GBCA340 Final Individual assignment
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GBCA340 Final Individual assignment
Assessment instructions:
You are requested to answer all questions below.
- Special instructions and guidance will be provided at office hours which are going to be known to you in due course.
- The word limit is 2500 words . Try to utilize your word limit according to the weight of each question. Any appendices, market data or calculations used to support your analysis will not count towards the word limit.
- Please take into account that the assignment should be submitted no longer than
Friday, 27/4/2018 (14:00)
You are requested to answer all questions below.
- Special instructions and guidance will be provided at office hours which are going to be known to you in due course.
- The word limit is 2500 words . Try to utilize your word limit according to the weight of each question. Any appendices, market data or calculations used to support your
analysis will not count towards the word limit.
- Please take into account that the assignment should be submitted no longer than
GBCA340 Final Individual assignment
Friday, 27/4/2018 (14:00)
- You are requested to answer all questions below.
Feedback will be provided to all students in a constructive, timely and meaningful way. The modes of feedback include:
- Class discussion of the assignment in progress.
- Individual consultations via comments on a first draft of the assignment and finally,
- Comments on the submitted assignment.
These forms of feedback ensure that students have an understanding of the assessment criteria. Furthermore, you will be able to realise how your learning can benefit from reflecting and acting upon class and individual feedback given.
Academic Offences
Issues of plagiarism and any form of academic dishonesty are treated very seriously. They could result in you failing the module or even having to leave your programme. Support on referencing will be provided to you throughout your programme of study. Plymouth University expects all HE students to conform to the Harvard Referencing style. Please see Moodle for additional support on referencing and plagiarism, as well as information regarding HE Study Support sessions on these topics. These forms of feedback ensure that you as a student have an understanding of the assessment criteria. Furthermore, you will be able to realise how your learning can benefit from reflecting and acting upon class and individual feedback given.
GBCA340 Final Individual assignment
WARNING
The work submitted must be your own work. The use of any other person’s work without appropriate referencing constitutes plagiarism and is an assessment offence. Plymouth University regards plagiarism as a serious academic offence and deals with it accordingly
Alignment to the relevant Learning Outcomes:
- Develop and evaluate the different types of shipping financing methods in accordance with the type of the investor and the type of the financial institution, which will grant the financing;
- Design, suggest and demonstrate alternative ways of financing policy that a shipping company should follow in order to better support its investment policy;
- Evaluate all current highly sophisticated financial products and the requirements by the financial institution in order an investor to achieve gaining such a financing;
- Observe and critically assess possible disadvantages of alternative types of financing and their implication at the investment policy of a company and implement techniques to reduce the various types of risk exposure.
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GBCA340 Final Individual assignment
ADVANCED SHIPPING FINANCE
INDIVIDUAL COURSEWORK (WEIGHTING 100%)
Take the 2018 and 2019 annual reports of Gaslog Ltd (https://www.gaslogltd.com/), NYSE Ticker: “GLOG”). After reading thoroughly the listed company’s annual reports and all available info in the company’s website (financial reports and/or presentation, press releases, related articles, etc) answer the following:
Exercise 1
Provide a business overview, fleet profile (capacity, type of vessels, age, etc), chartering strategy, new building projects (if any) as of 31/12/2019.– 15%
Exercise 2
- Identify the sources of financing for Gaslog as of 31/12/2019. – 10%
- What are the main securities that secure the bank loans to Gaslog. – 10%
Exercise 3
Using the company’s closing common stock price and preferred stock price as of the 2nd of January 2020 which are $9,78 and $25,85 respectively, as well as the company’s financials as of 31/12/2019:
- Calculate the following ratios: trailing P/E, P/B, P/S and trailing dividend yield. If the industry average ratios are 15, 1.80, 1.30 and 8% respectively, evaluate based on each of the aforementioned criteria whether the stock is undervalued, overvalued or fairly valued relative to its peers.- 15%
- Calculate the company’s market capitalization and the EV (Enterprise Value). Consider the market value of debt as its book value. – 15%
Exercise 4
If the market value of the company’s fleet as of 31/12/2019 was $4 billions, based on the company’s financials as of 31/12/2019, calculate the Net Asset Value (NAV) per common share. Relying on the asset-based valuation method and taking into account the company’s stock price of $9,78 determine whether the common stock price is undervalued, overvalued or fairly valued. Consider the preferred stock price as $25,85/pref. share. –20%
Exercise 5
Suppose that the company is willing to expand in the tanker sector and finance the purchase of two 5-year old VLCCs which are planned to be delivered to the company within January of 2020. Each vessel will be acquired for an amount of $50mln and the sources of financing will be 20% from the company’s liquidity, 40% from the issuance of new common shares and 40% from the issuance of bank debt.
Assuming that the cost of debt is fixed at 5%, the repayment profile is 10 years
GBCA340 Final Individual assignment
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