I estimate BYD’s value at RMB277 per share, implying an upside of 30% from today’s price. This is derived from my DCF-based valuation using a WACC of 9.7% and a terminal growth rate of 3%.
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Improve Your CFA Exam Score
If you were to ask anybody who has ever taken the CFA exam, they would tell you one thing, it…
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#1 of the Top 9 Valuation Mistakes: Overly Optimistic Revenue Forecasts
During my career, I built highly complex and detailed financial models early on as an analyst, but I later realized…
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What to Expect on the CFA Level 3 Exam
Two exams behind you and one of the final CFA hurdles lies ahead in June 2019. As you’re no doubt…
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Questions to Expect in a Case Competition
Part 1 of 6: Revenue Questions Over the years, I’ve been a judge in various case competitions from the CFA…
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Your CFA Result Is Void: How Not to Fail
Now, the CFA exams are nothing if not popular. Last year, nearly 220,000 candidates sat the CFA exams from hundreds…
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What to Expect on the CFA Level 2 Exam
If you’re reading this then you’ve already probably passed your CFA Level 1 exam and are getting ready to register…
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A Complete Guide to the CFA Equity Investments Topic
Of the many degrees and credentials a financial professional can hold, the designation of CFA charterholder could be considered the…
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The Difference Between Stock Value and Stock Price
It’s easy to assume that a company’s stock value correlates with its price, but this isn’t always the case. There’s…
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My #1 Study Tip for the CFA Exams
Many successful CFA charterholders credit their success in the CFA exams with their study habits. Personally, I believe it is…
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