MAF302 GROUP REPORT discounted cash-flow (DCF) model 代写

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  • MAF302 GROUP REPORT  discounted cash-flow (DCF) model 代写


    MAF302 CORPORATE FINANCE Trimester 2, 2017
    Department of Finance 1
    ASSESSMENT 2
    GROUP REPORT
    &
    INDIVIDUAL PRESENTATION
    Due Date  Part 1: Friday 22 September 2017 at 5.00pm
    Part 2: On-campus presentation (on-campus students): during Week 11
    seminar (week starting 25 September 2017)
    Video presentation (off-campus students): by Friday 29 September
    2017 at 5pm. Instructions on how to upload these video presentations
    will be provided.
    Weightage  60%
    Word Limit  4000 words


    MAF302 GROUP REPORT  discounted cash-flow (DCF) model 代写
    Theme Valuation, financing, payout policy, risk management, and other corporate
    finance issues
    Learning Outcome Details
    Unit Learning Outcomes (ULOs) Graduate Learning Outcomes (GLO)
    ULO1: Apply broad and coherent theoretical
    and practical finance knowledge.
    GLO1: Discipline-specific knowledge and
    capabilities
    ULO2: Communicate financial concepts and
    information effectively in oral and written
    forms to a broad range of audiences.
    GLO2: Communication
    ULO4: Identify solutions to a diverse range of
    authentic financial problems.
    GLO4: Problem solving
    ULO6: Engage effectively in different
    environments and contexts reflecting social,
    sustainable, ethical, economic and global.
    GLO8: Global citizenship
    Instructions
    1. This assignment has two parts:
    Part 1 (Group Report) is to be completed in a group of 3 students. There is a limit of 4000
    words for this part.
    Part 2 (Individual Presentation) is to be completed individually by each group member, who
    has to perform an individual presentation about one of three topics given in the assignment.
    2. The group can be formed by any student from any cohort (Burwood, Waterfront, Warrnambool or Off-
    campus) of MAF302 Corporate Finance. For Part 2 of the assignment, group members have to
    discuss and decide which topic each member will present. Three members must present three
    different topics of the assignment part 2.
    MAF302 CORPORATE FINANCE Trimester 2, 2017
    Department of Finance 2
    3. You may use the discussion forum in CloudDeakin to find group members. Once the
    constituents of your group are determined, all members can formally join one of the
    groups (numbered from 1-150) by going to the CloudDeakin tab: ‘More’ -> ‘Groups’, and
    then choose a group. The link will open in week 6 (the week starting 21 August 2017).
    Please coordinate amongst all members, so that you join a group simultaneously and avoid
    misplacement or ‘intruders’.
    4. To obtain maximum marks in the assignment, you need to show the relevant steps, reasons
    for your choices and/or financial models, not just the answer. Be succinct in your writing.
    It is the quality of the content that counts, not the number of words.
    Submission
    Part 1 of this assignment:
    An electronic copy of the group report has to be uploaded to the unit website on Cloud Deakin
    by 5.00pm, 22 September 2017. You must submit:
    (i)  a written report and
    (ii)  an Excel spreadsheet with full workings, formulas, and reasons/assumptions
    behind your choices
    Please go to the tab: ‘Assessments’ -> ‘Assignments’ -> ‘T2 2017 MAF302 Assignment 2’ for
    the submission. The assignment should be prefaced by an assignment cover sheet that
    contains your name and student ID. Hand-written signature is not necessary. By submitting
    this coversheet, you acknowledge your awareness of plagiarism and its consequences.
    If possible, please submit well before the cut-off time as you may experience high traffic closer
    to the cut-off time. The uploaded soft copy in CloudDeakin will be considered the official copy
    and it is the time of upload of this copy that will determine whether the assignment is
    submitted on time. Hard copies will not be accepted.
    Part 2 of this assignment:
     On-campus presentation (on-campus students): Week 11 seminars (week starting 25
    September 2017)
     Video presentation (off-campus students): Friday 29 September 2017 at 5pm. Instructions
    on how to upload these video presentations will be provided.
    Late submission
    The following marking penalties will apply if you submit an assessment task after the due date
    without an approved extension: 5% will be deducted from available marks for each day up to
    five days, and work that is submitted more than five days after the due date will not be
    marked. You will receive 0% for the task. 'Day' means calendar day for electronic submissions,
    and working day for paper submissions which is not applicable because no hard copy is
    accepted. The Unit Chair may refuse to accept a late submission where it is unreasonable or
    impracticable to assess the task after the due date.
    MAF302 CORPORATE FINANCE Trimester 2, 2017
    Department of Finance 3
    Extensions can only be approved by the Unit Chair (Dr Tze Chuan ‘Chewie’ ANG). Extensions
    can be granted for documented serious illness (not just on the day the assignment is due) or
    for compassionate reasons under extenuating circumstances. The unit chair can ask to see
    how much work has been completed before granting an extension. Work or holiday reasons
    are NOT grounds for an extension – you are expected to manage these issues as part of your
    studies. You are strongly encouraged to start early and to continually backup your assignment
    as you progress. Computer crashes or corrupted files will NOT be accepted as valid reasons
    for an extension of any length. For further information about Special Consideration, visit
    http://www.deakin.edu.au/students/assessments/special-consideration.
    Assessment Feedback
    Students who submit their work by the due date will receive their marks and feedback within
    15 business days of the due date. You will also receive a marking rubric, which can be used as
    a guide to the expected scope when you answer the assignment questions.
    Turnitin
    Students are strongly recommended to check originality through Turnitin, prior to submitting
    the final report. For more information about Turnitin and how to check for originality, refer
    to the Deakin website information at:
    http://www.deakin.edu.au/learning/cloud-
    learning/clouddeakin/guides/assessment/turnitin-plagiarism-and-grademark
    Referencing
    You must correctly use the Harvard style of referencing in this assessment.
    Academic Integrity, Plagiarism and Collusion
    Plagiarism and collusion constitute extremely serious breaches of academic integrity. They
    are forms of cheating, and severe penalties are associated with them, including cancellation
    of marks for a specific assignment, for a specific unit or even exclusion from the course. If you
    are ever in doubt about how to properly use and cite a source of information, consult your
    lecturer or the Study Support website
    http://www.deakin.edu.au/students/study-support/referencing.
     Plagiarism occurs when a student passes off as the student’s own work, or copies without
    acknowledgement as to its authorship, the work of any other person or resubmits their
    own work from a previous assessment task.
     Collusion occurs when a student obtains the agreement of another person for a fraudulent
    purpose, with the intent of obtaining an advantage in submitting an assignment or other
    work.
    MAF302 CORPORATE FINANCE Trimester 2, 2017
    Department of Finance 4
    Work submitted may be reproduced and/or communicated by the university for the purpose
    of assuring academic integrity of submissions (http://www.deakin.edu.au/students/study-
    support/referencing/academic-integrity.
    Can I recycle my own work?
    Deakin students are not permitted to recycle their assessment work, or parts of assessment
    work, without the approval of the unit chair of their current unit. This includes work submitted
    for assessment at another academic institution. If students wish to reuse or extend parts of
    previously submitted work, then they should discuss this with the unit chair prior to the
    submission date. Depending on the nature of the task, the unit chair may permit or decline
    the request.
    Assignment submission back-up
    You must keep a backup copy of every assignment you submit, until the marked assignment
    has been returned to you. In the unlikely event that one of your assignments is misplaced,
    you will need to submit your backup copy. Any work you submit may be checked by electronic
    or other means for the purposes of detecting collusion and/or plagiarism. When you are
    required to submit an assignment through your Cloud Unit Site, you will receive an email to
    your Deakin email address confirming that it has been submitted. You should check that you
    can see your assignment in the Submissions view of the Assignment Dropbox folder after
    upload, and check for, and keep, the email receipt for the submission.
    Building evidence of your experiences, skills and knowledge (Portfolio)
    Building a portfolio that evidences your skills, knowledge and experience will provide you with
    a valuable tool to help you prepare for interviews and to showcase to potential employers.
    There are a number of tools that you can use to build a portfolio. You are provided with cloud
    space through OneDrive, or through the Portfolio tool in the Cloud Unit Site, but you can use
    any storage repository system that you like.
    Remember that a Portfolio is your tool. You should be able to store your assessment work,
    reflections, achievements and artefacts in your Portfolio. Once you have completed this
    assessment piece, add it to your personal Portfolio to use and showcase your learning later,
    when applying for jobs, or further studies. Curate your work by adding meaningful tags to
    your artefacts that describe what the artefact represents.
    MAF302 CORPORATE FINANCE Trimester 2, 2017
    Department of Finance 5

    MAF302 GROUP REPORT  discounted cash-flow (DCF) model 代写
    Assignment 2
    Caltex Australia
    Background
    Caltex Australia’s history started a long time ago under Ampol in the late 1940s before
    Ampol merged with Caltex in 1995. Caltex Australia is now one of the 20 largest firms listed
    on the Australian Securities Exchange (ASX) and the largest refiner-marketer in Australia. It is
    a leader in transport fuels, supplying one third of all Australia’s transport fuel needs.
    Caltex Australia has around 3,500 employees working across the country. Through a
    flexible fuel supply chain, it supplies high-quality fuels to a diverse number of customer
    segments, including retail, mining, agriculture, aviation, transport, small-to-medium
    enterprises, marine, automotive, and government. It is also one of Australia’s largest
    convenience retailers and franchisors, with over 85% of its stores operated by franchisees.
    Caltex Australia is proud to be an Australian company that operates independently, with
    all decisions made by the management and the Board in Australia. It is guided by its core
    values, such as being passionate about energy, think and act like business owners, and
    exercise care in everything it does.
    Source: https://www.caltex.com.au/our-company
    Caltex Australia website
    Your Task
    Part 1: Group Report
    You were successfully confirmed as a full-time financial analyst at the family office of Jones
    family – an ultra-high net worth family in Australia. Mrs Jones was impressed by the financial
    reports you prepared for her so far.
    Mrs Jones holds a sizeable number of Caltex Australia (ASX ticker: CTX) shares. After the
    recent family board meeting, she was thinking of investing more in Caltex Australia due to its
    persistent good performance. She would like you to work together with two other analysts to
    complete a financial report on Caltex Australia. She is interested in Caltex’s valuation,
    financing and payout policies, risk management, and other corporate finance issues. You are
    required to address the following:
    MAF302 CORPORATE FINANCE Trimester 2, 2017
    Department of Finance 6
    1. Caltex’s capital structure, payout ratio, and capital management policies & trends in
    earnings and dividends
    Describe and discuss Caltex’s (a) capital structure, payout ratio, and capital management
    policies, in general and (b) the trend in (i) capital structure, (ii) earnings per share (EPS),
    (iii) payout policy, and (iv) dividend per share (DPS) in 2016 and in the past five years. You
    may plot graphs or use tables to illustrate your points.
    (7 marks)
    2. Caltex’s share buy-back
    Caltex completed a share buy-back in the first half of 2016. As an Australian resident, Mrs
    Jones would like to know
    (a) how much was raised in the share buy-back and how long it was open,
    (b) briefly how she could have participated in the share buy-back,
    (c) the important dates she should be aware of,
    (d) why she should or should not have participated,
    (e) the share price reaction to the announcement of the share buy-back (if any).
    (7 marks)
    3. Caltex’s risk management
    Caltex faces the following risks:
    (a) interest rate risk (b) foreign exchange risk (c) commodity price risk (d) credit risk, and
    (e) environmental risk
    Explain Caltex’s exposure to these risks and how Caltex manage them.
    (7 marks)
    4. (a) Calculate the Caltex’s weighted average cost of capital (WACC). Use the Capital Asset
    Pricing Model (CAPM) to find the cost of equity. Show the Excel spreadsheet and state all
    the reasons and/or assumptions you made in your calculations.
    (b) Compare your estimates of Caltex’s Beta and WACC with other financial analysts’
    estimates.
    (9 marks)
    5. (a) Calculate the intrinsic value of Caltex using the discounted cash-flow (DCF) model. State
    all the reasons and/or assumptions you made in your calculations. You need to:
    i. determine the period that Caltex will experience high growth and justify it,
    ii. prepare a pro forma financial statement to forecast the free cash flows (FCFs) during
    the high growth period,
    iii. forecast the horizon/terminal value,
    iv. determine and justify the short-term and long-term growth rates.
    v. provide an estimate value per share for Caltex.
    (b) Compare your valuation with the valuations by other analysts and Caltex’s current
    share price? Is Caltex fairly priced, overpriced or underpriced based on your calculation?
    (c) Show some sensitivity analysis. What if the economy is booming and the oil price is
    high? What if the economy is gloomy and the oil price is low?
    (15 marks)
    MAF302 CORPORATE FINANCE Trimester 2, 2017
    Department of Finance 7
    Mrs Jones is quite well educated in finance and prefers reader-friendly financial articles
    written in a professionally manner. She expects your analysis to be rich in information and
    well structured. It should contain main points with the relevant descriptions and evidence
    from reliable sources or references. She also appreciates tables and/or graphs if they help to
    illustrate the main points.
    Part 2: Individual Presentation
    A. Each of your team member will be required to make a brief presentation of 3 minutes
    (maximum) about one of the following topics from Part 1 (Group Report):
    1. Caltex’s capital structure, payout ratio, and capital management policies & trends in
    earnings and dividends.
    2. Caltex’s share buy-back
    3. Caltex’s risk management
    The time limit will be strictly enforced, so you must stop at the 3 minute mark. You are
    strongly encouraged to rehearse your presentation to ensure that it does not go over time.
    B. You need to submit:
     a brief summary (maximum 150 words) of the topic you chose (either 1., 2. or 3.)
     your presentation slides
    The purpose is to train you to effectively convey important information within a short time.
    (15 marks)
    Helpful resources
     Caltex’s (i) annual reports, (ii) annual reviews, and (iii) other financial statements.
     Data sources: (i) DatAnalysis from Deakin Library (ii) The Reserve Bank of Australia (RBA):
    www.rba.gov.au (iii) Yahoo! Finance: au.finance.yahoo.com (iv) The Australian Securities
    Exchange (ASX): www.asx.com.au
     Lectures & Seminars on financing, payout policy, risk management and other relevant
    topics.
     Reports or opinion pieces written by financial analysts and/or portfolio managers.
     Newspaper articles (e.g. The Age) and financial press (e.g. The Australian Financial Review)
     Online search engines, such as Google and Yahoo.
    Word limit
    The word limit for the whole assignment is 4000, but students are not expected to reach the
    limit, given that words in the tables and graphs are not included in the word count. Please use
    the marks allocated to each question as a guide to the words you should use to maximize your
    marks for each question.
    MAF302 GROUP REPORT  discounted cash-flow (DCF) model 代写