经济金融学report/essay/assignment/paper代写
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125340 Stock Report Instructions
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2018 Semester 2
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Find your assigned stock in the file “Stock assignments” in the Stock report section on Stream. (this will not be
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available until week 2)
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Using cross references (Yahoo vs Google, e.g.), checking ticker symbol, name and industry, to make sure you have the
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correct firm.
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You must use “125340 Stock Report – TEMPLATE – 2018.2”
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Other formats will not be accepted. I realize you may want to be more creative, but we have nearly 200 of these to
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grade, and it creates problems for us finding sections if you use different formats.
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Maximum of 4-5 pages for main part of report (not including appendix).
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Do not change the single spacing of the report (e.g. to increase the length of the report). Better that your report is short
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and save paper when we print it out.
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The final stock report is due 28 Sept, worth a total of 100 points, 20% of your course grade.
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5 of those points will be assessed on an oral presentation based on your report, which you will give
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in week 10. Details will be available in about week 7.
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Do NOT print a copy of the report for us; we will do that from Stream.
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Do not use illegible graphs – too small, vague colors, etc. This wastes time, paper and ink.
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Do not use large graphs. This wastes paper and ink, and will NOT improve your grade.
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Two “preliminary” due dates:
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- 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
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- Sept 14 – Preliminary valuation
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Both of these will only be graded as:
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5 points: ‘substantially done’
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3 ‘weak’
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0 nothing done
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Both should be submitted (on Stream) using the appropriate pages from the template, and will be checked with turn-it-
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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
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final submission.
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For both, a late submission will be accepted for 24 hours, with a 10% penalty. After that no submission allowed.
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Both will be graded in more detail when the full report is submitted.
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TurnItIn:
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The TurnItIn ‘score’ will be used to scale your report grade. e.g. if your turnitin score is 30% (meaning 30% of your
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report matches other online material), your final Stock Report grade will be 70% of whatever raw grade I assess. (I will
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ignore tables and references in that matching)
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Note that since final grades are scaled to a normal distribution, the only relevant number here is how you compare with
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classmates. If everyone gets a turnitin score of 20%, then everyone is equal in how their raw grade is adjusted for the
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TurnItIn score.
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For your perspective, historically I have found that good reports have turnitin scores from about 10-20%.
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Note in particular, what does not go well is to simply copy and paste from published sources into your report. Even
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copying a short phrase here and there will show up as matches. I am not interested in what you found that someone
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else said about, say, Investment Risks. I am interested in your assessment and/or summary of what someone else said.
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(I don’t expect you to conduct primary research, but I do expect you to use your own words to describe/discuss what
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others have found)
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If you cut/paste, not only will that increase your TurnItIn score (which is bad), but I will ignore those sections in my
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assessment (as though you didn’t do it), which also lowers your grade.
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DETAILS OF EACH SECTION:
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Page 1
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Think of this page as an executive summary (a short summary of all pertinent facts in a document), and the rest of the
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report backs this up.
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An investor should be able to look over this page, and have a pretty good idea of the most important facts and issues
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about the company, and what you (the analyst) think about it as an investment opportunity.
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Note a few things here:
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At top is your name, and statement that this is Student Research for 125340. This is to disclose to anyone who happens
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to read this, that it is not intended as investment advice.
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Also at top is the Industry name and the Company Name. Below that is descriptive information, as well as your
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Recommendation.
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Headings. Throughout, there are Styles used to make your life easier. If you haven’t learned about this feature in
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Word, this is a good time to do so (but not compulsory). When you set or change a style as a particular format, every
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area of the document that has been defined as that style will change accordingly.
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On page 1, “Highlights” has been defined as Heading2 (see upper right of Windows ribbon; right-click on the Heading 2
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button and select ‘modify’, to see or change the settings of this style).
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You will also see “Paragraph Heading” (this is Heading3); you only need to use this when there is a subsection you want
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to identify. You won’t necessarily have this in every section.
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Please do not keep the text intended just for you, such as “Heading2: Times New Roman”
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In Highlights, you list key features about this company. These may be positive statements about management, new
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products, etc; or could be negative – warnings about potential risks. Think of these as what you would want to tell an
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investor client, if you only had 30 seconds to talk.
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Page 2 +
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Business Description
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In this section you describe the firm’s “story”. What is their business/product, etc.? Are there multiple segments of the
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business? What is their industry? Is there something about their history that is important (founding, mergers, …)? What
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is their geographical coverage? Are there features about this company that sets it apart from the crowd? Typically
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(though there can be exceptions), discussion of management is not particularly special.
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This business description section will usually be quite short, but after reading it, an investor should know what this
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company does, and have some idea about what you think is special about it (if anything).
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Industry Overview and Competitive Positioning
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In this section you describe the industry for your target company. What does this industry do, what are major
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opportunities and risks to the industry (which will of course also affect your firm), and who are the major players? This
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is where you also discuss your target firm’s market share, and if they have any competitive advantage.
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Valuation
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This is the section where you discuss valuation results.
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You should use a minimum of 3 methods; you must use at least 1 relative valuation method and 1 absolute method.
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See text and notes for various methods available.
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These methods must be clearly labeled.
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For Absolute method; DDM and/or DCF
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- DDM acceptable (for B grade level for this section), DCF for “full” marks
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Must be multi-stage; forecast 4 years, then from terminal year, assume a reasonable terminal CF as discussed in class
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(in your text, you can discuss whether this is a valid terminal point or not).
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Exact details about years and how to implement in spreadsheet template will be posted soon.
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For “interim g” over first 4 years, use one of the non-historical methods for estimating g. Explain here how you did
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that, and this must match what you do in the spreadsheet.
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For Relative method; method(s) for forecasting PE must be stated; if comp co’s, comparables must be shown in
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appendix; if analysts, details must be in appendix.
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For each method, you will have an estimated target price.
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Final Estimation: From the 3 (or more) methods you use, make a judgement call on what the final target price should
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be. This will generally be a weighting, where you place the most weight on the method you deem most ‘correct’, and
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least weighting on a method you feel has problems (e.g. due to input information available). If you do this
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(recommended), include a small table showing your weights.
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Risks to the Estimation: Your target price (and therefore recommendation) are probably most sensitive to some
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specific assumptions. Describe those here. This is not the place for firm risks, which comes later (see below).
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This section should conclude with the same information at the top of page 1 – Target Price, Current Price, and
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Recommendation (buy, sell or hold).
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Financial Analysis
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In this section discuss anything pertinent to the financial statements. For example if you had to do something special to
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estimate future growth, you would discuss that here. Similarly, here is where to talk about DCF and what you had to do
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to get cash flows, or something unique about the earnings or dividend stream.
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Investment Risks
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Just as important as identifying positive aspects, is identifying the negative. In this section, discuss risks to the firm. A
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useful approach is SWOT and/or PEST, to help you think through the various possible risks and merits. It is not
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mandatory to include all of SWOT & PEST.
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A brief summary of the most important ones will probably be on page 1.
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APPENDICES
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In general, tables that are too big for the main text, such as industry comparables, DCF details, potentially other tables
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you deem necessary. Do not include financial statements (that will be in your spreadsheet), and do not fill with fluff just
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to create extra pages.
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Any table included here should be discussed (or at least mentioned) in the main text.
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Do not change to landscape orientation for any of these appendics.
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Assessment
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Total 100 point report worth 20% of course grade.
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Out of 100 points:
Preliminary submissions
Page 1
Business description
Industry overview
Valuation and Financial Analysis
Investment risks
Clean & useful appendices
Oral presentation
Total
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All of the above assumes a report which is neat and professional looking, using the correct template & formats.
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Otherwise, you can lose up to 20% for failing to do this.
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Except for the preliminary submissions, all sections and sub-sections will be graded on a 5 point Likert scale; then
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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.