FIN80002 - Business and Entity Valuations - Finance Assignment Help

Assignment Task

Choice of Firms 
In a group of 2 members, you must choose an ASX listed firm from the list given below for an in?depth  research  with  a  view  to  valuing  the  firm.  Read  the  requirements  of  the  assignment  before making  a selection.  Your  group  and the  chosen firm must  be finalised  within the first two  weeks  of  the semester  (by 11 August).  Since  no  two  groups can  select the same firm,  it is your responsibility to get it approved by the Unit Convenor  before you proceed with  the assignment. 
ASX Listed Companies
1. Aurizon Holdings Ltd
2. Cromwell Property Group
3. Platinum Asset Management Ltd
4. Spark New Zealand Ltd
5. Vicinity Centres
6. Stockland Corporations Ltd
7. CIMIC Group Ltd
8. Dexus

Steps for valuation: 
Step 1: Conduct  a business strategy  analysis  of the  chosen  company using the five?forces model discussed in Chapter 2 of the textbook. Based on this, make assumptions about the firm’s growth phase: is your firm in a stable growth phase or two?stage growth phase? Justify the basis of your assumption. 
Step  2:  Recast  financial  statements  (balance  sheet,  income  statement,  and  cash  flow statement) based on  the format given in textbook Chapter 4. Refer to Chapter 9 of Damodaran’s book for lease and R&D adjustments. 
Step 3: Conduct Ratio and DuPont analysis (focus only on important ratios in all categories). 
Step 4: Work out all the variables required for valuation of the firm and equity: 
- Beta of the firm
- Length of high growth period with justification, if relevant, from step 1
- Current growth rate using any one: net income, EPS, dividend, or EBIT
- Assume an appropriate stable growth rate (refer to Chapter 12 of Damodaran’s book for a better understanding of stable growth rate)
- Adjusted earnings (for lease and R&D adjustments)
- Reinvestment rate
- Terminal value

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