Topic: written report on the performance and financial position of a company and its competitor

Summative Assessment –   Coursework  forSpring 2020

Guideline Brief for Presentation & Report

  1. Select two public company of your choice and a competitor from the same business sector.
  • Download the annual reports from the company’s websites as follows:

            a)         Google,

            b)         Company Name,

            c)         Annual Reports 2018  or2019

  1.   From the information provided in the annual reports you are required to:
  1.       Produce a written report on the performance and financial position of your company and the competitor.

            c)         Your written report should highlight, compare and discuss the financial                              strengths and weaknesses of the two companiesand indicate any threats and              opportunities. Include the use of ratios in this work and then provide                  comparisons with a suitable company from the same business sector

                        It is not mandatory that you compare 2017 with 2018. If you prefer, you could                  use 2018 and 2019 accounts if they have been published, but for obvious                               reasons, many 2019annual reports will not be available.  

d)                     Your presentation & report should include analysis of :       

                                    ·   Profitability

                                    ·   Efficiency

                                    ·   Liquidity

                                    ·   Gearing and

                                    ·   Investor Ratios.

  •   Your conclusion is very important it should first cover the situation and prospects of the company as at the date of the Audit report in the Annual Report.

The Webinar could have been better attended but we are delivering them at the time tabled times and dates as if we do not there will be clashes. People from just about every time zone did attend sotry to do the same

In the Webinar I discussed the possible impacts of the Corona Emergency and there are slides referring to this in the Webinar material. Reference to the impacts of the Pandemic in your report may use this material but note that no one knows how far Governments will go to protect the General Economy nor Specific CompaniesI did discuss this at some length in the Webinar and answered questions asked in the Chat Room.

At the end of the report you should include an appendix showing all the ratios that you have calculated (year on year and intercompany comparisons) and the basis of their calculation, clearly stating any assumptions that you have made.

You should also include in the appendix, the relevant extracts from the annual reports, namely the income statement and statement of financial position/balance sheet.

Do not submit full copies of the companies’ annual reports.

The word limit of the main body of the report is 1500 words. The word count should be shown on the first page of your report.

Type of service-Academic paper writing
Type of assignment-Essay
Subject-Finance
Pages / words-5 / 1250
Number of sources-5
Academic level-Master’s
Paper format-Harvard
Line spacing-Double
Language style-UK English

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Topic: Corporate Finance Report

Pick a company from the following list:

No.Company NameSymbol
1AppleAAPL
2Amazon.comAMZN
3AlphabetGOOG
4Exxon MobilXOM
5Procter & GamblePG
6The Walt Disney CoDIS
7Verizon CommunicationsVZ
8PfizerPFE
9Coca-ColaKO
10NikeNKE

Financial Statements: Download the annual income statements, balance sheets, and cash flow statements for the last 5 fiscal years (2015-2019). You may Mergent from Hult library (https://www-mergentonline-com.hult.idm.oclc.org/basicsearch.php).

Analysis.

  1. Working Capital Policy. Analyze your company working capital policy. Calculate its operating cycle, cash conversion cycle & the invested capital over the study period. Describe and interpret any changes. Calculate your company’s opportunity cost of investment in working capital.

 If your company were to reduce the number of sales days in receivables by 10% (Note: roundup to the nearest fill day), explain the impact that would have on the working capital policy, the investment in working capital  & the opportunity cost/saving as a result of that decision.

Assume your company is negotiating a deal with its supplier. The deal calls for a reduction in the number of days in accounts payable by 5 days. Management is considering accepting if they get an additional 1% discount. Do you recommend that?

Assume your company sales are expected to grow at a rate equal to the average growth rate over the study period. Estimate how much external financing it will need and how that is going to impact its capital structure. Prepare a pro-forma income statement assuming the same growth rate.Explicitly state any assumptions you make.

  • Dividend Policy -Explain how your company returned cash to its shareholders over the study period? Has it paid dividends (cash, stock, etc.) or repurchased back shares? Given your firm’s characteristics,recommend a dividend policy (assume that they have excess cash). Explain why the policy you propose is appropriate.
  • Capital Structure – Analyze your company’s currentCapital Structure over the study period.Calculate the company’sleverage ratio using both market & book values. Also, calculate the company’s weighted average cost of capital

Assume your company is considering changing its capital structure. It plans to raise additional debt equal to 10% of current debt&use the proceeds to retire an equivalent amount of its equity. Assume it can borrow at the current cost of debt and it can retire equity at the current market price.Would you recommend it? Explain.

Type of service-Academic paper writing
Type of assignment-Essay
Subject-Finance
Pages / words2 / 1000
Academic level-Master’s
Paper format-APA
Line spacing-Single
Language style-UK English

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Topic: Financial Markets with computational finance

Section A

All questions carry equal marks of 5%.

  1. What is the Non-Deliverable Forward (NDF) contract? Explain itsfeatures.
  • What are the advantages of futures comparedforwards?
  • Explain the term “in the money”. When is a call option in the money? When is a put option in themoney?
  • What are the factors that are determining the price ofoptions?
  • Assumeweconstructabullspreadbybuyingacalloptiononastockwithacertainstrike price (X1) and selling a call option with a certain strike price (X2) on the same stock. Draw its profitdiagram.
  • Explainwhythethreedefinitionsofsustainablegrowthratesaredifferent?Whichoneis actually the most sustainable, andwhy?
  • WriteafunctioncalledlemoninVBAwiththreevariablea,bandc,wherelemon=(ab

+ b) × c, and the output of the lemon must be an integer.

  • What is the global minimum variance portfolio (GMVP)? What type of investors would want to invest init?
  • Compare and contrast systematic and unsystematic risk. Is it possible to eliminate both risksentirely?
  1. Under which circumstances should you exercise an American callearly?

Section B

  1. (a)    Suppose a bank is quoting the following exchange rates: DKK 7.4551–7.4558/€1

MXN 16.5779 – 16.5784/€1

Calculate the bid-offer rates between Danish Krone (DKK) and Mexican Peso (MXN). In these bid-offer rates, Danish Krone is the base currency. (Hint: the calculation process should involve two separate transactions.)

[50%]

  • A 52-week Treasury Bill rate in the U.S. is currently 0.15%, and the exchange rate is currently US$1.6240/£1. If the U.K. investors expect that the exchange rate at the end of 52 weeks will be US$1.6321/£1, what is the expected returnin terms of pounds? Explain the law of oneprice.

[20%]

  • What are the factors that can affect foreign exchange rate in the longrun?

[30%]

  1. (a)     Calculate the duration of a bond with $1,000 par value and a 9 percent coupon rate, with five years still remaining to maturity, and a 9 percent yield to maturity.

[20%]

  • What are foreign bonds and Eurobonds? Discuss the popularity of Eurobonds over foreignbonds.

[25%]

  • Estimate the bond price of a newly issued 3-year maturity, 8% coupon bond making annual coupon payments for a yield to maturity of 4%. We assume that the bond face value is£1000.
  • What is the European debt crisis? Discuss possible solutions to thecrisis.

[25%]

[30%]

  1. Data on expected returns, standard deviations, covariances of returns and for security A, B and C are provided in the following spreadsheet. The portfolio of these three securitiesisconstructedbyinvestingwealthineachsecurityintheproportionsshownin cells B14, C14 andD14.
  • Write down the actual mathematical expressions for cells B17 and B18 withcell references (instead of the variables) to show the exact calculations of the portfolio expected return and the portfolio standard deviation of return.[15%]
  • Write down the Excel formulae for the calculation of the quantities in cellsB17 and B18 with cell references.[15%]
  • Calculate the values in cells B17 and B18.[10%]
  • What are the expected return and the standard deviation of return of a portfolio which is 50% long in security A, 25% long in security B and 25% long in security C?[10%]
  • The risk-free rate is assumed to be 0.5% per year. Calculate the Sharperatios for securities A, B, C, as well as for the portfolio constructed in question 17(d) above.[20%]
  • Comment on your answers to question 17(e) above.[30%]
  1. Data on stock price, exercise price, volatility, risk-free rate, and time to maturity that can be used to calculate the option prices are provided in the screenshot below. Use the information provided to answer questions18(a)-18(f).
  • Write down the Excel formula for cell B10.[15%]
  • Calculate the value for cell B10.[10%]
  • Write down the Excel formula that can be used to calculate the value in cellE9. [15%]
  • The value of N(d1) in cell E9 is 0.5697. Discuss the significance of this value in the context of risk management.[35%]
  • You also want to use the put-call parity to calculate the price of a put on the stock with the same exercise price and characteristics. Write down theExcel formula for cell B13.[15%]
  • Calculate the value in cell B13.[10%]

Type of service-Academic paper writing
Type of assignment-Term Paper
Subject-Finance
Pages / words-6 / 1650
Academic level-Undergraduate
Paper format-Harvard
Line spacing-Double
Language style-UK English

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Topic: Nextel Peru: Emerging Market Cost of capital

Description

Q1 Explicitly determine the cash flows of Nextel Peru, the target firm based on the
information provided in the case.

Q2 After considering your estimate of cost of capital, your estimate of long-range growth
rate and free cash flow, do you think the $400 million purchase price is fair?

Q3 To what extent do you think Rafael d’Anconia should be concerned with whether Peru
is integrated into or segmented from global capital markets?

How is this concern likely to affect the estimation of the country’s risk premium?

Type of service-Academic paper writing
Type of assignment-Case study
Subject-Finance
Pages / words-5 / 1375
Academic level-Junior (College 3rd year)
Paper format-Harvard
Line spacing-Double
Language style-AU English

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Topic: The Financial Impact of COVID-19 on Ryanair and the Airline Industry

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You are required to consider how Ryanair, their competitors (easyJet) and the airline industry has been impacted by COVID-19 and the predicted global recession. You should also consider the future-prospects for the organisation. The time frame to consider in completing this project is mid-March to mid-May. Your report should be concise and relevant and may use graphs, tables or images. In preparing your answer you should reference:
• Newspapers and online coverage of impact of COVID-19 on business;
• Recent reports or statements from your chosen organisation;
• Media coverage concerning the organisation, competitors and the industry;
• Stock market reports analysing share price move
• Other recent coverage you consider relevant
It is vital that you clearly state your source of data and any direct quotations must be referenced in accordance with the Harvard referencing system.

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Subject-Finance
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Academic level-Senior (College 4th year)
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Topic: Strategic Management and success of a business

Description

You MUST choose one company, ETSY, NAVER, or Delivery Hero

Explain how successful you think that company is, and discuss the strategic reasons behind that success.
Your explanation will include analysis of the contribution made by the leadership of the company, and will go
on to suggest strategies and/or actions for ensuring future success in a sustainable manner.

Most important place for refernces are: FAME, OSIRIS, EUROMONITER

Type of service-Academic paper writing
Type of assignment-Research Paper
Subject-Finance
Pages / words-11 / 3000
Number of sources-25
Academic level-Undergraduate
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Topic: Net Present Value, Payback Value, Risk Adjusted Performance, Applying Risk Adjusted Measures

Question-1

Darn Co has undertaken market research at a cost of £200,000 in order to forecast the future cash flows of an investment project with an expected life of four years, as follows:

Year                                                    1                      2                      3                      4

Sales revenue (£000)                         1,250               2,570               6,890               4,530

Costs (£000)                                       500                  1,000               2,500               1,750

These forecast cash flows are before taking account of general inflation of 4.7% per year. The capital cost of the investment project, payable at the start of the first year, will be £2,000,000. The investment project will have zero scrap value at the end of the fourth year. The level of working capital investment at the start of each year is expected to be 10% of the sales revenue in that year.

Capital allowances would be available on the capital cost of the investment project on a 25% reducing balance basis. Darn Co pays tax on profits at an annual rate of 30% per year, with tax being paid one year in arrears. Darn Co has a nominal (money terms) after-tax cost of capital of 12% per year.

You are required to:

[word limit- 200 words, 10% +/-].

[Word limit- 300 words, 10% +/-]

Question 2

The goal of the investment companies (mutual fund investors) is to collect funds from the investors and then invest the money into the financial markets. (Bodie et al, 2010, pp 120) Investment brings risks such as stock market risk, currency and exchange risk, volatility risk etc. These risks are measured, and risk-adjusted returns are then, applied to individual securities, investment funds and portfolios.

[Word limit- 500 words 10% +/-]

[Word limit- 250 words 10% +/-]

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Topic: The Economics Summative

This course examines current Canadian and international economic issues, developments, policies, and practices from diverse perspectives. Students will explore the decisions that individuals and institutions, including governments, make in response to economic issues such as globalization, trade agreements, economic inequalities, regulation, and public spending. Students will apply the concepts of economic thinking and the economic inquiry process, as well as economic models and theories, to investigate, and develop informed opinions about, economic trade-offs, growth, and sustainability and related economic issues.

Students will develop ways of thinking about economics through the application of these concepts and will use the economic inquiry process as they gather, interpret, and analyze data and information relating to issues of economic importance. Students will make informed judgements and draw conclusions about local, national, and global economic issues.

Gregory Mankiw (is an American macroeconomist, who is currently the Robert M. Beren Professor of Economics at Harvard University. Mankiw is best known in academia for his work on New Keynesian economics and for his famous textbook Principles of Macroeconomics. Thischapter link is from the 2nd Canadian edition of this text and is focused on 5 debates over macroeconomic policy.

https://issuu.com/clubeconosofia/docs/mankiw_-five-debates-over-macroeconomic-policy.

Your job is to prepare a 3-4-page analysis of one of these debates through some combination of research, graphical analysis, data review and opinion. You must present a comprehensivereview of the issue and must choose one side of the debate. You will need to refer to the rubric and the summative timelines which are posted on Canvas. There are a series of check-in meetings during the summative period which are important to ensure that your work is on track and properly focused.

Type of service-Academic paper writing
Type of assignment-Research summary
Subject-Economics
Pages / words-3 / 825
Number of sources-3
Academic level-High School
Paper format-MLA
Line spacing-Double
Language style-

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International Financial Management questions assignment

International Financial Management

Word

limit/presentation

criteria

3000

Learning Outcomes

to be assessed

1. To examine the impact of such factors as exchange rates, inflation rates and

interest rates on the performance of firms and to assess their significance in

decision making in an international market/global context

2. To critically evaluate principles and practices guiding financial

management of the multinational enterprise

3. To explore factors that differentiate multinational from domestic financial

management

4. To devise a risk management strategy to measure and hedge against

variation in global financial market prices including financial crises

5. To prepare students for the high risk high return environment of

international finance

Notes:

• We are assessing your ability to develop your own explanations and evaluations.

Referencing should at most play a minor part in your answers.

• The word limit is 3000, marks awarded for each section are an approximate

indication of the number of words appropriate for the requirement (e.g. 10 marks 300

words or 30 words per mark).

• Make sure that you provide FULL ANSWERS to the question that CLEARLY

EXPLAIN your answer to the question. Answers without an adequate explanation will

receive a fail mark.

Answers that make unreasonable assumptions will be penalized

Part A Please answer ALL questions in this section

Note that this paper uses the standard notation for exchange rates, for example

EURUSD 1.1 means “$1.1 for 1 euro”

1.

a. Calculate to 4 decimal places the new exchange rate after a 2% increase in

the value of the dollar given a current exchange rate of EURUSD 1.1

(6 marks)

b. Given the following exchange rates calculate the GBPEUR rate to 4 decimal

places.

EURUSD 1.1043

GBPUSD 1.2970

(6 marks)

c. Explain the relationship between your answer to part b of this question and

triangular arbitrage.

(6 marks)

2.

Consider the following data:

Date Exchange rate

January 2017 EURUSD 1.100

December 2017 EURUSD 1.144

Take the US dollar as the home currency

a. According to Purchasing Power Parity which currency area should have had the

higher rate of inflation in 2017 and by how much?

(6 marks)

b. If inflation in the US were 3% higher than in the euro area, calculate the change

in the real value of the dollar.

(6 marks)

c. What are the implications of a change in the real exchange rate of a currency?

(6 marks)

d. Explain why you would expect interest rates in the US to be higher than in the

euro area.

(6 marks)

e. Explain why you would expect there to be no difference in the interest rates of

government bonds of any two countries in the euro area and also explain why in

practice there are differences.

(8 marks)

Part B please answer TWO questions only from this section

3. Compare and contrast country risk analysis with exchange rate volatility.

(25 marks)

4. MNCs promote globalization. Is this a force for good or bad? Discuss.

(25 marks)

5. XYZ plc has been offered the following quotes for options on the dollar given a

current market price of 60 pence:

Strike price of dollar in pence Call premium Put premium

1 year 1 year

62 6.9 3.0

64 5.9 3.8

66 4.8 4.5

67 4.5 5.1

a. Calculate the net payout from a purchased call option at a strike price of

67 pence for the following possible maturity prices 55p, 60p,65p,70p,75p.

(6 marks)

b. Calculate the net payout for a written put option at 66p for the following possible

maturity prices: 55p, 60p,65p,70p,75p.

(6 marks)

a. Calculate the total cost of the dollar if the MNC were to implement part a and part

b of this question for the following maturity prices: 55p, 60p,65p,70p,75p .

 (6 marks)

b. Outline the advantages and disadvantages of purchasing a call at 67p and

writing a put at 66p for a MNC importing from the US.

(7 marks)

6. Pico plc has borrowed heavily in euros and is worried about increasing

interest rates in the eurozone. The Finance Director suggests that Pico

plc should sell futures on French bonds (known as OATs or Obligations

Assimilables du Trésor).

a. Explain why selling a futures contract on French bonds would

reduce the effect of an increase in euro interest rates.

(3 marks)

b. Pico sells a futures contract on bonds for €1,010 calculate the daily

payments and receipts on the futures contract given the following

bond prices:

Day 1 Day 2 Day 3 Day 4 Day 5

€1,010 €1,005 €1,001 €1,006 €1,009

(4 marks)

c. Explain why the market insists on daily settlement.

(3 marks)

The Finance Director also offers two alternatives:

d. One alternative is to engage in an interest rate swap. Explain how

this might work.

(4 marks)

e. The other alternative is to purchase a PUT contract on euro

denominated bonds.

Calculate the net profit or loss per unit on a put option contract with

a strike price of €1,008 with a premium of €4.00 for the following

maturity prices:

€985, €1,000, €1,015 and €1,020

(8 marks)

f. Explain how the option contract in part e protects against interest

rate rises and how this form of protection differs from the futures

contract.

(3 marks)

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Uncovered Interest Parity between AUD (Australian dollar) and SGD (Singapore Dollar

Description


1.2 Deviations from the uncovered interest parity
If the UIP condition holds, the exchange rate that was predicted from the interest rate differential 30 days prior to today would equal to the currently observed exchange rate. If the UIP condition does not hold, there would be deviations (i.e., differences) between the predicted exchange rate and actual realized exchange rate. Present (1) time-series of the predicted and actual realized exchange rates in one figure, and (2) time-series of the deviations between them in another figure. Identify the periods, if any,
where the UIP appears to have been significantly violated.
Since the UIP condition can be represented in different ways, deviations from the uncovered interest
rate parity can be represented in different ways as well. One form of deviation is a difference between
the forecasted and actual exchange rate, as discussed above. Another form is a difference between
percentage change in the exchange rate and interest rate differential. Present a scatter plot where the yaxis is an interest rate differential and the x-axis is percentage change in the exchange rate. Discuss
whether your data points lie on the 45-degree line through the origin.

Type of service-Academic paper writing
Type of assignment-Essay
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Pages / words-4 / 1100
Academic level-Sophomore (College 2nd year)
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