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Oracle Corporation (hereinafter referred to as Oracle, ORCL, or ‘the Company’) is an American multinational company that provides solutions of products and services that serve the enterprises’ information technology (IT) environment. This thesis is to conduct a business analysis of the Company from a financial perspective, determining the Company’s intrinsic value as of May 31, 2021, and comparing it with the respective market value. Thus, this thesis will study, evaluate, and present an overview of the Company, an analysis of the Company’s market, industry, strategy, financial performance, including external and internal factors, a ten-year pro forma financial statement forecast, and the techniques of using the three discounted cash flow models to estimate the intrinsic value of Oracle. The obtained results from the three valuation models, including the Enterprise Discounted Cash Flow (EDCF) model, the Adjusted Present Value (APV) model, and the Discounted Economic Profit (DEP) model, show that the Company’s intrinsic values were estimated at $74.57, $75.21, and $74.82, respectively. When the results were used to compare with the market price of Oracle’s shares as of May 31, 2021, at $78.74, it reflects that the Company was overvalued
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Starbucks Corporation (hereinafter “Starbucks” or “the Company”) is a worldwide coffee retailer, which operates over 33,000 stores located in over 83 countries nowadays. The purpose of the study is to estimate Starbucks’ intrinsic value as of December 31, 2021 and identify whether the Company was overvalued or undervalued. Several analyses give investors and shareholders an insight into how the Company may develop or identify the ability to generate positive returns from investing in Starbucks. This study is mainly separated into two aspects. The first part specifically discusses the Company overview, industry analysis, and economic outlook, which includes SWOT analysis, PESTEL analysis, Porter's five forces analysis, and value chain analysis to identify external and internal factors that may influence the Company. The second part focuses on financial analyzes, including both historical and forecasted financial statement. Three valuation models and a sensitive analysis are applied to understand the Company’s financial conditions and performance. Starbucks’ intrinsic value is derived from the three discounted cash flow models, indicating the market overvalued the Company’s stock price as of December 31, 2021. Finally, investors and shareholders can understand more about Starbucks’ capital structure, financial highlights, and intrinsic value, because this set of information is critical for existing investors and potential investors to make investment decisions
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This study presents the intrinsic value of Moody’s Corporation, a leading credit rating agency in the U.S. The results of the valuation were compared to the market value of Moody’s Corporation of the same date. The aim of the research is to provide a perspective to the investors on whether the actual value of the Company was overvalued or undervalued in the market, and how much the volatility of the stock price by the change of some factors. Both qualitative and quantitative analyses were applied in the research. The historical data, economic outlook, and the Company’s strategies were collected to be the metrics to determine the intrinsic value and provide an analysis of the prospects of Moody’s Corporation. Three valuation models were applied in the research to estimate the intrinsic value of the Company’s common stock. The cost of debt, cost of equity, the weighted average cost of capital, and the market risk premium were introduced and calculated in the research as they were the critical components in the valuation process. Since the valuation was based on assumptions and historical data to determine future growth, which indicates that the results could be changed due to uncertain factors. This study demonstrates that there was some discrepancy between the stock’s market price and the intrinsic value per share of Moody’s Corporation as of December 31, 2021
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China’s economy has entered a critical period of structural adjustment. The developing green industries and the transforming traditional industries have increasing demand for finance, making ""green finance"" increasingly essential. While China's green finance is in the development stage, some newly developed zones serve as pilots for the launch of green financial products. An example is Tongzhou District of Beijing, which aims to expand Beijing’s space, promote the coordinated development of Beijing-Tianjin-Hebei, and explore the optimal development mode of the densely populated economic areas. This thesis aims to study consumer acceptance of green financial technology (fintech) in the case of Tongzhou District. This thesis extended the commonly applied theoretical model for the problem of study, the Energy Augmented Technology Acceptance Model (EA-TAM), to analyze the impacts of perceived usefulness, perceived ease of use, attitude toward use, intention, usage intention, environmental awareness, and green knowledge on the acceptance of green fintech in Tongzhou District. The survey collected 403 valid responses from people that had been active in Tongzhou District. The quantitative analysis is based on structural equation modeling techniques, including reliability analysis, validity analysis, standard method deviation test, and hypothesis testing. The analytical results show that all the hypothesized factors are significant. In addition, the sample is divided into different gender groups and education groups, so that the impacts of the socio-demographic characteristics can be explored. Males’ environmental awareness and green knowledge are insignificant in determining their acceptance of green fintech. The low-educated group’s acceptance of green fintech does not significantly depend on environmental awareness and perceived usefulness