How To Analyse Stocks: Identifying Fundamentally Strong Companies

Last Updated on Nov 20, 2024 by Vanessa Sequeira

Investing in the stock market can be a fantastic way to grow your wealth, but it requires more than just picking stocks at random. Understanding how to analyse stocks is crucial for making informed investment choices. Imagine being able to assess a company’s financial health, growth potential, and management effectiveness with confidence. This is where mastering stock analysis comes in. In this article, let’s cover how to analyse stocks, explore popular types of stock analysis, delve into 10 ways to fundamentally analyse stocks, and discuss why analysing stocks is essential for your investment strategy.

Types of Stock Analysis

Before we learn how to analyse stock market for your portfolio, let us first understand briefly the types of stock analysis. The two popular types are mentioned below.

1. Fundamental analysis

This type of stock analysis evaluates the underlying company’s fundamentals – business segments, financials, management, past performance, peers, and so on. The fundamental analysis places importance on the stock’s intrinsic value and sectoral and broader economic conditions.

When examining financials, a fundamental analyst may look at various financial ratios and financial statements, such as the profit and loss statement, the balance sheet, and the cash flow statement. These documents can suggest how the company has performed so far and provide hints about its future performance.

Fundamental analysis of stocks is based on the belief that the stock price reflects the growth of the company. In other words, as the company grows, the value of the share does too. Therefore, if you invest in companies with strong fundamentals and hold onto these investments for a long period, you may earn substantial returns depending on the stock performance.

You can find all details required to perform fundamental analysis of stock on Tickertape’s Stock Pages, which host comprehensive details about a company’s financials, peers, key metrics, and more. Let’s take the example of Reliance Industries Limited (RIL).

Head on to the ‘Overview’ tab of Tickertape’s Stock Page to take a look at the key metrics of your favourite stock. Check out now!

Key Takeaways for Fundamental Analysis

• Evaluation of Company Fundamentals: Fundamental analysis involves evaluating a company’s business segments, financial health, management quality, past performance, and peer comparison.
• Focus on Intrinsic Value: This analysis emphasises the stock’s intrinsic value, considering sectoral and broader economic conditions.
• Financial Statements and Ratios: Analysts review financial statements like the profit and loss statement, balance sheet, and cash flow statement, along with various financial ratios to assess past performance and future potential.
• Growth Reflection in Stock Price: The core belief is that a stock’s price may reflect the company’s growth. As the company grows, the stock’s value could increase.
• Long-term Investment Potential: Investing in companies with strong fundamentals and holding them long-term may yield substantial returns based on the stock’s performance.

2. Technical Analysis

Conversely, technical analysis of stocks focuses on trends in stock prices rather than studying the company’s fundamentals. This type of analysis assumes that the stock price is heavily influenced by the supply and demand for the share, thereby reflecting the stock’s value. Technical analysis also holds the belief that historical price movements can indicate the stock’s future performance. Technical analysts typically aim to profit from short-term movements in stock prices.

In addition to fundamentals, Tickertape’s Stock Pages also have specific technical indicators such as RSI and volatility. The following image compares a few technical indicators of Reliance with its peers.

Compare your favourite stocks with its peers now!

Key Takeaways for Technical Analysis

• Focus on Price Trends: Technical analysis concentrates on trends in stock prices, not the company’s underlying fundamentals.
• Supply and Demand Dynamics: This analysis assumes that stock prices reflect the supply and demand for shares.
• Historical Price Movements: Technical analysts believe that historical price movements can predict future stock performance.
• Short-term Profit Objective: The primary goal is to profit from short-term price movements in stocks.
• Tools and Indicators: Technical analysts use various charts and indicators, such as Bollinger Bands, Ichimoku Cloud, and Relative Strength Indices (RSI), to make trading decisions.

How to Analyse Stocks Fundamentally Before Investing?

Now that you have understood the two basic and popular types of stock analysis, let us now look at 10 ways to pick fundamentally strong companies for your portfolio. Please note that this is a simplified version of the process.

1. Research the industry in which the company operates

When you are looking to understand how to analyse the stock market, you should start by researching the industry in which the company operates. A group of companies involved in similar businesses make up an industry, such as manufacturing, services, chemicals, and so on. This step is crucial because it helps you:

• Evaluate the company’s performance compared to the industry as a whole: This comparison can give you insights into the company’s relative standing and competitive edge. You can look at industry averages for key financial metrics such as revenue growth, profit margins, and return on equity. If the company consistently outperforms these averages, it might be a strong contender.
• Identify macroeconomic factors that can impact your desired stock: External economic conditions, such as inflation rates, interest rates, and economic growth, can significantly affect the industry and the company’s performance. For instance, high inflation might increase costs for a manufacturing company, while rising interest rates could impact companies with high debt levels.
• Evaluate the prospects of the industry and your desired stock: Understanding the growth potential and future challenges of the industry helps you forecast the company’s future performance. Look at trends like technological advancements, regulatory changes, and shifts in consumer behaviour. For example, the renewable energy sector is expected to grow due to increasing environmental concerns and government incentives.

Some good questions to find answers to when you research a stock in the Indian market are as follows:

• What are the strengths of the industry?
• What are the weaknesses of the industry?
• How competitive is the industry?
• How easy is it for a new company to enter the industry?
• Are businesses in the industry cyclical in nature?

Once you get answers to these questions, you can decide whether you are open to investing in the industry. If yes, you can go on to analyse your desired stock.

2. Understand the Underlying Company and What It Does

When you are trying to understand how to analyse stocks, it is essential to grasp the qualitative aspects of the company. The best way to start is by visiting the company’s website and reviewing its annual reports. You should:

• Study the company profile: You should look at the company’s history, mission, and vision. When you understand the background, it can give you insights into its long-term strategy and stability.
• Examine the company’s business model: You need to analyse how the company makes money. What are its primary products and services? How does it deliver these products or services to its customers?
• Identify the company’s strengths and weaknesses: You should look for competitive advantages such as patents, strong brand recognition, or a robust supply chain. You should also be aware of potential weaknesses like high debt levels, legal issues, or over-reliance on a single product.
• Evaluate the diversity of revenue streams: You should check how many products and services the company offers. A company with multiple revenue streams can be more resilient to market fluctuations compared to one that relies on a single product or service.

By thoroughly understanding the company and what it does, you can better assess its potential for long-term success and determine if it aligns with your investment goals.

3. Understanding Financial Statements for Stock Market Analysis

When you are trying to understand how to analyse a company for investment, it is essential to study its financial statements. These documents provide crucial insights into the company’s performance and financial health. The main financial statements you should examine are the balance sheet, profit and loss statement, and cash flow statement.

Balance Sheet Analysis

The balance sheet gives a snapshot of the company’s overall financial position at a specific point in time. Here’s what you can look for:

• Current and Long-term Assets: This includes cash, inventory, receivables, property, and equipment. It indicates what the company owns.
• Current and Long-term Liabilities: This includes payables, debt, and other obligations. It shows what the company owes.
• Retained Earnings: This is the profit that the company reinvests in its business rather than distributing as dividends.
• Capital Expenditures: Look at how much the company is investing in its growth.
• Contingencies and Provisions: These are potential liabilities or losses that may arise in the future.

To view the profit and loss statement on Tickertape, navigate to the “Financials” section and choose “Income Statement.” This will provide detailed information on the company’s revenue, expenses, and net profit. For example, here’s Reliance Industries Ltd’s balance sheet.

Profit and Loss Statement Analysis

The profit and loss statement, also known as the income statement, details the company’s profitability over a period. When analysing this statement, consider the following:

• Revenue Trends: Look at the trends in total revenue over several years. Is it increasing or decreasing?
• Operating Costs and Expenses: Examine the trends in operating costs and other expenses. Are they in line with revenue growth?
• Net Profit: This is the bottom line after all expenses are deducted from revenues. An increasing net profit trend may indicate good financial health.
• Operating Expenses: These include costs associated with the day-to-day running of the business.
• Working Capital: This is the difference between current assets and current liabilities. It indicates the company’s short-term financial health.

To view the profit and loss statement on Tickertape, navigate to the “Financials” section and choose “Income Statement.” This will provide detailed information on the company’s revenue, expenses, and net profit.

Cash Flow Statement Analysis

The cash flow statement helps you understand the company’s cash position. It tracks the flow of cash in and out of the business. Key points to consider include:

• Operating Cash Flow: Cash generated from the company’s core business operations.
• Investing Cash Flow: Cash used for investing in the business, such as purchasing equipment or other long-term assets.
• Financing Cash Flow: Cash from financing activities like issuing shares or borrowing.

A company that generates more cash than it spends is generally in a good financial position. Conversely, if a company consistently spends more cash than it generates, it might be a red flag. However, if a negative cash flow is due to significant capital expenditures that will lead to future growth, it may not be a bad sign. To find the cash flow statement on Tickertape, go to the “Financials” section and click on “Cash Flow.” This section will show the company’s cash inflows and outflows from operating, investing, and financing activities.

Evaluating Debt

Debt can be a double-edged sword. While it provides funds for growth and is generally cheaper than equity, excessive debt can harm a company’s performance because of the interest payments. You should look at:

• Debt-to-Equity Ratio: This ratio compares the company’s total liabilities to its shareholder equity. A high ratio indicates higher leverage, which can be risky.
• Interest Coverage Ratio: This ratio measures the company’s ability to pay interest on its debt. A higher ratio suggests the company can comfortably meet its interest obligations.

When you are trying to understand how to analyse stocks for long-term investment, remember that all these factors should be considered together, not in isolation. Only by examining the company’s financial statements as a whole can you draw meaningful conclusions about its financial health and potential for growth.

You can find debt-related ratios on Tickertape Stock Screener and do a thorough analysis. This includes comparing the Debt-to-Equity and Interest Coverage ratios along with competitors for a comprehensive understanding of the company’s debt levels and its ability to service debt.

4. Study the Management of a Company

A company is run by a group of people—the management. They are responsible for the future of the company and have the power to make decisions and formulate policies that impact the business. Under good management, a company can do wonders. But under bad management, even a strong company can fall apart. So it makes sense to study the management; find out – how experienced they are, how their decisions have contributed to the company’s growth, and so on.

• Attend or listen to recordings of earnings calls and shareholder meetings to understand how management communicates its vision and handles tough questions.
• Research how the management team has handled past crises or significant challenges. Successful navigation through difficult times can be a positive indicator of strong leadership.
• Look into the company’s corporate governance policies. A transparent and accountable governance structure often reflects a well-managed company. This information is typically available in the annual report or corporate governance section of the company’s website.

By understanding the management’s experience and past decision-making, you may better assess the company’s potential. Evaluating how they communicate, handle crises, and follow corporate governance practices can provide valuable insights into the company’s leadership quality.

5. Evaluate the Prospects of the Company

If you want to invest in a stock for the long-term, you need to evaluate the prospects of the company thoroughly. One of the key considerations is whether the company’s products and services will remain relevant for at least the next 15-20 yrs. This is essential because investing in a company that may become obsolete or shut down in the future could lead to significant financial losses.

To assess this, you can look into several factors:

Industry Trends and Future Demand

You should consider the industry in which the company operates. Is the industry expected to grow, or is it facing potential decline? For example, if the company is in the renewable energy sector, you might find that this industry is predicted to expand as the world shifts towards sustainable practices. Conversely, if the company is heavily reliant on fossil fuels, it may face shrinking demand due to increasing environmental regulations and the global push towards cleaner energy sources. Understanding these trends can help you gauge whether the company’s products and services will be in demand in the long term.

Innovation and Adaptability

You can evaluate the company’s ability to innovate and adapt to changing market conditions. Companies that invest significantly in research and development (R&D) often position themselves better to evolve with technological advancements and shifts in consumer preferences. You should look at the company’s track record for innovation. Does the company regularly update its product line or services? Has it successfully pivoted in response to market changes in the past? A company’s adaptability is a strong indicator of its potential long-term viability.

Competitive Position

It’s important to analyse the company’s position relative to its competitors. A company with a strong competitive edge—such as superior technology, strong brand loyalty, exclusive patents, or significant cost efficiencies—may be more likely to maintain its relevance over the long term. You can study market share data to understand how dominant the company is in its industry. Assess the company’s competitive advantages and any barriers to entry that protect its market position. For example, a company with patented technology may be protected from competitors copying its innovations, giving it a more secure position in the market.

Regulatory Environment

Another factor to consider is the regulatory environment in which the company operates. Regulatory changes can significantly impact the company’s operations and profitability. You should be aware of current regulations and any potential changes that could affect the industry. For example, stricter environmental regulations could impact a manufacturing company that does not have sustainable practices. On the other hand, companies that are proactive in compliance and sustainability may benefit from regulatory changes that could hinder less prepared competitors.

Financial Stability

Finally, you can evaluate the financial stability of the company. A company with strong financials—such as consistent revenue growth, healthy profit margins, and manageable debt levels—is more likely to withstand market fluctuations and invest in future growth. You should examine the company’s financial statements to understand its financial health. Look for signs of financial stability, such as positive cash flow, a strong balance sheet, and a history of prudent financial management.

By carefully evaluating these aspects, you can get a better understanding of the company’s prospects and make a more informed decision about whether it is a good candidate for long-term investment.

6. Compare the Stocks with Their Peers

You need to analyse how the stock you want to invest in has performed compared to its peers. It is crucial to compare similar stocks—meaning you should compare a small-cap stock with other small-cap stocks, not with large-cap stocks. Here are some questions you can answer to make an effective comparison:

Return Analysis Over Specific Timeframes

How much returns has the stock generated over specific timelines, such as 1 year, 5 years, and 10 years? By looking at these time periods, you can see if the stock has consistently delivered strong returns or if it has been more volatile compared to its peers.

Competitive Edge

Does the company have a competitive edge over its peers? This could include unique products, innovative technology, strong brand loyalty, or significant market share. A competitive edge may indicate the company’s ability to maintain and grow its market position.

Upcoming Projects

What are the company’s upcoming projects, and how will these projects make the company better than its peers? Understanding the company’s future initiatives can provide insights into its growth potential and strategic direction.

Price-to-Earnings (PE) Ratio

What is the PE ratio of the company compared to its peers? The PE ratio can help you determine if the stock is overvalued or undervalued relative to its peers, providing a sense of market expectations for future growth.

Dividend Analysis

What has been the company’s dividend per share, dividend yield, and dividend growth rate compared to its peers? If dividends are important to you, comparing these metrics can show you which companies offer better returns in terms of dividends.

The ‘Peers’ section on Tickertape’s Stock Pages allows you to compare a stock with its competitors based on ‘Stock Forecast’ as well.

Additionally, you can do a price comparison by choosing your desired stocks and adjusting the timelines, as you can see below.

7. Stock Valuation

When you’re ready to invest, it’s crucial to analyse the stock’s intrinsic value. Intrinsic value, in simple terms, refers to what might be considered a ‘fair price’ for a stock. In the context of stock markets, this concept helps determine whether a share is undervalued or overvalued. However, it’s important to recognize that a stock does not have a ‘correct intrinsic value’; rather, it’s subjective and varies depending on the analyst’s perspective.

If you buy a stock at its intrinsic value or lower, you may secure a relatively higher profit. The principle here is straightforward: the lower the purchase price, the higher the potential profit, assuming the selling price remains constant.

Investment Styles: Value vs. Growth

You need to first decide what type of investor you are. Value investors typically look for undervalued stocks, focusing on securing investments at prices less than their intrinsic values. On the other hand, growth investors prioritise the earning potential of a company. They may not mind purchasing overpriced stocks if they believe these stocks have the potential to grow at a rate that justifies the high valuations.

Key Financial Ratios for Stock Valuation

To determine a stock’s valuation, you can use several financial ratios:

• P/E Ratio: This ratio measures the profit per rupee that you can derive by investing in the stock. For value investors, a lower P/E ratio is generally more favourable. However, the ideal P/E ratio varies across different sectors, so it’s helpful to compare the stock’s P/E ratio with that of its peers or the industry average to gauge the stock’s valuation accurately.
• Return on Equity (ROE): The ROE measures how efficiently a company generates profit per unit of equity. A higher ROE is typically seen as better, indicating efficient management and use of equity. However, it’s important to consider that a high ROE could also result from a high level of debt relative to equity. Therefore, this ratio should be analysed in conjunction with the company’s debt-to-equity ratio to get a clearer picture of financial health.
• Debt-to-Equity Ratio: This ratio shows the proportion of equity and debt a company uses to fund its assets. It also indicates whether the company has sufficient shareholder’s equity to fulfil its debt obligations in case of bankruptcy. A lower debt-to-equity ratio is generally preferable, but like the P/E ratio, there is no ‘ideal’ figure as it varies across sectors.

Read more on important financial ratios and valuation ratios.

8. Analyse the risk

You may have heard a hundred times before that the stock market is risky. And true to its nature, no stock comes with zero risk. It is up to you – how much risk you can take on. So analyse the risks of investing in stock before jumping in. You could ask the following questions:

1. Is the stock of a small-cap company? If yes, it is probably highly risky for various reasons. Small-cap stocks are new businesses compared to mid and large-caps, which are mature. The latter will have more experience navigating through challenges and market downturns as they would have been in the game for a long time. They also tend to be better placed financially compared to small caps.
2. How prone is the company to change in government policies? If the answer is highly prone, you may want to track how the stock behaves every time the government changes a relevant policy. For instance, housing loan companies are susceptible to RBI’s repo and reverse rate changes. The stock price rises or falls based on how the market reacts to the hike.
3. Finally, let’s address the elephant in the room – change in the very fundamentals of the company. Such developments can change the narrative altogether and thus impact the business’ growth for years to come. For instance, what if the company appoints a new CEO who wants to change an important aspect of the business model? What if a new, better competitor enters the industry? How well would the company accommodate such changes? Moreover, are you tolerant of such new developments and risks?

9. Analyse the shareholdings of a stock

Shares of a company are held by not only retail investors but also promoters, domestic and foreign institutional investors, mutual funds, employees and so on. A change in the holdings of such stakeholders reveals their outlook on the company. For instance:

1. Promoters: As key personnel, promoters of a company have great control over its affairs, directly or indirectly. They have high stakes in the company. Therefore, a decreasing promoter holding trend may be a red flag as it can indicate that promoters themselves are not positive about the prospects of the company.
2. Institutional and mutual fund holdings: These stakeholders transact stock in bulk. Therefore, a change in their holdings also indicates their outlook for the stock. If you see high buying activity in stock, the big investors are probably positive about the company’s growth. The opposite is also true.

You can visit the ‘Holdings’ tab of Tickertape’s Stock Page to view the trend of various types of holdings in a company.  

10. Track the Latest Company News with Tickertape Alerts

News and developments can significantly impact a company’s stock price. Positive news, such as a successful product launch or an increase in market share, might boost the stock price. Conversely, negative news, like a regulatory fine or a decline in sales, might cause the stock price to drop.

By keeping track of the latest news, you can better understand how these events might affect the companies you are interested in. This understanding can help you make more informed investment decisions.

With Tickertape Alerts, you can easily track the latest developments and understand how news impacts stock prices.

How to Use Tickertape Alerts?

Tickertape Alerts help you stay informed about the companies you are interested in. You can set up alerts for specific stocks, and Tickertape will notify you whenever there is news about these companies. This way, you won’t miss any important updates that might affect your investments.

To set up Tickertape Alerts:

1. Go to the Tickertape website or app.
2. Navigate to the Stock Pages section.
3. Select the company you want to follow.
4. Enable alerts for that company.

Monitoring the Latest Developments

The ‘News’ tab on Tickertape’s Stock Pages collates the latest news about a company. This feature ensures that you have access to all the relevant information in one place. Regularly checking this tab can help you stay updated on significant events and announcements. For example, check out Reliance Industries Ltd’s news section.

Why Analysing Stocks Is Important?

Analysing stocks is an essential part of investing for several key reasons:

1. Informed Decisions: Conducting a thorough analysis allows you to make informed decisions based on a comprehensive understanding of a company’s financial health and market position. This knowledge helps you avoid making decisions based on rumours or incomplete information.
2. Risk Management: By evaluating a company’s fundamentals, you can identify potential risks and decide whether the investment aligns with your risk tolerance. This helps you manage your portfolio more effectively and avoid excessive exposure to high-risk stocks.
3. Finding Value: Stock market analysis can help you discover undervalued stocks that have strong growth potential. By identifying these opportunities, you can invest in companies that are likely to appreciate in value over time, potentially leading to significant returns.
4. Long-term Strategy: For long-term investors, analysing stocks is crucial for building a resilient portfolio. Knowing how to analyse stocks for long-term investment in India helps you select companies with sustainable business models and strong growth prospects.

Taking the time to research and analyse stocks ensures that your investment decisions are based on sound data and a clear understanding of the market.

Limitations of Stock Analysis

Stock analysis is a valuable tool, but it has its limitations that you should be aware of:

1. Unpredictability: Despite thorough analysis, predicting stock price movements can be highly unpredictable. External factors such as economic conditions, political events, and natural disasters can impact stock prices in ways that are difficult to foresee.
2. Incomplete Information: When you analyse a company for investment, you rely on publicly available information, which might not provide a complete picture. Companies may withhold critical information or unforeseen issues may arise, affecting their performance.
3. Biases: Both analysts and investors can have biases that affect their judgement. Confirmation bias, for example, may lead you to favour information that supports your preconceived notions while disregarding conflicting data. Emotional biases can also lead to irrational investment decisions.
4. Complexity: Learning how to analyse the stock market involves understanding intricate financial data and market trends. For beginners, this can be overwhelming and challenging to interpret accurately.

Pros and Cons of Doing Your Own Stock Analysis

Doing your own stock analysis has its own set of advantages and disadvantages:

Pros:

1. Control: By conducting your own analysis, you maintain full control over your investment decisions. You are not reliant on third-party advice, which allows you to develop a personalised investment strategy based on your own criteria and goals.
2. Cost Savings: Performing your own analysis saves you money that would otherwise be spent on financial advisors or paid research reports. This can be particularly beneficial for investors with smaller portfolios.
3. Personalised Approach: You can tailor your analysis to focus on the factors that are most important to you, whether it’s a company’s financial health, industry position, or growth prospects. This helps you align your investments with your personal investment strategy.
4. Learning Experience: Understanding how to analyse share market data enhances your financial literacy and investment skills. This knowledge can be valuable not only for your own investments but also in understanding broader economic trends.

Cons:

1. Time-Consuming: Conducting thorough stock analysis requires a significant time investment. You need to stay updated with financial news, read company reports, and monitor market trends regularly.
2. Requires Knowledge: Effective stock analysis requires a solid understanding of financial statements, market dynamics, and economic indicators. If you lack this knowledge, you might find it difficult to interpret data accurately and make informed decisions.
3. Emotional Decisions: Personal biases and emotions can cloud your judgement and lead to poor investment decisions. It’s important to remain objective and avoid letting emotions influence your analysis.
4. Potential for Mistakes: Without professional guidance, there is a higher risk of making errors in your analysis. Misinterpreting data or overlooking important information can lead to poor investment choices.

How to Buy Shares Online?

Now that you have understood how to analyse stocks, let’s look at how to invest in them online. Buying shares online has simplified the process of investing, making it accessible to everyone. Here’s a detailed guide to help you start:

1. Choose a Reliable Broker: The first step is to select an online brokerage. Look for one that offers a user-friendly interface, competitive fees, comprehensive research tools, and strong customer support. Reading reviews and comparing features can help you find a broker that fits your needs.
2. Complete the Account Setup: After selecting a broker, you will need to open an account. This involves providing your personal information, verifying your identity through the KYC process, and linking your bank account to transfer funds. Some brokers might also ask about your investment experience and goals.
3. Research Stocks: Before you buy shares, it’s crucial to research the companies you are interested in. This includes looking at their financial statements, understanding their business models, and checking their recent performance. Knowing how to check fundamentally strong stocks can help you identify potential investment opportunities. You can use Tickertape to access detailed financial data, market analysis, and the latest news about the companies you are interested in. Explore now!
4. Place Your Order: Once you have selected a stock, decide how many shares you want to purchase. You can place a market order to buy the stock at its current price or a limit order to specify the maximum price you are willing to pay. Make sure to review your order before finalising it to avoid any mistakes.

To Conclude

Investing is not a one-time thing but an ongoing process. Prudent investors don’t invest in a stock and forget about it; they monitor its performance. From time to time, check on how the stock is performing and how the company’s financial performance is evolving. Have the fundamentals changed? Do its future prospects remain intact, or have they gotten better or worsened? Accordingly, you can stay put or consider exiting. This way, you would not only minimise your losses from remaining invested but also free your funds to bet on better avenues.

Now that you have analysed the company on various fronts, it is time to connect the dots and make a meaningful, well-rounded investment decision. So go ahead. But don’t forget that stock analysis is a vast subject, not restricted to the aforementioned pointers. You can add more steps to your analysis if and when required. The goal is to pick fundamentally strong companies that add value to your investment portfolio.

FAQs About Stock Analysis