Part 2 - [Total: 35 Marks] During lock down, you have been considering investing in shares and Square has come to your attention multiple times due to social media. You have decided to do a more thorough analysis of Square, Inc (Square) (NYSE: SQ). i) Provide a brief industry and company analysis for Square. You should discuss key competitors, peers, industry influences, company business and analyse key financial ratios. (15 Marks) You realise in your research that you may need some sort of benchmark to compare Squares share price against and that analysing multiples might be useful in valuing Square. ii) Identify and discuss at least one benchmark that you have chosen to compare Square against. What considerations did you make in your choice of benchmark? Chart your choice of benchmark against Squares share price over the same period in Part 1 and compare the two graphically. (10 marks) iii) Identify an appropriate valuation multiple/ratio and analyse if Square is over, under or fairly valued. Explain the reasoning behind your choice of multiple that you utilised for your analysis. Are there any limitations of utilising multiples that you might need to consider? (5 marks) iv) A friend on social media has significant holdings (i.e. they own shares) in Square. They post false rumours about Square being acquired by a competing firm in order to influence the share price upwards. What is the current share price of Square (choose any date from April 1 2021)? How would the attempt to manipulate this share price be viewed if you considered this in light of the CFA Code of Ethics and Standards of Professional Conduct. (5 marks)