Issues being target my activists Brinks is undervalued by the Markets Alternatives to Spin-offs Value created by Spin-offs Valuation Final Recommendation Agenda Executive Summary Industry Overview Brink’s Company Conglomerate Discount Activists Issues being target my activists Brinks is undervalued by the Markets Alternatives to Spin-offs Value created by Spin-offs Valuation Final Recommendation Executive Summary The decision of performing a spin-off follows pressure on the company from three
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Chapter 4 : Account Titles and Preparation of Financial Statements | Article 14 : The balance sheet items shallbe categorized as follows: 1. Assets. (1) Current assets. (2) Funds and long-term investments. (3) Property‚ plant and equipment. (4) Depletable assets. (5) Intangible assets.
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As long-term valuation is assumed‚ risk free rate is set as 30-year treasury rate‚ 5.73%. Cost of debt is 6.72% reflecting Amoco’s credit level. Cost of equity is calculated as 10.63%‚ leading to final WACC at 8.85% (Chart 1). In DCF valuation (Chart 2)‚ long-term growth rate is assumed to be 4%. Change in working capital is calculated as the average of 1997 and 1996 figure and is assumed to be constant for simplicity. Terminal value is valued at $69‚398.1 million and NPV is $51‚525 million. Stock
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Entrepreneurial Finance Philippe Gregoire Louvain School of Management – Université catholique de Louvain Reference book : Entrepreneurial finance‚ a casebook. Paul A. Gompers and William A. Sahlman. John Wiley & Sons‚ Inc. 2002 1 Entrepreneurial finance Project assessment (POCD) Funding (amount‚ firm’s value‚ best partner) Deal (ownership / control / incentives) Exit (IPO) Project Assessment • 4 critical success factors for entrepreneurial ventures People Opportunity
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Negotiation Report 1. Executive summary Amoco was actively cooperating and negotiating with BP on the merger issue. Based on Amoco’s stand-alone valuation‚ it was reasonable to estimate $47 million enterprise value and $41.5 million equity value‚ with a walking-away exchange ratio 0.54. Then adding synergy‚ it reached an opening exchange ratio 0.72. Through further negotiation with BP‚ both parties reached a conclusion on certain level synergy distribution and agreed to close the deal at an
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5-30 The assertions for items 1-11 are as listed below: 1. Valuation or allocation 2. Completeness 3. Existence and occurrence 4. Completeness 5. Rights and obligations 6. Completeness 7. Valuation and allocation 8. Existence and occurrence 9. Presentation and disclosure 10 Valuation or allocation 11. Presentation and disclosure 6-22 Audit evidence Bank statement sent directly to the auditor by the bank 1) directly from outsiders Creditor monthly statement obtained from
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Ford Motor Company Valuation Business Case Stern Value Management Interview Vasishta Atmuri December 5‚ 2014 Ford Motor Co. Analysis| Stern Value Management Interview Introduction Ford Motor Co. manufactures and sells cars and is the sixth-largest car maker Stock Price in $ 20 1000000000 800000000 600000000 400000000 200000000 0 15 10 5 FINANCIAL HIGHLIGHTS Ticker F Date‚ as of 12/03/2014 Stock Price $16.01 P/E 10.47x Market Cap (mm) $61‚617 Dividend Yield Ford Motor Co. (NYSE:F)
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1. Prepare to explain the implications of case Exhibit 1 (Paige Simon’s first task). Based on that exhibit‚ is terminal value (TV) a material component of firm values? From the exhibit‚ we can find the PV of five years’ dividends is small part of the market price of the stock. In my opinion‚ we buy a stock then get dividend periodically‚ which like buy a bond. The coupon payment is dividend and the face value is terminal value. The bond value is determined by the terminal value mostly. So the stock
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impairment analysis as of December 31‚ 20X3‚ with the assistance of an external valuation specialist‚ Management’s Expert. Gator elected not to perform the qualitative assessment for determining whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount and proceeded with Step 1 of the quantitative two-step goodwill impairment test for all reporting units. On the basis of the valuation prepared by Management’s Expert‚ Gator estimated that the fair value of
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The “Winner’s Curse” is a phenomenon that occurs when a bidder in an auction pays more (often much more) than the value of the item being won. Paul Milgrom of Stanford University‚ a leading auction scholar‚ defines more precisely the Winner’s Curse as “The winner’s curse in auction theory traditionally refers to the selection bias that arises because a bidder tends to win more often when his value estimate is too high than when it is too low.” This phenomenon occurs in auctions‚ irrespective of
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