Essay about Solutions to Valuation Questions - 1712 Words

Solutions to Valuation Questions 1. Assume you expect a company’s net income to remain stable at $1,100 for all future years, and you expect all earnings to be distributed to stockholders at the end of each year, so that common equity also remains stable for all future years (assumes clean surplus). Also, assume the company’s ÃŽ ² = 1.5, the market risk premium is 4% and the 20-30 year yield on risk free treasury bonds is 5%. Finally, assume the company has 1,000 shares of common stock outstanding. a. Use the CAPM to estimate the company’s equity cost of capital. †¢ re = RF + ÃŽ ² * (RM – RF) = 0.05 + 1.5 * 0.04 = 11% b. Compute the expected net distributions to stockholders for each future year. †¢ D = NI – ΔCE = $1,100 – 0 = $1,100 c. Use the†¦show more content†¦Ã¢â‚¬ ¢ Pe = D1/(re – g) = 700 / (0.11 – 0.05) = $11,667 †¢ price per share = $11,667 / 1,000 = $11.67 3. Same facts as (2) above, except the 5% income growth rate (and beginning of year common equity to support it) are only expected for years 2 and 3. Then growth is expected to be zero and all income is expected to be distributed to shareholders for all future years. a. Compute D1, D2, D3, and Dt for all future years. †¢ Keeping in mind that income is $1,100 in year 1, increases by 5% in years 2 and 3, and then remains constant for all future years; and keeping in mind that beginning of year 1 common equity is $8,000, increases by 5% at the beginning of year 2 and at the beginning of year 3, but does not increase at the beginning of year 4 and remains constant from that point forward, you should be able to compute: D1 = $700, D2 = $735, and Dt = 1,212.75 for D3 and all future years. b. Use the dividend discount (i.e., free cash flow to equity investors) valuation model to estimate the company’s current stock price. Pe = 700/(1+ 0.11) + 735/(1+ 0.11)2 + [1,212.75/0.11]/(1+ 0.11)2 = $10,175.31 and the price per share of common stock = $10,175.31 / 1,000 = $10.18. 4. Same facts as (3) above, except the growth rates are 5% for years 2 and 3 and then 3% perpetually for all future years. a. Compute D1, D2, D3 and the growth in D for all future years. †¢ Keeping in mind that income is $1,100 in year 1, increases by 5% in years 2Show MoreRelatedAnalysis of Intel and Ebay1159 Words   |  5 PagesJames Stewart’s assessment of eBay reflects any biases (3 marks). 3. In what ways are the events described at Intel and eBay similar and in what ways are they different (4 marks)? Question # 1 Brandt Cornell’s paper â€Å"Is the response of analyst to information consistent with fundamental valuation?† reveals that analyst recommendations are pro cyclical. 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In the part two, based on the convertibleRead MoreBeyond Products1704 Words   |  7 PagesQuestion 1: Evaluate the different market opportunities available to Peter, taking the financiers’ perspective. What would be your recommendations as a business angel? The success of the flow binding shows that people are looking for a better solution than the now available bindings. Hereby, it is clearly very important to keep the soft boots, as they provide the snowboarders the necessary comfort, together with the ease of the step-in bindings. However, attention need to be taken into account toRead MoreBeyond Products1690 Words   |  7 PagesQuestion 1: Evaluate the different market opportunities available to Peter, taking the financiers’ perspective. What would be your recommendations as a business angel? The success of the flow binding shows that people are looking for a better solution than the now available bindings. 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Both bonds have the same YTM and have semi-annual coupon payments. Bond B is currently selling at par. Face Value Maturity Coupon Rate Bond A 1000 30 yrs 8% Bond B 1000 20 yrs 10% a) What is the price for Bond B (2 pts)? What is the current yield for Bond B (2 pts)? Bond A is selling at a ________(discount /par/Read MorePanera Bread Company Acquisition : Introduction And Recommendation1421 Words   |  6 Pagesrecent financial performance. Key Issues The main issue is to determine the value of Panera Bread Company. This will be completed mainly by comparing and analyzing Panera’s financial data with a handful of appropriate and similar competitors. This valuation method is known as market comparables. While this isn’t always the greatest way to analyze a company’s standing in the current marketplace, as there can be oversights or even disvalue within the data provided, it is the most convenient way to findRead MoreAcct1706 Words   |  7 PagesSolutions to Valuation Questions 1. Assume you expect a company’s net income to remain stable at $1,100 for all future years, and you expect all earnings to be distributed to stockholders at the end of each year, so that common equity also remains stable for all future years (assumes clean surplus). Also, assume the company’s ÃŽ ² = 1.5, the market risk premium is 4% and the 20-30 year yield on risk free treasury bonds is 5%. Finally, assume the company h as 1,000 shares of common stock outstanding.

Coca-Cola Co - Financial Analysis Example

Essays on Coca-Cola Co - Financial Analysis Term Paper Company Profile The Coca-Cola Company was founded in 1886 as a fountain pop beverage sold out of a pharmacy for five cents a glass. Today the enterprise has become a global icon with a wide variety of products sold across 200 nations. Its best selling product is its Coca-Cola Classic beverage, but as of 2010 the firm had over 3300 different products in the marketplace. The enterprise is a multinational firm that employees 92,800 people worldwide. The company estimates that the world consumes 1.6 billion servings of Coca Cola products daily. The mission of the company is to refresh the world, inspire moments of optimism and happiness, create value, and make a difference (Thecoca-colacompany, 2010). Financial Analysis Coca Cola is a company that has achieved tremendous economic success over the years. The firm has grown and in the process it has benefited its shareholders. The company has endured 48 consecutive years of dividend growth. In fiscal year 2009 Coca-Cola obtained revenues of $30,990 million. In comparison with 2008 the enterprise had a decrease in total sales of 2.98%. Considering the fact that the world during that time span was experiencing one of its worst recessions in modern history the decrease in revenues should not be too surprising. In 2009 Coca-Cola achieve a net profit of $6824 million and earnings per share of $2.95. Despite the fact the company decrease its revenues the firm was able to increase its profitability. In 2009 Coca Cola’s net income increased by 17.16%. Two of the reasons the firm was more profitable was due to the fact that its cost of goods sold and administrative expense went down. The net margin of the company was a very impressive 22.67%. The return of equity (ROE) and return on assets (ROA) of Coca in 2009 were 26.92% and 14.02%. In order to determine whether these metrics are good or not an analyst must compare the ratios against the industry standard. A database that provides excellent information regarding industry business ratios is the Dun Bradstreet database. Appendix A shows a snapshot of the industry ratios illustrated in the Dun Bradstreet database. The industry average for ROE and ROA are 24.2% and 5.6%. This means that Coca-Cola performance in both these ratios is better than the industry. In terms of ROA Coca-Cola is doing 2.5 times better than the industry. The net margin ratio of 22.67% is much better than the industry norm of 1.7%. The debt ratio of Coca Cola in 2009 was 2.09. The debt ratio shows the ability of a company to pay of its total debt. The general rule is that the debt ratio should be above 1.0. The position of the company is good because the firm debt ratio is twice the comfortable level. The average debt ratio in the industry is 0.83 which proves once again that Coca Cola is in a good position. Another ratio that measures the solvency of a company is the current ratio. The current ratio measures the ability of business to pay off its short term debt. The current ratio of Coca Cola in 2009 was 1.28. This ratio is calculated by the following formula: current liabilities / current assets. The same 1.0 rule applies to the current ratio which implies Coca Cola is in a favorable position. Despite having a current above 1.0 in comparison with the industry norm of 1.6 Coca Cola is not doing as well as the industry. A ratio that further tests the liquidity of a company is the acid test or quick ratio. The acid test is calculated similar to the current ratio except in the numerator the inventory is subtracted. The quick ratio of Coca Cola in 2009 was 1.10. Coca-Cola’s inventory composes only 13.41% of its current assets. The quick asset test proves the company is in a good position to pay off its short term debts. The working capital of the company which is another metric that measures a company’s ability to pay off its short term debt is $3830 million. The inventory turnover of Coca Cola in 2009 was 4.71. The inventory turnover provides information regarding how many times the company sold its inventory during a year. The average inventory turnover of the industry is 20.7. The discrepancy in this metric does not have too much significance due to the fact that each company establishes its inventory cycle. The industry norm includes a lot of small companies that cannot hold large inventory due to cash flow requirements. The debt to equity ratio of Coca Cola in 2009 was 0.92. The company has a good balance of usage of debt and equity since 48% of its operation has been financed by debt, while the remaining 52% was financed through equity. The industry norm is a debt to equity ratio of 1.41. In comparison with the industry Coca-Cola is doing well because it has not relied too much on debt to grow. Recommendation At first glance a person that does not know much about financial analyses might say that Coca Cola had a bad year in 2009 because it its revenues decreased in comparison with the previous year. In reality the truth is completely different. The Coca Cola Company had an excellent financial year. One of its most impressive stats was the fact that the company increased net revenue by 17.16%. The bottom line also referred to as profitability is much more important that total sales. The company has paid good attention to its leverage position. The financial analysis proved that the company is able to pay both its short term and long term responsibilities. Due to the size of the company and its proliferation worldwide the inventory cycle of the company is bit slower than the industry. Since the firm does not have any type of cash flow problem this metric is not a concern at all. Coca Cola was able to perform extremely well in the middle of a global recession. My recommendation as a financi al analyst is that the common stocks of Coca-Cola are a good investment. References Dun BradStreet Database. Key Business Ratios: Retrieved May 15, 2010 from Dun Bradstreet database. Thecoca-colacompany.com (2010). Growth, Leadership, and Sustainability. Retrieved May 15, 2010 from http://www.thecoca-colacompany.com/ourcompany/index.html Appendix A: Industry Ratios (Dun Bradstreet, 2010) Appendix B: Coca Cola Income Statement (2009) (Thecoca-colacompany, 2010) Appendix C: Coca Cola Balance Sheet (2009) (Thecoca-colacompany, 2010)

Vincent Van Goghs Work of Art Ann Essay Example For Students

Vincent Van Goghs Work of Art Ann Essay Vincent Van Gogh is a unique and outstanding artist who had a dramatic life that affected his paintings. At the age of twenty-seven, Vincent decided to devote his life for art because Vincent believed in the power of art. To him, a work of art, whether drawing or painting, had as striking an effect as a live sermon or a letter( Euchre 17) . Van Gogh started his work of art with drawing. Vincent sent Thee, is brother, some of his drawings such as Au Carbonate (At the Coalmines), Miner Shouldering a Spade or Men and Women Going to the Mines. He drew everything he saw in everyday life. The miners and weavers usually appeared in his drawings. In the letter to his brother, Thee, he told him about his sympathy for these people : I should be very happy if someday I could draw them, so that those unknown or little- known types would be brought before the eyes of the people(20). In summer of 1882, he started paintings in oils. Vincent often paints the simplest, most miserable, cost scorned objects such as old shoes or loamy potatoes. (Huge 61). Vincent painted with dark and sorrowful colors. At the end of 1882, he experiments with lithography. He created a series often graphic works: nine lithographs and one etching. In the letter to his brother Thee, Vincent told him about drawing: Sorrow is one of Van Sagos lithographs. The special thing about this lithograph is that it was originally a painting about a naked prostitute sitting with flabby breasts, heavy stomach, thin and stiff hair and weeping with her head on her knees (Huge 6). Vincent also decided to do a lithograph based on the painting The Potato Eaters. The Potato Eaters is his first major work. It depicted five miserable family members, who were peasants, gathered around the table, eating their potatoes in the end of a day. Vincent wanted to attain the moral value in this painting: I have tried to emphasize that those people , eating their potatoes in the lamplight, have dug the earth with those very hands they put in the dish, and so it speaks of manual labor, and how they have honestly earned their food (Euchre 88). Van Sagos only etching, L Home  ¤ la Pipe: Portrait du Doctor Cache,depicted Dry. Paul Cachet, a doctor and friend of Van Sagos who took care of him in the final weeks of his life. In 1886, Vincent moved to Paris, where he met his brother Thee, and he also made friends with Gauguin, Pissarro and Serrate. He discovered the French Impressionist. However, through Monticello, he discovered both flowers and color (Huge 63). And through his new friends, he brightened his palette. The Million De la Galatea is yellowed in tone but still muted in spite off pale sky. The hill of Montmartre was treated more conventionally; the painting was dominated by green and yellow ( Euchre 114). During 1887, Vincent created more than twenty- two self- portraits. The reason for this large amounts of his self-portraits was as though he wanted to rediscovered himself physically after he changed his style in art . Another reason is that Vincent Van Gogh was short of money, therefore, he became his own subject: l purposely bought a good enough mirror to work from myself, for want of a model. Self -portrait with a Straw Hat painted in the summer of 887 show the artists awareness of Neo-elementariness technique and color theory ( The Metropolitan Museum of Art), the background is sketched in by meaner of very widely spaced, comma- like strokes ( Euchre 1 15). In 1888, he moved to Arles. Vincent was affected by the strong sunlight and he became the prey of the sun , he burst out with spring, reached his highest point during summer and discovered July and the flames plenitude(Euchre 165). At this point of time, his style changed immensely , and it was greatly impacted by the work of the Impressionists and Neo- Impressionists. He started to abandon somber palette and experiment with lighter colors such as red, yellow, orange, green, blue. We can easily see this change in his paintings such as The Pear Tree in Blossom, The Angles Bridge, Boats at Anchor, Market Gardens, The Suave, A Walk in Arles, The Cafe at Night Etc. Besides, Vincent also developed his own unique style of painting. Vincent also experimented with the broken brush strokes of the Impressionists and hugely influenced by the Japanese prints. TennesseeWilliams of his work EssayThe intensity of the yellow note, emphasized by the vibrant blue of the contour , marks the paintings of the future painted in such a way that everybody , at least if they have eyes, would see it. Whereas the elegant armchair is bathed in full chiaroscuro'(202). However, their enthusiasm for each other and art faded away, and soon replaced by quarrels. Vincent had less and less confidence in Gauguin. He wrote Thee: On various occasions I have seen him do things which you and I would not let ourselves do, because we have consciences that feel differently about things. I have heard one or two things said of him, but having seen him at very, very close quarters, I think that he is carried away by his imagination, perhaps by pride, but Practically irresponsible ( CTD. In Euchre 202). About Vincent, he did not eat every day because he was short of money. Despite an empty stomach, he stayed for hours working under the sun. (Huge 80) . One time, when Vincent saw the portrait of Vincent Painting Sunflowers which was hidden by Gauguin , he could not recognized himself and reacted violently to Gauguin. When they went to a cafe, Vincent suddenly threw his glass of absinthe at Gauguin head. When Gauguin decided to leave Arles, Vincent tried many ways to make him stay. He had been through a difficult time to face with Gauguin threatened departure. He got up during the night to make sure Gauguin was still there, he used absinthe and bacon, since the only thing to bring ease and distraction, in my case and other peoples too, is to stun oneself with a lot of drinking or heavy smoking(Euchre 211). One day, when Gauguin was walking in the street, Vincent threw himself at him with an opening razor in his hand. However, he did not attack Gauguin, he ran away. Back in his room, he cut off the lobe of his ear with the razor. He cleaned his ear and put it in an envelope and gave the doorkeeper his ear. He was discovered by the police and hospitalized at the H ¶tell-Died hospital in Arles. Gauguin left immediately for Paris, choosing not to visit Van Gogh in the hospital. Then they never met each other in person again. Two weeks after it happened, he painted his self- portrait: Self -Portrait with Bandaged Ear. This portrait is considered as the calm after the storm. He takes a quiet and detached look at himself and expresses a feeling of renewed hope through his bright colors and simplified drawing. A clue to the origin of this bold style is found in the Japanese woodblock print on the wall behind him( The History in Self Portraits Para. 13). Van Gogh then started to alternate between fits of madness and lucidity and was sent to the asylum in Saint- Remy for treatment. Van Gogh left Arles on 8 May. In mid-June, Van Gogh produced his best known work: Starry Night. In 1890, he shot himself in the chest by a revolver. During his career, he only sold one painting. Van Gogh became famous only after his death because of his innovative art that had a strong influence on the artists of the next generation. Even though Vincent Van Gogh had a very dramatic life, he devoted almost most of his entire life for art. A very unique feature about Vincent ark of art is his outstanding bold brush strokes which he adopted in his later paintings..

Technology Innovation The Theft Prevention Chip Enterprise

Introduction The present world has witnessed increased competition, which has initiated pronounced levels of marketing, and consumer-focused approach in business. Consequently, increasing instances of insecurity and theft amplify the need to have effective theft prevention services.Advertising We will write a custom research paper sample on Technology Innovation: The Theft Prevention Chip Enterprise specifically for you for only $16.05 $11/page Learn More Despite the fact that several service providers provide tracking services, few focus on personal properties such as laptops, phones, or wallets.  The Theft Prevention Chip enterprise is an enterprise that provides security services using an application customized in a smartphone. Remarkably, the application customized in a smartphone of individuals raises an alarm when one takes the property away from the device. The competitive environment of security service providers using the application is less c hallenging, but it is subject to the determinants posed by Porter’s five forces model. Therefore, the research paper describes the competitive environment of the technology innovation named Theft Prevention Chip, which is customized for Smartphone application. Overview of a Competitive Environment A competitive environment represents the environment within which a business operates and the level of competition evident in the subject location. Business outlets, which sell similar or substitute products usually determine the magnitude of competition in a region. As such, an increase in the number of sellers in a region leads to a high competition in the competitive environment. Consequently, when the outlets selling similar or substitute products are few, the level of competition in the environment is minimal. Blythe (2013) explains that competitive environment depends on the number of competitors present in a given market. Therefore, in the context of a Theft Prevention Chip, the competitors represent those businesses that offer similar or substitute goods or services. The business outlets determine the competitive environment within which the business selling the security chips operate. Competitive Environment of Theft Prevention Chip Enterprise Theft prevention service is a business that modern consumers are increasingly demanding. The rising cases of theft, especially of personal properties such as wallets, phones, and laptops, amplify the essence of the service in contemporary societies. Notably, the current marketing environment is not competitive since few companies provide the service. As such, the implication of the service providers in the marketing environment is minimal because few service providers, which provide theft prevention chips, dictate the competitive environment. By providing theft prevention chips that produce alarms when the property moves away from the customized Smartphone, individuals enjoy enhanced security for their personal properties. While some companies pose as direct competitors for the Theft Prevention Chip business, others are indirect competitors.Advertising Looking for research paper on other technology? Let's see if we can help you! Get your first paper with 15% OFF Learn More Direct Competitors The competitive environment associated with service providers that provide theft prevention chips is minimal. While several companies provide tracking services, their services focus on fleet management and single properties. Therefore, the companies secure properties that have their GPS trackers (Orthmann Hess, 2012). Consequently, mobile companies such as Samsung, Techno, Apple, and Nokia put trackers in their smartphones, which protect them from theft. In as much as these companies provide theft prevention services for singular properties or fleets, they pose as direct competitors for the Theft Prevention Chip business. Direct competition is evident because some companies offering flee t GPS tracking services have diversified to incorporate security of the personal property.  Companies such as LiveViewGps have diversified and currently provide theft prevention services of the personal property using customized chips. Moreover, companies such as SpyBike and BikeSpike are among the major direct competitors for the Theft Prevention Chip service provider. Although the present services offered by SpyBike and BikeSpike are focused on bikes, there is a tendency that they may diversify in future and provide theft prevention services on other personal belongings. Pride (2004) asserts that direct competition leads to selection of a product over another offered by competitors in the marketing environment. Therefore, by choosing security services from companies such as LiveViewGps or SpyBike, consumers forego services from the Theft Prevention Chip service provider. Indirect Competitors Indirect competition is another type of competition, which is evident in a competitive e nvironment dictated by service providers offering theft prevention services. Unlike the direct competition, indirect competitors compete with the Theft Prevention service provider by offering substitute services to the consumers. In Pride (2003) explanation, indirect competitors offer substitutes over the actual products. As such, consumers choose the services from indirect competitors and substitute them with those of the Theft Prevention Chip service provider. Some of the indirect competitors for the service provider include companies, which provide credit cards, locks, and customized alarms. By providing credit cards, indirect competitors minimize the contents of a wallet and cash that one carries. The implication of minimized contents and cash in a wallet leads to decreased instances of theft. Consequently, by offering good locks, which are superior quality, individuals can leave properties such as laptops in their vehicles or areas that have the locks without the worry of theft .Advertising We will write a custom research paper sample on Technology Innovation: The Theft Prevention Chip Enterprise specifically for you for only $16.05 $11/page Learn More Orthmann and Hess (2012) elaborate that customized alarms, which work on locks or cars, are also some of the services that pose indirect competition for the Theft Prevention Chip enterprise. The indirect competition takes place because potential consumers of the enterprise may opt to have the alarms installed in their cars or locks so that they can reduce instances of theft on their personal belongings. Determinants of the Competitive Environment The competitive environment of security service providers is highly dependent on the marketing microenvironment. Porter’s five forces model provides an in-depth elaboration of these determinants. The determinants comprise threat of new entrants, threat of substitute products, as well as bargaining power of buyers and suppliers. S ervice providers, which offer security services to clients, need to be aware of the forces and their effect on their operations. For instance, an increase in the number of service providers offering theft prevention chips means that the competitive environment heightens. According to Elkarmi and AbuShikhah (2012), an increase in the number of service providers is a concept represented by the threat of new entrants. Moreover, the Theft Prevention Chip enterprise needs to understand that the competitive environment is subject to substitutes, which are trendy and dynamic. The concept representing the determinant is the threat of substitutes. As such, the enterprise needs to be on the lookout for substitutes posed by indirect competitors in the market. It is fundamental to highlight that Porter’s five forces model is essential in understanding the determinants that affect the competitive environment of Theft Prevention Chip enterprises. Conclusion The competitive environment is a very important concept that businesses cannot underscore in their operations. In addition, Porter’s five forces model is requisite in understanding the determinants that affect the competitive environment. Businesses need to understand the concept and the model so that they provide products that are in line with the environment. Theft prevention chips are very important in security, and thus, the introduction of a business selling the chips can lead to high returns if the business utilizes the concept and the model effectively. With a good understanding of the competitive environment concept, the business can outsmart its competitors and increase its consumer baseAdvertising Looking for research paper on other technology? Let's see if we can help you! Get your first paper with 15% OFF Learn More References Blythe, J. (2013). Consumer Behaviour: SAGE Publications. New York: SAGE  Publications. Elkarmi, F., AbuShikhah, N. (2012). Power System Planning Technologies and  Applications: Concepts Solutions, and Management. Hershey: Engineering Science. Orthmann, C., Hess, K. (2012). Criminal Investigation. New York: Cengage Learning. Pride, W. (2004). Marketing. New York: Cengage Learning. This research paper on Technology Innovation: The Theft Prevention Chip Enterprise was written and submitted by user Asher Sheppard to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.