CFA INSTITUTE RESEARCH CHALLENGE

France Local Level

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CFA Society France

AGENDA AND TIMELINE

6 to 6.30 pm: Welcome

6.30/45 pm: Kick off

• CFA Institute Mission & Vision

• About CFA Society France

• Presentation of CFA Institute Research Challenge

• Focus on the local level

• Sponsor Acknowledgement

• 2018 France local level subject company

7.30/45 pm: Cocktail

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CFA Society France

ABOUT CFA INSTITUTE

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CFA Institute is the global association of investment professionals that sets the

standard for professional excellence and credentials.

• Over 135 000 members in 150 countries

• 147 member societies in 70 countries

CFA Society France

ABOUT CFA INSTITUTE

Mission

To lead the investment profession globally by promoting the highest

standards of ethics, education, and professional excellence for the

ultimate benefit of society.

Vision

• Serves all finance professionals seeking education, knowledge,

professional development, connection, or inspiration.

• Leads the investment profession’s thinking in the areas of ethics,

capital market integrity, and excellence of practice.

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CFA Society France

ABOUT US – CFA SOCIETY FRANCE

• One of 148 member societies of CFA Institute

• Over 950 members in 2016

• Over 3 000 CFA Program candidates in 2016

• 30+ events per year

• Students outreach: 11 partnerships with universities, QuantAwards

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CFA Society France

ABOUT US – CFA SOCIETY FRANCE

Mission

To provide our members with professional development, sense of

community and networking opportunities primarily via regular

conferences and events. We also seek to maintain constructive relations

with local financial and regulatory institutions and promote the

professional and ethical standards of CFA Institute.

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CFA Society France

ABOUT CFA INSTITUTE RESEARCH CHALLENGE

• The CFA Institute Research Challenge is a worldwide intercollegiate

competition that tests the equity research and valuation, investment report

writing, and presentation skills of university students.

• This annual educational initiative promotes best practices in equity

research among the next generation of analysts through hands-on

mentoring and intensive training in company analysis and

presentation skills.

• Students work in teams to research and analyze a publicly traded

company. Each team writes a research report on their assigned company

with a buy, sell, or hold recommendation and may be asked to

present and defend their analysis to a panel of industry professionals.

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CFA Society France

HOW IT WORKS

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100+ Local Challenges

APAC ~20 Teams

EMEA ~30 Teams

Americas ~55 Teams

4 Teams

CFA Society France

HOW IT WORKS: LOCAL LEVEL

• The local competitions are hosted by CFA Societies.

• Each team is assigned a Mentor, an investment industry professional -

usually a CFA charterholder – who helps students connect academic

theory with real-world practice.

• Teams analyze the stock, meeting the IR/management and write

initiation of coverage report that includes a buy, sell or hold

recommendation.

• At each local final competition, teams present and defend their

recommendations to a high-profile panel of judges.

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CFA Society France

HOW IT WORKS: REGIONAL AND GLOBAL LEVELS

• The regional and global competitions are hosted by CFA Institute.

• The winner from each local competition advances to one of

the three regional competitions: in the Americas; the Asia

Pacific; and the Europe, Middle East, and Africa regions.

• The winner from each regional competition will advance to the Global

Final, where one team will emerge as global champion of

the CFA Institute Research Challenge.

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CFA Society France 11

2017 GLOBAL PARTICIPATION

4 250+ Students

3 500+ Indusry Volunteers

925+ Universities

133 CFA Member Societies

103 Local Level Challenges

75 Countries

CFA Society France

BENEFITS FOR STUDENTS

• Network of over 12,000 of the world’s top business and finance

students

• Access and exposure to leading industry professionals

• Experience presenting to top financial professionals

• Real-world learning experience

• Best practices in research and report writing

• Professional report and experience to use on resume/CV and job interviews

• On-site opportunities: keynote speakers, educational sessions, and recruiting

sessions

• Individual and team prizes

• Opportunity for travel

• Potential for media exposure

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CFA Society France

2017 FRENCH CHAMPIONS

2017 Paris final

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CFA Society France

2017 FRENCH CHAMPIONS

IÉSEG School of Management

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CFA Society France

2017 GLOBAL CHAMPIONS

Barna Business SchoolRepresenting the CFA Institute Research Challenge in Central America

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CFA Society France

RULES OVERVIEW

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• Each team consists of 3-5 students (undergraduate or graduate)

• Only one team may represent each university

• Students must be enrolled in the university they represent and registered for at least a part-time course load at the time of the kickoff meeting

• Reports and presentations must be the students’ original work

• Students may not have contact with the subject company outside of organized events

• Students may not enlist the help of any professionals other than the mentor or faculty advisor

• Mentors and faculty may NOT contact the company

• Mentors, faculty, and subject company may NOT provide material non-public information

• Written reports must conform to the guidelines set forth by CFA Institute and include the cover and back pages provided by CFA Institute

• Teams may not use props in their oral presentations

• Students, mentors, and faculty advisors must all agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct

• Official rules

CFA Society France

SAMPLE REPORT

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CFA Society France

ADVISOR AND MENTOR INVOLVEMENT

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Faculty Advisor

• Insight and guidance on research methods and tools as taught in academia

• 10 hours maximum of productive time

• Access to faculty for other projects unrelated to the Research Challenge is permitted

• All work must be the original work of the students

Industry Mentor

• Insight and guidance on industry practice

• 6 hours maximum of productive time

• Face to face or virtual

• Company management question development

• Review first draft of research report

• Presentation development assistance

CFA Society France

YOUR MENTOR

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Mentors Ecole

Jocelyn Jovène IAE Gustave Eiffel

Christophe Haussmann ESCP Europe Business School

Thomas Vieux University of Montpellier I

Gmail Laurent ICN Business School

Julien Coudert ESSEC Business School

Mikael Dauvert University of Lorraine (ISAM-IAE)

Simon LeChipre Grenoble School of Management

Pierre Merveille EMLYON Business School

Antoine Petit EDHEC Business School

Lewis Smith University Lille II

Diego-Felipe APONTE VARGAS

Toulouse Business School

Sebastien Fay AUDENCIA School of Management

Gregory Derrien NEOMA Business School

Mourad Mnif University of Angers

Chen Zhao University of Monaco

Quentin Planchais IESEG School of Management

Clement Simon University Paris I Panthéon-Sorbonne

Edouard Menneson University Paris IX Dauphine

CFA Society France

WRITTEN REPORT SCORING SHEET

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SECTIONMAXIMUM

POINTSCOMMENTS

Business Description 5

Industry Overview & Competitive

Positioning15

Investment Summary 20

Valuation 20

Financial Analysis 20

Investment Risks 15

Other Headings 5

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CFA Society France

ORAL PRESENTATION SCORING

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CFA Society France

2018 COMPETITION: WHERE TO BEGIN

• Register for the competition

Students MUST register on the CFA Institute website using the registration form

provided by the local host. Deadline is on the 2d November

• Visit the CFA Institute Research Challenge website

- Peruse educational materials selected specifically for participants

- Watch videos of past presentations

- View past reports from winning teams

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CFA Society France

2018 COMPETITION TIMELINE

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Today Kick-Off

9th NovemberCompany Presentation by Investor Relation/CFO18h00-22h00 – Amundi, 90 Boulevard Pasteur, Paris 75015

22nd January 12.00 GMT+1 (noon)

Report submission deadline

15th MarchFrench Local Final 18h00-22h00 - Oddo, 12 boulevard de la Madeleine, 75009 Paris

4-5th April Regional Final - Dublin

20th April Global Final, Seoul - Korea

CFA Society France

2018 COMPETITION PARTICIPATING TEAMS

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CFA Society France

FRANCE LOCAL LEVEL SPONSORS

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CFA Society France

THE 2018 FRENCH LOCAL LEVEL SUBJECT

COMPANY IS…. (DRUM ROLLS)

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CFA Society France

THE 2018 FRENCH LOCAL LEVEL SUBJECT

COMPANY IS PERNOD RICARD

• Pernod Ricard is the world's second-largest wine and spirits company. It is

listed on the Paris Stock Exchange and is a member of the CAC40 with a c.

€32 Bn market capitalization

• The company generated over €9 Bn revenues in FY 2018

• It owns some of the world’s most famous spirits brands : Absolut, Jameson,

Chivas

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CFA Society France

WHO WILL BE THE NEXT FRENCH TEAM TO GO

TO DUBLIN?

EMEA Regional and Global Finals

Dublin, 4-5 April 2018:

more than 30 teams and only one winner

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QUESTIONS?

rc@cfafrance.org

#CFAchallenge

A WORD FROM OUR PARTNER

CFA Society France

• Credit ratings, research, and analytics

• Foremost provider of financial market indices

• Global Risk Services

• Real-time data, research, and analytics

• Commodity price assessments

and information

S&P GLOBAL – ESSENTIAL INTELLIGENCE

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CFA Society France

S&P GLOBAL MARKET INTELLIGENCE (SPGMI)

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S&P GLOBAL

MARKET INTELLIGENCE

2016E REVENUES ($M)

BANKING INSURANCE ENERGY &

UTILITIES

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(SENIOR & JUNIOR)

EQUITY/FIXED

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STRATEGIC

PLANNING

INVESTMENT

RESEARCH

CREDIT RISK

INVESTMENT

MANAGEMENT

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BANKS

COMMERCIAL BANKS,

INSURANCE AND

SPECIALTY

NON-FINANCIAL

CORPORATES

$1.6 BILLION REVENUE DIVISION LEADER IN SIX KEY SECTORS

FRONT- AND MIDDLE-OFFICE FOCUS GEOGRAPHIC DIVERSIFICATION

40% OF THE WORLD ECONOMY

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TRANSACTION &

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PRIVATE

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CFA Society France

ESSENTIAL INTELLIGENCE ON TWO FRONTS

Unique, Differentiated

Content And Analytics

Credit

Analytics

Documents And

Transcripts

Professionals And

Relationships

Industry

News

Public And Private

Co. Financials

Yield Curves

SNL Asset Level

Operating Data

Estimates

Cross Reference

ServicesResearch

Reports

Key

Developments

Ownership And

Transactions

Ratings

Corporate

Structure

Geospatial And

Demographics

An Integrated Suite Of

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Mobile

Web Browser

Desktop

Microsoft®

Office Tools

Data Feeds

API

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QUESTIONS?