LINC

Research & Analysis

LINC R&A: Fundamental Analysis, Equity Research, M&A & Trading and Quantitative Research

With more than 40 student analysts, LINC R&A’s purpose is to provide the most ambitious students at Lund University with the adequate tools, a network, and the right skillset to break into the field of finance. During any given day of the semester, you will find several of our analysts in LINC’s Bloomberg Finance Lab, which is one of the largest within the Nordics.

Semester 1: In your first semester in the Research & Analysis program, you will join the Fundamental Analysis team. Here, you will learn the basics of analyzing stocks and understanding valuation methods in finance. The semester includes interactive lectures, challenging homework, and ends with creating and presenting a stock pitch. For those who enjoy math and finance, the Trading and Quantitative Research track might be the right fit, offering a deeper dive into numerical analysis within the financial field.

Semester 2: Building on your knowledge from the FA program, you will choose between continuing with Equity Research or exploring Mergers and Acquisitions (M&A). Each path offers different learning opportunities, allowing you to shape your education according to your career goals.

Fundamental Analysis

If you’re eager to grasp the fundamentals of business analysis, understand stocks, and valuation methods, Fundamental Analysis is the perfect starting point.

Equity Research or M&A

The Equity Research team is aimed towards students that possess an interest in stocks and investing. In M&A, you will delve into what makes a company an attractive acquisition target.

Trading and Quantitative Research

What is high-frequency trading? What is risk management? Learn more about a quantitative career in finance.

Why should you join?

R&A is a unique offering within LINC that aims toward educating the most ambitious students at Lund University within the field of finance. R&A acts as a complement to the academic approach taught by the university. Thus, R&A teaches the analysts how to apply theoretical concepts in a practical environment, and enables them to learn key skills applicable in finance that are not taught by their study discipline. In-part due to the knowledge gained through R&A, previous analysts have received offers from prestigious firms like Fidelity Investments, Goldman Sachs, JPMorgan, Deutsche Bank, ABG Sundal Collier, BNP Paribas, Nomura, SEB, Nordea and more.

Jacob Grimbrandt

Head of Research & Analysis

Research@linclund.com

Applications open fall 2025

Applications for the next following semester of Fundamental Analysis open during the beginning of fall 2025. For Trading and Quantitative Research the next application period is in August/September.

To get in contact with us, feel free to come down to LINC’s Bloomberg Finance Lab, as there will almost all of the time be members of R&A in the lab that are willing to answer any questions you might have. You find the lab in the lower level of the main building of the School of Economics and Management at Lund University (Tycho Brahes väg 1, 223 63 Lund) – alternatively, feel free to send an e-mail to research@linclund.com for any questions. For questions regarding Trading & Quantitative Research, contact tqr@linclund.com .

Software applied in our research

Recently Published R&A Reports

Fagerhult Group

In this pitch deck, analysts Elias Hylander and Maria Sunrise provide an in-depth assessment of Fagerhult Group, a leader in professional lighting solutions with a strong focus on sustainability and innovation. Using a comprehensive valuation approach—incorporating DCF modeling, peer analysis, precedent transactions, and an LBO framework—they estimate Fagerhult’s enterprise value at SEK 11.2–15.3 billion. The following section outlines key assumptions behind this valuation and insights shaping the investment thesis.

Rev Group

In this pitch deck, analysts Marius Fischer, Colin Petersson, and Edvin Asplund present a comprehensive analysis of REV Group, the leading U.S. manufacturer of fire and emergency vehicles with a strong position in the RV market. Originating from a PE-backed bolt-on strategy, the company faces major operational inefficiencies and a supply/demand imbalance, positioning it for aggressive short-term margin expansion, supporting a 2-year IRR of 19% and a total upside of 42% in the base scenario.

Boot Barn Holdings Inc

In this pitch deck, analysts August Jörding, Emil Sköldberg, and Fredrik Sölveland provide a detailed analysis of Boot Barn, the largest Western and workwear retailer in the U.S. They highlight the company’s strong unit economics and consistent demand for western wear, justifying a target price of $234.2, reflecting a 50% upside through a DCF valuation.

MGM Resorts International

In this pitch deck, analysts Erik Holst, Edvin Egnell, and David Apelryd present a detailed analysis of MGM Resorts International, highlighting its premium resort portfolio and growing BetMGM platform. Despite macroeconomic concerns, the team identifies an attractive entry point, supporting a target price of $56, reflecting a 75% upside and a three-year IRR of 29% through DCF and peer valuation methods.