Acknowledgements
Table of Contents
Editors in Chief: Sam Pham, Julie Zhu, Sharon Ho
Authors:
Nicholas Lee
Jerry Li
Roland Huang
Wei Wang
Xenia Lopes
Josh Rizk
Alick Song
Designers:
Mia Cresswell
Leo Shu
Nicholas Lee
Wei Wang
Xenia Lopes
Kevin Lu
Winnie Zhang
Software: Adobe Indesign, Adobe Illustrator, Adobe Photoshop
© University Network for Investing & Trading 2018
This guide was printed with funding from the University of Sydney
Business School.
Special Thanks: Careers and Employability Office
Disclaimer
1. The information in this free guide is provided for the purpose of education and
intended to be of a factual and objective nature only. The University Network for
Investing and Trading (“UNIT”) makes no recommendations or opinions about any
particular financial product or class thereof.
UNIT Chapters:
1. Introduction
About Stock Pitching
Why Learn to Pitch a Stock?
Investment Philosophy
5
6
7
2. Idea Generation
Investable Universe
Screening
Preliminary Research
Following Market News
9
10
12
13
3. Stock Pitch
Components
Pitch Overview
Industry Overview
Business Overview
Investment Thesis
Catalysts
Valuation
Investment Risks
4. Example Pitch: Ooh!
Media (ASX:OML)
Executive Summary
Industry Overview
Business Overview
Investment Thesis
Catalysts
Valuation
Investment Risks
31
32
34
36
39
40
42
5. Student
Opportunities
USYD Student Managed
Investment Fund
44
Australian Students
Asset Management
45
15
16
18
20
23
25
28
2. UNIT has monitored the quality of the information provided in this guide. However,
UNIT does not make any representations or warranty about the accuracy, reliability,
currency or completeness of any material contained in this guide.
3. Whilst UNIT has made the effort to ensure the information in this guide was accurate
and up-to-date at the time of the publication of this guide, you should exercise your
own independent skill, judgement and research before relying on it. This guide is not a
substitute for independent professional advice and you should obtain any appropriate
professional advice relevant to your particular circumstances.
4. References to other organisations are provided for your convenience. UNIT makes no
endorsements of those organisations or any other associated organisation, product or
service.
5. In some cases, the information in this guide may incorporate or summarise views,
standards or recommendations of third parties or comprise material contributed by third
parties (“third party material”). Such third party material is assembled in good faith, but
does not necessarily reflect the views of UNIT, or indicate a commitment to a particular
course of action. UNIT makes no representations or warranties about the accuracy,
reliability, currency or completeness of any third party material.
6. UNIT takes no responsibility for any loss resulting from any action taken or reliance
made by you on any information in this guide (including, without limitation, third party
material).
2 | UNIT
UNIT | 3
About Stock Pitching
What is it?
A stock pitch is essentially a summary of a potential investment idea into a stock. It should
recommend a position which an investor should take in the stock and why.
The defining aspect of an effective stock pitch is extensive research into all aspects of the company.
This research will be critical in justifying your argument as to which position a potential investor
should take in the stock. While a stock pitch cannot practically cover every aspect of your company
or its respective industry, it is nevertheless critical that you, the pitcher, know the company and its
broader context inside out.
Positions you can take to “grow” your portfolio
Position 1: Short
This is a recommendation to sell the stock because the
price is expected to fall. This can be done by borrowing
the stock from another investor.
Position 2: Hold
This is the recommendation to neither buy nor sell the stock. Investors with an
existing long position in the stock should not sell, while those without a holding
should not purchase the stock either.
Position 3: Long
This is a recommendation to buy the stock as its price is expected to increase in the future, generating
a profit for the investor.
4 | UNIT
Remember that a pitch is not just the presentation,
but also includes the responses to the questions from
potential investors.
It is essential that you can respond to any issues or
problems which investors may take notice of in order
to successfully sell your recommendation to them.
Failing to do so will result in an unconvincing pitch.
Keep in mind what the purpose of a stock
pitch is! Stock pitches aim to:
Purpose
Question time
Top tips
1
Inform the audience of the
investment opportunity
2
Convince the audience to invest
UNIT | 5
Why Learn to Pitch a Stock?
What is it?
Personal Investing
Issue:
Many first-time or early investors often choose their
investments in an ad-hoc manner, with little basis for their
decisions other than a tip from a mate or a throwaway
comment in a newspaper article. It goes without saying
that this is a foolish endeavour and a sure-fire way to lose
money.
Solution:
Skill Development
Formalise your investment process
2
Understand how and why an investment
performs well or poorly
3
Have succinct and researched reasons for making an investment decision
4
Have something to fall back on and test when
times get rough
5
Clearly recognise the risks of your investment
Competitions
Learning the fundamental components of stock pitches
is also highly valuable for stock pitch competitions
which are run throughout the year. Having a clear idea
of the structure already puts you one step ahead of the
competition.
About Stock Pitch Competitions:
Pitching in competitions is all about persuasiveness, and
whilst it is still important to demonstrate a fundamental
understanding of the structure of a stock pitch, the
objective is to persuade the audience to invest in the
pitched stock.
These are generally long-form pitches, with the support
of Powerpoint presentations and visual aids, and can
last anywhere from a few minutes to half an hour. Here,
all knowledge of industry trends, the business model,
the competitive landscape, valuations and calculations,
analysis of risks should be included to convince the
investor of the attractiveness of the pitched idea.
6 | UNIT
An investment philosophy is a series of statements that underpin a fund’s overall investment
strategy, operations, and research. It is an overarching set of principles that guide an investor’s
decision making.
Why do you need one?
Stock pitching allows you to develop valuable skills,
regardless of your discipline of work:
1
By learning to structure a stock pitch, you will be able to:
1
Investment Philosophy
2
3
You will develop your resourcefulness in
conducting, digesting and analysing
research
Improve your communication skills as you
are required to communicate the nuances of
complex businesses and industries in both
written and presentation forms
Strengthen your technical ability and
attention to detail as it is needed to evaluate
balance sheets, profit and loss statements and
perform valuations
Interviews
Whether you’re interested in asset management, markets
or investment banking, there’s a high likelihood that you
will be faced with the ‘Pitch me a stock’ question during
an interview. Without preparing a previous pitch, it will
be very difficult for you to produce a substantial, wellresearched answer. Even if you do have a company in
mind, not having a clear structure is likely to lose the
interviewer as you continue to ramble on.
About Interview Pitches:
Typically, these are short-form pitches, ranging from 30
seconds to a few minutes of pitching time.
In an interview, it is key to demonstrate a strong
understanding of the company and present a thoughtful
thesis. Concision is key in interviews; spend only a
few sentences on each component of the stock pitch,
summarising all significant information.
An investment philosophy is imperative for an investor because it gives clear direction and guidance to your thinking.
With so many asset classes, countries, sectors, and stocks to choose from, you need to have a starting point.
Do you purchase a speculative stock or an undervalued one?
Do you look for short-term trades or long term holds?
From a professional perspective, it helps clients of a fund manager understand how the fund is allocating their money,
gives them clear guidelines into what the fund should or should not be doing, and holds the fund accountable.
Components
There are three key factors for an effective investment philosophy:
1
Investment philosophies begin with a view of how human beings
learn, or fail to learn
2
This leads to a view of how markets behave
3
Devise strategies that reflect your beliefs
Examples
Philosophy
Strategy
Investors underestimate the rate and duration of growth
GROWTH
Investors are irrational, driven by emotion, and this causes
stock prices to deviate from their fundamental value
VALUE
Smaller businesses are misunderstood by investors
SMALL CAPS
UNIT | 7
Investable Universe
What is it?
There are a multitude of markets and investment opportunities
that we can choose from.
Your investable universe is defined by a
personalised set of criteria.
This criteria is framed within the boundaries that YOU define!
These may include: personal preferences, risk aversion,
investment philosophy.
Filters
Industry
A starting point may be deciding which GICS (Global Industry Classification
Standard) sectors suit your preferences for volatility and/or market capitalisation.
For example, sectors such as Information Technology are likely to produce
relatively high returns at the expense of bearing greater risks.
To refine your selections of the desired GICS sectors, you may also choose to
exclude specific companies or groups of companies displaying certain types of
characteristics.
Interviews
Market Capitalisation
Market capitalisation is described as the market value of a company’s equity based on the
number of outstanding shares and its share price. One should be cautious in associating a
company’s market capitalisation with its current or future performance. These companies
are often well-known and understood by the market and are subsequently highly sensitive
to market expectations.
Volatility
This leads us to consider the volatility of an industry to market movements. High
volatility levels tend to generate high returns albeit with a greater likelihood of
actual returns differing from expected returns. Your choice of volatility will rest
entirely on your risk preferences and investment philosophy.
8 | UNIT
UNIT | 9
Screening
What is it?
Stock screening is a way for you to start to narrow your ideas from the investable universe down
to a series of stocks you can perform deeper analysis on. There are two main forms of screening:
Quantitative and Qualitative.
Quantitative Screening
Quantitative stock screening involves choosing key metrics, and using them to filter stocks.
Note: This stock screening stage is influenced by your investment philosophy & it may also be useful to develop a
screen which tracks these metrics over time.
Key Screening Metrics
Qualitative Screening
Idea generation can simply come from noticing a retail store being busier than usual, or noticing more news coverage
on a certain company - this is known as qualitative screening.
Price to earnings (P/E)
Earnings per share (EPS)
Macroeconomic
Market capitalisation
Dividend yield
The level of sensitivity of stocks to these macroeconomic
factors such as interest rates, inflation, investment,
consumption ought to be considered.
Return on investment (ROI)
E.g. A financial stock which relies on mortgage lending
will be highly sensitive to interest rate changes.
Price to book (P/B)
Geographic
Regional constraints or opportunities for growth
may be essential for a company’s success or could be the
ingredient of its downfall.
E.g. Australian import-export company will experience
growth when there are indicators suggesting increased
demand of commodities from Chinese consumers.
Thematic
Thematic factors, as the name suggests, relate to themes
trending or emerging in the domestic or global
economy. However, these market/industry trends may
also lead to speculative bubbles and herding behaviour.
E.g. Chipmaker companies may benefit from breakthroughs in artificial intelligence.
10 | UNIT
Example of initial screening
Ticker
EV/EBITDA
P/E
ROE
EBITDA Margin Revenue Growth
Score
Rank
Weighting
25%
15%
30%
20%
10%
N/A
N/A
Stock 1
8.6x
20.4x
35%
25.1%
8.3%
9.2
2
Stock 2
15.2x
30.3x
30%
35.5%
15.6%
12.3
1
Stock 3
6.7x
12.5x
10%
13.3%
3.2%
8.5
3
UNIT | 11
Preliminary Research
Following Market News
What now?
What now?
You have now refined your investable universe and completed the screening process based
on quantitative and qualitative information. With a laundry list of investment ideas in mind, you
need to now dig deeper and conduct preliminary research to isolate the most viable
investment idea.
Before you launch into investing, you should...
Why does the company screen
highly during the screening process?
Is the company’s qualitative and
quantitative history temporary or
sustainable?
However an investor is usually unable to generate returns purely based on public information from
the sources discussed below - they could be already factored into the stock prices. The question
therefore becomes whether market prices fully reflect this information or has the market under /
overappreciated it?
Key question: Do market prices fully reflect this news?
Conduct Peer Analysis
How does the company compare
with others within the same industry?
Comparable valuations?
Question the Screening
If you want to fully understand impactful market trends and narrow your investment approach,
arguably the best approach is to follow market news consistently and gather as much information as
possible from multiple sources.
Local Newspapers
E.g. Sydney Morning Herald,
The Australian
Monitor Corporate News
Has there been any recent corporate
news? (M&A, capital raisings,
management
changes,
capital
restructuring etc.)
Financial Newspapers
Online News Forum
E.g. AFR, Bloomberg,
The Financial Times
E.g. Hotcopper
Risk / Return Comparison
Portfolio Consideration
How would the investment affect
overall portfolio characteristics and
diversification?
How does the risk and return profile
of each idea stack up against each
other?
Economic Information
Financial Results
E.g. Changes in interest
rate policy, exchange rate
changes, commodity prices
E.g. Earnings results,
trading updates, dividends
Corporate Activity
Industry Information
E.g. Management changes,
capital raisings, legal
proceedings
E.g. Megatrends, M&A activity,
changes in competitive
landscape, data releases
Political Information
E.g. Changes in fiscal policy,
election results, international
trade agreements, regulatory
changes
12 | UNIT
UNIT | 13
Pitch Overview
Executive Summary
Recommendation
Why are you making the recommendation?
Target Price
Industry Overview
Describes aspects such as the market structure and
who the significant firms in the industry are, the trends
of the industry, and competitive landscape
Business Overview
Describe the key value propositions, activities, and
structure of the business
Describe where the firm is in the market
Give an overview of its capital structure and any other
prominent aspects of the firm
Describe any significant recent events or changes in
the business model
Investment Thesis
Explain why you are suggesting either a buy, sell, or
hold recommendation
Usually three reasons as to why the stock is currently
mispriced
Catalyst
Describe upcoming informational events that should
explain when a share price rerating will likely occur they justify the ‘why now’
Such events could be macro or micro related.
Valuation
Justify how you reached your target price and the
underlying assumptions and forecasts
Outline the potential bull and bear scenarios
Investment Risks
Describe any risks that could cause your thesis to not
come to fruition
14 | UNIT
Outline any mitigating factors which reduce the
likelihood of these risks arising
UNIT | 15
Industry Overview
Competitive Landscape
What is it?
Market Position
Examine the role of each player in the industry, and look at their respective
strengths and weaknesses. This will help identify any opportunities for
consolidation and how the company can improve upon what other
competitors offer.
An industry overview defines the type of industry which your selected company belongs to, and the
major characteristics of that industry. These characteristics can be broken down into the industry’s
products, competitive landscape, service offerings, and drivers and trends.
Source 1: Industry Reports
Industry reporters like IBISWorld specialise in
disseminating market research reports. The reports cover
recent industry performance, the competitive landscape,
the types of products / services produced, the major
companies and key metrics.
Market Power
Look at the strength of their brand name, as well as their market
share, location and size. This will assist in determining the type of
market structure which the company is operating in and the barriers
of entry.
Market Activity
Source 2: Industry Groups
Monitor the activity of major players, and assess whether the company
will be able to accordingly guard against, or leverage any opportunities
which arise from movements made by other players.
Numerous industry groups / organisations exist which provide extensive
information about their industry. The industry information which these
organisations provide can range from facts and figures to media releases
of industry players.
Source 3: Broker Reports
These reports are written by broker firms and analysts who interact with
management and competitors frequently. Their reports will likely contain very
extensive and unique insights into the landscape of the industry.
Product and Source Offering
Product Differentiation
How do the companies in the industry differentiate themselves? It may be
through quality controls and premiumisation, cutting-edge technologies or brand image
and reputation.
Location
Drivers and Trends
Drivers and trends are used to gauge the general direction in which an industry is headed, and assists in estimating a
company’s future profitability.
Macroeconomic - Level
Industry - Level
Consider whether or not the industry
is cyclical, i.e. if profitability is sensitive
to the level of economic activity. You
may also look at macroeconomic
drivers which influence a wide
variety of industries. This can
range from trade agreements and
geopolitical events to changes in
population demographics, such as an
ageing population.
Assessing the stage at which the
industry stands at in its life
cycle - introduction, growth,
maturity, or decline - is also very
significant as sales and
profitability vary across the
different phases. This may
involve looking at the
tailwinds or structural challenges
accelerating / restricting its growth.
Where are the industry’s main markets? Which are growing and which are stable
/ stagnating? Location is key for companies in reaching customers as well as offering
another avenue for differentiation.
Supply / Customer Base
Who does the industry sell to? Where does the industry source its inputs?
Answering these questions will allow for a better understanding of the industry’s cost
base.
16 | UNIT
Regulatory Drivers
The role of the government and regulation is also significant. Whilst rules and legislation are often adverse for companies
as they can restrict business activity and impose tax, it should be noted that the regulatory environment can also be
supportive by, for example, providing grants or subsidies.
UNIT | 17
Business Overview
Business Model
The business model should explain to investors how the company will generate revenue and profit and sell to investors where the value of the company is stemming from.
What is it?
A business overview should provide a concise summary of the most important aspects of the
company. This can be broadly separated into general information about the company and its
business model.
Source 1: Prospectus
A prospectus is a document which is disclosed prior to
an IPO. It will contain information on the company, its
operations, financial position and the risks associated with
the offer. This is often the ideal source for company and
industry information, provided it is not too outdated.
Source 2: Company Releases
What to include?
General Information
Recent Corporate News
General information includes, but is not limited
to, qualitative features such as the company’s
headquarters and key management, as well as more
quantitative factors, such as historical share price
performance and valuation metrics like P/E and
dividend yield.
Recent corporate news include any announcements or
changes that can affect the price of the stock. These
can include M&A, profit guidance updates, changes to
dividend policy or management changes.
18 | UNIT
Product Mix
Databases like Bloomberg, CapIQ and Factset provides concise summaries
on what each company does, as well as a stock analysis, which includes the
stock price, share price chart, company news, key statistics, fundamentals and
company profile.
Where companies are segmented into numerous business divisions, usually through
separate product or service lines, historical performance and percentage splits
should also be included. These identified streams can then be used to highlight what
the primary growth drivers of a company are.
Geographic Market
Source 3: Databases
For a business that operates on a global / national scale, it is also useful to identify
the key geographical markets in which it operates. This is often indicated on financial
statements, making it easier to trace historical performance that has been impacted
by regional trends.
Key Financials
The company’s website will usually provide annual reports which
contain financial statements, such as the income statement, balance
sheets, and cash flow statement.
An overview of the financials of the company would be a summary of the key
financial statements of the firm. This could include the historical revenue growth of
the stock, key ratios from the balance sheet such as leverage or the debt/equity
ratio, or what the key cost drivers are. The financials shown will also depend on the
stock being analysed - for example, the net interest margin is an influential ratio for
a bank.
UNIT | 19
Investment Thesis
What is it?
An investment thesis should explain why an investor should invest into the specific stock by
defining the value that the stock would add to a portfolio. The thesis should be motivated by the
idea that the stock is currently mispriced, generally as a result of the market underappreciating or
having yet to factor in certain information into the share’s price.
While many reasons may potentially support and form the basis of an investment thesis, three
common factors amongst many investment theses include sustainable competitive advantage,
macroeconomic and industry tailwinds and strategy / management.
Competitive Advantages
Competitive Advantages
A competitive edge can be sourced from many different aspects of the company. Regardless of the nature of the
competitive edge, it should allow the company to outperform their competitors in the mid to long-term. Such
prospects of long-term growth and sustenance will add value to a company, which should be reflected in the share
price.
Macroeconomic And Industry Tailwinds
Macroeconomic and industry tailwinds
refer to the forces and drivers which help
stimulate the economy and industry as a
whole.
The macroeconomic environment in which
the company operates can provide topdown support to your investment thesis by
helping drive the growth of your company.
For example, expectations of falling interest rates may reduce borrowing costs for the company and allow them to take
advantage of a wider range of investment opportunities.
Specific technologies may be able to increase the production scale within certain industries, whilst subsidies provided by
the government may allow certain industries to become more competitive.
Key Question: Can the competitive advantage be sustained?
For example, a firm undertaking extensive research and development
may be able to create more innovative products with patents and
copyrights in place to help sustain this advantage.
Changes in consumer tastes and demographics may also open up opportunities which your company may intend to
exploit.
Strategy and Management
Management styles are often based off past performance, i.e. the success of their previous strategies and how
management has handled different situations in the past.
Strategies can include mergers & acquisitions, new product development, and asset sales. Your investment thesis can be
supported if you believe that investors are underappreciating the actual value you expect the company’s strategies to
create.
A company may have a better revenue model or a more appropriate
capital structure that allows them to better leverage available
investment opportunities.
20 | UNIT
UNIT | 21
Investment Thesis
Catalysts
How do mispricings arise?
However, identifying these thesis points is likely insufficient - many other investors are able to do
the same. It is your job as the stock-pitcher to identify the mispricing and this often requires
an understanding of behavioural biases because such mispricings often arise from irrational
market behaviour. Such biases may for example, lead to underestimating of earnings growth or
overestimation of the impact of short term shocks.
Mispricings are often caused by Behavioural Biases
•
•
Recent evidence is more compelling
Investors may focus too heavily on recent bad
news and discount historical good news
•
Bellamy’s and Chinese
regulations
Short Termism
What are they?
Catalysts are any upcoming factors or informational events that you believe will propel the share
price to rise (or fall for a sell pitch), thus justifying your investment thesis. The catalyst explains the
why now and is important to include as stocks can remain undervalued for a long period of time.
Information about the impact of these catalysts are not yet incorporated into the stock price and
so they provide an opportunity for investors to make significant gains in wealth. A catalyst can be
almost anything, and the four examples provided below include earnings reports, broker reports,
macroeconomic factors and, other company announcements.
Earnings Reports
Since investors have certain expectations regarding a company’s earnings prior to each release, earnings releases are
the key informational event which will either justify or fall short of these expectations. A ‘beat’ will likely lead to an
increase in share price whilst a ‘miss’ will do the opposite.
Note: Investors should also pay attention to the outlook statements in the earnings releases - a strong result followed by
a poor outlook statement / trading update may not be looked upon favourably.
•
•
Dramatic evidence is more compelling
Investors focus too heavily on news / information
that is highly dramatised / publicised
•
Entry of Amazon into Australian
market was overhyped
•
Mistaken belief that prior success will lead to
future success
Investors project historical growth too far into the
future
•
Domino’s high earnings growth
was expected to continue for
many years
There is lots of information available, which can be
a lot to process
Investors tend to take shortcuts and are attracted
to the ‘easy’ stories
•
Everyone knows lithium demand
is expected to skyrocket, but
the supply dynamics remain
overlooked
New information is discounted
Investors unwilling to change their views on
companies
•
Nine News was disliked by the
market for a long time despite
trends in TV media turning
Salience
•
Hot Hand
Phenomenon
•
•
Information
Overload
•
•
Anchoring
22 | UNIT
Broker Reports
Some broker reports will provide a revised valuation of a stock’s value, whilst others may provide buy and sell recommendations for particular stocks. The release of these broker reports acts as a catalyst which can directly impact stock
prices, especially if they involve a change in price target or recommendation.
UNIT | 23
Catalysts
Valuation
Macroeconomic Data Releases
Given that macroeconomic factors relate to the overall economy, these factors can easily catalyse movements in
the stock market. For example, an indication of a potential hike in future interest rates is capable of moving the
entire market and thus causing a change in the price of the stock. However, macroeconomic factors should not
be viewed in isolation - it will also be useful to examine the flow-through effects of the relevant macroeconomic
factors.
What is it?
Stock valuation involves calculating the true fair value at which the stock should be priced and
therefore determining whether the stock is currently under or overvalued. In performing this
calculation, your investment thesis should inform every assumption made regarding the company’s
earnings and risk profile. Valuation can be conducted using numerous methods, with the two main
ones being intrinsic and relative valuation.
Forecasting
Forecasting
To conduct your stock valuation, you’ll need to first forecast the
outlook of the company. This involves translating your qualitative
investment thesis arguments into quantitative forecasts. Usually,
these forecasts are made over a period of 5-10 years. This is because
forecasts made too far into the future are likely to be less accurate,
whilst too short of an investment horizon likely produces an
incomplete valuation.
Other Company Announcements
Company announcements in general may also cause a shift in the market’s perception of a company and the
common catalysts include:
Trading Updates / Profit Guidance
Intrinsic Valuation
An intrinsic valuation prices a company’s shares according to its future cash flows, discounted back to the present
day using an appropriate risk-adjusted rate of return. This fair value of the stock is commonly derived through the
discounted cash flow (DCF) model, which uses forecasted free cash flows to the firm (FCFF) and an appropriate
discount rate, often the weighted average cost of capital (WACC).
1. Forecast Free Cash Flows
FCFF = EBIT (1 - t) + DA - CAPEX - Increase in Net Working Capital
Merger / Acquisition / Divestment Activity
Securing of New Contracts / Revenue
EBIT = Earnings Before Interest and Tax
DA = Depreciation and Amortization
CAPEX = Capital Expenditure
t = Company Tax Rate
2. Calculate Terminal Value
Results of Tests / Regulatory & Legal Decisions
24 | UNIT
Terminal Multiple
Terminal Growth Rate
The most common multiple used in calculating
terminal value is the EV/EBITDA multiple
estimated at the time of the terminal period.
Assumes that the last cash flow forecasted will
grow at a stable growth rate into perpetuity.
This growth rate can be approximated in a variety
of ways, such as using inflation or GDP growth
rate figures.
UNIT | 25
Relative Valuation
3. Apply Discount Rate
You will then need to discount each year’s cash flow and the terminal value by the appropriate discount rate to find
their present value.
WACC = RE x (E/V) + RD x (D/V) x (1-t)
1. Identify Your Comparable Set
RE = Cost of Equity
RD = Cost of Debt
D = Total Debt
E = Market Value of Equity
V = D + E
t = Company Tax Rate
Discounted Cash Flow = FCFFX / (1+WACC)
X = Forecast Year
Relative valuation involves factoring in multiples, ratios, and benchmarks derived from similar companies in
determining the company’s share price. This aligns with the law of ‘one price’ as we are assuming that assets with
similar risk and returns characteristics should be priced similarly.
Selection can be based on a variety of factors, such as industry, size, scale, and sector.
X
2. Identify Your Multiples
Identify the relevant multiples of each of your comparable firms. The most common multiples typically used in a
relative valuation are the Price / Earnings and the EV/EBITDA multiple.
Add all of these together to attain the enterprise value of the company.
4. Calculate Share Price
The market capitalisation of your company can then be calculated as the difference between its enterprise value and
net debt.
Market Cap = EV - Net Debt
Price / Earnings
EV / EBITDA
The P/E multiple is defined as a share’s value (P) divided
by earnings per share (EPS).
The EV/EBITDA multiple is defined as a company’s
total Enterprise Value (EV) divided by Earnings Before
Interest, Tax, Depreciation & Amortisation (EBITDA).
The biggest limitation of using the P/E multiple is that it
only reflects a firm’s bottom line and fails to consider tax
and interest rates, as well as methods of depreciation
and amortization, which often vary across different
companies and may distort company value.
EV / EBITDA addresses the aforementioned limitation
of the P/E multiple as it is not affected by the differing
methods of depreciation and leverage across
companies.
You can then simply divide the market cap of your company by the number of shares outstanding to obtain your
final share price.
Share Price = Market Cap / Shares Outstanding
Compare this with the current market price per share to see if your share is overvalued, or undervalued!
26 | UNIT
3. Apply the Peer Multiples
Having chosen your desired multiples and comparable set, the median multiples of your set should then be
applied to your target company’s own earnings metrics.
Company
EV/LTM EBITDA
EV/NTM EBITDA
Forward P/E
Trailing P/E
EV/LTM
Rev
EV/NTM
Rev
Company 1
16.0x
13.0x
22.5x
30.3x
Company 2
16.2x
14.5x
24.8x
28.1x
2.6x
2.5x
Company 3
9.4x
9.3x
17.6x
16.5x
2.3x
2.1x
Company 4
15.2x
9.8x
19.8x
0.0x
2.3x
2.2x
Company 5
10.0x
9.0x
16.5x
60.3x
3.2x
3.0x
Average
13.3x
11.1x
20.2x
27.1x
3.3x
3.0x
Median
15.2x
9.8x
19.8x
28.1x
2.6x
2.5x
Target Company
8.9x
9.0x
24.8x
4.6x
2.4x
2.4x
Implied Share Price
$13.39
$12.42
$18.83
$23.35
$11.83
$11.24
6.0x
5.2x
UNIT | 27
Investment Risks
Investment risks refer to the range of possibilities which may lead to a particular investment decision resulting in losses or any other outcomes that are outside the scope of what you thought
would happen.
Thus, to ensure an accurate and proper risk-return judgement, the stock pitch must identify
the potential types of investment risks. This is critical given that the most dangerous risks to an
investment thesis are those which you do not know about. These risks must then be evaluated
against the potential return to allow investors to assess whether the return is worth the risk.
This analysis should be reflected in your discount rate which is used as a quantitative measure of a company’s risk
profile. Higher discount rates are indicative of high levels of risk.
1
Likelihood
What are they?
Evaluating Risks
Risk Matrix Considerations
High
Impact
Estimating the likelihood of the
risk being realised allows you to
appropriately target your stock
pitch to investors based on their
taste for risk.
Risk 2
Types of Investment Risks
Cost Blow-Outs
The possibility that the company’s product may fail to satisfy customer expectations and
result in sales forecasts not being met.
Product Risk
Laws and regulations may be changed which can potentially restrict a company’s
operations.
Regulatory Risk
Foreign Exchange Risk
Technological Risk
Risk 3
Magnitude
The company’s relevant costs may suddenly increase, perhaps due to wages inflation,
supply shortages, or regulation.
Considers the potential
consequences of the risk should it
be realised. Consequences can be
analysed from both a qualitative
and quantitative perspective.
The strategies pursued by management may be poorly executed. This could be due to
allocating insufficient resources or poor managerial skills.
Risk 4
Risk 5
Low
Impact
Low
Likelihood
2
High
Likelihood
Risk Analyses
Scenario Analysis
Sensitivity Analysis
Allows you to consider upside and downside scenarios
and how your valuation would change if these ‘bear’ and
‘bull’ scenarios materialised.
Used to examine how your valuation would vary due to
slight changes in particular inputs in your valuation such
as your discount rate and terminal growth rate.
Although this is more relevant to multi-national companies, it can still impact domestic
business which undertake overseas transactions.
Extended / repeated outages in particular can cause reputational damage, which in turn
may lead to a loss of revenue.
Risk 1
Mitigating Factors
A company may have mitigating factors which assist in minimising the likelihood of risks from materialising or the
impact of these risks causing potential loss. These may be explicitly implemented by the company’s management or
inherent within the company’s structure.
Example 1
Example 2
The company may have invested into derivatives
contracts to minimise foreign exchange
The company’s inherently strong brand name may
help minimise customer losses and product
Strategy Execution Risk
28 | UNIT
UNIT | 29
Executive Summary
Ooh!Media: Ooh! What a buy!
Date of valuation: 20/8/18
Ticker
ASX: OML
Industry
Outdoor Media
Market cap
1,150m
52 week range
$3.92 - $5.41
P/E
16.5x
Dividend yield
3.10%
Previous close (20/8/18)
$4.77
12 month price target
$5.37
Upside
Recommendation: BUY
12 month target price: $5.37
Upside: 12.60%
12.60%
Investment Thesis
Historical meeting of guidance
is expected to continue
Market is too focused on the ACCC
risk of Adshel acquisition and is
discounting the earnings upside
Digital partnerships strategy is
currently undervalued
Price Range
7.00
6.50
$6.15
6.00
5.50
$5.37
5.00
4.50
$4.21
4.00
Aug-17
30 | UNIT
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
UNIT | 31
v
3.50
Industry Overview
Strong Historical Growth
According to the OMA Annual Report 2017, the OOH
audience base has grown by 23% since 2010 whilst the
wider population grew at 14.9% for the same period. OOH
advertising now reaches 93% of Australians daily across the
five major markets.
What is the Outdoor Media Industry?
Out-of-home (OOH) advertising or outdoor advertising is advertising that reaches the consumers
while they are outside of their homes.
Out-of-home media advertising is focused on marketing to consumers when they are “on the go” in
public places, in transit, waiting (such as in a medical office), and / or in specific commercial locations
(such as in a retail venue). OOH advertising formats fall into four main categories: bilboards, transit,
roadside, and retail.
789
800
678
700
600
500
400
837
503
2012
544
2013
602
2014
2015
2016
2017
Ongoing Digitisation
Much of this industry growth can be attributed to the industry’s ongoing digitisation of traditional, static panels
across all four categories. In 2017, DOOH as a total share of the OOH market has increased 7% since 2016 to make
up 47.3% of the entire market and this can be attributed to the benefits offered by digitisation:
Specify desired audience characteristics
Retail / Other
Billboards
Refers to dynamic media distributed across
place-based networks in venues including,
but not limited to: cafes, bars, restaurants,
health clubs, colleges, arenas, convenience
stores, and other public spaces.
Remain the predominant form of OOH
advertising across the 5 major Australian
markets, making up 36% of units.
Advertisers can reprogram, execute and monitor campaigns
in real-time
Static
53%
Digital
47%
Moving and illuminated presentation attracts more eyeballs
Booking periods are more flexible due to faster installation
Share of Total Advertising Continues to Grow
Retail / Other
13%
Transport
23%
The Out-of-Home Media industry had a 5.9% share of the advertising industry and PwC estimates that by 2022,
OOH will increase its market share in the advertising industry to 7.2%. This growth is expected to be driven by ongoing developments to transform OOH into a data-driven measurement platform, with ongoing efforts to better
quantify the number of eyeballs and therefore the ROI proposition for advertisers. This has been supported by
active innovation in the areas of partnerships, audience measurement and technology.
Billboards
34%
2013 Advertising Industry
Roadside
30%
Online
28.4%
Transport
Roadside
Advertising placed on anything which moves,
such as buses, subway advertising, truckside,
food trucks, and taxis, but also includes
advertising at train platforms, bus stations
and airports. This segment aims to target
moving audiences.
Made up of formats such as bus shelters,
newsracks, mall kiosks, and telephone booth
advertising. This form of OOH advertising is
mainly seen in urban centers.
32 | UNIT
5 Yr CAGR: 11%
900
Benefits of Digitisation
Segment Information
Source: Outdoor Media Association
OOH Industry Revenue ($m)
2017 Advertising Industry
OOHCinema
4.8% 0.9%
OOH Cinema
5.9% 0.9%
Print
13.2%
Print
22.0%
Online
45.5%
TV
23.1%
Radio
9.0%
Pay TV
4.4%
TV
30.6%
Radio
8.1%
Pay TV
3.2%
Consolidation Heating Up Again
The industry is also looking to consolidate as evident with OML’s acquisition of Adshel, a subsidiary of HT&E, and
JCDecaux’s acquisition of APN Outdoor, both pending ACCC approval. This follows last year’s failed OML-APO
merger and a previous wave of M&A activity in 2014-15.
Source: Outdoor Media Association
UNIT | 33
Business Overview
Business Model
Who is Ooh!Media?
oOh!Media Limited (ASX:OML) was listed on the ASX in December 2014 after spending time under
CHAMP private equity ownership, and is an Australian outdoor advertising and media company based
in Sydney, Australia.
Advertiser
Media Agency
Develops the intended message, the
scope of the advertising campaign and the
budget.
Determines the appropriate advertising
mediums for the campaign and acts as an
intermediary between the advertiser and
Ooh!Media.
Landlord / Owner
Ooh!Media
Owns the advertising site and collects rent
from the operator. Rent usually consists of
both a fixed rent and revenue share.
Operates the site, provides
recommendations regarding the location
and format of advertisement and
implements the campaign.
With over 20,000 locations in Australia and New Zealand, OML clients have access to some of the
most sought out advertising spots. Of these screens, 8,000 are digital, giving OML one of the largest
digital networks in the country and the company remains focused on converting classic signs to
digital, increasing their capacity in key locations.
Operating Segments
Road
Retail
OML have over 3,800 roadside billboards
in Australia, offering clients access to large
format billboards located in major regional
and metropolitan areas.
FY 17
New Other
Zealand 4.8%
2.5%
Locate
8.9%
OML have retail advertising assets in over
540 shopping centres around Australia,
allowing them to reach a large breadth of
shoppers.
Road
36.1%
Fly
14.5%
Fly
Advertising placed on anything which moves,
such as buses, subway advertising, truckside,
food trucks, and taxis, but also includes advertising at train platforms, bus stations and
airports. This segment aims to target moving
audiences.
Retail
33.2%
Locate
Made up of formats such as bus shelters,
newsracks, mall kiosks, and telephone booth
advertising. This form of OOH advertising is
mainly seen in urban centers.
Financials
CY15
CY16
CY17
1CY18
CY18e
279.8
336.1
380.3
192.0
423.0
LTM Growth
7%
20%
13%
11%
11%
EBITDA
58.0
73.5
87.4
37.9
97.0
Margin
21%
22%
23%
20%
23%
LTM Growth
36%
27%
19%
13%
11%
Net Income
18.4
24.5
33.2
9.2
46.6
Margin
7%
7%
9%
5%
11%
Growth
NM
33%
36%
21%
40%
Net Debt / EBITDA
1.5x
1.6x
1.4x
1.4x
2.5x
Revenue
Recent Corporate News
oOh!media and APN Outdoor call off $1.b billion merger
oOh!media wins battle for Adshel with $570 million bid
34 | UNIT
Source: Company Reports
Source: Company Reports, CapIQ, AFR
UNIT | 35
Investment Thesis
#2 Digital partnerships strategy currently undervalued
#1 Historical meeting of guidance expected to continue
OML’s strong track record of meeting guidance can be traced to CY15 during which the company comfortably beat
the performance milestones outlined in its 2015 Prospectus:
• Year-on-year revenue grew by 7.3% and was ahead of the Prospectus forecast by 5.0%;
• Pro Forma EBITDA grew by 37.1% to $57.7 million, and was ahead of the Prospectus forecast by 18.8%;
• Digital revenue grew by 47.6%, ahead of the Prospectus forecast of 40.4%;
• Adjusted Net Profit After Tax (NPAT) grew by 56.8% to $28.5 million and was ahead of the Prospectus forecast by
28.5%
The use of big data and data analytics is expected to grow significantly, especially in indirect marketing sectors
such as out-of-home advertising. The potential to tailor advertisements more specifically to the customers’ needs
through harvesting key information from big data has prompted OML to enter into multiple data partnerships.
However, because OML has yet to quantify the value available from these partnerships, we believe that the market
has undervalued them.
Data analytics is especially important for marketing as they provide correlations between certain predictors /
drivers (consumer demographics, behaviour, etc.) and purchasing tendencies (love discounts, only go for luxury
services, etc.). Using this data, advertising companies are able to lower costs by designing their advertisements
based on the potential audience.
We believe that OML will be able to continue realising earnings upside through its data-driven digitisation strategy
and focus on delivering new, innovative advertising solutions such as the Inflight partnership with Qantas.
Academic research also suggests that these previous beats have been undervalued by the market with Bartov, Givoly
and Hayn (1997) finding that firms whose earnings releases constitute a favourable surprise continue to surprise in
subsequent years. They posit that this is because the market is inefficient in pricing in the implications of a beat for
future earnings prospects.
Guidance vs Actual EBITDA
100
90
Quantium
80
70
•
60
50
•
FY15
FY16
Actual
Source: CapIQ
36 | UNIT
FY17
•
Exclusive partnership with Australia’s
leading data and analytics firm, Quantium.
Quantium provides brands the capability
to target audiences based on Quantium’s
world class customer transaction and
behavioural datasets and deliver optimised
solutions across OML’s national network.
Quantium has 900 billion data points
including 30+ billion transactions across
FMCG, Retail and Services industries,
capturing the spend and behaviour of 80%
of Australian households at a customer
level.
Source: Company Reports
DSpark
•
•
•
DSpark is a global mobile intelligence
company that provides a wide array of
services
The partnership allows OML to access
DSpark’s Mobility Intelligence Report, which
provides snapshots of postal areas across
Australia that help clients learn more about
the profile of visitors.
This is particularly useful to OML who is
looking to target overseas visitors coming
into Australia’s big cities, such as Chinese
tourists, and increase their effectiveness
and efficiency in marketing towards them.
UNIT | 37
#3 Overcompensation of ACCC risk of Adshel acquisition
Given uncertainties surrounding OML’s acquisition of Adshel which remains pending approval from ACCC, the
share price has fallen recently. However, we believe that this movement is a market overreaction and the likelihood
that the ACCC will disapprove of the deal is low. This is due to their complementary, rather than overlapping
product portfolios, with Adshel being focused on street furniture whereas OML’s portfolio consists mainly of large
format billboards. This is in contrast to the scrapped OML/APO merger of 2017, where both companies were large
players in the billboard segment. We believe that the market has not priced in the potential revenue synergies
from the acquisition which is expected to be EPS accretive in FY18, even with no cost synergies to be realised.
Strategic Rationale
Catalysts
#1 CY18 Earnings Release
As mentioned above, OML’s management has had a good track record of reaching or beating guidance, and this is
anticipated to be continued in the future. For CY18 the street consensus of EBITDA is in the lower end of management
guidance of $94-99m which we believe is conservative, given our forecasts of $97m.
1.4%
100
Consensus vs Actuals
1.4%
90
Revenue Diversification
Adshel Digitisation
80
Highly complementary offering which will improve
OML’s value proposition to advertisers seeking out
a full-suite service.
There is currently low digital penetration in street
furniture and there is therefore an opportunity
for margin upside by converting Adshel’s static
screens.
60
FY 18
New Other
Zealand 4.8%
2.5%
Locate
8.9%
Fly
14.5%
45%
40%
40
30
FY15
30%
10%
4%
5%
0%
OML
Adshel
Retail
33.2%
FY 18 Proforma
New Data Insights
Road
33.1%
Locate
8.9%
The unique placement of street furniture and
subsequent expansion of OML’s network and reach
will further OML’s data collection capabilities.
Cost Synergies
Fly
13.6%
Retail
26.6%
FY16
Actual
0.0%
FY17
Surprise
35%
15%
Source: Investor Presentations
0.5%
50
40%
20%
New
Zealand
2.4%
1.0%
Consensus
25%
Adshel
Other 11.1%
4.2%
1.5%
70
% of digital sites
Road
36.1%
0.9%
Cost synergies of $15 - 18 million p.a. are realisable
in the short-medium term.
#2
M&A
Activityof guidance expected to continue
#1 Further
Historical
meeting
With a new wave of consolidation hitting the Outdoor Media industry, OML is in prime position to consider tilts at
smaller bolt-on acquisitions. OML’s healthy balance sheet positions it well to pursue such activity, with Net Debt /
EBITDA expected to remain below banking covenants at 2.5x post-Adshel. Given OML’s strong cash generation and
ability to repay debt, this is forecast to fall to 2.0x within 18 months.
Potential targets could include QMS given its unique sports division, stand-alone billboard assets or players within the
data collection space.
#3 Update on Data Analytics Development
On 7 July 2018, OML announced its intentions of leveraging its partnership with Quantium and launching an
automated private marketplace that uses machine learning to help marketers find the best inventory to use and
the best timing to reach and engage with a target audience. This is part of a $15m investment to revolutionise out of
home advertising to help it gain a larger share of the media investment pie. An update regarding a successful trial or
implementation of this digital strategy would likely prove to be a positive catalyst for the share price.
Source: CapIQ
38 | UNIT
UNIT | 39
Valuation
Relative Valuation: $4.70
•
•
•
OML is currently trading below its fair value of $5.37
Triangulating intrinsic and relative valuations with a 70/30 blend, OML is valued at $5.37, which
represents 13% upside from the last close price of $4.77.
On a forward P / E basis, OML trades at a slight discount to its domestic and international peers
But, on a forward EV / EBITDA basis, OML trades at a slight premium
Following the Adshel acquisition, we believe that this premium is justified by the upside available from OML applying
its digitisation strategy to Adshel’s mostly static panel network
Overall, OML’s valuation relative to its peers is undemanding when considering its stronger growth prospects
Intrinsic Valuation: $5.66
•
Historical 55% skew in revenue towards the second half of the year due to increased activity from advertisers
approaching the holiday season.
Revenue expected to maintain its 1H momentum and FY18 number expected to be 11% higher than FY17
number (excluding any Adshel contribution).
This may be slightly conservative, given that industry-wide growth is currently tracking 14%.
EBITDA margins are expected to remain stable at 24% in CY18.
As OML continues to roll out digital panels, margins are expected to track upwards.
•
•
•
•
Company Name
Fwd EV/Revenue
Fwd EV/EBITDA
Fwd P/E
NTM EBITDA Growth
QMS Media
2.0x
8.5x
15.0x
24%
JCDecaux SA
1.8x
10.4x
23.8x
25%
2.7x
9.4x
13.2x
80%
APN Outdoor
3.2x
Here, There and Everywhere
2.2x
3.4x
Outfront Media
3.2x
10.6x
Median
2.6x
Clear Channel Outdoor
Holdings
Terminal Growth Rate
2.5%
FY19 EBITDA (ex Adshel)
$97m
WACC
8.3%
FY19 EBITDA (inc Adshel)
$109m
Tax Rate
28.5%
FY19 EBITDA Margin (ex Adshel)
24%
2.6x
380.3
FY17
20.6
Road
9.9
0.0
Retail
Fly
8.5
Locate
1.9
New Zealand
5%
11.6x
18.9x
-13.1x
22%
10.5x
17.3x
15%
4%
16.5x
29%
Our fair value range for OML is $4.21 - $6.15 with a 12 month TP of $5.37
$4.21
52.6
2%
21.8x
10.7x
FY17 - 18 Sales Bridge
500
480
460
440
420
400
380
360
340
320
300
8%
15.7x
14.1x
2.6x
Ooh!Media
Key DCF Assumptions
19.6x
8.7x
APG|SGA SA
Ströer SE & Co. KGaA
This leads us to believe that OML is on track to beat consensus estimates of $94m by ~3%.
12.1x
475.6
DCF
$3.92
EV/NTM EBITDA
$3.89
$5.37
$6.15
$6.29
1.8
Adshel
Other
Forward P/E
$3.55
EV/NTM Revenue
$3.53
$5.42
$5.52
FY18
Terminal Growth Rate
Note: Assumes 3 month Adshel contribution
40 | UNIT
Forecast WACC
$5.66
7.8%
8.0%
8.3%
8.5%
8.8%
2.0%
$5.90
$5.60
$5.32
$5.06
$4.82
$5.73
$5.43
1.5%
2.5%
3.0%
3.5%
$5.55
$6.33
$6.84
$7.47
$5.28
$5.03
$5.98
$5.66
$6.99
$6.56
$6.43
$6.07
$4.80
$5.37
$6.17
$5.89
$4.58
52 Week
$5.10
$5.82
$1.00
Source: CapIQ
$5.52
$4.06
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$9.00
UNIT | 41
v
Investment Risks
Risks are high-impact, but have a low likelihood of arising
Risk
Description
Mitigant
•
ACCC may disapprove of the
Adshel transaction and future M&A
•
OML and Adshel are
complementary, rather than
overlapping businesses
•
High visibility of displays means
there may be increased scrutiny
regarding acceptable content
Digital billboards in overseas
markets found to be more
distracting than static ones
•
OML is a member of the leading
industry group, Outdoor Media
Association, which works with
government to develop content
standards
Management may find it difficult
to integrate Adshel into the
existing business given their
limited expertise in street furniture
May lead to failure to realise cost
synergies effectively
•
OML has a strong track record
of integrating accqusitions
(including those outside the
outdoor media industry)
E.g. Junkee Media 2016
Earnings are dependent on OML’s
ability to successfully tender and
renew contracts
Loss of a contract can lead to a
sharp fall in earnings e.g. APO and
Yarra Trams
•
The capital intensive nature
of digitisation roll out and data
strategy may force OML to
undertake a dilutive equity raising
•
Regulatory Risk
•
Public Scrutiny
•
M&A Execution
•
•
•
Contract Risk
•
Funding Risk
42 | UNIT
•
•
•
OML has a full-suite outdoor media
offering
Large digital network offers high
ROI for advertisers
OML remains well capitalised
post-Adshel
There is headroom to take on more
debt
UNIT | 43
USYD Student Managed Investment Fund
Overview
Overview
Since 2017, the University of Sydney has offered finance undergraduate students the opportunity to
manage an Australian equity portfolio using real money in real-time
About
Since 2017, the University of Sydney has
offered the Applied Portfolio Management
A (FINC3301) and B (FINC3302) elective
units which provide a forum for selected
students to develop their equity research and
portfolio management skills by managing
the University of Sydney Student Managed
Investment Fund.
Australian Students Asset Management (ASAM) gives students the opportunity to gain practical
experience in funds management and connect with experienced professionals
Dual-Purpose
1
2
Benefits
The program will prepare students for a
variety of finance‐related careers, including
equity research, investment banking, portfolio
management, credit and financial analysis,
wealth management, and investment
consulting.
Australian Students Asset Management
Convert to PNG
Provide undergraduate
finance
students with hands-on equity
analysis and portfolio management
experience
Fund scholarships for disadvantaged
students
Recruitment
1
2
Recruitment for the following year’s
analysts occurs during second
semester and is exclusively limited to
twenty students
Open to undergraduate Bachelor of
Commerce students at the University
of Sydney pursuing a major in
Finance
About
44 | UNIT
For further information see: http://sydney.edu.au/business/finance/apm
ESG - Focused
Australian Students Asset Management
(ASAM) is a Public Ancillary Fund and the
organisation’s first product is the Student
Impact Investment Fund.
The Fund will invest in Environmental, Social
and Governance (ESG) compliant firms, while
donating 4% of assets under management to
registered Australian charities at the end of
each financial year.
Benefits
Recruitment
Students gain practical experience in funds
management, supplementing the theory that
they are taught in the classroom, making for
a well-rounded education as well as connect
with experienced professionals and learn
more about industry best practice.
ASAM recruits students at the beginning of
each semester for a number of roles including
Investment Analyst, Portfolio Manager and
Economic Analysts amongst others.
For further information see: https://australianstudentsam.org/
UNIT | 45