“TO STUDY OF EQUITY VALUATION ON INDIAN CEMENT INDUSTRY” Submitted To: Bhulabhai Vanmalibhai Patel Institute of Business Management‚ Computer & Information Technology‚ Gopal Vidyanagar. Submitted By: BHAVINI SHAH T.Y BBA- I 09 BBA 11 Acknowledgement I wish to express my sincere thanks to Dr. Poonam Mittal‚ Director of Bhulabhai Vanmalibhai Patel Institute of Business Management‚ Computer & Information Technology‚ Gopal Vidyanagar‚ Tarsadi‚ who gave me the chance to do this project report
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To: Audit partner From: Sajan Shrestha (manager) Date: 4/20/14 Subject: Identification of factors influencing risks and the relationship of risks to audit evidence After performing preliminary analytical procedures and planning activities for Pinnacle Manufacturing‚ I have found several factors influencing inherent risks and acceptable audit risk. I have categorized the determinants of acceptable audit risk into three different factors: external users’ reliance on financial statements‚ likelihood
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PRIVATE EQUITY – A VIABLE ALTERNATIVE SOURCE OF FUNDING FOR GHANAIAN SMEs By Joseph Ciici Arthur Ghana’s workforce is predominantly employed by the informal sector. This sector of our economy is largely made up of Small and Medium scale Enterprises (SMEs) and sole proprietorships (“one man business”). This is confirmed by available data from the Registrar General which indicates that 90% of companies registered in Ghana are SMEs. Over time‚ this target group has been identified as the catalyst for
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Debt Versus Equity Financing Paper Chaz McNeil ACC 400 October 9‚ 2014 Dr. Running head: DEBT VERSUS EQUITY FINANCING PAPER 1 DEBT VERSUS EQUITY FINANCING PAPER 4 Debt versus Equity Financing Paper In the accounting industry‚ financing remains an important concept‚ as many organizations are reliant on them for financial stability and longevity. Although there are a plethora of financing options and types to choose from‚ the focus of the work will revolve around debt and equity financing
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competitive advantage for firms‚ in the global firms it’s becoming clear that the way in which the firm utilise their knowledge assets can form a significant difference between them. At the same time its one of the major challenges for the firm to manage those knowledge assets. The report describes the model used by a global company like Google‚ in exploring and managing its knowledge assets. Through a brief analysis‚ we will try to find out the management and process structure Google uses. Table of
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DEBT vs. EQUITY AND ASYMMETRIC INFORMATION: A REVIEW Linda Schmid Klein‚ University of Connecticut Thomas J. O’Brien*‚ University of Connecticut Stephen R. Peters‚ University of Cincinnati March 2002; Forthcoming‚ The Financial Review *Corresponding author: Department of Finance‚ University of Connecticut‚ 2100 Hillside Rd.‚ Storrs‚ CT 06269-1041; Phone: (860) 486-3041; Fax: (860) 486-0634; E-mail: thomas.obrien@uconn.edu Acknowledgements: The authors thank Ivan Brick‚ Shanta Hegde
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MAIN SOURCES OF EQUITY AND DEBT FOR PROJECTS The main sources of equity and debt can be divided into two groups of lenders and sponsors. Group 1 – commercial lenders‚ include: 1. Banks; 2. Institutional lenders; 3. Commercial finance companies; 4. Leasing companies; 5. Individuals; 6. Investment management companies; 7. Money market funds. Groups 2 – commercial sponsors‚ include: 1. Companies requiring the product or service; 2. Companies supplying products or raw materials to the project;
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Source of capital: Capital is the basic needs of organisation; it is needed in every step of business‚ from buying raw materials to selling their goods. To maintain this capital‚ business needs to identify and allocate their proper source of finance. The place where the business gets their funds from is called their source of capital. The business have two different source of finance‚ internal source (for ex: retained profits‚ sales of existing assets‚ cut down stock level‚ etc) and external sources
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Valuation of equity Example based on dividend discount model : Vardhman limited’s earnings and dividends have been growing at a rate of 18% per annum. This growth rate is expected to continue for 4 years. After that the growth rate will fall to 12 % for the next 4 years. Thereafter‚ the growth rate is expected to be 6 % forever. If the last dividend per share was RS. 2.00 And the investor’s required rate of return on verdhman’s equity is 15% what is the intrinsic value per share? Step 1: the
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expected value of the company’s debt in one year‚ with and without the expansion? .3*14=4.2 low .5*14=2.8 Normal .2*14=2.8 High (million dollars) 4.2+7+2.8= $14 million of debt 3. One year from now‚ how much value creation is expected from the expansion? How much value is expected for stockholders? Bondholders? Value Created from Expansion | Difference from company values of expanding and not expanding (56‚700‚000-16‚550‚000) | 40‚150‚000 | Minus the equity | 4‚500‚000 | Value expected
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