Annisa Ummihusna, Mohd Zairul, Habibah Ab Jalil and Puteri Suhaiza Sulaiman
Challenges of conducting site visit activities, a vital component of architecture learning during the recent pandemic have proved our unreadiness in facing the digital future. The…
Abstract
Purpose
Challenges of conducting site visit activities, a vital component of architecture learning during the recent pandemic have proved our unreadiness in facing the digital future. The lack of understanding of learning technology has affected the education experience. Thus, there is a need to investigate immersive learning technology such as immersive virtual reality (IVR) to replace students’ concrete experience in the current learning setting. This study aims to answer: (1) What is the influence of IVR in experiential learning (EL) in enhancing the personal spatial experience? (2) Does IVR in EL influence students' approach to learning during the architecture design process?
Design/methodology/approach
The research was conducted as an action research design approach. Action research was employed in the first-year architecture design studio by the lecturer as a practitioner-researcher. The personal spatial experience survey was performed in the earlier phase to identify the students’ prior spatial experience. Architectural Spatial Experience Simulation (ASES) a learning tool was implemented and assessed with Architecture Design Learning Assessment (ADLA) rubric, which was developed to evaluate EL and student’s approach to learning during the architecture design learning process.
Findings
The outcomes revealed that ASES as a learning tool in EL could improve the participants’ spatial experience, particularly those with minimal prior personal spatial experience. ASES was recognized to enhance the participants’ EL experience and encourage changes in student’s approach to learning from surface to deep learning.
Originality/value
This research benefits the architecture design learning process by offering a learning tool and a framework to resolve challenges in performing site visit activities and digital learning. It also contributes by expanding the EL theory and students’ approach to learning knowledge in the architecture education field.
Details
Keywords
Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a…
Abstract
Purpose
Surprisingly little is known of the various methods of security analysis used by financial analysts with industry-specific knowledge. Financial analysts’ industry knowledge is a favored and appreciated attribute by fund managers and institutional investors. Understanding analysts’ use of industry-specific valuation models, which are the main value drivers within different industries, will enhance our understanding of important aspects of value creation in these industries. This paper contributes to the broader understanding of how financial analysts in various industries approach valuation, offering insights that can be beneficial to a wide range of stakeholders in the financial market.
Design/methodology/approach
This paper systematically reviews existing research to consolidate the current understanding of analysts’ use of valuation models and factors. It aims to demystify what can often be seen as a “black box”, shedding light on the valuation tools employed by financial analysts across diverse industries.
Findings
The use of industry-specific valuation models and factors by analysts is a subject of considerable interest to both academics and investors. The predominant model in several industries is P/E, with some exceptions. Notably, EV/EBITDA is favored in the telecom, energy and materials sectors, while the capital goods industry primarily relies on P/CF. In the REITs sector, P/AFFO is the most commonly employed model. In specific sectors like pharmaceuticals, energy and telecom, DCF is utilized. However, theoretical models like RIM and AEG find limited use among analysts.
Originality/value
This is the first paper systematically reviewing the research on analyst’s use of industry-specific stock valuation methods. It serves as a foundation for future research in this field and is likely to be of interest to academics, analysts, fund managers and investors.
Details
Keywords
The purpose of this paper is to explore the industry-specific preferred valuation model utilised by analysts’ in determining a stock’s target price. By understanding analysts’ use…
Abstract
Purpose
The purpose of this paper is to explore the industry-specific preferred valuation model utilised by analysts’ in determining a stock’s target price. By understanding analysts’ use of industry-specific valuation models, we can enhance our comprehension of important aspects of value creation in these sectors. Therefore, understanding the industry context is crucial for accurately assessing the value of companies within that industry and selecting the most suitable valuation model.
Design/methodology/approach
The method employed in this study is content analysis, examining the output of analysts’ valuation models within 25 Global Industry Classification Standard (GICS) industry groups. I hand-collected 806 equity reports from Capital IQ, selecting the four companies with the largest market capitalization from each of the 25 industry groups.
Findings
Price/Earnings (P/E) emerges as the preferred valuation model in 20 out of the 25 industry groups based on the GICS, with some exceptions. Notably, EV/EBITDA is favoured in the telecom, energy and materials sectors, while the capital goods industry primarily relies on Price/Cash flow (P/CF). In the Real Estate Investment Trusts (REITs) sector, P/AFFO (adjusted funds from operations) is the most commonly employed model. While earnings multiples remain the favoured valuation model for financial analysts, a noticeable shift away from multiperiod valuation models is evident after the first decade of the 21st century.
Research limitations/implications
The findings can increase our comprehension of the interplay between valuation methodologies, industry characteristics and investment decision-making.
Practical implications
It establishes a foundation for future research in this field and is anticipated to be of interest to analysts, fund managers and investors. The findings can increase our comprehension of the interplay between valuation methodologies, industry characteristics and investment decision-making.
Originality/value
This paper represents the first systematic and comprehensive examination of analysts’ utilisation of industry-specific stock valuation methods across all 25 GICS industry groups.