Case Brief – Extra Credit Citation: SPECTRUM STORES INC‚ Plaintiffs - Appellants v. CITGO PETROLEUM CORPORATION; SAUDI ARABIAN OIL COMPANY‚ doing business as Saudi Aramco; Defendants - Appellees. UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT. 632 F.3d 938 (2011) Facts: Gasoline retailers accused the OPEC member nations of fix pricing of crude oil and refined petroleum products in the US. The appellants argued that the district court mischaracterized their complaint as alleging a conspiracy
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Finance 725 Spring 2006 J. E. Hodder Corporation Finance Course Schedule Tuesday‚ January 17: Introduction Thursday‚ January 19: Clarkson Lumber Company Reading: Note on Financial Analysis a. How is the company ’s financial performance? (Examine appropriate financial ratios.) b. Why has Clarkson Lumber borrowed increasing amounts despite its consistent profitability? c. How has Mr. Clarkson met the financing
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earnings as evaluated is questionable. Under the value-creating investment prong‚some projects were considered as future equity cash flows using the cost of equity as the discount rate instead of the hurdle rate based on the project or divisional WACC. The calculation of EVA (economic value added) was manipulated by a “capital charge” and the “capital charge” was
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Financial Management SBB Fundamentals COURSE GUIDE Leiden University Faculty of Mathematics and Natural Sciences Science Based Business Program March 2011 © 2011 All rights reserved Centre for Business Studies (CBW) Leiden University Except as allowed under Dutch Copyright Law (1912)‚ no part of this material may be reproduced or transmitted in any form‚ by any means‚ electronic or mechanical‚ including photocopying‚ recording‚ or any information storage and retrieval system
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On the other hand‚ when getting too low estimate on cost of capital‚ midland will estimate the new investment with higher NPV. Midland might waste much money on many bad investments which are overestimated. 2. Calculate Midland’s firm-wide WACC. Make sure you explain clearly your method and your choice of inputs. In particular‚ is Midland’s choice of market risk premium appropriate‚ and if not‚ what recommendations would you make and why? Material: a. Debt is long-term in nature
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Product and Services 5 c. SWOT Analysis 5 3. Calculating Cost of Capital 6 a. Calculating Cost of Equity 7 i. Risk free rate 7 ii. Market Risk Premium 8 iii. Beta 8 b. Calculating Cost of Debt 9 c. Weighted Average Cost of Capital ( WACC ) 10 d. WACC- EnCana Corp. 2010 12 4. Discussion Questions & Summary 12 a. Hurdel Rate 12 b. Retained Earnings 13 c. Depreciation & Deferred Taxes 14 d. Summary: 14 5. References 15 Introduction The case involves calculating the cost
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Return Vs. Required Return 21 Portfolio Planning 21 Dividend growth model 24 Corporate Valuation Model 24 Constant & non-constant growth of dividend 27 Actual prices Vs. Expected Prices 27 Weighted average cost of capital (WACC) 28 Trend of financial statements in last five years 30 Acknowledgement First of all we all are thankful to one and only the Almighty Allah for always guiding us in the thick and thin and giving us strengths and courage to complete this
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decisions. These anticipated uses of Midland’s cost of capital should not affect the calculations if the projects being evaluated are of the same average risk of all company projects. If the projects are of greater or less risk‚ the calculations of WACC may be affected. As an example‚ for a riskier M&A proposal‚ the company may need to
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VI. WACC VII. Conclusion VIII. References I. Executive Summary Midland Energy Resources is a global energy company with operations in oil and gas exploration and production(E&P) providing a broad array of products and services to upstream oil and gas customers worldwide including refining and marketing (R&M)‚ natural gas‚ and petrochemicals. Janet Mortensen‚ the senior vice president of project finance for Midland Energy Resources must determine the weighted average cost of capital (WACC) for
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