Investment thesis and the IC paper

Module 03 / 5 · 70 min

Build the investment case for a growth deal in Batu Agro Foods PLC and write an IC paper that can survive a hard committee.

In this module you will learn to

Write a clear investment thesis and test it against market, business and management evidence
Analyze historical financials, normalize earnings and build a base and downside projection
Value a growth investment and compute expected returns in Birr and in US dollars
Present risks with mitigants and defend the paper before an investment committee

Built on

Erudite Africa course specification 3.j: Private Equity and Venture Capital, Levels 1 and 2 (October 2026)
Erudite Africa Training Module: Ethiopian Context, program overview and regulatory register (October 2026)
Investment Proclamation No. 1180/2020, Investment Regulation No. 474/2020 and Ethiopian Investment Board Directive No. 1082/2025; Commercial Code Proclamation No. 1243/2021
Capital Market Proclamation No. 1248/2021; ECMA Directive No. 980/2024; ECMA collective investment scheme and venture capital fund rules (reported, to confirm); ESX Rulebook (December 2024)
NBE directives as listed in the lessons: FXD/01/2024, FXD/04/2026, SBB/92/2024; NBE Monetary Policy Committee release No. 7 (July 2026)
IFC Performance Standards on Environmental and Social Sustainability, GIIN IRIS+ and the 2X Criteria

Examples and companies are fictional. Bank practices are shown as typical Ethiopian practice, not as any one bank's policy. Always apply your own institution's approved policy and the current NBE directives.