It is not just a challenge.
it is a path.
We don't only want to challenge - we want to teach.
Constellation Challenge is more than a fundamental equity research competition - it is a learning process. The investment case is only a means to a greater end: we hope that by the end of the competition, you are able to evaluate an investment in a publicly listed company from beginning to end.
To those who are interested in finance, it is the ideal opportunity to gain technical knowledge in research and to learn about an investors’ day-to-day routine, network with the industry and with other students who share the same interest.
HOW DOES IT WORK?
Constellation chooses one listed company to be analyzed
Students are required to create groups from 1 to 3 people in order to perform their analysis
The Challenge has the following steps:
Deliverable 1: Elaborate a sector analysis with up to 10 slides
Constellation selects the best groups for the next round
Deliverable 2: Elaborate a complete investment case that should be presented in 10 minutes
Constellation selects the best groups to present their case
Presentation: Selected groups present their case to Constellation members and up to 5 finalists are choosen for a final round
Final round: After another round of presentations, the winner is choosen among the 5 finalists
EXTRA: During the 2019 Constellation Challenge edition, the winner from Constellation Challenge US and the winner from Constellation Challenge Brazil will present their investment case during the Brazil Conference, held at Harvard and MIT in April 2019. We will then choose the winner between those two.
In 2018, we hired our summer intern after giving a Value Investing class to the Constellation Challenge finalists.
Finalists have the opportunity to present their investment cases to the Board and Executives of the chosen company. Below is the list of companies previously chosen:
Raia Drogasil (2016)
Grupo Ultra (2018)