...Sara Lee Equity Analysis and Valuation Valued at 1 April 1, 2007 Analysts: Todd L. Ehlers: todd.ehlers@ttu.edu Michael D. Estes: mikestes@sbcglobal.net Daniel W. Taylor: dtaylor1184@yahoo.com Joseph R. Torres: rhyno1112@sbcglobal.net Table of Contents Page Number Executive Summary……………………………………………………………………………………………… 2 Analysis Snapshot............................................................................................ 2 Company and Industry Overview…………………………………………………………………… 3 Accounting Analysis………………………………………………………………………………………. 3 Financial Ratio Analysis…………………………………………………………………………………. 4 Analysts Evaluations……………………………………………………………………………………… 4 Overview of Firm and Industry............................................................................... 5 Industry Overview and Analysis………………………………………………………………………….. 8 Rivalry Among Existing Firms………………………………………………………………………….8 Threat of New Entrants…………………………………………………………………………………. 15 Threat of Substitute Products………………………………………………………………………… 17 Bargaining Power of Buyers…………………………………………………………………………… 18 Bargaining Power of Suppliers……………………………………………………………………….. 20 Characterization of Industry……………………………………………………………………………20 Value Chain Analysis: Key Success Factors…………………………………………………………. 21 Competitive Advantage Analysis…………………………………………………………………………. 23 Cost Leadership……………………………………………………………………………………………. 24 Differentiation……………………………………………………………………………………………….27 Accounting Analysis………………………………………………………………………………………………...
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...Running head: COMMUNITY ASSESSMENT Community Assessment: Orlando, Florida Ann A. Student, Be A. Student and, R. U. A. Student University of Central Florida 1 COMMUNITY ASSESSMENT 2 SECTION I: Community Structure A. Name of Community: Orlando B. Map & Identification of Geographic Boundaries: Orlando has several city that border it including Ocoee to the West, Winter Park and Altamonte Springs to the North, Titusville to the East, and Saint Cloud to the South. C. Historical Evolution of the Community: Orlando can be dated as far back as 1836 during the Seminole War where new settlers fought to gain the territory against the Seminole Indians. There are differing stories about where the name Orlando came from but one of the most popular ones involved a man named Orlando Reeves who died during a sneak attack from the Indians. After the Civil War there was a population explosion which lead to the city being incorporated. Orlando was known as Florida’s citrus hub between the years 1875-1895. The city started to become a major tourist destination between the Spanish-American War and World War I. During World War II, Pine Castle AAF (now known at McCoy Air Force Base) brought many new residents to the state. In 1956 the aerospace defense company, Martin Marietta (now known as Lockheed Martin) opened a plant in the city which helped lead to many other high tech companies establishing business and plants in the city as well...
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...! ! ! ! ! ! ! ! ! Company!Profile! • Industry:!Medical!Device!Industry! • Core!Products:!Vascular,!Urology,! Oncology,!Surgical!Specialty! • Core!Value:!Quality,!Integrity,!Service,! and!Innovation! • Market!Share:!6.1%! Stock!Price!Performance! • Current!Price!(May!10,!2013):104.61! • 52!Week!Price!Range:!108.31!–!93.68! 130! 120! 110! 100! 90! 80! Profitability! Profit!Margin!(ttm):! 16.24%! Operating!Margin!(ttm):! 26.37%! Return!on!Asset!(ttm):! 12.18%! Return!on!Equity!(ttm):! 25.57%! Current!Ratio:!4.32! Debt!to!Equity:!74.19! P!/E!Ratio:!18.53! Highlight!Financials! Management! Effectiveness! Liquidity!and! Leveraging! Market!Ratio! DCR! S&P500! EV/EBITDA:!12.6! ! ! Undervalued! Share!Price! Advanced! Technology!! Attractive! New! Products! Significant! Market! Share! ! ! Trading(Comparable BCR Enterprise!Value!/!LTM!Rev Enterprise!Value!/!LTM!EBITDA 3.0x 10.1x! BSX 2.15x 9.48x! BDX 2.67X 9.9X! TMO 2.88x 13.76x! Transaction(Comparable((Medical(Device(Industry Date!Range! Total!Number!of!Deal! Total!Transaction!Value! Median!EV/EBITDA EBITDA!range 5/11/2012!–!5/11/2013 217 $8.51!Billion 12.78x 0.0x!–!64.34x COMPARABLES!VALUATION! • Trading!Comparable:!13x! • Implied!EV:!!$11.55!Billion! • Implied!Share!Price:!137.17! • Premium:!31.13%! ! ! DCF(ANALYSIS With( Synergies( Without( Synergies( LBO(ANALYSIS PE(Firms(–(( General PE(Firms(O( Professional !!Enterprise!Value! $!11.57!Billion...
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...11 March 2011 Food Producers Palm Oil – Extracting Value Rachel Galvez +44 20 7444 0679 rachel.galvez@religarecm.com Palm Tree Nursery Palm Oil Sector – Extracting Value We launch coverage on the London listed Palm Oil sector with a positive view as we believe the industry will continue to grow and current production will struggle to meet global demand. In our view, companies (such as the ones under our coverage) that have; agricultural land rights in equatorial regions (where oil palms thrive), industry expertise, experienced management teams, and access to capital, have defensible competitive advantages and are likely to experience earnings growth and margin expansion going forward. New Britain Palm Oil (NBPO LN, BUY, 1,197p price target, 23% upside) NBPO produces sustainable and traceable Palm Oil in Papua New Guinea (PNG), which it sells to European markets. We believe the company’s competitive advantages, (the traceability and sustainability of its oil, above industry average yields, land and other assets, management team and industry relationships) will enable it to increase sales, expand margins and maintain a market leading position going forward. Asian Plantations (PALM LN, BUY, 345p price target, 29% upside) Source: MP Evans Palm Tree Plantation Asian Plantations is involved in the acquisition and development of Palm Oil plantation land in Sarawak, Malaysia. We believe the company will be able to execute on its strategy (acquiring undeveloped land...
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...Strategy and Positioning Paper Jaime Quintero, David Nieto, Letty Ramos, Juanita Murillo, Vanessa Martinez, Arisandi Torres, Cesar Zamarripa, Edgar Zubia MKT/421 March 16, 2015 Salomon Chavira Strategy and Positioning Paper Hill-Rom is preparing to launch its breakthrough electronic health records (EHR) software application MedStat. Market research indicates that MedStat will be the first available application with the capability to integrate with an organization’s current EHR databases. What follows details the organization, specific market research, product overview and details, a marketing strategy, and a forecasted budget. As part of this process Hill-Rom conducted a comprehensive SWOT analysis and used the analysis in the further development of its marketing plan. Hill-Rom developed its marketing plan by examining product life cycle, positioning and differentiation, and public relations issues. Hill-Rom also developed strategies for pricing, placement, and promotion. Organizational Overview Hill-Rom is a company created during the Great Depression when the founder saw an opportunity to market wooden hospital furniture to local hospitals in Indiana. The company rapidly expanded from there, creating innovative new products in response to the needs of the nurses and patients company representatives came into contact with every day (Hill-Rom, n.d.). The company’s large array of products are centered on a single company mission, to “make a positive difference...
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...Why Has IPO Underpricing Increased Over Time? Tim Loughran University of Notre Dame P.O. Box 399 Notre Dame IN 46556-0399 219.631.8432 voice Loughran.9@nd.edu and Jay R. Ritter University of Florida P.O. Box 117168 Gainesville FL 32611-7168 352.846.2837 voice ritter@dale.cba.ufl.edu http://bear.cba.ufl.edu/ritter March 18, 2002 We wish to thank Hsuan-Chi Chen, Craig Dunbar, Todd Houge, Josh Lerner, Alexander Ljungqvist, Donghang Zhang, two anonymous referees, and seminar participants at Boston College, Southern Methodist University, Texas Christian University, and the Universities of Colorado, Houston, Illinois, Indiana, Iowa, Notre Dame, and Pennsylvania for useful comments. Chris Barry, Laura Field, Paul Gompers, Josh Lerner, Scott Smart, Li-Anne Woo, and Chad Zutter generously provided IPO data. Bruce Foerster assisted us in ranking underwriters. Underwriter ranks are available online at http://bear.cba.ufl.edu/ritter/rank.htm. Donghang Zhang supplied useful research assistance. Why Has IPO Underpricing Increased Over Time? Abstract In the 1980s, the average first-day return on initial public offerings (IPOs) was 7%. The average first-day return doubled to almost 15% during 1990-1998, before jumping to 65% during the internet bubble years of 1999-2000. Part of the increase can be attributed to changes in the composition of the companies going public. We attribute much of the increase in underpricing, however, to previously latent agency...
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...The Emerald Research Register for this journal is available at http://www .emeraldinsight.com/researchregister EJM 37,3/4 476 Received July 2001 Accepted May 2002 The current issue and full text archive of this journal is available at h ttp://www.emeraldinsigh t.com/0309-056 6.htm Marketing planning, market orientation and business performance Sue Pulendran Gartner Group, Sydney, Australia Richard Speed Melbourne Business School, University of Melbourne, Melbourne, Australia, and Robert E. Widing II Department of Management, University of Melbourne, Melbourne, Australia Keywords Company performance, Marketing planning, Market orientation, Marketing concept Abstract This study examines the relationships between marketing planning, market orientation and business performance. We explore conceptually how linking the behaviours of marketing planning with the values of market orientation might be expected impact on business performance. Our ®ndings suggest that high quality marketing planning can lead to performance bene®ts, but as antecedent to a market orientation, rather than as an independent activity. European Journal of Marketing Vol. 37 No. 3/4, 2003 pp. 476-497 q MCB UP Limited 0309-0566 DOI 10.1108/03090560310459050 Introduction Although managers have long been exhorted to become close to their customers and adopt the marketing concept, academic marketing has been able to offer relatively little guidance as to the practical...
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...RISK AND RETURN IN CAPITAL MARKETS SECURITY RETURNS Components of security returns • Stocks – Capital gains/losses and dividends • Bonds – Capital gains/losses and interest • Returns stated in absolute dollar or percentage terms o Absolute dollar return = (end price – beginning price + cash flow) o Percent return = (end price – beginning price + cash flow)/beginning price = absolute dollar return / beginning price • If the security is a stock, the percent return can be separated into the capital gain yield (the first term below) and the dividend yield (the second term): Rt = (end price – beginning price) / beginning price + dividend / beginning price where Rt is the return for time period t. Example You purchase a stock for $50, sell it one year later for $53. During that year, you received a dividend of $2. What are your absolute and percent returns? Separate the percent return into the two components. Capital gain = 53 – 50 = 3 Dividend = 2 Absolute dollar return = 3 + 2 = 5 Percent return = 5/50 = 3/50 + 2/50 = 6% + 4% = 10% Capital gain yield = 6% Dividend yield = 4% Example You purchase a $1000, 5%, 20 year semi-annual bond for $1050 right after a coupon payment. One year later you sell the bond for $1025. What are your absolute and percent returns? Capital loss = 1025 – 1050 = -25 Coupon payments = 5% ( 1000 = 50 Absolute dollar return = -25 + 50 = 25 Percent return = 25 / 1050 = 2.38% ...
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...A. Overview of Intellectual Property (Book 24-30) 1. TRADE SECRETS (Outline pgs 3-11) ▪ Trade secret laws are State law doctrines that protect against the misappropriation of certain confidential information. o There is no federal statute ▪ A form of private IP law under which creators establish contractual limitation or build legal fences that afford protection from misappropriation. ELEMENTS: a. The information must be Secret. a. Relative, not absolute, secrecy is required. b. The owner must take Reasonable step to maintain secrecy. a. Once a trade secret is disclosed, protection is lost. c. There is some economic or competitive advantage to the owner. i. Misappropriation of Trade Secret: 1) Where the secrets were obtained by theft or other improper means. 2) Where they were used or disclosed by the D in violation of a confidential relationship. ▪ Trade secret does not prevent competitors from “reverse engineering” which is permitted. 2. PATENTS (Outline pgs 12- 31) a. 5 Requirements: 1) patentable subject matter (g.15) 2) utility (pg.16) 3) Description & Enablement (pg.17) 4) novelty & Statutory bar (pg.19) 5) non-obviousness...
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...Property yields as tools for valuation and analysis Rosane Hungria-Garcia in collaboration with Hans Lind Björn Karlsson This report has been sponsored by the Real Estate Academy at the Division of Building and Real Estate Economics. Stockholm 2004 ______________________________________________________ Report No. 52 Building & Real Estate Economics Department of Infrastructure KTH Summary This project was started in order to get an overview of conceptual problems, measurement problems, theories of determinants of yields, the use of yields in different contexts and how the actors on the Swedish market looked upon yields. Important issues discussed in the report is the need for: - Conceptual clarity: A number of different yield terms exist on the market and it is very important to be clear about how the specific terms are defined. - Operational clarity: There are measurement problems both concerning rental incomes, operating and maintenance costs and property values. This means that reported yields can be “manipulated” by choosing suitable operationalisations and pushing estimations of uncertain factors in directions that are favourable to the actor in question. - Specify the purpose for which the yield should be used. The most important distinction is between using yields/income returns for valuation purposes and using yields as benchmarks or bubble indicators. In the first case various types of normalization of the net operating income can be rational. In the second...
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...Scholarship Repository University of Minnesota Law School Articles Faculty Scholarship 1988 Discovery in Labor Arbitration Laura J. Cooper University of Minnesota Law School, lcooper@umn.edu Follow this and additional works at: http://scholarship.law.umn.edu/faculty_articles Part of the Law Commons Recommended Citation Laura J. Cooper, Discovery in Labor Arbitration, 72 Minn. L. Rev. 1281 (1988), available at http://scholarship.law.umn.edu/ faculty_articles/307. This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in the Faculty Scholarship collection by an authorized administrator of the Scholarship Repository. For more information, please contact lenzx009@umn.edu. Discovery in Labor Arbitration Laura J.Cooper* The mere statement of the topic, discovery in labor arbitration, suggests a paradox. Is not the essence of the arbitration process an effort to avoid the procedural complexities that make litigation comparatively slow and costly? More than forty years ago, Learned Hand admonished a litigant distressed with the procedural failings of an arbitration proceeding: Arbitration may or may not be a desirable substitute for trials in courts; as to that the parties must decide in each instance. But when they have adopted it, they must be content with its informalities; they may not hedge it about with those procedural limitations which it is precisely its purpose...
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...Table of Contents Rpt. 25810062 14-Apr-2015 SAREPTA THERAPEUTICS INC COWEN AND COMPANY - BARAL, RITU, ET AL 4-8 Rpt. 25767315 06-Apr-2015 SAREPTA THERAPEUTICS INC ROTH CAPITAL PARTNERS, LLC - CHATTOPADHYAY, DEBJIT, ET AL 9 - 21 Rpt. 25736145 01-Apr-2015 SAREPTA THERAPEUTICS INC CANACCORD GENUITY - RESEARCH DEPARTMENT 22 - 28 Rpt. 25736256 01-Apr-2015 SAREPTA THERAPEUTICS INC PIPER JAFFRAY - COMPANY REPORT - TENTHOFF, EDWARD, ET AL 29 - 32 Rpt. 25733910 01-Apr-2015 SAREPTA THERAPEUTICS INC COWEN AND COMPANY - BARAL, RITU, ET AL 33 - 37 Rpt. 25736405 01-Apr-2015 SAREPTA THERAPEUTICS INC CREDIT SUISSE - NORTH AMERICA - SHEPARD, JEREMIAH, ET AL 38 - 56 Rpt. 25732665 01-Apr-2015 SAREPTA THERAPEUTICS INC RBC CAPITAL MARKETS (CANADA) - SIMEONIDIS, SIMOS, ET AL 57 - 62 Rpt. 25732827 01-Apr-2015 SAREPTA THERAPEUTICS INC JMP SECURITIES LLC - COMPANY REPORTS - BAYKO, LIISA 63 - 67 Rpt. 25735100 01-Apr-2015 SAREPTA THERAPEUTICS INC OPPENHEIMER AND CO - RESEARCH DEPARTMENT 68 - 72 Rpt. 25736008 01-Apr-2015 SAREPTA THERAPEUTICS INC RBC CAPITAL MARKETS (CANADA) - SIMEONIDIS, SIMOS, ET AL 73 - 78 These reports were compiled using a product of Thomson Reuters www.thomsonreuters.com 1 Table of Contents Rpt. 25736195 01-Apr-2015 SAREPTA THERAPEUTICS INC WILLIAM BLAIR & COMPANY - LUGO, TIM, ET AL 79 - 83 Rpt. 25736196 01-Apr-2015 SAREPTA THERAPEUTICS INC LEERINK PARTNERS LLC - SCHWARTZ...
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...Enablers of Exuberance Jennifer S. Taub Sept. 4, 2009 DISCUSSION DRAFT Enablers of Exuberance: Legal Acts and Omissions that Facilitated the Global Financial Crisis Jennifer S. Taub1 I. Introduction This paper explores certain legal acts and omissions that facilitated the over-leveraging and near collapse of the global financial system. These ―Legal Enablers‖ fostered the boom that enriched a class of financial intermediaries who followed a storied tradition of gambling away ―other people‘s money.‖2 These mechanisms also made the pain of the bust disproportionately felt by the middle class and poor while shielding the middlemen who created the problems. These legal Enablers permitted the growth of a shadow banking system, without investment limits, transparency or government oversight. In the shadows grew a variety of highly leveraged private investment pools, undercapitalized conduits of securitized loans and speculation in complex credit derivatives. The rationale for allowing this unregulated, parallel system was that it helped to create innovation and provide liquidity. The conventional wisdom was that any risks associated with a hands-off approach could be managed by the ―invisible hand‖3 of the market. In other words, instead of public police, it relied upon private gatekeepers. A legal framework including legislation, rules and court decisions supported this system. This legal structure depended upon corporate managers, counterparties, ―sophisticated investors‖ and the...
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...Pakistan Telecommunication Company Limited 2 Annual Report 2012 Contents Company Review 4-5 Corporate Vision, Mission & Core Values 6-7 Board of Directors 8 Corporate Information 9 Awards and Achievements 10-11 The Management 12-15 Operating Highlights - Graphs 16-17 Group CEO's Message 18-35 Directors' Report 36 Composition of Board's Sub-Committees 36 Attendance of PTCL Board Members 38 Statement of Compliance with CCG 39 Auditors' Review Report to the Members Financial Statements 43 Auditors' Report to the Members 44-45 Statement of Financial Position 46 Statement of Comprehensive Income 47 Statement of Cash Flows 48 Statement of Changes in Equity 49-90 Notes to and Forming Part of the Financial Statements Consolidated Financial Statements 93 Auditors' Report to the Members 94-95 Consolidated Statement of Financial Position 96 Consolidated Statement of Comprehensive Income 97 Consolidated Statement of Cash Flows 98 Consolidated Statement of Changes in Equity 99-153 Notes to and Forming Part of the Consolidated Financial Statements Annexes 156-164 Pattern of Shareholding 165 Notice of 17th Annual General Meeting 167 Form of Proxy 3 Pakistan Telecommunication Company Limited Vision & Mission Corporate Vision To be the leading ICT service provider in the region by achieving customers’ satisfaction and maximizing shareholders’ value. Mission To achieve our vision by having: • An organizational environment that fosters professionalism, motivation...
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...THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION B E NJAM I N G RAHAM Updated with New Commentary by Jason Zweig To E.M.G. Through chances various, through all vicissitudes, we make our way. . . . Aeneid Contents Epigraph iii Preface to the Fourth Edition, by Warren E. Buffett viii A Note About Benjamin Graham, by Jason Zweig x Introduction: What This Book Expects to Accomplish COMMENTARY ON THE INTRODUCTION 1. 1 12 35 The Investor and Inflation 47 COMMENTARY ON CHAPTER 2 3. 18 COMMENTARY ON CHAPTER 1 2. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 58 65 COMMENTARY ON CHAPTER 3 4. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 80 General Portfolio Policy: The Defensive Investor 88 COMMENTARY ON CHAPTER 4 5. 101 124 Portfolio Policy for the Enterprising Investor: Negative Approach 133 COMMENTARY ON CHAPTER 6 7. 112 COMMENTARY ON CHAPTER 5 6. The Defensive Investor and Common Stocks 145 iv 155 COMMENTARY ON CHAPTER 7 8. Portfolio Policy for the Enterprising Investor: The Positive Side 179 The Investor and Market Fluctuations 188 v Contents COMMENTARY ON CHAPTER 8 9. Investing in Investment Funds COMMENTARY ON CHAPTER 9 213 226 242 10. The Investor and His Advisers 257 COMMENTARY ON CHAPTER 10 272 11. Security...
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