International Corporate Finance

International Corporate Finance
Word Limit: 1000
Overview of assignment International Corporate Finance:
You are the financial manager of a listed UK company and your task is to prepare a briefing note for its board of directors to advise it on the following matters:
• Whether the company’s shares are currently fairly valued by the equity market using the price earnings ratio and dividend yield methodologies;
• Whether the company should proceed with an international expansion project which is under consideration by calculating its internal rate of return, net present value and discounted payback period (using your estimate of its current weighted average cost of capital);
• Whether the company’s current capital structure is optimal and, if not, how it can be improved; and
• Whether the company’s dividend policy is optimal and, if not, how it can be improved.
Each student will be provided with details of their company and the international expansion project which is under consideration during the initial teaching period.

Rationale  for International Corporate Finance
The rationale for this individual assignment is to assess whether you can:
• Apply the taught financial management theories and techniques to a company; and
• Articulate and present your findings and recommendations in a professional manner.

Other important information
Your briefing note should not be academically referenced.
You should only consider the return of the project (it is not necessary to consider its risk).
A penalty of 10 percentage points will be applied to your mark if the maximum word count is exceeded. Questions about this assignment may only be asked during seminars and surgeries. For the avoidance of doubt, the unit tutor will not answer questions about the assignment that are posed in via email. Further, and in the interest of fairness to all students, draft briefing notes will not be reviewed.

International Corporate Finance
Briefing Note Structure Guidance

Introduction
Recipients and terms of reference (purpose) of the note
Equity valuation
Explanation of valuation methodologies
The company’s price earnings ratio and dividend yield *
Your opinion on whether the shares are fairly valued
International expansion project
Explanation of the weighted average cost of capital and investment appraisal methodologies
The company’s weighted average cost of capital *
The project’s internal rate of return, net present value and discounted payback period *
Your advice on whether the company should proceed with the project
Capital structure
The company’s level of financial gearing *
Your opinion, with reference to applicable theories, on whether the current level is optimal
If sub-optimal, your advice on how it could be improved
Dividend policy
The company’s dividend policy
Your opinion, with reference to applicable theories, on whether the current policy is optimal
If sub-optimal, your advice on how it could be improved
Summary
Key findings and advice
Appendices
Detailed backing calculations of the key figures starred (*) above

Write a 3000 words essay using APA/MLA/HAVARD/CHICAGO format and ensure to adhere to the time and instructions

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