A WEE DRAM
CHRIS GILMOUR: Students put Dawn’s prospects through the wringer in investment challenge
‘Judges were unanimous that UJ2 was the winner, with its sell recommendation’
The annual CFA Institute University Research Challenge breaks the mould of standard investment analysis. It pits teams of enthusiastic university students against each other to determine which team has analysed a company the best. Each year, a different JSE-listed company is chosen, and teams submit written reports on the company and present to an audience of investment specialists. I was privileged to be a judge in the 2017 competition, with Hugh Hacking from Old Mutual and Helen Masson of Pan-African Asset Management. The company under the microscope was Distribution and Warehousing Network (Dawn). The University Research Challenge is refreshing because, unlike their professional counterparts on both buy and sell sides of the investment industry, student teams have no agendas (other than winning, of course). They are not constrained by the investment banking activities of their employers and are highly receptive to new ideas and valuation techniques.
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