...SaSampa Video, Inc. 10/12/10 12.27 9-201-094 REV: OCTOBER 7, 2003 GREGOR ANDRADE Sampa Video, Inc. Sampa Video, Inc. was the second largest chain of videocassette rental stores in the greater Boston area, operating 30 wholly owned outlets. Begun in 1988 as a small store in Harvard Square catering mostly to students, the company grew rapidly, primarily due to its reputation for customer service and an extensive selection of foreign and independent movies. These differentiating factors allowed Sampa Video to compete directly with the leader in the industry, Blockbuster Video. But unlike the larger rival, Sampa had no ambitions to grow outside of its Boston territory. Exhibit 1 contains summary financial information on the company as of their latest fiscal year-end. In March 2001, Sampa Video was considering entering the business of home delivery of movie rentals. The company would set up a web page where customers could choose movies based on available in-store inventory and pick a time for delivery. This would put Sampa in competition with new internet-based competitors, such as Netflix.com that rented DVDs through the mail and Kramer.com and Cityretrieve.com that hand delivered DVDs and videocassettes. While it was expected that the project would cannibalize the existing operations to some extent, management believed that incremental sales would be substantial in the long run. The project would provide customers the same convenience as internet-based DVD rentals for the...
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...Sampa Video, Inc. • A small video chain is deciding whether to engage in a new line of delivery business and is conducting an economic analysis of the valuation impacts of this decision. • This is a case basically regarding how to measure the benefits of financial leverage via different valuation approaches. Firm valuation (discount cash flow) and cost of capital • When you use the after-tax cost of capital to be the discount rate, you basically take in the effect of the financing. • If you discount the project cash flows (without financing) by the after-tax cost of capital, you will get the exact net present value as you use it to discount the total cash flows (project cash flows plus the financing cash flows). • That is, when you use the after-tax cost of capital to discount financing related cash flows, the net present value would be zero. ） （t=0） Initial invest. (total cost) Inc. rev. Inc. cost Deprec. OP CF NOP CF Project CF Financing Interest (AT) Repay. Fin. Rel. CF Total CF 8,000,000 0 (8,000,000) 8,000,000 (8,000,000) ） （t=1） ） （t=2） ） （t=3） ） （t=4） 6,000,000 (2,000,000) 2,000,000 3,500,000 6,000,000 (2,000,000) 2,000,000 3,500,000 6,000,000 (2,000,000) 2,000,000 3,500,000 6,000,000 (2,000,000) 2,000,000 3,500,000 3,000,000 3,500,000 3,500,000 3,500,000 6,500,000 (360,000) (360,000) (360,000) (360,000) (8,000,000) (360,000) 3,140,000 (360,000) 3,140,000 (360,000) 3,140,000 (8,360,000) (1,860,000) ...
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...Corporation Finance (Course 35200) Spring 2016 Professor Kelly Shue Assignment # 2 –Sampa Video Names: | Signatures: | Student # | Section: | Louise (Chiao-ling) Chang | | 458381 | 03 | Joonmo Lee | | 458378 | 03 | Sonja Schut | | 452395 | 03 | Alvin(Yaxin) Yu | | 456062 | 03 | Honor Code: I pledge my honor that I have not violated the Honor Code in preparation of this case assignment. 1. What are the annual projected free cash flows? What is the NPV of the project assuming the firm was entirely equity financed? What discount rate is appropriate? Since we assume that this project will be entirely equity financed, we can use ra. Assuming that this project has similar risk with that of Kramer.com & Cityretrieve.com, we can use their average beta to compute the discount rate based on CAPM model: ra=5.0%+1.5*7.2%=15.8%. Given that FCF = EBIAT + DEP – INV, we thus have the FCF for the year 2001 to 2006 as follows: Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | FCF (‘000) | (1500) | (112) | 6 | 151 | 314 | 495 | As from year 2007 onwards, the FCF growth rate is 5%, the continuation value as of 2006 is 495*(1+5%)/(15.8%-5%) = 4813, therefore, the total FCF for the year 2001 to 2006 is as follows: Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | Total FCF (‘000) | (1500) | (112) | 6 | 151 | 314 | 5308 | Using NPV equation with ra = 15.8%, we therefore have NPV = $1,228,500 2. Value the project...
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...Sampa Video: essay: Question 1] What are the annual projected free cash flows? What is the NPV of the project assuming the firm was entirely equity financed? What discount rate is appropriate? Annual Projected Free Cash Flows Detailed annual projected free cash flows calculations are summarized in APPENDIX I. Free Cash Flows (FCF) are calculated using following relationship. FCF = EBIAT + Depreciation - Investments In brief, annual projected free cash flows are as following. NPV of Project 100% Equity Financed NPV is calculated by discounting annual FCFs to present (end of fiscal/calendar 2001). Here unlevered required rate of return (cost of capital) is used as a discount factor. NPV of Project in $K is = $1,228K @ Discount Factor 15.8% Appropriate Discount Rate We think the appropriate discount rate should be equal to unlevered required rate of return (cost of capital) for the project. Procedure 1. Asset Beta of Twin = 1.50 … Given, Case Material Project Asset Beta = 1.50 2. Market Risk Premium = 7.2% …Given, Case Material 3. Risk-free Rate = 5.0% …Given, Case Material 4. Using CAPM, Discount Rate = 5.0% + 1.50X7.2% = 15.8% Appropriate Discount Rate = Cost of Capital = 15.8% Question 2] Value the project using the Adjusted Present Value (APV) approach, assuming the firm raises $750,000 of debt to fund the project and keeps the level of debt constant in perpetuity. Detailed calculations for project’s NPV using APV approach and...
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...Sampa Video Solution Discussion Sampa Video Case This case is useful for illustrating how we do NPV analysis when cash flows are risky, illustrating the idea of a terminal value, and also for thinking about what kinds of advantages make for positive NPV projects. The case discusses Sampa Video, the second largest chain of video rental stores in the greater Boston area, and their consideration of an expansion into an online market. What we have to do is evaluate the decision. Sampa Video – History Sampa began as a small store in Harvard Square catering mostly to students. The company expanded quickly, largely due to its reputation for customer service and its extensive selection of foreign and independent films. In March of 2001 Sampa was considering entering into the business of home delivery of videos. This follows on the heals of rumors of similar considerations by Blockbuster and the appearance of internet based competitors (Kramer.com and CityRetrieve.com). Expectations The project was expected to increase its annual revenue growth rate from 5% to 10% a year over the next 5 years. Subsequent to this, the free cash flow from the home delivery unit was expected to grow at the same 5% rate that was typical of the video rental industry as a whole. Up-front investment required for delivery vehicles, developing the necessary website, and marketing efforts were expected to run $1.5 M. Projections – Incremental Cash Flows (thousands of $) Sales EBITD Depr. EBIT Tax...
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...Cohesion in the Translated Novels of Naguib Mahfouz: the Evidence from The Thief and the Dogs. By Ahmed-Sokarno Abdel-Hafiz South Valley University Abstract The paper aims at examining how lexical cohesion is achieved in Naguib Mahfouz’s novel The Thief and The Dogs and how the translators have dealt with this device in the translated version. The paper compares lexical cohesive devices in this novel and in its English version. It is also an attempt to test two hypotheses that account for the degree of explicitness in the translated text as compared to the source text: the Explicitation Hypothesis and the Stylistic Preference Hypothesis. Both Aziz (1998) and Obeidat (1998) adopt the Stylistic Preference Hypothesis which attributes explicitness or implicitness to Stylistic preference of the target language. The Explicitation Hypothesis is shown to offer a more appropriate explanation for the way lexical cohesion is rendered in the target language. 0. Introduction Cohesion is defined “as the set of possibilities that exist in the language for making text hang together: the potential that the speaker...
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...Xperia™ U ST25i, ST25a White paper February 2012 White paper | Xperia™ U Purpose of this document Sony mobile product White papers are intended to give an overview of a product and provide details in relevant areas of technology. Document history Version February 2012 First released version Version 1 Sony Developer World For the latest technical documentation and development tools, go to www.sonymobile.com/developer. This White paper is published by: Sony Ericsson Mobile Communications AB, SE-221 88 Lund, Sweden www.sonyericsson.com © Sony Ericsson Mobile Communications AB, 2009-2012. All rights reserved. You are hereby granted a license to download and/or print a copy of this document. Any rights not expressly granted herein are reserved. First released version (February 2012) Publication number: 1257-8163.1 This document is published by Sony Ericsson Mobile Communications AB, without any warranty*. Improvements and changes to this text necessitated by typographical errors, inaccuracies of current information or improvements to programs and/or equipment may be made by Sony Ericsson Mobile Communications AB at any time and without notice. Such changes will, however, be incorporated into new editions of this document. Printed versions are to be regarded as temporary reference copies only. *All implied warranties, including without limitation the implied warranties of merchantability or fitness for a particular purpose, are excluded. In no event shall...
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...Ex-MBA 2011-2014 Semester -1 Subject: Technology in Business ------------------------------------------------- VIDEO CONFERENCING – A BOON TO COMPANIES TO REDUCE COSTS, TIME AND SAVE OUR ENVIRONMENT Completed By, Shantesh Varik Roll No: 2011G14 INTRODUCTION – Aim and Objective Videoconferencing is a virtual conference like setup using a number of telecommunication technologies which allow two or more locations to interact via two-way video and audio transmissions simultaneously. Videoconferencing is slightly different from videophone calls as it is designed to serve a conference rather than individuals. In a tight economy, with companies spending much less on IT, the tech giants will take growth wherever they can find it. The Wall Street Journal reported recently that Cisco and HP are in a pitched battle for customers for their high-end teleconferencing systems. According to the report, it's "one of the few technologies that has benefited from the downturn, growing 30% from last year as businesses look to reduce travel expenses." Cisco, HP, Nortel, and telepresence-focused players like Teleris have developed impressive, beautiful systems that make you feel like you're in the same room with your colleagues. The catch is that not only will you save money, but you'll also reduce your environmental footprint through reduced travel. These companies are cashing in on the business world's pressing need to cut costs, while also appealing to the desire to get green...
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...challenges that video teleconferencing (VTC) can help them overcome. • Video conferencing is one technology that’s a smart investment, reducing your costs while making the most of the resources you have. • video conferencing can serve multiple purposes within a small business—from online meetings and presentations to conducting training and providing customer support. • Collaboration: Video conferencing solutions like Cisco WebEx let employees across your company share their expertise, resulting in more productive collaboration and faster decision-making. This increased productivity makes your company more efficient, further reducing costs • Increased communication: Staying in touch with partners, suppliers, and customers is vital to the success of any small business. By combining better video quality and clearer audio, video conferencing improves the overall experience customers and partners have with your company, giving you a competitive edge. • Educational Opportunities:There are always highly influential and accomplished people with your industry whom you can study or which team you want employees to master from. Most smaller businesses can’t afford to have these professionals arrived at their office for events, however they are able to take them in by having a video conference. • Contact people in your industry whom you feel you can practice a lot from or who may educate the workers, and have them if they could be ready to accept speaking through video conference using...
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...Índice Por su seguridad Instrucciones de seguridad 2 2 El Gigaset HD600 T ¿Qué es TDT? Gigaset HD600 T Funciones del mando a distancia Funciones del panel frontal Conexiones del panel trasero Funciones del panel lateral 4 4 4 6 9 9 10 Instalación del Gigaset HD600 T Preparar la instalación Seleccionar la antena Conectar dispositivos Diagrama de conexiones 11 11 11 12 13 Interfaz del menú Instalación por primera vez Menú de Configuración Menú DTV Menú AV IN (entrada de audio y vídeo) Menú Sincronizador de grabación Menú de navegación Menú copia de archivos Radio por Internet Menú IMS Actualización del firmware Guía electrónica de programación (EPG) de InOut TV 16 16 17 26 28 28 31 38 40 41 41 42 Anexo Especificaciones Preguntas más frecuentes Permiso Derechos de autor y marcas comerciales Garantía Declaración GPL Servicio Técnico (Servicio de Atención al Cliente) Certificado de garantía Condiciones generales de uso del servicio InOut TV 44 44 45 47 48 48 48 49 49 50 Glosario 51 1 Para su seguridad Lea detenidamente las instrucciones de seguridad antes de poner en marcha la unidad. Tenga en cuenta que algunas funciones descritas en estas instrucciones de uso no están disponibles en todas las versiones de software. Instrucciones de seguridad Instrucciones generales de seguridad Tenga a mano estas instrucciones de funcionamiento y entregue la unidad a otras personas solamente con las instrucciones y los accesorios suministrados...
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...shows across the United States. Record music and movies in VHS format were also introduced to American homes. With the introduction of the digital format our telecommunications received a tremendous boost, and some of the early media outlets were replaced by more efficient ways of communication. This paper will describe some of the factors behind the recent loss of audience and sales in such media outlets as record music, movies, network TV, DVDs and video games. The introduction of the digital format changed the way we watch TV; high definition made possible to see a picture like never before, like if we were looking through a window. Digitalization allowed for a much better sound and picture quality in CDs and DVDs, which replaced the vinyl disc and the VHS tape. These media, however, continued to evolution so much so that in recent years media outlets such as newspapers, movies, network TV, DVDs and video games became obsolete. Digital is the key factor. Media outlets such as newspapers, movies, DVDs and video games are more tangible and cost more money to produce. These tangible versions of media are temporary, while digital is a permanent, more efficient way of getting and sharing the message. Media outlets such as newspapers and magazines are printed versions and cost more money to produce. They require tons of paper which is disposable and ends up in the trash, polluting the environment, and cannot be...
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...Managers need not travel for Business In this world of advancement in technology we have reached a stage where we can communicate instantly. Advancements in communication technology with the developments in IT sector have led to a tremendous growth in virtual reality. As a matter of fact most of the IT systems are replacing traditional practices like maintaining large documents in offices. Everything is computerized But even today a lot of companies expect their managers to travel for Business meetings. Some of these meeting have an agenda of review of work which actually could be done through video conferences. Let us first understand why Business travels are being made. * Enjoyment - Many people love to travel and given enough time and resources, they would travel more. Enjoyment and the experience of being in another place are enough. * Keeping up with the trend - Behind the serious motive and purpose of business travel is the need to upgrade and keep up with the latest trends. And sometimes, by vacationing at a tourist spot can achieve just that. * Update information - Business meetings wherever it may be conducted also implies the exchange of information and business trends. When surrounded by contemporaries and colleagues, a businessperson can assess other possible ventures. * Achieving goals - Business is business. And as the saying goes, there is always a purpose for everything. And the fundamental purpose of a business meeting is either to impress...
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...STATEMENT OF UNDERSTANDING AND AGREEMENT FOR FASEB-MARC SELECTED SCIENTIFIC MEETINGS For acceptance of this travel award to a FASEB selected scientific meeting, please sign, date and fax this completed form to the FASEB MARC Program office at (301) 634-7353 To: From: Gail Pinder, FASEB MARC Program ____________________________________________________ Please print your name clearly Institution: __________________________________________________ Meeting Dates: ______________________________________________ _____________________________________________________________ Meeting/Conference Title RE: Acceptance of Selected Scientific Meeting Travel Award As indicated in the FASEB-MARC Travel Award letter, with my acceptance of the travel award to a Selected Scientific Meeting, I have read and accepted the FASEB-MARC Program “Rules of Reimbursement” and all conditions of the FASEB-MARC Travel Award Program. By signing below and enclosing a copy of my Social Security Card*, I am expressing my complete understanding and agreement with these conditions and terms. ____________________________________________________________ Signature of Travel Award Recipient Date FASEB MARC PROGRAM PHOTO CONSENT FORM I, _______________________________________________________, consent Participant’s Name (Please Print) to be photographed and/or videotaped on behalf of the FASEB MARC Program. I consent to use of the content of the photograph and/or videotape (including my name, image, words and voice)...
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...Video Digital Canon HDSLR 60D Sensibilidad ISO máxima Tamaño sensor Resolución sensor Montura óptica Máx. framerate Latitud Salidas vídeo 6400 APS-C 18 Mpix EF/EF-S 60 fps 8 stops miniHDMI 7D 6400 APS-C 18 Mpix EF/EF-S 60 fps 8 stops miniHDMI 6D 25600 Full Frame 20 Mpix EF 50 fps 8 stops miniHDMI 5D 25600 Full Frame 22 Mpix EF 50 fps 8 stops miniHDMI 1D 51200 Full Frame 18 Mpix EF 60 fps 12 stops miniHDMI Compuesto Formato grabación H.264 H.264 H.264 H.264 MJPEG H.264 Bitrate grabación Precio alquiler/hora 44Mbps 24€ 45.7Mbps 55€ 28 Mbps 59€ 38 Mbps 150€ 25 Mbps 295€ Canon C300, C500 C300 Sensibilidad ISO máxima Tamaño sensor Formato Imagen Captura Resolución sensor Montura óptica Latitud Salidas vídeo Salidas audio Entrada audio Formato grabación Bitrate grabación Precio alquiler/hora 20.000 Super 35mm 16:9 720p, 1080p 8 Mpix EF 12 stops HDSDI, SDI, HDMI Analógico 2ch 2x XLR-3 + Phantom MXF (MPEG-2) 50Mbps 215€ C500 20.000 Super 35mm 16:9 4K RAW, 2K RAW 8 Mpix EF 12 stops HDSDI, SDI, HDMI Analógico 2ch 2x XLR-3 + Phantom MXF (MPEG-2) 50Mbps 290€ Sony F65 Sensibilidad ISO máxima Tamaño sensor Formato Imagen Captura Max. Framerate Resolución sensor Montura óptica Latitud Salidas vídeo Formato grabación Bitrate grabación Precio alquiler/hora 800 Super 35mm 16:9 2K, 4K 120 fps 17,7 Mpix PL 14 stops HDSDI F65 RAW/SR Master 220-2400Mbps 890€ Arri Alexa Sensibilidad ISO máxima Tamaño sensor Formato...
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...* CONTABILIDAD * ------------------------------------------------- Caso Individual Siemens Publicado en: viernes 19 de abril de 2013 En referencia al caso individual Siemens, os cuelgo las preguntas sobre el mismo. * Análisis de la situación: Razones estratégicas del cambio a Prokasta * Cálculo de costes por el sistema tradicional (o pre-Prokasta) * Cálculo de costes por el sistema Prokasta. * Elementos críticos que aparecen al aplicar Prokasta * Conclusiones La idea es hacer un análisis de la aplicación del sistema de costes Prokasta y la repercusión que tiene desde todos los puntos de vista, estratégico, económico, etc. El caso ha de ser entregado antes del lunes 29 de abril a las 14:00 H (UTC/GMT +2) Es importante la puntualidad, porque empezaremos a tratar el caso siemens en el foro 14, con lo que el entregarlo tarde implicará que se ha empezado a hacer pública la solución del caso. El buzón se cerrará el lunes a las 14:15 h del lunes 29 de abril (por si los rezagados). El caso está en la documentación impresa del curso ------------------------------------------------- TECNOLOGÍA * Hola a todos. Como comentaba el viernes aquí van las instrucciones más detalladas para el trabajo final, siguiendo la línea de lo que explicaba el primer día, aunque reduciendo el tiempo – esfuerzo de preparación para que sea asequible para los grupos: - Cada grupo selecciona una tecnología que va a ser disruptiva para un sector. Se trata de complementar...
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