893 VALUATION Relative Valuation – Based on Multiples Bharti Airtel and Zain Africa recently announced signing of the definitive merger agreement‚ wherein Bharti will acquire African operations of Zain Group. The deal was valued at an enterprise value of USD 10.7 billion or on an 8.2x EBITDA Multiple. Goldman Sachs has invested USD 450 million in online social networking portal Facebook‚ which is valued as the number one social networking network at USD 50 billion. At an enterprise value
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Assignment: Cash Flow Preparation JoBeth Murphy University Of Phoenix June 12‚ 2010 Complete problems 19‚ 21‚ & 27 on pp. 50 – 53 of Foundations of Financial Management. Identify whether each of the following items increases or decreases cash flow: * Increase in accounts receivable - decrease * Increase in notes payable - decreases * Depreciation expense - increases * Increase in investments - decreases * Decrease in accounts payable - decrease * Decrease
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Grade 9‚0 Corporate Finance II Interco Advanced Valuation Comments from teacher: In question 1‚ why do we use these equitation’s‚ explain and show then‚ i.e. ROE can go up with more leverage. More on comparables. In Q1 assumptions explained‚ that are then used in DCF. Max for question 1 and 2‚ two pages. Must power to put in Q3. Deduct tax in table 3. In DCF‚ show more how calculated and assumption missing about other income and corporate expenses. Table 6 to be fixed (already been done)
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Molson Coors Alcoholic Beverages Industry‚ Team 1 Leah Black Professor Shaked‚ FE449 12:30PM Section Industry Information -Make sure to add info about craft beer -Shift away from beer and towards liquor Key Industry Drivers For beer‚ wine and liquor‚ demand from wholesalers is very important. Companies in this industry must work closely with wholesalers to properly promote their product and ensure shelf space at liquor stores. An issue that arises with wholesaling is state restrictions
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CHAPTER 2 CASH FLOWS AND FINANCIAL STATEMENTS AT SUNSET BOARDS Below are the financial statements that you are asked to prepare. 1. The income statement for each year will look like this: Income Statement 2008 2009 Sales $190‚119 $231‚840 Cost of goods sold 96‚952 122‚418 Selling & administrative 19‚067 24‚886 Depreciation 27‚370 30‚936 EBIT $46‚730 $53‚600 Interest 5‚950 6‚820 EBT $40‚780 $46‚780 Taxes (20%) 8‚156 9‚356 Net income $32‚624 $37‚424 Dividends
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general knowledge‚ where would the various estimators be appropriate? Where would they be inappropriate? (Simon’s second task) Regarding the cash flow forecasts in case Exhibit 5‚ at what point in the future would you set the forecast horizon for the three investments? Why? More generally‚ what should determine when you stop forecasting annual cash flows and estimate a terminal value? Estimate other terminal values based on alternate estimation approaches. From these various estimates‚ please triangulate
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Master Thesis MSc in Finance Valuation of Pfizer Inc. and analysis of new drug development project using a real option approach. Author: Valdis Cvetkovs Supervisor: Peter Lochte Jorgensen April 2011 Aarhus Abstract This thesis investigates the world’s largest pharmaceutical company Pfizer Inc. from strategic and financial viewpoint in order to determine companies’ fair market value. The external analysis researches industry and global economic situation on the valuation date as well as states the
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Book Information Page Financial Management 5e Principles & Practices By Timothy Gallagher Colorado State University 3 things about Gallagher 5e 1. Complete coverage of recent financial crises\great recession 2. Review of systematic risk and “too big to fail” concepts 3. Best value proposition on the market (see quote on backside) 3 things about Textbook Media Press* 1. Proven content from trusted authors since 2004 2. Unique student options (online; desktop-PDF; paperback; iPhone)
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ratio to the competing companies Zumiez is the closest at $44.49 with the next closest being Deckers with a PE ratio of $30.90. Under Armour has higher PE of $61.09 (Exhibit 5) to Crocs and can be considered as third comparable company. The next valuation multiple is enterprise value (EV) to earnings before interest‚ tax‚ depreciation‚ and amortization (EBITDA). Crocs EV to EBITDA value was 27.74 which was calculated from (EV) $7‚154 million divided by (EBITDA) $258 million which gave us 27.74. To
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__________ Subject Description This subject is designed for the general business students. This subject provides the introduction of financial management in dealing with areas such as the overview of managerial finance‚ financial statements valuation‚ capital budgeting and cost of capital. Subject Objectives The objective of this subject is to enable students to understand the concept of the time value of money and its many uses in business finance and apply basic investment appraisal techniques
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