Registry
Module Specifications
Archived Version 2022 - 2023
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Description To ensure that students can draw on the diverse elements of the programme to undertake a systematic investment appraisal of a listed company within a macro-economic and sectoral framework. | |||||||||||||||||||||||||||||||||||||
Learning Outcomes 1. Identify key factors that determine the profitability of an industry and evaluate its outlook 2. Assess a company's position within its competitive environment and identify viable strategies 3. Determine the profit drivers, construct divisional forecasts and develop a financial model for the whole company 4. Apply valuation techniques in a critical manner to quoted companies 5. Prepare an investment report that will assess, analyse and articulate a company's outlook and value | |||||||||||||||||||||||||||||||||||||
All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml |
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Indicative Content and
Learning Activities 1.An introduction to the course that provides students with a brief summary of topics covered along with key disciplines used to analyse companies. This enables students to participate in Group projects on company analysis from the start of the programme.2.Corporate strategy. A review of the theory of corporate strategy, especially as espoused by Michael E. Porter and its application to case studies, mainly from Irish quoted companies.3.Financial Analysis 1: Analysis of historic performance of companies, covering summary financial statements, divisional analysis and financial ratios.4.Financial Analysis 2: Analysis of a company having regard to its cost of capital and returns on capital. This is evaluated from the perspective of shareholders and also from the perspective of the total enterprise. The advantages and drawbacks of each approach is discussed.5.Financial Analysis 3: Techniques to make financial forecasts for companies – from divisional profit forecasts through to earnings per share. The focus is on how, as an external analyst, one can gauge the growth rate for a company having regard to all external and internal influences. In addition, micro analysis allows one to estimate margin progression, finance and tax charges, thereby building up a comprehensive picture of a company’s financial outlook.6.Financial Analysis: Case studies to illustrate analytic techniques.7.Company Valuation Techniques 1: Relative valuations. How to use comparisons with other quoted companies to evaluate a fair value for a company.8.Company Valuation techniques 2: Using target valuation multiple. The application of valuation theory to determine the fair value for a company having regard to its fundamental cost of capital and returns on capital. The resulting analysis produces, for example a theoretical Price earnings ratio or Enterprise Valuation multiple for the company being analysed.9.Company Valuation Techniques 3: Absolute Valuation Techniques; Use of various Discounted Cash Flow methods, including Firm Cash Flow, Excess Returns Model, Free Cash Flow to Equity (FCFE), and Dividend Discount model.10.Analysing Financial Companies 1: Analysing a bank’s performance and prospects. Regulation and its impact on how banks operate.11.Analysing Financial Companies 2: Approaches to bank valuation and how to apply valuation techniques to banks and insurance companies.12.Summary of course material. | |||||||||||||||||||||||||||||||||||||
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Indicative Reading List
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Other Resources None | |||||||||||||||||||||||||||||||||||||
Programme or List of Programmes |
MITB | MSc in Investment, Treasury & Banking |
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