Discounted cash flow Essays & Research Papers

Best Discounted cash flow Essays

  • Discounted Cash Flow - 448 Words
    Literature Review of DCF An important consideration when using the DCF approach to valuation is its validity and usefulness in valuing companies and their stock prices. Various studies have established that a strong correlation between estimated future cash flows and the value of a firm exists (Copeland et al, 1994 ; Brealey and Myers , 2000; Jones, 1998 ). In their study of 51 highly leveraged transactions (HLTs) , Kaplan and Ruback (1995) found that the valuations using the DCF methods are...
    448 Words | 2 Pages
  • Discounted Cash Flow - 848 Words
    REEBY SPORTS Principles of Corporate Finance 7th Edition Richard A. Brealey and Stewart C. Myers George Reeby proposes to sell 90,000 shares, or about 22%, of his company. How much are those shares worth? We have to value the company using George's forecasts. The forecasts presented in Tables 4.10 and 4.11 do not show free cash flow and financing requirements. These are calculated in Table 1. Note that free cash flow for 2005 is -$2.3 million. But dividends are $2.0, so...
    848 Words | 5 Pages
  • Question: Discounted Cash Flow
    Exam 2 Part 2 Answer any EIGHT of the ten questions. Each question is worth 5 points. Return your answers to me by 11:59 PM Sunday 11 November 2012 1. A number of publicly traded firms pay no dividends yet investors are willing to buy shares in these firms. How is this possible? Does this violate our basic principle of stock valuation? Explain. Our basic principle of stock valuation is that the value of a share of stock is simply equal to the present value of all of the expected...
    741 Words | 3 Pages
  • Discounted Cash Flow - 4436 Words
    discounted cash flow (DCF In finance, discounted cash flow (DCF) analysis is a method of valuing a project, company, or asset using the concepts of the time value of money. All future cash flows are estimated and discounted to give their present values (PVs) — the sum of all future cash flows, both incoming and outgoing, is the net present value (NPV), which is taken as the value or price of the cash flows in question. Using DCF analysis to compute the NPV takes as input cash flows and a...
    4,436 Words | 13 Pages
  • All Discounted cash flow Essays

  • Discounted Cash Flow (Dcf) Analysis
    DCF Modeling Copyright 2008 © by Wall Street Prep, Inc. ***************************** SAMPLE PAGES FROM TUTORIAL GUIDE ***************************** Table of contents SECTION 1: OVERVIEW DCF in theory and in practice Unlevered vs. levered DCF SECTION 2: MODELING THE DCF Modeling unlevered free cash flows Discounting to reflect stub year and mid-year adjustment Terminal value using growth in perpetuity approach Terminal value using exit multiple approach Calculating net debt Shares...
    1,400 Words | 7 Pages
  • Net Present Value and Discounted Cash Flow
    FIN 751 – CORPORATE FINANCIAL POLICY & STRATEGY, FALL 2012 INSTRUCTOR: TOM BARKLEY CASE #2 – “Groupe Ariel: Parity Conditions and Cross-Border Valuation” Written reports are to be no more than five typed pages (based on a 12-point Times New Roman font, double-spaced, with 1-inch margins all around). The assignments are due at the beginning of class on Thursday, November 8, 2012. This case is designed to introduce discounted cash flow valuation techniques in a cross-border setting....
    380 Words | 2 Pages
  • Discounted Cash Flow and Football Field Analysis
    FIN 667 Presented by: Jue Wang, Yeqing Luo, Yixi Zhang, Zheng Ni Executive Summary • Company’s Business – Company Overview – SWOT Analysis • Financial Statement – Growth Rate – DCF Valuation • Industry Environment – Historical Analysis – Peer Group Analysis 2 Company Overview • Chipotle is a worldwide chain of restaurant • Opened 185 new restaurants in 2013, and delivered revenue of $3.21 billion, an increase of 17.7% for the year • Its restaurant-level operating margins were among the...
    835 Words | 18 Pages
  • Discounted Cash Flow Analysis - Empirical Study
    An empirical study of the discounted cash flow model Martin Edsinger1, Christian Stenberg2 June 2008 Master’s thesis in Accounting and Financial Management Stockholm School of Economics Abstract The purpose of this thesis is to compare the practical use of the DCF model with the theoretical recommendations. The empirical study is based on eight different DCF models performed by American, European and Nordic investment banks on the Swedish retail company Hennes & Mauritz (H&M). These...
    12,797 Words | 39 Pages
  • Cash flow - 494 Words
    Article 1discusses how different estimates of equity value are obtained by researchers while using the discounted cash flow model (CF) and the Residual income (RI) model. It recognises the inconsistencies prevalent while implementing them. Francis et al (2000) use Value line estimates for finite forecasting periods. They conclude that RI is superior to CF. Courteau et al (2000) analyse whether different valuation models are same when a terminal value calculation based on price is used. They...
    494 Words | 2 Pages
  • Discounted Cash Flow and Forces Swot Explanation
    Si Chen Bin Shen Qiyang Tan Yajie Wang Jiaqi Zhang Copyright © 2012 by Steris’s Group from Weatherhead School in Case Western Reserve University All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the publisher, except in the case of brief quotations embodied in critical reviews and certain other...
    4,440 Words | 23 Pages
  • Cost of Capital Using Discounted Cash Flow Approach
    In finance, the discounted cash flow (DCF) analysis is a method of valuing a project, company or asset using the concepts of time value of money (Wikipedia, 2004). Three inputs are required to use the DCF, also called dividend-yield-plus-growth-rate approach, include: the current stock price, the current dividend, and the marginal investor’s expected dividend growth rate. The stock price and the dividend are east to obtain, but the expected growth rate is difficult to estimate (Ehrhardt &...
    1,052 Words | 3 Pages
  • Capital Asset Pricing Model (Capm) Versus the Discounted Cash Flows Method
    Capital Asset Pricing Model (CAPM) Versus the Discounted Cash Flows Method Managerial Analysis/BUSN 602 Capital asset pricing model or CAPM is a financial model that measures the risk premium inherent in equity investments like common stocks while Discounted Cash Flow or DCF compares the cost of an investment with the present value of future cash flows generated by the investment with the mindset being that if the cash flow is positive, then the investment is good. Generally speaking, CAPM...
    1,214 Words | 3 Pages
  • The Practical Application of Discounted Cash-Flow Based Valuation Methods
    Title: THE PRACTICAL APPLICATION OF DISCOUNTED CASH-FLOW BASED VALUATION METHODS Publication: Studia Universitatis Babes Bolyai – Oeconomica, LII, 2/2007 Author Name: Takács, András; Language: English Subject: Economy Issue: 2/2007 Page Range: 13-28 Summary: Valuation methods based on Discounted Cash-Flow (DCF) play a major role in the field of company valuation. The current literature contains a reasonably deep and detailed theoretical basis for DCFbased valuation, although, when starting to...
    5,795 Words | 20 Pages
  • Free Cash Flow - 428 Words
    Pinkerton case - General Create NPV “Be Big” • Check out case instructions on bspace & begin working with your group Historical case – CPP’s bid to acquire Pinkerton security guard firm in the late 1980s Provide executive summary & detailed analysis of value of acquisition Email your group’s bid to GSI before 6 p.m. evening before discussion Be prepared to discuss the case in class (your answers, your analysis, etc.) 1 Valuation - Use NPV approach How to make investment...
    428 Words | 4 Pages
  • Cash Flow and Growth Rate
    Week 8 Case Study – JetBlue Man Hon Chan 22002960 Introduction An initial public offering (IPO) refers to the initial stage of shares offering to the public market for subscriptions by a company to raise capital for the purpose of expansion. It is considered as a big issue for companies as an IPO does not necessary guarantee the success of a company as it is merely a tool of raising capital while its costs of issuance and consecutive monitoring costs (due to diluted shareholdings of...
    1,802 Words | 5 Pages
  • Cash Flow Analysis - 1184 Words
    1. Several factors have made Interco an attractive takeover target: 1) Interco’s stock is undervalued due to poor performance in the apparel and general merchandising divisions, which have weakened Interco’s valuation as a whole. 2) As stated by the equity analysts, Interco is an over capitalized company with potential to grow, which makes an acquisition easy to finance. 3) Interco is also a cash generative target for a potential acquirer as it generates approximately $0.10 of operating cash...
    1,184 Words | 3 Pages
  • Free Cash Flow and Pinkerton
    Pinkerton (A) Assignment The assignment is twofold. First, to advise Tom Wathen as to whether he should buy Pinkerton for the asking price of $100 million. Second, regardless of your answer to #1, assuming that Wathen does buy Pinkerton, should he 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...
    514 Words | 2 Pages
  • Cash Flows for Discounting Calculations
    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,...
    458 Words | 2 Pages
  • Free Cash Flow and Butler
    Introduction Butler Capital Partners (Butler) is an investment fund founded in 1990. Butler closed its first private equity fund, European Strategic Fund, in 1991. This first fund was mainly focusing on small family owned enterprises and on divisions of larger companies. Mainly of his first success he closed in 1998 his second fund, Private Equity II, and Butler became one of the largest independent funds in France. With his second fund he would focus on investments in France on a larger...
    4,148 Words | 12 Pages
  • Concepts of Business Valuation – Critical Review of the Discounted Cash Flow (Dcf) Analysis and Its Applicability in Today’s Business World
    Concepts of business valuation – Critical review of the Discounted Cash Flow (DCF) analysis and its applicability in today’s business world SEMINAR PAPER Table of contents page 1. Introduction...............................................................................................................3 1.1 1.2 2. The importance of business valuation ..................................................................3 Key indicators covered in this seminar paper...
    6,809 Words | 20 Pages
  • Capital Cash Flows: a Simple Approach to Valuing Risky Cash Flows Richard S. Ruback
    Capital Cash Flows: A Simple Approach to Valuing Risky Cash Flows Richard S. Ruback* This paper presents the Capital Cash Flow (CCF) method for valuing risky cash flows. I show that the CCF method is equivalent to discounting Free Cash Flows (FCF) by the weighted average cost of capital. Because the interest tax shields are included in the cash flows, the CCF approach is easier to apply whenever debt is forecasted in levels instead of as a percent of total enterprise value. The CCF method...
    9,368 Words | 31 Pages
  • Discount Cash Flow Valuation of Upstream Oil and Gas Investments
    Accounting for Uncertainty in Discounted Cash Flow Valuation of Upstream Oil and Gas Investments∗ by William H. Knull, III, Scott T. Jones, Timothy J. Tyler & Richard D. Deutsch∗∗ Valuing future income streams from the production of oil and gas is a welldeveloped discipline within the industry and among sophisticated investors. Valuations drive companies’ investment decisions and market transactions every day. In the context of resolving disputes, especially international ones, arbitral...
    18,367 Words | 58 Pages
  • 8 Cash Management - 2465 Words
    Managing Finance Cash Management Learning Objectives 1. Describe the various receipts and payment 2. Explain the difference between cash flow and profit 4. Explain the difference between cash flow accounting and accruals accounting 5. Understand why a company holds cash. 6. Explain various cash management objectives and decisions. BM059-3-2-MF Managing Finance Cash Management Slide 2 of 56 Learning Objectives 6. Describe the role of treasury function 7. Understand management of surplus...
    2,465 Words | 23 Pages
  • Cash Connection: Are Its Payday Lender Strategy and Its Business Model Ethical
    SOLUTIONS TO CASE STUDIES CHAPTER 13 Case Study 13.1 Telstra opts for David Thodey as replacement for Sol Trujillo 1. Why would the Telstra board appoint an internal candidate to the position of chief executive, rather than an external candidate? This question is a good opportunity for students to reflect on what constitutes ‘expertise’. On the surface of the facts, David Thodey may seem like an unusual choice given that his proposed management changes...
    1,071 Words | 4 Pages
  • FIN 571 Week 6 Furniture Store Recommendation Cash Per Forma
    This paperwork includes FIN 571 Week 6 Furniture Store Recommendation Cash Per Forma Resource: The Guillermo Furniture Store Scenario or your own organization, with the approval of your instructor, for this assignment Write a paper in no more than 2,100 words that analyzes Guillermo’s alternatives and make a recommendation of a financial decision. The paper must also include a justification for your recommendation. Create a pro forma cash flow budget for the...
    448 Words | 3 Pages
  • Macmillan and Grunski Consulting - 362 Words
    Case #92 Macmillan and Grunski Consulting – Discounted Cash Flow Analysis Summary of Case The case starts off with introducing Sandra Macmillan, a bachelor's degree holder in Economics who worked for Peace Corps. She was offered a job in a regional brokerage firm in Seattle and became very familiar to the work environment and operations of the firm. She also decided to get her MBA from a prestigious university to help her take her job to the next level. After a few years, Sandra decided...
    362 Words | 2 Pages
  • Equity Valuation - 1175 Words
    Valuation models Discounted cash flow models: Dividend discount Free cash flow to the firm Residual income Multiples-based valuation: Price-earnings Value-EBITDA Value-EBIT Value-Sales Price-Book value Equity valuation In conjunction with the valuation of Coles Group, contained in “Excel03 Equity valuation” Real options valuation Equity markets price shares above the present value of expected future cash flows, due to the presence of embedded options not captured by DCF analysis...
    1,175 Words | 7 Pages
  • Valuation of Integrated Oil & Gas Companies Msc Thesis
    MSc Thesis: Valuation of Integrated Oil & Gas Companies Irakli Menabde Valuation of Integrated Oil & Gas Companies A comparative analysis of methodologies and empirical practices MSc Thesis MSc in International Business and Economics: Cand. Merc Finance and Strategic Management (FSM) Copenhagen Business School Date 09/10/2008 Author: Irakli Menabde MSc Thesis: Valuation of Integrated Oil & Gas Companies Irakli Menabde Abstract The paper examines a number of...
    33,033 Words | 117 Pages
  • wacc - 427 Words
    2. What is the maximum price they could expect to pay Monmouth, based on an analysis of valuation using discounted cash flow, calculation of WACC and terminal value determination? 2. Based on the DCF valuation and using a WACC of 8.25% (the beta assumed to be 1, the average beta of comparable firms and the coupon rate to be 7.96%, the rate for BB rated companies) and a growth rate of 5.5%. The fair price is $40.4 per share for Robertson, lower than the $50 offered by Simmons to sell...
    427 Words | 2 Pages
  • Valuation: Laura Martin - 3564 Words
    FINS3625 APPLIED CORPORATE FINANCE Case Study Written Report Week 8 Valuation: Laura Martin Name Student Number % Contributio n 20 20 20 20 20 Signature Karen Chan Yifeng Chen (Nino) Tony Richardson Weitao Wu (Tony) Wendy (Wenyu) Yan z3242429 z3283995 z3253113 z3284666 z3241580 1 Multiples versus DCF analysis Multiples analysis is simple to understand and apply. The inputs for the multiple are publicly available, though are vulnerable to accounting manipulation....
    3,564 Words | 16 Pages
  • Laura Martin Case Study
    Laura Martin case study Question 1- Laura Martin says she gets "paid to talk" - to whom is she talking? Answer: Laura Martin is talking with investors. She would meet with many company representatives including the CEO, CFO, operating division chiefs and head of investor relations. She is in connections with these investors via telephone, fax, voice mail or email. It is approximately 900 individual per month. Question 2- Given this crazy web of relationships, what are Martin's...
    841 Words | 3 Pages
  • Valuation of Mergers and Acquisitions - 2496 Words
    Valuation of Mergers and Acquisitions SUBMITTED BY: DEBAYAN MUKHERJI PGDM '"2008-2010 ROLL NO: 08PGDM083 INTERNATIONAL MANAGEMENT INSTITUTE, NEW DELHI CONTACT NUMBER: 09717443910 EMAIL : debayan.p08@imi.edu Valuation of Mergers and Acquisitions Mergers and acquisitions (more generally, takeovers) are an important means through which companies achieve economies of scale, face the competition, or respond to economic shocks. For example ,how the $54 billion US chemical...
    2,496 Words | 11 Pages
  • Business Analysis of Asian Paints
    BUSINESS ANALYSIS OF ASIAN PAINTS INTRODUCTION Asian Paints Limited (APL) incorporated in 1942 ranks among the top ten decorative paint companies in the world. It has presence in decorative and industrial coating segment of the paint business. Besides, the Company operates around the world through its subsidiaries Berger International Limited, Apco Coatings and SCIB Chemicals. APL has its presence in almost all the segment through its brands Royale in the premium segment, Apcolite in the...
    6,967 Words | 19 Pages
  • newgrade case study - 3007 Words
     NewGrade Energy Case Study Summary of the company: The case study of NewGrade Energy is based on data analysis from 2009. A privately owned company located in Regina, Saskatchewan that operates heavy oil upgrader, The Company’s ownership structure consists of the Government of Saskatchewan and Federated Co-Operatives Limited each owning 100% of the company and Crown Investment Corporation (CIC) and Consumer’s Co-Operative Refineries Limited (CCRL) both owning...
    3,007 Words | 9 Pages
  • Eskimo Pie (Stand Alone Value)
    Stand-Alone Value There are many valuation methods that could be used to evaluate this company. Finding a method that valuates the stand-alone value is difficult. The stand-alone value should be dependent upon the firm’s own assets and projected future income. We decided to evaluate this company based upon two methods: The Discounted Cash Flow Method and the Comparable Companies Method. Discounted Cash Flow Method takes the forecast free cash flows during forecasted horizon. Then we estimate...
    1,134 Words | 3 Pages
  • Radio One - 2409 Words
    Valuation of Radio One, Inc. Corporate Valuation: Assignment 1 Professor: Dr. Oliver Spalt Submission date 24-09-2013 1. Company description of Radio One Radio One is a large radio group in the US, their strategy is to provide urban-oriented music, entertainment, and information to a primarily African-American audience in as many major markets as possible. The African-American population expected to experience an extensively growth in population and income. Furthermore, the...
    2,409 Words | 32 Pages
  • Mercury Athletic Case - 1442 Words
    Executive Summary The footwear industry is highly competitive industry with fairly stable profit margins. Active Gear is a profitable firm in the industry; however Active Gear is a smaller firm than many other competitors and its small size is becoming a competitive disadvantage. The rise of large retailers has also endangered Active Gear’s growth. Mercury Athletic Footwear designs and distributes athletic and casual footwear dominantly to the youth market. Mercury competes in four main...
    1,442 Words | 5 Pages
  • Dcf Valuation - 797 Words
    The purpose of DCF-Valuation is to determine the value of a company in terms of its future cash flows. The cash flows are adjusted with certain items (e.g. those not related to company´s core businesses or those with no cash effect) in order to make sure the flows reflect the actually generated cash as good as possible. This document describes DCF valuation in detail and in our valuation model. If you would like to get an overview of valuation in general or practical examples (numerical and...
    797 Words | 3 Pages
  • Horizon A and B - 3189 Words
     Assignment 1: Horizon (A)/(B) FIE436 – Venture Capital, Private Equity and IPO`s Gard Elias Kolbeinsen, s144649 Asgeir Sundnes, s144620 Bjørnar Mundal, s115961 Fredrik Waaler, s116025 Petter Kongslie, s144708 Valuation In order to value Horizon we used three different valuation methods, yielding three comparable values for the company. Firstly we valued Horizon´s enterprise value to $177 million through a standard DCF method, where we assumed a future steady debt level. Due to high...
    3,189 Words | 1 Page
  • Timken Case Study - 4800 Words
    TABLE OF CONTENT Executive summary .................................................................................. 2 1. Introduction.......................................................................................... 3 2. Timken’s Expectations from Torrington .............................................. 3 2.1 Operational Synergies.................................................................... 4 2.2 Financial Synergies...
    4,800 Words | 14 Pages
  • Ipo - Eskimo Pie Corporation
    Eskimo Pie Corporation Introduction Reynolds Metals is the majority owner of the ice scream company Eskimo Pie Corporation and has decided to sell this company. Nestle Foods provided the highest offer of $61 Million. Due to delays of the Nestlé's purchase, Reynolds Metals has take into consideration the IPO proposal of David Clark, president of Eskimo Pie Corporation, rather than selling the company to Nestle Foods (Case Study, 2001). This analysis will identify the current value of the...
    1,364 Words | 4 Pages
  • IPO valuation - 1836 Words
    Q1: Comparable companies analysis is one of the major methodologies used for valuing a focus company. It provides a market benchmark against which analyst can analyze the value of a public company at a given point of time. The method of comparable is widely used in valuing IPOs, or recent IPO firms since accurate cash flow forecasts are often not available for those companies. The foundation for comparable companies is form on the premise that similar companies offer a highly relevant reference...
    1,836 Words | 6 Pages
  • Aquarius Ales Case - 1022 Words
    MEMORANDUM DATE: TO: FROM: SUBJECT: Aquarius – Pub Valuation Overview The Greens are looking to sell Aquarius Ales, their pub located in Austin Texas as they are looking to fully retire and take up golfing and quilt making. Recently they have received their first offer to buy the business which was $450,000 from Marc Johnston and John Sheridan, two University of Texas graduates who miss the college scene. The Greens are seriously considering the offer but feel that...
    1,022 Words | 3 Pages
  • Calculating Terminal Value - 1063 Words
    Calculate the Terminal Value Having estimated the free cash flow produced over the forecast period, we need to come up with a reasonable idea of the value of the company's cash flows after that period - when the company has settled into middle-age and maturity. Remember, if we didn't include the value of long-term future cash flows, we would have to assume that the company stopped operating at the end of the five-year projection period. The trouble is that it gets more difficult to forecast...
    1,063 Words | 4 Pages
  • Finance Paper - 1453 Words
    Introduction Valuation process is very crucial and central to many companies. It has been very important in the financial relm for along time. The valuation process is still been develop in the business world today. The estimation of the true value of a business firm challenged academicians as well as practitioners, company owners, managers and consulting firms in the past and it will most likely continue be a challenging issue in the future (Perek, 2012). This article is about nine Trukish...
    1,453 Words | 4 Pages
  • Hbs Cases - 358 Words
    Thoma Bravo – Citect Corporation (HBS 9-209-022) Study Questions 1. Do you think TB or Schneider would create more value as the owner of Citect? 2. TB would assume what risks if they are the winning bidder? 3. Should TB continue to bid on Citect and at what price? Are the expected ROIs and IRRs to TB sufficient at your revised bid amount? (* note: a detailed evaluation model will be constructed during the class session *) Study Questions 1. Is Newell just another conglomerate?...
    358 Words | 2 Pages
  • Timken - 2063 Words
    Executive Summary From our DCF calculations, the value of Torrington as a stand-alone entity is $1.181 billion. However, the maximum purchase price for Torrington should only be $641 million. The optimum debt amount for this transaction would be $301 million. This amount of debt would result in a total debt to capital ratio for Torrington of 47%, within the range for a BBB “investment grade” debt rating. The combined entities, Torrington-Timken, would produce an interest coverage ratio of 3.2,...
    2,063 Words | 6 Pages
  • Reeby Sports - 707 Words
     REEBY SPORTS George Reeby proposes to sell 90,000 shares, or about 22%, of his company. How much are those shares worth? We have to value the company using George's forecasts. The forecasts presented in Tables 1 and 2 do not show free cash flow and financing requirements. These are calculated in Table A1. Note that free cash flow for 2015 is -$2.3 million. But dividends are $2.0, so the company will need 2.3 + 2.0 = $4.3 million in outside equity financing. Table A2 shows...
    707 Words | 8 Pages
  • Crocs Analysis - 1885 Words
    Crocs Financial Analysis Abstract: This case looks at analyzing Crocs, Inc. and the tremendous growth they started off with as a new company in the apparel market. We also analyze Crocs competitors based upon three different ratios (PE, EV to EBITDA and EV to Sales) in order to gain an understanding of where Crocs stands in the market at the time of this case (2007). Using the growth rate estimates, we also value the company’s stock value. Certain assumptions are made regarding the sales and...
    1,885 Words | 6 Pages
  • Technical Interview Guide - 22804 Words
    Technical Interview Guide Preparation for Finance Interviews Second Edition Copyright 2009 by WallStreetOasis.com. All rights reserved. All information in this guide is subject to change without notice. WallStreetOasis.com makes no claims as to the accuracy and reliability of this guide and the information contained within. No part of this guide may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of...
    22,804 Words | 71 Pages
  • Economic Value Added - 8421 Words
    Examining the components of economic profit and studying the finer points of its calculation require an understanding of its underlying principles. Here we look at how it matters as a performance measure - which is distinct from a wealth metric - and how it is closely related to market value added (MVA). Finally, in establishing an overall picture of economic profit, we help you undo any perceived complexity by showing how all of the calculations surrounding economic profit originate from three...
    8,421 Words | 28 Pages
  • Dow Chemical Case - 2067 Words
    Dow Chemical Case When Petroquímica Bahia Blanca S.A. (PBB) began the process of becoming privatized by the Argentine government, Dow Chemicals saw the acquisition of this company as a golden opportunity to become the leading polyethylene player in Latin America. Dow Chemical’s was already a major player in the chemicals (ethylene), plastics (polyethylene), and agricultural products industries holding position as a low-cost producer. Breaking each segment of their business down...
    2,067 Words | 6 Pages
  • Guillermo Financial Analysis - 1651 Words
    Guillermo Financial Analysis University of Phoenix FIN/571 November 14, 2012 Facilitator: Guillermo Financial Analysis This report for Guillermo Furniture Store will give an in-depth analysis of this company cost of capital and multiple valuation techniques as a reduction of Guillermo financial risks. With these evaluations there will be a determination of the present value net as well as base of its expected...
    1,651 Words | 6 Pages
  • Facebook Ipo Valuation - 3150 Words
    SGMT 6050 – Mergers and Acquisitions Facebook IPO Facebook, a social networking site, has grown at an exponential rate that far surpasses market expectation, so much so that its growth rate is referred to as the “ Facebook phenomenal”. In 2004, Facebook had 1million monthly active users, and in comparison, it had reached 845million monthly active users in 2011. This phenomenal led to one of the biggest initial public offerings (IPO) the market had seen in recent years, with total capital...
    3,150 Words | 10 Pages
  • corporate valuation training by JP Morgan
    APRIL 2010 ST R I C T L Y P R I VAT E AN D C O N F I DEN T I AL INTRODUCTION TO VALUATION Presented by Tristan Fitzgerald Overview of the session Introduction Discounted cash flow (“DCF”) Trading multiples I N T R O DU C T I O N T O VAL U AT I O N Transaction multiples 1 What does the term “value” mean?1 The Oxford Dictionary definition “the material or monetary worth of a thing; the amount at which it may be estimated in terms of some medium of...
    3,880 Words | 65 Pages
  • Mergers - 756 Words
    Mergers are referring to the consolidation of two companies. After the merger the two companies became one but acqusition is different than merger because in the acqusition the firm which acquiries the other firm stays solid and the other firm becomes a part of the acquirer. In the mergers the concept which is often used is discounted cash flow method(DCF). This method is for valuation of the companies. There are both some advantages and disadvantages for Discounted Cash Flows. The advantages...
    756 Words | 5 Pages
  • Financial Modeling - 387 Words
    INDIAN INSTITUTE OF QUANTITATIVE FINANCE CERTIFICATE PROGRAM IN FINANCIAL MODELLING IN EXCEL CURRICULUM Advanced Excel (2 Days) (A) Excel Features and Techniques 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. Excel Shortcuts Excel formulae Usage of names to make formulas easier Data Sorting Excel formatting Data Formats Lines and Borders Colours and Patterns Excel functions Excel charts Dynamic Graphs Conditional Formatting Linking worksheets Data Validation Controls...
    387 Words | 2 Pages
  • Travel Centers of America - 743 Words
    Executive Summary: The following is an analysis of the Travel Centers of America (TA) and recommended best investment strategies as Trifthorn Capital pertains to additional investment opportunities. Based on HPT-TA deal structures and where we believe our investors to be headed we recommend the following actions: • Holding New-TA stocks you received in the spinoff • Buying shares in New-TA in addition to the stocks received from spinoff In this memo, we would analyze the HPT share holders'...
    743 Words | 3 Pages
  • The Timken Case - 4265 Words
    | | ECONM2021Cases in Financial Management | THE TIMKEN COMPANY | (Word Count: 4000) | Candidate Nos.380843767942568 | | Executive Summary The Timken Company – a leader in the bearing industry, is considering acquiring the Torrington Company from Ingersoll-Rand. Torrington – an engineering solutions segment of the Ingersoll-Rand. The main motive of acquisition is to enhance Timken’s market share and product base. Operating synergies are highly expected from this merger with 80...
    4,265 Words | 13 Pages
  • Comparison of EP and FCF - 1741 Words
     1 Abstract When appraising an investment, it’s necessary to find the right valuation method do apply based on the internal and external conditions. This paper will focus on the differences and similarities when using the economic profit (EP) or the discounted cash flow (DCF) method when appraising an investment. When applied correctly, both valuation methods yield the same result; however, each model has...
    1,741 Words | 6 Pages
  • Prince S.A.: valuation of a cross border joint-venture
     Questions: 1. Are the financial statements in Exhibit 3.7 consistent with V. Dourtan assumptions in Exhibit 3.1? 2. What’s is the most relevant valuation model, APV or Present Value? 3. How are multi-currency cash flows, currency risk and political risk being taken into account in our valuation model? 4. What is the relevant cost of capital for Jersey? For R.T. Nakit? Can they be different? Why? 5. What is the Dinar (Pound) value of the joint venture R.T. Nakit...
    1,663 Words | 8 Pages
  • Rjr Nabisco - 871 Words
    RJR Nabisco Valuation When assessing the valuation of RJR Nabisco bids, the Special committee should utilize the Capital Cash Flow method. The Capital Cash Flow method, when applied appropriately, should yield the same valuation when discounting a company’s Free Cash Flow. To get Capital Cash Flows (CCF), Net Income is adjusted by adding back non-cash expenses and other reconciliations to form cash flow, decreasing Capital Expenditures, decreasing changes in Net Working Capital and finally,...
    871 Words | 3 Pages
  • Marketing Case Analysis: Curtis Automotive Hoist
    Basic Problem: CAH's basic problem lies in determining whether the company shoud expand or increase its growth prospects, and CAH must decide on whether it should do so in the United States by expanding its existing operations and sites, or whether CAH should explore opportunities in Europe and entry options available to the firm in Europe. Basic Decision Alternatives: *CAH had the option altogether of forfeiting expansion projects abroad in Europe and increasing their existing sales in the...
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  • Finance exam outline - 1483 Words
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