Discuss the Marks and Spencer Group plc (abbreviated as M&S) success in delivering value to its shareholders (2017-2021).
Analyse the M&S and its key competitors’ (Tesco and Sainsbury,) historical total shareholder return (TSR) and economic value added (EVA).
A comprehensive ratio analysis of M&S is not required; but you may find that a ratio analysis augmented with analysts and journalists reporting on the company is beneficial in analysing its previous performance and providing guidance for future performance.
Analyse the M&S present shareholder value.
To calculate current shareholder value, discount the selected firm’s future free cash flow (FCF) performance. The selected firm’s projected financial statements (Profit & Loss Account, Balance Sheet, and Cash Flow statement). Your estimates, including the firm’s ultimate worth, must be founded on reasonable and justifiable assumptions. A 5-year projection horizon is required(2022-2027). The current shareholder value is calculated by discounting future DCFs at the WACC, determined from the raw data. A complete sensitivity analysis of the key assumptions is required. Sources of additional information include annual reports of the M&S and its competitors Tesco and Sainsbury, analyst reports, news articles, trade magazines and government and quasi-government reports on the industry.
Consider evaluating current shareholder value using financial ratios (P/E, P/B, EV/EBITDA) and Net Asset Value.
Significant disparities between the estimations mentioned above of shareholder value should be reconciled with market shareholder value. Recommendation of “correct” shareholder value for the selected corporation should be justified.
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