Equity Research / Real Asset Analyst Needed — Deep Underwriting of a U.S. Small-Cap Developer

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 tot his job