这个作业是为一个公司撰写股权估值的金融分析报告
FINANCE 361
Assignment 2
概述如下。
D.背景
自三个月前加入Megabank Asset Management以来，您一直很忙
学习绳索。当您的直属经理Charles即将在晚上7点吃晚饭
de Vitry，给您发送电子邮件，转载如下：
发件人：Charles de Vitry：全球投资<charles.devitry@mam.com>
收件人：Sally Baum：全球投资<sally.baum@mam.com>
主题：明天上午10点对多云海湾的评估
你好萨莉
投资委员会的彼得刚刚告诉我，我们
已被要求竞标阴天湾葡萄园的股份
有限。要开始该过程，我们希望提交一个
“利益表达”表格，其中我们必须注明价格
我们很乐意按每股支付。虽然这纯粹是
指示性承诺，而不是具有法律约束力的承诺，被认为是不好的
退缩表示兴趣。投资
委员会将于明天上午10点开会讨论我们的多云湾；
他们会期望我对…的价值有意见
多云湾。因此，我需要您的帮助：您可以输入一些数字并得出结论吗？
对Cloudy Bay整体进行股权估值（以及每单位的价格
分享）？
我需要一份5-7页的报告（请以pdf格式）。我想要一个简短的
多云湾概述，其行业，整体经济，
评估方法的描述和动机，关键
假设和估值动因，实际的“基本情况”估值
（整个公司的权益和每股价格）和一些
场景分析显示如果我们
更改关键估值驱动因素。我将介绍给
委员会，因此请确保它看起来很专业。你应该能够
在新西兰公司办公室找到Cloudy Bay的财务信息
website1在“文档”部分下。
您可以使用任何公开可用的信息。务必
将您的Excel计算结果发送给我，以防万一我遇到任何挑战
的数字。我要在15分钟内登上飞机，应该
明天早上9点15分回到镇上。如果你那太好了
在此之前可以给我发电子邮件概述，以便我看看
同时乘坐出租车前往会议。
谢谢查尔斯
https://app.companiesoffice.govt.nz/companies/app/ui/pages/companies/271895/documents。的财务
截至2014年至2018年的年份在Canvas上。
E.示例报告大纲
粗体字的行是报告部分的标题。粗体字下面的字母列表
节标题描述每个节应包含的内容类型。
您应该随意调整以下轮廓以适合您的估值方法；然而，
确保确保涵盖报告中以下列出的所有元素。
1. 执行摘要
价格：中点估算值，低和高估算值
b. 估价日期
C. 一线评估方法摘要
d. 最重要的估值驱动力
e. Key risks (industry, regulatory, market, technology)
2. Purpose
a. Who and what is the report for?
b. Limitations, caveats and disclaimers
3. Context
a. Economic Backdrop
b. Industry Developments
c. The Firm
4. Methodology
a. Summarise alternative methodologies
b. Select a methodology and motivate why you prefer this methodology to the
alternatives
c. Set out the chosen methodology in sufficient detail
5. Valuation
a. Valuation output (valuation in $/share)
b. Key inputs and intermediate variables
i. Risk free rate, Market Risk Premium
ii. Equity beta, equity discount rate [, debt discount rate, D/E ratio,
WACC]
iii. Growth rate(s), profit margins, terminal value
6. Scenario Analysis
a. Define scenarios for Pessimistic, Base case, Optimistic
b. Report Valuation + 2-4 key variables from each scenario
c. Scenarios could be based on possible economic outcomes or possible industry
or technological developments.
7. Appendix and References
F. The valuation process – some tips and hints
• You should already know how to do the calculations for a valuation – that is what the
second part of this course is all about. So what follows is really a bit of a guide about the
rest of the process…
• Stage 1: Find the key documents and information so you understand the business you are
valuing and the industry it operates in (and the country or countries, if you are not
familiar with it/them)
o Financials (aka Annual Reports, Interim Reports), Company website
o Wikipedia entry, Regulatory filings, News reports (google, factiva,
reuters, bloomberg)
o Same for other firms that are comparable
• Stage 2: The business
o What business does the company engage in? How does it make money?
Who are its customers, its suppliers, its employees, its regulators?
o How is the company funded? Who owns the equity in the firm? Is it
listed? Does it have any debt? Bonds, shareholder loans or bank loans?
What are the terms – interest rate, maturity?
o What are the drivers of growth, market share and profitability? Who are
its competitors?
o Key risks and opportunities.
• Stage 3: The valuation approach
o What is the appropriate valuation approach for the company? Refer back
to notes and readings for guidance.
o Sketch out a “mindmap” of the valuation. Start with the basics – cash
flows and discount rates – then work out backwards what you need in
order to calculate each component until you arrive at underlying inputs or
assumptions.
• Stage 4: The model
o Build the model in Excel. (This is where most inexperienced people
start… )
o Build in checks and balances
o Do a reality check – try a few “quick and dirty” calculations. Based on
your valuation, what is the implied growth rate? What is the P/E ratio?
Does it make sense? How does it stack up against competitors?
o Conduct scenario analysis for key uncertainties.
• Stage 5: Presenting the valuation (See the Example Report Outline above)
o Presentation should address the following points
o The valuation midpoint and range. (Any reader should be able to find
this in under 2 seconds after picking up the document.)
o Include valuation target name, valuation date and valuer contact details
(that’s you!)
o Motivation. Why are you doing the valuation, what will it be used for,
who is using it?
o Firm and industry overview. Economic backdrop.
o Description of valuation approach. What approach did you take and why
did you decide on it. (Motivate the decisions you made re valuation
approach)
o Key inputs and assumptions.
o Overview of the valuation calculation. Often best presented in a table
format.
o Scenario analysis. (Graphs can be useful here.)
o Disclaimer. (Not needed for assignments, but in the real world you’ll need
one. Talk to the people in your legal department or ask a lawyer for help.)
o Proofread the document for spelling mistakes and grammatical errors.
Ensure the presentation looks professional. (Muted and few colours, clear
headings – search for investment bank research notes to see how others do
it.)
• In real life you do not always progress smoothly from one stage to the next; often there is
a bit of moving back and forth as you run into problems or discover new information.