involves the fundamental portfolio management techniques (analysis of sector‚ industry‚ company and the valuation of individual equity securities). At this point in time‚ I would recommend buying Vale SA‚ a Brazilian mining leader. From the valuation perspective‚ the management of Vale is delivering new strategy (capital discipline‚ assets sale) that is not priced in according to several DCF models. On the other hand‚ the weaker iron ore outlook (European problems‚ slowdown in China) is priced in
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Introduction: Apex Investment Partners was founded in 1987 by James A. Johnson and the First Analysis Corporation. In its eight-year life‚ the VC had raised three funds. The two first which are already closed had‚ together‚ a committed capital of around $70M. There were mainly concentrated in four areas: • • • • Telecommunication‚ information technology and software. Environmental and industrial productivity-related technologies. Consumer products and specialty retail. Health-care and related technologies
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MGMT E 2720 Mergers and Acquisitions Supplemental Case Questions 1. The New York Times a. Why is there so much family control in the newspaper business? b. How did the Sulzberger family manage to retain control on the NYT after it went public? c. How does the NYT dual class structure differ from the one used by Dow Jones‚ prior to its takeover by Rupert Murdoch? d. What explains the behavior of the NYT institutional shareholders – not just Morgan Stanley but also
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Management is about how these Investment and Financing decisions should be made. This course explores the first part of Financial Management and introduces the framework‚ tools and techniques for making Investment decisions. Specifically‚ we will cover Valuation‚ Capital Budgeting‚ Modern Portfolio Theory and Equilibrium Risk-Return Relationship. GRADING: |Quizzes (3) |15% | |Midterm |30% | |Final
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Interco Case Analysis Group 6 2010-10-15 SAIF Interco Case Analysis 1) Company Background Interco was founded as International Shoe Company in 1911 as a footwear manufacturing company. By 1966‚ Interco was a major manufacturer and retailer of consumer products and services. Most of Interco’s growth during this period was through the acquisition of related businesses. In 1988 Interco was made up of 4 main business segments: * Apparel Manufacturing * General Retail Merchandising
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PSC’s forecast FCF. Moreover‚ competing bid valuations for PSC were calculated for illustrative purposes from comparable companies the majority of them were higher than $454.6M. Competing valuations ranged from $742M to $599M and from $564M to $482M based on TGRs of 2.5% and 0%‚ respectively. Refer to Appendix B for PSC’s DCF analysis‚ Appendix C for (1) PSC’s TGR sensitivity and (2) RRR’s equity option analysis‚ and Appendix D for competitive valuation details. Debt financing a large portion of
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is also among the largest telecommunications companies in Europe. If this come true‚ it will become the largest hostile takeover in the world. But now we are facing one of the biggest problems during this process---valuation of Mannesmann. After our discussion‚ we decide to use the DCF method with the information provided in Exhibit 7 and some reasonable assumptions we made about Mannesmann’s future situation. As a result‚ we found that the value of Mannesmann is € 175‚793.41million or € 338.85/share
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312 Value Creation: The Six DCF Pointers When trying to decide the value of a particular company‚ let’s say Apple for example‚ it is crucial to understand what determines its investing value. Valuing a huge corporation is not simply taking a look at the balance sheet and income statement and figuring out what’s total assets and total liabilities. A discounted cash flow analysis is one of the main ways investors can value a company. The idea of the actual valuation is to project future cash flows
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Pharmaceutical Industry Fletcher Leung Analyst Investment Analysis Group February 15‚ 2002 Presentation Agenda • Industry Overview: Research Based Pharmaceuticals • Pfizer – Company Specifics – Performance – Growth Drivers • Valuation – Comparables Analysis – DCF • Recommendation February 15‚ 2002 Page 2 Investment Analysis Group 1 Industry Overview Economic •Cost Effective Demographic Sociocultural •Aging Population •Quality of Life General Environment
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support your recommendation. As you prepare this report‚ you may find that you would like to have more field information than what the case offers you. However‚ the case contains critical information that gives you a reasonable basis to compute its valuation. In addition use the following information for 1995.1 Sales ($ millions) Redhook Pete’s BBC 25.89 59.17 151.31 EPS .75 .25 .40 Book value/share 7.70 4.33 3.00 Price 27.00 24.75 ? Also‚ use the following information for BBC for 1996. Make additional
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