This should be very short and presents your value hypothesis. Two sentences is enough if you put the right detail in it:

• Identify the company you have chosen with the company name with its exchange and ticker symbol, state your recommendation (buy/hold/sell), the target price (the intrinsic value you believe this stock is worth per share), the percent increase or decrease this represents compared to the current price per share (sometimes called "upside potential" or "downside potential"), and the date of that current price.
• List at least three high-level reasons for this recommendation. These should be distinct and separate from one another (in other words, they should not overlap), but they should encompass all of the beliefs you have which support your recommendation.
• The overview should be the last section you write, even though it is the first section of the report. Use it to sum up your overall work in the style of an elevator speech. For example: "I issue a BUY recommendation for the American Baby Carriage Corporation (NYSE: ABCC), with a target price of $112 per share, a 12% increase compared to its market price of $100 on July 31, 2022. There are three key reasons which support this position: ABCC's sales growth is expected to be more than 12% per year for the next five years, their cost management is best-in-class for their industry, and their platform optimization allows them to produce more efficiently than any of their competitors."

1. The investment summary looks into the future. Explain each of the key reasons you list in the overview, and how you expect the future to develop with regards to your assumptions. Explain the key inputs to your model.
2. The financial analysis looks into the past. Legitimize and support each of the reasons you detailed in the investment summary. Give evidence from your analysis of past financial performance, and connect it clearly to your assumptions about the future.
3. Valuation. You must use discounted cash flow analysis to support your position: free cash flow to equity model, the free cash flow to the firm model, and the adjusted present value model are all acceptable. In this section, discuss only the valuation methods which support your position (in other words, if you recommend "Buy," do not discuss valuations which support a "Sell" recommendation in this section. Save those for the Investment Risks section).
4. Investment Risks. Explain what might make your valuation incorrect. If any of your models did not support your recommendation, discuss them in this section. Perform sensitivity and scenario analysis to test your results and how much your valuation would change if your assumptions were wrong.

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