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

  • Q&A: Constellation will analyze the final presentations and choose the best groups to schedule Q&A sessions regarding the presentation. After the Q&A, the winner is choosen among the finalists

Finalists have the opportunity to present their investment cases to the company. Below is the list of companies previously chosen:

• Linx (2015)

• Raia Drogasil (2016)

• Fleury (2017)

• Grupo Ultra (2018)

• Mercado Livre (2019)

• Stone (2020)

• BTG Pactual (2021)

• AB InBev (2022)

• Arezzo (2023)

Six Constellation team members have been recruited through the Constellation Challenge.