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澳洲墨尔本论文代写:Woolworths Ltd: A Financial Analysis

论文作者:英语论文论文属性:职称论文 Scholarship Papers登出时间:2012-04-23编辑:lena ding点击率:5101

论文字数:1758论文编号:org201204230938012994语种:英语论文 English地区:澳大利亚价格:免费论文

关键词:Woolworths Ltdfinancial analysis

摘要:本文为澳大利亚墨尔本地区会计专业论文范文,供大家参考。本站有专业导师团队为大家代写各类英语、留学生论文。欲了解详细情况,可向本站客服进行咨询。

Woolworths Ltd: A Financial Analysis 

 

Table of Contents
1.0 Executive Summary 3
2.0 Introduction 3
3.0 Key Objectives 4
4.0 Theoretical background 4
5.0 Research methodology 4
6.0 Research findings 5
6.1 Geographical comparison 5
6.1.1 European Union 5
6.1.2 The United States 5
6.1.3 Canada 6
6.1.4 Korea 6
6.2 Comparison of adopting IFRS before and after the crisis 6
6.2.1 Adoption of IFRS – the cases of the United States 6
6.2.2. Korea 7
7.0 Research Limitations 8
8.0 Conclusion and Recommendations 8
9.0 References 9
10.0 Report reflection 10


1.0 Executive Summary
This report studies the financial statement of Woolworths and provides a valuation for the company, applying the approach suggested in the Corporate Finance literature, for instance, Bredley and Myers (2003). Empirical analysis showed that Woolworths is a defensive stock by applying regression analysis to the market returns. Based on the market data, the fair valuation of the firm is A$xx. Compared to the current market price, it is xx% above/below the fair valuation based on assumptions drawn from historical market data and financial reports. The firm is therefore undervalued/overvalued.

 

2.0 Introduction
This submission serves for several purposes. Historical price data of the company and the board market index are drawn from Yahoo! Finance to classify whether the stock is defensive or risky from their historical returns, based on the capital asset pricing model proposed by Sharpe (1963).  Based on the slope obtained from the regression analysis, the cost of equity is determined in the preceding section. 

 

3.0 Determine the cost of equity for the firm
To determine the cost of equity of the firm, a typical approach is to consider the use of capital asset pricing model
 
4.0 Cash Flow Forecasts
To determine the value of the firm, a necessary step is to forecast the future cash flow. Based on the pro-forma financial statements rebuilt in the previous section, the free cash flow analysis will follow the approach suggested by Damodaran (2007) and xx (2003).

 

5.0 Research methodology
This session outlines the research methodologies used in this submission. First of all, a set of regions will be studied in this report to give an outlook on the pace of implementation of IFRS around the globe. Next, this submission studies whether there has been changed in adopting IFRS by investigating the corporations, regulatory bodies and investors. Developing regions and developed economies will be compared in adopting IFRS so as to compare the factors affecting the pace of adopting IFRS.

 

6.0 Research findings
6.1 Geographical comparison
6.1.1 European Union
European Union has moved the ahead in adopting IFRS compared to other countries. In June 2000, the European Commission published the document, EU Financial Reporting Strategy: The Way Forward, which suggested that all publicly listed companies prepare their consolidated accounts in accordance with IAS by 2005. Given the scale of the pledge, more than 9,000 listed companies are now using IFRS when generating their consolidated financial statements, according to statistics compiled in the Danske’s (2006) research. 
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