S&P’s 10-ish Step Guide to Equity Research
I would argue that only steps 1-8 are necessary for your own bottom-up analysis. You can live without step 2. Also understand that your results from step 3 are likely to be wrong – don’t let a fancy model fool you into thinking you can predict the future. Building a model is helpful for understanding the business and getting some sense for what is priced in so I don’t advocate skipping it entirely.