You will choose an MNC and write the report either as an investor or as the CFO of the MNC. If you chose the investor track, I want you to write the report as an investment analyst who have been asked to research the firm for potential investment. You will use the current price as your starting point and make a recommendation as to its future valuation. I want you to explain how the market values the MNC's expected earnings and how volatile are its cash flows given its various exchange rate exposures and how these factors in your investment decision. If you chose the CFO track, write the report as if you are the new CFO of the MNC and discuss the current exchange rate exposure mechanisms and suggest how you would improve upon them or the future direction the MNC should take in their capital projects and other investments. Either of these tracks will involve that you understand the various exposures the MNC faces. You will have to dig through their annual reports (hence I suggest choosing a US-listed MNC, you will have more information) and understand their hedging program very clearly.