Yijun‚ including brief introduction‚ the calculation of FCF‚ WACC‚ sensitivity analysis and word typesetting In partial fulfillment of the requirements for the course Equity Investment January‚ 2013 1 January 2013|Equity Investment|NIKE Inc Financial Report Recommendation BUY Price at 9 Jan 2013 (USD): $52.45 Price Target: $63.17 52 Week Range: $50.99– $111.81 Summary Section4 – Valuation Reasons about using FCF analysis Computing FCFF from Net Income and CFO &
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including those involving rates of return. Finally‚ Team D will defend which valuation model best supports their findings. FCF Valuation Berkshire Hathaway’s free cash flow according to Gitman‚ 2009 “ represents the amount of cash flow available to meet the operating needs and investments in fixed and net current assets.” Free cash flow (FCF) can be defined as follows: FCF = OCF-Net fixed asset investment (NFAI) – Net current asset investment (NCAI). OCF = [EBIT X (1-T)]+Depreciation Berkshire
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OCF = EBIT – Taxes + Depreciation OCF = $4‚500 - $1‚300 + $1‚600 = $4‚800 b. Calculate the firm’s free cash flow (FCF) for the year ended December 31‚ 2012‚ using the Equation 2.4. FCF = OCF - - ∆WC FCF = $4‚800 – ($31‚500-30‚100) – ∆CA – ∆A/P – ∆accruals FCF = $4‚800 – $1‚400 – ($16‚200-14‚800) – ($3‚600-3‚500) – ($1‚200-1‚300) FCF = $4‚800 – $1‚400 – $1‚400 – $100 – (-$100) FCF = $2‚000 c. Interpret‚ compare‚
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Johnson. The Bactericidal And Cytotoxic Effects Of Antimicrobial Wound Cleansers. 2002. Centers for Disease Control and Prevention http://www.cdc.gov/nczved/divisions/dfbmd/diseases/ecoli_o157h7/index.html#spread Violet I. Haraszthy‚ DDS‚ MS‚ PhD; Joseph J. Zambon‚ DDS‚ PhD;Prem K. Sreenivasan‚ PhD. The Antimicrobial Efficacy of Commercial Dentifrices Featured in General Dentistry. 2010 Agarry O.‚ Olaleye M.T‚ and Bello-Michael‚ C.O. Comparative antimicrobial activities of aloe vera gel and leaf
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production time is exponentially distributed. We derive the condition of the existence of a feasible rationing policy of the problem first. Then the optimality of rationing policy is shown. Numerical studies are used to compare rationing policy and FCFS policy‚ and also show how the service level constraint affects the efficiency of the rationing policy. [pic] 1. Introduction The practice of stock rationing means that some time low priority demands are denied and inventory is held in anticipation
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Overview of Active Gear: 1. Active Gear is a relatively small athletic and casual footwear company $470.3 million of revenue and $60.4 million of EBIT compared to typical competitors that sold well over a $1.0 billion annually Company executives felt its small size was becoming more of a disadvantage due to consolidation among Chinese contract manufacturers. Specialty athletic footwear that evolved from high performance to athletic fashion wear with a “classic” appeal. Casual/recreational footwear
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It gives a clear comparison of the different algorithms that were run including FCFS‚ SSTF‚ and the C-LOOK. Conclusion The SSTF scheduling algorithm results in almost one-third more than the distance that FCFS scheduling algorithm would have taken if it was used for this queue. This implies that‚ compared to the FCFS algorithm‚ it offers a substantially improved performance. However‚ SSTF algorithm is not optimal and may at times cause starvation
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B6301: Corporate Finance Clarkson Lumber C C Co. Valuation Clarkson Valuation Navin Chopra 1 Clarkson‚ 1996 • At the beginning of 1996‚ company is entirely owned by Mr. Clarkson • Following tight funding during a period of good business performance‚ the company has obtained debt funding to payoff the trade credit‚ NP trade • While financials for the first quarter of 1996 are available‚ we will value the company as at the beginning of 1996/end of 1995 Clarkson Valuation
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Trident University International Rey F. Guzman Accounting for Decision Making (ACC-501) Module 5 SLP Operational Leverage Dr. Timothy Brown 27 January‚ 2013 INTRODUCTION This SLP requires to do some research to learn about operating leverage‚ ROI‚ EVA‚ and another performance measure of your choice. Note that there are variations in the computations of a particular measurement. Using the information from the latest financial statement for a company to compute the measurements researched
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Pinkerton Group Project Executive Overview The security guard services industry consisted of two segments: proprietary guards and contract guards. The historical growth was driven by companies realizing‚ that contracting guards allowed them gain operating flexibility instead of managing their own security personnel. In 1987 security guard services was a $10 billion industry growing at 6% a year. Due to the industry being very mature‚ fragmented‚ and price competitive there was an ongoing
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