EQUITY INVESTMENT ANALYSIS - 2023/4
Module code: MANM318
The module examines the various approaches to equity investment analysis, providing a systematic understanding of the challenges faced and the decisions to be taken when analyzing and valuing corporate equity. It encompasses the principles and practice of valuation of companies’ shares. This is examined from several aspects; industry analysis, company analysis, valuation methods and the link between valuation and investment style. Real corporate analysis will be undertaken in order to highlight and evaluate the different approaches to investment analysis.
Surrey Business School
FANG Yue (SBS)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 7
JACs code: N321
Module cap (Maximum number of students): N/A
Overall student workload
Independent Learning Hours: 80
Lecture Hours: 20
Seminar Hours: 10
Guided Learning: 20
Captured Content: 20
Prerequisites / Co-requisites
Indicative content includes:
- Equity Valuation
- Industry and Company Analysis
- Discounted Dividend Valuation
- Free Cash Flow Valuation
- Market Based Valuation
- Residual Income Valuation
- Private Company Valuation
|Assessment type||Unit of assessment||Weighting|
|Online Scheduled Summative Class Test||MCQ TEST ONLINE (OPEN BOOK) WITHIN 4 HOUR WINDOW (50 MIN)||30|
|Examination Online||EXAM ONLINE (OPEN BOOK) WITHIN 4 HOUR WINDOW (TIMED, 2000 WORDS)||60|
|Practical based assessment||Bloomberg BMC online assessment||10|
The assessment strategy is designed to provide students with the opportunity to demonstrate:
The assessments are designed to assess students’ ability to comprehend and apply equity valuation models to appraise public and private firm value, and to use investment tools (e.g., Bloomberg).
Thus, the summative assessment for this module consists of:
- Online class test, 30%
- Online exam, 60%
- Bloomberg Market Concepts (BMC) e-learning course modules: Equities and Economics, 10%
Students will receive oral feedback during seminars.
Feedback and guidance will be given via SurreyLearn throughout the module.
The class test provides feedback on theoretical underpinnings and typical calculations giving students an early indication where more work may be required.
- Compare and contrast various equity valuation models to develop firm investment strategies
- Use Bloomberg as an investment tool.
- Apply valuation methodology and analyse firm value to critically assess investment opportunities
|001||Evaluate the role of investment analysis, the drivers of industry value and the drivers of corporate value.||KCPT|
|002||Evaluate the impact of macroeconomic and industrial factors on a security's performance.||KCPT|
|003||Estimate intrinsic value, relative value and a range of financial multiples for corporate equity.||KCPT|
|004||Analyse and apply a range of valuation methodologies to appraise private and public firm value.||KCPT|
|005||Use Bloomberg as an investment tool.||KCPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
The teaching and learning strategy is designed to facilitate students understanding of applied finance; how to analyse real companies and industries using a range of theoretical approaches.
The learning and teaching methods include:
The teaching and learning methods includes lectures to establish key principles, seminars to focus on practical application and the use of SurreyLearn to facilitate discussion and distribution of additional materials and data sources.
ELearning via Bloomberg will be used to reinforce key market concepts.
Additional resources such as Company Accounts will be used where appropriate.
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Upon accessing the reading list, please search for the module using the module code: MANM318
Employability: in this module, students will be given chance to do group presentation, case study, debate, and numerical questions to solve a variety of tasks that mimic the professional world issues. The purpose of this design is to help students enhance teamwork, presentation, interpersonal, and critical thinking skills which are the skills that are highly sought after in job market.
Global and Cultural Capabilities: the students of this module are from diverse nationalities and backgrounds. Students are highly encouraged to share their views, learn from one another, and participating in group tasks in a friendly environment. They will be made aware of intercultural difference and appreciate the different value of a diverse of culture via interaction and collaboration.
Digital Capabilities: in this module, students are given access to virtual learning environment (e.g., SurreyLearn) to facilitate their learning, required to be familiar with investment tools (e.g., Bloomberg) and are also introduced to Matlab to create and test their own stock market trading strategies. They are highly encouraged to use Microsoft Teams, Zoom, WhatsApp and other social media platform to finish group tasks.
Resourcefulness & Resilience: in this module, interpersonal skills, problem solving, and decision-making skills of students will be enhanced in solving individual and group tasks. Scaffolding teaching technique will be applied to guide their self-learning to improve their self-regulatory and self-efficacy.
Sustainability: in this module, students will be made aware of the influence and potential consequence of fraud and creative accounting.
Programmes this module appears in
|International Corporate Finance MSc||1||Compulsory||A weighted aggregate mark of 50% is required to pass the module|
|Investment Management MSc||1||Compulsory||A weighted aggregate mark of 50% is required to pass the module|
|Business Analytics MSc||1||Optional||A weighted aggregate mark of 50% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2023/4 academic year.