Case Report Guidelines
金融管理报告代写 Your group is a valuation committee from an investment bank, GrandLine, which is hired by a private company, StrawHat,
Your group is a valuation committee from an investment bank, GrandLine, which is hired by a private company, StrawHat, for a firm valuation before it goes public. Your group’s job is to provide a detailed report including a quantitative analysis using Excel and verbal explanations on the results via a pdf file (can be created from Word). While the group report will be graded under the guidelines in Part III, each group member’s grade will be adjusted by his/her peer review score. In other words, individual grade = group report score * peer review score. For example, Jessy’s case grade will be 25*80%=20 if her group report scores 25/30 and average peer review 80%.
I. Submission requirement 金融管理报告代写
Each group only needs to submit one copy of the pdf report and Excel file named “Group # report.pdf” and “Group # excel.xlsx”. In addition, each member is required to submit a separate peer review (“Group # peer review.pdf”) for all other group members. Grade your peers from 0-10 responsibly based on your impression of his/her contribution to the final work (for example, Tom 8, Jack 7, Lisa 9, etc.).
Use size-11 single-space “Times New Roman” for both the report and Excel tables. In the first page of the report, list clearly the group number and member names. Follow the Excel template uploaded on Canvas for the format of the analysis.
II. Case study 金融管理报告代写
StrawHat is a private firm which provides online gaming services similar with Electronic Arts Inc (EA). It is considering the option of going public and would like a detailed valuation analysis on the NPV of its future cash flows. Your group’s goal is to provide a concrete analysis on the firm value using the knowledge you have learned in this class.
1.WACC
Calculate the cost of capital for StrawHat using the excel template on Canvas. Assume the following:
1.Cost of equity.
a）Since StrawHat is currently private and has no stock price information, we can use the cost of equity of EA as an estimate. Use the daily stock prices from Jan 1st, 2021 to Dec 31st, 2021 to calculate daily returns for EA (ticker EA). You can find historical stock prices on Yahoo Finance. 金融管理报告代写
b）Use the prices for S&P500 (ticker: SPY) to calculate the market return in the same sample period. Use 2% APR as annual risk-free rate.
c）Use CAPM to estimate beta.
d）Estimate cost of equity for EA assuming 5% annual expected market return.
2.Cost of debt
a）StrawHat currently has outstanding corporate bonds with YTM of 4% APR.
b）Use 35% effective tax rate.
3.Weights
a）StrawHat expects to raise $10 million in equity.
b）StrawHat’s corporate bonds are currently valued at $5 million.
2.NPV analysis
StrawHat forecasts the following for its future operations.
a）Annual sale of 100,000 memberships at $75 each.
b）Cost of goods sold of $25 for each membership.
c）Operating expenses of $3,000,000 per year.
d）Assume zero net working capital requirements (0 inventory, accounts receivable/payable, and cash).
e）An initial investment at the beginning of $7,500,000 on servers and computers, which will be depreciated straight-line to zero over the next 7 years.
f）Tax rate is 35%.
g）The investment horizon is assumed to be 7 years. After 7 years, this company’s free cash flows will terminate. No liquidation value is assumed given the nature of company.
3.Sensitivity analysis
Perform a sensitivity analysis for NPV under two parameters: number of memberships sold and operating expenses. There is a link for a YouTube video on the last sheet of the Excel template about “What if analysis” that should be helpful.
4.Peer review
From 0 to 10 (worst to best), assign a score for each of your team members (name & score). The average peer review score will be multiplied to the group case report to calculate individual case grade. For example, if Jack receives a peer review of 7, 8, 9 from his members, he will receive (7+8+9)/3/10=80% as his peer review grade. Do not rate yourself.
III. Grading policy 金融管理报告代写
The case will be graded in the following standard:
| Contents | Points |
| l Format | 10 |
| Timely submission of all files with proper file names and format. Check Excel display on Windows if you are using a Mac. Check EA submission status. | 3 |
| Word report: Cover page with title, group number, member names; Clear steps explaining corresponding analysis in Excel; follow font requirements | 5 |
| Excel analysis: Well formatted tables with important results highlighted; follow the template | 2 |
| l WACC | 10 |
| Calculate daily stock/market returns | 2 |
| Calculate beta | 2 |
| Calculate cost of equity | 3 |
| Calculate WACC | 3 |
| l NPV Analysis | 10 |
| Calculate earnings | 2 |
| Calculate FCF | 2 |
| Calculate NPV | 3 |
| Sensitivity analysis | 3 |
| Total | 30 |
I will grade the quantitative analysis on the correct use of functions throughout the calculations hence an error in one step will not lead to point deduction on other steps. Be careful with “dragging” in Excel because the formula also changes accordingly when cells are dragged along. I will grade the written report based on the clarity of explanations on the results, and discussion on the accuracy of firm value.
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