This assignment will assess the following learning outcomes stated in the module specification of this module: 1. Apply the understanding of the 'business model' to a deeper analysis of the intrinsic value of a company. 2. Evaluate annual reports through financial statement analysis, including ratio analysis, equity valuation techniques, and financial statement modelling. 3. Interpret presentation and communication techniques used by directors in annual reports, including earnings manipulation techniques. 4. Analyse the impact of the macroeconomic and industry environment on investment advice for an individual company. 5. Evaluate executive strategy and strategic plans to interpret market share valuations. 6. Apply a range of equity valuation techniques such as the dividend discount model, various price and enterprise value multiples models, and free cash flow valuation. 7. Critically evaluate the value of financial statement analysis in investment decision making. Requirement for the Equity Analyst's Report You are to produce a company (equity) analysis report. It is expected that you will use the full range of information sources available to you (including Osiris, and Bloomberg, where possible) to complete your assignment. The report must be word-processed and the length must not exceed 3,000 words. Your report should contain the following sections: a) Analyst's tearsheet; b) Company profile, including a segmental analysis; c) Industry analysis (including PEST analysis); d) Competitor analysis, using Porter's Five Forces model; e) Discussion of the company's business model and corporate strategy; f) Analysis of key corporate events and activities (only if these events are significant); g) A summary analysis of the company's financial statements; h) A full financial ratio analysis, including trend analysis, comparison with industry ratios, the identification and computation of customised industry ratios; i) Company valuations, employing dividend models (where appropriate) and multiples models, with all assumptions justified; j) A basic free cash flow model, with an Excel printout of that model to be placed in the appendix, along with a justification of the assumptions made;