Fundamentals Department

Deep Sector Analysis &
Stock Pitches

Eight specialized teams covering every corner of the market. Build company valuations, conduct industry research, and deliver professional investment theses.

Financials Energy & Utilities Industrials Healthcare Materials & Real Estate Information Technology Communication Consumers
TIC members during a Fundamentals session at Tilburg University
About the Department

Understanding Companies From the Ground Up

The Fundamentals Department is TIC's core for bottom-up investment analysis. We study companies at their most granular level - from financial statements and competitive positioning to industry dynamics and macroeconomic trends.

Organized into eight specialized sector teams, each group develops deep expertise in their assigned industry. Members conduct thorough research, build detailed financial models, and present formal stock pitches to the department.

By graduation, our members have real-world experience in equity research, financial modelling, and presenting investment cases - skills directly transferable to careers in asset management, investment banking, and consulting.

Sector Teams

Eight Teams, Full Market Coverage

Each team focuses on a specific sector, developing deep expertise and delivering professional stock pitches.

Financials

Banks, insurance companies, asset managers, and fintech firms. Analyzing capital adequacy, net interest margins, and regulatory impact.

Banks Insurance Asset Mgmt Fintech

Energy & Utilities

Oil & gas, renewables, power generation, and utility companies. Tracking the energy transition and its investment implications.

Oil & Gas Renewables Utilities Grid Infra

Industrials

Aerospace, defense, transportation, and machinery. Evaluating capital-intensive businesses and their cycle positioning.

Aerospace Defense Transport Machinery

Healthcare

Pharmaceuticals, biotech, medical devices, and health services. Navigating drug pipelines, regulatory pathways, and demographic trends.

Pharma Biotech MedTech Services

Materials & Real Estate

Chemicals, mining, construction materials, and REITs. Analysing commodity cycles, property markets, and capital allocation.

Chemicals Mining REITs Construction

Information Technology

Software, semiconductors, IT services, and hardware. Evaluating tech moats, recurring revenue models, and innovation cycles.

Software Semis IT Services Hardware

Communication

Telecom, media, entertainment, and digital advertising. Analysing subscriber growth, content economics, and ad market dynamics.

Telecom Media Entertainment Advertising

Consumers

Consumer staples and discretionary. From luxury goods to grocery chains - analysing brand strength, pricing power, and consumer trends.

Staples Discretionary Luxury Retail
Performance

Fundamentals Fund — Portfolio Growth

Growth of the Fundamentals portfolio since the club was founded in 2017, compounded from the treasurer’s quarterly record. Members see live figures in the portal.

Indexed Performance

Base 100 at 2017 Q3 · 34 quarters from the treasurer's record

Since inception
+106.0%
Annualised
+8.9%
80110140170200 2017201720182019202020212022202320242025
Compounded from 34 quarterly returns, 2017 Q3 to 2025 Q4. Past performance is not a guide to future results.
Our Process

The Stock Pitch Process

Every stock pitch follows a rigorous methodology mirroring professional equity research.

01

Sector Screening

Identify compelling investment opportunities within your sector through screening and thematic analysis.

02

Deep-Dive Research

Analyse financial statements, competitive landscape, management quality, and industry dynamics.

03

Financial Modelling

Build DCF models, comparable analyses, and scenario-weighted valuations to derive a target price.

04

Pitch Presentation

Deliver a professional pitch with a clear thesis, key catalysts, risk factors, and investment recommendation.

Your Development

Skills You'll Build

The Fundamentals department equips you with the core skills demanded by the finance industry.

Financial Modelling

Build three-statement models, DCFs, LBO models, and comparable company analyses in Excel.

Equity Research

Write professional research reports with investment theses, catalysts, and risk assessments.

Presentation Skills

Present investment cases to peers, mentors, and industry professionals with confidence.

Sector Expertise

Develop deep knowledge of industry dynamics, competitive landscapes, and key value drivers.

Valuation Methods

Master multiple valuation approaches including DCF, multiples, sum-of-the-parts, and NAV.

Critical Thinking

Challenge consensus views, identify contrarian opportunities, and stress-test your own assumptions.

Resources

Our Pitch & Valuation Templates

We publish our in-house templates so prospective members can see what we actually work with — and so current members have a single source of truth.

XLSX

TIC DCF Template

Our standard DCF model template used for every stock pitch. Three-statement structure, sensitivity tables, and a football-field valuation summary.

Download →
Excel · Empty template
XLSX

Example: Moncler DCF

A worked example of the template applied to Moncler S.p.A. — useful for seeing how the inputs, forecasts, and valuation outputs connect.

Download →
Excel · Worked example
PPTX

TIC Stock Pitch Template

Our presentation template for final stock pitches: structured around investment thesis, valuation, catalysts, and risk. Every pitch uses this deck.

Download →
PowerPoint · 2026 edition

Competition winner · 2026

TIC wins the Carhart International Stock Pitch Competition

Tilburg Investment Club took first place in the inaugural Carhart International Stock Pitch Competition 2026 with our pitch on Euronext N.V. (ENX.PA).

Our thesis highlighted Euronext’s role as a key piece of Europe’s financial infrastructure, benefiting from deeper capital markets integration, volatility-driven trading activity, and a diversified revenue base.

Joey Vissenberg Florian Kramer Leon Krys Sylvia Dorovski
Alumni network

Where our members go next

Our members and alumni take their experience into asset management, banking, insurance, and further study — across the Netherlands and beyond.

BA

Barak Azor

Former President, Fundamentals

TIC → Robeco
SB

Stijn van Bemmel

Former Investment Analyst

TIC → ING
AR

Alvise Rocca

Former Head of Quantitative

TIC → Achmea
SA

Senyo AzasooCurrent

Treasurer

TIC → Allianz Benelux
MN

Mara NedelCurrent

Head of Marketing

TIC → ING
NG

Niels GesthuizenCurrent

President

TIC → Peking University

Are you a TIC alum? Get in touch — we’d love to feature your story.

Join Us

Ready to pitch your first stock?

Whether you're passionate about tech, healthcare, energy, or any other sector - there's a team for you.

Apply now → Back to home