Group Valuation and Investment Recommendation Report Assignment

Assignment Task

The weeks pass by, and the workload grows. Yet another task laid out at your feet. You’ve been told to prioritise your individual work orders, but you’ve been invited (more like ordered) to complete a group valuation. It’s now starting to become clear to you why they call the new analysts ‘burners’. You expect some late nights ahead. You can select up to four other people to work with (max team size = 5) and there is some urgency in this task because better candidates are constantly being drafted by key members of management to work exclusively on their projects. Your choice is important, and you should select people that you feel you can work with and who will share the workload equally. Once this is complete, you are expected to deliver a sell-side research report (and presentation ) on ONE of the following companies:

1. Healius Limited (ASX:HLS)

2. Novo Nordisk A/S (CPSE - NOVO-B.CO)

3. Carvana (NYSE: CVNA)

4. Beyond Meat (NASDAQ: BYND)

5. Spotify Technology A (NYSE:SPOT)

6. Mineral Resources Limited (ASX:MIN)

Anxious to get started but finding the choice of company more difficult than the thrice-daily decision between a piccolo and long black, you decide to enlist the help of Thelonious Monk. You tell him there’s no immediate rush, but that you would like a briefing on each company. He delivers the brief beginning on page 2 with a note “Don’t Blame Me”.

This task requires you to prepare a 12-month investment recommendation (‘Buy’, ‘Hold’ or ‘Sell’). This report and the presentation are worth 30% of your overall grade in the course. The following brief is a snapshot of each company to aid your decision in which to analyse. It is by no means comprehensive, and each team should conduct their own research.

1. Healius Limited

Backgroud

Healius Limited provides specialty diagnostic services to consumer and practitioners in Australia. The company operates through three segments: Pathology, Imaging, and Others. It offers diagnostic imaging services, private medical laboratory, and pathology services. It also provides cataract surgery, colonoscopy, gastroscopy, plastic and cosmetic surgery, skin cancer removal, IVF egg collection, and gynaecological surgery services under the Laverty Pathology, Dorevitch Pathology, QML Pathology, Western Diagnostic Pathology, Genomic Diagnostic, Vetpath Laboratory, Vetnostics, QML Vetnostics, TML Vetnostics, ASAP Laboratory, Abbott.

2. Novo Nordisk A/S

Backgroud

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease. The Diabetes and Obesity care segment provides products for diabetes, obesity, cardiovascular, and other emerging therapy areas. The Rare Disease segment offers products in the areas of rare blood disorders, rare endocrine disorders, and hormone replacement therapy. The company also provides insulin pens, growth hormone pens, and injection needles. In addition, it offers smart solutions for diabetes treatment, such as smart insulin pens and Dose Check, an insulin dose guidance application. The company has a collaboration agreement with Aspen Pharmaceuticals to produce insulin products. Novo Nordisk A/S was founded in 1923 and is headquartered in Bagsvaerd, Denmark.

3. Carvana co.

Background

Carvana Co., together with its subsidiaries, operates an e-commerce platform for buying and selling used cars in the United States. Its platform allows customers to research and identify a vehicle; inspect it using company’s 360-degree

vehicle imaging technology; obtain financing and warranty coverage; purchase the vehicle; and schedule delivery or pick- up from their desktop or mobile devices. The company also operates auction sites. The company was founded in 2012 and is based in Tempe, Arizona.

4. Beyond Meat

Background

Beyond Meat, Inc., a plant-based meat company, develops, manufactures, markets, and sells plant-based meat products in the United States and internationally. The company sells a range of plant-based meat products across the platforms of beef, pork, and poultry. It sells its products through grocery, mass merchandiser, club stores, and natural retailer channels, as well as various food-away-from-home channels, including restaurants, foodservice outlets, and schools. The company was formerly known as Savage River, Inc. and changed its name to Beyond Meat, Inc. in September 2018. Beyond Meat, Inc. was incorporated in 2008 and is headquartered in El Segundo, California.

5. Spotify

Background

Spotify Technology S.A., together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers. This segment sells directly to the end users. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its users on their computers, tablets, and compatible mobile devices. The company also offers sales, distribution and marketing, contract research and development, and customer and other support services. Spotify Technology S.A. was incorporated in 2006 and is based in Luxembourg City, Luxembourg.

6. Mineral Resources 

Background

Mineral Resources Limited, together with subsidiaries, operates as a mining services company in Australia, Asia, and internationally. It operates through five segments: Mining Services, Iron Ore, Lithium, Energy, and Other Commodities. The company offers contract crushing, screening, and processing; specialized mine services, including materials handling, plant and equipment hire and maintenance, tails recovery, and aggregate crushing; and design, engineering, and construction services for resources sector. It also manages the processing, production, logistics, ship loading, marketing, and export of commodities on behalf of tenement owners; and provides specialist parts to the mining, quarrying, and recycling industries. In addition, the company has a portfolio of iron ore assets; and holds interests in the Mount Marion and Wodgina lithium projects located in Western Australia. Mineral Resources Limited was founded in 1993 and is based in Osborne Park, Australia.

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