CAT Financial Analysis
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This document analyzes the financial performance of Caterpillar (CAT) through various ratios and analyses over multiple years. It includes vertical analysis of profitability and leverage, horizontal analysis of liquidity, operating efficiency, and profitability/leverage. It also contains DuPont analysis breaking down return on equity for CAT, CNH Global, and United Technologies. Finally, it discusses beta coefficients and uses the capital asset pricing model to calculate expected returns for these companies based on their risk levels.
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This is the fifth presentation for the University of New England Graduate School of Business course GSB711 Managerial Finance, offered by Dr Subba Reddy Yarram. This presentation examines risk, return and the Capital Asset Pricing Model (CAPM).
Valuation of firm 1
The document discusses the proposed merger between Hewlett-Packard (HP) and Compaq. It provides market share data for HP and Compaq in various product segments like servers, PCs, and laptops to show the combined company would have leadership in most areas. Both supporters and opponents of the merger are mentioned. Supporters argue it will create synergies and cost savings, while opponents believe there are limited technology benefits and increased risk. The valuation process included comparing stock price performance and multiples, as well as analyzing premiums paid in similar tech mergers.
Ross7e ch08
The document discusses decision trees, sensitivity analysis, scenario analysis, and break-even analysis as tools for analyzing net present value calculations. It provides an example of using a decision tree to evaluate whether a pharmaceutical company should invest in testing and developing a potential new drug. Sensitivity analysis on the example shows NPV is highly sensitive to changes in revenue. Scenario analysis and break-even analysis are also discussed as ways to examine variability in forecasts.
Risk & capital budgeting
Monte Carl Simulation is a powerful and effective tool when used properly helps to navigate the expected Net Present Value NPV. This presentation helps to improve the pattern to ackowlege onthe Odessa Investment by Decision Dres.
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This document discusses equity compensation and IRC Section 409A compliance. It provides an overview of common stock compensation plans and the tax treatment. Section 409A aims to regulate nonqualified deferred compensation and can impose penalties if not followed. The document then outlines several methods for valuing private companies for 409A compliance, including the Berkus method, Bill Payne method, and venture capital method. It walks through a detailed example of performing a valuation using these approaches and determining a fair market value per share of common stock.
Case II Ameritrade
The document discusses factors to consider when evaluating Ameritrade's proposed advertising program and technology upgrades, including future cash flows, revenues, debt-to-equity ratio, and return on equity. It then provides steps and calculations for determining Ameritrade's cost of capital using the Capital Asset Pricing Model (CAPM), including estimating the risk-free rate, market risk premium, and asset beta compared to comparable companies. The estimated cost of equity for Ameritrade is 28.49%.
Lecture_5_Risk and Return.pptx
Return is the amount of gain or loss of an Investment for a particular period of time.
The future is uncertain. When we are dealing with the future, we assign probabilities to future returns. The Expected rate of return on an investment represents the mean probability distribution of possible future returns.
Risk reflects the chance that the actual return on an investment may be different than the expected return.
One way to measure risk is to calculate the variance and standard deviation of the distribution of returns.
We will once again use a probability distribution in our calculations.
2008 Q3 Google Earnings Slides
- Revenue grew 31% year-over-year and 3% quarter-over-quarter, driven by 34% growth in Google properties revenue and 15% growth in network revenues. International revenues reached $2.8 billion.
- Despite a difficult economic environment, traffic and revenue remained solid in Q3. Key investments focused on search, ads, apps, display, YouTube, and geo.
- Cost containment efforts helped maintain a 30% operating margin and $1.7 billion in free cash flow, well positioning Google for long-term growth.
Risk Analysis and Project Evaluation/Abshor.Marantika/Gita Mutiara Ovelia/3-3
1. Risk analysis is important for project evaluation because project cash flows are risky and may differ from estimates, and forecasts are made by humans who can be optimistic.
2. Sensitivity analysis evaluates the effect of each value driver on NPV and identifies the most impactful variable. Scenario analysis considers simultaneous changes to multiple drivers. Simulation generates thousands of value combinations to model outcomes.
3. Break-even analyses determine the sales or output level needed to cover costs, including accounting, cash, and NPV break-even points.
THE COST OF CAPITAL
Explain the general concept of opportunity cost of capital.
Distinguish between the project cost of capital and the firm’s cost of capital.
Learn about the methods of calculating component cost of capital and the weighted average cost of capital.
Understand the concept and calculation of the marginal cost of capital.
Recognise the need for calculating cost of capital for divisions.
Understand the methodology of determining the divisional beta and divisional cost of capital.
Illustrate the cost of capital calculation for a real company.
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1) The document discusses the valuation of firms in mergers and acquisitions, including definitions of different types of mergers, models used to value firms, and steps in the valuation process.
2) It also analyzes the proposed merger between Hewlett-Packard (HP) and Compaq in 2001, including their market shares across different product segments and arguments from supporters and opponents of the merger.
3) The valuation process for the HP-Compaq merger included analyzing historical stock price performance, calculating implied premiums, and using comparable public market multiples to value the two companies.
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The document summarizes key concepts from Chapter 2 of Principles of Managerial Economics related to revenue, costs, profit, and their relationships. It defines revenue, costs, and profit and distinguishes between fixed and variable costs. It also distinguishes between accounting and economic perspectives on costs and profit. The chapter then discusses revenue, cost, and profit functions and how they relate to quantity. It introduces the concept of breakeven analysis and marginal analysis. It concludes by discussing the objective of maximizing firm value and using a cost-benefit analysis to evaluate projects.
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This document defines capital budgeting as the process of making long-term investment decisions to maximize shareholder wealth. It discusses the key steps and criteria used in capital budgeting, including estimating cash flows, cost of capital, payback period, IRR, MIRR, NPV, and profitability index. It also covers assumptions made and how to apply the decision rules to rank independent and mutually exclusive projects under conditions like varying discount rates, project size differences, unequal lives, and capital rationing constraints.
Mini Case112018Chapter 2 Mini CaseSituationJenny Cochran, a grad.docx
Mini Case11/20/18Chapter 2 Mini CaseSituationJenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities analyst, was recently brought in as assistant to the chairman of the board of Computron Industries, a manufacturer of computer components.
During the previous year, Computron had doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. Cochran was assigned to evaluate the impact of the changes. She began by gathering financial statements and other data.Computron's Balance Sheets (Millions of Dollars)20182019AssetsCash and equivalents$ 60$ 50Short-term investments10010Accounts receivable400520Inventories620820Total current assets$ 1,180$ 1,400Gross fixed assets$ 3,900$ 4,820Less: Accumulated depreciation1,0001,320Net fixed assets$ 2,900$ 3,500Total assets$ 4,080$ 4,900Liabilities and equityAccounts payable$ 300$ 400Notes payable50250Accruals200240Total current liabilities$ 550$ 890Long-term bonds8001,100Total liabilities$ 1,350$ 1,990Common stock1,0001,000Retained earnings1,7301,910Total equity$ 2,730$ 2,910Total liabilities and equity$ 4,080$ 4,900Computron's Income Statement (Millions of Dollars)20182019Net sales$ 5,500$ 6,000Cost of goods sold (Excluding depr. & amort.)4,3004,800Depreciation and amortizationa290320Other operating expenses350420Total operating costs$ 4,940$ 5,540Earnings before interest and taxes (EBIT)$ 560$ 460Less interest 68108Pre-tax earnings$ 492$ 352Taxes (25%)12388Net Income $ 369$ 264Notes:a Computron has no amortization charges.Other Data20182019Stock price$50.00$30.00Shares outstanding (millions)100100Common dividends (millions)$90$84Tax rate25%25%Weighted average cost of capital (WACC)10.00%10.00%Computron's Statement of Cash Flows (Millions of Dollars)
Bart Kreps: The statement of cash flows provides information about cash inflows and outflows during an accounting period.
2019Operating Activities Net Income before preferred dividends$ 264Noncash adjustments Depreciation and amortization320Due to changes in working capital Change in accounts receivable(120) Change in inventories(200) Change in accounts payable100 Change in accruals40Net cash provided by operating activities$ 404Investing activities Cash used to acquire fixed assets$ (920)
Bart Kreps: Make sure to add back annual Depreciation to Net PP&E.
Bart Kreps: The statement of cash flows provides information about cash inflows and outflows during an accounting period.
Change in short-term investments90Net cash provided by investing activities$ (830)Financing Activities Change in notes payable$ 200 Change in long-term debt300 Payment of cash dividends(84)Net cash provided by financing activities$ 416Net change in cash.
Sheet4Assignment 1 LASA # 2—Capital Budgeting TechniquesSheet1So.docx
Sheet4Assignment 1 LASA # 2—Capital Budgeting Techniques
Sheet1
Solution
:-A) Computation of WACC:-Cost of equity (Ke) will be calculated using dividend discount model which is as under:-Price of share (P0) = D1/(Ke-g)Ke = (D1/(P0*(1-f))) + gWhere,D1 = D0*(1+g)F = Flotation costKe = ((2.50*(1+6%))/(50*(1-10%))) + 6%Ke = 11.89%i) Equity financing and debt financing are two different sources of financing being used by the organizations to procure funds. Equity and debt are two different sources of financing, equity financing represents internal source of finance whereas debt financing represent external source of finance. Mixture of both is always used by the business organizations to procure funds and is most commonly known as target ratio or capital structure ratio. This ration varies from industry to industry and company and company depending upon various circumstances, equity financing can be raised only through issuing shares in market by the help of initial public offer whereas debt financing can be raise from many sources such as bonds, long term loans, money market instruments etc.Equity Financing has following advantages:1. The total cash flows generated can be used solely for investment purpose, rather than paying back the investors.2. Funds can be raised in shorter time as compared to other sources of funds.However, in equity financing, dilution of ownership easily occurs and more investors can lead to loss of Control.Cost of debt (Kd) will be calculated as follows:-Kd = Market rate of deb*(1-tax rate)Kd = 5%*(1-35%)Kd = 3.25%Debt is a more common source of finance used by most of the organizations, the reason for the same is as follows:-a. Debt is cheaper source of finance as compared to equity the reason being the cost associated with issuing the common stock like. Underwriters commission, legal expenses, various registration charges, issuing of prospectus, printing of various documents etc.b. Debt financing provide leverage to the company which will increase the Earning per Share (EPS) which in turn leads to increase in market value of share, this helps organization to maximize its market capitalization.However, if the expansion venture does not work in favour of the company, then these obligations of repayment of principal and interest may turnout to be a burden to the company. WACC = (Ke*We) + (Kd*Wd)WACC = (11.89%*70%) + (3.25%*30%)WACC = 9.30%B) Computation of NPV of project A:-Depreciation = Cost of the asset – salvage value Life of the asset = 1,500,000/ 3 = 500,000Calculation of cash flows:Revenue – 1,200,000Less Cost – 600,000Less Depreciation – 500,000Profit - 100,000Less taxes (35%) 35,000Profit after taxes .
4 production and cost
This document discusses production and cost concepts. It begins by listing learning outcomes related to production functions, costs, efficiency, and Cobb-Douglas production functions. It then covers short-run and long-run production functions, the law of diminishing returns, costs including total, average, and marginal costs, and the three stages of production. It provides examples of production functions and discusses the relationship between inputs and output as well as returns to scale.
Management consultancy-chapter-26-and-35
The document discusses operational auditing and concepts related to evaluating organizational effectiveness and efficiency. It defines operational auditing as evaluating the effectiveness and/or efficiency of operations, with effectiveness referring to accomplishing objectives and efficiency meaning reducing costs without reducing effectiveness. Economy is defined as maximizing the use of limited resources to achieve goals. Examples of types of inefficiency include acquiring goods and services too costly, lack of bids for purchases, raw materials not being available when needed, duplication of employee efforts, and work being done that serves no purpose.
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This document discusses various topics related to common stock valuation and market efficiency. It begins by describing some key facts about common stock ownership and how management's goal is to maximize stock price. It then discusses different approaches for valuing common stock, including the dividend growth model and corporate value model. It also discusses the efficient market hypothesis and different levels of market efficiency. It concludes by providing an overview of preferred stock, noting that it has characteristics of both bonds and common stock.
ch 06; risk, return, capm
This document summarizes key concepts from Chapter 6 on risk, return, and the Capital Asset Pricing Model (CAPM). It defines types of investment risk and return, and how to calculate expected returns and standard deviation of returns for individual assets and portfolios. It introduces the Security Market Line (SML) as part of CAPM, which relates an asset's expected return to its beta coefficient measuring non-diversifiable risk relative to the market. The document provides examples of calculating betas and using the SML to determine if assets are under or overvalued based on their expected versus required returns.
Chap 18 risk management & capital budgeting
The document discusses key concepts related to risk and capital budgeting. It defines risk as the range of possible outcomes of a decision where the probabilities are known. Strategies are plans to achieve goals, while states of nature are future conditions that impact strategy success. Outcomes are gains/losses from strategy-state combinations. Capital budgeting refers to planning, raising funds, and allocating capital to projects expected to generate returns over multiple years. Projects are evaluated using techniques like payback period, IRR, and NPV to determine if they increase firm value.
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In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.Fabular Frames and the Four Ratio Problem
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
Enhancing Asset Quality: Strategies for Financial Institutions
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
RMIT University degree offer diploma Transcript
澳洲RMIT毕业证书制作RMIT假文凭定制Q微168899991做RMIT留信网教留服认证海牙认证改RMIT成绩单GPA做RMIT假学位证假文凭高仿毕业证申请墨尔本皇家理工大学RMIT University degree offer diploma Transcript
The state of welfare Resolution Foundation Event
How has Britain’s safety net changed since 2010 and what comes next?
真实可查(nwu毕业证书)美国西北大学毕业证学位证书范本原版一模一样
原版定制【微信:bwp0011】《(nwu毕业证书)美国西北大学毕业证学位证书》【微信:bwp0011】成绩单 、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
1比1复刻(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书原版一模一样
原版定制【微信:bwp0011】《(ksu毕业证书)美国堪萨斯州立大学毕业证本科文凭证书》【微信:bwp0011】成绩单 、雅思、外壳、留信学历认证永久存档查询，采用学校原版纸张、特殊工艺完全按照原版一比一制作（包括：隐形水印，阴影底纹，钢印LOGO烫金烫银，LOGO烫金烫银复合重叠，文字图案浮雕，激光镭射，紫外荧光，温感，复印防伪）行业标杆！精益求精，诚心合作，真诚制作！多年品质 ,按需精细制作，24小时接单,全套进口原装设备，十五年致力于帮助留学生解决难题，业务范围有加拿大、英国、澳洲、韩国、美国、新加坡，新西兰等学历材料，包您满意。
【业务选择办理准则】
一、工作未确定，回国需先给父母、亲戚朋友看下文凭的情况，办理一份就读学校的毕业证【微信bwp0011】文凭即可
二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信bwp0011】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
7:个人信誉贷款加10分
8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
【关于价格问题（保证一手价格）】
我们所定的价格是非常合理的，而且我们现在做得单子大多数都是代理和回头客户介绍的所以一般现在有新的单子 我给客户的都是第一手的代理价格，因为我想坦诚对待大家 不想跟大家在价格方面浪费时间
对于老客户或者被老客户介绍过来的朋友，我们都会适当给一些优惠。
International Sustainability Standards Board
Issb standards
New standard for reporting sustainability on lines of tcfd
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CAT Financial Analysis
- 2. Vertical Analysis: LiquidityVertical Analysis: Liquidity
- 3. Vertical Analysis: ProfitabilityVertical Analysis: Profitability CAT 2007 2008 2009 Operating Income Return On Investment: $4,921 $56,132 = 8.77% $4,448 $67,782 = 6.56% $577 $60,038 = 0.96% Operating Profit Margin: $4,921 $44,958 = 10.95% $4,448 $51,324 = 8.67% $577 $32,396 = 1.78% Total Assets Turnover: $44,958 $56,132 = 0.80 $51,324 $67,782 = 0.76 $32,396 $60,038 = 0.54 Fixed Assets Turnover: $44,958 $9,997 = 4.50 $51,324 $12,524 = 4.10 $32,396 $12,386 = 2.62 Inventory Turnover: $24,931 $6,360 = 3.92 $10,862 $3,297 = 3.30 $38,861 $7,509 = 5.18
- 4. Vertical Analysis: LeverageVertical Analysis: Leverage
- 5. Horizontal Analysis: LiquidityHorizontal Analysis: Liquidity 2009 Caterpillar Inc. (CAT) CNH Global NV (CNH) United Technology Corp. (UTX) Current Ratio: $26,789 $19,292 = 1.39 $13,108 $8,951 = 1.46 $23,194 $17,913 = 1.29 Quick Ratio: $20,429 $19,292 = 1.06 $9,811 $8,951 = 1.10 $15,685 $17,913 = .88 Average Collection Period: $13,912 88.76 = 156.74 $5,190 37.70 = 137.67 $8,469 114.99 = 58.41 Receivable Turnover: $32,396 $13,912 = 2.33 $13,760 $5,190 = 2.65 $52,920 $8,469 = 6.25 Inventory Turnover: $24,931 $6,360 = 3.92 $10,862 $3,297 = 3.30 $38,861 $7,509 = 5.18
- 6. Horizontal Analysis: OperatingHorizontal Analysis: Operating EfficiencyEfficiency 2009 Caterpillar Inc. (CAT) CNH Global NV (CNH) United Technology Corp. (UTX) Operating Profit Margin: $565 $32,396 = 1.74% $(93) $13,760 = (0.68%) $6,465 $52,920 = 12.21% Total Asset Turnover: $32,396 $60,038 = 0.54 $13,760 $23,208 = 0.59 $52,920 $55,762 = 0.95 Fixed Asset Turnover: $32,396 $12,386 = 2.62 $13,760 $2,410 = 5.71 $52,920 $6,364 = 8.32 Receivable Turnover: $32,396 $13,912 = 2.33 $13,760 $5,190 = 2.65 $52,920 $8,469 = 6.25 Inventory Turnover: $24,931 $6,360 = 3.92 $10,862 $3,297 = 3.30 $38,861 $7,509 = 5.18
- 7. Horizontal Analysis: ProfitabilityHorizontal Analysis: Profitability and Leverageand Leverage 2009 Caterpillar Inc. (CAT) CNH Global NV (CNH) United Technology Corp. (UTX) Return on Equity: $895 $8,740 = 10.24% $(190) $6,718 = (2.82%) $3,829 $20,066 = 19.08% Return on Asset: $895 $60,038 = 1.49% $(190) $23,208 = (0.82%) $3,829 $55,762 = 6.70% Debt Ratio: $51,298 $60,038 = 85.44% $16,490 $23,208 = 71.05% $35,696 $55,762 = 64.01% Times Interest Earned: $565 $(8) = (70.63) $(93) -- $6,465 --
- 8. DuPont AnalysisDuPont Analysis x Net Income= Sales Sales Total Assets x 1 – Total Debt Total ( ) Debt Ratio) ROE =ROE = Net Profit Margin (1 – Total Asset Turnover Debt Ratio)
- 9. DuPont:DuPont: 3 piece3 piece Net Income = Sales Sales Total Assets x Total Debt Total Assets ) ROE Profit TA Turnover Debt Ratio Margin CAT: 200720082009 1 –(
- 10. DuPont:DuPont: CATCAT - 2 piece- 2 piece Total Debt Total Assets ( )
- 12. DuPont:DuPont: CHNCHN - 2 piece- 2 piece
- 13. DuPont: UTX – 3 piece
- 14. DuPont:DuPont: UTXUTX - 2 piece- 2 piece
- 15. BetaBeta Beta is a measure of the relationship betweenBeta is a measure of the relationship between an investment’s returns and the market’s returnsan investment’s returns and the market’s returns Stock with beta = 0Stock with beta = 0 No systematic riskNo systematic risk Stock with beta = 1Stock with beta = 1 Has systematic risk equal toHas systematic risk equal to “typical” stock in market“typical” stock in market Stock with beta > 1Stock with beta > 1 More market risk than typicalMore market risk than typical stockstock Most stMost stococks have betas between 0.60 and 1.60ks have betas between 0.60 and 1.60
- 16. Beta Analysis ofBeta Analysis of CATCAT && CompetitorsCompetitors CaterpillarCaterpillar: Beta = 1.84 (high beta): Beta = 1.84 (high beta) CNH GlobalCNH Global: Beta 2.54 (very high beta = higher risk =: Beta 2.54 (very high beta = higher risk = higher return)higher return) United TechnologiesUnited Technologies: Beta 1.01 (average beta in: Beta 1.01 (average beta in marketplace)marketplace) Conclusion with part 1,2,3: investing in UTX is theConclusion with part 1,2,3: investing in UTX is the safest option, followed by Caterpillar and CNHsafest option, followed by Caterpillar and CNH However if you expect to get the highest returns andHowever if you expect to get the highest returns and are not concerned with risk, then CNH is the bestare not concerned with risk, then CNH is the best choicechoice UTX: ß = 1.01 S&P 500: ß = 1 CNH: ß = 2.54 CAT: ß = 1.84
- 17. CAPMCAPM The beta coefficient is a key parameter in theThe beta coefficient is a key parameter in the CapitalCapital Asset Pricing Model (CAPM).Asset Pricing Model (CAPM). CAPMCAPM is an equation stating that the expected rate ofis an equation stating that the expected rate of return on an investment is a function of:return on an investment is a function of:
- 18. CAPM cont.CAPM cont. Assuming that Risk-free rate isAssuming that Risk-free rate is 3.8%3.8% and average return ofand average return of market ismarket is 12.2%12.2%, we can calculate expected returns for our, we can calculate expected returns for our stocks:stocks: Caterpillar:Caterpillar: 3.8% + 1.84 (12.2% - 3.8%) =3.8% + 1.84 (12.2% - 3.8%) = 19.25%19.25% CNH Global:CNH Global: 3.8% + 2.54 (12.2% - 3.8%) =3.8% + 2.54 (12.2% - 3.8%) = 25.13%25.13% United Technologies:United Technologies: 3.8% + 1.01(12.2% - 3.8%) =3.8% + 1.01(12.2% - 3.8%) = 13.04%13.04%