Berenberg Capital Markets Equity Research Game plan adidas – Buy (initiation) Puma – Hold (initiation) John Guy Analyst +44 20 3465 2674 john.guy@berenberg.com Bassel Choughari Analyst +44 20 3465 2675 bassel.choughari@berenberg.com Rupert Trotter Specialist Sales +44 20 3207 7815 rupert.trotter@berenberg.com 25 April 2013 Sporting Goods For our disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and our disclaimer please see the end of
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1. Explain why total financial assets in the economy must equal total financial liabilities? Financial assets are converted in cash which include lands‚ building‚ and machinery. Financial liabilities includes loan from the bank and trade payables what company owes. Total financial assets are identical to total financial liabilities in the economy because the balance sheet is based on accounting equation. Total assets equal total liabilities plus equity in accounting equation. It means while a company’s
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SABA’S ASSIGN. Land use and Environmental issues Any physical development is going to have some environmental impact. The degree or extent of that impact is dependent upon such factors as the category of use‚ the intensity of the development‚ and the physical characteristics of the site. Primary land use categories encompass such basic functions as residential‚ commercial‚ industrial‚ recreational‚ institutional‚ and agricultural uses. There are some general characteristics of each of these uses
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1. How are Mortensen’s estimates of Midland’s cost of capital used? How‚ if at all‚ should these anticipated uses affect the calculations? Mortensen’s cost of capital estimates are used for a variety of purposes at both the divisional and corporate levels. Examples include internal analyses such as financial accounting‚ performance assessment and capital budgeting‚ while others are used for strategic planning purposes such as merger and acquisition‚ as well as stock repurchase decisions (Luehrman
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Private Equity Funding in India – Issues and Challenges Swati chauhan Swati.chauhan09@gmail.com Krishna business school kanpur 1. Introduction India is the largest democracy in the world. Its main strength is availability of abundant skilled and cheap manpower. The country has been on growth trajectory in all fields as a planned economy thus becoming a safe and attractive destination for foreign investment. Currently‚ in terms of Purchase Power Parity‚ it is the fourth largest economy
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“The Three Wishes” One calm and cold winter morning‚ I awoke to the sound of knocking on my front door. I rushed downstairs to open it. I turned the knob and was aghast at who I saw on the other side. Cameras flashed as Oprah Winfrey told me that I had won the “Fall Kick Off ‘3 Wishes’ Give-A-Way.” The three wishes that I desired was to become a wrestling state champion‚ to be with the perfect girl‚ and to have unlimited gas for my car. The first wish that was granted to me was to become a
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Principles of Finance Review Sheet—Exam 1 The exam will include multiple choice questions and problems. If you have worked and understand the end-of-chapter problems that were assigned‚ you should be able to work the problems on the exam. You should understand the topical areas given in the following list—the concept questions will be primarily based on these topics. • Overview of Managerial Finance o Why is it important to have some understanding of finance? ▪ Finance deals with
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PROBLEMS (p. 180) 1. A few years ago‚ Simon Powell purchased a home for $150‚000. Today‚ the home is worth $250‚000. His remaining mortgage balance is $100‚000. Assuming that Simon can borrow up to 75 percent of the market value‚ what is the maximum amount he can borrow? (LO 5.2) Present market value of Simon’s home = $250‚000. Simon can borrow up to 75 percent of the market value‚ or $187‚500. Simon still owes $100‚000 mortgage on his home. Therefore‚ he can borrow an additional $87‚500. 2. Louise
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BUSINESS FINANCIAL TUTORIAL 1 1. If you bought a share of stock‚ what would you expect to receive‚ when would you expect to receive it‚ and would you be certain that your expectations would be met? A: When you purchase a stock‚ you expect to receive dividends plus capital gains. Not all stocks pay dividends immediately‚ but those corporations that do‚ typically pay dividends quarterly. Capital gains (losses) are received when the stock is sold. Stocks are risky‚ so you would not be certain that your
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Customer Value Proposition in Value Markets Business houses that are our customers are under constant pressure to cut down their cost. With this concern at the back of their mind‚ out of the sales pitch‚ they mainly concentrate on the price quoted to them. In such cases‚ the supplier needs to demonstrate the core value offerings/ benefits with extra vigor to persuade the customer to make the purchase. Marketing managers tend to neglect the real contribution of value propositions to superior business
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