• January 10th, 2017

Corporate Finance Report

Paper , Order, or Assignment Requirements

This is finance paper you need calculations tables and charts. Mobule handbook is attached.Code text books is : you will need to refer to the module textbook: Pike, R., Neale, B. and Linsley, P. (2015) Corporate Finance and Investment: Decisions and Strategies. 8th edition. London: FT/PrenticeHall. SEE instructions below Assessment criteria The assignment will contribute 100% of the module assessment. The report should be typed or word-processed and should comprise no more than 2,000 words, not including appendices. The assignment will be assessed and you will be advised of your results. Aim The assignment is designed to test your understanding of corporate finance and explores a number of areas within the module by applying your learning to a real company. There is no perfect answer and therefore you should state your assumptions clearly and make good use of appendices. Remember, this is not a strategy or marketing assignment, so focus on the finance! Assignment tasks Select a company listed on an internationally recognised and wellestablished Stock Exchange (see below for choice of company): Discuss how successful the company has been at delivering value to its shareholders over the past 5 years.  Complete an EVA analysis of your company for the last 5 years. Clearly show your work rather than using final EVA numbers from another source.  Analyse the Total Shareholder Return (TSR) of the company for the past 5 years, including any key events and compare with a similar company or appropriate benchmark. Undertake a current valuation of the equity in this company, using the following methods:  Net Asset Value.  Comparable Ratios (e.g. P/E, P/B, EV/EBITDA). You will need to look at both past results and comparable firms to analyse and justify an appropriate valuation. Note that simply multiplying the current ratio by the recent earnings (or book value or EBITDA) is not sufficient. An audio recording discussing comparable ratios can be found in Blackboard under the appropriate Unit.  Discounted Free Cash Flow. You will need to forecast each component of free cash flow (e.g. Sales, costs, capex, etc.) for at least 5 years of forecast cash flows and estimate a terminal value, and then discount Study Book: Corporate Finance 10 Bradford MBA them back at the appropriate cost of capital which you estimate yourself. Make sure to justify all of your assumptions. You can find information to support your forecasts from sources including the MD&A section of the company’s annual report (or its competitors), news stories, industry trade publications and government or think tank studies on the industry. Videos on how to estimate cost of capital and how to forecast free cash flow can be found in Blackboard under the appropriate Unit.

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