经济金融学report/essay/assignment/paper代写-Stock Report

经济金融学report/essay/assignment/paper代写

  • 125340 Stock Report Instructions

  • 2018 Semester 2

  • Find your assigned stock in the file “Stock assignments” in the Stock report section on Stream. (this will not be

  • available until week 2)

  • Using cross references (Yahoo vs Google, e.g.), checking ticker symbol, name and industry, to make sure you have the

  • correct firm.

  • You must use “125340 Stock Report – TEMPLATE – 2018.2”

  • Other formats will not be accepted. I realize you may want to be more creative, but we have nearly 200 of these to

  • grade, and it creates problems for us finding sections if you use different formats.

  • Maximum of 4-5 pages for main part of report (not including appendix).

  • Do not change the single spacing of the report (e.g. to increase the length of the report). Better that your report is short

  • and save paper when we print it out.

  • The final stock report is due 28 Sept, worth a total of 100 points, 20% of your course grade.

  • 5 of those points will be assessed on an oral presentation based on your report, which you will give

  • in week 10. Details will be available in about week 7.

  • Do NOT print a copy of the report for us; we will do that from Stream.

  • Do not use illegible graphs – too small, vague colors, etc. This wastes time, paper and ink.

  • Do not use large graphs. This wastes paper and ink, and will NOT improve your grade.

  • Two “preliminary” due dates:

    1. Aug 31 – Business Description & industry overview

a. Should have basic bus description, and beginning of industry overview

a. at least one valuation method completed, and Data entered into spreadsheet

    1. Sept 14 – Preliminary valuation
  • Both of these will only be graded as:

  • 5 points: ‘substantially done’

  • 3 ‘weak’

  • 0 nothing done

  • Both should be submitted (on Stream) using the appropriate pages from the template, and will be checked with turn-it-

  • in. You will be able to see your score after you submit, so that you will know if you need to make changes before the

  • final submission.

  • For both, a late submission will be accepted for 24 hours, with a 10% penalty. After that no submission allowed.

  • Both will be graded in more detail when the full report is submitted.

  • TurnItIn:

  • The TurnItIn ‘score’ will be used to scale your report grade. e.g. if your turnitin score is 30% (meaning 30% of your

  • report matches other online material), your final Stock Report grade will be 70% of whatever raw grade I assess. (I will

  • ignore tables and references in that matching)

  • Note that since final grades are scaled to a normal distribution, the only relevant number here is how you compare with

  • classmates. If everyone gets a turnitin score of 20%, then everyone is equal in how their raw grade is adjusted for the

  • TurnItIn score.

  • For your perspective, historically I have found that good reports have turnitin scores from about 10-20%.

  • Note in particular, what does not go well is to simply copy and paste from published sources into your report. Even

  • copying a short phrase here and there will show up as matches. I am not interested in what you found that someone

  • else said about, say, Investment Risks. I am interested in your assessment and/or summary of what someone else said.

  • (I don’t expect you to conduct primary research, but I do expect you to use your own words to describe/discuss what

  • others have found)

  • If you cut/paste, not only will that increase your TurnItIn score (which is bad), but I will ignore those sections in my

  • assessment (as though you didn’t do it), which also lowers your grade.

  • DETAILS OF EACH SECTION:

  • Page 1

  • Think of this page as an executive summary (a short summary of all pertinent facts in a document), and the rest of the

  • report backs this up.

  • An investor should be able to look over this page, and have a pretty good idea of the most important facts and issues

  • about the company, and what you (the analyst) think about it as an investment opportunity.

  • Note a few things here:

  • At top is your name, and statement that this is Student Research for 125340. This is to disclose to anyone who happens

  • to read this, that it is not intended as investment advice.

  • Also at top is the Industry name and the Company Name. Below that is descriptive information, as well as your

  • Recommendation.

  • Headings. Throughout, there are Styles used to make your life easier. If you haven’t learned about this feature in

  • Word, this is a good time to do so (but not compulsory). When you set or change a style as a particular format, every

  • area of the document that has been defined as that style will change accordingly.

  • On page 1, “Highlights” has been defined as Heading2 (see upper right of Windows ribbon; right-click on the Heading 2

  • button and select ‘modify’, to see or change the settings of this style).

  • You will also see “Paragraph Heading” (this is Heading3); you only need to use this when there is a subsection you want

  • to identify. You won’t necessarily have this in every section.

  • Please do not keep the text intended just for you, such as “Heading2: Times New Roman”

  • In Highlights, you list key features about this company. These may be positive statements about management, new

  • products, etc; or could be negative – warnings about potential risks. Think of these as what you would want to tell an

  • investor client, if you only had 30 seconds to talk.

  • Page 2 +

  • Business Description

  • In this section you describe the firm’s “story”. What is their business/product, etc.? Are there multiple segments of the

  • business? What is their industry? Is there something about their history that is important (founding, mergers, …)? What

  • is their geographical coverage? Are there features about this company that sets it apart from the crowd? Typically

  • (though there can be exceptions), discussion of management is not particularly special.

  • This business description section will usually be quite short, but after reading it, an investor should know what this

  • company does, and have some idea about what you think is special about it (if anything).

  • Industry Overview and Competitive Positioning

  • In this section you describe the industry for your target company. What does this industry do, what are major

  • opportunities and risks to the industry (which will of course also affect your firm), and who are the major players? This

  • is where you also discuss your target firm’s market share, and if they have any competitive advantage.

  • Valuation

  • This is the section where you discuss valuation results.

  • You should use a minimum of 3 methods; you must use at least 1 relative valuation method and 1 absolute method.

  • See text and notes for various methods available.

  • These methods must be clearly labeled.

  • For Absolute method; DDM and/or DCF

    • DDM acceptable (for B grade level for this section), DCF for “full” marks
  • Must be multi-stage; forecast 4 years, then from terminal year, assume a reasonable terminal CF as discussed in class

  • (in your text, you can discuss whether this is a valid terminal point or not).

  • Exact details about years and how to implement in spreadsheet template will be posted soon.

  • For “interim g” over first 4 years, use one of the non-historical methods for estimating g. Explain here how you did

  • that, and this must match what you do in the spreadsheet.

  • For Relative method; method(s) for forecasting PE must be stated; if comp co’s, comparables must be shown in

  • appendix; if analysts, details must be in appendix.

  • For each method, you will have an estimated target price.

  • Final Estimation: From the 3 (or more) methods you use, make a judgement call on what the final target price should

  • be. This will generally be a weighting, where you place the most weight on the method you deem most ‘correct’, and

  • least weighting on a method you feel has problems (e.g. due to input information available). If you do this

  • (recommended), include a small table showing your weights.

  • Risks to the Estimation: Your target price (and therefore recommendation) are probably most sensitive to some

  • specific assumptions. Describe those here. This is not the place for firm risks, which comes later (see below).

  • This section should conclude with the same information at the top of page 1 – Target Price, Current Price, and

  • Recommendation (buy, sell or hold).

  • Financial Analysis

  • In this section discuss anything pertinent to the financial statements. For example if you had to do something special to

  • estimate future growth, you would discuss that here. Similarly, here is where to talk about DCF and what you had to do

  • to get cash flows, or something unique about the earnings or dividend stream.

  • Investment Risks

  • Just as important as identifying positive aspects, is identifying the negative. In this section, discuss risks to the firm. A

  • useful approach is SWOT and/or PEST, to help you think through the various possible risks and merits. It is not

  • mandatory to include all of SWOT & PEST.

  • A brief summary of the most important ones will probably be on page 1.

  • APPENDICES

  • In general, tables that are too big for the main text, such as industry comparables, DCF details, potentially other tables

  • you deem necessary. Do not include financial statements (that will be in your spreadsheet), and do not fill with fluff just

  • to create extra pages.

  • Any table included here should be discussed (or at least mentioned) in the main text.

  • Do not change to landscape orientation for any of these appendics.

  • Assessment

  • Total 100 point report worth 20% of course grade.

  • Out of 100 points:

Preliminary submissions

Page 1

Business description

Industry overview

Valuation and Financial Analysis

Investment risks

Clean & useful appendices

Oral presentation

Total

  • All of the above assumes a report which is neat and professional looking, using the correct template & formats.

  • Otherwise, you can lose up to 20% for failing to do this.

  • Except for the preliminary submissions, all sections and sub-sections will be graded on a 5 point Likert scale; then

  • averaged and scaled for final grade for the report.

not done

Poor

Fair

Good

Very Good

Exceptional

  • As with the preliminary submissions, reports will be submitted to turn-it-in.

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