A progressive, South African-built credentialing framework, modelled on CFA Institute and the CMT Association, with SA-original content on the SARB, JSE, SAFEX, Regulation 28 and the FSCA woven through every tier. Each designation builds on the one before it, starting with RI(SA) and working up.
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Hands-on tools for the Pro Equity Research Program — the calculator suite CTA Research uses internally, and a simulation for practicing the judgement calls behind it. Educational only, not financial advice.
The intrinsic value calculator suite CTA Research uses internally — now live on the site, tool by tool. Educational tools for the Pro Equity Research Program, not financial advice.
Score ROE, Debt/Equity, Margin, EPS Growth, Dividend Track Record & BV Growth Consistency to see if the business is worth valuing.
Step 1: Current BV/Share, prior BV/Share & years → CAGR. Step 1b: plot up to 10 years of BVPS with R² trend check to confirm it's stable enough for a DCF.
Project future book value and dividends, discount back to today's value, and get a BUY/HOLD/OVERVALUED call vs. market price.
Enterprise Value DCF for growth/capital-intensive names — projects Unlevered FCFF, discounts at WACC, solves EV → Equity Value → per share.
Value a company against up to 5 peers using P/E, EV/EBITDA, P/B and P/S — cross-check against your DCF/FCFF number.
Value each business segment separately, then add them up, for multi-segment companies like Tesla, Amazon or Naspers.
See how Intrinsic Value / Share swings across a grid of discount rate and growth rate assumptions — a heatmap view of your valuation's key risk.
Flip the FCFF model around: feed in today's market price and solve for the revenue growth rate the market is already pricing in.
You're an analyst against 3 AI rivals. Roll, buy stocks, dig into full research reports, answer valuation & compliance questions, and try to get promoted by the PM. The whole point is to build the analyst mindset — reading fundamentals, catalysts, financials, valuation, comps and technicals — before you commit to a position. Simulation for training purposes — all prices and figures are randomly generated each game.
Step 1 — BV Growth (CAGR): work out a historical Book Value CAGR from two data points. Step 1b — Stability Chart: plot up to 10 years of BVPS to confirm the trend is consistent enough to trust in a DCF. Yahoo Finance: Balance Sheet → Total Equity ÷ shares outstanding.
Enter two Book Value / Share figures and the number of years between them.
Only fill in the years you have data for — leave the rest blank.
Educational tool for the Pro Equity Research Program — not financial advice. All inputs are user-estimated; past growth does not guarantee future performance. CTA Research (Pty) Ltd · Johannesburg.
Before running any valuation, answer this: is this business worth valuing? Enter 6 key metrics below. Rates profitability, stability, leverage and shareholder returns, then tells you whether your DCF can be trusted.
Educational tool for the Pro Equity Research Program — not financial advice. CTA Research (Pty) Ltd · Johannesburg.
Projects future book value growth and dividends, then discounts back at your chosen discount rate — typically the 10-year government bond yield. Carry your CAGR across from Step 1.
| Year | BV Start | BV End | Dividend | PV of Dividend | Cumulative PV |
|---|
Educational tool for the Pro Equity Research Program — not financial advice. All inputs are user-estimated. CTA Research (Pty) Ltd · Johannesburg.
For growth, industrial, or capital-intensive companies (e.g. Tesla) where free cash flow — not book value or dividends — drives worth. Projects Unlevered FCFF, discounts at WACC, and solves Enterprise Value → Equity Value → per share.
| Yr | Growth | Revenue | EBIT | NOPAT | +D&A | −CapEx | −ΔNWC | FCFF | PV of FCFF |
|---|
Best suited for growth / capital-intensive companies with forecastable revenue, margins and capex — not banks/insurers or pre-revenue names. Educational tool only, not financial advice. CTA Research (Pty) Ltd · Johannesburg.
Values a company by comparing it to similar peers using P/E, EV/EBITDA, P/B and P/S multiples — cross-check this against your DCF or FCFF intrinsic value.
| Peer Company | P/E | EV/EBITDA | P/B | P/S |
|---|---|---|---|---|
| Peer Average | — | — | — | — |
| Peer Median | — | — | — | — |
| Method | Implied — Peer Avg | Implied — Peer Median |
|---|---|---|
| P/E × EPS | — | — |
| EV/EBITDA × EBITDA, less Net Debt/Share | — | — |
| P/B × Book Value/Share | — | — |
| P/S × Revenue/Share | — | — |
| Blended Implied Value | — | — |
Peer multiples must be checked and refreshed by you — they are not live data. Educational tool only, not financial advice. CTA Research (Pty) Ltd · Johannesburg.
For multi-segment companies (Tesla, Amazon, Naspers) where one blended growth/discount rate can't fairly describe very different businesses under one roof. Value each segment separately, then add the pieces together.
| Segment | Valuation Method | Subtract? | Segment EV | |
|---|---|---|---|---|
| Total Enterprise Value | — | |||
Compare this to the plain FCFF Calculator verdict for the same company — SOTP is usually higher for multi-segment growth companies. Segment values are user-estimated; educational tool only, not financial advice. CTA Research (Pty) Ltd · Johannesburg.
Every DCF-style valuation lives or dies on two assumptions: your discount rate and your growth rate. This grid uses the Gordon Growth (perpetuity) model — Value = Cash Flow × (1+g) ÷ (r − g) — to show how Intrinsic Value / Share moves as those two assumptions shift around your base case.
Rows = Discount Rate, Columns = Growth Rate. Centre cell (bold border) is your base case. If a price is entered, cells are shaded green (undervalued) or magenta (overvalued) by margin of safety.
The perpetuity model breaks down when the discount rate is at or below the growth rate — those cells show "n/a". Educational tool only, not financial advice. CTA Research (Pty) Ltd · Johannesburg.
Instead of forecasting growth and solving for a fair price, this flips the FCFF model around: enter today's market price and it solves — via the same Enterprise Value → Equity Value → per-share bridge as the FCFF Calculator — for the flat annual revenue growth rate over the next 5 years that the market is already paying for.
| Yr | Revenue | EBIT | NOPAT | +D&A | −CapEx | −ΔNWC | FCFF | PV of FCFF |
|---|
Assumes a flat (non-ramping) growth rate across the explicit 5-year period, unlike the forward FCFF Calculator's Year 1 → Year 5 ramp. Best suited for growth / capital-intensive companies — not banks/insurers or pre-revenue names. Educational tool only, not financial advice. CTA Research (Pty) Ltd · Johannesburg.
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Research first. Presentation second. Capital last. Every analyst proves it in a written report and a live pitch before they ever trade a cent of Lab money.
Apply to the LabThe Analyst Laboratory is CTA Research’s proprietary trading division. We do not manage client money and we do not sell tips — we trade our own capital and build analysts.
The Lab exists to prove that disciplined equity research holds up under real accountability. Every analyst is judged on the quality of their thinking — on paper and out loud — long before they’re judged on a P&L.
Research reporting comes first. Presentation comes second. Trading is the reward for getting the first two right — not the starting point.
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CTA Research | Analyst Laboratory is a division of CTA Research Group (Pty) Ltd. We trade proprietary capital only. We are not an authorized Financial Services Provider. We do not provide advice to the public. All research is for internal use and education.
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