Description of the Project:
• As the stock analysts for a Pension Plan, your team has been assigned the task of giving a stock recommendation to the firm’s investment committee.
• In this project your team is asked to choose and value a publicly-traded company and give an investment recommendation about the company from the viewpoint of a stock investor.
• This project is designed to primarily apply the concepts, models, and techniques learned in the course. Deliverables:
1. A written report of no more than ten pages printed in 12-point Times New Roman font with one-inch margins. Supporting calculations, graphs, and other exhibits do not count toward the ten page maximum and may be included as appendices. The format of the written report is as follows:
a. Executive Summary
b. Table of Contents
c. Macro Environment Analysis and Forecast
d. Company and Industry Characteristics and Description
e. Analysis of Past Performance
f. Forecast of Future Performance
2. Team Presentation—10 minutes + 5 minutes of Q&A from the audience
Steps in this Valuation Project:
1. Macroeconomic Analysis and Forecast
a. Identify the key macro-environmental factors.
b. Assess the likely impact of macro-environmental factors on capital (stock and bond) markets
c. Based on the analysis above and other economic forecasts (such as the Congressional Budget Office’s The Budget and Economic Outlook: 2014 to 2024 and the Economic Report of the President), discuss the implications of your analysis and economic forecast(s) on the industry that you have chosen.
2. Company and Industry Characteristics and Description
a. Industry Characteristics and Description. Describe the nature of the industry and discuss pertinent facts such as its competitive environment, recent and expected trends, current and anticipated regulation, the impact of technological developments, etc., …
b. Company Characteristics and Description. Discuss the nature of the business including its competitive environment, regulatory environment, technological environment, management and personnel issues, etc., …
3. Analysis of Past Performance (of PepsiCo)
a. Publicly available information on the company is the starting point. Two good sources of financial and other information are Morningstar.com or Finance.Yahoo.com (but there are many others).
b. Historical financial information should be integrated with non-financial information about the company. In other words, provide a relevant narrative describing the key events influencing performance during the past five years.
c. Computation and analysis of key financial ratios, especially in comparison with the industry and/or major competitors.
4. Forecast of Future Performance
a. Based on your macro environmental analysis and forecast, your company and industry analysis, and your analysis of your firm’s past performance, forecast your firm’s sales growth during the next five years. This step should include an evaluation/discussion of your assumptions as well as the company’s strategic position.
b. Prepare Pro Forma financial statements using a forecast horizon of 5 years.
a. Estimate the Intrinsic Value of your firm’s stock using the Free Cash Flow Valuation Model (FCF).
i. Using a forecast horizon of five years, project future free cash flows (as well as the terminal value at the end of five years if relevant) – be sure to list and discuss assumptions you made in deriving these values.
ii. Estimate an appropriate discount rate/required return (the Weighted Average Cost of Capital if you use the Total Firm FCF or the Cost of Equity is you use the Free Cash Flows to Equity holders) and use these required return measures to estimate the intrinsic value of your stock.
iii. Discuss how sensitive you value estimates are to changes in your assumptions and discuss the key drivers of value for your company.
iv. Given your company’s characteristics, value and competitive position, evaluate the most promising avenues for increasing the firm’s value.
b. Relative Valuation
i. Estimate the market value of your stock using the Earnings Multiplier Model and prepare of a list of “comparable” companies using a set of criteria that your team deems appropriate.
ii. Evaluate the value of your company against your major competitors (you are required to use the P/E valuation, Price/Book Value, and/or other relative valuation metrics of your own choosing).
a. Make a final recommendation regarding your company’s stock—would you buy, sell, or hold?
b. Present five reasons for your recommendation. Your reasons should be rank-ordered in terms of importance.
Distributed: Fri, 15 Sep 2017 Presentation This paper will address the uniqueness of the preamble, and will additionally investigate how it interfaces with whatever remains of the Gospel of John. The preface reviews the majority of the topics that the creator will clarify all through the Gospel. There are 8 recorded topics; 'the pre-presence of the word, light of world, light and dimness, witness or declaration, magnificence, life, world, father and child relationship.' However, with the end goal of this article, just three subjects will be secured. To be specific; the topic of the pre-presence, father and child relationship and wonder. Researchers trusts that the Gospel of John was composed somewhere in the range of '70AD and 90AD'. The creator 'is distinguished as John the child of Zebedee, who was one of Jesus' twelve witnesses and the dearest one'. However, the initiation is easily proven wrong among researchers, some propose that 'Introduction was initially a sonnet from some different religious conventions maybe gnostic'. According to the gospel, it is kept up that the creator was a Palestinian Jew, acquainted with the religion, land and ceremonies of his kin. All through the gospel, the creator recommends that he was an onlooker to the scenes that he was disentangling. The Gospel of John anyway is an interesting book among the four Gospels. The genuine portrayal of Jesus lies at the core of all that is extraordinary in this Gospel. The Gospels are perceived as the Synoptics as a result of their nearby similarities to one another. Jesus is uncovered in various courses in these four Gospels. The Gospel of Matthew uncovers Jesus as the lord of the Jews. Check presents Him as the enduring worker. In Luke's adaptation, Jesus is viewed as an ideal man. While in Luke's Gospel, Jesus is mankind though John's stresses his divinity. The Fourth Gospel, otherwise called 'the otherworldly gospel', starts by quickly exhibiting 'Christ not as the Son of David, nor the Son of man, however starts with 'a preamble in which Jesus' god is transparently declared'. Maurice Casey propounds that 'the Christology of the fourth Gospel is one of its most wonderful highlights, and one which separates it forcefully from the other three Synoptic'. Its credibility is some of the time faulty among researchers on the grounds that 'a large number of the real topics and occasions of the initial three Gospels are absent in the fourth Gospel'. While from one viewpoint it incorporates 'numerous huge scenes not made reference to by Matthew, Mark and Luke'. It is further contended that 'if the Synoptics present a reasonable picture of Jesus, at that point John's depiction can barely be accepted'. D.A. Carson recognizes contrasts between the fourth Gospel and the Synoptics. He sees that 'there are no stories illustrations, no record of the transfiguration, no record of the foundation of the Lord's dinner, no report of Jesus throwing out an evil spirit and no notice of Jesus' temptations'. The initial eighteen stanzas from 'the principal part one of the Gospel of John are alluded to 'as the prologue'. This can be viewed as 'an antiquated Christian hymn'. The preface has a vital bearing upon an engaged translation of whatever is left of the Johannine Gospel. It likewise readies the peruser for what pursues. The Gospel and Prologue work as one, as Richard Bauckham states that 'the Gospel needs the introduction, the preamble additionally needs the Gospel, either without the other is incomplete'. The connection of the preface to whatever is left of the gospel is faulty among researchers. Their basic contentions are mostly based 'on the source investigation which centers around distinguishing the first autonomous psalm, Christian and non-Christians'. They have contended that 'few philosophical ideas and terms in the preamble, for instance, the manifestation of the word, the tent abiding of the in this way, in the stand out from the abode in the sanctuary the ideas of, and the interesting scholarly style are barely reflected in whatever remains of the Gospel'. They likewise proposes that preface 'it is an insight song sewed by the writer to the front of the Gospel to make it more worthy to Hellenistic perusers and was made a decision to have little relationship to whatever is left of the gospel'. While those in help of the preface contends that 'it was composed as a prologue to the body of the Gospel, much the same as the composition of the Johannine Epistle with comparative representative terms showing up in 1 John 1:1-2 with the rundown of the subjects which are partaken in the introduction and whatever is left of the gospel'. Topics: heavenly nature of the Son The eternality of the Son Jesus is set up in the Prologue and created in whatever is left of the Gospel. The creator starts this Gospel with a marvelous announcement to his gathering of people by say, 'before all else was the Word, and the Word was with God and the Word was God' (1:1). The essayist is communicating that Word "logos" previous, He was not after or from or made, but rather He was initially. The fourth Evangelist John helps his perusers to remember the Old Testament stanza, 'the start of creation' (Genesis 1:1) 'that Jesus is an ageless figure who existed in the past before creation'. The Book of Genesis starts with creation so is the Gospel of John alludes to creation. Similar words are likewise found in part 17, 'and now, "Father laud me in your essence with the brilliance that I had with you before the world existed" (17:5). The idea of 'Logos' is said to have a broad foundation in the Greek religious and philosophical comprehension. The Greeks respected "logos" 'as the rule of reason or request in the world'. Heraclitus "logos" 'was comprehended to bring together rule of all things'. It is proposed that 'the Heraclitus had no understanding of an otherworldly God, however observed the "logos" as a law or reason that underlies the universe since they trusted that the "logos" was basic to all men, that it was an all inclusive law which directed every one of the occasions that occurred inside humankind, and that it had its very own autonomous existence'. In Plato composing holds the expressions of Heraclitus 'that a man couldn't venture into a similar stream twice'. The Father and Son relationship The Fourth Gospel displays an interesting connection between God the Father and His child Jesus. This extraordinary connection between the dad and child can be seen additionally in the Synoptic Gospels. Daniel J. Scholz recommended that, 'the voice from paradise (Mk 1:11) and the mists at the submersion (Mk 9:7) and the transfiguration talk about Jesus as 'my adored Son' Lk 9:35, implies the solidarity between the dad and son' John's Gospel extensively builds up the Father and Son relationship. It is said that John's gospel utilizes the term Father in the mouth of Jesus as the child, 'multiple times more frequently than the various Gospels combined'. The creator records the nearby, cherishing and bound together connection between the Father and the Son. The logos was in up close and personal association with God. Nobody has seen God; the word has been sent by the dad to uncover God the world. The word went up against tissue to uncover the wonder of God. The extraordinary relationship was depicted by the creator in different ways. For instance, initially, 'as the dad worked, so is the Son worked' (5:17-18). Secondly, 'as the dad raises the dead and gives life, so the child gives life' (5:21-23,26). 'The words that the dad gives, the child provides for other people's (7:17-17). 'The child talks the things He sees the Father doing' (8:28, 38, 12:49-50). 'As the dad knows the Son, so the Son knows the dad' (10:15). If you have seen the Son you have seen the dad' (14:9). 'To not respect the Son is to not respect the Father' (15:18-19, 23). 'All that has a place with the Father has a place likewise with the Son' (16:15, 17:10). Jesus' goodbye supplication for his supporters said 'I ask that they will all be one, similarly as you and I are one – as you are in me Father and I am in you. Furthermore, may they be in us with the goal that the world will trust you sent me' (Jn 17:21). Johannine sees Jesus' pending affliction and passing (the cross) on how the dad and Son both celebrated. Topic of Glory The topic of greatness is likewise looked into in the introduction and it keeps running all through whatever is left of the gospel. The most clear way the magnificence is uncovered in Jesus' service is in the signs. As indicated by Maurice Casey, 'the fourth evangelist utilizes the term signs used to uncovers Christ glory'. The principal sign is recorded in part 2:11. Another sign showed up when the evangelist clarified that Jesus was talking about the soul that had yet been given since Jesus was not yet celebrated (7:39). From the restoration of Lazarus forward the Johannine comprehension of greatness turns out to be progressively clear. In section 11 points ahead to the revival of Jesus as a disclosure of God's brilliance. Jesus declares, 'that the hour has wanted the child of Man to be celebrated' (12:3). 'Father extol your name' (12:28). John 13:31 says now the Son of man has been celebrated and God has celebrated in him echoes Jesus' supplication "father extol your name" in (12:28). Notwithstanding, Herman Ridderbos basic researchers expresses that 'in Gospel of John Jesus' brilliance gotten so much pressure, incorporating into the enthusiasm story, that the Gospel can barely be said to be free of a sort of Docetism, that will be, that Jesus' enduring isn't genuine enduring in John, that the cross isn't Jesus' embarrassment however just his praise, and that along these lines his leaving this world comprised simply in a triumphal flight to where he was before'. As Colver outlines that 'John additionally appears in his gospel that the path to the cross is the best articulation of wonder of God'. End In end one could state that it is the means by which the writer presents the heavenliness of Christ in the preamble to his perusers that>GET ANSWER