I’m seeking a highly skilled equity research or real asset analyst to perform a full underwriting of a publicly traded U.S. company. The business operates in land development, water/water-rights management, and long-term real asset monetization.
Only the ticker will be provided.
You will be responsible for independently sourcing all filings, disclosures, transcripts, comps, land data, and municipal information needed to complete the underwriting.
The ideal candidate has institutional-grade experience (equity research, private equity, hedge funds, real asset analysis) and can turn messy public information into a clean, decision-ready investment package.
Responsibilities:
Financial & Operational Underwriting
Build a complete operating and valuation model entirely from publicly available information.
Fully analyze 10-Ks, 10-Qs, 8-Ks, proxies, investor materials, and call transcripts.
Map historical performance, capital allocation patterns, and governance structure.
Benchmark the company against relevant peers across utilities, land developers, water-rights holders, and real asset companies.
Land / Lot Development & Entitlement Analysis
Determine which land parcels are:
fully entitled
partially entitled
unentitled/raw
Build an 8-year forecast of residential lots the company may deliver based on:
zoning
entitlements
municipal planning documents
historical development pace
infrastructure timelines
Evaluate the company’s monetization strategy, including whether they:
sell finished lots to homebuilders
sell raw/vacant lots
enter joint ventures or participation agreements
Build a lot-level revenue model including:
number of lots likely sold per year
price per lot (with comps)
gross margin and development cost estimates
timing of cash flows
Conduct a comparable lot transaction analysis for the relevant region, identifying:
builder takedown agreements
finished lot pricing
raw land per-acre transactions
master-planned community benchmarks
Use comps and replacement cost methodology to derive a supportable price target per lot.
Valuation & Summary Materials
Produce valuation using DCF, NAV, comps, and sum-of-the-parts.
Compile findings into a professional-grade memo and slide deck.
Deliverables:
Full operating and valuation model
10–15 page underwriting memo
8–12 slide summary deck
Assumptions & data sources sheet
One revision cycle
8-year Lot Development Forecast Model
Lot & land comparable transaction database
Written analysis of entitlement status and monetization strategy
Qualifications:
3+ years experience in equity research, private equity, real assets, project finance, or similar fields
Strong financial modeling skills (must build models from scratch)
Ability to independently analyze SEC filings and regulatory documents
- Experience with land development, entitlements, utilities, or real-asset businesses is a major plus
- Strong analytical writing skills required
- Please Include With Your Application:
- Sample financial model you personally built
- Sample investment memo
- Brief explanation of relevant experience
- Your process for researching a company starting from its ticker only
Payment Structure:
Milestone 1 (20%): Initial research outline + confirmation of approach
Milestone 2 (30%): Full operating model + cap table + entitlement mapping
Milestone 3 (30%): Lot development forecast + comps + valuation
Milestone 4 (20%): Final memo + slide deck + revisions
Apply Now
Apply Now