Valuation of Columbia Sportswear Company (COLM) Nicholas Stoll FI 305 Financial Reporting & Analysis Golden Gate University April 27‚ 2012 INTRODUCTION Columbia Sportswear (COLM) is the global leader in in the design‚ sourcing‚ marketing and distribution of active outdoor apparel‚ footwear‚ accessories and equipment. The company design‚ develop‚ market and distribute active outdoor apparel‚ footwear‚ accessories and equipment under four primary brands:
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1. Joy‚ who has completed his first finance course‚ is unsure whether he should take a course in business analysis and valuation using financial statements since he believes that financial analysis adds little value‚ given the efficiency of capital markets. Explain to Joy when financial analysis can add value‚ even if capital markets are efficient. 2. In 2005‚ Puma was a very profitable sportswear company. Puma did not produce most of the shoes‚ apparel and accessories that it sold. Instead
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Solutions in the case Banc One’s stock price has fallen recently due to concerns of investors and analysts about the heavy use of the entity of interest rate derivatives. Dick Lodge‚ chief investment officer in charge of the bank’s investments and derivatives portfolio‚ the Director General shall recommend a plan of action to allay the fears of investors to the market and communicate the reasons for Banc One use of derivatives. The Bank uses interest rate swaps to manage its earnings sensitivity
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QAUNTITATIVE TECHNIQUES SOLUTION FOR THE CASE CUTTING CAFETERIA COSTS LPP MODEL FOR CAFETERIA COST CUTTING Objective: To reduce the purchase of potato and green beans‚ so as to meet the conditions of the various constraints to achieve the goal of minimizing the purchase cost. Constraint conditions: Potatoes Green Beans Protein 1.5 g per 100 g → 1.5% 2 g per 100 g → 2% Iron 0.3 mg per 100 g → 0.3% 1.2 mg per 100 g → 1.2% Vitamin C 12 mg per 100 g → 12% 10 mg per 100 g → 10%
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Executive Stock Options and IPO Underpricing Michelle Lowry• Smeal College of Business Penn State University E-mail: mlowry@psu.edu Phone: (814) 865-1483 Kevin J. Murphy Marshall School of Business University of Southern California E-mail: kjmurphy@usc.edu Phone: (213) 740-6553 July 31‚ 2006 Abstract In about one-third of US IPOs between 1996 and 2000‚ executives received stock options with an exercise price set equal to the IPO offer price (rather than a price determined by the market)
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Solution: i. Establishment of estimated growth rate in earnings and dividends. XYZ Company’s current EPS is $4.75. It was $3.90 a year ago. The company pays out 35% of its earnings as dividends‚ and the stock sells for $45. a. Calculate the past growth rate in earnings. b. Calculate the next expected dividend. Assume that the past growth rate will continue Answer: If payout ratio is constant‚ then dividend growth rate will be same as earnings growth rate. a) dividend growth rate over
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Case-3: JetBlue Airways: A cadre of New Managers Takes Control. Introduction: JetBlue Airways Corporation‚ often stylized as jetBlue‚ is an American low-cost airline. The company is headquartered in the Long Island City neighborhood of the New York City borough of Queens. Its main base is John F. Kennedy International Airport‚ also in Queens‚ and maintains a corporate office in Cottonwood Heights‚ Utah. The airline mainly serves destinations in the United States‚ along with flights to the
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Explain New 5-6 Use of capital projects funds Explain 5-4 revised 5-7 Encumbrances Explain Same 5-8 Construction work in progress Explain New 5-9 Multiple capital projects Explain Same 5-10 Special assessment capital projects Explain New Cases: 5-1 Modified approach for infrastructure assets Evaluate‚ write 5-2 5-2 Options for financing public infrastructure Evaluate‚ explain New 5-3 Political versus economic factors in financing capital improvements Evaluate‚ explain 5-1 retitled
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CASE FOR ANALYSIS ~ SHOE CORPORATION OF ILLINOIS OVERVIEW: This case deals with a manufacturer of women’s shoes that purposely changes styles frequently to take advantage of the flexibility of a small organization. However‚ decision making in the organization follows such a convoluted pattern that conflict is a given. Work flow needs to be re-examined‚ and adjusted for efficiency. DISCUSSION QUESTIONS TO ASSIGN: 1. Analyze organizational structure. 2. What suggestions do you have for improvement
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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 & Computing FCFE from FCFF Report Introduction Nike is the largest footwear company in the world selling footwear‚ apparel‚ equipment through 25‚000 retailers. As
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