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Salman Alfarisi from Malaysia always had a passion for physics and maths, specifically on how they apply to the real world. He decided to pursue this with a masters studies at one of the worlds top universities: Imperial College London. With no specific specialisation in mind yet, he took a chance on mechanical engineering as it covers a wide scope and would keep his options open for jobs.

Below we speak to Alfarisi about why he chose mechanical engineering, how he got to experiment with a Volkswagen and his future plans:

Life in the UK for this Malaysian student has been great because it has opened his mind to different ways of thinking. Source: Salman Alfarisi

I decided to study mechanical engineering at Imperial College London because of the quality learning experience. I have the chance to learn from one of the best researchers in the industry and push myself to the next level. Although I do get discouraging comments from some of my teachers and friends back home when I made the decision to study in the UK, I will stick to my plan and believe in my motto: whatever doesnt kill you builds you. Its also one of the top 10 unis in the world and I want to challenge myself.

Yes, I think it would have made a difference. Mainly because I would not get the opportunity to attend lectures by prominent people in the industry, network with people from different backgrounds and open my mind to a different way of thinking. I am not saying that studying at a local institution is bad, but I enjoy broadening my perspective and trying out new living experiences in a land with a completely different culture than where I am from.

My most memorable class as I study mechanical engineering is thermodynamics. In my first year I learnt about engines and did some practical experiments with a Volkswagen to study it further. The lecturer Professor Martinez Botas is very well-known in the industry and I love how passionate and energetic he always is.

I did, with one of the PhD students that was my tutor for my stress analysis class. I really enjoyed having conversations about his travelling experiences and other things. He made the class feel lovely, and even brought us some snacks on our last day.

Travelling around the UK has its perks, here Alfarisi is seen at Stonehenge a famous landmark in the UK. Source: Salman Alfarisi

I learned about practical manufacturing methods which I have applied in fixing stuff at home. Additionally, I learned about how cars work and am able to apply my knowledge in my day-to-day life when Im driving. All my lecturers have supported me by showing real-life examples for most of the theories they teach.

I hope to graduate with first-class honours for my MEng Mechanical Engineering. I already have gained many skills like project management, efficient team communication and delivering documents to professional standards among others. Not to forget the leadership skills that I have built by taking up positions during group projects and joining extra-curricular activities.

I dont have further plans in my studies except to do an MBA later on after I work in this industry for a few years. I plan to go back to Malaysia and serve the company that sponsored my studies PETRONAS the national oil and gas company of my home country. Hopefully I can join the offshore engineering team and apply all the knowledge I gained at uni.

Quality learning experience, and Imperial College London being one of the best unis in the world is why this student chose the UK. Source: Salman Alfarisi

I would say go for it and aim to get into a top uni. I am not saying it will be easy, but it will be very worth all your time and effort building yourself up from one of the best institutions in the world. There is also a lot of opportunity to travel around Europe, the Middle East, Africa and so on because flights from Europe are relatively cheap. Travelling will open your mind and give you that broadened perspective. Dont just go to study, go out and explore the world!

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From the classroom: Mechanical engineering at global top 10 uni - Study International News

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Engineering CAD Software Market is Flourishing due to Rising Emergence of Technical Implementation Drives Growth by 2027 | TurboCAD, SketchUp,...

Does the January share price for Watts International Maritime Engineering Limited (HKG:2258) reflect what it's really worth? Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. One way to achieve this is by employing the Discounted Cash Flow (DCF) model. Believe it or not, it's not too difficult to follow, as you'll see from our example!

Companies can be valued in a lot of ways, so we would point out that a DCF is not perfect for every situation. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model.

Check out our latest analysis for Watts International Maritime Engineering

We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. To begin with, we have to get estimates of the next ten years of cash flows. Seeing as no analyst estimates of free cash flow are available to us, we have extrapolate the previous free cash flow (FCF) from the company's last reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate:

("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = CN156m

We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 1.5%. We discount the terminal cash flows to today's value at a cost of equity of 8.1%.

Terminal Value (TV)= FCF2030 (1 + g) (r g) = CN27m (1 + 1.5%) (8.1% 1.5%) = CN413m

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= CN413m ( 1 + 8.1%)10= CN189m

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CN345m. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Relative to the current share price of HK$0.6, the company appears around fair value at the time of writing. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out.

We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Watts International Maritime Engineering as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 8.1%, which is based on a levered beta of 1.055. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

Although the valuation of a company is important, it shouldn't be the only metric you look at when researching a company. It's not possible to obtain a foolproof valuation with a DCF model. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. If a company grows at a different rate, or if its cost of equity or risk free rate changes sharply, the output can look very different. For Watts International Maritime Engineering, there are three further elements you should assess:

PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the SEHK every day. If you want to find the calculation for other stocks just search here.

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This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. *Interactive Brokers Rated Lowest Cost Broker by StockBrokers.com Annual Online Review 2020

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

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Calculating The Intrinsic Value Of Watts International Maritime Engineering Limited (HKG:2258) - Simply Wall St