| Category | Coursework | Subject | Finance |
|---|---|---|---|
| University | Heriot-Watt University | Module Title | C31CF Corporate Finance |
| Word Count | 2000 Words |
|---|---|
| Assessment Type | Report |
| Academic Year | 2025-26 |
You are expected to do an in-depth financial analysis of the corporation allocated to you using relevant, high-quality data from reputable financial databases (and from publicly available annual reports of that corporation – if needed) and write a valuation report on that corporation (max length 2000 words).
HWU has access to several databases, including Bloomberg, Refinitiv Workspace, Thomson-One and Fitch. Using Fame, Bloomberg and Refinitiv Workspace is recommended.
You have been assigned a corporation. You can find the identity of that corporation in the file named ‘C31CF Company Assignment’, published on Canvas. After opening the Excel spreadsheet (‘C31CF Company Assignment’), look for your student ID in column D to determine which corporation you have been assigned. If you cannot find your student ID listed in that column, please get in touch with your course instructor as soon as possible.
You have to produce a 2000-word report and an Excel spreadsheet showing you can apply the valuation tools discussed in the course to perform a corporate valuation exercise.
You are required to address the following issues in your assignment:
The Word file structure
Your report will have five sections and several subsections, depending on the task and will follow the broad instructions of slide 12 of lecture 1 (feel free to change the structure). The suggested titles of each of the five sections are reported in bold below (and on slide 12 of lecture 1).
Understanding the business. Industry and competitive analysis, together with an analysis of financial statements and other company disclosures.
Forecasting company performance. Calculate forecasts of sales, earnings, dividends, and financial position (pro forma analysis) as needed to define the inputs for your valuation models – discuss all relevant valuation assumptions.
Selecting the appropriate valuation models. Depending on the company's characteristics and the valuation context, some models may be more appropriate than others. Describe and show all valuation models and findings, and explain which models have performed better/worse and why.
Converting forecasts to a valuation. Implement the valuation models (by showing all steps involved) and explain how your valuation was performed and led to your valuation findings. Critically describe your findings and critically assess investment implications (more about this in the next section).
Applying the valuation conclusions. Use the valuation conclusions to make an investment recommendation, provide an opinion about the price of a transaction, or evaluate the economic merits of an investment.
The Excel spreadsheet
You will also have to produce and submit an Excel file disclosing the input data and detailed calculations you used in your report (see Word file instructions above). When building the Excel file, you have to create several titled sheets disclosing (at least) the following information: (1) The cost of capital; (2) Discounted Dividend Valuation; (3) Free Cash Flow Valuation; (4) Methods of Comparables; (5) Residual Income Valuation; (6) Investment Recommendation. Each spreadsheet must contain input data for the model and the model valuation.
Report Format
The coursework marks are allocated as follows:
An electronic PDF or Word file of your coursework MUST be submitted together with the relevant Excel spreadsheet via the correct Turnitin link for your campus of registration (via the Assessment area on CANVAS) on Monday, 20th of October 2025 (Week 7) by 11 am (UK), 3 pm (Dubai).
The essay must be an individual’s work, and Turnitin will be used as the actual date stamp of submission. No hard copy of your work is required, even if you are based on campus.
Yes, you will receive feedback on your coursework to help you improve your performance in the course and understand your main strengths and weaknesses. Your feedback will be available when the marks are released (up to 3 weeks after the assessment is due, as per School policy). Individual Feedback will be released via the Grade Centre/ Assessment Area on Canvas.
In line with University Policy, any work submitted after the set date and time will automatically have a penalty applied. The penalty is a reduction of 30% of the mark awarded. Submission will be accepted up to five working days after the submission deadline - your work will be marked, the late penalty applied, and you will receive feedback. Coursework submitted after five working days will be awarded NO grade, and you will not be entitled to feedback.
Extensions. No extensions for coursework are permitted unless an extension is given to the whole class (in exceptional circumstances). The course leader cannot grant individual extensions. If you foresee having issues submitting by the deadline, please get in touch with your Personal Tutor and apply for Mitigating Circumstances (MC) via the student portal.
| Course LO | Marking Criteria (weighting) | A (≥70%) | B (60–69%) | C (50–59%) | D (40–49%) | E/F (<40%) |
| CLO1: Financing Techniques | Evaluate and apply capital structure concepts, estimation of cost of debt/equity, WACC and growth rates in the context of the assigned company. (25%) | Sophisticated, critical evaluation of capital structure and financing choices with excellent application of theory, precise calculations, and clear justification. Independent insight into sustainable financial decisions. | Clear and well-structured analysis with accurate calculations. Some critical awareness of financing implications, though less developed. | Adequate description and mostly correct calculations; limited depth of analysis and superficial justification of financing choices. | Minimal but present discussion with calculation errors or incomplete reasoning. Weak link to sustainable financing. | Very limited or confused analysis. Calculations mostly incorrect or missing. Understanding of financing decisions is superficial and inadequate. |
| CLO2: Investment Appraisal | Application of forecasting, valuation assumptions, and implementation of appraisal techniques (DDM, FCFF/FCFE, comparables, residual income) to inform strategy. (35%) | Excellent and accurate application of multiple valuation models with critical evaluation of assumptions. Forecasts are coherent, justified, and linked to investment strategies. Strong insights into implications for corporate valuation. | Accurate use of several models with good justification of assumptions. Forecasts are clear but limited in depth. Investment strategy implications are reasonably discussed. | Adequate application of models, but some errors or shallow justification. Forecasts are present but inconsistently applied to investment strategy. | Weak or partial use of models. Assumptions are underdeveloped or not well justified. Limited insight into investment strategy. | Very limited or inaccurate use of models. Forecasts are missing or incoherent. Investment strategy links are absent or incorrect. |
| CLO3: Equity Valuation Frameworks | Integration of equity valuation results from different models and comparison with market price; critical conclusion and recommendation. (30%) | Excellent integration of multiple valuation outcomes with market evidence. Conclusions are strongly justified, nuanced, and supported by critical reasoning. Clear, persuasive investment recommendation. | Clear comparison of valuation outcomes with some integration. Recommendations justified but less critically nuanced. | Adequate comparison of models and market price, though limited or descriptive. Recommendation is present but weakly supported. | Weak or partial comparison of models. Recommendation vague, inconsistent, or poorly justified. | Very limited or incorrect comparison of valuation models. Conclusions are unsupported or missing. |
| Integration & Communication (across CLOs) | Structure, clarity of argument, quality of Excel spreadsheet modelling, use of data, academic writing and referencing. (10%) | The report is logically structured, Excel modelling is accurate, transparent and well-labelled. Argumentation is clear and persuasive. Excellent academic writing and referencing. | The report and Excel are well presented with only minor errors or lapses. The argument is clear. Good use of academic conventions. | Adequate structure and presentation. Excel is functional, but with errors or unclear labelling. Academic writing is acceptable but basic. | The report is poorly structured or unclear. Excel is incomplete or error-prone. Weak referencing or communication. | Disorganised or incoherent report. Excel absent or unusable. Referencing missing or largely incorrect. |
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