Equity Research Report: Valero Energy
Corporation (VLO)
Prepared by: Linda Valentin
Date: April 10, 2025
MFIN Program, Hult International Business School
CFA Institute Research Challenge Hosted by [Local CFA Society]
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Investment Proposal Report (Equity Research), Study Guides, Projects, Research of Investment Management and Portfolio Theory
The investment course is one of the main highlights of the MFIN Program that students will be able to perform the procedure of creating an Investment Report (Equity Research) and Financial Model (Equity Valuation) for a listed company and gain real-world experience as they assume the role of a research analyst at investment banks. Students will follow the CFA challenge format for the paper and financial model to utilize their work for future purposes, such as job applications and external challenges.
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Equity Research Report: Valero Energy
Corporation (VLO)
Prepared by: Linda Valentin Date: April 10, 2025 MFIN Program, Hult International Business School CFA Institute Research Challenge Hosted by [Local CFA Society]
Appendices
Appendix E: DuPont Analysis and Growth Metrics (2020–2029E)
Source: Valero Energy Excel Model – DuPont & Growth Analysis Tab Year Revenu e Growth (%) Net Income Growth (%) Total Assets Growth (%) Total Equity Growth (%) Profit Margin Asset Turnov er Equity Multipli er
ROE
(DuPon t) 2020 -0.0452 1.2538 2.7538 -0. 2021 75.59 -143.93 11.81 -1.97 0.0113 1.9689 3.141 0. 2022 54.75 822.28 5.34 27.84 0.0673 2.8924 2.5883 0. 2023 -17.93 -22.98 0.92 11.82 0.0632 2.3522 2.336 0. 2024 -10.28 -67.21 -2.28 -6.96 0.0231 2.1595 2.4536 0. 2025 7.85 -401.93 -0.15 -4.1 -0.0647 2.3327 2.5544 -0. 2026 13.51 -149.47 -0.32 -5.16 0.0282 2.6563 2.6849 0. 2027 -2.52 -114.15 0.1 -2.87 -0.0041 2.5869 2.767 -0. 2028 18.02 -
Figure E1: ROE Decomposition – DuPont Analysis (2020–2029)