...INSTITUTO TECNOLÓGICO Y DE ESTUDIOS SUPERIORES DE MONTERREY SEMINARIO INTEGRADOR DE FINANZAS Caso “The Wm. Wrigley Jr. Company: Capital structure, Valuation, and Cost of Capital” Profesor Titular: Dr. Roberto Joaquín Santillán Salgado Profesor tutor: Mtra. Karla Macías Yanin Guerrero Enríquez A01180790 29/Mayo/2014 Introducción Blanca Dobrynin, administradora asociada de Aurora Borealis LLC, propuso a Susan Chandler, una asociada, a iniciar la búsqueda de una inversión potencial en Wrigley. Aurora Borealis tenía un fondo de cobertura de 3 billones bajo administración y una estrategia de inversión que se enfocaba en empresas con dificultades, arbitraje de fusiones, transacciones de cambio de control y recapitalizaciones. El típico modelo de operación de Blanca Dobrynin consistía en identificar oportunidades para una corporación para reestructurarla, invirtiendo significativamente en el capital de la empresa objetivo, y encargarse del proceso de persuadir al administrador y directores de reestructurar. Chandler notó que el valor de mercado del capital común de Wrigley era de 13.1 billones. Dobrynin y Chandler discutieron de las condiciones del mercado de capital actual y decidieron enfocarse en el supuesto de que Wrigley podía pedir prestados 3 billones en una clasificación crediticia entre BB y B, con un rendimiento del 13%. La compañía Wrigley era el fabricante y distribuidor de goma de mascar más grande del mundo. La industria era intensamente...
Words: 792 - Pages: 4
...Calaveras Vineyard GUSTAVO OCATVIO HERRERA OCAMPO A00313848 FZ 4007 – Finanzas corporativas avanzadas Calaveras Vineyard Antecedentes • NationsBank´s investment-banking group invita a Goldengate Capital a participar en un préstamo para la adquisición de Calaveras Vineyards. • El préstamo asciende a $4.5M; $2M a largo plazo, $2.5 línea de crédito revolvente. • Calaveras Vineyard es una empresa fundada en 1883 con una exitosa gestión de la marca a través del tiempo. Cuenta con 220 acres de los cuales 175 son viñedos. • Calaveras cuenta con 5 categorías de producto: 2 en el segmento super-premium (64.3% de las ventas). • Alta concentración de la distribución en el canal de mayoreo (67%). • Disminución de la demanda de bebidas alcohólicas excepto para la categoría de vinos. • 50% de los requerimientos de uva son obtenidos con mediante 2 contratos de largo plazo, una porción limitada del proceso de fermentación y el almacenaje de producto terminado estaba arrendada a un vecino • Evolución positiva de la rentabilidad gracias al aumento del precio promedio. • Proyecciones financieras ambiciosas (optimistas) • Valor de mercado de los activos se estima entre $5 y $7 M. • Actual gerente general y gerente operativo potenciales compradores (con participación de 85% y 15% respectivamente) FZ 4007 – Finanzas corporativas avanzadas Calaveras Vineyard Análisis cualitativo Fortalezas: • Empresa con abolengo. • Expertos en producción y comercialización de vinos (Saberhacer)...
Words: 1894 - Pages: 8
...asertivo usar una tasa de descuento apropiada para utilizar el método VPN o utilizar la tasa interna minima con el método TIR. Esta duda lleva a que no se esta logrando lo deseado. Identificar objetivos Uno de los objetivos principales es la valoración de estos proyectos. Chem- Cal Corporation debe volver a calcular el VPN de cada proyecto. Lograr una tasa de capital es decir la mejor opción es el Wacc y ver las fuentes para conseguir los recursos. Análisis de opciones para conseguir más capital - Elevar Ratios de deuda (30% cerca de la media del sector) - Vender bonos de 5 millones de dólares (un poco mas de 10.5%) - Fondo de amortizaciónDiagnostico Encontrar una fuente de financiamiento que no sea superior o igual al 11% y esa tasa seria un 10% para ajustar al wacc ya que los cálculos de valor presente neto VPN no entrega una representación adecuada de los proyecto. Además la compañía debería mantener algún sistema para considerar las inversiones propuestas. Plan de acción La compañía debe utilizar el valor presente neto VPN con una tasa de descuento del Wacc ya existen restricciones de capital, el VPN es una herramienta mas útil ya que considera al...
Words: 420 - Pages: 2
...RA G PC+ E IN E RM TH FO OR NS O F RA OV T N LE ual Ann 3 2 /1 2 2 01 Code 99 ck Sto o nov t Le or Rep ited Lim up Gro ov rso NV L e n R : L ion pe any – to l ( A D 34 bil comp o PC ted $ dica siness g y p t w and e US nolo to bu s. D ld h ng t e c o f t h e he wor P l u s untrie novo’s d stro e o n M t o n e ers in n g P C 160 c vices, L chain a rmer IB d i mak m e r g re than rnet de supply f the fo ures an s e t o ct te lobal o an ufac odu ition ile in nm rs i d mob ficient g acquis s, man logy pr ercial e ’s tom an mm no -ef op s, cus d PCs highly Group devel e tech ed co tation d s o ng ere a y s i n, Lenov an -to-u -bran work serv gine mp atio y k , er – ally en t innov ed by the Co nd eas ry Thin ervers a lead ption oduc Form ion, da l as s en r ure e . exc ilt on p cution g Divis ty, sec ude leg as wel e l e l u in quali inc obi Cs, is b egic ex mput ho t ig ct lines mer P y o f m ding stra onal C able, h odu u mil inclu s. i ons r s Per ets rel . Its p ded c d a f a evices, phone e s k n rt n a n net d mar service ea-bra ortu sma r Id inte ts and lobal F major d an and g e tabl vo, a ny, has mato, PCs eno ompa rs in Ya ghai L c te an 500 rch cen ng, Sh a; and in ea Beiji . res n; lina , Ch pa enzhen h Caro Ja Sh ort and igh, N e Ral O NOV 2 ) LE 9 OUT K S E : 9 i s a B A ) H o ( nal GY N ENT REHE P EM TAT COM E S OF T OM ITY INC EMEN HEET QU TED STAT CE S ENT S IN E DA D LI AN TEM NGE SO IDATE BAL STA A ON D OW OF CH NTS 2 C NSOL IDATE T FL 11 CO E OL...
Words: 80647 - Pages: 323
...Name Industries served Geographic areas served Headquarters Current CEO Revenue Profit Employees Hewlett-Packard Company Computer hardware and software, IT services and consulting Worldwide US Meg Whitman $ 120.357 billion (2012) $ -12.650 billion (2012) 331,800 (2012) Apple Inc., Cisco Systems, Inc., Dell Inc., Fujitsu Limited, International Business Machines Corporation, Lenovo Group Limited, Microsoft Corporation, Oracle Corporation, Samsung Electronics Co., Sony Corporation and many others. Main Competitors SWOT HP SWOT analysis 2013 Strengths 1. Strong presence in China 2. Brand reputation 3. Diversified product portfolio Weaknesses 1. Poor competency in acquisitions 2. 29% of income comes from personal systems division 3. Poor presence in tablet market Opportunities 1. Expand services and enterprise solutions divisions 2. Increasing demand of cloud based services 3. Acquisition of more technology related patents Threats 1. Retaliation by incumbent firms in software services 2. Slowing growth rate of the PC market 3. Rapid technological change Strengths 1. Strong presence in China. The economy of China has been growing at a steady more than 8% rate every year. The growing economy accelerates corporate spending and HP is well positioned to benefit from it. The company has increased its investments in the market and expanded product and service offerings, especially its enterprise business and services divisions. These divisions offer the most...
Words: 1025 - Pages: 5
...shows the relative growth of FDI compared to international trade and GDP growth. The sharp downturn in the late 1990s is due, in large part, to the Asian financial crisis of 1997. Lenovo to Acquire IBM Personal Computing Division Creating New Leading PC Business with Global Market Reach - Creates world's third-largest PC business with approximately US$12 billion annual revenue for 2003 - Global business with worldwide reach, powerful brand name, balanced product offerings and leading R&D capabilities - Long-term strategic alliances between Lenovo and IBM in PC sales, service and financing worldwide - Worldwide headquarters in New York; principal operations in Beijing and Raleigh, North Carolina - Transaction of US$1.25 billion in cash, equity; total transaction consideration of approximately US$1.75 billion - IBM to take 18.9 percent equity stake in Lenovo; transaction expected to be completed in second quarter 2005 Lenovo Group Limited, the leading Personal Computer brand in China and across Asia, and IBM today announced a definitive agreement under which Lenovo will acquire IBM's Personal Computing Division to form the world's third-largest PC business, bringing IBM's leading enterprise-class PC technologies to the consumer market and giving Lenovo global market reach beyond China and Asia. Lenovo will have combined annual PC revenue of approximately US$12 billion and volume of 11.9 million units, based on 2003 business results - a fourfold increase in Lenovo's current PC...
Words: 1089 - Pages: 5
...qué ha llegado a tal conclusión. 2.- ¿Cuál es el precio máximo que pudiera llegar a pagar Monmouth, basándose en una valuación usando análisis de flujo de efectivo descontado, cálculo de WACC, y determinación del valor terminal? Ver Notas y/o “Tips” relacionadas con esta pregunta. 3.- ¿A qué se debe que Simmons esté tan deseoso de vender su posición a Monmouth por $50 por acción? ¿Cuáles son las preocupaciones, así como las alternativas, para cada uno de los otros grupos de accionistas de Robertson? 4.- La administración de Monmouth le solicita asesoría acerca de cómo debe de diseñar, así como también el implementar, una oferta que resultara exitosa para la adquisición de Herramientas Robertson. ¿Cuál, o cómo sería su asesoría? Por favor, justifique su respuesta. NOTAS Y/O “TIPS” (1(1) El título del capítulo 9 de su libro de texto es, precisamente: “Usando análisis de flujo de efectivo descontado para hacer decisiones de inversión?, entonces usted puede aplicar lo estudiado en dicho capítulo. (2(2) Se le recomienda ampliamente estudiar la sección 13.2: “The Weighted-Average Cost fo Capital” (WACC), a partir de la página 367 del libro de texto. En particular, asegúrese de que ha interiorizado tanto la lógica, como la o las fórmulas para calcular el WACC. (3) De igual manera, ampliamente se le recomienda estudiar la sección 13.7 de su libro de texto, (a partir de la...
Words: 388 - Pages: 2
...02/2012. <vbk:978-1-4562-0587-4#outline(13.11.6)>. 5. Cálculo del costo de la deuda Shanken Corp. emitió un bono a 30 años a una tasa semestral de 7% hace siete años. Hoy, el bono se vende en 108% de su valor nominal. La tasa tributaria de la compañía es de 35%. a) ¿Cuál es el costo de la deuda antes de impuestos? b) ¿Cuál es el costo de la deuda después de impuestos? (ROSS 422) ROSS, STEPHEN A.. FINANZAS CORPORATIVAS, 9th Edition. McGraw-Hill Interamericana, 02/2012. <vbk:978-1-4562-0587-4#outline(13.11.6)>. 8. Impuestos y WACC Miller Manufacturing tiene una razón de deuda a capital accionario fijada como meta de .45. El costo de su capital accionario es de 17%, y el de su deuda es de 10%. Si la tasa tributaria es de 35%, ¿cuál será el WACC de Miller? (ROSS 422) ROSS, STEPHEN A.. FINANZAS CORPORATIVAS, 9th Edition. McGraw-Hill Interamericana, 02/2012. <vbk:978-1-4562-0587-4#outline(13.11.6)>. 11. Cálculo del WACC En el problema anterior suponga que las acciones de la compañía tienen una beta de 1.2. La tasa libre de riesgo es de 5.2% y la prima de riesgo de mercado es de 7%. Suponga que el costo total de la deuda es el promedio ponderado que implican las dos emisiones de deuda en circulación. Ambos bonos hacen pagos semestrales. La tasa tributaria es de...
Words: 416 - Pages: 2
...194.00 21,847.00 24,305.00 TOTAL PATRIMONIO 122,958.00 TOTAL PASIVO Y PATRIMONIO 244,353.00 ESTADO DE RESULTADOS 2011 Ventas Costo de ventas Utilidad bruta 333,307.00 266,475.00 66,832.00 Gastos de venta y distribución Gastos de administración Otros ingresos operativos Otros gastos operativos Utilidad operativa 41,048.00 13,851.00 2,342.00 409.00 13,866.00 Ingresos financieros Gastos financieros Diferencia de cambio Utilidad antes de impuestos 619.00 4,326.00 644.00 10,803.00 Impuestos Utilidad Neta 3,554.00 7,249.00 COSTO DE CAPITAL Beta desapalancado Beta apalancado Rf (Rm - Rf) Rp Kd t Kd neto Ke WACC 0.8 (Damodaran) 0.98 2.19% 6.00% 2.31% 6.50% 30% 4.55% 10.36% 8.74% NOPAT Activos Operativos (A.O.) ROCE (ROCE - WACC) EVA BENEFICIO ECONÓMICO SUPUESTOS Crecimiento...
Words: 2768 - Pages: 12
...PRODUCTOS DE HOGAR - VALORACIÓN DE BONOS Y ACCIONES En todos los libros de texto, la valoración de las acciones y bonos se limita a indicar que es el valor actual de todos los flujos de efectivo futuros esperados con seguridad. El concepto es lógico, sencillo, y engañosamente simple. La valoración de los bonos por lo general se presenta primero, hasta los relativos flujos de efectivo seguros se dividen en una anualidad y un pago del valor nominal en una fecha específica en el futuro. La valoración de las acciones preferidas deduce o sigue la valoración de bonos y el valor de las acciones preferentes se muestra como el valor actual de la anualidad perpetua. Los flujos de efectivo de los dividendos de tamaño constante es bastante seguro, y la mayoría de las acciones preferentes no tienen una fecha de vencimiento. Por último, las acciones comunes se presentan pero ni los flujos futuros de efectivo (de dividendos), ni el valor final se conoce con certeza, generalmente, los estudiantes parecen entender las técnicas de valuación de bonos y acciones preferentes, pero tienden a ser muy escépticos del modelo de valoración de las acciones comunes. El uso de los modelos de flujo de efectivo descontados en una empresa real puede ayudar a disipar algunas de las dudas, pero lo más importante, puede indicar cómo los modelos explican el comportamiento de los precios. HOME PRODUCTS, INC. Home Products, Inc, (HPI) es un fabricante líder de medicamentos de receta y éticos; especialmente...
Words: 1162 - Pages: 5
...Annual Report Project | Lenovo, Fiscal Year 2012/13 | Accounting I Professor Jerome Newman By: Min Ki Kim August 24th 2013 | Lenovo is a Chinese computer company that primarily specializes in laptop computers, workstations and various other consumer electronics with an emphasis on catering to businesses, and government agencies with their Think line of durable laptops. Their 2012/2013 annual statement includes a quick business review from their management team that is composed of an: audit committee that independently review financial statements, internal controls, and risk management systems; compensation committee which decides compensation policy for the CEO and other senior management, nomination and governance committee whom help the board of directors organize and review the corporate governance principles and policies and finally the CEO who is responsible for the management and implementation of Lenovo’s strategy and policy (P.36). For the fiscal year of 2012/13 Lenovo boasted a 15.5% share in the PC market due to their PC+ strategy and achieved an overall number 3 ranking for total global market share in the smart connected device category (P.16). Lenovo has also begun penetrating into the smartphone market and is rapidly making headway into China, India, Indonesia, the Philippines, Russia and Vietnam. How successful this venture will be remains to be seen but initial impressions are showing promise. Tablet sales have been showing steady...
Words: 675 - Pages: 3
...19, 2006 JOHN QUELCH CARIN-ISABEL KNOOP Lenovo: Building a Global Brand The brand essence of Lenovo is innovation that makes a difference to customers. Branding is not a marketing issue for us, it is a business issue. We have to deliver on products and services.1 — Deepak Advani, Chief Marketing Officer Announced in December 2004, the $1.75 billion acquisition of IBM’s personal computer (PC) division by 20-year-old Lenovo, China’s largest PC maker, made headlines around the world. A relative upstart in the business, founded with $25,000 of seed capital from the Chinese Academy of Sciences, Lenovo was acquiring the IBM division that invented the PC in 1981. While Lenovo was arguably the best known brand in China and had some brand presence in Asia, it was virtually unknown to the rest of the world. In 2004, over 90% of Lenovo’s revenues came from China (see Exhibit 1 for financials).2 But with this major deal, Lenovo aimed to become a global technology giant. Annual revenues would triple to $12 billion, making Lenovo the third-largest PC maker in the world after Dell and Hewlett-Packard. As a new multinational with 20,000 employees operating in 138 countries, Lenovo needed a global marketing and branding strategy to match its new reach. This meant determining what Lenovo stood for and designing products that supported that claim. In January 2006, 13 months after the deal was announced and eight months after it closed, Lenovo was preparing for the intense limelight that would...
Words: 9176 - Pages: 37
...The Globalization and IHRM of Lenovo ⅠIntroduction Lenovo Group Limited is a Chinese multinational personal technology company that develops, manufactures and markets desktop and notebook computers, workstations, servers, storage drives, IT management software, and other related products and services. Lenovo was incorporated in Hong Kong in 1988 under its previous name, Legend.[1] Lenovo's principal operations are located in Morrisville, North Carolina, Beijing, China and Singapore. (Global Headquarters : The United States Raleigh ( North Carolina Research Triangle Park ) (The main R & D centers: Beijing, China, Japan and Japan, Shanghai, Shenzhen and the United States, North Carolina, Raleigh (Production base and assembly facilities: Beijing, Shanghai, Huiyang and Shenzhen; India's Pontiac Lee (Pondicherry,); Monterrey, Mexico (Monterrey,); the United States Greensboro (in Greensboro); and in the global contract manufacturing and OEM Lenovo is the world's second largest PC maker and markets the ThinkPad line of notebook PCs and ThinkCentre line of desktops. These brands became part of Lenovo's offerings after its 2005 acquisition of IBM's personal computer business. Lenovo also sells the IdeaPad line of notebook computers. Lenovo markets its products directly to consumers, small to medium size businesses, and large enterprises, as well as through online sales, company-owned stores, chain retailers, and major technology distributors and vendors. 1.Joint ventures,...
Words: 7302 - Pages: 30
...| 4. Place | 3 | 5. Promotion | 3 | 6. Conclusion | 4 | Background of Lenovo Lenovo is a Chinese multinational computer technology company that was founded at 1 November of 1984 and was also approved by the Chinese government on that day. The headquarters of Lenovo Group Ltd was located in Beijing, China, and Morrisville, North Carolina, United States. Lenovo’s first major success was developing a circuit board that would allow IBM-compatible personal computers to process Chinese characters after several of failed plans. Reason of the failure was because they were compounded by the fact that its staff had little business experience. After keep on improving , Lenovo company eventually managed to manufacture and market computers using its own brand name on 1990.Since then , Lenovo had develop magnificently and also was listed in Hong Kong was incensement of nearly US$30 million on year 1994. Because of its good management, strong brand recognition, and growth potential , Lenovo’s stock market had been keep on raising until many analysts were optimistic about Lenovo. Lenovo issued a secondary offering of 50 million shares on the Hong Kong market in March 2000 to fund its continued growth and it was raised up to US$212 million. In year 2015, Lenovo Group Ltd had now become one of the most improved and famous computer technologies in this world. Product of Lenovo Lenovo expanded in a far-reaching way in 2005 through its obtainment of IBM's PC business, including...
Words: 978 - Pages: 4
...Research About the Lenovo Technology Company Kehao Wang (Leo) 1011906 Northwood University MGT- 4800- 02 Doctor Susan Dennett Oct .11.2014 Abstract Lenovo is a Chines multinational computer. It leads Chinese electronic industry market because it has successful competitive strategy and excellent management. As a one of global the Fortune Top 500 enterprises, and became the world’s largest personal computer manufacturer in 2013. (1) The Lenovo is worth research. Introduction Lenovo Group Ltd. (stylized as Lenovo) is a Chinese multinational computer technology company with headquarters in Beijing, China, and Morrisville, North Carolina, United States. It designs, develops, manufactures and sells personal computers, tablet computers, smartphones, workstations, servers, electronic storage devices, IT management software and smart televisions. In 2013 Lenovo was the world's largest personal computer vendor by unit sales. It markets the ThinkPad line of notebook computers and the Think Centre line of desktops. Lenovo has operations in more than 60 countries and sells its products in around 160 countries. Lenovo's principal facilities are in Beijing, Morrisville and Singapore, with research centers in those locations, as well as Shanghai, Shenzhen, Xiamen, and Chengdu in China, and Yamato in Kanagawa Prefecture, Japan. It operates a joint venture with EMC, Lenovo EMC, which sells network-attached storage solutions. It also has a joint venture with NEC, Lenovo NEC Holdings...
Words: 1644 - Pages: 7
