Assessment Brief 2025

College of Business and Law

ACADEMIC YEAR 2024/25

Assessment Brief

Submission details

Module title: Investment Management

Module code: UMAD5X-15-3

Assessment title: Report (2000 words)

Assessment type: Business Report

Assessment weighting: 50% of total module mark

Size or length of assessment: The main of body of text for this assignment is limited 2000 words.

Module learning outcomes assessed by this task:

• Explain the relationship between finance theories and investment strategy • Describe and explain the key features of fund management and investment funds • Identify the mechanisms through which financial markets produce values for financial assets. • Describe and explain theoretical models used to characterise relationships between risk and return for investors.

• Assess investment performance and recommend appropriate courses of action, taking account of the outlook for investments in world markets

• Apply appropriate knowledge, analytical techniques and concepts to investment problems and issues arising from both familiar and unfamiliar situations.

• Synthesise and evaluate data relevant to investment performance

• Think critically, examine investment problems and issues from a number of perspectives, challenge viewpoints, ideas, and concepts, and make well-reasoned judgements

Use of AI in assessment:

Using AI is not compulsory for completing this assignment, it is also unadviseable as AI tools rarely use current data and return standard thinking rather than critically challenging the standard interpretations. However, you may use AI to complete this assignment only for the following purposes:

• To understand concepts and models, especially if you need additional explanations or examples.

• For checking spelling and grammar.

• To obtain general hints and guidance.

For further support and using acceptable AI source, please check Using generative AI at UWE Bristol – Study skills | UWE Bristol.

Guidance on Referencing (inc AI):

Please note that the aim of referencing is to demonstrate you have read and understood a range of sources to evidence your key points and discussions. You need to list the references consistently and in such a way as to ensure the reader can follow up on the sources for themselves. As outlined in the marking criteria, you will be assessed on how well you cite your discussions and compile your reference list. Please ensure you follow the Harvard referencing style when completing your assignment. For further guidance, you may want to check

– Referencing – Study skills | UWE Bristol

– Using generative AI at UWE Bristol – Study skills | UWE Bristol

Submission and feedback dates

Submission deadline: Before 14:00 on Thursday 27^th March 2025 Is eligible for 48 hour late submission window

Submission format: Word

Marks and Feedback due on: 30^th April 2025

N.B. all times are 24-hour clock, current local time (at time of submission) in the UK

Marks and Feedback will be provided via:

The feedback will be provided on Blackboard using a rubric.

Completing your assessment

What am I required to do on this assessment?

You are an investment manager, and your client would like to invest their money in a company that has listed shares on major stock exchanges. You are required to write an investment report on the company that the client is interested in investing in. You may assume that the client understands the risk involved in investing in shares.

You will be allocated a publicly listed company quoted on a major stock exchange (e.g., LSE, NYSE, NASDAQ). The module leader will publish the allocations on Blackboard during the third teaching week of the semester, please contact [email protected] as soon as possible if you have not been allocated a company. You are expected to produce an investment report and recommendation on the shares of this company. This should include the following sections.

i. Tear Sheet: a single paragraph giving an overview of the company summarising its performance over the last twelve months, its products, and the markets in which it operates. The remainder of the first page would summarise data on price, forecasted performance, valuations, and your recommendation on whether to buy, sell or hold the shares in the company.

ii. Performance and news analysis: Compare the company’s returns with that of the market as well as calculating the company’s risk adjusted return. Identify news (which include earnings announcements, the release of relevant economic data and analysts’ recommendations) which are relevant to the firm’s price performance as well as supporting your analysis in the report.

iii. Valuation: Perform a multistage growth dividend discount model (DDM) using the capital asset pricing model (CAPM) to calculate the cost of equity. Use Price multiples such as PE (Price to earnings), PB (Price to Book) and PS (Price to Sales) and DY (Dividend Yield) metrics to complement the DDM valuation. The valuation results are to be presented using the security market line (SML). Finally, a discussion on the DDM versus price multiples to inform the client is required.

iv. Conclusion: This will demonstrate your understanding of the subject and ability to include the results in a coherent summary

It is expected that you will use the full range of information sources available to you including Bloomberg and other accounting and finance databases to complete your assignment.

Where should I start?

• The first step starts when the module leader allocates the companies to students by Friday 14^th February 2025.

• Download the company’s latest annual report, read it carefully, to take note of key issues within the company for further research.

• Start by familiarizing yourself with the financial databases, especially Bloomberg. Utilise the modules workshops as opportunities to learn how to extract different datasets from Bloomberg.

What do I need to do to pass?

It is essential in this task to demonstrate your ability to value a company, this underpins the module learning outcomes and the marking criteria, hence it is essential that you complete the valuations to the best of your ability. The allocated companies are all large companies for which there will be many analysts providing their recommendations, if you just use these you will not be demonstrating your ability, as such this would not achieve marks.

How do I achieve high marks in this assessment?

To achieve a high mark your investment report will need to include all of the forms of analysis listed in the marking criteria, each will need to be reliably determined utilising

evidence based decision making. Additionally depending on the nature of your allocated company, different valuation methods will be of greater or lesser importance, to achieve a high mark your report will need to appropriately weight the relative importance of each of these.

We expect you to be able to reflect your strong understanding of those factors through the intrinsic value valuation models using dividend discount and price multiples. The important point here is that you should support your discussion on valuation based on your analysis of the market conditions and your view of the company future performance.

Make sure that the detailed calculations for the multistage dividend and multiples models with all assumptions are included. This can be very challenging for companies with a limited history of dividends, and the marking process will take account of this.

We expect the coursework to be neat and properly presented with a clear recommendation and a suggested price derived from your valuation models.

How does the learning and teaching relate to the assessment?

Throughout the term, you will be asked each week in the tutorials to complete tasks relevant to this assessment, this includes accessing different datasets, exploring different analytical methods and completing valuation approaches. The tutorials will take place in the Bloomberg room across the whole semester, and there should be some opportunity to work on the assignment during workshop time. Workshops 1,4,5 and 8 are specific for the coursework. Utilise the opportunity and use it to build up your coursework throughout the term. You will receive oral feedback on your work, please listen carefully and take notes. Formative feedback provides opportunities to reflect on your ongoing work and preparation for your assignment.

Furthermore, lectorials during weeks 3 and 4 will provide detailed explanations on the coursework assignment structure, how to gather the data and the expectations. Moreover, you can contact the module team via email, however, no questions will be allowed after March 18^th, 2025, 5 PM when your focus should be on writing up the final report.

What additional resources may help me complete this assessment?

• Week 3 teaching resources on the module Blackboard site will provide an overview of the assessment as well as commentary on the practical approaches that we will explore in the following weeks

• UWE library study skills page on critical thinking and writing

• Office hours on Blackboard, please email [email protected] to arrange an alternative time to meet if these times are not convenient.

What do I do if I am concerned about completing this assessment?

It is recommended that you review all of the relevant materials on Blackboard. You can also speak to your module leader for advice and guidance. Please contact John as soon as possible, this report has a wide selection of tasks to be completed so the sooner you can confidently begin the better.

UWE Bristol offer a range of Assessment Support Options that you can explore through this link, and both Academic Support and Wellbeing Support are available.

For further information, please see the Student study essentials.

How do I avoid an Assessment Offence on this module?

Use the support above if you feel unable to submit your own work for this module.

Outline the most common forms of AOs for this type of assessment and brief guidance on how to avoid this. Refer to Academic Integrity

Marks and Feedback

Your assessment will be marked according to the following marking criteria.

Rubric Marking Criterial:

Mark Range	Tear Sheet	Risk Adjusted Return	News Analysis, both company specific and systemic news	Multistage Dividend Discount Model	Valuation by Multiples	Security Market Line Analysis	Valuation Discussion	Conclusion and Recommendation
Weighting
70+	A professional tear sheet that comprehensively and succinctly sets out the key issues, valuation and recommendations from within the report.	A correctly calculated risk adjusted return is presented, evidenced upon a suitable index, beta determination and share performance.	Critical commentary of the most relevant news items. Clear justified links are made to the impact on the company and its valuation.	An excellently calculated DDM valuation based upon the most suitable evidenced based factors.	High quality valuations are provided, based upon excellent analysis of the most appropriate measures and a suitable peer group, limitations are well controlled.	A correctly calculated abnormal return, based upon the most suitable and evidenced factors, with high quality analysis.	A valuation discussion that suitably encompasses each form of valuation completed considering its relative strengths and relevance to the company, limitations have been fully considered.	A fully justified and convincing valuation and investment recommendation
60-69	A good tear sheet that sets out the key issues,	A correctly calculated risk adjusted	Good analysis of the most	A well calculated DDM	Good quality valuations are provided, based	A correctly calculated abnormal	The valuation discussion covers all of the	A well justified and reliable valuation

	valuation and recommendation. Some issues are less comprehensively communicated.	return but evidenced on less suitable data.	relevant news items, with links to the impact on the company and its valuation.	valuation that that is based upon good data and reasonable assumptions. Potentially omitted some essential information or better assumptions could have been made.	upon suitable and accepted measures. The peer group is also appropriate, limitations may not be fully controlled for.	return, based upon the reasonable and evidenced factors, with suitable analysis.	forms of valuation used. The comparison of different techniques is not comprehensive but still considers limitations.	and investment recommendation
50-59	An acceptable tear sheet that includes the essential factors but is lacking depth and detail	The risk adjusted return has been calculated but is lacking reliability due to errors in data collection or calculation.	News stories are identified and discussed, links to the company valuation are omitted, vague or unjustified.	A fair DDM valuation is presented, some assumptions may be unjustified, may have some errors in the calculation	Good valuations, based upon generic factors that could have been more relevant. Peer group of companies may not be the most suitable and limitations have not been controlled.	A correctly calculated abnormal return, based mainly upon the reasonable and evidenced factors, with some analysis.	The valuation discussion summarises each form of valuation, little consideration is given to the relative importance of each method. Little consideration of limitations.	A reasonable valuation and recommendation are presented but is not convincing in its reliability.
40-49	The tear sheet only states essential factors and does	Incorrectly calculated risk adjusted	Relevant news stories are identified	A DDM valuation is attempted	Weak valuations based upon generic factors.	Incorrectly calculated abnormal	A weak valuation discussion that	The valuation and recommendation

	not cover issues that are in the report	return or un evidenced data used	with no analysis or linking to the company valuation. News items cover only company or systemic issues, not both.	but includes little reliable justification for the assumptions used.	No consideration of the suitability of peer company and limitations have not been considered.	return. Factors have not be suitably evidenced. Little analysis of the result	repeats the earlier valuations, very little consideration of the relative importance of each method or of limitations.	are not convincing or reliable
<40	A very weak tear sheet that does not provide the user essential information.	Risk adjusted return has not been included or has multiple errors in its calculation.	Irrelevant, insignificant, or no news items are included.	A very weak or omitted DDM valuation, little to no evidence basis.	Incorrect or omitted valuations based upon generic factors and compared to generic companies, no consideration of industry factors or limitations.	Incorrectly calculated or omitted abnormal return. Numerous errors or missing evidence.	A discussion that repeats the earlier valuations, no consideration of the relative important or limitations of each method.	Very weak or omitted valuation and recommendation.

You can use these to evaluate your own work before you submit.

1. In line with UWE Bristol’s Assessment Content Limit Policy (formerly the Word Count Policy), word count includes all text, including (but not limited to): the main body of text (including headings), all citations (both in and out of brackets), text boxes, tables and graphs, figures and diagrams, quotes, lists.

2. UWE Bristol’s UWE’s Assessment Offences Policy requires that you submit work that is entirely your own and reflects your own learning, so it is important to:

• Ensure you reference all sources used, using the UWE Harvard/OSCOLA system (amend as appropriate) and the guidance available on UWE’s Study Skills referencing pages. • Refer to peer reviewed primary sources, rather than using AI or secondary sources • Avoid copying and pasting any work into this assessment, including your own previous assessments, work from other students or internet sources

• Develop your own style, arguments and wording, so avoid copying sources and changing individual words but keeping, essentially, the same sentences and/or structures from other sources

• Never give your work to others who may copy it

• If an individual assessment, develop your own work and preparation, and do not allow anyone to make amends on your work (including proof-readers, who may highlight issues but not edit the work) and

When submitting your work, you will be required to confirm that the work is your own, and text matching software and other methods are routinely used to check submissions against other submissions to the university and internet sources. Details of what constitutes plagiarism and how to avoid it can be found on UWE’s Study Skills pages about avoiding plagiarism.