22319 Business Analysis (Capstone)
Spring 2024
Subject description
The aim of this subject is to demonstrate and apply a framework for business analysis and valuation using both financial and non-financial data. The emphasis of the subject is on translating the tools of business analysis and valuation into practical situations. To achieve this, the subject is case study intensive, with an aim to develop and demonstrate key business acumen skills. The subject is intended for students interested in business consulting, investment banking, business analysis and corporate lending. Given the increasing trend towards a business analysis-based approach to auditing and assurance services, it is also relevant to those interested in public accounting.
Subject learning objectives (SLOs)
Upon successful completion of this subject students should be able to:
1. apply business environment and strategy analysis
2. explain the governance and risk management of a business
3. interpret financial and non-financial information of a business
4. apply the techniques of financial analysis and business valuation
5. demonstrate strong business acumen via linking business analysis, accounting analysis, financial/non-financial analysis and prospective analysis
Course intended learning outcomes (CILOs)
This subject also contributes specifically to the following program learning objectives:
. Apply evidence, creativity and critical reasoning to solve business problems (1.1)
. Make judgements and business decisions consistent with the principles of social responsibility, inclusion and
knowledge of Indigenous peoples (3.1)
Contribution to the development of graduate attributes
This course focuses on establishing a clear linkage between several skills normally acquired by business students so as to enable them to conduct rigorous business analysis and prepare sound business valuations. The course combines skills in business strategy, finance and accounting, so as to enable students to apply these methods of analysis in combination. It also contributes to the accounting major by demonstrating the analysis of accounting quality and its implications for financial analysis and valuation.
This subject contributes to the development of the following graduate attributes:
Intellectual rigour and innovative problem solving
Professional and technical competence
Teaching and learning strategies
The subject will be taught using a combination of large lectures and smaller tutorials. The lectures provide the structure of the topic area, discussion of the theory and some practical examples. Tutorials代 写22319 Business Analysis (Capstone) provide an opportunity to discuss ideas, issues and make practical application of the theory, as well as encouraging students to think in a creative manner to solve real world problems, using learning from other core subjects. Extensive use is made of the UTS Learning Management System, which will be used to share information, provide feedback and encourage interaction between staff and students. Students will also use appropriate computer software to complete assigned tasks.
Strategy 1. Students’ Preparation for Learning: Each week, students are expected to undertake pre-work which starts with readings on business valuation and financial analysis. These readings introduce students to the theoretical aspects of the subject and enable them to attend the valuation problems and real life case studies. After doing this pre-work, students are expected to work on their group and individual assignments and apply business valuation and financial analysis skills in order to understand and value an ASX listed firm.
Strategy 2. Lectures: Lecturers provide students both theories and practical applications about performing financial statement analysis in the real world. Students are expected and encouraged to discuss issues and challenge ideas about financial statement analysis during lectures.
Strategy 3. Active learning in tutorials: Each week, students are expected to debate over the pre-work that they have done prior to coming to the seminar. In addition, students are expected to work closely with their fellow students and their lecturer on analyzing and understanding the ASX listed firm that they have chosen for the assignments.
Strategy 4. Online learning: Extensive use is made of the UTS Learning Management System, which will be used to share information, provide feedback and encourage interaction between staff and students. Students are expected to explore prescribed case studies, videos, readings and engage in weekly activities provided on the learning management system. In addition, students are encouraged to share their questions and ideas on discussion board, with prompt guidance and feedback from the Subject Coordinator.
Strategy 5. Ongoing feedback: Structured feedback is provided individually about weekly tutorial activities, formative assessment tasks and the assignment progress. Detailed guidance as to the assessment criteria and the provision of timely feedback forms an important part of the learning process in this subject.
Content (topics)
Business environment and strategy analysis: Understanding the global environment that a business operates in, the external and internal factors that influence the strategic decisions of a business.
Governance and risk management: Understanding the principles of good governance and analysing a business’s risks and opportunities through risk management analysis.
Accounting analysis: Evaluating the quality of accounting information and assessing the risks of material misstatement in the financial statements
Financial analysis: Assessing the financial performance and position of a business using ratio analysis and cash flow analysis, in light of the strategic direction and accounting quality
Non-financial analysis: Understanding and interpreting non-financial data and reports
Prospective analysis: Forecasting future business performance.
Prospective analysis: Understanding how to implement business valuation models and assess the value’s sensitivity to forecast assumptions.
Assessmen
X grades are awarded in this subject
Assessment task 1: Assignment (Group)
Objective(s): This addresses subject learning objective(s): 1, 2 and 5
Weight: 20%
Task: Group Sign-Up: This assignment should be completed in groups of up to four people. You can find
group members by posting requests in the discussion forum on Canvas. Students are strongly encouraged to form. groups within the same tutorial, but this is not compulsory.
After you choose your group members, you are required to register your group members on
Canvas . To register your group, go to Canvas and click People on the left. You will see a list of
groups named as Group Assignment Team #. If you are the first person in your group to register,
select any empty group (indicated by 0/4 students) by clicking Join. If you are not the first one in your group to register, find your own group and then click Join. For example, you need to find Group
Assignment Team 1 if your other group members have already registered in that group.
Every student needs to self sign up for the group by 28 Aug 2024. Before this date, you can change to any other group that has not reached the maximum four people limit. After this date, you will not be able to sign up or change your group on Canvas. Students who have not signed up or sign up to the wrong group, will receive zero or incorrect mark for this assessment.
Every group needs to check again whether the correct group members are added to your group before submitting the group assignment.
Company: Each group is required to select and analyse an Australian listed company from a
company list provided on Canvas - Assessment Module. You will be required to analyse the same company for the group and individual report.
Task: Perform. analysis on the business environment, strategy, governance, risk and accounting
policies of the chosen company, and produce a professional group report as though you were a
prospective management consultant. The analysis should be informed by various sources of publicly available information such as the official website of the company and industry reports, and should be supported by other statistical information.
The report should be readily comprehensible, condensed and within the word limit. Information should be collected from various reliable sources to inform. analysis and references are properly cited.
Tables and graphs should be used to effectively present information.
If the company operates in several regions, industries or has several business segments, only include material business operations in the analysis. It is material if it generates or will generate more than 10% of the company’s total sales revenue.
Macroeconomic Analysis (4 marks): Describe the company’s economic environment and evaluate how this has impacted historic firm performance and is likely relevant to future performance. Identify and analyse at least three relevant economic and social factors that have significantly influenced
your company’sperformance.
Industry Analysis (4 marks) : Evaluate the level of competition in the industry or industries that your company operates in using Porter’s Five Forces framework.
Business Strategy Analysis (4 marks): Identify and discuss key strategic factors that have influenced the business performance in recent years.
Governance and Risk (4 marks) : Evaluate the quality of corporate governance of the company. Identify and discuss key risks of the company’s operations, and evaluate the sustainability of the business performance in the future.
Accounting Analysis (4 marks): Evaluate the degree to which the company’saccounting policies reflect the underlying business reality. Identify any accounting distortions if there is any, and evaluate their impact on the financial statements.
Length: Maximum 3500 words (exclusive of references and appendices). Appendices are limited to a
maximum of 10 pages. Please use a font size of 12, 2.5cm page margins and a line spacing of 1.5.
Due: 5pm Monday 9 September 2024
Criteria: Students will be assessed based on the following criteria:
. clarity in describing the macroeconomic and social environment a business operates in . critical evaluation of industry competition
. identification of key success factors of a business’s strategy
. understanding of a business’s governance structure and identification of potential risks
. critical analysis of the sustainability of profits generated by the business strategy in the future . accuracy in assessing the quality of accounting information
. understanding the impact of material misstatement in the financial statements . clarity,coherence and professionalism of communication in the report
Further information:
Submission Requirements:
1. A Word file of the group report should be submitted by only one nominated group member through TurnitIn on Canvas.
2. Both the assignment submission and group reports should be named in the format
"{companyticker}_{studentID1}_{studentID2}_{studentID3}_{studentID4}". For example, a group of 2 students working on Qantas should name their submission and group report as
"QAN_12345678_23456789". Assignments that are not correctly named will not be marked.
3. All group reports should have a cover page which includes the chosen company name, student
name and ID of each group member and a word count. All reports should have an introduction and a conclusion. Table of content and executive summary are optional. Harvard referencing style. should be used.
4. Students may submit their group report to TurninIn as many times as they like prior to the submission deadline. If an assignment has already been submitted before the deadline,
resubmissions after the deadline are not allowed .
5. Students are able to submit late assignments to TurnitIn only once after the submission deadline. For each day that the assignment is late, the assignment will lose 10% of the raw assignment mark. Special considerations are approved only for serious medical or personal reasons with supporting documents.
6. TurnitIn checks % similarity to materials from other assignments, websites and journal articles
within the Business School and from world-wide institutions. Students are warned that copying materials from their own assignments submitted for other subjects or in previous semesters is also an academic offence.
Assessment task 2: Assignment (Individual)
Objective(s): This addresses subject learning objective(s): 1, 3, 4 and 5
This addresses program learning objectives(s):
1.1 and 3.1
Weight: 40%
Task: Individual Activity 1 – Class Discussion (10%)
Task: In this task, students will be assessed on their tutorial participation and discussion throughout the semester. Students are required to prepare for questions before each week's tutorial. During the tutorial, students will be randomly asked to share their solutions.
The purpose of this assessment is to encourage all students to prepare for each tutorial and
contribute to the class discussion. It also encourages and rewards student development of workplace skills such as oral communication, interaction with peers and critical thinking.
This assessment will be evaluated and marked based on the following criteria:
. The student's regular and engaged participation within their allocated tutorial class throughout the semester
. The consistency of the student's contribution to discussion within the tutorial class . The quality of the student's contribution to discussion within the tutorial class
Note: It is not sufficient to only attend the class.
Individual Activity 2 – Written Report (30%)
Task: Based on the same company chosen in the group report, analyse the financial performance of the company, and perform. prospective analysis as if you were a business analyst. Specifically,
reformat the company’s financial statements for the past three years; analyse key financial ratios and data to evaluate current and past performance of the company; forecast future financial performance of the company for the next three years and beyond; apply valuation models to estimate the
company’sintrinsic value; perform. sensitivity analysis on key forecasting assumptions, and discuss potential opportunities and challenges for the company to improve value.
The report should be readily comprehensible, condensed and within the word limit. Information should be collected from various reliable sources to inform. analysis and references are properly cited.
Tables and graphs should be used to effectively present information. Detailed requirements are as follows:
Reformatting (4 marks):
. Prepare detailed past five years’ reformatted financial statements in an excel spreadsheet and attach as an appendix in the report.
Financial analysis (8 marks):
. Perform. DuPont analysis. Calculate and discuss key ratios such as ROE, RNOA, PM,ATO, FLEV and NBC.
. Break down and analyse PM and ATO ratios in further details. Identify and discuss significant
expense items that have caused major changes in profit margin. Identify and discuss major assets or liabilities whose turnover ratios have contributed to the overall change in assets efficiency.
. Briefly describe the ratios trend. The analysis should elaborate on the economic, industry and business factors that drive the changes in ratios. The discussion should consistently reflect the same firm fundamentals identified in the group report.
Forecasting (8 marks):
· Prepare your forecasts in an excel spreadsheet following a 10-step forecasting template. The
forecasting table should include your specific forecasts for the next three years as well as the long-term forecast beyond the three-year forecast horizon. The forecasting table should be included as an appendix in the report.
. Explain the reasons for your initial forecast assumptions, i.e. assumptions for sales growth,ATO, PM, net dividend payout ratio, cost of debt and cost of equity. Your forecasts should be informed by both financial and non-financial analysis of the company.
Valuation (5 marks):
. Apply three valuation models, i.e. residual income model, residual operating income model and free cash flow model, to estimate the intrinsic value of the company. Provide calculations and results of the valuation models in a table and include it as an appendix in the report.
. Compare and discuss the estimates obtained from the three models. Compare the estimates with the actual share price observed in the stock market when valuation is performed and conclude
whether the firm is currently overvalued or undervalued.
Sensitivity Analysis (5 marks):
. Adjust your initial forecast assumptions to reflect your optimistic and pessimistic forecasts for sales growth,ATO, PM, net dividend payout ratio, cost of debt and cost of equity. Recalculate the
estimated share value from residual operating income model only. Provide the sensitivity analysis results in a table.
. Explain how optimistic and pessimistic forecasts for the various assumptions are chosen. . Identify and discuss the key assumptions that valuation is most sensitive to.
. Based on sensitivity analysis and the key factors that have significant impact on valuation, briefly discuss potential opportunities and challenges for the company to maintain or improve value.
Length: Individual Assignment - Written Report: maximum 4000 words (exclusive of references and
appendices). Appendices are limited to a maximum of 10 pages. Please use a font size of 11, 2.5cm page margins and a line spacing of 1.5.
Due: Individual Assignment - Written Report is due on 5pm Monday 28 October 2024.
Criteria: Students will be assessed based on the following criteria:
. accuracy in calculating financial ratios
. identification and analysis of key drivers of major changes in profit margin and asset efficiency . critical evaluation of the financial risk and cash flow management
. understanding of the importance of non-financial information in evaluating a business’s performance
. evidence-based justification for the forecasts of a business’sfuture performance . accuracy in calculating business value using various valuation models
· critical evaluation of business value’s sensitivity to forecast assumptions
. critical analysis of the potential opportunities and challenges for a business . clarity,coherence and professionalism of communication in the report
Further information:
Submission Requirements:
1. A Word file of the individual report should be submitted through TurnitIn on Canvas. Students should name both the assignment submission and individual reports in the format
"{companyticker}_{studentID}". For example, "QAN_12345678". Assignments that are not correctly named will not be marked.
2. All individual reports should have a cover page which includes the chosen company name, student name and ID and a word count. All reports should have an introduction and a conclusion. Table of
content and executive summary are optional. Harvard referencing style. should be used.
3. Students may submit their individual reports to TurninIn as many times as they like prior to the submission deadline. If an assignment has already been submitted before the deadline, resubmissions after the deadline are not allowed .
4. Students are able to submit late assignments to TurnitIn only once after the submission deadline. For each day that the assignment is late, the assignment will lose 10% of the raw assignment mark. Special considerations are approved only if they are applied before the submission deadline for serious medical or personal reasons with supporting documents.
5. TurnitIn checks % similarity to materials from other assignments, websites and journal articles
within the Business School and from world-wide institutions. Students are warned that copying materials from their own assignments submitted for other subjects or in previous semesters is also an academic offence.
Assessment task 3: Final Examination (Individual)
Intent: This assessment task is a compulsory component of the subject. A student must attain no less than
40% of the marks in this assessment to pass the subject irrespective of the subject’s total marks.
Objective(s): This addresses subject learning objective(s): 1, 2, 3, 4 and 5
Weight: 40%
Task: The final exam is a closed-book exam. No textbooks or other materials will be allowed in the exam.
The exam consists of practical and theory questions, and will test students understanding of theory, and their ability to apply the theory to business valuation and financial analysis. Specifically, the
exam tests students’ comprehensive understanding and ability to perform. macro-economic, industry, strategy and accounting analyses; ability to reformat financial statements and implement ratio
analysis; theoretical comprehension of the different valuation models and ability to apply them in practical scenarios; theoretical and practical understanding of CAPM and WACC.
The exam covers all teaching contents from week 1 to week 12, and will be similar in spirit to the problems and cases discussed during the semester.
Length: 2 hour plus 10 minutes reading time.
Due: The final exam is scheduled during the UTS Exam Period.
Criteria: Students will be assessed based on the following criteria:
. accuracy of response or analysis
. identification of relevant issues in the context of subject themes . clarity of communication
. demonstration of knowledge of theory
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