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A company’s fundamental analysis

ASSESSMENT QUESTIONS: Please answer all questions. Each question carries 20 marks.

  1. In April 2020, a market view on the FTSE100 index from an analyst was given as below:
    Probability Scenario FTSE100 Return
    0.5 Bull 40%
    0.3 Neutral 10%
    0.2 Bear -30%

Update this market view and discuss your market view on the FTSE100 for the period from April 2021 to March 2022. Make clear what your subjective probability for each of the possible market scenarios is and their corresponding returns for the index. Although it is your subjective market view, you need to defend it by using most recent macro-economic news, references and/or historical data analysis. Historical data are available from either Bloomberg or internet sources (for example, https://finance.yahoo.com/quote/%5EFTSE%3FP%3DFTSE/history?period1=1428969600&period2=1586822400&interval=1d&filter=history&frequency=1d).
Based on your market view, calculate the expected rate of return for the FTSE100 index and its standard deviation for the period of April 2021 and March 2022.

  1. Choose a company listed in the FTSE100, which is provided in the appendix of this report. Discuss whether this chosen share has a defensive, neutral or aggressive beta. You have to back up the beta of your chosen share by either references, or by performing regression analysis using historical price data for this chosen company and the FTSE 100 index. Historical price data for individual shares in the FTSE100 index can be collected from either Bloomberg or internet sources (for example https://finance.yahoo.com/). Based on your own updated market view for the FTSE100 index from question 1 and beta for your chosen share, calculate the expected rate of return for this share based on the Capital Asset Pricing Model (CAPM). The risk-free rate of return is assumed to be 0.1% per year.
  2. In order to construct an optimal portfolio which maximizes a client’s utility score, which risky asset, either a FTSE100 index tracking portfolio or your individually chosen share from question 2, should be used to mix with a risk free asset?
    Using your client’s degree of risk aversion A = 2, a utility score function U(μ,σ)= μ-1/2 Aσ^2 and a risk-free rate of 0.1% per year, calculate the optimal weight allocation into the risk free asset for this client. Your discussion should be supported by relevant portfolio theories.
  3. Conduct a fundamental analysis of the chosen company in question 2. The analysis must employ both P/E and Dividend Discount Model (DDM) valuation approaches.
    a) You are required to demonstrate your forecasting process, backed up by relevant data sources and references, on (1) the earnings per share for your chosen company at the end of March 2022, (2) the price of this chosen share at the end of March 2022 using a reasonable P/E multiple.
    b) You are required to demonstrate the forecasting process by showing your prediction, backed up by relevant data sources and references, on (1) the growth rate for your chosen company for the coming 5 years from April 2021 to March 2026, and (2) the price of this chosen share at the end of March 2022 by using the DDM valuation approach.
    Based on your analysis, summarize your recommendation to your potential investment clients.
  4. Discuss the links between financial markets and economic development and explain why a company’s share price today, in an efficient financial market, can provide information on economic performance for the coming year. Your discussions should be based on the efficient market hypothesis and empirical evidence in the literature.

Sample Solution

laska, 2008), and Fraser (2000) warned about the need for a reliable methodology behind self-assessment in teaching pronunciation. The impact of such a method on learners’ pronunciation, whether negative or positive, needs further investigation. Because students are the center-part in their own learning and need to be more proactive (Salimi, Asghar Kargar, & Zareian, 2014), it is also necessary to examine students’ awareness of their own learning progress. This paper proposes to look at self-evaluations as a tool in the acquisition of French pronunciation as an L2 and test self-evaluations’ reliability and validity by doing an item analysis. It will analyze the data from a beta-pilot test of the two instruments created (sentences to record and self-evaluations). This paper will also assess whether the use of self-evaluations by college-level learners of French enrolled in a phonetics course, will improve their pronunciation over the course of a semester. The aspects of French pronunciation studied here, have been carefully selected because they represent segmental (/y/ vs /u/) and segmental/suprasegmental (schwa) features in French, and they are particularly critical for comprehensibility. This paper seeks to answer the following questions: RQ1: Are the instruments created valid and reliable tools to assess pronunciation? RQ2: Is there a difference between control and treatment groups overall and on both aspects: segmental and segmental/suprasegmental? RQ3: To what extent do the students’ self-evaluations compare with evaluations by the expert rater overall and on both aspects: segmental and segmental/suprasegmental? Literature Review Self-assessment is described as a type of formative assessment. Formative assessment is student-centered and differs from summative assessment which is teacher-centered. Formative assessment occurs during the learning process, and not at the end of the learning period. According to Fulcher (2016), formative assessment’s purpose is to “inform and improve learning, rather than simply to assess whether the learners have mastered the learning objectives”. Summative assessments are made of criteria set by the instructor while formative assessments are types of assessment that provide feedback on learner’s performance in order to improve this performance. In an article published in 2006, Nicol & Macfarlane-Dick argue that “formative assessment and feedback should be used to empower students as self-regulated learners” (p.199). Ross (2005) praises the use of
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