Nulqesa / Study Materials
[Investment
evaluation]
reference kit
- 1 Structured reading on how to assess risk-adjusted return across asset classes
- 2 Worked examples drawn from real evaluation frameworks — DCF, comparables, scenario analysis
- 3 Practice sets that reinforce each concept before you move to the next
Six resource types,
one clear sequence
Each material type below covers a distinct layer of investment evaluation — from reading financial statements to running sensitivity models. They are ordered so that each one builds on what came before, rather than treating every topic as standalone.
Foundations reading
Covers time value of money, discount rates, and the logic behind present-value calculations. Assumes no prior finance background — every term is defined when it first appears.
Statement walkthroughs
Step-by-step annotations of income statements, balance sheets, and cash flow tables. Each walkthrough highlights which figures matter most when forming an investment view.
DCF model templates
Pre-built spreadsheet templates with embedded commentary. You fill in the assumptions; the model shows how changes in growth rate or discount rate affect the implied valuation range.
Comparables methodology
Explains how to select a peer group, normalize metrics across different accounting treatments, and interpret the resulting multiples without overfitting to the most flattering comparisons.
Scenario analysis workbook
Guided exercises where you build base, upside, and downside cases for the same company. The workbook prompts you to justify each assumption rather than just change numbers.
Practice question sets
Short-answer and calculation questions mapped to each topic above. Answers include worked solutions, not just final numbers, so you can trace where a mistake in reasoning entered.
How to use
these materials
Read before you calculate
The foundations reading is short — around 30 pages — but it anchors every formula that follows. Skipping it means the templates will produce numbers you cannot interpret or defend.
Work through a real company
Pick one publicly listed company and apply each material to it in sequence. Seeing the same business through a DCF lens and then through comparables reveals where the two methods agree — and where they diverge, which is often more informative.
Check your reasoning, not just your arithmetic
The practice questions are designed to catch conceptual errors, not calculation slips. If your answer differs from the worked solution, read the reasoning first before checking the numbers.
I had read plenty of investing books before, but the scenario workbook was the first time I actually had to defend my assumptions in writing. That shift — from reading to reasoning — made the concepts stick in a way nothing else had.
