of Angers
Chen Zhao University of Monaco
Quentin Planchais IESEG School of Management
Clement Simon University Paris I Panthéon-Sorbonne
Edouard Menneson University Paris IX Dauphine
CFA Society France
WRITTEN REPORT SCORING SHEET
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SECTIONMAXIMUM
POINTSCOMMENTS
Business Description 5
Industry Overview & Competitive
Positioning15
Investment Summary 20
Valuation 20
Financial Analysis 20
Investment Risks 15
Other Headings 5
100
CFA Society France
ORAL PRESENTATION SCORING
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CFA Society France
2018 COMPETITION: WHERE TO BEGIN
• Register for the competition
Students MUST register on the CFA Institute website using the registration form
provided by the local host. Deadline is on the 2d November
• Visit the CFA Institute Research Challenge website
- Peruse educational materials selected specifically for participants
- Watch videos of past presentations
- View past reports from winning teams
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CFA Society France
2018 COMPETITION TIMELINE
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Today Kick-Off
9th NovemberCompany Presentation by Investor Relation/CFO18h00-22h00 – Amundi, 90 Boulevard Pasteur, Paris 75015
22nd January 12.00 GMT+1 (noon)
Report submission deadline
15th MarchFrench Local Final 18h00-22h00 - Oddo, 12 boulevard de la Madeleine, 75009 Paris
4-5th April Regional Final - Dublin
20th April Global Final, Seoul - Korea
CFA Society France
2018 COMPETITION PARTICIPATING TEAMS
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CFA Society France
FRANCE LOCAL LEVEL SPONSORS
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CFA Society France
THE 2018 FRENCH LOCAL LEVEL SUBJECT
COMPANY IS…. (DRUM ROLLS)
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CFA Society France
THE 2018 FRENCH LOCAL LEVEL SUBJECT
COMPANY IS PERNOD RICARD
• Pernod Ricard is the world's second-largest wine and spirits company. It is
listed on the Paris Stock Exchange and is a member of the CAC40 with a c.
€32 Bn market capitalization
• The company generated over €9 Bn revenues in FY 2018
• It owns some of the world’s most famous spirits brands : Absolut, Jameson,
Chivas
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CFA Society France
WHO WILL BE THE NEXT FRENCH TEAM TO GO
TO DUBLIN?
EMEA Regional and Global Finals
Dublin, 4-5 April 2018:
more than 30 teams and only one winner
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A WORD FROM OUR PARTNER
CFA Society France
• Credit ratings, research, and analytics
• Foremost provider of financial market indices
• Global Risk Services
• Real-time data, research, and analytics
• Commodity price assessments
and information
S&P GLOBAL – ESSENTIAL INTELLIGENCE
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CFA Society France
S&P GLOBAL MARKET INTELLIGENCE (SPGMI)
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S&P GLOBAL
MARKET INTELLIGENCE
2016E REVENUES ($M)
BANKING INSURANCE ENERGY &
UTILITIES
MINING & METALS REAL ESTATE MEDIA &
COMMUNICATIONS
INVESTMENT
BANKING
(SENIOR & JUNIOR)
EQUITY/FIXED
INCOME RESEARCH
STRATEGIC
PLANNING
INVESTMENT
RESEARCH
CREDIT RISK
INVESTMENT
MANAGEMENT
INVESTMENT
BANKS
COMMERCIAL BANKS,
INSURANCE AND
SPECIALTY
NON-FINANCIAL
CORPORATES
$1.6 BILLION REVENUE DIVISION LEADER IN SIX KEY SECTORS
FRONT- AND MIDDLE-OFFICE FOCUS GEOGRAPHIC DIVERSIFICATION
40% OF THE WORLD ECONOMY
PROFESSIONAL SERVICES,
GOVERNMENT, AND
ACADEMIC
TRANSACTION &
PROFESSIONAL SERVICES
PRIVATE
EQUITY
CFA Society France
ESSENTIAL INTELLIGENCE ON TWO FRONTS
Unique, Differentiated
Content And Analytics
Credit
Analytics
Documents And
Transcripts
Professionals And
Relationships
Industry
News
Public And Private
Co. Financials
Yield Curves
SNL Asset Level
Operating Data
Estimates
Cross Reference
ServicesResearch
Reports
Key
Developments
Ownership And
Transactions
Ratings
Corporate
Structure
Geospatial And
Demographics
An Integrated Suite Of
Delivery Platforms
Mobile
Web Browser
Desktop
Microsoft®
Office Tools
Data Feeds
API
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QUESTIONS?