CORPFIN 2502: Finance Research Project

Assignment Overview

Purpose

The purpose of this project is to prepare an analyst research report on an assigned company. The overarching goal is to provide a target share price and a Buy, Sell, or Hold investment recommendation based on comprehensive top-down fundamental analysis and valuation modelling.

Submission

• Due Date:  Sunday, 2 November 2025, at 23:59 (11:59pm)

• Submission Method:  Submit two files via MyUni (only one group member is required to submit):

  • Word Document:  Analyst Research Report

  • Excel Spreadsheet: Supporting Calculations

Failure to submit an Excel spreadsheet with the report will result in a mark of zero (0) for the entire project.

• Include a signed and dated cover sheet in your submission. It must be signed by all group members.

• The cover sheet must include the individual contributions of each member.

• By signing the cover sheet, each member is also verifying that the contributions for each member are accurate.

• A late submission will be penalised by a 2-mark reduction (10% of the possible maximum mark) for each day (24 hours) it is late.

Academic Honesty Statement

By submitting an assignment via MyUni students are agreeing to the following statement:

“I declare that all material in this assessment is my own work, except where there is clear acknowledgement and reference to the work of others. I have read the University of Adelaide's Academic Honesty Policy.
I give permission for any assessed assignments to be reproduced and submitted to other academic staff for the purposes of assessment and to be copied, submitted and retained in a form suitable for electronic checking of plagiarism.”

Extensions

• If your group requires an extension, you must request an extension before Friday, 31 October 2025, at 13:00 (1:00pm) by emailing daniel.orlovsky@adelaide.edu.au.

• An extension of up to 2 days will be granted upon request.

• If your group requires a longer extension, a suitable reason with proof is required.

• If an extension is granted, there is no late penalty provided submission occurs prior to the extended due date.

Summary of Assessment Requirements

The Finance Research Project requires students to prepare an Analyst Research Report on an assigned company. The main objective is to provide a target share price and an investment recommendation (Buy, Sell, or Hold) based on comprehensive top-down fundamental analysis and valuation modelling.

Students must submit two files via MyUni:

• A Word Document containing the written Analyst Research Report.

• An Excel Spreadsheet including all supporting calculations.

The submission must also include a signed and dated cover sheet indicating the individual contributions of each group member. Late submissions attract a penalty of 2 marks per day, while extensions can be requested via email before the deadline.

The project emphasizes adherence to the University of Adelaide’s Academic Honesty Policy, ensuring originality and proper referencing of external sources.

Key Pointers to be Covered in the Assessment:

1. Selection and analysis of an assigned company.

2. Top-down fundamental analysis – including macroeconomic, industry, and company-level evaluation.

3. Valuation modelling using financial data and forecasting.

4. Derivation of a target share price.

5. Formulation of a Buy, Sell, or Hold recommendation.

6. Presentation of analysis and findings in a professional report format.

7. Supporting calculations documented in an Excel file.

Step-by-Step Guidance by the Academic Mentor

Step 1: Understanding the Project Scope

The Academic Mentor began by helping the student interpret the assessment brief, ensuring clarity on the purpose, submission requirements, and evaluation criteria. The mentor emphasized the integration of both qualitative (industry and company analysis) and quantitative (valuation modelling) components to meet the assessment’s holistic expectations.

Step 2: Company and Industry Analysis

The mentor guided the student to start with a top-down fundamental analysis approach:

• Macroeconomic Analysis: Identifying key economic indicators affecting the market such as GDP growth, inflation, and interest rates.

• Industry Analysis: Assessing industry trends, competition, and growth potential using frameworks like Porter’s Five Forces.

• Company Analysis: Reviewing the firm’s business model, financial performance, management efficiency, and market position.

This stage helped the student build a contextual foundation before moving to valuation.

Step 3: Data Collection and Financial Review

The mentor directed the student to collect historical financial data from reliable sources such as company annual reports, financial databases, and market research tools. Together, they analyzed income statements, balance sheets, and cash flow statements to understand profitability, liquidity, and leverage.

Key financial ratios were calculated to identify performance trends and peer comparisons.

Step 4: Valuation Modelling

Next, the mentor provided hands-on guidance in building the Excel valuation model. The student was introduced to:

• Discounted Cash Flow (DCF) model for intrinsic valuation.

• Comparable Company Analysis (CCA) for market-based valuation.

• Sensitivity analysis to test assumptions such as growth rates and discount rates.

The mentor ensured the student understood how each variable affects the final target price, promoting analytical reasoning rather than mere computation.

Step 5: Investment Recommendation

After completing the valuation, the mentor assisted the student in interpreting the results to form a clear investment recommendation. The guidance focused on aligning quantitative findings with qualitative insights, for instance, recommending a “Buy” only if the intrinsic value significantly exceeded the market price and was supported by positive market and industry outlooks.

Step 6: Structuring the Analyst Report

The mentor then helped organize the report into professional sections, including:

• Executive Summary

• Company Overview

• Macroeconomic and Industry Analysis

• Financial and Valuation Analysis

• Investment Recommendation

• Conclusion

The student was guided on how to present insights clearly, reference appropriately, and ensure academic integrity as per the University’s policies.

Step 7: Final Review and Submission Preparation

In the final stage, the mentor reviewed both the Word report and Excel spreadsheet for accuracy, coherence, and compliance with submission requirements. The student ensured all team contributions were documented on the cover sheet before uploading the files to MyUni before the due date.

Outcome and Learning Achievements

Through this guided process, the student successfully completed a comprehensive analyst research report that demonstrated strong analytical and valuation skills. The following learning objectives were achieved:

• Application of top-down financial analysis techniques.

• Development of financial modelling and valuation competencies using Excel.

• Enhancement of critical thinking and data interpretation abilities.

• Improvement in academic writing and professional report presentation.

• Understanding of ethical academic practices and team collaboration in project work.

The final outcome reflected a well-researched, logically structured, and data-supported analysis that met all assessment requirements while showcasing the student’s ability to apply theoretical finance concepts in practical, real-world contexts.

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