• April 7th, 2016

Equity valuation in practice

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Equity valuation in practice
The coursework is designed to apply valuation techniques to practice. As financial analysts working in the research department of AVI Securities, you are asked by a client to prepare a valuation report. For MacDonald’s corporation.
Value the stock in your chosen company using a discounted cash flow model, and make a final recommendation on your stock. You will be marked on the following tasks:
1. Justify your choice of discounted cash flow valuation model and the necessary assumptions. (25%) Marks.
2. Estimate the appropriate discount rate that you would require for the valuation. (25%)
3. Value the stock and assess the robustness of your results. (25%)
4. Produce a set of recommendations for investors based on your results. (25%).


• Perform your own calculations and analysis (including estimation of discount rate)

• based on raw data. Do not borrow the analysis from other sources.

• Please Put all calculations in excel (SHOW ALL steps please).
Valuation include
1- Discount Dividend Model (DDM)
2- Free cash flow to the firm (FCFF) and free cash flow to equity (FCFE).
3- Discount Cash Flow (DCF)
4- Price to sales ratio (P/S valuation) use 4 companies and compared with as same sector)
5- EBITDA valuation (use 4 companies and compared with as same sector)
6- P/E valuation (use 4 companies and compared with as same sector)
• Please justify your assumptions.
Create report from 3 pages, as exactly as attachment report.
• Please find attachments (Tom-tom NV) report As example

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