AssignmentInvestment Management, Fin 3720Final examAgreement: By submitting the complete final exam to Bb I agree that I have not given any help to another student nor has another person given help to me.Fall 20141. Only open Blackboard and Excel on your computer.2. Please save your file frequently on the computer's desktop.3. Please use the cells to the right of the data to make calculations, or you can add rows in the ss to make calculations.4. Write your comments in the folder "Written comments".5. When done rename the file to your ID number (no names) and post in Bb and email to [email protected]AssignmentWelcome to Alpha Value Investors, LLC. We are pleased you have joined our investment firm, and hope that you appreciate our approach to investing. Almost all of our clients have well-diversified, efficient portfolios. Most have a "reasonably conservative" risk profile, but are also interested in having a non-core part of their portfolios invested in individual securities.Unfortunately, Mike has been called to a meeting, but he would like your help on a recommendation to the investment committee. As a retail industry analyst, he is considering recommending one of two stocks to our clients next week. The firms are the Gap, Inc. (GPS) and Coach, Inc. (COH).In this file are analyst reports and data on the firms. Please analyze these two companies and make a recommendation of one firm to our clients to be purchased as a long-term investment. The non-core, security portion of their portfolios are balanced across sectors but additional weight in the consumer cyclical sector would improve the allocation. The investment committee meeting is in two hours and Mike will meet you out side the meeting room so please complete your analysis in this file and be prepared to share your findings with the committee and Mike.
Written commentsWritten comments:Note: Your are welcome to format this areas as you like to present the most compelling case for investing in one of the firms.
FrameworkBAGrowth70%80%Perf. Ratios70%60%Mkt. Metrics90%70%Cash flow70%65%Value Creation70%95%
B Growth Perf. Ratios Mkt. Metrics Cash flow Value Creation 0.7 0.7 0.9 0.7 0.7 A Growth Perf. Ratios Mkt. Metrics Cash flow Value Creation 0.8 0.6 0.7 0.65 0.95
FormulasFormulasSustainable growth rate gs = ROE * bInternal growth rate gi = ROE * b * (E/A)Free Cash Flow Ebit * (1-t) + depreciation - change in NWC - CapExDividend Discount Model (constant-growth)P0 = (D1 / (ke - gss))Value with non-constant growth modelsP0 = (Div1 / (1+ r)1) + (Div2 / (1+ r)2) + (Div3 / (1+ r)3) +(TV3 / (1+ r)3)Where TV3 = (Div4 / (r - gss))And, where Divn cnd be substituted for FCFnAnd, where ke is also called rAnd, where Terminal Value (TV) also called Horizontal ValueDividend Discount Model (no-growth)P0 = Div1 / keHolding period returnReturn = (D1 + (P1 - P0)) / P0CAPMke = rf + β (rm - rf), last element often referred to as "market premium"WACCWACC = ke (E / (E + D)) + kd (1 - t) (D / (E ...
Mercer Capital's Portfolio Valuation: Private Equity and Credit | Q1 2020Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Mien Phi Tai 10 Bai Assignment Mau Tu Moi Chu De
---------
Bài viết dưới đây chia sẻ các bài assignment mẫu tiêu biểu, đạt điểm cao. Các bạn cùng tìm hiểu luôn nhé.
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English - 5 - Strategic benchmarking in the supply chain triangle.Bram Desmet
This article is the fifth and last in a series of articles inspired by the book ‘Supply
Chain Metrics That Matter’. In her latest book Lora Cecere introduces ‘which are
the metrics that matter’, ‘how to ensure strength, balance and resilience’, what
are the ‘evolutions in different sectors’, …
In this fifth article, we investigate who are the product leader, the customer
intimacy players and the operational excellence leaders, in our technology
benchmark. We derive targets for Gross Profit, EBIT and Inventory Turns, and
show how they differ by chosen strategy. We hope you enjoy the reading.
RCL Foods Financial Performance and KPIs: A brief reply to Johan Rupert's req...DavidHolland87
Johan Rupert, the chairman of Remgro, asked for investors' suggestions for key performance indicators (KPIs). Attached is a brief analysis of RCL Foods financial performance, which is a Remgro holding that has reported poor performance over many years. KPIs aligned with value creation, and improved financial decision analysis would greatly benefit RCL Foods and its capital allocation. We do not provide a valuation, just a peek into why performance has been poor.
Pick an Apollo Mission that went to the Moon. Some mission only orb.docxssuser562afc1
Pick an Apollo Mission that went to the Moon. Some mission only orbited the Earth. Discuss the geological preparation that the astronuats had to complete on Earth and how they applied this to their explorations on the Moon. List three instances of preparation in the first paragraph of seven to eight sentences. And then list three applications in a second paragraph of seven to eight sentences. Use four sources: two library and two web resrouces.
.
Pick a topic from data.gov that has large number of data sets on wid.docxssuser562afc1
Pick a topic from data.gov that has large number of data sets on wide variety from healthcare to education, climate to public safety.
Pick a topic and Explore the possibilities of downloading the data, use any data visualization tool to create meaning information and visualizations.
Need 1-2 Pages documentation.
.
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Mercer Capital's Portfolio Valuation: Private Equity and Credit | Q1 2020Mercer Capital
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Marks and Trends Newsletter provides a brief digest and commentary of some of the most relevant market trends influencing the fair value regarding private equity portfolio investments.
Mien Phi Tai 10 Bai Assignment Mau Tu Moi Chu De
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Bài viết dưới đây chia sẻ các bài assignment mẫu tiêu biểu, đạt điểm cao. Các bạn cùng tìm hiểu luôn nhé.
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English - 5 - Strategic benchmarking in the supply chain triangle.Bram Desmet
This article is the fifth and last in a series of articles inspired by the book ‘Supply
Chain Metrics That Matter’. In her latest book Lora Cecere introduces ‘which are
the metrics that matter’, ‘how to ensure strength, balance and resilience’, what
are the ‘evolutions in different sectors’, …
In this fifth article, we investigate who are the product leader, the customer
intimacy players and the operational excellence leaders, in our technology
benchmark. We derive targets for Gross Profit, EBIT and Inventory Turns, and
show how they differ by chosen strategy. We hope you enjoy the reading.
RCL Foods Financial Performance and KPIs: A brief reply to Johan Rupert's req...DavidHolland87
Johan Rupert, the chairman of Remgro, asked for investors' suggestions for key performance indicators (KPIs). Attached is a brief analysis of RCL Foods financial performance, which is a Remgro holding that has reported poor performance over many years. KPIs aligned with value creation, and improved financial decision analysis would greatly benefit RCL Foods and its capital allocation. We do not provide a valuation, just a peek into why performance has been poor.
Pick an Apollo Mission that went to the Moon. Some mission only orb.docxssuser562afc1
Pick an Apollo Mission that went to the Moon. Some mission only orbited the Earth. Discuss the geological preparation that the astronuats had to complete on Earth and how they applied this to their explorations on the Moon. List three instances of preparation in the first paragraph of seven to eight sentences. And then list three applications in a second paragraph of seven to eight sentences. Use four sources: two library and two web resrouces.
.
Pick a topic from data.gov that has large number of data sets on wid.docxssuser562afc1
Pick a topic from data.gov that has large number of data sets on wide variety from healthcare to education, climate to public safety.
Pick a topic and Explore the possibilities of downloading the data, use any data visualization tool to create meaning information and visualizations.
Need 1-2 Pages documentation.
.
Pick an animal with sophisticated communication. Quickly find and re.docxssuser562afc1
Pick an animal with sophisticated communication. Quickly find and read at least two sources about their use of language and communication. Share your sources with us (you can paste links or have a Works Cited) and tell us what you think.
1) Do they have communication?
2) Do they have language?
3) Do they have sociolinguistics?
Primates, dogs, African Gray parrots, bees, and cats are all fun. Some cetaceans (water mammals) seem to have dialects and accents, as well as names.
.
Pick a real healthcare organization or create your own. Think about .docxssuser562afc1
Pick a real healthcare organization or create your own. Think about the reimbursement types that organization is basing the financial sustainability on. List the organization type (e.g., for profit, not-for-profit etc., a hospital, a minute clinic etc.). List the income streams appropriate (e.g., out of pocket, capitation, fee-for-service etc.). Discuss how we can use epidemiology to assess
served
population healthcare risks
that will affect cost of care and financial sustainability of your organization.
.
PHYS 102In the Real World” Discussion TopicsYou may choose yo.docxssuser562afc1
PHYS 102
“In the Real World” Discussion Topics
You may choose your topic of discussion*, provided it is germane to the concepts covered in this module.
Construct an engaging 3-paragraph initial post that ties one or more of the module’s concepts to the real world. The paragraphs should address the following points:
· Paragraph 1: Outline a general definition and description of the physics concepts/topics you have chosen to discuss*, referencing this week’s readings on the topics, as appropriate. Include descriptive features (as applicable) about the physics concepts – dependent factors, relevant terminology, conventions, common units of measure, etc.
· Paragraph 2: Summarize one or more impacts of the physics concept(s) to everyday life or aviation operations.
· Paragraph 3: You have two options for this paragraph:
1) Provide a real example, from an article or documented report (aircraft performance, incidents or accidents, for example), of the aviation impact of this physics concept.
2) Give us “your take” on the relevance and importance of this topic from your own perspective, by providing personal points of view or related experiences.
*Consider the following as good topic “starters” for discussion:
· What were your “Aha!” moments as you worked through the material?
· How does this module's content relate to your professional career? Personal life?
· How does this module's content relate to current events?
· Did you more deeply explore a topic only covered lightly in the course materials? What did you discover?
· What concepts (learning objectives) did you struggle with? What resources helped you overcome this hurdle?
NOTE: you may use one or more of the above (but not all) as primers to formulate your initial discussion post.
Page | 64
Page | 85
(
BSBMGT517
Manage operational plan
Learner Guide
)
Table of Contents
Table of Contents2
Unit of Competency5
Performance Criteria6
Foundation Skills7
Assessment Requirements9
Housekeeping Items10
Objectives10
1. Develop operational plan11
1.1 – Research, analyse and document resource requirements and develop an operational plan in consultation with relevant personnel, colleagues and specialist resource managers12
What is an operational plan?12
Research, analyse and document resource requirements14
Activity 1A17
1.2 – Develop and/or implement consultation processes as an integral part of the operational planning process18
Consultation processes18
Feedback19
Activity 1B20
1.3 – Ensure the operational plan includes key performance indicators to measure organisational performance22
Key Performance Indicators (KPIs)22
How to write a Key Performance Indicator22
Activity 1C24
1.4 – Develop and implement contingency plans for the operational plan25
Contingency plans25
Steps for creating a contingency plan25
Activity 1D29
1.5 – Ensure the development and presentation of proposals for resource requirements is supported by a variety of information sources and seek specialist advice as required.
Photosynthesis and Cellular RespirationCellular respiration .docxssuser562afc1
Photosynthesis and Cellular Respiration
Cellular respiration and photosynthesis form a critical cycle of energy and matter that supports the continued existence of life on earth. Describe the stages of cellular respiration and photosynthesis and their interaction and interdependence including raw materials, products, and amount of ATP or glucose produced during each phase. How is each linked to specific organelles within the eukaryotic cell. What has been the importance and significance of these processes and their cyclic interaction to the evolution and diversity of life?
The minimum length for this assignment is 1,500 words. Be sure to check your Turnitin report for your post
.
Philosophy of Inclusion Research SupportIt is not enough to simp.docxssuser562afc1
Philosophy of Inclusion Research Support
It is not enough to simply feel a personal obligation to include students with disabilities within general education environments. Sometimes, being a special education teacher involves persuading others to see the benefits of inclusion as well as how it can be successfully implemented to create a safe and positive learning environment to promote the well-being of students with disabilities.
Use the "Philosophy of Inclusion Research Support Template" to complete this assignment.
Support your findings with a minimum of three scholarly resources.
While APA format is not required for the body of this assignment, solid academic writing is expected, and in-text citations and references should be presented using APA documentation guidelines (TEMPLATE ATTACHED).
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Physical Assessment Reflection Consider your learning and gr.docxssuser562afc1
Physical Assessment Reflection
Consider your learning and growth in this course, reflecting upon “aha!” moments. Create a presentation that discusses the learning that occurred throughout the assessments completed in Shadow Health. Tina Jones Female 28 yrs with diagnosis of Asthma , dehydration, wound infection and allergic to penicillin.
Additional Instructions:
All submissions should have a title page and reference page.
Utilize a minimum of two scholarly resources.
Adhere to grammar, spelling and punctuation criteria.
Adhere to APA compliance guidelines.
Adhere to the chosen Submission Option for Delivery of Activity guidelines.
Submission Options:
Instructions:
Microsoft PowerPoint Presentation
8 to 10 slides. Add title and reference slides.
Follow Rules of 7.
.
Philosophy 2582 - Media Ethics Paper 1 (Noam Chomsky) .docxssuser562afc1
Philosophy 2582 - Media Ethics: Paper 1 (Noam Chomsky)
June 17, 2018 by 11:59pm
*Policy on Late Papers
I will accept your paper within one week of the due date but in this case I may not have
time to provide extensive feedback.
Papers submitted on time will be marked and returned within two - three weeks of submission.
If you have a good reason for submitting your paper after the deadline please let me know in
advance. You may be asked to provide a doctor’s note or other support documentation.
Instructions
1. Submit this paper through the Dropbox feature of the course. To access this, click on
Dropbox in the grey, horizontal menu near the top of the screen.
2. Ideally, the paper should be submitted as a file in RTF or Microsoft Word format.
Please do not submit files in WordPerfect (.wpd) or Microsoft Works (.wps) format since I will
have a hard time opening these files. If you use one of these programs, please convert your file to
RTF or Word format. You should also avoid PDF files since I need to be able to insert comments
into your paper.
3. Please include your name in the title of the file you submit (i.e., the file should be called
something like “JohnSmithEthicsPaper.doc”).
4. Please read the policy on late assignments (above) carefully.
Length: 1500 - 2000 words
Topic
If it is helpful, you can divide your paper into different sections.
Watch the Documentary Manufacturing Consent Noam Chomsky and the Media. Here is the
link: https://www.youtube.com/watch?v=eBhBfa6gK60
What, according to Chomsky, is manufactured consent, and what role does the media play in
manufacturing it? Discuss with reference to two (or more, if you like) pieces of current news
media (either print media or image/video based.
What is intellectual self-defense? What are some of the ways we can foster our own intellectual
self-defense? You may find the article “The Importance of Intellectual Self-Defense” – found in
the Readings and Assignments area – helpful with this section of your paper.
In your paper, please briefly address why these issues are ethical in nature. Part 1 of Unit 1 will
be helpful here.
Secondary Sources
Please use ONE outside text source on Chomsky in this assignment (scholarly article either
online or from a journal in the library - text, interview, etc.) Please do not use Chomsky himself
– but another writer/theorist. This is to help you understand some of the concepts involved here,
and also to help you understand that Chomsky’s views are often challenged.
Writing Advice
1. Never underestimate the importance of structure. Consider preparing an
outline of your paper either before you write it or when you are in the process of revising
it. If you can't give a clear, step-by-step breakdown of what you're trying to accomplish in
the paper, it's probably not a very good paper. You should also remember the importance
of a good, clear introduction a.
Pick a large company you like. Find their Statement of Cash Flow.docxssuser562afc1
Pick a large company you like. Find their Statement of Cash Flows on their latest annual report, (not a summary, but the actual financial statement).
Describe the three sections of cash flows and what they involve.
For each section, tell us the total amount, if it is positive or negative, and analyze what each one tells you about the company.
Upon studying its statement of cash flows, what does this combination of cash flows suggest to you about the firm?
Is there any additional information that you would like to see to better understand this company? If so, what?
.
Philosophy 7 Asian Philosophy (Fall 2019) Paper Guidelines .docxssuser562afc1
Philosophy 7: Asian Philosophy (Fall 2019)
Paper Guidelines
1
Paper #3: Chinese Philosophy
You may choose to write about either Confucianism (A) or Daoism (B).
(A) Confucianism: Kongzi (Confucius) or Mengzi (Mencius)
Choose a passage from one of the primary Confucian texts that we read: The Analects or
The Mengzi. Whatever you choose, you must confine your essay to one of our authors’
texts: either Confucius’ Analects or Mencius’ Mengzi. You may choose any passage you
like but you may only write within the context of one of the two thinkers.
and
Analyze and explain it as thoroughly and precisely as you can, staying close to the text
of the author you choose (using its terminology, following its reasoning, etc.). This point
is important: refer to, quote, paraphrase, and cite Confucius’ or Mencius’ text—his words, his
terms, his explanations, his examples, etc.—to aid your explanation of the idea. The closer you
stay to the text, the clearer your explanation will be.
(B) Daoism: Laozi or Zhuangzi
Choose a passage from one of the primary Daoist texts that we read: The Daodejing or
The Zhuangzi. Whatever you choose, you must confine your essay to one of our authors’
texts: either Laozi’s Daodejing or Zhuangzi’s Zhuangzi. You may choose any passage you
like but you may only write within the context of one of the two thinkers.
and
Analyze and explain it as thoroughly and precisely as you can, staying close to the text
of the author you choose (using its terminology, following its reasoning, etc.). This point
is important: refer to, quote, paraphrase, and cite Laozi’s or Zhuangzi’s text—his words, his
terms, his explanations, his examples, etc.—to aid your explanation of the idea. The closer you
stay to the text, the clearer your explanation will be.
Note on Daoism: Remember that these specific texts are notoriously opaque and
mysterious, and their purpose seems to be, quite explicitly in some cases, to effect an
experiential change in thinking on the part of the reader. So, if you choose this option, give
yourself time to let the text affect you and wash over you. It is common that the sense of
particular passages vacillates and shifts as one reads them again and again. So try—
without trying, of course (i.e., in a wu wei fashion)—to give yourself ample room to
maneuver within the text’s mysterious spaces, as Zhuangzi’s butcher’s blade
maneuver’s freely within the heavenly contours of the ox’s carcass.
Philosophy 7: Asian Philosophy (Fall 2019)
Paper Guidelines
2
In these papers, I want you to try to capture the essence of what you choose. You might
imagine that what you are trying to do is teach someone what passage means within the
context of Confucianism or Daoism.
I am looking for in-depth and detailed analysis/explanation.
Paper Details
Due Date
SUNDAY, May 3rd on Canvas by MIDNIGHT
Paper Length
At least 3 full pages of text (“full” beginning.
PIC.jpg
a.zip
APA.ppt
APA Style--Review
College of Business and Organizational Leadership
*
Why APA style?
Allows readers to cross-reference sources
Provides a consistent standard across program
Gives the student credibility as a writer and protection from plagiarism
Help students be more critical consumers of the information they read and select
*
American Psychological AssociationFormed in 1928 by editors and business managers of anthropological and psychological journalsGoal of developing consistency in formatting material
Format basics
Margins: One inch on all sides (top, bottom, left, right)
Font Size and Type: 10-12-pt. font (Times Roman, Courier, or Arial are acceptable typefaces)
Spacing: Double-space throughout the paper,
Alignment: Flush left (creating uneven right margin)
Paragraph Indentation: 5-7 spaces
Pagination: The page number appears one inch from the right edge of the paper on the first line of every page
*
HeadingsLevel 1:
Centered Upper- and Lowercase HeadingLevel 2:
Centered, Italicized, Upper and Lowercase HeadingLevel 3:
Flush Left, Italicized, Upper and Lowercase Side HeadingLevel 4:
Indented, italicized, lowercase paragraph heading ending with a period.
*
Headings
Example of 2 levels:
Management Styles
Authoritative
Example of 3 levels:
Management Styles
Authoritative
Taylor’s Carrot vs. Stick Method
*
Superscript #’s indicate heading level
Citing summariesSummarizing: condensing and restating another’s ideas in your own wordsExample:
Smith has written an entire book on how much she enjoys using APA format.
Smith (2003) explains that APA is fun.
APA is fun (Smith, 2003).Summarized information needs to be cited in both the text and the reference page
*
Citing paraphrasesParaphrasing: restating another’s ideas in your own wordsExample:
Smith’s direct quote on page 28 is as follow: “Using APA is great fun.”
Smith (2003) explains that APA is fun (p. 28).
APA is fun (Smith, 2003, p. 28).Paraphrased information needs to be cited in both the text and the reference page
*
Citing quotesUse block quotes when citing 40 or more words in a row
Wu (2002) has found self-fulfillment through APA:
APA citations have solidified my purpose and direction in life. Reading the Publication manual has helped me find structure and order in my chaotic, postmodern existence. As an instructor, one of my greatest joys is sharing this sense of order with others. (p. 174)WARNING: Avoid over-using block quotes in papers. Keep quotations, especially block quotes, to a minimum. Instead, use summaries and paraphrases whenever possible.
*
In-text citations
A direct quote… (Bradley, 1998, p.276).
Paraphrasing with one author (Bradley, 1998).
…with two authors… (Bradley & Calhoun, 1998).
…with three to five authors
(1st time only) (Bradley, Calhoun, Davis & Fitch, 1998).
…with three to five authors
(followi.
PHIL101 B008 Win 20 ! " # Assignments
AssignmentsAssignments
Assignment List Week 7 - Philosophical Essay
Week 7 - Philosophical EssayWeek 7 - Philosophical Essay
DUE: Feb 23, 2020 11:55 PM
Grade DetailsGrade Details
GradeGrade N/A
Gradebook CommentsGradebook Comments None
Assignment DetailsAssignment Details
Open DateOpen Date Jan 6, 2020 12:05 AM
Graded?Graded? Yes
Points PossiblePoints Possible 100.0
Resubmissions Allowed?Resubmissions Allowed? No
Attachments checked for originality?Attachments checked for originality? Yes
Assignment InstructionsAssignment Instructions
Objective: Students will write a Philosophical Essay for week 7 based on the course concepts.
Course Objectives: 2, 3, & 4
Task:
This 4 - 5 full page (not to exceed 6 pages) Philosophical Essay you will be writing due Week 7 is
designed to be a thoughtful, reflective work. The 4 - 5 full pages does not include a cover page or
a works cited page. It will be your premier writing assignment focused on the integration and
assessment relating to the course concepts. Your paper should be written based on the outline
! You can access the new Success Center via the left hand navigation in your classrooms. This tool
is updated regularly and provides access to hundreds of relevant resources geared towards
your academic and professional goals. Check it out!
"
https://edge.apus.edu/portal/site/432650/page-reset/2bba5324-c68b-4b04-9baa-1098523c2cc7
https://edge.apus.edu/portal/site/432650/tool-reset/b4ed8e22-9463-4014-92e5-da92ad3124b8
https://edge.apus.edu/portal/site/432650/tool-reset/b4ed8e22-9463-4014-92e5-da92ad3124b8
https://edge.apus.edu/portal/site/432650/tool/b4ed8e22-9463-4014-92e5-da92ad3124b8/student-assignment-list
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you submitted during week 4 combined with your additional thoughts and instructor feedback. You
will use at least three scholarly/reliable resources with matching in-text citations and a Works
Cited page. All essays are double spaced, 12 New Times Roman font, paper title, along with all
paragraphs indented five spaces.
Details:
You will pick one of the following topics only to do your paper on:
According to Socrates, must one heed popular opinion about moral matters? Does
Socrates accept the fairness of the laws under which he was tried and convicted? Would
Socrates have been wrong to escape?
Consider the following philosophical puzzle: “If a tree falls in the forest and there's no one around to
hear it, does it make a sound?” (1) How is this philosophical puzzle an epistemological problem?
And (2) how would John Locke answer it?
Evaluate the movie, The Matrix, in terms of the philosophical issues raised with (1) skepticism and
(2) the mind-body problem. Explain how the movie raises questions similar to those found in Plato’s
and Descartes’ philosophy. Do not give a plot summary of the movie – focus on .
Phase 3 Structured Problem Solving ProcessStep 1: Define the Problem
1. Develop/Implement Cycle Inventory
2. Develop software automation
a. Demand Forecasting
b. Cycle Inventory
c. Simulation
3. Create Benchmark of SCM
a. PlantronicsStep 2: Create a Plan
1. Develop/Implement Cycle Inventory
a. Reasons for Cycle Inventory
b. Context of SC Network and SC Stages
c. Best forecasted demand
d. Calculate Cycle Inventory and other values (Enter Formulas for each into Spreadsheet)
e. Graphically show Theia’s Cycle Inventory
2. Develop Software Automation
a. Automate Demand Forecasting in Visual Basic
b. Automate Cycle Inventory in Visual Basic
c. Show simulation of Software Module of Theia Vision’s Cycle Inventory/Demand Forecasting
3. Develop a Benchmark of SCM against PlantronicsStep 3: Execute the Plan
Following contents are the plan in execution.[1] - Cycle Inventory
Advantages/Reasons for Theia Having a Cycle Inventory
· Average amount inventory used to satisfy demand between shipments → allows Theia to take advantage of economies of scale
· Allows Theia to minimize total inventory costs
· Theia should keep the cycle inventory as low as possible to save money on shipping and storage of inventory costs. → key aspect to maximize profit
· Facilitates the balance of supply and demand for Theia’s products by allowing SPC to satisfy customer demand based on forecasts
· Implementing optimal quantity of inventory to receive from suppliers per each shipment/order allows Theia to minimize holding cost of inventory and transportation cost
· Overall, having a cycle inventory will allow SPC to reduce costs, therefore maximizing their profits
Context of Theia’s Supply Chain
Theia’s Supply Chain Network
Theia Vision’s Best Forecasted Demand for Year 4 (Winter’s Method)
Year
Annual Demand
Period
Forecast
1
578,166
1
15099
2
96110
3
182443
4
284514
2
1,492,695
5
219828
6
330269
7
416538
8
526060
3
2,365,871
9
359812
10
535437
11
659850
12
810772
4
2,504,131
13
499278
14
616411
15
662682
16
725260
Cycle inventory is the average inventory needed to meet customer demand between the order time and when the supply arrives.
Costs are part of the equation due to inventory storage expenses.
⇒ Therefore, we need to know the annual demand of our product as well as the material cost, shipping cost, and holding cost:
Demand (D) = Annual demand (obtained through forecasting) Year 4
2,504,131 Smart Glasses
Cost (C) = Price paid by the manufacturer to the supplier for 1 unit of supply
$300
Inventory holding cost (h%) = cost of holding $1 of inventory for 1 year.
0.1
Fixed Ordering Cost (S) = cost of placing the order and labor for receiving.
$3000
Lot Size (Q) = Number of units in 1 lot of shipment (quantity per shipment)
QL*= √
QL* = √
QL* =12920.6
The amount Theia should load onto each truck is about 12,920.6 Smart Glasses per shipment to minimize total cost based on forecasted demand for year 4. (Efficiency)
Cycle Inventory
QL*.
Phil 2101 Final PaperGuidelines Approximately 5 pages, doubl.docxssuser562afc1
Phil 2101: Final Paper
Guidelines: Approximately 5 pages, double spaced, 1” margins, 12 pt. font, to be submitted in hard copy at the time of the final exam.
In explaining each author’s respective arguments, you should use quotes from the text, to justify your attributions. However, no outside sources should be used.
No, bibliography is required, however, you should note in parentheses the page on which the quoted material is found (in either edition of the text).
Ex: Nagel claims that arguing that evil is only the absence of good will not help to dispel the problem, for “facts are not altered or abolished by rebaptizing them” (p. 91).
At least one page of the paper should be dedicated to your defense of the final question of each option.
Option 1: Are there rational grounds for belief in God despite the existence of evil? Critically
evaluate Nagel's argument for atheism against Swinburne's theodicy. Does Swinburne provide a sufficient response to the problem of evil in your view? Why or why not? Defend your answer.
Option 2: Are human beings free and responsible agents? Weigh the argument for hard
determinism (discussed by Ayer) against either Ayer or Frankfurt's soft determinist response and the libertarian argument posed by Taylor. Who has the best argument, in your view, and why? Defend your answer.
Option 3: Mill alleges that morally correct actions are those that result in the greatest happiness for all affected? Is this true? Consider the objections to utilitarianism raised by the problem cases in Williams's "Critique of Utilitarianism" and/or the so-called Trolley Problem. Are these real problems for the theory or does the Utilitarian get the answer right even in these difficult cases? Defend your answer.
NOTE: All papers submitted in hard copy are scanned and uploaded in .pdf format to TurnItIn for archiving and plagiarism detection purposes. It is your responsibility to review the university guidelines on plagiarism prior to submission. Plagiarism will result in an automatic F for the class and initiation of BC disciplinary proceedings. DON’T RISK IT!
.
Perspectives on WarInstructionsAnalyze After watching .docxssuser562afc1
Perspectives on War
Instructions:
Analyze: After watching the news clip about the first Gulf War, analyze the points made in the news clip and answer the following questions:
How do Americans know about the Gulf War, in which very few Americans actually took part?
How do people know about experiences and events outside of their own individual reality?
How are the perspectives of each of the primary groups involved represented to members of that group and to people outside of that group?
How does the media dictate and define what people believe about the world outside of their own?
What role does the media play in constructing, refining, and perpetuating a specific narrative according to the people who profit from these conflicts?
Please be sure to validate your opinions and ideas with citations and references in APA format.
AL Jazeera is funded in whole or in part by the qateri government
Instructions:
Please post 1 peer response
In the response post, include the following:
Share something that you have seen in your life which seems different from other people's perceptions
How does social media dictate and define what people believe about the world outside of their own?
How does social media filter the different perspectives you are exposed to by only showing you things that you are interested in?
Please be sure to validate your opinions and ideas with citations and references in APA format.
Reference
Al Jazeera English. (2011, January 8).
The listening post – Selling the first Gulf War
[Video]. YouTube. https://youtu.be/cx_VQf4eOQQ
AL Jazeera is funded in whole or in part by the qateri government
https://www.youtube.com/watch?v=cx_VQf4eOQQ&feature=emb_logo
.
pestle research for chile bolivia paraguay uruguay .docxssuser562afc1
pestle research for
chile
bolivia
paraguay
uruguay
argentina
from an ecommerce point of you.
should they invest and expand into these countries?
use the pestle analysis method and give me the countries with the research under them
use valid and fresh sources
the first draft is attached which you do not have to use.
i need details and specific information
.
Pg. 04Question Four Assignment 2Deadline Saturd.docxssuser562afc1
Pg. 04
Question Four
Assignment 2
Deadline: Saturday 21/03/[email protected] 23:59
[Total Mark for this Assignment is 5]
E-Portals Development
IT405
College of Computing and Informatics
Question One
1.5 Mark
Learning Outcome(s):
Evaluate the effectiveness of portals.
Content proxy is a web service on your server that can fetch data from external URLs and return it to the browser. How does the proxy improve the load time for users?
Question Two
1.5 Marks
Learning Outcome(s):
Recognize the main elements of portals development.
What are the advantages and disadvantages of using HTTP POST for web service calls?Question Three
1 Mark
Learning Outcome(s):
Recognize the main elements of portals development.
What is the full form of LINQ? Explain LINQ to SQL. Question Four
1 Mark
Learning Outcome(s):
Evaluate the effectiveness of portals
What are the advantages of combining multiple Ajax calls into one call? Write any TWO.
.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
2024.06.01 Introducing a competency framework for languag learning materials ...
AssignmentInvestment Management, Fin 3720Final examAgreement By s.docx
1. AssignmentInvestment Management, Fin 3720Final
examAgreement: By submitting the complete final exam to Bb I
agree that I have not given any help to another student nor has
another person given help to me.Fall 20141. Only open
Blackboard and Excel on your computer.2. Please save your file
frequently on the computer's desktop.3. Please use the cells to
the right of the data to make calculations, or you can add rows
in the ss to make calculations.4. Write your comments in the
folder "Written comments".5. When done rename the file to
your ID number (no names) and post in Bb and email to
[email protected]AssignmentWelcome to Alpha Value Investors,
LLC. We are pleased you have joined our investment firm, and
hope that you appreciate our approach to investing. Almost all
of our clients have well-diversified, efficient portfolios. Most
have a "reasonably conservative" risk profile, but are also
interested in having a non-core part of their portfolios invested
in individual securities.Unfortunately, Mike has been called to a
meeting, but he would like your help on a recommendation to
the investment committee. As a retail industry analyst, he is
considering recommending one of two stocks to our clients next
week. The firms are the Gap, Inc. (GPS) and Coach, Inc.
(COH).In this file are analyst reports and data on the firms.
Please analyze these two companies and make a
recommendation of one firm to our clients to be purchased as a
long-term investment. The non-core, security portion of their
portfolios are balanced across sectors but additional weight in
the consumer cyclical sector would improve the allocation. The
investment committee meeting is in two hours and Mike will
meet you out side the meeting room so please complete your
analysis in this file and be prepared to share your findings with
the committee and Mike.
Written commentsWritten comments:Note: Your are welcome to
format this areas as you like to present the most compelling
case for investing in one of the firms.
2. FrameworkBAGrowth70%80%Perf. Ratios70%60%Mkt.
Metrics90%70%Cash flow70%65%Value Creation70%95%
B Growth Perf. Ratios Mkt. Metrics Cash flow Value
Creation 0.7 0.7 0.9 0.7 0.7 A Growth Perf. Ratios
Mkt. Metrics Cash flow Value Creation 0.8 0.6 0.7
0.65 0.95
FormulasFormulasSustainable growth rate gs = ROE * bInternal
growth rate gi = ROE * b * (E/A)Free Cash Flow Ebit * (1-t) +
depreciation - change in NWC - CapExDividend Discount
Model (constant-growth)P0 = (D1 / (ke - gss))Value with non-
constant growth modelsP0 = (Div1 / (1+ r)1) + (Div2 / (1+ r)2)
+ (Div3 / (1+ r)3) +(TV3 / (1+ r)3)Where TV3 = (Div4 / (r -
gss))And, where Divn cnd be substituted for FCFnAnd, where
ke is also called rAnd, where Terminal Value (TV) also called
Horizontal ValueDividend Discount Model (no-growth)P0 =
Div1 / keHolding period returnReturn = (D1 + (P1 - P0)) /
P0CAPMke = rf + β (rm - rf), last element often referred to as
"market premium"WACCWACC = ke (E / (E + D)) + kd (1 - t)
(D / (E + D)), at market weightsReturn on Invested Capital
(ROIC)(EBIT * (1-t)) / (Total assets - excess cash (if any) -
non-interesting bearing current liabilities)Note: There are many
ways to calculate ROIC, this is just one simple one.
Analyst Note COHCoach is investing in its brand for the long
term, although patience is needed in the short term.by Paul
Swinand Authors can be reached at Analyst Feedback
Morningstar's Editorial PoliciesAnalyst NoteCoach's Fiscal 1Q
Sales and Earnings Show Brand Relaunch On Track; Shares
Still Below Fair Value by Paul Swinand,
10/28/2014MorningstarInvestment Thesis 10/13/2014 Coach has
developed a narrow economic moat through a brand that enables
pricing, sourcing and distribution advantages, and capital
efficiency. Despite the company's recent struggles, it is still
creating economic profits, and at a level greater than most
3. retailers.Attention to capital efficiency and consumers' strong
brand loyalty have been key drivers of Coach's economic
returns. We judge brand to be more important in bags and
leather accessories than other softgoods categories as consumers
tend to be more brand-loyal. Despite Coach's long-run plans to
increase penetration in footwear and ready-to-wear, we believe
accessories will remain the core of the business. The men's
business also offers some upside; it currently constitutes around
14% of sales. Coach's international business is still
underdeveloped and represents an opportunity if growth there
can continue for the long run. Although fiscal 2013 and 2014
struggles highlight Coach's market concentration in North
America, using long-run success in Japan as a guide, we think
there is plenty of room for Coach to take market share in other
geographies. In Japan, Coach has had flat to low-single-digit
growth for the past 10 years while competitors generally have
experienced declines. The company entered Europe in 2012
through department store partnerships and is now penetrating
further wholesale accounts and opening retail stores. We believe
there is room for a brand such as Coach offering uniquely
American styles and high-quality products at lower price points.
In China, Coach lags other luxury brands with respect to sales,
but has greater growth potential. The company increased its
China business to more than $100 million in 2010 and
approximately $550 million in fiscal 2014. Coach should also
see higher operating margins in China as it expands because of
lower operating costs and higher gross margins. In Europe,
where Coach has just a small number of boutiques and is
developing dedicated shops in department stores, the company
should leverage selling, general, and administrative expenses
over time and now projects $100 million in revenue in fiscal
2015.Economic Moat 10/13/2014 While Coach might not have
complete pricing power because of the price/value equation
inherent at some level in consumers' decision to purchase its
midtier luxury offerings, the company's ability to design,
distribute, and source has historically enabled it to produce high
4. operating margins. Coach's gross margins (currently in the high
60s despite recent headwinds), and gross margin return on
investment (taking inventory value and turns into account) are
among the best in our coverage list, lending evidence that the
firm has some pricing power in the range where it competes.
Despite the short-term adverse fashion cycle, we believe the
Coach brand to be valuable and believe the company will again
be able to return to high operating margins, which should drive
returns on capital back into the high 20s and even 30s. Thus, in
our opinion, Coach's brand and premium pricing warrant a
narrow economic moat. Brand history and the extensive,
directly operated, and wholesale distribution network also
contribute to the defensibility of the position, in our thinking,
and although currently in a reinvestment phase, the revamping
and refurbishment of the network only serve to reinforce the
brand image and solidify the economic moat. Our viewpoint is
supported by returns on capital that have averaged over 40%
before fiscal 2013. Operating margins have averaged above 30%
in the past, and despite short-term declines in fiscal 2014 and
2015, they can eventually reach the high 20s again, in our
view.Valuation 10/28/2014 Our fair value estimate remains $45
per share, as we have incorporated fiscal first-quarter results
and management's reiteration of full-year guidance for low-
double-digit revenue declines and high teens operating margins.
Our fair value estimate implies 18 times forward fiscal June
2015 year-ending earnings per share. On an enterprise
value/EBITDA basis, our valuation implies 9 times fiscal June
2015 estimates, and on a cash flow yield basis, our fair value
estimate suggests approximately 3.7% cash flow yield for fiscal
2015, at the low end of a five-year historical range of 4%-6%.
Fiscal 2015 metrics include $55 million in one-time charges for
store closings and restructuring. Our estimate for earnings per
share in fiscal 2015 has not changed from $1.69 GAAP, and our
adjusted earnings per share estimate is up by one penny to
$1.82. For fiscal 2015 (year ended June), we project a revenue
decline of 13.1% (unchanged), with mid-20s negative same-
5. store sales growth implied in North America. Gross margins are
now forecast to be below 68%, less than company guidance for
around 70%. Although cost pressure worries have diminished,
increased SG&A around the design changes should cause
operating margins to dip below 18%, in line with the company's
expectations of high-teens operating margin but more negative
than our prior assumptions. We model roughly 100 basis points
of additional gross margin decline, year over year, in fiscal
2015, as we remain concerned that some inventory clearing may
still have to occur in the outlets and that fresh product from the
new designer may face some reluctant consumer acceptance. In
fiscal 2015, we model capital spending of $450 million. Over
our 10-year explicit forecast period, we model operating
margins first averaging 23.7% for the first five years going from
under 18% in fiscal 2015 to over 27% in year five, and
remaining between 26% and 27% after that. This is somewhat
more conservative than the company's plans to return to 30%
operating margins by fiscal 2019. Top-line growth to reach our
cash flow-based valuation averages just over 4%, or just over
6% excluding the previously mentioned 13% decline forecast
for fiscal 2015. Although we have increased our capital
spending assumptions for fiscal 2015 through 2017, we model
spending eventually returning to 4%-5% of sales.Risk
10/13/2014 Remaining fashionable and extending the brand are
constant risks at Coach, and as such we assign the firm a high
uncertainty rating. If Coach extends the brand beyond what
consumers understand it to be, the company could damage its
core image or create confusion in consumers' minds. Coach has
embarked on an ambitious plan to expand its product lines and
become a full lifestyle brand, not unlike many older and more
prestigious European luxury brands, but the strategy is not
without risk. It is also now undertaking a pullback on
promotions and a repositioning of the store base, in the same
year it will launch new product lines from recently hired chief
design officer Stuart Vevers. New designers hold promise, but
there is always the risk that new lines and looks are not
6. accepted by the public. In addition, there is fashion and
execution risk at the product levels. Footwear does leverage
some competitive advantages in leather sourcing but, in our
opinion, is a different category from bags and accessories.
Men's accessories have lower risk, in our opinion, and we agree
that the men's leather goods market is underserved, but we
cannot be sure that the extension will not dilute the women's
business. The new fashion designs have met with very positive
reviews in the fashion press, yet no amount of testing and
publicity can assure success with consumers.While Coach has
established a niche in the fashion world, and customers are very
brand-loyal in the handbag and accessories category, it runs the
risk that changes in tastes and preferences will eventually lead
consumers to believe it is a brand for a past era. Coach also has
been successful thus far extending the brand into new
geographies, and a portion of our fair value estimate is based on
that continued expansion. Today, sales growth prospects appear
strong, but there is a risk that new entrants or other market
forces could derail the international projects that today look
promising for Coach.Management 10/13/2014 Lew Frankfort
was replaced by Victor Luis at the beginning of 2014. Luis, who
was head of international operations, has been assembling a new
team of designers and management, including a new creative
director, Stuart Vevers. His experience includes terms as CEO
of Baccarat, running North America, and with other LVMH
brands earlier in his career. We believe his international
experience will be important to develop the future growth of the
firm. A majority of Coach's board is independent, and officers
and directors own nearly 5% of the shares outstanding.
Frankfort is currently chairman but will retire after the
November annual meeting. Jide Zeitlin, currently the lead
outside director, will be appointed the next chairman of the
board. Thus the chairman and CEO roles will remain split, a
structure we view favorably. We believe management does a
good job of providing transparency around the business.
Overall, corporate governance is sound and aligned with
7. shareholders, in our opinion, and we rate Coach's stewardship of
shareholder capital as exemplary given its long record of above-
average returns and recent actions to return cash to
shareholders. We note that in 2013, Frankfort bought Coach
shares on the open market, despite having announced his
diminishing role.Overview Profile: Coach is a manufacturer,
distributor, and retailer of handbags and accessories and is
expanding to broader product categories. Its products offer the
quality of higher luxury brands but at more attractive price
points. While 60% of sales come from more than 500 North
American retail stores, Coach also sells its products through
department stores, international shops, the Internet, its catalog,
and Coach stores in Japan and China. Coach recently
established a foothold in Europe, where it plans to reach $100
million in sales in fiscal 2015.S&P 500 index data: S&P 500
Copyright @ 2014
COH ISCOACH INC (COH) INCOME STATEMENTFiscal year
ends in June. USD in millions except per share data.2010-
062011-062012-062013-062014-
06Revenue3,6084,1594,7635,0754,806YOY growth
rate15%15%7%-
5%Avg.8%CAGR7%gs40%45%43%32%17%GDP - current
$GDP raalGDP const.Cost of
revenue9741,1351,2971,3771,509Gross
profit2,6343,0243,4663,6983,297Operating expensesSales,
General and administrative1,4841,7191,9542,1742,177YOY
growth rate16%14%11%0%Avg.10%CAGR10%Operating
income1,1501,3051,5121,5251,12013%16%1%-
27%Avg.1%CAGR-1%Other income (expense)2-4 -6 -4
2Income before income
taxes1,1521,3011,5061,5211,122Provision for income
taxes41742046748634136%32%31%32%30%Avg.32%Net
income from continuing operations7358811,0391,034781Net
income7358811,0391,03478120%18%-0%-
24%Avg.3%CAGR2%Net income available to common
shareholders7358811,0391,034781Earnings per
8. shareBasic2.362.993.603.662.81YOY growth rate27%20%2%-
23%Avg.6%CAGR4%Diluted2.332.923.533.612.79Weighted
average shares
outstandingBasic311295288282278Diluted316302294286280EB
ITDA1,2771,4301,6451,6881,309YOY growth rate12%15%3%-
22%Avg.2%CAGR1%ROIC40%43%42%37%25%NOPAT77888
310231031757Invested capital1,9382,0432,4082,8102,990Free
cash flow9057917627981,237
COH BSCOACH INC (COH) BALANCE SHEETFiscal year
ends in June. USD in millions except per share data.2010-
062011-062012-062013-062014-06AssetsCurrent
assetsCashCash and cash equivalents5967009171,063592Short-
term investments100272277Total
cash6967029171,13586971%62%71%82%58%Receivables10914
3174175199Inventories363422504525526Deferred income
taxes779495111113Prepaid expenses303845Other current
assets269211387104Total current
assets1,3031,4521,8052,0711,855Non-current assetsProperty,
plant and equipmentLand155169169169169Fixtures and
equipment364427525598579Other
properties515570638700734Property and equipment, at
cost1,0341,1661,3321,4671,482CapEx-132 -166 -135 -15
Accumulated Depreciation-485 -584 -687 -772 -768 Property,
plant and equipment, net548582644695714Equity and other
investments6197485Goodwill306331376345361Intangible
assets1010101010Deferred income taxes1561049585112Other
long-term assets138156174129127Total non-current
assets1,1641,1831,3001,4611,808Total
assets2,4672,6353,1043,5323,663Liabilities and stockholders'
equityLiabilitiesCurrent liabilitiesShort-term
debt11220140Accounts payable106119155179154Accrued
liabilities423408455448426Other current
liabilities65869593Total current
liabilities529593718723813NWC7748591,0871,3481,042-85 -
228 -261 306Non-current liabilitiesLong-term
debt242310Deferred taxes liabilities60Deferred
9. revenues163139Other long-term
liabilities409244253400370Total non-current
liabilities433430393400429Total
liabilities9621,0231,1111,1231,242Stockholders'
equityCommon stock3333Additional paid-in
capital1,5032,0002,3272,5202,646Retained earnings-30 -446 -
387 -102 -219 Accumulated other comprehensive
income325550-12 -9 Total stockholders'
equity1,5051,6131,9932,4092,421Total liabilities and
stockholders' equity2,4672,6353,1043,5323,663
COA CFCOACH INC (COH) Statement of CASH FLOWFiscal
year ends in June. USD in millions except per share data.2010-
062011-062012-062013-062014-06Cash Flows From Operating
ActivitiesNet income7358811,0391,034781Depreciation &
amortization127125133163189Deferred income taxes-17 4028-7
-23 Stock based compensation819610812095Accounts
receivable4-32 -27 -14 -24 Inventory-34 -65 -72 -39 -64
Accounts payable1103630-30 Accrued
liabilities6854849914Other working capital64-29 -40 27-58
Other non-cash items-39 -46 -67 0105Net cash provided by
operating activities9911,0331,2221,414985Cash Flows From
Investing ActivitiesInvestments in property, plant, and
equipment-81 -148 -184 -241 -220 Acquisitions, net-1 -53 -147
-4 Purchases of investments-230 -234 -171 -631
Sales/Maturities of investments1303222146Other investing
charges-24 -11 Net cash used for investing activities-182 -60 -
259 -570 -708 Cash Flows From Financing ActivitiesShort-term
borrowing-7 Long-term debt issued450Long-term debt
repayment-1 -1 -1 -22 -310 Excess tax benefit from stock based
compensation2858682712Warrant issued185Repurchases of
treasury stock-1,150 -1,098 -700 -400 -525 Cash dividends
paid-94 -178 -260 -340 -376 Other financing activities205344-
34 462Net cash provided by (used for) financing activities-
1,020 -875 -742 -689 -748 Effect of exchange rate changes75-3
-9 -1 Net change in cash-204 103217146-471 Cash at beginning
of period8005967009171,063Cash at end of
10. period5967009171,063592Free Cash FlowOperating cash
flow9911,0331,2221,414985Capital expenditure-81 -148 -184 -
241 -220 Free cash flow9108861,0371,173766Supplemental
schedule of cash flow dataCash paid for income
taxes364364439445Cash paid for interest1121
COA RatiosKey Ratios -> ProfitabilityMargins % of Sales2010-
062011-062012-062013-062014-
06Revenue100100100100100COGS27.027.327.227.131.4Gross
Margin73.072.772.872.968.6SG&A41.141.341.042.845.3R&DOt
herOperating Margin31.931.431.730.023.3Net Int Inc &
Other0.1-0.1 -0.1 -0.1 0.1EBT
Margin31.931.331.630.023.4Profitability2010-062011-062012-
062013-062014-06Tax Rate %36.232.331.032.030.4Net Margin
%20.421.221.820.416.3Asset Turnover
(Average)1.41.61.71.51.3Return on Assets
%29.234.536.231.221.7Financial Leverage
(Average)1.61.61.61.51.5Return on Equity
%45.956.557.647.032.4Return on Invested Capital
%45.155.656.946.731.4Interest CoverageKey Ratios ->
Growth2010-062011-062012-062013-062014-06Revenue %Year
over Year11.715.314.56.6-5.3 3-Year
Average11.49.413.812.14.95-Year
Average16.114.512.89.88.310-Year
Average20.721.020.818.213.8Operating Income %Year over
Year18.313.515.90.8-26.5 3-Year Average5.04.415.99.9-5.0 5-
Year Average13.111.38.85.92.910-Year
Average35.329.127.520.19.7Net Income %Year over
Year17.919.918.0-0.4 -24.5 3-Year Average3.54.018.612.1-3.9
5-Year Average13.612.39.45.74.610-Year
Average34.330.028.321.611.6EPS %Year over
Year22.025.320.92.3-22.7 3-Year Average9.810.422.715.7-1.5
5-Year Average18.418.114.910.77.910-Year
Average36.331.431.124.815.2Key Ratios -> Cash Flow2010-
062011-062012-062013-062014-06Cash Flow RatiosOperating
Cash Flow Growth % YOY428Free Cash Flow Growth % YOY-
266 Cap Ex as a % of Sales2.33.63.94.84.6Free Cash Flow/Sales
11. %25.221.321.823.115.9Free Cash Flow/Net
Income1.21.01.01.11.0Key Ratios -> Financial Health2010-
062011-062012-062013-062014-06Balance Sheet Items (in
%)Cash & Short-Term Investments2827303224Accounts
Receivable45655Inventory1516161514Other Current
Assets57777Total Current Assets5355585951Net
PP&E2222212019Intangibles1313121010Other Long-Term
Assets121091220Total Assets100100100100100Accounts
Payable45554Short-Term Debt00104Taxes PayableAccrued
Liabilities1716151312Other Short-Term Liabilities2333Total
Current Liabilities2123232022Long-Term Debt1100Other Long-
Term Liabilities1715131112Total Liabilities3939363234Total
Stockholders' Equity6161646866Total Liabilities &
Equity100100100100100Liquidity/Financial Health2010-
062011-062012-062013-062014-06Current
Ratio2.52.52.52.92.3Quick Ratio1.51.41.51.81.3Financial
Leverage1.61.61.61.51.5Debt/Equity0.00.0Key Ratios ->
Efficiency Ratios2010-062011-062012-062013-062014-
06EfficiencyDays Sales Outstanding11.011.112.212.614.2Days
Inventory129.2126.2130.3136.4127.1Payables
Period39.136.138.644.340.2Cash Conversion
Cycle101.1101.3103.9104.7101.0Receivables
Turnover33.133.030.029.025.7Inventory
Turnover2.82.92.82.72.9Fixed Assets
Turnover6.37.47.87.66.8Asset Turnover1.41.61.71.51.3
COA Key StatsFrom Yahoo! FinanceKey StatisticsData
provided by Capital IQ, except where noted.Trading
InformationValuation MeasuresStock Price HistoryMarket Cap
(intraday)5:9.74BBeta:0.75Enterprise Value (Nov 19,
2014)3:8.99B52-Week Change3:-34.0%Trailing P/E (ttm,
intraday):14.4S&P500 52-Week Change3:15.2%Forward P/E
(fye Jun 28, 2016)1:17.252-Week High (Nov 29,
2013)3:57.95PEG Ratio (5 yr expected)1:3.452-Week Low (Nov
5, 2014)3:32.72Price/Sales (ttm):2.150-Day Moving
Average3:34.69Price/Book (mrq):4.0200-Day Moving
Average3:36.62Enterprise Value/Revenue (ttm)3:1.9Share
12. StatisticsEnterprise Value/EBITDA (ttm)6:6.9Avg Vol (3
month)3:4,109,440Financial HighlightsAvg Vol (10
day)3:3,709,440Fiscal YearShares Outstanding5:275.59MFiscal
Year Ends:6/28/14Float:273.22MMost Recent Quarter
(mrq):9/27/14% Held by Insiders1:0.91%Profitability% Held by
Institutions1:89.30%Profit Margin (ttm):14.5%Shares Short (as
of Oct 31, 2014)3:26.04MOperating Margin (ttm):23.7%Short
Ratio (as of Oct 31, 2014)3:5.4Management EffectivenessShort
% of Float (as of Oct 31, 2014)3:9.5%Return on Assets
(ttm):19.5%Shares Short (prior month)3:27.73MReturn on
Equity (ttm):28.3%Dividends & SplitsIncome StatementForward
Annual Dividend Rate4:1.35Revenue (ttm):4.69BForward
Annual Dividend Yield4:3.8%Revenue Per Share
(ttm):17Trailing Annual Dividend Yield3:1.35Qtrly Revenue
Growth (yoy):-9.70%Trailing Annual Dividend
Yield3:3.8%Gross Profit (ttm):3.30B5 Year Average Dividend
Yield4:2.3%EBITDA (ttm)6:1.30BPayout Ratio4:55.0%Net
Income Avl to Common (ttm):682.54MDividend
Date3:12/29/14Diluted EPS (ttm):2.45Ex-Dividend
Date4:12/3/14Qtrly Earnings Growth (yoy):-45.30%Last Split
Factor (new per old)2:2:01Balance SheetLast Split
Date3:4/5/05Total Cash (mrq):907.50MTotal Cash Per Share
(mrq):3.29Total Debt (mrq):170.00MTotal Debt/Equity
(mrq):6.97Current Ratio (mrq):2.37Book Value Per Share
(mrq):8.85Cash Flow StatementOperating Cash Flow
(ttm):960.21MLevered Free Cash Flow (ttm):705.62MSee Key
Statistics Help for definitions of terms used.Abbreviation
Guide: K = Thousands; M = Millions; B = Billionsmrq = Most
Recent Quarter (as of Sep 27, 2014) ttm = Trailing Twelve
Months (as of Sep 27, 2014) yoy = Year Over Year (as of Sep
27, 2014) lfy = Last Fiscal Year (as of Jun 28, 2014) fye =
Fiscal Year Ending1 Data provided by Thomson Reuters2 Data
provided by EDGAR Online3 Data derived from multiple
sources or calculated by Yahoo! Finance4 Data provided by
Morningstar, Inc.5 Shares outstanding is taken from the most
recently filed quarterly or annual report and Market Cap is
13. calculated using shares outstanding.6 EBITDA is calculated by
Capital IQ using methodology that may differ from that used by
a company in its reportingCurrency in
USD.http://us.rd.yahoo.com/finance/capiq/SIG=10r7m9m4m/*ht
tp:/www.capitaliq.com/http://help.yahoo.com/l/us/yahoo/finance
/tools/fitakeystats.html
Analyst Note GPSGap has a positive moat trend, but we expect
near-term weakness in the core Gap brand.Morningstar,
IncBridget WeishaarAnalyst Note 11/06/2014 In tonight's
October monthly sales report, Gap reported third-quarter sales
and updated earnings guidance. As expected, Gap's third-quarter
comp growth came in on the weak side, suffering under the
pressure of product missteps at the core Gap brand. That being
said, guidance for third-quarter earnings per share in the range
of $0.78-$0.79 was better than we'd expected, with management
stating strength in both gross margin rate and operating
expenses. We await additional commentary on earnings
performance but tentatively think that this could be a reflection
of improving inventory management and supply chain
investments--the basis for our positive moat trend rating.
Although we expect it to take some time to get the Gap product
back on track, we remain comfortable in the intrinsic strength of
the brand portfolio and our narrow moat rating. We expect no
change to our $48 fair value estimate as we expect the
unexpected strength in margin to offset most of the weakness in
the top line. We look forward to additional color when the
company presents its third-quarter results on Nov. 20.Total
third-quarter comparable sales declined 2% year over year with
Gap Global down 5%, Banana Republic Global flat, and Old
Navy Global up 1%. For the third quarter, Gap's net sales were
$3.97 billion, down from $3.98 billion in the third quarter of
fiscal 2013. Management now expects diluted earnings per share
of $0.78 to $0.79 for the quarter (including a $0.06 benefit from
a lower effective tax rate versus third quarter 2013), up from
$0.72 in third quarter fiscal 2013 and better than expectations at
the September sales update. As a reminder, in the September
14. sales release, management had expected gross margins for the
third quarter to be moderately down from the prior year and that
operating expenses would be approximately 8% above the third
quarter of 2013.Investment Thesis 08/25/2014 Gap is one of the
most iconic of American brands, selling basics at affordable
prices. The company scored a second hit with Old Navy, which
has a slightly more family and value oriented bent. Together the
two brands compose almost 80% of the company’s revenue.
Although competition has flooded the space, namely through
fast fashion retailers H&M, Zara, and Uniqlo, the company has
delivered about 14% average annual adjusted return on invested
capital over the last three years--evidence of brand strength and
a narrow economic moat, in our opinion. The challenge the
company now faces is to minimize fashion misses and inventory
mismatches through a responsive supply chain, to become more
technologically sophisticated for younger consumers, and to
maintain a differentiated and relevant brand identity in the face
of growing fast fashion competition.On many fronts Gap is
succeeding. The company has been right-sizing its store base
while growing its online presence, shedding about 14% of the
North America specialty fleet since 2008 and growing e-
commerce to 14% of sales in 2013 (roughly doubling in five
years). In fact, rebalancing the portfolio toward online, outlet
stores (550 by the end of 2014), and franchise stores (450 stores
by end of 2014) has contributed about 12 points of contribution
shifts toward higher returning channels since 2008 (now 31% of
business). We think further margin expansion is on the horizon
and that this is an underappreciated opportunity. We believe
that investments in seamless inventory, omni-channel, and
responsive supply chain development could narrow the spread
between Gap's 12% average operating margin (last three years)
and the high teens margins at fast-fashion competitors Inditex
and H&M. Successful execution of these projects should put
Gap’s planning calendar and manufacturing and distribution
processes more in line with global competition and enable a
pull-based ordering system which better aligns supply and
15. demand and increases full-price sell-through. We think returns
can begin to be seen in 2015 and that full seamless inventory
and 50% penetration of the responsive model assortment can be
achieved by the end of 2016.Economic Moat 08/25/2014 We are
maintaining Gap’s narrow moat rating primarily to reflect the
strength of the Gap and Old Navy brand intangible assets as
well as for the secondary reason of the cost efficiencies from
economies of scale that we expect will continue to allow the
company to achieve adjusted ROIC’s in the midteens for at least
the next 10 years, well north of its 10% cost of capital.The Gap
and Old Navy brands account for almost 80% of the company’s
revenue and have shown strength across multiple geographies
and distribution channels. In its 2014 publication, The Most
Valuable U.S. Retail Brands, Interbrand ranked Gap number 24
and Old Navy number 26 on its list. On the Global Brand
Survey completed in 2013, Interbrand ranked Gap number 100.
We think this demonstrates the continuing cultural relevance of
the brand, almost 45 years after its founding. Although fast
fashion retailers including H&M, Zara, and Uniqlo have moved
into the space, The Gap and Old Navy have remained
synonymous with all-American casual basics at an affordable
price. This has kept customers coming to its stores and willing
to pay a price high enough to roughly maintain a gross margin
of 39.0% in 2013 (a 40 basis point decline) versus 33.7% at
American Eagle (a 630-basis-point decline) and 17.1% at
Aeropostale (a 760 basis point decline). Scale also has provided
the company with cost advantages, allowing Gap and Old Navy
to be relatively price competitive with fast fashion retailers,
while also preserving profitability. The company boasts more
than 3,000 total stores, with over 1,300 Gaps and over 1,000
Old Navys. According to company reports, Gap Inc. generated
$16 billion in revenue in 2013 versus a $2 billion mean at its
U.S. competitors (Abercrombie & Fitch, Aeropostale, American
Eagle, Ann Taylor, Children's Place, Express, and Urban
Outfitters). Operating margin averaged 12% over the last three
years versus 18% at narrow-moat H&M and 19% at narrow-moat
16. Inditex. Although below its large fast-fashion retailers, we note
that this is still well above domestic competitors including
Abercrombie & Fitch at 7%, American Eagle at 10%, and
Aeropostale at (0.4)%. According to company documents, the
average operating margin in 2013 of all U.S. peers
(Abercrombie & Fitch, Aeropostale, American Eagle, Ann
Taylor, Children's Place, Express, and Urban Outfitters) was
only 5% versus Gap’s 13%. Over the last five years, earnings
per share has grown at a 15% compound annual growth rate
versus the U.S. peers mean of a 38%
decline.Valuation 08/25/2014 We are slightly lowering our fair
value estimate to $48 from $50 as we see weakness in the core
Gap brand pressuring near-term performance and the transition
to a new CEO to increasing short-term volatility. That said, we
continue to like the long-term story and we see operating
margin expansion as the main driver of valuation as Gap has
invested heavily in technology and supply chain systems which
we believe can narrow the margin disparity between Gap and its
global fast-fashion competitors. In our updated model, we think
Gap can reach an operating margin of 15.4% in five years (down
from 15.9% in our prior model) from 13.3% currently. This is
still well below the high-teens margins of fast-fashion
competitors. This reflects our belief that the company is
successfully executing on its responsive supply chain,
omnichannel, and seamless inventory initiatives as evidenced by
its work on fabric platforming, reserve in store, and order in
store. In 2014, we are continuing to model 3% revenue growth
but now expect the operating margin to decline to 12.7% from
13.3% in 2013 versus our prior expectation for a 10-basis-point
year-over-year increase in operating margin to 13.4%. We think
poor merchandising (product was too spring-forward) and heavy
inventory levels weighed on first-half results. In our opinion,
products at the core Gap brand remain uninspiring and the new
ad campaign from Wieden+Kennedy appears to be failing to
resonate with consumers. We expect discounting to weigh on
2014 margins. However, we are encouraged that Banana
17. Republic is showing some signs of a turnaround with improved
marketing and more contemporary merchandising. Ultimately
we see full year top-line growth driven by flat comparable sales
and a 3% increase in stores. Over the next five years, we
continue to expect 4% average annual revenue growth driven by
2% comparable sales growth on average and 3% new store
growth weighted toward factory stores, Asia expansion, and
franchises. We think operating margins will expand from 13.3%
in 2013 to 15.4% in 2018 (7% average annual operating income
growth) on improved responsiveness and supply chain
management. This estimate is slightly lower than our prior
expectation for operating margin to reach 15.9% in 2018 as we
see deleverage due to the core Gap brand offsetting some of the
upside of investments in the near term. We note that this is still
below average high teen margins at H&M and
Inditex.Risk 10/09/2014 We are giving Gap a medium
uncertainty rating. We believe that exposure to economic risks
including unemployment, wage growth, consumer confidence,
and debt is compounded by fashion risk, a competitive and
overcrowded apparel retail space with no barriers to entry,
international expansion, and difficulty in implementing change
in a large organization. From fiscal 2011 through 2013, monthly
comparable sales have ranged from an increase of 10% to a
decrease of 3%. Over the past five years, operating margins
have ranged from 13.4% in fiscal 2010 to 9.9% in fiscal
2011.Additionally, we believe the company could be facing
some margin headwinds. With Asia being a high-growth
geography and approximately 28% of purchases by dollar value
from factories in China, Gap is exposed to rising wage costs in
Asia. This could mean increased pressure on margins. Omni-
channel investments may also have a less than expected impact
on driving top-line growth and gross margin
expansion.Offsetting these risks is Gap's established brand
portfolio. We think the portfolio strategy at various price points
hedges some of the risk of fashion misses or unique customer
weakness at any one brand. Additionally, strong brands may
18. inspire more customer loyalty and be slightly more sticky than
brands with less history.Management 10/09/2014 We are giving
Gap a Standard stewardship rating. Glenn Murphy is expected to
depart from his CEO position in February 2015 and to be
replaced by internal employee Art Peck. Although we're sorry to
see Murphy go, we think Peck is a sound choice for CEO. Peck
has the experience and skill set necessary to continue to execute
Gap’s strategic goals as seamlessly as possible. Peck joined the
company in 2005 after more than 20 years at Boston Consulting
Group, and has worked in various brand, strategic, and
operational roles within the company. He is currently serving as
president of Gap’s growth, innovation, and digital operations,
which we think positions him perfectly to continue Gap’s global
expansion, digital strategy, and margin improvement initiatives.
Having worked closely with Murphy, Peck should be able to
guide Gap further along the existing strategic path. We expect
no outsized swings in vision or goals.The board is composed of
10 directors, nine of whom are independent. All directors and
executive officers combined own 29% of stock, with members
of the Fisher family being the majority of the holders. Total
ownership by various members of the Fisher family is 40.7% of
outstanding shares and is held by Doris Fisher, John J. Fisher,
Robert J. Fisher, William S. Fisher, and Fisher Core Holdings.
We think that a high degree of shareownership aligns the
board’s interest with shareholders. Over the last five years,
Gap’s stock has delivered a 30% compound annual growth rate,
well ahead of the S&P 500 which grew at 19%. We are satisfied
with management’s use of cash to invest in technology and
better supply chain management, to grow high-margin brands
and distribution channels, and to return cash to shareholders
through dividends and share repurchases.Overview Profile: Gap
is a global apparel and accessories retailer for men, women, and
children operating under the brands of Gap, Banana Republic,
Old Navy, Piperlime, Athleta, and Intermix. Distribution
channels include over 3,000 specialty and outlet stores, online,
and franchises. About 77% of revenue is generated in the U.S.
19. and almost 80% of revenue comes from the Gap and Old Navy
brands.S&P 500 index data: S&P 500 Copyright @ 2014
GPS ISGAP INC (GPS) INCOME STATEMENTFiscal year
ends in January. USD in millions except per share data.2010-
012011-012012-012013-012014-
01Revenue14,19714,66414,54915,65116,148YOY growth
rate3%-1%8%3%Avg.3%CAGR3%gs19%21%17%32%32%GDP
- current $Cost of revenue8,4738,7759,2759,4809,855Gross
profit5,7245,8895,2746,1716,293Operating expensesOther
operating expenses3,9093,9213,8364,2294,144Total operating
expenses3,9093,9213,8364,2294,144Operating
income1,8151,9681,4381,9422,1498%-
27%35%11%Avg.7%CAGR4%Interest Expense6748761Other
income (expense)714565Income before income
taxes1,8161,9821,3691,8612,093Provision for income
taxes71477853672681339%39%39%39%39%Avg.39%Net
income from continuing operations1,1021,2048331,1351,280Net
income1,1021,2048331,1351,2809%-
31%36%13%Avg.7%CAGR4%Net income available to common
shareholders1,1021,2048331,1351,280Earnings per
shareBasic1.591.891.572.352.78YOY growth rate19%-
17%50%18%Avg.17%CAGR15%Diluted1.581.881.562.332.74W
eighted average shares
outstandingBasic694636529482461Diluted699641533488467EB
ITDA2,4772,6302,0352,5072,690YOY growth rate6%-
23%23%7%Avg.4%CAGR2%ROIC19%24%16%23%24%NOPA
T1105119887611821308Invested
capital58544970535351265429Free cash
flow1760240290820071398
GPS BSGAP INC (GPS) BALANCE SHEETFiscal year ends in
January. USD in millions except per share data.2010-012011-
012012-012013-012014-01AssetsCurrent assetsCashCash and
cash equivalents2,3481,5611,8851,4601,510Short-term
investments22510050Total
cash2,5731,6611,8851,5101,51030%19%20%16%15%Receivabl
es205297331462Inventories1,4771,6201,6151,7581,928Deferred
20. income taxes193190220179Prepaid
expenses260145211242Other current
assets161105512102109Total current
assets4,6643,9264,3094,1324,430Non-current assetsProperty,
plant and equipmentLand1,0861,0931,0961,1011,106Fixtures
and equipment3,2493,3403,4233,5423,666Other
properties3,0923,1403,2643,2673,387Property and equipment,
at cost7,4277,5737,7837,9108,159CapEx-146 -210 -127 -249
Accumulated Depreciation-4,799 -5,010 -5,260 -5,291 -5,401
Property, plant and equipment,
net2,6282,5632,5232,6192,758Goodwill999999184180Intangibl
e assets615777132131Other long-term
assets533420414403350Total non-current
assets3,3213,1393,1133,3383,419Total
assets7,9857,0657,4227,4707,849Liabilities and stockholders'
equityLiabilitiesCurrent liabilitiesShort-term debt5925Accounts
payable1,0271,0491,0661,1441,242Taxes
payable4150510836Accrued liabilities1,063996395395369Other
current liabilities603697773Total current
liabilities2,1312,0952,1282,3442,445NWC2,5331,8312,1811,78
81,985702-350 393-197 Non-current liabilitiesLong-term
debt8901,6061,2461,369Capital leases933Other long-term
liabilities963986973Total non-current
liabilities9638902,5392,2322,342Total
liabilities3,0942,9854,6674,5764,787Stockholders'
equityCommon stock555555Additional paid-in
capital2,9352,9392,8672,8642,899Retained
earnings10,81511,76712,36413,25914,218Treasury stock-9,069
-10,866 -12,760 -13,465 -14,245 Accumulated other
comprehensive income210240229181135Total stockholders'
equity4,8914,0802,7552,8943,062Total liabilities and
stockholders' equity7,9857,0657,4227,4707,849
GPS CFGAP INC (GPS) Statement of CASH FLOWFiscal year
ends in January. USD in millions except per share data.2010-
012011-012012-012013-012014-01Cash Flows From Operating
ActivitiesNet income1,1021,2041,1351,280Depreciation &
21. amortization655648592559536Amortization of debt
discount/premium and issuance costs-82 -86 -86 -76 -66
Deferred income taxes-50 93-11 -37 69Stock based
compensation647758113116Inventory43-127 4-143 -193
Accounts payable40-7 1191105Accrued liabilities-23 -141 -45
68-5 Income taxes payable6466-91 146-74 Other working
capital105-38 27703Other non-cash items105590410-66 Net
cash provided by operating
activities1,9281,7441,3631,9361,705Cash Flows From Investing
ActivitiesInvestments in property, plant, and equipment-334 -
557 -548 -659 -670 Property, plant, and equipment
reductions1Acquisitions, net-129 Purchases of investments-350
-475 -50 -200 Sales/Maturities of
investments12560015015050Other investing charges213-6 -6 -4
Net cash used for investing activities-537 -429 -454 -844 -624
Cash Flows From Financing ActivitiesShort-term borrowing316-
19 Long-term debt issued1,646144Long-term debt repayment-50
-400 Excess tax benefit from stock based
compensation4111316Common stock issued174Repurchases of
treasury stock-547 -1,959 -2,092 -1,030 -979 Cash dividends
paid-234 -252 -236 -240 -321 Other financing
activities56705133146Net cash provided by (used for) financing
activities-771 -2,127 -602 -1,481 -1,004 Effect of exchange rate
changes132517-36 -27 Net change in cash633-787 324-425
50Cash at beginning of period1,7152,3481,5611,8851,460Cash
at end of period2,3481,5611,8851,4601,510Free Cash
FlowOperating cash flow1,9281,7441,3631,9361,705Capital
expenditure-334 -557 -548 -659 -670 Free cash
flow1,5941,1878151,2771,035Supplemental schedule of cash
flow dataCash paid for income taxes702677599582805Cash paid
for interest31458377
GPS RatiosKey Ratios -> ProfitabilityMargins % of Sales2010-
012011-012012-012013-012014-
01Revenue100100100100100COGS59.759.863.860.661.0Gross
Margin40.340.236.339.439.0SG&AR&DOther27.526.726.427.02
5.7Operating Margin12.813.49.912.413.3Net Int Inc &
22. Other0.00.1-0.5-0.5-0.4EBT
Margin12.813.59.411.913.0Profitability2010-012011-012012-
012013-012014-01Tax Rate %39.339.339.239.038.8Net Margin
%7.88.25.77.37.9Asset Turnover
(Average)1.82.02.02.12.1Return on Assets
%14.216.011.515.216.7Financial Leverage
(Average)1.61.72.72.62.6Return on Equity
%23.826.824.440.243.0Return on Invested Capital
%23.722.416.925.030.7Interest Coverage303.719.522.435.3Key
Ratios -> Growth2010-012011-012012-012013-012014-
01Revenue %Year over Year-2.33.3-0.87.63.23-Year Average-
3.8-2.40.13.33.35-Year Average-2.7-1.8-1.8-0.12.110-Year
Average2.00.70.50.80.2Operating Income %Year over
Year17.38.4-26.935.110.73-Year Average15.614.4-2.42.33.05-
Year Average-2.72.44.18.16.810-Year Average-
0.03.115.66.71.4Net Income %Year over Year14.09.3-
30.836.312.83-Year Average12.313.1-4.91.02.15-Year Average-
0.91.61.46.45.810-Year Average-0.23.29.12.2EPS %Year over
Year17.919.0-17.049.417.63-Year
Average19.321.45.213.813.45-Year
Average5.58.710.917.315.410-Year Average2.36.515.79.7Key
Ratios -> Cash Flow2010-012011-012012-012013-012014-
01Cash Flow RatiosOperating Cash Flow Growth % YOY-
954Free Cash Flow Growth % YOYCap Ex as a % of
Sales2.43.83.84.24.2Free Cash Flow/Sales
%11.28.15.68.26.4Free Cash Flow/Net
Income1.51.01.01.10.8Key Ratios -> Financial Health2010-
012011-012012-012013-012014-01Balance Sheet Items (in
%)Cash & Short-Term
Investments32.223.525.420.219.2Accounts
Receivable2.94.04.45.9Inventory18.522.921.823.524.6Other
Current Assets7.76.26.97.16.8Total Current
Assets58.455.658.155.356.4Net
PP&E32.936.334.035.135.1Intangibles2.02.22.44.24.0Other
Long-Term Assets6.75.95.65.44.5Total
Assets100100100100100Accounts
23. Payable12.914.914.415.315.8Short-Term Debt0.80.3Taxes
Payable0.50.70.11.50.5Accrued
Liabilities13.314.15.35.34.7Other Short-Term
Liabilities8.19.39.9Total Current
Liabilities26.729.728.731.431.2Long-Term
Debt12.621.616.717.4Other Long-Term
Liabilities12.112.613.212.4Total
Liabilities38.842.362.961.361.0Total Stockholders'
Equity61.357.837.138.739.0Total Liabilities &
Equity100100100100100Liquidity/Financial Health2010-
012011-012012-012013-012014-01Current
Ratio2.21.92.01.81.8Quick Ratio1.20.91.00.80.8Financial
Leverage1.61.72.72.62.6Debt/Equity0.20.90.40.5Key Ratios ->
Efficiency Ratios2010-012011-012012-012013-012014-
01EfficiencyDays Sales Outstanding5.16.37.39.0Days
Inventory64.364.463.764.968.3Payables
Period43.143.241.642.544.2Cash Conversion
Cycle26.328.329.733.0Receivables
Turnover71.558.049.840.7Inventory
Turnover5.75.75.75.65.4Fixed Assets
Turnover5.15.75.76.16.0Asset Turnover1.82.02.02.12.1
GPD Key StatsKey StatisticsData provided by Capital IQ,
except where noted.Trading InformationValuation
MeasuresStock Price HistoryMarket Cap
(intraday)5:17.15BBeta:1.67Enterprise Value (Nov 19,
2014)3:16.99B52-Week Change3:-4.6%Trailing P/E (ttm,
intraday):14.5S&P500 52-Week Change3:15.2%Forward P/E
(fye Feb 1, 2016)1:12.552-Week High (Sep 4, 2014)3:46.9PEG
Ratio (5 yr expected)1:1.152-Week Low (Oct 16,
2014)3:35.5Price/Sales (ttm):1.150-Day Moving
Average3:38.3Price/Book (mrq):5.8200-Day Moving
Average3:41.0Enterprise Value/Revenue (ttm)3:1.0Share
StatisticsEnterprise Value/EBITDA (ttm)6:6.5Avg Vol (3
month)3:4,823,180Financial HighlightsAvg Vol (10
day)3:2,984,710Fiscal YearShares Outstanding5:434.86MFiscal
Year Ends:2/1/14Float:272.72MMost Recent Quarter
24. (mrq):8/2/14% Held by Insiders1:40.8%Profitability% Held by
Institutions1:56.1%Profit Margin (ttm):7.6%Shares Short (as of
Oct 31, 2014)3:8.07MOperating Margin (ttm):12.8%Short Ratio
(as of Oct 31, 2014)3:1.2Management EffectivenessShort % of
Float (as of Oct 31, 2014)3:3.3%Return on Assets
(ttm):16.8%Shares Short (prior month)3:7.87MReturn on Equity
(ttm):38.6%Dividends & SplitsIncome StatementForward
Annual Dividend Rate4:0.88Revenue (ttm):16.31BForward
Annual Dividend Yield4:2.20%Revenue Per Share
(ttm):36.32Trailing Annual Dividend Yield3:0.86Qtrly Revenue
Growth (yoy):2.9%Trailing Annual Dividend
Yield3:2.20%Gross Profit (ttm):6.29B5 Year Average Dividend
Yield4:1.90%EBITDA (ttm)6:2.63BPayout Ratio4:31.0%Net
Income Avl to Common (ttm):1.24BDividend
Date3:1/28/15Diluted EPS (ttm):2.71Ex-Dividend
Date4:1/5/15Qtrly Earnings Growth (yoy):9.6%Last Split Factor
(new per old)2:3:02Balance SheetLast Split Date3:6/22/99Total
Cash (mrq):1.52BTotal Cash Per Share (mrq):3.49Total Debt
(mrq):1.39BTotal Debt/Equity (mrq):47.28Current Ratio
(mrq):1.9Book Value Per Share (mrq):6.8Cash Flow
StatementOperating Cash Flow (ttm):1.84BLevered Free Cash
Flow (ttm):1.12BSee Key Statistics Help for definitions of
terms used.Abbreviation Guide: K = Thousands; M =
Millions; B = Billionsmrq = Most Recent Quarter (as of Aug 2,
2014) ttm = Trailing Twelve Months (as of Aug 2, 2014) yoy =
Year Over Year (as of Aug 2, 2014) lfy = Last Fiscal Year (as
of Feb 1, 2014) fye = Fiscal Year Ending1 Data provided by
Thomson Reuters2 Data provided by EDGAR Online3 Data
derived from multiple sources or calculated by Yahoo!
Finance4 Data provided by Morningstar, Inc.5 Shares
outstanding is taken from the most recently filed quarterly or
annual report and Market Cap is calculated using shares
outstanding.6 EBITDA is calculated by Capital IQ using
methodology that may differ from that used by a company in its
reportinghttp://us.rd.yahoo.com/finance/capiq/SIG=10r7m9m4m
/*http:/www.capitaliq.com/http://help.yahoo.com/l/us/yahoo/fin
25. ance/tools/fitakeystats.html
Sheet1Bonds being traded and reported in Finra's
websiteRatingOutstanding
(000)CouponMaturityPriceYTMYears to MaturityCurrent value
(000) Note to students -- do not use this
folder!Mosaic12/4/13MOS.GDBBB3004.9%11/15/4191.423.8%
28.0274MOS.GSBBB4503.8%11/15/2199.243.9%8.0447MOS.40
6BBB9004.3%11/15/2399.634.3%10.0897MOS.40692BBB5005.
5%11/15/33101.885.3%20.0509MOS.4069206BBB6005.6%11/1
5/43101.795.5%30.06112,750Wt. avg4.6%2,738Potash
CorpPOT.GDA35005.9%12/1/36107.445.3%23.0537POT.GEA3
5005.3%5/15/14102.030.7%0.4510POT.GFA35006.5%5/15/191
20.642.4%5.4603POT.GGA35003.8%9/30/15105.150.9%1.8526
POT.GHA35004.9%3/30/20110.353.1%6.3552POT.ABA35005.6
%12/1/40106.205.2%27.0531POT.AAA35003.3%12/1/17105.58
1.8%4.05283,500Wt. avg2.8%3,787Source Finra.org
![AssignmentInvestment Management, Fin 3720Final
examAgreement: By submitting the complete final exam to Bb I
agree that I have not given any help to another student nor has
another person given help to me.Fall 20141. Only open
Blackboard and Excel on your computer.2. Please save your file
frequently on the computer's desktop.3. Please use the cells to
the right of the data to make calculations, or you can add rows
in the ss to make calculations.4. Write your comments in the
folder "Written comments".5. When done rename the file to
your ID number (no names) and post in Bb and email to
[email protected]AssignmentWelcome to Alpha Value Investors,
LLC. We are pleased you have joined our investment firm, and
hope that you appreciate our approach to investing. Almost all
of our clients have well-diversified, efficient portfolios. Most
have a "reasonably conservative" risk profile, but are also
interested in having a non-core part of their portfolios invested
in individual securities.Unfortunately, Mike has been called to a
meeting, but he would like your help on a recommendation to
the investment committee. As a retail industry analyst, he is
considering recommending one of two stocks to our clients next
week. The firms are the Gap, Inc. (GPS) and Coach, Inc.
(COH).In this file are analyst reports and data on the firms.
Please analyze these two companies and make a
recommendation of one firm to our clients to be purchased as a
long-term investment. The non-core, security portion of their
portfolios are balanced across sectors but additional weight in
the consumer cyclical sector would improve the allocation. The
investment committee meeting is in two hours and Mike will
meet you out side the meeting room so please complete your
analysis in this file and be prepared to share your findings with
the committee and Mike.
Written commentsWritten comments:Note: Your are welcome to
format this areas as you like to present the most compelling
case for investing in one of the firms.](https://image.slidesharecdn.com/assignmentinvestmentmanagementfin3720finalexamagreementbys-221031133926-4ba578b5/85/AssignmentInvestment-Management-Fin-3720Final-examAgreement-By-s-docx-1-320.jpg)
