Investment Research Challenge
FIN3IRA & FIN5IRA
Subject Learning Guide
“The Challenge enhanced my ability in so many ways to get ready to work
in the real market. I have developed my critical thinking ability ... I came to
understand the real market, the real process of analysis and what is the
core of a good report and presentation. …. I came to know myself in trying
to overcome my shortcomings, and trying to benefit others in our team. The
team wins. I win. The team loses. I lose more.”
[Tong Wang, MFA (La Trobe)]
Semester 1, 2012
Bundoora Campus
Greg Jamieson
Content
Content
1.0 Subject information at a glance
2.0 Challenge honour board
2.1
2.2
La Trobe Investment Research Challenge – Winning Teams
4
La Trobe Teams – CFA Investment Research Challenge (Melbourne Final) 4
3.0 What the challengers said …
4.0 Subject description
5.0 Learning Summary
5.1
5.2
Learning outcomes
Learning outcomes, activities, assessment and assessment criteria
6.0 Teaching arrangements
6.1
6.2
Teaching Arrangement Schedule
Seminar Topics and Associated Readings
7.0 Pizza Bake-Off
8.1 Assessment requirements
8.2
Multiple-choice Quiz (10%)
8.3
Group Research Report (40%)
8.4
Group Presentation (20%)
8.5
Group Q&A (20%)
8.6
Peer Evaluation (10%)
8.7 Special Circumstances Processes
8.7.1
Submission of Work after Due Date
8.7.2
FBEL Policy on Review and Re-Marking of Academic Work
8.7.3
Special Consideration
8.7.4
What is Academic Plagiarism?
8.7.5
Academic Language and Learning (ALL) Unit
8.7.6
Student Feedback on Subjects Survey
9.0 Learning resources
10
10
11
13
13
13
13
14
14
14
16
16
16
16
18
18
19
20
Prescribed text
Additional Readings
The Learning Management System (LMS)
Library
Challenge Rules
The Mentors and Judges
The Teams
The Company
Page 2 of 26
6
7
12
8.0 Assessment and Feedback
10.0
10.0
11.0
12.0
5
6
6
12
Jamie’s Pizza Dough
9.1
9.2
9.3
9.4
2
3
4
20
20
20
20
21
24
25
26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
1.0 Subject information at a glance
Subject coordinator:
Consultation:
Mr Greg Jamieson
g.jamieson@latrobe.edu.au
(DWB 403)
9479 1514
Tuesdays 10:00 – 12:00 (DWB403)
Enrolment requirements:
Enrolment is by invitation only, based
on the students performance in the
previous semester.
Credit points: 15
Census Date: 29th March, 2012
Assumed entry skills and knowledge:
• Students should be able to describe the
characteristics of equity securities.
• Students should be able to open, save
and navigate around an Ms Excel
spreadsheet, as well as enter and format
data and simple formulas.
Delivery mode and location:
This subject is a practicum subject offered at the Bundoora campus.
The timing and location of the seminars and workshops is set out on page 10.
Assessments:
• Multiple-choice Quiz:
• Peer Assessment of Teamwork:
• Group Research Report:
• Group Presentation:
• Group Q&A:
10 questions
10 pages
10 minutes
10 minutes
15th March
31st May
31st May
2nd July
2nd July
10%
10%
40%
20%
20%
Recommended texts:
• Valentine, James J. (2011) Best Practices for Equity Research Analysts. McGraw
Hill. NY.
• Koller, Tim, Marc Goedhart and David Wessels. (2010) Valuation: Measuring
and Managing the Value of Companies. (fifth edition) John Wiley & Sons. NJ.
• Hooke, Jeffrey C. (2010) Security Analysis and Business Valuation on Wall
Street. (second edition) John Wiley & Sons. NJ.
• Pinto, Jerald E., Elaine Henry, Thomas Robinson and John Stowe. (2010)
Equity Asset Valuation. (second edition) John Wiley & Sons. NJ.
• CFA Institute (2010) Standards of Practice Handbook. (tenth edition)
Special study requirements:
Students with special needs whose participation in this subject might be limited by any
study requirements are encouraged to consult the Equality and Diversity Centre
(EDC). Further information and contact details for the EDC are available at
http://www.latrobe.edu.au/equality
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 3 of 26
2.0 Challenge honour board
2.1 La Trobe Investment Research Challenge – Winning Teams
2009
Ms Susmita Dhyani
Mr Vikrant Gupta
2010
Mr Byoung Jin Kang
Mr Kaveh Kia
Mr Hani Koshaji
Mr Tong Wang
2011
Mr. Anh Cuong (Vincent) Nguyen
Ms. Hong Ngan Nguyen
Ms. Thi Mong Trang (Bell) Nguyen
Ms. Lily Jade Chung Kim Yuen
2.2 La Trobe Teams – CFA Investment Research Challenge
(Melbourne Final)
2009
Second place
Ms Susmita Dhyani
Mr Vikrant Gupta
Mr Waqas Iqbal
Ms Nga Nguyen
2010
First place.
Ms Jennifer Hua
Mr Byoung Jin Kang
Mr Hani Koshaji
Ms Anh Le Ngoc Nguyen
Mr Tong Wang
2011
Finalist.
Mr. Luke Kennelly
Ms. Hong Ngan Nguyen
Mr. Anh Cuong Nguyen
Ms. Lily Jade Chung Kim Yuen
Page 4 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
3.0 What the challengers said …
“… participating in the 2009 La Trobe Investment Challenge is the wisest decision that I have
ever made … Two months after entering myself in the Challenge and putting lots of thought and
effort into it … I find myself a different person with significant changes in attitude … and
methods of study, as well as having a clearer mind of who I want to be in the future.”
Nguyen Nga
Member of the 2009 La Trobe team
“ ... by participating in the research
challenge, I believe I have gained much
more than what I could have learnt from the
class room, such as, practical experience of
analysing a company’s equity or building up
my confidence in making speech in public.
...The research challenge has not only
improved our knowledge and skills in
financial analysis, but also given us the
confidence that we can actually become a
financial analyst.”
Byoung Jin Kang
Member of the 2010 La Trobe team
“The Challenge has brought to me so many valuable experiences. Through the challenge, I
learnt to apply the theories on many subjects into practice. As for me, this is the best way to
learn as it requires broad knowledge on several aspects such as marketing, management,
macro and micro economics and also deep knowledge on financial analysis and valuation. Also,
through the challenge, I learnt of team work. It was the team spirit that gave me the energy and
the perseverance to work on the project. I have to admit that there was tough time of arguments
and conflicts. But this was the time for each of us to learn about the way to deliver our ideas and
to realize that despite all the opposite arguments, deep down we all have one goal: to make a
perfect report”
“One of my favourite quotes is: “Shoot for the moon. Even if you missed, you’ll land among the
stars”. This was why I decided to enter the Challenge. To undergraduate students who are
thinking of entering the Challenge next year, believe in yourself and your ability to learn. And
once you decided to join the Challenge, live with it, go with it till the end. You will realize that it
would worth all the time and effort.”
Hua Chau
Member of the 2010 La Trobe team
“The first thing I would like to say is that if you want to do, do it; if you want to win, win it. Also,
even though the Challenge will take a lot of time, it only makes you become more ... For me,
from 9am to 5pm, I contributed all my time to my lectures, tutorials and doing all my study; and
after 5pm it was time for the Challenge. I believe entering the Challenge was the most valuable
learning experience ...”
Nguyen Ngoc Anh Le
Member of the 2010 La Trobe team
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 5 of 26
4.0 Subject description
This subject provides the students with hands-on experience in undertaking and
communicating investment research. The students, working in teams, produce "sellside" investment research on a stock listed on the ASX. The teams compete to
convince a "buy-side" panel of professional fund managers of the merit of their
investment advice as set out in a 10-page report on their research, valuation and
recommendation; a 10-minute verbal summary of their recommendation; followed by a
further 10 minutes of Q&A with the panel. In undertaking this project, students have the
opportunity to be mentored by an experienced investment professional.
5.0 Learning Summary
5.1 Intended Learning Outcomes (ILOs)
At the completion of this subject, students will be able to:
1. Analyse and resolve ethical dilemmas associated with investment research and
the provision of investment advice.
2. Engage in a number of roles, facilitate discussion, collaborate and effectively
resolve conflicts, within an investment research team.
3. Locate, manipulate, evaluate and interpret economic, industry, financial and other
data as required to estimate the intrinsic value of a listed stock.
4. Define an original, logical, analytical argument as to the intrinsic value of the stock,
by applying theoretical concepts to the data and by stress testing the argument
through sensitivity and scenario analysis.
5. Define a logical and coherent investment strategy, based on an appraisal of the
range of valuations and risks associated with the stock, in the context of current
market conditions.
6. Write a clear, concise and well-structured report, presenting the argument as to
the intrinsic value of the stock and the investment advice relevant to that stock.
7. Deliver an engaging, persuasive, oral presentation of your investment advice in
relation to the stock to a panel of investment professionals.
8. Evaluate and respond to impromptu questions and counter arguments in respect
of the intrinsic value of the stock and investment advice from a panel of investment
professionals.
Page 6 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
5.2 ILOs, learning activities, assessment and assessment criteria
This subject is designed to assess the extent to which the student has achieved the stated learning objectives, by measuring, through the relevant assessments,
the extent to which the student demonstrates the learning outcomes associated with each learning objective:
ILOs
Graduate
Capabilities
Learning
Activities
Assessment
Tasks
Analyse and resolve ethical
dilemmas associated with
Ethical
investment research and the
Awareness
provision of investment
advice
Participation in
two workshops
A 10-question
on searching for
multiple-choice
information.
quiz.
Interaction with
industry mentors.
Engage in a number of
roles, facilitate discussion,
collaborate and effectively
resolve conflicts, within an
investment research team
Participation in a
teamwork
workshop.
Working as a
team to complete
Peer Evaluation
the required
Tool.
assessment
tasks.
(pages 14 – 15)
Ongoing
discussion and
feedback on
team
effectiveness.
Team Work
Locate, manipulate,
evaluate and interpret
economic, industry, financial Enquiry &
Research
and other data as required
to estimate the intrinsic
value of a listed stock.
Participation in
two workshops
on searching for
information.
Interaction with
industry mentors.
A 10-page
research report,
graded by a
panel of industry
experts.
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Assessment Criteria
50 – 64%
65 – 79%
80 – 100%
Your performance in the quiz
demonstrates that you can identify
ethical dilemmas associated with
investment research and the
provision of investment advice.
A mark in excess of 50% in the quiz,
with 80% of your correct answers in
the quiz related to questions
associated with identification.
Your performance in the quiz
demonstrates that you can identify
and analyse ethical dilemmas
associated with investment research
and the provision of investment
advice.
A mark in excess of 60% in the quiz,
with 30% of your correct answers in
the quiz related to questions
associated with analysis.
Your performance in the quiz
demonstrates that you can identify
analyse and resolve ethical
dilemmas associated with
investment research and the
provision of investment advice.
A mark in excess of 70% in the quiz,
with 30% of your correct answers in
the quiz related to questions
associated with resolution.
The attitudes and behaviours you
demonstrated, through your
contribution to the team, modelled
those expected of an effective team
member.
An average rating of 3 on a 5 point
Likert scale in the peer evaluation.
The attitudes and behaviours you
demonstrated, through your
contribution to the team, modelled
and encouraged those expected of
an effective team member.
An average rating of 4 on a 5 point
Likert scale in the peer evaluation.
The attitudes and behaviours you
demonstrated, through your
contribution to the team, modelled,
encouraged and taught the attitudes
and behaviours expected of an
effective team member.
An average rating of 5 on a 5 point
Likert scale in the peer evaluation.
The report identifies the stock’s
major economic, competitive,
financial and other drivers and
presents a description as to the
future trends of these drivers.
The report identifies, with the use of
some statistics and econometrics,
the stock’s major economic
competitive, financial and other
drivers and presents a compelling
argument as to the future trends of
these drivers.
The report identifies, through a
novel application of statistics and
econometrics, the stock’s major
economic competitive, financial and
other drivers and presents a
compelling argument as to the
future trends and future effect of
these drivers on the stock, which
explicitly justifies assumptions used
in the valuation and risk models.
Page 7 of 26
Learning Outcomes
Graduate
Capabilities
Learning
Activities
Assessment
Tasks
Assessment Criteria
50 – 59%
Define an original, logical,
analytical argument as to
the intrinsic value of the
stock, by applying
theoretical concepts to the
data and by stress testing
the argument through
sensitivity and scenario
analysis.
Participation in
four workshops
on critical
thinking and
Critical thinking & analysis in
respect of a
analysis
company’s
performance.
Interaction with
industry mentors.
Participation in
four workshops
Define a logical and
on valuing a
coherent investment
company’s
strategy, based on an
Creative problem shares, including
appraisal of the range of
several
solving &
valuations and risks
presented by
synthesis
associated with the stock, in
industry
the context of current market
professionals.
conditions.
Interaction with
industry mentors.
Page 8 of 26
A 10-page
research report.
A 10-minute
presentation.
A 10-page
research report.
A 10-minute
presentation.
60 – 79%
The report/presentation defines an
argument, which demonstrates an
understanding of a range of
The report/presentation defines an
valuation methods AND of
argument, which demonstrates an
understanding of a range of
economic, industry, financial and
valuation methods AND identifies
other source material AND
the major risks to the stock’s value
identifies, using statistics and
AND presents some analysis as to
econometrics, the major risks to the
their likely effect using scenario and stock’s value AND presents a some
sensitivity analysis.
analysis as to their likely effect
using scenario and sensitivity
analysis.
The report/presentation clearly
identifies the investment advice
recommended, taking into account
a range of valuations for the stock.
80 – 100%
The report/presentation defines an
original, persuasive, evidencedbased argument in the form of a
story, which demonstrates a deep
understanding of a range of
valuation methods AND a coherent
and imaginative use of economic,
industry, financial and other source
material to justify input assumptions
AND identifies and quantifies,
through an novel application of
statistics and econometrics, the
major risks to the stock’s value AND
presents a compelling argument as
to their probability and likely effect
using scenario and sensitivity
analysis.
The report/presentation defines a
logical and coherent investment
strategy which clearly identifies the
action recommended, taking into
The report/presentation defines a
account a range of valuations using
different methods, risks to those
logical and coherent investment
strategy which clearly identifies the valuations, current market
action recommended, taking into
conditions, different market and
account a range of valuations AND economic scenarios and different
counter arguments concerning
investment alternatives. The
future trends in the drivers of stock report/presentation also presents a
value, the value of the stock and the logical and convincing evaluation as
case for and against the investment to the relative strength of counter
arguments concerning future trends
merits of the stock..
in the drivers of stock value, the
value of the stock and the case for
and against the investment merits of
the stock.
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
Learning Outcomes
Graduate
Capabilities
Learning
Activities
Assessment
Tasks
Assessment Criteria
50 – 59%
Write a clear, concise and
well-structured report,
presenting the argument as
Writing
to the intrinsic value of the
stock and the investment
advice relevant to that stock.
Participation in a
writing workshop.
Writing a report,
through a
process of writereview-revise
A 10-page
involving two
research report.
draft editions
being submitted
for feedback prior
to the final
submission to
industry experts
for grading.
Deliver an engaging,
persuasive, oral
presentation of your
Speaking
investment advice in relation
to the stock to a panel of
investment professionals.
Participation in a
presentation
workshop.
Delivering a
presentation to a
panel of industry
experts.
Evaluate and respond to
impromptu questions and
counter arguments in
respect of the intrinsic value
of the stock and investment
advice from a panel of
investment professionals.
Participation in
four Q&A
workshops.
A 10-minute
Engaging in Q&A Q&A.
with a panel of
industry experts.
Speaking
A 10-minute
presentation.
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
60 – 79%
80 – 100%
The report is structured so as to be
readily comprehended.
The language is generally sound
throughout, though at times
confused and lacking precision and
clarity.
Presentation and writing style lack
consistency.
Graphs, tables and diagrams are
used.
Sources and data are not all
correctly acknowledged.
The report is uses a sequenced and
focused professional structure with
The report is logically structured and headings and sub-headings which
lead one through the main points of
employs a competent discipline
the argument and help integrate the
based vocabulary relevant to the
context and adheres to grammatical argument and evidence.
conventions.
Vocabulary and grammatical
Presentation and writing style is
conventions appropriate for the
generally consistent.
professional context are employed.
Presentation and writing style is
Graphs, tables and diagrams are
consistent throughout.
used appropriately to summarise,
highlight and present the data more Graphs, tables and diagrams are
effectively than text. Sources and
used appropriately to summarise,
data are all correctly acknowledged. highlight and present the data more
effectively than text. Sources and
data are all correctly acknowledged.
The presentation is delivered in a
fluent and articulate manner using
slides, which are a logically
sequenced summary of the key
points.
The presentation is delivered in an
engaging, articulate and persuasive
manner, which is fluent, yet
The presentation is delivered in a
naturally paced and conveys both
fluent and articulate manner.
authenticity and the team’s
It is structured so as to grab and
personality. It is structured so as to
hold the attention of the audience
grab and hold the attention of the
from the outset.
audience from the outset.
Slides are logically sequenced, build Slides give a visually compelling
one-point-at-a-time and
representation of the investment
imaginatively use space, colour,
story, are logically sequenced, build
style, graphs, images and fonts to
one point at a time and
simplify the data.
imaginatively use space, colour,
style, graphs, images and fonts to
simplify the data.
Individuals provide a relevant,
logical, explanation in reply to most
questions, though largely reiterating
material from the presentation,
which is comprehendible but not
delivered confidently.
Individuals provide a relevant,
logical, explanation in reply to each
question, articulately delivered with
poise.
Individuals worked as a team to
deconstruct each question and
provide a persuasive, logical, wellevidenced, multi-layered argument
or explanation in reply, articulately
delivered with poise.
Page 9 of 26
6.0 Teaching arrangements
6.1 Teaching Arrangement Schedule
Students are required to attend and actively participate in ALL learning activities.
LA No.
Date
Learning
Objectives
Time
Room
Learning Activity (LA)
1-Mar
6 - 8pm
SS429
Launch by an industry professional
1
4-Mar
10am - 5pm
SS429
Seminars by a professional
1
2
6-Mar
4 – 5:30pm
see below
Bloomberg workshop
3
3
8-Mar
5 - 6pm
Library 1.01
Library workshop
3
4
15-Mar
5 - 7pm
SS429
Seminar
4
15-Mar
7 - 8pm
SS429
Multiple-choice Quiz
1
5
16-Mar
11am – 3pm
Agora
Pizza Bake-Off
2
5
16-Mar
5 – 7pm
SS429
Teamwork workshop
2
6
22-Mar
5 - 7pm
SS429
Presentation by COO
3
7
29-Mar
5 - 7pm
SS429
Seminar
4
8
29-Mar
7 - 8pm
SS429
Q&A workshop
2&4
9
2-Apr
6 - 7pm
SS429
Seminar by a professional
4&5
2-Apr
midnight
Submission of draft report
2-Apr
midnight
Submission of interim peer evaluation
5-Apr
appointments
DWB403
Team feedback and discussion
5-Apr
1 – 2pm
DWB403
QC meeting of team leaders
10
11-Apr
10 - 12am
SS429
Seminar
4
11
11-Apr
12:30 - 2:30pm
SS429
Seminar
4
12
11-Apr
3 - 5pm
SS429
Q&A workshop
13
12-Apr
10 - 12am
SS429
Seminar
5
14
12-Apr
12:30 - 2:30pm
SS429
Seminar
5
15
12-Apr
3 - 5pm
SS429
Q&A workshop
16
13-Apr
10 - 12am
SS429
Seminar
17
13-Apr
12:30 - 2:30pm
SS429
Writing and Presentation workshop
1&2
18
13-Apr
3 - 5pm
SS429
Q&A workshop
2&4
19
17-Apr
TBA
TBA
10-May
midnight
Submission of draft report
17-May
midnight
Feedback on draft report
31-May
midnight
Submission of report
31-May
midnight
Submission of peer evaluation
2
2-Jul
5 - 8pm
SS429
Presentations and Q&A (semi-final)
7
5-Jul
6 - 8pm
SS429
Presentations and Q&A (final)
Q&A session with COO
2&4
2&4
5
3
3-6
LA2: This will be held in the Training Room at Bloomberg, Level 20, 101 Collins St Melbourne. Two
members of each team should meet in the foyer of 101 near the Collins St entrance, at 3:45pm. Please
dress in business attire.
Page 10 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
6.2 Seminar Topics and Associated Readings
LA No.
Date
Learning Activity (LA)
Readings
1-Mar
Launch
1
4-Mar
Thinking Ethically
2
6-Mar
Searching for Information: Bloomberg
3
8-Mar
Searching for Information: Other library resources
4
15-Mar
Analysing Value Creation
5
16-Mar
Performing as a Team
6
22-Mar
Company Presentation
7
29-Mar
Analysing ROIC and Competition in the Industry
8
29-Mar
Q&A: Company
9
2-Apr
Valuing a Stock
10
11-Apr
Analysing Growth and Economics of the Industry
Koller et al (2010) Ch. 5.
11
11-Apr
Analysing Performance
Koller et al (2010) Ch. 8.
12
11-Apr
Q&A: Business Model
13
12-Apr
Forecasting Performance
Koller et al (2010) Ch. 9.
14
12-Apr
Valuing Optionality
Koller et al (2010) Ch. 32.
15
12-Apr
Q&A: Performance
16
13-Apr
Valuing Growth Companies
Koller et al (2010) Ch. 34.
17
13-Apr
Writing and Presenting the Story
Koller et al (2010) Ch. 34.
18
13-Apr
Q&A: Valuation
19
17-Apr
Company Q&A
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
CFA Institute (2010)
Koller et al (2010) Ch. 2.
Koller et al (2010) Ch. 4.
Page 11 of 26
7.0 Pizza Bake-Off
Teams will engage in a Pizza Bake-Off as a team-building exercise, which will be followed by a workshop
on team-building.
The challenge will be to design, prepare and assemble the pizza dough, base and topping for 10 pizzas
per team within a cost and time budget of $40 and 90 minutes.
th
Teams will be given their budget of $40 at the seminar on 15 March. It is the team’s responsibility to
purchase all ingredients and to submit receipts against all ingredients to confirm that they meet budget.
The coordinator will supply each team with a preparation table and all teams will share the oven and
baker. Teams will be responsible for bringing all ingredients and utensils.
Teams do not need to follow Jamie’s recipe set out below, but must each decide on a single pizza recipe
and style to serve. The only limit on the style is the budget.
All preparation must be done between 11:00am and 12:30pm in the Agora, though no pizza will be baked
prior to 12:30pm and then they will be baked one pizza at a time from each team in turn, subject to the
team delivering the pizza on time, ready to bake.
The pizzas will be baked in a wood fired oven by a professional baker and each team will then serve out
portions to students and staff in the Agora, who will be asked to vote for their favourite pizza.
The winning team will be the team which gains the most votes between 12:30 and 1:30pm, or until the
pizza slices run out, if prior to 1:30pm.
Jamie’s Pizza Dough
“This is a fantastic, reliable, everyday pizza dough, which can also be used to make bread. It’s best
made with Italian Tipo ‘00’ flour, which is finer ground than normal flour, and it will give your dough an
incredible super-smooth texture. Look for it in Italian delis and good supermarkets. If using white
bread flour instead, make sure it’s a strong one that’s high in gluten, as this will transform into a
lovely, elastic dough, which is what you want. Mix in some semolina flour for a bit of colour and
flavour if you like.
• 1kg strong white bread flour or Tipo ‘00’ flour or 800g strong white bread flour or Tipo ‘00’ flour,
plus 200g finely ground semolina flour
• 1 level tablespoon fine sea salt
• 2 x 7g sachets of dried yeast
• 1 tablespoon golden caster sugar
• 4 tablespoons extra virgin olive oil
• 650ml lukewarm water
Sieve the flour/s and salt on to a clean work surface and make a well in the middle. In a jug, mix the
yeast, sugar and olive oil into the water and leave for a few minutes, then pour into the well. Using a
fork, bring the flour in gradually from the sides and swirl it into the liquid. Keep mixing, drawing larger
amounts of flour in, and when it all starts to come together, work the rest of the flour in with your
clean, flour-dusted hands. Knead until you have a smooth, springy dough.
Place the ball of dough in a large flour-dusted bowl and flour the top of it. Cover the bowl with a damp
cloth and place in a warm room for about an hour until the dough has doubled in size.
Now remove the dough to a flour-dusted surface and knead it around a bit to push the air out with
your hands – this is called knocking back the dough. You can either use it immediately, or keep it,
wrapped in cling film, in the fridge (or freezer) until required. If using straight away, divide the dough
up into as many little balls as you want to make pizzas – this amount of dough is enough to make
about six to eight medium pizzas.
Timing-wise, it’s a good idea to roll the pizzas out about 15 to 20 minutes before you want to cook
them. Don’t roll them out and leave them hanging around for a few hours, though – if you are working
in advance like this it’s better to leave your dough, covered with cling film, in the fridge. However, if
you want to get them rolled out so there’s one less thing to do when your guests are round, simply roll
the dough out into rough circles, about 0.5cm thick, and place them on slightly larger pieces of oliveoil-rubbed and flour-dusted tinfoil. You can then stack the pizzas, cover them with cling film, and pop
them into the fridge.”
(from Jamie at Home)
Page 12 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
8.0 Assessment and Feedback
8.1 Assessment requirements
In order to pass this subject, students must achieve a minimum aggregate mark of 50% for the subject.
Failure to meet these required standards will result in a fail in this subject. The final grades in the subject
and in each of the assessment tasks will be allocated according to the following scale:
A
80 – 100%
B
70 – 79%
C
60 – 69%
D
50 – 59%
N
49% or less
The assessment tasks for this subject are as follows:
Assessment task
Duration
Due Date
Allocation
Submission
Multiple-choice Quiz
10 questions
15 March (7 – 8pm)
10%
SS429
Peer Evaluation
7 questions
31 May (midnight)
st
10%
Email co-ordinator
10-pages
31 May (midnight)
st
40%
Email co-ordinator
Group Presentation
10-minutes
2 July (6 – 8pm)
nd
20%
SS429
Group Q&A
10-minutes
2 July (6 – 8pm)
nd
20%
SS429
Group Research Report
th
Note that the assessment for the subject differs slightly from the assessment for the Challenge.
Assessment for the subject comprises ALL five tasks, whereas assessment for the Challenge comprises
the three Group tasks only.
Note also that for the subject the Group Presentation and the Group Q&A are assessed based on the
nd
performance of ALL Teams in the semi-final on July 2 , whereas for the Challenge the Group
th
Presentation and the Group Q&A are assessed based on the performance in the final on July 5 , of the
three Teams selected for the final.
8.2
Multiple-choice Quiz (10%)
Each student must complete a 10-question multiple-choice quiz, which seeks to assess their ethical
awareness in respect of issues arising from the investment research and advisory process.
The quiz will be based on the material presented in the CFA Institute (2010) Standards of Practice
th
Handbook. (tenth edition) and the seminars on 4 March entitled “Thinking Ethically (LA2).
The quiz will be a closed book individual assessment, completed in 30 minutes.
One mark shall be given for the most correct answer. No marks shall be given for no answer; OR several
answers; OR an indecipherable answer; OR an answer other than the most accurate answer.
8.3
Group Research Report (40%)
Each team of four students must write and submit a 10-page Group Research Report, which presents the
research, valuation and investment advice of the team on the selected ASX-listed stock.
It must be researched, written and presented in accordance with the Challenge Rules set out in section
9.0.
The Report must be saved in pdf format. The Report and a signed Coversheet/Statement of Authorship
must be emailed to the co-ordinator at g.jamieson@latrobe.edu.au.
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 13 of 26
A Coversheet/Statement of Authorship needs to be completed and stapled to the front of each Report
submitted. This can be found on the Faculty of Business, Economics & Law Student Portal.
http://www.latrobe.edu.au/students/fbel/faculty%20resources/forms.html
It
is
your
responsibility
to
read
the
Statement
of
Authorship
(see:
http://www.latrobe.edu.au/plagiarism/authorship.html) before attaching this document to your assignment.
Attachment of a signed Statement of Authorship form will be taken as confirmation that you have read
this statement and agree with it. Where another student’s work has been copied, it will be assumed that
both parties cheated and results for both assignments will be cancelled. If you allow, deliberately or
negligently, another student to cheat by giving access to accounts or computers containing work which is
subsequently copied from your files by that student, it will be assumed that you assisted in that cheating.
It is your responsibility to keep that work secure. Please retain a copy of your assignment.
The Report will be graded, in the first instance, by a faculty panel according to the criteria established for
each learning outcome.
8.4
Group Presentation (20%)
Each team of four students must write and deliver a 10-minute Group Presentation, which makes the
case for the investment advice of the team on the selected stock.
It must be presented in accordance with the Challenge Rules set out in section 9.0.
The Presentation will be made, in the first instance to a faculty panel, who will grade the presentation
according to the criteria established for each learning outcome.
8.5
Group Q&A (20%)
Each team of four students must participate in a10-minute Q&A session, in which they are called on to
defend their analysis and investment advice.
It must be conducted in accordance with the Challenge Rules set out in section 9.0.
The Q&A session will follow immediately on from the team’s Presentation and will be made, in the first
instance to a faculty panel, who will grade the Q&A according to the criteria established for each learning
outcome.
8.6
Peer Evaluation (10%)
Each student must complete an evaluation of all members of their team.
Students will be asked to rate each team member of their team according to the seven criteria listed on
the next page. They will do so by noting on a Likert scale the extent to which they believe the statement
which defines each criteria describes the attitudes, conduct and performance of each team member in
turn.
Page 14 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
Criteria
Statement
Weight
Commitment to
team goals
This team member was committed to the team and to motivating the team to achieve
its goals. S/he had a positive attitude and encouraged others to approach
challenges in a positive frame of mind. S/he clearly enjoyed working with the team,
brought a sense of fun to teamwork and developed friendships with team members.
10%
Task preparation
This team member attended most seminars, workshops and team meetings
punctually. S/he usually came prepared to help the group achieve its goals, having
read the required material, completed the on-line quizzes and having completed any
specific tasks s/he had been assigned. S/he usually attended having thought about
the required material in relation to the learning objectives, having summarized his/her
understanding of the material and having prepared a set of questions which defined
areas in which further understanding or consolidation was required. S/he was
usually on top of the administrative requirements of the course such as the time and
place of seminars, workshops and team meetings, and the topics, reading
requirements and learning objectives for each.
10%
Task
understanding
This team member developed a good understanding of the concepts. S/he was able
to contribute to enhancing the understanding of other team members from time to
time through the explanations s/he was able to give other members of the team in
answering their questions. S/he was also able to contribute to applying these
concepts to solving problems raised by the task at hand.
10%
Fulfilment of
roles within the
team
This team member demonstrated a willingness to assume the responsibilities of a
range of roles within the team as required. S/he was prepared to initiate tasks and
define a series of steps to achieving the team’s goals. In so doing, this member was
effective in being able to focus the team on completing the task, without being
domineering. Similarly, this member was an equally strong supporter of the efforts of
other team members in leading the team at times in the completion of other tasks or
the achievement of other team goals.
10%
Communications
in completing the
task
This team member shared knowledge and information, ideas and opinions, yet was
equally open to hearing and considering other points of view. S/he was responsive
to others in person or via text, email or phone. She asked questions and provided
answers when required. S/he was able to define strengths and weaknesses in the
position of others and was also able to recognize the same in his/her own position.
20%
Collaboration in
completing the
task
This team member actively participated in assisting other team members understand
the concepts and apply them to solving the problems set for the team. S/he was
prepared and willing to take the time to explain a concept or solution and to
contribute to negotiating a team position or solution to a problem. Moreover, s/he
was willing to search for and consider alternative explanations when required. S/he
was also willing to encourage other team mates with friendly support when required,
and praise when it was due.
20%
Resolving
conflict within the
team
This team member played a role in reducing the potential of conflict occurring within
the team and resolving those conflicts or differences of opinion which arose from
time to time. S/he demonstrated an ability to put people at ease and encouraged an
atmosphere in which team members were prepared to actively listen to each other
and explore different viewpoints so as to enhance their level of understanding. S/he
worked at identifying areas of agreement and suggesting ways to resolve areas of
disagreement so as to define a solution or position acceptable to all team members.
20%
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 15 of 26
8.7
Special Circumstances Processes
8.7.1
Submission of Work after Due Date
Unless an extension is specifically granted via the Application for Extension/Re-weighting of Assessment
form (available from
http://www.latrobe.edu.au/students/fbel/assets/downloads/2010%20Downloads/2010-flm-application-forextension.pdf ), late work will not be accepted.
The form must include all circumstances pertaining to the requirement for additional time and supporting
documentation (e.g. medical certificates) should be attached. Upon completion the form should be
submitted directly to the subject coordinator. The subject coordinator will review the application within 24
hours of submission and inform the student of the outcome by completing the second part of the form.
Where extended time is granted, a copy of the form should be attached to the assignment upon
submission.
All appeals against a decision regarding an extension of time should be made in writing to the Head of
School, within 24 hours of that decision.
8.7.2
FBEL Policy on Review and Re-Marking of Academic Work
Information regarding the process can be found at the link below:
http://www.latrobe.edu.au/lawman/currentstudents/faculty/administration/re-marking-policy.html
8.7.3
Special Consideration
Special Consideration is an equity measure to ensure that the assessment of students takes account of
temporary adverse circumstances that impact negatively on individual students’ ability to demonstrate
their learning achievements in an assessed task.
Students who consider that their performance in an assessed task was adversely affected by compelling
or compassionate circumstances may apply to the University for Special Consideration. It is not a
substitute for knowledge or skills you should have learned and because of this you will not be granted
special consideration for your performance throughout a semester.
IMPORTANT NOTE
•
An application for special consideration does not guarantee that you will be granted a special
examination or an adjustment to your results. The Committee reviews each application on an
individual basis.
•
In most cases, you will NOT be given a second opportunity to sit an examination as a result of an
application for special consideration. The Committee only approves second examinations in
extraordinary cases.
•
If you do not submit your application on the Faculty of Business, Economics and Law’s Application
for Special Consideration form then your application will not be considered.
•
If your application does not contain all of the information requested and the required supporting
documentation then your application will not be considered.
•
If your application is not submitted within the required time frame after the due date of the assessed
task then your application will not be considered.
Applications for special consideration will be considered by a Faculty Committee comprised of academic
staff members. Once the Committee has assessed your application, your subject co-ordinator will be
notified of the results of the application. The decisions of the Special Consideration Committee are final
and cannot be changed by Subject Co-ordinators. Please do not contact Subject Co-ordinators regarding
the outcome of special consideration applications.
If you have queries about the Committee’s decisions, you should submit those queries in writing to the
Committee’s email address: FBEL@latrobe.edu.au.
All inquiries should be submitted not later than 14 days after the release of final results.
Page 16 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
Who should apply for special consideration?
•
A student who is unable to sit an examination due to illness or other cause.
•
A student who considers that his or her performance in an assessed task has been adversely
affected by illness or other cause immediately prior to the due date of the assessed task.
•
Requests for special consideration must be for serious circumstances beyond the control of the
student and will usually fall within the following causes:
-
Serious illness or psychological condition – e.g. hospital admission, serious injury, severe
illness, severe anxiety, or depression (not on-going conditions)
-
Loss or bereavement – e.g. death of a close family member
-
Hardship/trauma – e.g. victim of crime, sudden loss of income or employment, family
relationship breakdown, severe disruption to domestic arrangements.
When should you apply for special consideration?
Applications should be submitted to the local Student Administration Office of the University not later than
seventy-two hours after the due date of the assessed task.
What outcomes are possible?
Applications will be assessed and will be assigned one of the following outcomes:
•
reschedule an Assessment Task; or
•
set a substitute Assessment Task; or
•
allow extra time to complete an Assessment Task; or
•
award a reasonable adjustment of mark for the Assessment Task or subject for which special
consideration is sought; or
•
recommend that the Chief Examiners offer a formal Special Examination; or
•
decide that there are insufficient grounds for the award of special consideration.
How should you make application for special consideration?
You must obtain a copy of the official Faculty of Business, Economics & Law Application for
Special Consideration form from the following website:
http://www.latrobe.edu.au/students/exams/documents/Application-for-Special-Consideration-FLM.pdf
•
All of the information requested on the form must be filled out.
•
You must supply evidence of the reason you are applying for special consideration. For example, if it
is medically related you must have a registered medical practitioner fill out the section in the
Application Form and sign it. Medical certificates must be completed by a registered medical
practitioner. The best way to ensure that
this is the case is to ensure the certificate includes a Medicare Provider Number. (This is normally a 5
or 6-digit number followed by 2 letters). Certificates that do not include a Provider Number will not be
accepted. The medical certificate must state that in the medical practitioner’s opinion you were or will
be unfit to attend an assessment task or have been or will be adversely affected by illness. Medical
certificates in which the medical practitioner reports that you claim to be unwell will not be accepted.
The medical certificate must cover the date on which the assessment is held.
•
If you are unable to complete an assessment component or your study is adversely affected due to a
non-medical reason, you are encouraged to provide as much documentary evidence as you can to
support your application. This should be objective evidence from an independent source.
Documentation may include a death notice or certificate, a police report, a letter from an employer, a
current letter from La Trobe Counselling Services or La Trobe Equality and Diversity Centre. If you
have questions or concerns about documentation, see Student Administration on your campus for
advice. Students can contact the Committee: FBEL@latrobe.edu.au with queries about
documentation.
•
You must lodge the special consideration form and the supporting documentation to Student
Administration at your campus.
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 17 of 26
How will you know the outcome of your application?
The Committee’s decisions are emailed to your University email address. Please check your email for
outcomes.
The following circumstances are not normally matters covered by special consideration:
•
If you need support because of a disability, mental health issue, or ongoing medical condition, this is
not normally a matter for special consideration. For this type of long-term assistance, contact the
Equality and Diversity Centre on your campus as soon as you become aware of the need for
assistance and as early in the semester as possible.
•
If you have timetable clashes, exams scheduled close together, or more than the usual number of
exams because you have been allowed to overload your enrolment, you will not be eligible for special
consideration.
•
Special consideration will not be granted to accommodate travel plans, attendance at social events
such as weddings, visits with relatives/friends or any discretionary activities.
•
Special consideration will not be granted because of avoidable issues related to visa requirements.
•
Special consideration will not be granted for extensions. You should use the Application for
Extension/Reweight of Assessment form available from Student Services Office.
http://www.latrobe.edu.au/lawman/currentstudents/faculty/administration/special-consideration.html
8.7.4
What is Academic Plagiarism?
The following warning is issued by the University (Undergraduate Course Handbook: 2012. You can
access the Handbook at:http://www.latrobe.edu.au/handbook/index.htm
“One form of academic cheating is plagiarism: the reproduction of someone else’s words, ideas or
findings and presenting them as one’s own without proper acknowledgment. There are many forms of
plagiarism, including the following:
direct copying of sentences, paragraphs or other extracts from someone else’s published work (including
on the Internet and in software) without acknowledging the source
paraphrasing someone else’s words without acknowledging the source
using facts and information derived from a source without acknowledging it
using ideas directly derived from an identifiable author without acknowledging the source
producing assignments which should be the student’s own, independent work in collaboration with and/or
using the work of other people (e.g. a student or tutor).”
Plagiarism and copying the work of other students are forms of cheating and will be treated accordingly.
Students found guilty of academic misconduct may receive penalties ranging from a requirement to
participate in academic counselling or a reduction in marks for an individual piece of assessment for
minor cases, through to suspension from your course in serious cases or repeat offences.
To ensure that you are not guilty of plagiarism you must, in all your written assignments, declare all
sources from which you have obtained materials or ideas.
STUDENTS ARE ADVISED TO FAMILIARISE THEMSELVES WITH THE RULES CONCERNING
ACADEMIC MISCONDUCT
Further explanations for ‘academic misconduct’ and for ‘plagiarism’ are available at:
http://www.latrobe.edu.au/learning/integrity.html.
8.7.5
Academic Language and Learning (ALL) Unit
The Academic Language and Learning (ALL) unit works closely with teaching staff in all Faculties and
campuses to ensure that all La Trobe students – including those from non-English-speaking backgrounds
– develop high-level academic speaking, writing, reading, and numeracy skills required for successful
learning in their courses. To achieve those ends, the ALL Unit staff: collaborate on course and subject
design; advise on teaching and learning strategies; teach/co-teach special undergraduate and
postgraduate subjects, tutorials and workshops; and provide professional development for staff.
Page 18 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
If you would like help with writing and research skills and your assignments please contact the Faculty
Academic Language and Learning team at the following email address allu.fbel@latrobe.edu.au.
8.7.6
Student Feedback on Subjects Survey
The Student Feedback on Subjects Survey is part of the quality assurance process that occurs across the
university. In this survey you are invited to tell us about your learning experiences in this subject. We
want you to tell us of your experience in this subject. Your views will be taken seriously and will assist us
to enhance this subject for the next group of students. Your feedback will also contribute to the text for
‘Summary of Previous Student Feedback’ in the ‘Subject at a Glance’ section above so please take the
time to tell us your views. The surveys are anonymous and will be distributed 1‐3 weeks prior to the end
of the teaching period.
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 19 of 26
9.0 Learning resources
9.1 Prescribed text
•
Koller, Tim, Marc Goedhart and David Wessels. (2010) Valuation: Measuring and Managing the
Value of Companies. (fifth edition) John Wiley & Sons. NJ.
9.2 Additional Readings
•
Valentine, James J. (2011) Best Practices for Equity Research Analysts. McGraw Hill. NY.
•
Hooke, Jeffrey C. (2010) Security Analysis and Business Valuation on Wall Street. (second edition)
John Wiley & Sons. NJ.
•
Pinto, Jerald E., Elaine Henry, Thomas Robinson and John Stowe. (2010) Equity Asset
Valuation. (second edition) John Wiley & Sons. NJ.
•
CFA Institute (2010) Standards of Practice Handbook. (tenth edition)
Other readings for this subject will be made available through the La Trobe University Library’s electronic
reserve:
9.3 The Learning Management System (LMS)
This subject has a LMS site. The LMS can be accessed at: https://www.latrobe.edu.au/lms/login/ by using
your Username and Password provided to you on your Statement of Account. If you are having trouble
accessing the LMS or want to find out more about LMS, please see the website at:
http://www.latrobe.edu.au/studentlmsinfo/moodle/index.html
9.4 Library
The Library has many valuable physical and online learning resources that can help you with your study.
On campus students should get to know the physical Library environment by going on a Library Tour. All
students should get familiar with the Library website where online resources include:
• LibGuides [http://latrobe.libguides.com/index.php] – providing specific discipline and subject
guides;
• LibSkills [http://latrobe.libguides.com/libskills] – to teach you library research and information
literacy skills;
• LibChat [http://www.lib.latrobe.edu.au/] ‐ a library discussion forum allowing you to chat with a
Librarian;
• Academic Referencing Modules [http://latrobe.libguides.com/referencingmodules] – to assist you to
understand specific referencing styles;
• Academic Referencing Tool [http://www.lib.latrobe.edu.au/referencingtool/non‐flash/index.php] –
providing detailed referencing examples; and,
• Assignment Calculator [http://www.lib.latrobe.edu.au/calculator/index.php] – to assist you in time
managing your assignments and submitting on time.
Page 20 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
10.0 Challenge Rules
10.1 Acknowledgement:
10.1.1 The La Trobe Investment Research Challenge is based on the CFA Investment Research
Challenge, which is itself based on the Investment Research Challenge originally developed by
the New York Society of Security Analysts.
10.2 Entrants:
10.2.1 The Challenge is open to students (“Entrants”) enrolled in an undergraduate or postgraduate
course at La Trobe University for the first semester of 2011, either on a full-time or part-time
basis.
10.2.2 Entrants will be allocated into teams of four at the discretion of the Co-ordinator.
10.2.3 Each team will be provided with a professional industry.
10.3 Research Process:
10.3.1 The Reports and Presentations should be prepared from the perspective of a sell-side or
independent research analyst.
10.3.2 Entrants will be provided with the name of the subject company, (“the Company”) to be valued at
the launch of the Challenge.
10.3.3 The COO of the Company will make a presentation to students for the purposes of this
educational exercise and participate in a Q&A session following the presentation.
10.3.4 The COO of the Company will also be available for a follow-up Q&A session on a date to be
advised.
10.3.5 Entrants' direct contact with the Company must be limited to these two meetings only.
10.3.6 Any Entrants found to have contacted the Company with the purpose of seeking
information in relation to this Challenge, other than at these two arranged meetings, will
be automatically barred from any further participation in this Challenge.
10.3.7 The Company will not present any information to Entrants not within the public domain.
10.3.8 Entrants are bound by the CFA Institute Code of Ethics when conducting research.
10.3.9 Entrants may use only publicly available information to conduct their research, and must confine
the information in their Reports and Presentations to such information.
10.3.10 Entrants may contact the Company’s customers, competitors and suppliers. They must confine
their conversations to corporate officers who normally interact with investors, such as IR officers,
CEO’s or CFO’s. Any other entity must be approved by the Challenge Coordinator.
10.3.11 When conducting primary research, Entrants must identify themselves as students and disclose
their involvement in the La Trobe Investment Research Challenge.
10.3.12 Entrants can read existing research on the company, but all analysis must be their own. They
may not cut and paste analysis from another source into their Reports or Presentations.
10.3.13 The data sources for all content included in but not limited to tables, graphs, and lists must be
cited within the Reports and Presentations.
10.4 Reports:
10.4.1 Reports must conform to the format of the Investment Research Challenge Template, and be
reproduced on standard-sized paper.
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 21 of 26
10.4.2 Reports must not exceed 10 pages, including an investment summary. Any additional charts
and/or graphs will be included in the appendix. There is a two page limit to the appendix, which
also must include the required disclosure/disclaimer statement.
10.4.3 Reports must represent the original work of the entrants, and may not be copied from another
source.
10.4.4 The written Report must be submitted in electronic and print format, on or before midnight, 31
May, 2012. Late submissions will not be accepted.
st
10.4.5 The name of the Entrants must not be included in the Report, instead each Report must be titled
“LTUIRC 2012 [Group Number]”, where the brackets are replaced by the number allotted each
group on entry. This number should also appear in the footer of each page of the Report.
10.4.6 All Reports will be loaded up onto TurnItIn for the purpose of assessing their originality.
10.4.7 Entrants must disclose any ownership position in the securities of the Company.
10.4.8 Entrants must confirm that their participation in the Challenge does not represent a conflict of
interest.
10.4.9 Reports are for educational purposes only and not intended to be the basis of any investment
decisions by any person or entity; a disclaimer to this effect will be included in the Report.
10.5 Report Graders:
10.5.1 Graders will be faculty within the Business School and/or professionals working in the finance
industry selected by the Challenge Coordinator.
10.5.2 Graders must disclose any ownership position in the securities of the Company.
10.5.3 Graders will be asked to provide short comments to serve as constructive feedback for the
students.
10.5.4 Reports are for educational purposes only, and the information contained in them may not be
used by Graders to make recommendations to clients or to the public at large.
10.6 Presentations:
10.6.1 In the first instance, each Team will make a presentation to a Panel of Faculty members selected
by the Challenge Coordinator. This constitutes a semi-final from which the three teams who
achieve the highest combined grade for the Presentation and Q&A, will be chosen as finalists.
10.6.2 Each of the three finalists will make a second presentation to a Panel of Experts three days later.
10.6.3 Each presentation will last 10 minutes with 10 additional minutes of panelist Q&A.
10.6.4 The presentations and Q&A will be timed, and Teams may not exceed the time allotted.
10.7 Panel of Experts:
10.7.1 The panel will include professionals of good standing.
10.7.2 Panelists must disclose any ownership position in the securities of the Company.
10.7.3 Panelists may be provided with copies of the Reports prior to the panel presentations for
reference. However, panelists will base their scores on the Presentation only.
10.7.4 Reports are for educational purposes only, and the information contained in them may not be
used by panelists to make recommendations to clients or to the public at large.
Page 22 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
10.8 Assessment:
10.8.1 Assessment for the Challenge (as distinct from the subject) will be based on the Report and the
Presentation (including Q&A) of the three Teams selected for the final. Both will be judged
according to the criteria set out above (see section 7.3 – 7.5).
10.8.1 Report grading will consist of a blind process in which the identity of the Entrants is not known to
the Graders (as distinct from the Panel of Experts).
10.8.2 A winner will be selected from amongst the Teams based on the combined scores received for
the Reports and the Presentations in the final. The scores will be weighted 50% for the Report
and 50% for the Presentation.
10.8.3 In the event of a tie, the Team receiving the highest score on the Presentation will be declared
the winner.
10.8.4 The decision of the Graders and the Panel of Experts will be final.
10.9 Assessment criteria:
10.9.1 The Report and Presentation will be graded according to the assessment criteria set out in
sections 7.3 – 7.5.
10.10Mentors:
10.10.1 The professional mentors will be professionals of good standing.
10.10.2 Entrants must appreciate that the mentors volunteer their time, despite a heavy schedule
associated with their professional commitments.
10.10.3 Each mentor has agreed to provide up to 8 hours to assist the team they are mentoring.
However, they will only provide their input at the initiation of the team. As a guide as to how you
might use the mentor you might consider the following:
•
An initial meeting to discuss with the team, possible risk and value drivers and research ideas
in respect of the stock. (1 hour)
•
Mentor time reviewing some initial research and financial analysis (1 hour)
•
A second meeting to discuss the feedback to the initial research and financial analysis (1
hour)
•
Mentor time reviewing of a draft report. (2 hours)
•
A third meeting or phone hook-up to provide feedback on the draft reports (0.5 hours)
•
One review of the presentation slides (0.5 hours)
•
A meeting to discuss possible questions from the judging panel (1 hour)
•
A rehearsal of the presentation (1 hour)
10.11CFA Investment Research Challenge:
10.11.1 Each member of the winning team of the La Trobe Investment Research Challenge who has the
support of the other three team members AND who complies with the entrance requirements of
the CFA Investment Research Challenge, will automatically be selected as a member of the team
to represent La Trobe in the CFA Investment Research Challenge.
10.11.2 The Co-ordinator shall hold the right to replace any team member who does not hold the support
of all three other team members or does not comply with the entrance requirements of the CFA
Investment Research Challenge.
10.11.3 The Co-ordinator shall also hold the right to add a fifth member to the team, or to fill any
vacancies, entirely at his discretion, so as to enhance the skills and resources of the team.
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 23 of 26
10.0 The Mentors and Judges
On behalf of La Trobe University and the students taking part in this Challenge, I would like to express
our sincere appreciation to Domino’s Pizza Enterprises Ltd for agreeing to provide senior
management to brief the student teams. I would also like to thank Bloomberg LP for agreeing to
provide students access to the Bloomberg information service used by professional analysts around the
world. Finally, I would like to thank the following individuals for the time and attention they have kindly
volunteered. Without the significant input Domino’s, Bloomberg’s and these individuals the Challenge
simply would not exist.
Greg Jamieson (Challenge Coordinator)
Presenters:
Mr George Batsakis
Managing Director, Global Investment Research,
Goldman Sachs Australia Pty Ltd
Ms Wendy Fergie CFA
Executive Director
CFA Society of Melbourne
Mr Andrew Rennie
Chief Operating Officer,
Domino’s Pizza Enterprises Ltd
Ms Nicole Sackers
Faculty Librarian
La Trobe University
Mr Rion van Zyl Smit CFA
Senior Analyst
Department of Treasury and Finance (Victoria)
Panel of Experts:
Mr Pranay Lodhiya
Chief Financial Officer
La Trobe University
Mr Naheed Rahman CFA
Fund Manager
Contango Asset Management
Mr Ian Taylor
Portfolio Manager
The Myer Family Company Ltd
Mr Beau Tin
Client Adviser
Macquarie Bank
Alumni Mentors:
Mr Vikrant Gupta CFA
Consulting Analyst
Russell Investments
Mr Damien Damiano
Performance Analyst
Legge Mason
Mr Tim Gregson
Analyst – Corporate Finance
Deloitte Touche Tohmatsu
Ms Olivia Allen
Associate Advisor
Oak Financial Partners
Ms Jennie Ma
Reporting Analyst
AXA
Mr Hani Koshaji
Business Operations Technical Expert
Telstra
Page 24 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University
11.0 The Teams
Team
Student
Course
Subject
Red
Man Nhi Mai
MFA
FIN5IRA
Red
Hubert Schlink
BEc
FIN3IRA
Red
Wayne Dodsworth
BBus
FIN3IRA
Red
KatieMay Tippett
BFin
FIN3IRA
White
Katie Trang Nguyen
BAcc
FIN3IRA
White
Oscar Veermets
MFA
FIN5IRA
White
Derek Hamill
MFA/MPA
FIN5IRA
White
Benenita Mae May Lim
MFA
FIN5IRA
Blue
Thomas Jiang
MFA
FIN5IRA
Blue
Thong (Tom) Tao
MFA
FIN5IRA
Blue
Jessica Mansour
BAcc/BFin
FIN3IRA
Blue
Dany Abou-Chaya
BAcc/BFin
FIN3IRA
Yellow
Suo Yanqing
BAcc
FIN3IRA
Yellow
Anirag Bansal
BBus
FIN3IRA
Yellow
Salvatore Pizzuto
MFA
FIN5IRA
Yellow
Su Xia Xu
MFA
FIN5IRA
Green
Bo Cao
MFA/MPA
FIN5IRA
Green
Daniel Savic
BAcc
FIN3IRA
Green
Lei Chen
BFin
FIN3IRA
Green
Sawaphu Munpattanasunthon
MFA/MPA
FIN5IRA
FIN3IRA & FIN5IRA Investment Research Challenge
Faculty of Business, Economics & Law, La Trobe University
Page 25 of 26
12.0 The Company
Domino’s Pizza Enterprises Ltd [DMP]:
•
Holds the exclusive master franchise rights for the Domino’s brand and system in
Australia, New Zealand, France, Belgium, The Netherlands and the Principality
of Monaco
•
Includes more than 800 stores across five countries, including over 520 in
Australia and New Zealand
•
Employs over 16,500 full-time and casual staff across five countries, including
14,000 in Australia and New Zealand
•
Serves in excess of 700,000 pizzas every week to over 5% of Australian homes
http://www.dominos.com.au/
Page 26 of 26
FIN3IRA & FIN5IRA Investment Research Challenge / Bundoora Campus
Faculty of Business, Economics & Law, La Trobe University