School of Business

FINC3015 (Vietnam) Security Analysis and Business Valuation

Vietnam Campus Trimester 1 2023
 Western Sydney University acknowledges the peoples of the Darug, Dharawal, Eora and Wiradjuri nations. We also
acknowledge that the teaching and learning currently delivered across our campuses is a continuance of the teaching
and learning that has occurred on these lands for tens of thousands of years.

Subject Details

Subject Code: FINC3015 (Vietnam)

Subject Name: Security Analysis and Business Valuation
Credit Points: 10
Subject Level: 3
Assumed Knowledge: Knowledge acquired in the corporate financial management and fundamentals of ac-
counting.

Note: Students with any problems, concerns or doubts should discuss those with the Subject Coordinator as early as they can.

Subject Coordinator
Name: Heath Spong

Vietnam Campus Convenor

Name: Dr. PHAN Thu Hien
Location: 196 Tran Quang Khai street, Tan Dinh ward, District 1, HCMC
Email: hien.phan@isb.edu.vn

Student Advisor
Name: Ms. NGUYEN Thi Hoang Anh
Location: 196 Tran Quang Khai street, Tan Dinh ward, District 1, HCMC
Email: hoanganh@isb.edu.vn

Administrative Support
Name: Ms. VU Thuy Khanh Ha
Location: 196 Tran Quang Khai street, Tan Dinh ward, District 1, HCMC
Email: ha.vu@isb.edu.vn

Edition: Vietnam Campus Trimester 1 2023

Copyright ©2023 University Western Sydney trading as Western Sydney University ABN 53 014 069 881 CRICOS Provider No: 00917K No part of this publication may be reproduced or transmitted in any form or by any means,
electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without the prior written permission from the Dean of the School. Copyright for acknowledged materials reproduced
herein is retained by the copyright holder. All readings in this publication are copied under licence in accordance with Part VB of the Copyright Act 1968.
Contents
1 About Security Analysis and Business Valuation 2
1.1 An Introduction to this Subject . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.2 What is Expected of You . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
1.3 Changes to Subject as a Result of Past Student Feedback . . . . . . . . . . . . . . . . . . . . . . . . 4

2 Assessment Information 5
2.1 Subject Learning Outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2.2 Approach to Learning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
2.3 Assessment Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2.4 Assessment Details . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.4.1 Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2.4.2 Mid-semester test . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2.4.3 Final examination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.5 General Submission Requirements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

3 Teaching and Learning Activities 17

4 Learning Resources 19
4.1 Recommended Readings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Note: The relevant Learning Guide Companion supplements this document

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1 About Security Analysis and Business Valuation

1.1 An Introduction to this Subject

This subject analyses companies from a fundamental perspective in order to derive an intrinsic value for securities.
The focus is on the attempt by active investors to identify mispriced securities using publicly available information,
company reports and financial market information. The analytical techniques of financial statement analysis (e.g.
fundamental analysis, free cash flow analysis and pro-forma analysis) and the issue of the ”reliability” and ”quality”
of publicly available information are discussed and explored. Those contemplating careers in investment banking,
financial consulting, trust funds, superannuation funds, hedge funds, and brokerage firms will find this applied subject
both useful and interesting.

1.2 What is Expected of You

Study Load

A student is expected to study an hour per credit point a week. For example a 10 credit point Subject would require
10 hours of study per week. This time includes the time spent within classes during lectures, tutorials or practicals.

Note for Summer Terms: As Summer subjects deliver the same content and classes over a shorter period of time,
the subjects are run in a more intensive mode. Regardless of the delivery mode, the study hours for each subject in
Summer will be around 30 hours.

Attendance

It is recommended that students attend all scheduled classes in order to succeed in this subject.

UEH-ISB policy requires students to enter electronic finger print before entering the classes. Please let your lecturer
and/or UEH-ISB know if you are unable to attend any session.

Online Learning Requirements

Subject materials will be made available on the Subject’s vUWS (E-Learning) site (https://vuws.westernsydney.
edu.au/). You are expected to consult vUWS at least twice a week, as all Subject announcements will be made via
vUWS. Teaching and learning materials will be regularly updated and posted online by the teaching team.

Special Requirements

Essential Equipment:
Not Applicable
Legislative Pre-Requisites:
Not Applicable

Policies Related to Teaching and Learning

The University has a number of policies that relate to teaching and learning. Important policies affecting students
include:

– Assessment Policy
– Bullying Prevention Policy and

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 – Guidelines
– Enrolment Policy
– Examinations Policy
– Review of Grade Policy
– Sexual Harassment Prevention Policy
– Disruption to Studies Policy
– Student Misconduct Rule
– Teaching and Learning - Fundamental Code
– Student Code of Conduct

Academic Integrity and Student Misconduct Rule

Western cares about your success as a student and in your future career. Studying with academic integrity safeguards
your professional reputation and your degree. All Western students must:

– be familiar with the policies listed above;

– apply principles of academic integrity;
– act honestly and ethically in producing all academic work and assessment tasks; and
– submit work that is their own and acknowledge any sources used in their work.

Each time you submit an assessment, you will declare that you have completed it individually, unless it is a group
assignment. In the case of a group assignment, each group member should be ready to document their individual
contribution if needed. You will also declare that no part of your submission has been:

– copied from any other student’s work or from any other source except where appropriate acknowledgement is
made in the assignment;
– submitted by you in another (previous or current) assessment, except where appropriately acknowledged, and
with prior permission from the Subject Coordinator;
– made available to others in any form, where individual work is required;
– written/produced for you by any other person.

The Student Misconduct Rule applies to all students of Western Sydney University including Western Sydney Univer-
sity programs taught by other education providers. You must not engage in academic, research or general misconduct
as defined in the Rule or you may be subject to sanctions. The University considers submitting falsified documentation
in support of requests to redo, resit or extend submissions, including sitting of deferred examinations, as instances of
general misconduct.

More information on studying with integrity is available on the Study with Integrity webpage. It is your responsibility
to apply these principles to all work you submit to the University.

Avoid using external ’support’ sites or other external help

To avoid the risk of your assignment being shared without your knowledge, do not upload your assignment to any
external sites for spelling, grammar or plagiarism checks. Your safest option is to use the free services provided by
Library Study Smart or Studiosity.

Avoid using any websites that:

– allow sharing of assignments or other material

– reward sharing of material with credits, tokens; or access to additional materials/features/services;
– provide answers to textbook or assignment/exam questions;
– provide free sample assignments; and/or include order buttons and prices; and/or
– invite you to submit your assignment for plagiarism or grammar or other checks.

Engagement with academic cheating sites will be regarded as misconduct. Academic cheating services often market
themselves as ’support’. Engagement with these sites includes:

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 – Sharing assignments or course material;
– Using online tools provided by these sites to check for plagiarism, grammar or spelling; and/or
– Purchasing writing services, or obtaining a copy of an assignment.

Uploading your work to these sites may lead to your work being shared with others with or without your knowledge
and consent.

The Australian Government monitors current and past students’ use of academic cheating services, and may report
student material found on these sites or other forms of engagement to universities.

Current students with items found on academic cheating sites face sanctions under the Student Misconduct Rule.
Outcomes for graduates may include revocation of award. For more information see https://www.westernsydney.
edu.au/currentstudents/current_students/student_misconduct_rule.

More advice can be found on the Study with Integrity webpage.

Need help?

If you are having difficulties with understanding or completing an assessment task, contact your Subject Coordinator
as soon as possible. Western also has a range of academic support services, including:

– Library Study Smart: book a one-to-one Zoom consultation with a literacy expert. You can discuss how
to develop your assignment writing and study skills or seek assistance to understand referencing and citation
requirements. Check the Library Study Smart website for how-to study guides and tools.
– Studiosity: Upload your assignment draft to Studiosity within vUWS to receive writing feedback within 24
hours.
– Online workshops, programs and resources: From maths and stats help to academic literacy and peer support
programs, the University has a range of resources to assist.

Please also remember that there is a range of wellbeing support available - from counselling and disability services to
welfare.

1.3 Changes to Subject as a Result of Past Student Feedback

The University values student feedback in order to improve the quality of its educational programs. The feedback
provided helps us improve teaching methods and Subjects of study. The survey results inform Subject content and
design, learning guides, teaching methods, assessment processes and teaching materials.

You are welcome to provide feedback that is related to the teaching of this Subject. At the end of the semester you
will be given the opportunity to complete a Student Feedback on Subject (SFU) questionnaire to assess the Subject.
You may also have the opportunity to complete a Student Feedback on Teaching (SFT) questionnaire to provide
feedback for individual teaching staff.

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2 Assessment Information

2.1 Subject Learning Outcomes

Outcome
Assurance of Learning Information for Learning Guides

The School of Business is currently working towards The Association to Advance Collegiate Schools of
Business (AACSB) accreditation, an international business school accreditation. Address of the AACSB
standards supports the School of Business to implement learning and teaching processes so that each
course has learning goals that are relevant and appropriate. Additionally, the design and delivery of
the curricula maximises the potential for students achieving expected course learning outcomes. Assur-
ance of Learning (AoL) forms part of the accreditation standards for AACSB. Information regarding the
Subjects that are involved in the AoL process for your course can be found at the following webpage
https://www.westernsydney.edu.au/sob/business/accreditations/aol/assurance_of_learning
1 Collect and critically analyse financial and non-financial company and industry information
Assess the implications of the macroeconomic environment, industry structure and operations and strate-
2
gies of a business for its future prospects.
3 Construct and apply various valuation models to value security and the business.
Critically assess the valuations of a business and of its debt and equity based on discounted cash flow
4
analysis.
5 Classify the concepts and limitations of traditional valuation approaches.

2.2 Approach to Learning

Security Analysis and Business Valuation subject provides students with the opportunity to explore new techniques,
models and industry practices used in the valuation and selection of securities trading in the Australian equity market.
The primary focus in this subject is equity, debt and business valuation. Fundamental analysis will be examined in
detail and applied in cases involving companies listed on the Australian stock exchange. A sustained effort throughout
the semester is required to master the material covered in this subject. It is common for students to have difficulty
with this subject’s content, as it requires basic knowledge from a number of areas including finance and accounting,
and the background of some students is deficient in one or more of these areas. Nevertheless, with a consistent
effort, most students can pass and learn a great deal from this subject. The overriding learning objectives are to
foster analytical reasoning skills and critical thinking. These skills can be used to problem-solve using an underlying
conceptual framework, while being aware of some of the pitfalls of that framework.

Referencing and citation requirements

This subject uses the American Psychological Association (APA) referencing style. Full details and examples are
available on the Library website.

Assignment cover sheet

You are to keep a copy of all assessments submitted for marking.

Submission through vUWS and Turnitin indicates your acknowledgement and acceptance of the work being your
own. Some assessments may be required to be submitted with an assignment cover sheet (check the submission
requirements section for each assessment). In these instances, links to assignment cover sheets can be located in
your vUWS site.

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Group assignments are to be submitted with a group assignment cover sheet indicating the names of all group
participants. Some subjects may also require you to submit a peer evaluation of group member participation. This
may be conducted online or in hard copy format. Details will be provided via the vUWS site.

Tutorials

Tutorials following the lecture in each session provide students the opportunity to apply and share knowledge by
doing a variety of in-class activities individually or in a group such as exercises, discussion, and presentation. These
activities focus on demonstrating your skills and help you build your ability to achieve the learning outcomes for this
subject.

Tutorial questions/exercises will be provided in the lecture handouts. You will be expected to have completed specific
reading and exercises from the textbook and other required materials prior to attending each lecture and tutorial
class. If you have not prepared adequately, you will not get the full benefit from this learning opportunity.

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2.3 Assessment Summary

The assessment items in this Subject are designed to enable you to demonstrate that you have achieved the Subject
learning outcomes. Completion and submission of all assessment items which have been designated as mandatory or
compulsory is essential to receive a passing grade.

To pass this Subject you must:

Item Weight Due Date SLOs Assessed Threshold

Report 20% Session 12 (Week 14) - 2, 3, 4 and 5 No
Saturday, 8th April 2023 (VN
Time)
Mid-semester test 30% Session 6 (Week 8) (VN Time) 1-3 No
Final examination 50% During formal examination 1-5 No
period

Feedback on Assessment

Feedback is an important part of the learning process that can improve your progress towards achieving the learning
outcomes. Feedback is any written or spoken response made in relation to academic work such as an assessment
task, a performance or product. It can be given to you by a teacher, an external assessor or student peer, and may
be given individually or to a group of students. As a Western Sydney University student, it is your responsibility to
seek out and act on feedback that is provided to you as a resource to further your learning.

The Assessment Policy provides that assessment feedback is available to students in a timely way. Your lecturer/tutor
will normally provide you with your mark and written feedback within two to three weeks of the submission date,
given that your assessment is submitted on the due date.

Note: Before you receive your results for each piece of assessment they may be moderated. Moderation is a process
whereby the subject coordinator regulates the marking of individual markers to achieve consistency in the application
of subject objectives, performance standards and marking criteria. You should note that, consistent with the Criteria
and Standards Based Assessment policy, the final marks for the cohort may be also adjusted if marks are very high
or low or there are inconsistencies between teams. Marks for an individual piece of assessment will not be changed
after you have your moderated results.

Note: It is required that students attempt all available assessment elements. An automatic Fail Non - Submission
grade will be awarded if any assessment task is not submitted/completed as per the details specified.

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2.4 Assessment Details

2.4.1 Report

Weight: 20%
Type of Collabora- Group
tion:
Due: Session 12 (Week 14) - Saturday, 8th April 2023 (VN Time)
Submission: You are required to submit a written report of your Group Project in week 14. Please
e-mail soft copy of your written report and excel calculation files to teaching academic.
Format: A brief introduction about the company, including its history, main product(s), gross sales,
net income, stock price movements, dividend payments, debt and equity structure and
the number of shares outstanding, etc. When you report the numbers, make sure you
include several years’ data to see whether there is a trend. Some graphs may be helpful.

Your analysis will include a valuation based on the present value of a projection of the
firm’s future free cash flows. The projected free cash flows will be generated from a pro
forma model of the firm’s financial statements. The pro forma financial statements will be
driven by sales projections which may be forecast based on some consideration of relevant
factors. The valuation must also include a sensitivity analysis.

Your recommendation must be supported by your analysis.

Length: 2,000 words
Curriculum Mode: Report

Overview

The objectives of the online quizzes are:

– To encourage students to study consistently throughout the semester.

This assessment in its entirety will be used to measure CLO 1 (Written).

GROUP PROJECT

Company Analysis

Assume that you are an analyst and have been approached by a group of investors to advise them on an investment in
a particular company. They want you to analyze the data you collect and make recommendations as to the potential
return on their investment. Your clients need a written report.

Groups should select one company listed on the ASX and collect publicly available information and conduct an analysis
of the firm’s ordinary shares in order to provide a buy, hold or sell recommendation for a long term investor based on
analysis.

To complete your company analysis

Research the company. Start with the company’s most recent annual reports. You can get a lot of information
online at websites. Most libraries also have some publications that you can use. Your research should also include
the industry in which the company operates, including its main competitors.
Analyze the financial/accounting data and the other information you gathered.

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Make a recommendation based on your research and analysis. Your analysis must support your recommendation.
This is the most important part of the project.

9
Marking Criteria:

A brief introduction about the company, including its history, main product(s), gross sales, net income, stock price
movements, dividend payments, debt and equity structure and the number of shares outstanding, etc. When you
report the numbers, make sure you include several years’ data to see whether there is a trend. Some graphs may be
helpful. (5 marks)

Your analysis will include a valuation based on the present value of a projection of the firm’s future free cash flows.
The projected free cash flows will be generated from a pro forma model of the firm’s financial statements. The pro
forma financial statements will be driven by sales projections which may be forecast based on some consideration of
relevant factors. The valuation must also include a sensitivity analysis. (12 marks)

Your recommendation must be supported by your analysis. (3 marks)

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2.4.2 Mid-semester test

Weight: 30%
Type of Collabora- Individual
tion:
Due: Session 6 (Week 8) (VN Time)
Submission: In class
Format:
Length: 90 minutes
Curriculum Mode:

Overview
The exam provides students with an opportunity to demonstrate their understanding of subject content.

Details
The mid-semester exam constitutes 30 per cent of the subject assessment. It will run for 90 minutes.

– This is a closed-book exam.

– Students should bring a hand-held non-programmable calculator for use during the exam.
– The exam consists of two parts including numerical problems and theoretical questions.
– The exam will be comprehensive covering all the materials covered in topics 1 to 4.

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Marking Criteria:

Marks are awarded for correct solutions and understanding of theories and concepts. It’s recommended that students
show the process of calculation.

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2.4.3 Final examination

Weight: 50%
Type of Collabora- Individual
tion:
Due: During formal examination period
Submission:
Format:
Length: 2 hours
Curriculum Mode: Final Exam

Overview
The final exam tests basic understanding of theoretical concepts related to security analysis and business valuation.

Details

The final exam constitutes 50 per cent of the subject assessment. It will run for two hours.

– This is a closed-book exam.

– Students should bring a hand-held non-programmable calculator for use during the exam.
– The exam consists of two parts including numerical problems and theoretical questions.
– The exam will be comprehensive covering all the materials taught during the semester.

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Marking Criteria:

Marks are awarded for correct solutions and understanding of theories and concepts. It’s recommended that students
show the process of calculation. Final marks and grades are subject to confirmation by the School Assessment
Committee which may adjust, modify or otherwise amend the marks and grades for the subject, as may be required
by University policies.

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2.5 General Submission Requirements

Submission

– All assignments must be submitted by the specified due date and time.
– Complete your assignment and follow the individual assessment item instructions on how to submit. You must
keep a copy of all assignments submitted for marking.

Turnitin

– The Turnitin plagiarism prevention system may be used within this Subject. Turnitin is accessed via logging
into vUWS for the Subject. If Turnitin is being used with this Subject, this means that your assignments have
to be submitted through the Turnitin system. Turnitin is a web-based text-matching software that identifies
and reports on similarities between documents. It is also widely utilised as a tool to improve academic writing
skills. Turnitin compares electronically submitted papers against the following:
– Current and archived web: Turnitin currently contains over 24 billion web pages including archived pages
– Student papers: including Western Sydney University student submissions since 2007
– Scholarly literature: Turnitin has partnered with leading content publishers, including library databases,
text-book publishers, digital reference collections and subscription-based publications (e.g. Gale, Proquest,
Emerald and Sage)
– Turnitin is used by over 30 universities in Australia and is increasingly seen as an industry standard. It is
an important tool to assist students with their academic writing by promoting awareness of plagiarism. By
submitting your work using this link you are certifying that:
– You hold a copy of this submission if the original is lost or damaged.
– No part of this submission has been copied from any other student’s work or from any other source
except where due acknowledgement is made in the submission.
– No part of this submission has been submitted by you in another (previous or current) assessment, except
where appropriately referenced, and with prior permission from the teacher/tutor/supervisor/ Subject
Coordinator for this subject.
– No part of this submission has been written/produced for you by any other person except where collabo-
ration has been authorised by the teacher/tutor/ supervisor/Subject Coordinator concerned.
– You are aware that this submission will be reproduced and submitted to plagiarism detection software
programs for the purpose of detecting possible plagiarism (which may retain a copy on its database for
future plagiarism checking).
– You are aware that this submission may be de-identified and reproduced in part or in full as an example
for future students.
– You will not make this submission available to any other person unless required by the University.

Self-Plagiarising

– You are to ensure that no part of any submitted assignment for this Subject or product has been submitted by
yourself in another (previous or current) assessment from any Subject, except where appropriately referenced,
and with prior permission from the Lecturer/Tutor/Subject Coordinator of this Subject.

Late Submission

– If you submit a late assessment, without receiving approval for an extension of time, (see next item), you will
be penalised by 10% per day for up to 10 days. In other words, marks equal to 10% of the assignment’s weight
will be deducted from the mark awarded.
– For example, if the highest mark possible is 50, 5 marks will be deducted from your awarded mark for each late
day.
– Saturday and Sunday are counted as one calendar day each.
– Assessments will not be accepted after the marked assessment task has been returned to students.
– This is consistent with Western Sydney University’s Assessment Policy

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Extension of Due Date for Submission

A student may apply for an extension of the due date for an assessment task if extenuating circumstances outside their
control, and sufficiently grave in nature or duration, cause significant disruption to their capacity to study effectively.

To apply for an extension of assessment, please go to https://www.westernsydney.edu.au/currentstudents/current_

students/forms for guidance on how to lodge a request for consideration by the Subject Coordinator/Convenor.
Extension requests can be lodged before, on or no later than 5.00pm two working days after the due date of the
assessment task.

Application forms must be submitted to the Subject Coordinator/Convenor. Requests for extension should be made
as early as possible and submitted within policy deadlines. Appropriate, supporting documentation must be submitted
with the application. An application for an extension does not automatically mean that an extension will be granted.
Assessments will not be accepted after the marked assessment task has been returned to students.

Resubmission

Resubmission of assessment items will not normally be granted if requested.

Disruption to Studies

It is strongly recommended that you attend all scheduled learning activities to support your learning. The University
will provide students who have experienced a serious and unavoidable disruption to their studies a Disruption to
Studies provision, which is an opportunity to demonstrate that you have met the learning outcomes for the subject.
To be eligible for a Disruption to Studies Provision, the disruption must impact your studies for at least three
consecutive days. More information, including how to apply for a Disruption to Studies, can be found on the
University website https://www.westernsydney.edu.au/currentstudents/current_students/services_and_facilities/
special_consideration

Supplementary Assessments

A student may be eligible to apply for a supplementary assessment after the official notification of final Subject
results. Please see the Procedures Section of the WSU Assessment Policyfor details of eligibility and the application
process.

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 3 Teaching and Learning Activities

Weeks Topic Preparation Assessments Due

Week 1 Session 1 Chapter 2
02-01-2023
Forecasting and Valuing Cash Flows
Week 2 Session 2 Chapter 3
09-01-2023
Project Risk Analysis
Week 3 LUNAR NEW YEAR
16-01-2023
Week 4 LUNAR NEW YEAR
23-01-2023
Week 5 Session 3 Chapter 4
30-01-2023
Estimating a Firm’s Cost of Capital
17

Week 6 Session 4 Chapter 5

06-02-2023
Estimating Required Rates of Returns for Projects

Week 7 Session 5 Chapter 6

13-02-2023
Forecasting Financial Performance

Week 8 Session 6 - Mid-semester test

20-02-2023
MID SEMESTER EXAM

Week 9 Session 7 Chapter 7

27-02-2023
Earning’s Dilution, Incentive Compensation, and
Project Selection
 Weeks Topic Preparation Assessments Due
Week 10 Session 8 Chapter 8
06-03-2023
Relative Valuation Using Market Comparables

Week 11 Session 9 Chapter 9

13-03-2023
Enterprise Valuation

Week 12 Session 10
20-03-2023
Valuation in a Private Equity Setting

Week 13 Session 11 Chapter 11

27-03-2023
Using Futures and Options to Value Real
Investments
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Week 14 Session 12 - Report

03-04-2023
Revision
DUE: Saturday 8th April, 2023 11:59 PM (VN
Time)
Week 15 EXAM PREPARATION WEEK (SELF-STUDY)
10-04-2023
Week 16 FORMAL EXAMINATION WEEK
17-04-2023
Week 17
24-04-2023
Week 18
01-05-2023

The above timetable should be used as a guide only, as it is subject to change. Students will be advised of any changes as they become known on the Subject’s vUWS site.
4 Learning Resources

4.1 Recommended Readings

Prescribed Textbook

Titman, S & Martin, J 2014, Valuation: The Art and Science of Corporate Investment Decisions (3e). Pearson
Higher Ed USA ISBN: 9780133479522

Additional Reading

Bodie, Z, Kane, A & Marcus, AJ 2013, Investments, 10th edn, McGraw-Hill/Irwin, New York.

Damodaran, A 2012, Investment valuation (University Edition), 3rd edn, John Wiley & Sons.

Gitman, LJ et al. 2011, Fundamentals of investing, 3rd Australian edn, Pearson Education, Frenchs Forest.

Higgins, RC 2015, Analysis for financial management, 11th edn, McGraw-Hill/Irwin, New York.

Jones, CP et al. 2012, Investments: analysis and management, 12th Australasian edn, John Wiley & Sons, Milton.

Palepu, KG, Healy, PM & Bernard, VL 2004, Business analysis and valuation using financial statements, 3rd edn,
South-Western Thomson Learning, Mason.

Pinto, JE, Henry, E, Robinson, TR & Stowe JD, Equity asset valuation, CFA Investment Institute Series, 2nd edn,
John Wiley & Sons.

Soffer, L & Soffer, R 2004 Financial statement analysis: a valuation approach, New Jersey, Prentice Hall.

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