eview the current and future economic conditions affecting the relevant industry, and explain why they are relevant to each firm’s business, social and environmental issues, and regulatory environment. Undertake a basic financial analysis and evaluation of the performance, capital structure, liquidity and operational efficiency of this company over the past five years.
Based on a qualitative review of the relevant information contained in the last five years annual reports, evaluate the overall business philosophy and long-run stated corporate objectives of each company within the industry identified in 1 as a basis for projecting a forecast of the key drivers of its business model
Identify any sources of business-specific, operational and financial risks that are likely to affect each company’s ability to achieve its long-term objectives identified in part 2
Develop a pro-forma full information, fundamental forecast of the company as a basis for estimating the intrinsic price of this company. The model should include a set of forecasted financial statements based on a pro-forma (latest) financial year, key assumptions and drivers that influence each of the components of the forecasted balance sheet, income statement and cash flow statement, key parameters to be used for valuation, the valuation model to be used (e.g. discounted cash flow, residual income) and an intrinsic “fair value” price for this company.
The assignment report comprises the above four elements; (1) a 1.000 word report outlining a brief overview of the company, and briefly assessing its current and past performance and position; (2) a 500 word report providing a qualitative assessment of the current strategy of the company; (3) a 500 word report identifying the key financial, operating, strategic and emerging risks likely to influence the company’s ability to achieve its strategic objectives and (4) a 1,000 word report summarising the key features of your valuation model and its outcome. Additionally, the report above should be supplemented by two appendices, comprising; (a) a 500 word document providing a supporting documentation containing technical specification and containing a documentation of the key features of relevant financial model specification, functionality and robustness checks auditability; and (b) a 500 word technical document providing a “user guide - overview to the application and providing quality assurance information.
The assignment is marked in its entirety as one piece of work. A copy of the relevant software is also submitted at the same time to NOW and is checked randomly for anonymity and verifying ownership. Details will be provided via separate hand-out.
Marsh, C. Business and Financial Models, Kogan page Limited, 2013
Other Recommended Texts
Fairhurst, Using Excel for Business Analysis, A guide to Financial Modelling Fundamentals, Wiley Finance 2012
Day, Mastering Financial Modelling, 3rd ed., FT Prentice Hall, 2012
Keintz and Wetterau, Financial Modelling, Wiley 2012.
Journals: Journal of Banking and Finance; Journal of Derivatives; Journal of Finance; Journal of Money, Credit and Banking; Journal of Risk and Uncertainty and Journal of Risk Finance
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