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Research & Valuation: company overview and 20 disciplines.Overview
Products or services. Major market and market position. Company location, history and culture. Business Environment
Moneytary policies. Fiscal policies. Interest rates, inflation and unemployment rate. Currency and trading. Industry regulations. Tax. Environmental standards. Political and legal environment. Population, GDP and income distribution.
Basic characteristic of industry. Upstream, downstream and industry cycle. Competitive landscape (concentration, major players and barriers to entry). Emerging trends. Global position. Standards and regulations. Risks.
Basic characteristic of products or services. Substitutes or compliments. Differentiations and market position. Product lifecycle.
Business or consumers. Demographics.
Who they are. Alternative suppliers. Power of negotiation.
Distribution channels. Direct or indirect. Supply chain integration.
Existing competitors. Competitive advantages and disadvantages. Strength. Weakness. Opportunity. Threat.
Barriers to entry. Potential competitors. Required financial or human capital and time to market. Intellectual property. Government or industry regulations. Existing competitors. Management
Market expansion and competitive strategy. Recruiting and retention. Financing. Cost reduction. Distribution. Organic growth vs Acquisition. Legal. International.
Track record. Management style. Execution strategies. Ethics.
Board composition. Board member compensation. Board effectiveness. Ethics and compliancy. Anti-takover defenses or "Poison Pills". Protection of small shareholders.
Structures or tiers. Executive compensation. Employee retention. Restricted stocks. Stock options. Employee benefits. Defined benefits and obligations. Valuation
Revenue growth, market position and other basises of revenue forecast. Units and Average Price. Revenue Adjustment.
Cost structure and basises of cost estimates. Fixed vs variable cost. Direct cost vs indirect cost. Cost variables.
Gross margin, net margin, return over assets, financial and operational leverage, operation efficiency. Economics of scale.
Forecast cash flow. Cash flow from operation, financing and investment. Cash flow adjustment.
Quick ratio. Interest coverage ratio. Long-term debt. Retirement benefits.
Dividend Discount Model (DDM), DCF, FFCE or FFCF, EVA, WACC, Terminal Value, Multi-stage Growth Model, ROC, ROE, CAPEX, Change in Working Capital, EBIDA, Enterprise Value, Relative Ratios. Sensitive analysis. Technical Analysis
Moving averages. Trading volumes. Supply and demand of company shares. Others
Other discretionary items. |
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