Gutenberg Research

Gutenberg Research We are an interactive earnings modeling community, driving the evolution of equity research. Our mission is to make earnings models, available to everyone.

In the fifteenth century Johannes Gutenberg invented the printing press, which forever altered the state of communication and information. Gutenberg’s press was the first step towards mass production of books changing literacy from a luxury of an elite few, to a right of the masses, ushering in the European Renaissance. Now, more than 500 years later there are still many restrictions on information. For example, investment banks restrict the distribution of their equity valuation models to only their top paying clients. While we understand that this represents their propriety intellectual property and they deserve to be compensated for its use, we do believe that all investors deserve access to similar tools at a reasonable price, which is where Gutenberg Equity Research® comes in. We are an independent equity research firm which provides professional analysis based on modern portfolio theory and fundamental valuation techniques. Our mission is to make financial models, similar to those provided by investment banks, available to all investors. These models include integrated Income Statements, Balance Sheets, Cash Flow Statements, as well as market multiple and discounted cash flow valuations for equity investments. We believe access to these powerful tools will enable investors to make more informed decisions.

Mission: • Our Purpose: is to drive the evolution of equity research through financial modeling. • Our Goal: is to make earnings models for all publicly traded companies available to all research participants. • Our Vision: is an ultra-efficient research market where all participants are able to contribute their opinions in a challengeable environment backed by both qualitative and quantitative support. • Our Mission: is to grow the Gutenberg community, seeking out like minded analysts who share our vision for the future of research, and educate and empower those who wish to join our efforts.

We have updated our Equity Risk Premium (ERP) Model to include the FOMC’s 25 basis point decrease in the target Fed Fund...
08/01/2019
Equity Risk Premium Model: Download for free and plug in your own assumptions.

We have updated our Equity Risk Premium (ERP) Model to include the FOMC’s 25 basis point decrease in the target Fed Funds rate. Our ERP Model is available here: https://www.gutenbergresearch.com/equity-risk-premium-model.html

Next week we will be adding the key ERP metrics to all of our core earnings models (GOOGL, AAPL, FB, FDX, HD, MSFT, NFLX, SBUX, and TSLA) and recalibrating each to meet the post-earnings consensus estimates...so stay tuned!

This model uses the Fed Funds rate, 10 year U.S. Treasury rate, implied volatility, equity market expectations, and the Constant Sharpe Approach to estimate the Equity Risk Premium (ERP), which is in conjunction with the Capital Asset Pricing Model (CAPM)

Today marks the conclusion of the second quarter earnings season round of our Financial Modeling Intern Program, as the ...
08/01/2019

Today marks the conclusion of the second quarter earnings season round of our Financial Modeling Intern Program, as the subject company, Starbucks Corp has reported results. This round was the most successful so far as more than 40% of the students who started the program successfully passed the intern exam and published their earnings models.

As a result of the students’ hard work, our modeling community benefited from a diverse set of opinions ahead of Starbucks earnings release. Our interns considered many different factors in their models including: the effect of macroeconomic changes in different regions, changes in the competitive landscape particularly in China, the impact of new beverage launches and changes to the Starbucks loyalty program, the impact a cut in interest rates could have on the U.S. Dollar and how that might affect Starbucks’ earnings from other regions, and the impact recent increases in debt and share repurchases could have on future results.

Check out their published models, under the “Models From Our Community” section of the Starbucks model page: https://www.gutenbergresearch.com/starbucks-earnings-model.html

We are looking forward to kicking-off the 3Q earnings season (covering Tesla) in mid-August. Can’t wait to see what the team comes up with!

Congrats to the winners of this quarter’s Gutenberg Research Financial Modeling Intern Contest: Bansari Patel  and Devin...
08/01/2019
Starbucks Corp (NASDAQ:SBUX) Earnings Model - Download today, plug in your own assumptions, and see the impact on earnings.

Congrats to the winners of this quarter’s Gutenberg Research Financial Modeling Intern Contest: Bansari Patel and Devin Kusmider from Rutgers University. Not only was their Starbucks Corp earnings model the most accurate among the Gutenberg contributors for Starbucks’ fiscal third quarter (reported July 25, 2019), it was also more accurate than the analyst consensus. A few key assumptions within their model really paid off, particularly their estimate of comp-store sales in the China/Asia-Pacific Region of 4% which considered the effects of competition and the opportunity growth in the region, and was just 1% short of the actual comp-store growth reported by the company of 5% (the largest growth rate since fiscal 2017). In addition, they were modeling total Americas Segment revenue of $4.52B, just 3% shy of the $4.67B reported. Their consolidated operating margin forecast of 16.37% (GAAP-basis) was nearly perfect compared to the 16.43% reported. Well done! Check out Bansari & Devin’s model using the link below: https://www.gutenbergresearch.com/starbucks-earnings-model.html

This model uses estimates of Starbucks' new stores and revenue per store by geographic region to project future revenue, and completes the financial statements using ratio analysis.

06/04/2019
Gutenberg Research Company Overview

Gutenberg Research is an interactive earnings modeling community. Our Purpose is to drive the evolution of equity research through financial modeling. Our Goal is to make earnings models for publicly traded companies available to all research participants. Our Vision is an ultra-efficient research market where all participants are able to contribute their opinions in a challengeable environment backed by both qualitative and quantitative support. Our Mission is to grow the Gutenberg community, seeking out like minded analysts who share our vision for the future of research, and educate and empower those who wish to join our efforts.

The Gutenberg name and philosophy are inspired by the fifteenth century visionary and inventor of the printing press, Johannes Gutenberg. Gutenberg's press forever altered the state of communication and flow of information through the mass production of books, changing literacy from a luxury of an elite few, to a right of all people. Now, taking a page from Johannes Gutenberg’s book, we are making earnings models available to the masses, rather than tools available only to the highest paying clients.

Join our community today at GutenbergResearch.com

06/04/2019
The Gutenberg Research Certificate in Financial Modeling Program

Want to add financial modeling to your resume? Check out our training program which provides a straightforward, step-by-step approach to financial modeling. The curriculum demonstrates how to build a financial model from the ground up, starting with a blank spreadsheet, and ending with a comprehensive set of interrelated financial statements and share valuation estimates. The program mimics the “on-the-job” experience one would receive as a new Equity Research Associate at an investment bank. Click for details or to get started today: https://www.gutenbergresearch.com/certificateprogram.html

We are currently recruiting Financial Modeling Interns for the second quarter earnings season. Our program is a part-tim...
06/04/2019

We are currently recruiting Financial Modeling Interns for the second quarter earnings season. Our program is a part-time, virtual internship, which simulates the experience one would receive working as a sell-side Research Associate at an investment bank. We teach our interns how to use models to estimate a company's future earnings, and publish their work to showcase their modeling skills to future employers. Click for details or to sign-up: https://www.gutenbergresearch.com/gutenberg-virtual-intern.html

Gutenberg Research's cover photo
06/04/2019

Gutenberg Research's cover photo

Gutenberg Research
06/04/2019

Gutenberg Research

Congrats to Roman Kanyuka and Issam Zeraidi (2 of our earnings modeling interns) for launching the investment club at Wi...
01/18/2017
Wingate Investment Club

Congrats to Roman Kanyuka and Issam Zeraidi (2 of our earnings modeling interns) for launching the investment club at Wingate University. Great job guys!
http://www.wingateic.com/

The Wingate Investment Club is a student-run investment fund managed by the group of dedicated students with a keen interest in the world of investments. The club is run by both undergraduate and...

Ready for Netflix results? We have three contributor models to help you prepare: one from Ross Griffiths, a professional...
01/18/2017
Netflix Inc Model

Ready for Netflix results? We have three contributor models to help you prepare: one from Ross Griffiths, a professional contributor from London (PT of $126), one from Eric Li an intern contributor from Southern Methodist University (PT $117), and one from Brandon Smith an intern contributor from Boston College (PT pf $127). Best of luck tomorrow!

http://www.gutenbergresearch.com/netflix-earnings-model.html

Check out our Netflix Inc (NASDAQ:NFLX) Earnings & Valuation Model. Download it for free and plug in your own assumptions.

06/04/2016

Best of luck to all those taking the CFA exam today!

Join us as we celebrate the successful launch of the Intern Program, and the end of the first quarter earnings season. W...
05/31/2016
Bryant Park | Bryant Park Café

Join us as we celebrate the successful launch of the Intern Program, and the end of the first quarter earnings season. We will be meeting in NYC at the Bryant Park Cafe Friday June 3rd, starting at 3pm.

Can't make it to New York? No prob. Each quarter we will celebrate the end of earnings in a new city based on where our largest groups of interns are located. Stay tuned for details.
http://www.bryantpark.org/things-to-do/bryant_park_cafe.html

Run by the Bryant Park Grill, the Café features a more informal new American-style menu and bar. The outdoor café is a well known after work hot spot during the summer, and is open from Mid-April to November depending on the weather. No reservations are needed. Located on the 42nd Street side of the...

For tonight's Fitbit (NYSE:FIT), ($FIT) call we'll be watching for details on the Fitbit Alta's pre-sale results, and th...
02/22/2016
Fitbit - Here Comes the 2016 Guidance (4Q15 Preview)

For tonight's Fitbit (NYSE:FIT), ($FIT) call we'll be watching for details on the Fitbit Alta's pre-sale results, and the impact that the strong U.S. Dollar has had on gross margin. Our earnings model is calibrated and ready to go: https://www.youtube.com/watch?v=6SbICp6Jpmo

In this video we analyze management’s guidance for Fitbit (NYSE:FIT) and compare it to the consensus estimate prior to today's earnings release. Click to dow...

02/11/2016

Fourth quarter results are in, and Tesla shares are up! In this video we breakdown Tesla's (NASDAQ:TSLA) fourth quarter results and use our earnings model and management's new guidance to develop a 2016 EPS estimate and DCF/Market Multiple based share valuation: https://youtu.be/Uk4QMRPtOzI

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Gutenberg Research is an interactive earnings modeling community. Our Purpose is to drive the evolution of equity research through financial modeling. Our Goal is to make earnings models for all publicly traded companies available to all research participants. Our Vision is an ultra-efficient research market where all participants are able to contribute their opinions in a challengeable environment backed by both qualitative and quantitative support. Our Mission is to grow the Gutenberg community, seeking out like minded analysts who share our vision for the future of research, and educate and empower those who wish to join our efforts.

The Gutenberg name and philosophy are inspired by the fifteenth century visionary and inventor of the printing press, Johannes Gutenberg. Gutenberg's press forever altered the state of communication and flow of information through the mass production of books, changing literacy from a luxury of an elite few, to a right of all people. Now, taking a page from Johannes Gutenberg’s book, we are making earnings models available to the masses, rather than tools available only to the highest paying clients.

We believe that our community’s collective knowledge will provide the best forecasting insight. To help facilitate the discussion between our members, we provide spreadsheet templates for analysis: our consensus-based earnings models which represent a “base-case” scenario for each subject company. Our community members can then download these base-case scenario spreadsheets, and input their own assumptions to add their opinion related to a particular stock’s earnings and valuation prospects.

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Dear Author, My order ID is "ORDER # D01-2760374-0319002" With regard to above subject, i would like to state that i'm facing issues regarding registering the book that i have bought just minutes before from amazon, so as to download the templates to comprehend the book. The page says that "You do not have permission to access this page" Hence i request immediate assistance from your side & please grant access to me. Please revert ASAP Email Id : [email protected]
We'll be kicking-off the next round of our intern program in November. Let me know if you are interested in joining our team
Hey guys, check out my modeling guide available now on amazon: