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Assignment
The goal of this project is to apply the valuation techniques we learn in class on real world companies.这个项目的目标是采用估值技术在课堂上我们学习在现实世界的公司。
学生应该做的工作,考虑到评分将在个人的基础上。在一组,组中的每个人选择一个公司的价值。采取的步骤如下:
Students should do the work in groups, taking into consideration that grading will be on an individual basis. In the case of a group, each person in the group picking one company to value. The steps to be taken are the following:
Step 1: Choose the Companies to Value第1步：选择公司实现价值
Choose a group of companies (one for each person in the group), making sure you have at least One US or UK company.
One non UK/US company (i.e. we are interested in the local listing).
One company which has high-growth potential (look for companies whose revenues are ex-pected to grow more than 25% over the near future
Step 2: DCF Valuation第2步： DCF估值
Value the stock in each company using a discounted cash flow model (whichever you think is most appropriate for that company). Evaluate how sensitive your value estimates are to changes in your assumptions (state them clearly and carefully). Explain what are the key drivers of value for your company?
Step 3: Valuation relative to comparables第3步：估值相对可比
Start by preparing a list of “comparable” companies, basing your choice on whatever criteria that you think are appropriate. Choose a multiple that you will use in comparing firms (you might have to experiment a bit on which on to choose). Then evaluate your company against the comparable firms using the multiple that you have chosen: (i) do a qualitative analysis adjusting the average for comparable firms (ii) using a sector regression [we will talk about the data in due time]SUBMISSION DEADLINE: Wednesday 20 March 2013, 5pm. Please post one hard copy via the MJ Centre and submit an e-copy via Blackboard.
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