4000 words Company Valuation Paper

1. The data is required to be calculated by yourself, and the cash flow should include 5 years of historical data and 5 years of future forecasts. The data can be found in Bloomberg. (The data in the current article comes from the BHP company's own release, and the writer draws a conclusion directly based on the data) There is a clear format in the example text.

2. The sentence "Recent iron pricing pressure will improve free cash flow in the future." in the article should have a short description of the event and a clear reference to the information.

3. There should be no overly subjective words such as "in my opinion".

4. "They rose by a lot more than the S&P 500's 1.8 percent gain, 35 percent of BHP Billiton Group's EBITDA" Like 1.8 in these words. 35% should have a clear calculation process description or data source quote.

5. “In terms of levering, BHP is a little bit more pronounced. Since equity will largely gain from a rise in prices, this works in its advantage.

It's possible, that BHP's free cash flow may temporarily grow by 40-60 percent or more. It is expected that EBITDA would grow by 30-40 percent because Iron Ore accounts for a minor portion of revenues. Nevertheless, these increased revenues are generated without the need for new capital expenditures (capex). In other words, free cash flow grows by a considerably higher amount than previously thought. Your free cash flow should improve as your cost base rises. BHP's iron ore has a low-cost basis. A free cash flow of $20 billion is expected to be generated by BHP during the next five years.”

In this paragraph, there is no data calculation to support the conclusion

6. There is a lack of external analysis (such as the five forces model. Events such as policies require specific expression analysis) and internal analysis.

7. Perhaps because of the large number of businesses, the content of the writer is somewhat general. For example, it can be specific to the company's analysis in one country, or a global analysis of a certain resource, so that the content of the article is clear and continuous.

8. Forms, graph etc. need to be made by yourself, not screenshots

9. Lack of calculation of sensitivity analysis (wacc)

10. "• Turnover of Inventory • Inventories turn over • Payables Turnover (Payables turnover) • Turnover of Working Capital • Inventory Processing Period Average • Receivables Collection Period Average • Cycle of operation • Payables Payment Period Average • Circularity of the Cash Conversion Cycle"

These are duplicates of the subtitles below, so delete them.

11. Other analysis methods are only theoretical introduction, and there should be specific calculation data and analysis. The focus is on analysis, so the theoretical introduction should be streamlined.

12. “BHP's growth drivers include geographic spread, product mix, and acquisitions. A good link between customer confidence and expenditure on the Group's products is also reported by the Group. Chinese middle-class development, local consumer recovery in mature economies, internet sales growth, and Generations are seen as significant growth drivers in the next years by reputable research sources.”

Here, arguments(evidence） are needed.

13. Comparison, prediction and analysis of current stock prices and historical stock prices.

14. The conclusion should include recommendations for investors (buy or not buy)

15. The record of the instructor meeting must be read, and there is an introduction about the key points. (For example, the general structure of the article should be introduction - external analysis - internal analysis - calculation theory - based on calculation analysis - to draw conclusions. There are also specific calculation examples for sensitivity analysis.)

16. Consult to other text examples

17. References format requires Harvard style