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evaluate and report on the most recent (FY2012 or FY2013 if released) Annual Report of an Australian company
Finance & Accounting
Pages 17 (4267 words)
Evaluate and report on the most recent (FY2012 or FY2013 if released) Annual Report of an Australian company 1. Introduction The project report has been written from the point of view of a sell-side analyst and has been directed at sophisticated investors.
Accounting Analysis: It includes the analysis of the company’s three key accounting policies that are likely to affect interpretation of its financial reports, what the primary areas of accounting flexibility for these policies are, and a comparison to those of Times Telecom Inc. Financial Analysis: It includes the presentation and interpretation of relevant ratios for Telstra Corp. Ltd. and Times Telecom Inc., a time series analysis of these for both the companies over the past three years, an evaluation of the company’s cash flow position from operating activities, investing activities, cash flow to debt and equity holders, and cash flow to equity holders, and an analysis of the company’s overall financial position. Prospective analysis: It includes the forecasts of key elements of income statements and balance sheets for the company for the next five financial years, the presentation of these ‘condensed’ income statements and balance sheets, reasons for the major forecast items, valuation of the company using the methods: Discounted cash flow method and Gordon growth model, and an indication of estimated value per share. Recommendation: It includes recommending the client on the overall analysis of the company by summarizing all the analysis and by comparing the estimated value per share with the market value. ...
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