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,

(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?

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