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投资代写-FTSE-100

时间：2021-04-21

Price Performance

Risk Adj Returns % Past Month % Quarter % Half Year % 1 Year

XXX PlC

FTSE-100

Risk Adj.

Data as of XX/04/2020

Source: XXX

XXXX PLC

Adj. Beta

or Beta

P/Book OP Margin XXX

FY 2020

Estimate FY 2021

Estimate FY 2022

Estimate FY 2023

Valuations

PE DY PB PS DDM

XXX PLC

Sector/industry :

Ticker : XXX LN Date: XXXX

Company Profile:

Market Price: XXX GBp

Our Valuation: XXX GBp

Our Recommendation: XXX

XXX PLC vs FTSE 100

Analyst’s Recommendation: XXX Analyst’s Consensus: BUY: XXX HOLD: XXX SELL: XXX

Introduction:

About the company

Risk Adjusted Returns:

Calculations of monthly risk adjusted returns using 2 year adjusted beta as XX/04/2020 = XXXX.

Company return – beta*return on market (assume alpha=0)

News:

Date News Summary Brief Comments

XX/XX/2020

12:53:32

Firm Specific

XX/XX/2020

11:46:41

Firm Specific

XX/XX/2020

22:36:24

Systematic

XX/XX/2020

18:43:22

Systematic

XXX PLC (%) FTSE-100

(%)

Numerical Calculations Risk

Adjusted

Returns (%)

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Valuation:

Multi-stage DDM:

The performance of DPS has been a solid state of steady growth, with the compound annual growth

rate from 2011-2020 at XXX%. The EPS growth was not as steady and fluctuated sharply, especially in

20XX, however recovering the following year. The compounding annual growth rate for EPS 2011-2020

was XX%.

DPS EPS ROE B (1-Payout Ratio) G DPS

Growth

EPS

Growth

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

For illustration purposes only and numbers/calculations might not be accurate

Firstly, will be calculated using the CAPM formula to help find the intrinsic value of the share using

the discount dividend model. The current UK risk free rate is 1.6% (return on a 10y gilt), the UK 1yr

expected return is 6.6% (5% + 1.6%) and the 2yr adjusted company beta is 1.788. Using these

numerical values the cost of equity for XXX LN can be calculated as: = + (() − = 0.016 + 1.788 (0.066 − 0.016) = 0.1054 10.54%

In order for greater accuracy the DPS for 2020 will be used as it is the most up to date data. The DPS

and EPS for 2020 are 217.47GBp and 184.08GBp respectively. The plowback ratio can be calculated

as: = 1 − % 2020 2020- = XXX

The ROE for 2020 was 20.13% and this value allows for an estimation calculation for the long term

growth rate, seen in column G in the table above: = 2020 = XXX

For the years 2021, 2022 and 2023 I used XXXX estimates for the DPS as they are a well-respected

provider of market information. They were as follows: Estimate 2021 = 203.50, Estimate 2021 = 205.35

and Estimate 2022 = 208.62.

For the years 2024 and 2025 I estimate that dividends will grow at a rate of XXXX% per annum. This

figure is derived from the XXXXX .

The above for illustration purposes only you can arrive to the g number 2024 onwards based on

another sequence of assumptions which will enable you to calculate the multistage DDM.

Economic Model Forecast:

The growth rate used here was XXX%. This is the Bank of England’s Inflation rate of XXX% plus the UK

long term growth potential of XXX%.

Valuation by Comparable Methods:

For illustration purposes only and numbers/calculations might not be accurate

Fair Value by PE:

Using the value of 25.04 as the PE for the sector median and 1.84 as the current EPS. All data was

sourced from XXX. ( ) = × = 25.04 1.84 = 4607.36

Fair Value by DY:

The dividend yield for the sector median is 3.64% and the current DPS for XXX LN is 2.17 ( ) = = 2.170.0364 = 59.615 = 5961.54

Fair Value by PB:

XXX provides the price to book of XXX LN and the sector median of 5.69 and 4.13 respectively. The

current market price of XXX on 6th March 2020 was 4838.50, therefore the BPS can be calculated and

thus the fair value: = = 4838.505.69 = 850.35 ( ) = × = 850.35 4.13 = 3511.95

Fair Value by PS:

The price to sales for XXX LN and the sector median are 3.79 and 3.69 respectively. The SPS (Sales per

share) can be calculated and thus the fair value:

= "#$%&''' () " *+ ,-.& = /010.341.56 = 1276.65 ( ) = × = 1276.65 3.69 = 4710.84

Comparable Valuation Results:

For illustration purposes only and numbers/calculations might not be accurate

After calculating the results for PE, DY, P/B and P/S, I will utilise a weighting measurement to find the

intrinsic value of the share. I have chosen a XXX% weighting for each of the methods. This is based on

the assumption that each method is equally important.

Weight Valuation Method SV (GBp) W x SV (GBp)

XX% Sector Price to Earnings

XX% Sector Dividend Yield

XX% Sector Price to Book

XX% Sector Price to Sales

100% Intrinsic Value by the Comparative Valuations Approach

Why did you chose such weights ??? and why did you included all the methods ?

Final Valuation:

Weight Valuation Method (GBp) W x SV (GBp)

XXX % Multistage DDM

XXX % Comparative Valuation

100.00% Intrinsic Value of XXX PLC (as of XX/04/20) Weighted Average XXX

Why did you chose such weights ???

Discussion:

In the valuation of the share price using the DDM model …….

The Price Multiples methods is another simple method for valuing stocks. ……

SML Analysis:

Analysts Recommendation:

Conclusion:

学霸联盟

Risk Adj Returns % Past Month % Quarter % Half Year % 1 Year

XXX PlC

FTSE-100

Risk Adj.

Data as of XX/04/2020

Source: XXX

XXXX PLC

Adj. Beta

or Beta

P/Book OP Margin XXX

FY 2020

Estimate FY 2021

Estimate FY 2022

Estimate FY 2023

Valuations

PE DY PB PS DDM

XXX PLC

Sector/industry :

Ticker : XXX LN Date: XXXX

Company Profile:

Market Price: XXX GBp

Our Valuation: XXX GBp

Our Recommendation: XXX

XXX PLC vs FTSE 100

Analyst’s Recommendation: XXX Analyst’s Consensus: BUY: XXX HOLD: XXX SELL: XXX

Introduction:

About the company

Risk Adjusted Returns:

Calculations of monthly risk adjusted returns using 2 year adjusted beta as XX/04/2020 = XXXX.

Company return – beta*return on market (assume alpha=0)

News:

Date News Summary Brief Comments

XX/XX/2020

12:53:32

Firm Specific

XX/XX/2020

11:46:41

Firm Specific

XX/XX/2020

22:36:24

Systematic

XX/XX/2020

18:43:22

Systematic

XXX PLC (%) FTSE-100

(%)

Numerical Calculations Risk

Adjusted

Returns (%)

Jan-20

Feb-20

Mar-20

Apr-20

May-20

Jun-20

Jul-20

Aug-20

Sep-20

Oct-20

Nov-20

Dec-20

Valuation:

Multi-stage DDM:

The performance of DPS has been a solid state of steady growth, with the compound annual growth

rate from 2011-2020 at XXX%. The EPS growth was not as steady and fluctuated sharply, especially in

20XX, however recovering the following year. The compounding annual growth rate for EPS 2011-2020

was XX%.

DPS EPS ROE B (1-Payout Ratio) G DPS

Growth

EPS

Growth

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

For illustration purposes only and numbers/calculations might not be accurate

Firstly, will be calculated using the CAPM formula to help find the intrinsic value of the share using

the discount dividend model. The current UK risk free rate is 1.6% (return on a 10y gilt), the UK 1yr

expected return is 6.6% (5% + 1.6%) and the 2yr adjusted company beta is 1.788. Using these

numerical values the cost of equity for XXX LN can be calculated as: = + (() − = 0.016 + 1.788 (0.066 − 0.016) = 0.1054 10.54%

In order for greater accuracy the DPS for 2020 will be used as it is the most up to date data. The DPS

and EPS for 2020 are 217.47GBp and 184.08GBp respectively. The plowback ratio can be calculated

as: = 1 − % 2020 2020- = XXX

The ROE for 2020 was 20.13% and this value allows for an estimation calculation for the long term

growth rate, seen in column G in the table above: = 2020 = XXX

For the years 2021, 2022 and 2023 I used XXXX estimates for the DPS as they are a well-respected

provider of market information. They were as follows: Estimate 2021 = 203.50, Estimate 2021 = 205.35

and Estimate 2022 = 208.62.

For the years 2024 and 2025 I estimate that dividends will grow at a rate of XXXX% per annum. This

figure is derived from the XXXXX .

The above for illustration purposes only you can arrive to the g number 2024 onwards based on

another sequence of assumptions which will enable you to calculate the multistage DDM.

Economic Model Forecast:

The growth rate used here was XXX%. This is the Bank of England’s Inflation rate of XXX% plus the UK

long term growth potential of XXX%.

Valuation by Comparable Methods:

For illustration purposes only and numbers/calculations might not be accurate

Fair Value by PE:

Using the value of 25.04 as the PE for the sector median and 1.84 as the current EPS. All data was

sourced from XXX. ( ) = × = 25.04 1.84 = 4607.36

Fair Value by DY:

The dividend yield for the sector median is 3.64% and the current DPS for XXX LN is 2.17 ( ) = = 2.170.0364 = 59.615 = 5961.54

Fair Value by PB:

XXX provides the price to book of XXX LN and the sector median of 5.69 and 4.13 respectively. The

current market price of XXX on 6th March 2020 was 4838.50, therefore the BPS can be calculated and

thus the fair value: = = 4838.505.69 = 850.35 ( ) = × = 850.35 4.13 = 3511.95

Fair Value by PS:

The price to sales for XXX LN and the sector median are 3.79 and 3.69 respectively. The SPS (Sales per

share) can be calculated and thus the fair value:

= "#$%&''' () " *+ ,-.& = /010.341.56 = 1276.65 ( ) = × = 1276.65 3.69 = 4710.84

Comparable Valuation Results:

For illustration purposes only and numbers/calculations might not be accurate

After calculating the results for PE, DY, P/B and P/S, I will utilise a weighting measurement to find the

intrinsic value of the share. I have chosen a XXX% weighting for each of the methods. This is based on

the assumption that each method is equally important.

Weight Valuation Method SV (GBp) W x SV (GBp)

XX% Sector Price to Earnings

XX% Sector Dividend Yield

XX% Sector Price to Book

XX% Sector Price to Sales

100% Intrinsic Value by the Comparative Valuations Approach

Why did you chose such weights ??? and why did you included all the methods ?

Final Valuation:

Weight Valuation Method (GBp) W x SV (GBp)

XXX % Multistage DDM

XXX % Comparative Valuation

100.00% Intrinsic Value of XXX PLC (as of XX/04/20) Weighted Average XXX

Why did you chose such weights ???

Discussion:

In the valuation of the share price using the DDM model …….

The Price Multiples methods is another simple method for valuing stocks. ……

SML Analysis:

Analysts Recommendation:

Conclusion:

学霸联盟