IM2033 CORPORATE FINANCE

GROUP PROJECT (20%)

• Each group will analyze financial statement of a company listed on HOSE/HNX.

• Groups of 4-5 students will choose a non-financial companies (companies that are not
belonging to financial institutions)

The contents must include the followings:

1. Part 1 (10%): Summarize the activities of the company, Summarize the market
which the company is doing the business in.
2. Part 2 (50%): Analyze financial statements using financial ratios:
§ 5 financial ratio groups (liquidity ratios, efficiencty ratios, leverage
ratios, profitability ratios, market performance ratios)
§ trend analysis: do for the last 3 financial years
§ industry-benchmark analysis: only for the last financial year (compare
to industry average, or compare to 3 other companies in the same
industry)
§ à Give comments on financial performance of this company.
3. Part 3 (20%): Estimate beta and cost of equity for the company:
§ Go to cophieu68 website check for the Code of the company,
download the “Price history”. Also download “Price history” of VNI-
Index.
§ Estimate daily stock return and daily market index return (VNI-Index
daily return)
§ Estimate beta.
§ Compare with the beta provided by securities companies and give
comments
§ Estimate cost of equity using CAPM model
4. Part 4 (20%): Estimate value of the firm.
§ Estimate WACC
§ Estimate Free cash flow to firm for the three years
§ Assume firm growth constantly from year 4 onward
§ Estimate value of the firm

Requirements for the report:

• Format: Line spacing 1.5, font Time New Roman 12, margin 1”
• Cover page: Company’s name, group’s members with level of contribution (in
percentage or mentioning specific report section by each member).
• Maximum 20 pages, excluding cover page, reference, appendix
• Submit in hard copies to teacher in class.
• Deadline: WEEK 11 of the semester.
• If a group has a sign of copying from any sources, or cheats, all the group
members will receive 0 mark.