Subject: A company Valuation Study - please pick up a listed company. Any listed company would be fine. - Business background - Industry background : macro environment of the target company - Analyze the current value of the company ( current means at the point of your research ) based on the current stock price: Under-valued, Over-valued? - Assuming that you have an intention to make an investment in the company, do you think the current stock price is over-valued or under-valued, or proper? - You may use any valuation models we studied in the class. e.g. DCF, Prof. Thomas Lys - Back of Envelop Model - 4 step valuation - You may need to show a future cash flow projection of the company. Please try to find any analyst's report for this. Usually, for a listed company, there are analysts' reports available that they recommend ' buy ' or ' sell'. If you can't find any analyst's report, then please stick to the following assumptions; Please refer to the company's last year's financial report (which you may find on the company's website) . Then, assume: 1. growth rate: 5% EBITDA growth for next five years based on last year's EBITDA 2. Tax : 15% - same for the next 5 years 3. WACC : 7 % per annum, same for the next 5 years