Corporate Valuation Challenge (CVC) 2024
2024标普全球市场财智公司估值挑战赛



 Overview | 比赛总览

Enter our 6th Annual Corporate Valuation Challenge! 诚邀您参加我们的第六届估值挑战赛!


Our previous events successfully engaged over 100 teams registered each year and the events attracted a great deal of attention and interest from many universities across different cities in China. The concept and rules for 2024 will remain the same this year. Based on feedback from participating students, however, we will broaden the awards as follows:

在前五届的公司估值挑战赛中,标普全球市场财智每年都成功地吸引到上百支队伍报名参赛,并引起全国各大院校师生的广泛关注。 2024年我们将秉持往年的比赛理念和赛制,并依照师生反馈设置奖项如下:

Awards | 奖项

Cash Prize | 现金奖

Certificate |  获奖证书

CVC Outstanding Award (1st Place) | CVC 一等奖 * 1 10,000 CNY
CVC Outstanding Award (2nd Place) | CVC 二等奖 * 2 5,000 CNY
CVC Outstanding Award (3rd Place) | CVC 三等奖 * 5 1,000 CNY
CVC Merit Awards (20 Places) | CVC 优秀奖 * 20 No

  • Teams will compete against others from top Chinese universities (Mainland China ONLY).
  • 我们将邀请中国大陆地区的优秀大学的学生团队参赛并一争高下。
  • S&P Global Market Intelligence data and analytical tools will be made available to help facilitate the analysis.
  • 标普全球市场财智为参赛团队的估值分析提供数据和分析工具。
  • Winners will be selected by a committee made up of S&P Global Market Intelligence specialists.
  • 标普全球市场财智的相关专家将组成委员会,评选出最后获胜团队。

Workflow for Teams | 参赛团队工作流程

  • Each team will produce a detailed financial valuation report with supporting analysis for the publicly-traded firm they have selected from the approved list. The report should include the following sections:
  • 每个团队将撰写一份详细的估值报告。报告中的所有内容均以英文呈现。团队应从标普全球市场财智核准名单中选取一家上市公司进行分析。该报告必须包含以下内容:

  1. Fundamental Analysis: Industry Analysis, Company Analysis | 基本面分析:行业分析,公司分析
  2. Financial Forecast | 财务预测
  3. Company Valuation (Discounted Cash Flow, Relative Valuation) | 公司估值 (现金流量折现法、相对估值法)
  4. Coupon Rate for Corporate Bond Issuance | 公司债息票计算
  5. Risk Factors | 风险因素

  • The report should contain no more than 10 pages (single spaced, using Arial 11 font) and may include an Appendix no longer than 20 pages.
  • 报告(单倍行距,Arial 字体,11 号字)最多 30 页:正文最多 10 页,可能包含的附录最多 20 页。
  • Responses must be submitted via SurveyMonkey®, and a link to this will be provided via email. All financial analysis is required to be submitted separately as Excel® files.
  • 所有回复内容均须通过 SurveyMonkey® 提交,相关链接将通过电子邮件发送。所有财务分析必须以 Excel® 文件的形式单独提交。
  • Teams must use the S&P Capital IQ platform, S&P Capital IQ Pro, and Excel® Plug-in to do the analysis. Online training sessions will be available to learn how to efficiently use these capabilities.
  • 团队进行分析时必须使用S&P Capital IQ 平台、S&P Capital IQ Pro和 Excel® 插件工具。团队可访问在线培训课程,学习如何高效使用各项功能。相关培训链接将通过电子邮件发送。

Five easy steps | 参赛只需简单五步:

  • Read the contest rules. 阅读比赛规则
  • Create a student team with a maximum of five members. 组建一支最多五人的学生团队。
  • Complete the mandatory Sign-Up Form. 填写报名表 
  • Select a publicly-traded firm from the approved List prepared by S&P Global Market Intelligence, the Challenge organizer. 从挑战主办方核准的名单中选择一家上市公司。
  • Run a comprehensive valuation analysis using a powerful set of data and analytical tools provided by S&P Global Market Intelligence. 标普全球市场财智提供了一套强大的数据和分析工具,使用该工具进行全面的估值分析。

Schedule | 比赛日程

The Challenge Opens on September 2, 2024
比赛于2024年9月2日正式开始报名

Registration 
报名

Teams may register from now to September 27, 2024, inclusive using the Sign-Up Form.

团队可通过报名表进行报名登记,报名期限为2024年9月27日(含当日)止。


* Please submit your registration before 6pm Beijing time on Sep 27. 报名表需在9月27日下午六点以前提交。

*You will receive the registration confirmation email 3 days after the registration closes. 您将在报名截止后3天内收到报名确认邮件。

Resource Availability
可用资源

Access to the S&P Capital IQ Pro and Excel Plug-in will be made available for all teams. Please find more details on "List and Tools" tab.

我们将会为所有参赛团队开放访问S&P Capital IQ Pro平台使用权。您可在“公司名单和工具” 标签页上查看关于此平台的更多信息。

Once students have registered via the Sign-Up Form, they will receive information to access a user guide and online platform demonstration.

学生通过报名表登记后,我们会邮件发送平台用户指南和在线平台演示链接。

Submissions
提交报告

Submissions must be made between October 10 and November 1, 2024, inclusive.

估值报告提交期限为2024年10月10日(含当日)至11月1日(含当日)。

Submissions must be sent via the SurveyMonkey link which will be provided via email.

报告将通过SurveyMonkey提交。届时,我们将邮件发送提交链接给报名参赛者。

Financial analysis must be submitted separately as Excel files. Please note: Since SurveyMonkey cannot accept Excel files, these need to be saved as PDFs and submitted in that format via SurveyMonkey.

财务分析必须以Excel®文件形式单独提交。请注意:因为SurveyMonkey不接收Excel形式的文件。请将Excel表格存为PDF以后提交。

Report Review
报告评选

The review round conducted by S&P Global Market Intelligence specialists will take place between November 2, 2024 and November 30, 2024.

评选工作将由标普全球市场财智专家负责,于2024年11月2日至2024年11月30日之间开展。

Winners Announced
公布获胜团队

The three winning teams will be announced early in mid December 2024.

我们将会在2024年12月中旬公布获胜团队。

 

Main Evaluation Criteria | 主要评选标准


Fundamental Analysis
基本面分析

A demonstrated understanding of forces impacting the industry, with analysis and implications of both immediate and long-term factors.
Concise analysis of a company’s competitive market position, supported by appropriate research and data.

分析中体现团队对影响行业的各种力量的理解,辅以近期和长期因素的分析及其含义。

简要分析公司的市场竞争地位,辅以适当的研究和数据。

Coupon Rate for corporate bond issuance
公司债息票计算

Please provide the appropriate Rate of Return (Coupon Rate) for a 3-year senior unsecured fixed rate USD-denominated bond issued by the corporate.
The Rate of Return should be presented in two parts: Risk-free rate and credit Spread. 

请计算公司发行的3年期高级别无担保固定利率美元计价债券的回报率(息票利率)
息票利率应当以两个部分呈现:无风险利率,信用利差。

Forecast & Valuation
财务预测及估值

A detailed understanding of a company’s fundamental valuation/relative valuation through a comprehensive analysis

通过全面的分析,展示出对一家公司的基本面估值和相对估值的深刻理解。

Account for benchmark and worst‑case and best‑case scenarios, as well as fundamental factors, such as growth or risk in weighing valuation multiples.

在衡量考量乘数时,考虑到基准情景、最差情景以及最好情景,以及例如增长或风险等基本面因素。


Risk Factors
风险因素

Well‑reasoned and insightful analysis that addresses multi‑dimensional risks to the valuation target and the likelihood of occurrence. Analyze short selling market data using securities lending data to identify if it have any impact on the valuation of the company.

合理及深刻的分析,应对估值对象的多维度风险和发生此风险的可能性。使用借券数据分析空头市场数据是否会对公司的估值带来任何影响。

Visual Aids
视觉辅助

Informative and engaging aids that support the analysis and recommendations and greatly enhance the presentation.

使用有信息含量并且能吸引人的视觉辅助(如图表)等为分析和建议提供支持,并大幅提高展示效果。



Rules | 参赛规则

Please Read the Rules Carefully

请仔细阅读参赛规则

Eligibility: Only “Eligible Students” may participate in the Valuation Challenge. Eligible Students are candidates seeking undergraduate, graduate, and doctorate degrees at colleges or universities in China that meet all the following criteria:


参赛资格:本估值挑战赛仅限“有参赛资格学生”参加。有参赛资格学生是指在中国的高校攻读学士、硕士和博士学位且符合以下所有标准的候选人:

  • Current enrollment and an active status at their college or university during the Challenge period (September 1, 2024 to December 31, 2024).
  •  参赛期间(2024 年 9 月 1 日至 2024 年 12 月 31 日)为所在高校的在读学生。
  • Has login access from their college or university to the Academic desktop version of the S&P Capital IQ platform and the S&P Capital IQ Pro, products of S&P Global Market Intelligence. This includes either a unique named user ID/password (e.g., user name contains the first/last name or school issued email address of the specific user) or access through a generic login at a Finance Lab or Library, for which the user has been granted access to use by their college or university.
  • 具有从高校访问标普全球市场财智旗下产品S&P Capital IQ 平台以及Capital IQPro 平台相关功能的登录权限。这包括使用唯一的命名用户 ID/密码(例如,用户名包含特定用户的名/姓或学校提供的电子邮件地址),或者通过高校授权使用的金融实验室或图书馆的通用登录账号进行访问。
  • Is 18 years of age or older at the time of entry.
  • 参赛时年满18周岁。
  • Has a valid email address issued by their school (e.g., [email protected]).
  • 具有学校提供的有效电子邮件地址(例如 [email protected])。
  • Has completed the mandatory Sign-Up Form to participate in the Challenge.
  • 填写报名表参赛。

Process: NO PURCHASE NECESSARY. The topic for this Challenge is Corporate Valuation. Each team will select a publicly-traded firm from the approved list provided by S&P Global Market Intelligence and run their independent analysis using the S&P Capital IQ platform, S&P Capital IQ Pro and Price Viewer.
 
流程: 无需另行购买产品。本挑战赛主题为“公司估值”。每个团队从标普全球市场财智提供的核准名单中选择一家上市公司,并使用S&P Capital IQ 平台以及Price Viewer平台进行独立分析。

Eligible Students are required to submit their responses via SurveyMonkey along with their valid school email address to S&P Global Market Intelligence during the submission period (October 10 and November 1, 2024, inclusive). A link for SurveyMonkey will be provided to participants via email.

有参赛资格的学生必须在提交期限内(2024 年 10 月 10 日至 11 月 1 日,含当日)通过 SurveyMonkey 向标普全球市场财智提交估值报告,并提供其有效的学校电子邮件地址。SurveyMonkey 链接将通过电子邮件发送至参赛者。

All analysis must use S&P Capital IQ Pro. Failure to comply with any of the Challenge rules will result in disqualification and forfeiture of any prizes.
所有分析均须使用S&P Capital IQ Pro完成。以上挑战赛规则,如有任何违反,即取消资格并没收任何奖金。

Please note: The S&P Capital IQ Pro Help Desk will not be available to participating students, who are asked to refer to the online training sessions for assistance.
友情提示:我们的S&PCapital IQ Pro平台客户支持团队将不能为参赛学生提供相关支持,关于如何使用平台请参考平台网络培训。

Prize: Three cash-winning teams will be selected and will receive awards of CNY 10,000, 5,000 and 1,000, respectively. In addition, 20 merit awards will be given, with winners receiving a Certificate.
奖金: 本挑战赛评选出的前三名,我们将分别奖励 10,000、5,000 和 1,000 人民币现金,其余20个优秀团队将获取获奖证书。

Exclusions: Exclusions apply. Employees of S&P Global or their relatives and foreign government officials1 (including senior foreign political figures, close associates, and immediate family members of government officials) are not eligible to participate in the contest or receive a prize.
除外条款: 本挑战赛适用以下除外条款。标普全球员工或其亲属以及政府官员(包括高级政治人物、关系紧密人士以及政府官员的直系亲属)没有资格参赛或获得奖金。

Notification: The winners of the S&P Global Market Intelligence Corporate Valuation Challenge will be announced in an email and sent to all participating Eligible Students.

获胜团队公布: 标普全球市场财智公司估值挑战赛将通过电子邮件公布获胜团队,所有参赛学生都将收到电子邮件。



Privacy Statement: Certain contact information that you provide to us may be considered Personally Identifiable Information (“PII”) under applicable data privacy laws. This information may include: your name, student ID, school name and address, telephone number, school email address. The information you provide will be used for S&P Global Market Intelligence Corporate Valuation Challenge, as well as to provide you with additional information about our products and services and for other marketing purposes. S&P Global Market Intelligence, a division of S&P Global Inc. (the “Company”), collects, processes, transfers, stores, secures, and otherwise deletes the information you directly or indirectly submit to S&P Global Inc., its affiliates, and/or via third-party service providers or other third-party entities in accordance with S&P Global Inc.’s privacy policy (http://marketintelligence.spglobal.com/privacy). By submitting your information, you are consenting to the transfer, collection, storing, and other related processing of your data to S&P Global Inc., its affiliates, and/or third-party service providers, vendors, or other entities, as well as consenting to receive communications from S&P Global Market Intelligence, and partnering entities and organizations.

隐私声明:根据适用的数据隐私法,您向我方提供的某些联系信息可能被视为个人可识别信息(“PII”)。该信息可能包括:您的姓名、学生 ID、学校名称和地址、电话号码、学校电子邮件地址。您提供的信息将用于标普全球市场财智公司估值挑战赛,用于向您提供关于我们产品和服务的更多信息以及用于标普全球市场财智的市场推广。标普全球市场财智(隶属标普全球,以下简称“公司”)根据标普全球的隐私政策 (http://marketintelligence.spglobal.com/privacy) 收集、处理、传输、存储、保护和删除您直接或间接提交至标普全球、其附属公司和/或通过第三方服务提供商或其他第三方实体提交的信息。提交信息即表明您同意将您的数据交由标普全球、其附属公司和/或第三方服务提供商、供应商或其他实体进行传输、收集、存储和其他相关处理,并同意接收来自标普全球市场财智以及合作实体和组织的通信信息。

If you want to limit use or sharing of your PII for marketing purposes, you may:

1. Complete and submit the opt-out form found here (http://pages.marketintelligence.spglobal.com/Opt-Out-Request.html); and/or

2. Write to us at [email protected] or via postal mail at Global Head of Privacy, S&P Global Inc., 55 Water Street, New York, NY 10041 and include your full name and email address, along with the following instructions:

"I am an authorized user of the email account below and do not want to be contacted by S&P Global Market Intelligence via these methods for marketing purposes:


Please specify in your notice to S&P Global Market Intelligence which of the below bulleted methods of communication you wish to Opt-Out.

Do not Mail 
Do not Telephone 
Do not E-mail 

I do not want to be contacted by S&P Global Market Intelligence through any method for marketing purposes

如果您不希望我们出于市场推广目的使用或分享您的 PII,可以:

1.点击此处 (http://pages.marketintelligence.spglobal.com/Opt-Out-Request.html) 填写并提交选择退出表格;和/或

2.向我们 ([email protected]) 发送电子邮件或向我们全球总部隐私部门 (S&P Global Inc., 55 Water Street, New York, NY 10041) 寄信,写下您的意见,并附上您的全名、电子邮件地址以及以下说明:

“我是以下电子邮件帐户的授权用户,不希望标普全球市场财智出于市场推广目的通过这些方式联系我:

请在给标普全球市场财智的通知中说明您希望选择退出以下哪种通信方式。

请勿邮寄信件
请勿来电 
请勿发送电子邮件 

我不希望标普全球市场财智出于市场推广目的以任何方式联系我


General Program Conditions: By participating in S&P Global Market Intelligence Corporate Valuation Challenge, all applicants (or applicants’ parent/legal guardian, as applicable) agree and covenant on behalf of themselves and their family, heirs, personal representatives executors, assigns and insurers, (a) to release, acquit, hold harmless, waive, and forever discharge S&P Global Market Intelligence and its parent company, subsidiaries, and affiliates, and their respective officers, directors, members, managers, employees, contractors, and agents (collectively, “Releases”) from any and all claims, demands, damages, debts, costs, fees, obligations, loss, expenses, compensation, actions, or causes of action whatsoever, of every nature, character, and description, whether known, unknown, discovered, undiscovered, suspected, or unsuspected, including death, or property damage (collectively, “Claims”), including but not limited to Claims arising on account of, or in any way growing out of, resulting in whole or in part, directly or indirectly, from acceptance, possession, misuse, or use of any items received in connection with acceptance of a Prize, participation in this Program, or any related activities, and (b) except where legally prohibited, Eligible Students (or their parent/legal guardian, as applicable) grants (and agrees to confirm that grant in writing) permission to S&P Global Market Intelligence and those acting under its authority the right to the use of his/her/applicant’s name, picture, likeness, voice, Video, biographical information, and statements, at any time or times, for advertising, trade, publicity, and promotional purposes without additional compensation, in all media now known or hereafter discovered, worldwide and on the Internet and World Wide Web, without notice, review, or approval.

一般项目条款:参加标普全球市场财智公司估值挑战赛,即表明所有申请人(或申请人之父母/法定监护人,如适用)代表其本人及其家人、继承人、个人代表、遗嘱执行人、受让人和承保人同意并立约 (a) 豁免、开释、免除、放弃和永久解除标普全球市场财智及其母公司、子公司、附属公司及其相应高级职员、董事、成员、管理者、员工、承包商、代理人(统称“豁免人”)的任何性质、特征和描述的已知、未知、已发现、未发现、疑似或确认的任何及所有索赔、要求、损害赔偿、债务、成本、费用、义务、损失、开支、赔偿、诉讼或诉讼理由,包括死亡或财产损失(统称“索赔”),包括但不限于直接或间接、部分或全部因为接受、拥有、误用或使用与接受奖金、参与本项目或任何相关活动相关的任何物品而产生的索赔,(b) 除法律禁止的情况外,合格学生(或其父母/法定监护人,如适用)授予(并同意以书面形式确认此类授予)标普全球市场财智及代表其行使权力的人员出于广告、贸易、宣传和推广目的于任何时间、在全球范围内的当前已知和未来发现的所有媒介、互联网和万维网上使用其/申请人的姓名、图片、肖像、语音、视频、传记信息和声明的权利,无需额外补偿,无需通知、审查或批准。
 

1*For the purposes of this contest:
Foreign government official means any officer or employee of a foreign government or any department, agency, or instrumentality thereof, or of a public international organization, or any person acting in an official capacity for or on behalf of any such government or department, agency, or instrumentality, or for or on behalf of any such public international organization.
Senior foreign political figure is a senior official in the executive, legislative, administrative, military or judicial branches of a foreign government (whether elected or not), a senior official of a major foreign political party, or a senior executive of a foreign government-owned corporation. In addition, a senior foreign political figure includes any corporation, business, or other entity that has been formed by, or for the benefit of, a senior foreign political figure.
Immediate family member of a senior foreign political figure typically includes the figure’s parents, siblings, spouse, children, and in-laws.
Close associate of a senior foreign political figure is a person who is widely and publicly known to maintain an unusually close relationship with the senior foreign political figure, and includes a person who is in a position to conduct substantial domestic and international financial transactions on behalf of the senior foreign political figure.


1本挑战赛中:
政府官员是指政府或其任何部门、机构或其媒介,或国际公共组织的任何官员或雇员,代表上述任何政府、部门、机构或媒介行使公职的任何人,或代表国际公共组织或为之服务的任何人。
高级政治人物是指选举或非选举的政府的执法、立法、行政、军队或司法部门的高级官员,国内主要政党的高级官员,或国有公司的高级执行官。此外,高级政治人物包括由高级政治人物组建或以其为受益人的任何公司、业务或其他实体。
高级政治人物的直系亲属通常包括该人物的父母、兄弟姐妹、配偶、子女和姻亲。
高级政治人物的关系紧密人士是众所周知的与高级政治人物保持异常密切关系的人,包括能够代表高级政治人物进行大量国内和国际金融交易的人。

Sign-Up Form | 报名表

报名已经开放!

Please click here to register. 点击这里报名参赛。

Clicking “Submit”means you agree to the Terms and have read and understand the Privacy Statement within the Rules page. 
“提交”报名表时,表示您同意本条款,且已阅读并理解以上“规则”页面中的隐私声明。

List and Tools | 公司名单及分析工具

List of Approved Firms | 核准公司名单


Company Name

Ticker

Barrick Gold Corporation

TSX:ABX

Newmont Corporation

NYSE:NEM

Nucor Corporation

NYSE:NUE

Constellium SE

NYSE:CSTM

Steel Dynamics, Inc.

NasdaqGS:STLD


About S&P Capital IQ platform | 关于S&P Capital IQ平台

The S&P Capital IQ platform, a web-based research tool offered by S&P Global Market Intelligence, is your single source for a powerful array of financial data, analytics, and research. The platform combines deep information on companies, markets, and people worldwide with robust tools for analysis, idea generation, and workflow management.

S&P Capital IQ 平台是由标普全球市场财智提供的基于 Web 的研究工具,是获取一系列强大的财务数据、分析和研究信息的唯一来源。此平台融合了全球公司、市场和人员的深层信息,并提供有效工具以开展分析、激发想法和管理工作流程。



About S&P Capital IQ Pro | 关于 S&P Capital IQ Pro平台

The S&P Capital IQ Pro provides access to deep, meaningful data on the global financial markets, companies, and industries that impact businesses. The platform provides proprietary research and in-depth analysis from thought leaders and industry experts. This includes daily access to hundreds of in-depth articles across a broad industry spectrum, plus powerful mapping and visual presentation tools. 


Visit S&P Capital IQ Pro webpage for more information | 访问Capital IQ Pro简介

Once the Sign-Up Form has been submitted, you will receive a user guide and instructions to access online demonstration on how to use the platform to produce the analysis needed for the valuation report.

提交报名表后,您将收到用户指南和用于观看在线平台培训的访问信息,了解如何使用平台进行估值报告所需的分析。

Short Intro Securities Finance on Capital IQ Pro platform - Proprietary and independent securities finance database tracks global short interest supply, demand, borrow fee, collateral management, and compliance; Diverse signals for optimizing excess returns, and refining risk management.

在S&P Capital IQ Pro平台上,您可以访问到融资融券数据。全球融资融券数据提供市场供需及定价,抵押品管理,合规管理;优化投资回报和风险管理。

FAQs | 常见问题

  • Are the following sections of the report mandatory? Yes, mandatory.
    • Fundamental Analysis: Industry Analysis, Company Analysis
    • Coupon Rate for corporate bond issuance
    • Financial Forecast
    • CompanyValuation (Discounted Cash Flow, Relative Valuation)
    • Risk Factors
  • Can we include other sections? No, please include these sections only.
  • Are the Excel files in addition to the 10 pages in the report and up to 20 pages in the Appendix? Yes, they are in addition.
  • May we contact the S&P Capital IQ platform, S&P Capital IQ Pro, Price Viewer Help Desk? Unfortunately, that will not be possible.
  • How do we send the Corporate Valuation report via SurveyMonkey? Further instructions on where to send the completed Corporate Valuation report and the Excel files used for the financial analysis will be provided in the SurveyMonkey link sent to you via email.
  • 报告中必须包括以下部分吗? 是的,必须包括。
    • 基本面分析:行业分析、公司分析
    • 公司债息票计算
    • 财务预测
    • 公司估值(现金流量折现法、相对估值法)
    • 风险因素
  • 是否可以加入其它部分? 不可以,请勿添加其它内容。 
  • Excel 文件不包含在报告的 10 页之内,作为附录添加的 Excel 文件不得超过 20 页,是吗?是的,不包含在 10 页之内。
  • 我们能否联系S&P Capital IQ、Capital IQ Pro平台客户支持团队?抱歉,不可以。
  • 我们如何通过SurveyMonkey发送公司估值报告 ?有关在何处发送完整公司估值报告和用于财务分析的Excel文件的详细说明,我们会以邮件方式发送给大家。届时,邮件中将包含可以提交报告的SurveyMonkey链接。
有任何其他疑问请邮件联系大赛组委会,邮箱地址:[email protected].


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