Hero MotoCorp DCF: Building a Full Equity Research Report
Built an end-to-end DCF valuation for Hero MotoCorp using ten years of data, scenario analysis, and a published investment thesis
Tanvi Prakash
Deal Associate at Global Bharat Fund
From their time as
Financial Research Intern
Motilal Oswal Financial Services Ltd • 2025 - 2025
Overview
Tanvi built this equity research report as an independent project, with no brief and no team. She started by collecting ten years of annual report data for Hero MotoCorp, pulling financial statements across the full period.
The Story
Tanvi built this equity research report as an independent project, with no brief and no team. She started by collecting ten years of annual report data for Hero MotoCorp, pulling financial statements across the full period.
The raw data was unstructured. She reformatted all financial statements into a consistent format before any analysis could begin, then ran trend analysis, vertical and horizontal analysis, and ratio analysis across the dataset.
With the historical picture clear, she moved to assumptions. She read through management discussions and earnings call transcripts to understand what the company's leadership believed about the future. She then validated those management views against news coverage and investor commentary, checking whether the external evidence supported or contradicted the internal narrative.
From that foundation, she built a DCF model using free cash flow to equity, discounted back to present value. To account for uncertainty, she constructed three scenarios: optimistic, base, and pessimistic, each with a distinct assumption set that produced a different valuation range.
The final report covered the market landscape, competitive positioning, risk factors, and the investment thesis. She published it on LinkedIn.
Reception and Impact
The report drew 8,000-plus impressions and two reposts. Multiple people reached out via LinkedIn requesting access to her valuation template, citing its clarity and the robustness of the model structure. The template was designed to be reusable across companies, and readers recognized that.