Equity Analyst

Morningstar•Chicago, IL

7d•Hybrid

About The Position

Morningstar’s Research group provides impartial ratings on stocks, funds, markets, and portfolios. Morningstar is one of the largest independent sources of fund, equity, and credit data and research in the world, and our advocacy for investors’ interests is the foundation of our company. We believe that our researchers are among the most respected in the industry, and that we offer original, influential, thoughtful, and unbiased research. We offer stimulating career paths and the opportunity to work alongside talented and collaborative teammates. The Role Our Equity Research team is looking for an Equity Analyst to cover a group of approximately 20 Industrial stocks in the packaging and construction materials industry. The candidate will have considerable freedom to pursue in-depth and original research, but should be comfortable utilizing a long-term, fundamental approach based on bottom-up, intrinsic valuation. The candidate will identify the drivers of a firm’s value and be prepared to discuss how our views may differ from those of the market. Our methodology focuses on durable competitive advantage or “moats,” and the candidate should be able to identify the presence of any moats for covered companies. Ultimately, our research should help our clients reach better investment conclusions and empower their success. This is a research and client-facing role based out of our Chicago office, but with flexible work arrangements.

Requirements

Intelligence, energy, motivation, and a high degree of personal integrity.
Irrepressible curiosity, with an eagerness to dig deep and explore widely, but always with a healthy degree of skepticism.
Creativity, with a penchant for experimenting with new ways to approach questions.
Strong attention to detail.
Confidence in a stock call after diligent investigation and strong reasoning, but with humility to adapt that view as new information arrives.
Ability to communicate complex ideas clearly and succinctly.
Comfortable drawing conclusions amid incomplete information and under tight deadlines.
Collaborative mindset and capable of both respectfully accepting and providing constructive feedback.
Willingness to consider diverse points of view.
Bachelor’s degree
Three plus years of relevant experience either in equity research or industry.
Sound discounted cash flow modeling and financial statement analysis skills.
Advanced Excel proficiency is expected.
Please submit a resume, cover letter, and prior investment recommendation with your application materials.

Nice To Haves

CFA designation and/or MBA preferred.

Responsibilities

Acquire a deep understanding of and outlook for covered companies and industries by gathering and interpreting relevant regulatory filings, reports, news, and data to create an investment mosaic.
Maintain intrinsic value estimates for covered companies based on our proprietary discounted cash flow model.
Regularly publish detailed company reports and in-depth notes aimed at a broad audience of investors.
Become an expert in Morningstar’s Economic Moat Methodology by possessing a deep understanding of company moats and their sources.
Investigate and publish long-form research that yields insights for clients that are differentiated, substantiated, and clearly communicated.
Develop a network of relationships with industry experts and covered company representatives to enhance our research product and build Morningstar’s brand and reputation.
Proactively surface attractive investment ideas internally and externally to support all products and clients, including collaboration with the Equity Research Sales team.
Promptly and diligently answer client inquiries regarding covered companies.
Support and contribute to the department’s and a sector team’s long-term initiatives, including collaboration with global colleagues, development of talent, and review of team member research.
Always act with impartiality and an ‘investors first’ attitude.

Benefits

Financial Health 75% 401k match up to 7%
Stock Ownership Potential
Company provided life insurance - 1x salary + commission
Physical Health Comprehensive health benefits (medical/dental/vision) including potential premium discounts and company-provided HSA contributions (up to $500-$2,000 annually) for specific plans and coverages
Additional medical Wellness Incentives - up to $300-$600 annual
Company-provided long- and short-term disability insurance
Emotional Health Trust-Based Time Off
6-week Paid Sabbatical Program
6-Week Paid Family Caregiving Leave
Competitive 8-24 Week Paid Parental Bonding Leave
Adoption Assistance
Leadership Coaching & Formal Mentorship Opportunities
Annual Education Stipend
Tuition Reimbursement
Social Health Charitable Matching Gifts program
Dollars for Doers volunteer program
Paid volunteering days
15+ Employee Resource & Affinity Groups