Equity Analyst at Morningstar
The Group: Morningstar’s research group provides independent analysis on individual securities, funds, markets, and portfolios. The research group also produces data on hundreds of thousands of investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on millions of equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. 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 research analysts are among the most respected thought leaders in the industry, and we generate original, independent, influential, and thought-provoking analysis. We offer intellectually challenging career paths and the opportunity to work alongside dedicated individuals and industry experts.
The Role: Our Equity Research team is looking for a highly motivated equity analyst to cover Industrial stocks, including a select group of aerospace, defense, and airline companies. The role offers considerable intellectual freedom to focus on developing long-term-oriented, original, and in-depth insights on complex industry issues with an emphasis on understanding ever-changing competitive dynamics. The analyst will also publish comprehensive research pieces that exemplify our reputation for thought leadership, our ability to assess outcomes for debatable investor topics, and provide the timely analysis our clients need to make better investing decisions. This position is based in our Chicago office.
• Analyze publicly available information, earnings reports, and internally generated data to create an investment mosaic. Estimate fair values for approximately 20 industrial firms, principally aerospace & defense and airline related companies, including Boeing, Airbus, General Dynamics, Lockheed Martin, American Airlines, Delta, and United Continental.
• Gather and interpret industry data to develop a long-term industry vision and write notes for a sophisticated and demanding client base. Analyze implications of fundamental industry developments for coverage.
• Regularly publish reports, detailed discounted cash flow models that focus on the key drivers of the business, and in-depth research pieces, including the qualitative and quantitative analyses of your coverage’s Economic Moats.
• Develop relationships with coverage companies and industry participants by attending company events and industry conferences to enhance research and build brand.
• Become an expert in Morningstar’s Economic Moat research methodology.
• Proactively surface attractive investment ideas internally and externally to support all products and clients.
• Act with independence and an “investors first” attitude at all times.
• A bright, motivated individual with the desire to succeed in an intellectually intense environment. Possess scholarly curiosity, a passion for creative analysis, and meticulous attention to detail.
• Ability to think broadly and creatively about a range of strategic issues affecting a business.
• Strong qualitative and quantitative acumen combined with strong written and verbal communication skills.
• Bachelor’s degree.
• CFA designation and/or MBA preferred.
• Significant relevant experience in the aerospace & defense industry combined with considerable knowledge of and proven interest in equity research; alternatively, at least three years of experience in sell- or buy-side equity research or investment banking.
• Ability to make decisions under tight deadlines, at times with incomplete information.
• Possess independence, critical thinking skills, and a passion for investing with a bias toward long-term fundamental research.
• Sound financial modeling skills and knowledge of discounted cash flow modeling techniques. Excel proficiency is expected.
• Work well within a team and be capable of respectfully accepting and providing constructive feedback.
Please submit a resume and cover letter with your application materials.
Morningstar is an equal opportunity employer.