Yet Another Scandal The Allied Irish Bank Case Written by Hans Raj Nahata and Felix Stauber under supervision of Professor Michael Pinedo‚ Stern School of Business‚ New York University. For classroom use only. Introduction This is a short story of failures. It is rather a chilling story of how a single person‚ under the most common work circumstances‚ can lose $750 millions! And he does so‚ by bullying his subordinates‚ intimidating his colleagues‚ threatening his
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CONSTRUCTION OF FREE CASH FLOWS A PEDAGOGICAL NOTE. PART I Ignacio Vélez-Pareja ivelez@javeriana.edu.co Department of Management Universidad Javeriana Bogotá‚ Colombia Working Paper N 5 First version: 5-Nov-99 This version: January 2001 This paper can be downloaded from the Social Science Research Network Electronic Paper Collection: http://papers.ssrn.com/paper.taf?abstract_id=196588 CONSTRUCTION OF FREE CASH FLOWS
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Cash Flows for Discounting Calculations When managers are forecasting the cash flows for a project‚ they will consider the expected revenues and costs‚ but they must also include an estimate for working capital requirements. The working capital will be required in period 1 to allow the business to acquire inventories and build up debtors (receivables) to the extent that these are not matched by trade. The working capital will be recovered at the end of the project when the inventories are sold‚
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present value of the asset’s expected future cash flows. SECURITY VALUATION In general‚ the intrinsic value of an asset = the present value of the stream of expected cash flows discounted at an appropriate required rate of return. Can the intrinsic value of an asset differ from its market value? Ct = cash flow to be received at time t. k = the investor’s required rate of return. V = the intrinsic value of the asset. BOND VALUATION Discount the bond’s cash flows at the investor’s required rate of return
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Projects Edelman Engineering is considering including two pieces of equipment‚ a truck and an overhead pulley system‚ in this year’s capital budget. The projects are independent. The cash outlay for the truck is $17‚100 and that for the pulley system is $22‚430. The firm’s cost of capital is 14%. After-tax cash flows‚ including depreciation‚ are as follows: Year Truck Pulley 1 $5‚100 $7‚500 2 $5‚100 $7‚500 3 $5‚100 $7‚500 4 $5‚100 $7‚500 5 $5‚100 $7‚500 Calculate the IRR‚ the NPV‚ and the
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to reflect the true value of JetBlue. Assumptions made in Exhibit 13 There were several valuation techniques used by analysts and underwriters to value an enterprise’s share‚ they are respectively the Discounted Cash Flow Method (DCF) for instance‚ Free Cash Flow to Equity (FCFE)‚ Free Cash Flow to Firm (FCFF)‚ and Dividend Discount Model‚ and the Relative Valuation Techniques‚ for instance Price Earnings Ratio (P/E) and Price Book Value Ratio (P/BV). Dividend Discount Model requires input of next
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finance the purchase with Financing Alternative #1 (debt and equity financing from an investment firm) or Alternative #2 (all debt financing from a bank). The financing alternatives are discussed on page 4 of the case. You should do the discounted cash flow valuation of the deal using Adjusted Present Value. The question is “What is Pinkerton worth to CPP (Wathen’s sole proprietorship)?” The value of Pinkerton to CPP is made up of three parts: 1. the value of Pinkerton as a stand-alone firm
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ADVANTAGES AND DISADVANTAGES OF USING INTERNET In the history of human mankind‚ the Internet has undoubtedly been the greatest development in the domain of communication industry. Internet has tremendous potentials and a lot to offer in terms of services. However‚ if examined carefully‚ the Internet appears to have not only advantages but also some drawbacks. One good point is that the Internet is a source of information. There is a huge amount of information available on the Internet for just
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The Advantages and Disadvantages of Communicative Language Teaching The Advantages and Disadvantages of Communicative Language Teaching By HAH Introduction The focus of this essay is to highlight the advantages and disadvantages of Communicative Language Teaching (CLT). In doing so‚ it is important to first clarify the meaning of CLT and it’s place in the ongoing history of language teaching methodology. CLT is generally accepted as the most recognized‚ contemporary approach to language
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