http://finishedexams.com/homework_text.php?cat=15832
Immediate access to solutions for ENTIRE COURSES, FINAL EXAMS and HOMEWORKS “RATED A+" - Without Registration!
The document analyzes the financial statements of five major railroad companies in the United States over four years from 2005 to 2008. It calculates several ratios to evaluate the companies' performance and determine which would be the best investment. According to the return on investment, debt ratio, profit margin, and current ratio analyses, Norfolk Southern Corporation and Union Pacific Corporation exhibited the strongest financial positions among the companies.
The document discusses Calpian's Money on Mobile (MoM) business in India. [1] MoM has experienced strong growth, with transaction volume up 220% year-over-year and revenue growth of 43% year-over-year. [2] MoM sees significant growth opportunities in India given the country's large unbanked population and cash economy, with the potential to become an $8 billion market. [3] MoM aims to expand its reach across India and increase the transactions per customer to tap this large potential market.
Opportunities of Share Market
Problems of Stock Markets in Bangladesh
Other Problems of Stock Markets
Suggestions To Improve The Activities of Stock Market
Major Future Prospects That Will Change The Stock Market
Future Programs For Further Development
Omnicom Should Be On Value Investor & Activist Investors' Radar ScreenJeff Lawrence
Like many value stocks, Omnicom is materially undervalued relative to its intrinsic value. However, it is also unique because its stable ROIC / EVA has not, historically, been reflected in its relative stock price nor its equity beta.
Resolving these inconsistencies may require a material reduction in its excess cash holdings and/or additional corporate governance reform. It is not inconceivable that an activist investor will be drawn to the company, despite its status as a large cap stock.
1. The document provides advice on investing in stocks, noting it should be viewed as "legalized gambling" and most people lose money trying to get rich quickly.
2. It recommends studying companies' financial statements over many years, looking for consistent growth and competitive advantages, and advises investing for the long term in durable companies rather than trying to time the market.
3. Durable companies have strong balance sheets with high profits, low debt, and reinvest most earnings back into the business for long term growth.
Dupré Analytics is shorting China Zhongwang, alleging it is the largest fraud ever uncovered in China. They claim Chairman Liu and his family have defrauded investors since 2009 by fabricating at least 62.5% of revenue since 2011 (HK$38.5 billion) and siphoning funds from a delayed facility project. Dupré alleges the Liu family has used secretly controlled trading companies and intermediaries to move tens of billions of dollars of aluminum abroad, racking up HK$36.5 billion in undisclosed borrowing recourseable to Zhongwang. Large stockpiles of aluminum in the U.S. and Mexico allegedly show Zhongwang's reported revenue is fraudulent.
The document analyzes the financial statements of five major railroad companies in the United States over four years from 2005 to 2008. It calculates several ratios to evaluate the companies' performance and determine which would be the best investment. According to the return on investment, debt ratio, profit margin, and current ratio analyses, Norfolk Southern Corporation and Union Pacific Corporation exhibited the strongest financial positions among the companies.
The document discusses Calpian's Money on Mobile (MoM) business in India. [1] MoM has experienced strong growth, with transaction volume up 220% year-over-year and revenue growth of 43% year-over-year. [2] MoM sees significant growth opportunities in India given the country's large unbanked population and cash economy, with the potential to become an $8 billion market. [3] MoM aims to expand its reach across India and increase the transactions per customer to tap this large potential market.
Opportunities of Share Market
Problems of Stock Markets in Bangladesh
Other Problems of Stock Markets
Suggestions To Improve The Activities of Stock Market
Major Future Prospects That Will Change The Stock Market
Future Programs For Further Development
Omnicom Should Be On Value Investor & Activist Investors' Radar ScreenJeff Lawrence
Like many value stocks, Omnicom is materially undervalued relative to its intrinsic value. However, it is also unique because its stable ROIC / EVA has not, historically, been reflected in its relative stock price nor its equity beta.
Resolving these inconsistencies may require a material reduction in its excess cash holdings and/or additional corporate governance reform. It is not inconceivable that an activist investor will be drawn to the company, despite its status as a large cap stock.
1. The document provides advice on investing in stocks, noting it should be viewed as "legalized gambling" and most people lose money trying to get rich quickly.
2. It recommends studying companies' financial statements over many years, looking for consistent growth and competitive advantages, and advises investing for the long term in durable companies rather than trying to time the market.
3. Durable companies have strong balance sheets with high profits, low debt, and reinvest most earnings back into the business for long term growth.
Dupré Analytics is shorting China Zhongwang, alleging it is the largest fraud ever uncovered in China. They claim Chairman Liu and his family have defrauded investors since 2009 by fabricating at least 62.5% of revenue since 2011 (HK$38.5 billion) and siphoning funds from a delayed facility project. Dupré alleges the Liu family has used secretly controlled trading companies and intermediaries to move tens of billions of dollars of aluminum abroad, racking up HK$36.5 billion in undisclosed borrowing recourseable to Zhongwang. Large stockpiles of aluminum in the U.S. and Mexico allegedly show Zhongwang's reported revenue is fraudulent.
The Venator Funds were up across the board in February; our long/short Founders Fund posted a 1.5% return (-2.4% YTD), Venator Income Fund finished up 0.5% (+1.5% YTD), while Venator Select Fund was 4.5% higher (-2.4% YTD). Feel free to contact me to discuss the Funds in more detail.
This document summarizes an initial public offering from China Commercial Credit Inc. in July 2013. It includes information on the registration statement filed with the SEC, forward-looking statements and associated risks, the company's growth and financial performance from 2009-2012, the microcredit industry in China, management experience, and the planned use of offering proceeds.
- Federated Investors faces significant challenges from potential new regulations for money market funds proposed by the SEC chairman, as money market funds comprise 75% of Federated's total assets under management.
- New rules could lead to large outflows from money market funds, negatively impacting Federated's earnings. Despite some positive flows and fund performance, the risks to Federated's core business are substantial.
- The analyst initiates coverage of Federated with an Underperform rating and $19 price target, seeing limited upside due to risks from money market reforms and the stock trading in line with peers despite these risks.
The budget disappointed market expectations. It did not reduce taxes or remove anomalies as hoped. Specifically, it increased the dividend tax rate and education cess. It also increased taxes on money market mutual funds. The budget discussion introduced the concept of allowing short selling of stocks with certain conditions, but changes to tax laws are still needed to implement this. It also proposed self-regulatory organizations for different sectors to take over some routine regulatory functions, but agencies may be reluctant to give up powers. Volatility initially fell sharply due to the budget but later recovered as the implications were better understood.
An Understanding Of Financial Communications And Investor RelationsMSL
This presentation is by MSLGROUP thought leader Jaideep Shergill, head of our financial communications in Asia and CEO, Hanmer MSL.
Hanmer MSL is one of India’s largest multi-discipline communications firms and a leader in the area of speciality communications services, including strategic public relations, financial communications, social media, events, activation and creative services. It is part of MSLGROUP, Publicis Groupe's flagship strategic communications and engagement network.
This presentation offers an in-depth understanding of financial communications and investor relations.
Potential Accounting Tunneling Fraud at China Environment (Part 3)asianextractor
- The document raises questions about potential accounting fraud at China Environment based on inconsistencies found in China Environment's financial reports and presentations. Specifically, it questions whether China Environment properly accounted for the completion of a new factory and whether it truly funded large capital expenditures through internal cash flow.
- It also expresses concerns about China Environment's increasing accounts receivable balances, the independence of its longtime auditor, and the need for its recent capital raising given available credit facilities. Insider share sales are seen as a potential lack of confidence in the company.
This document contains a summary of an analysis of Procter & Gamble (P&G) as an investment. Key points include:
1) Historical data was used to calculate metrics like WACC, beta, ROIC, and FCF to evaluate P&G's performance and forecast future growth assumptions.
2) Revenue growth rates of 1.8% for 2014 and 4.1% over 5 years were predicted, based on slower historical growth and anticipated challenges for P&G to generate significant new sales.
3) Calculations of metrics like ROIC and assumptions about ratios were used to project financials and value P&G, finding the stock could be a moderate buy given its valuation compared to
FTI: Scaling the Great Wall of Accounting issues in chinese reverse mergersasianextractor
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
WageWorks provides consumer-directed benefits programs like Flexible Spending Accounts, Health Reimbursement Arrangements, and Health Savings Accounts to help employees minimize their tax exposure. It has grown to serve over 3 million employees and 29,000 employer clients. While currently expensive at 68 times earnings, WageWorks' focus on the growing private healthcare exchange market and consumer-directed benefits could provide opportunities for continued strong growth.
GRIN - Grown Rogue - M Partners Morning Note ReviewMomentumPR
Grown Rogue International is a vertically integrated, multistate cannabis company curating innovative products to provide consumers with the right cannabis experience. Each of Grown Rogue's products and strains is categorized and marketed based on unique effects and designed for the full range of a consumers' lifestyle. Grown Rogue is scaling the vertically integrated model into multiple states by incorporating best-in-class manufacturing facilities and a proprietary distribution platform based on Microsoft technology. Grown Rogue's diverse cannabis product suite includes premium flower, patent-pending nitrogen sealed pre-rolls, oil and concentrates, and edibles featuring a partnership with world-renowned chocolatier Jeff Shepherd.
Narnolia Securities Limited expects Infosys growth in all segments as well as to be stable in the coming quarters. We recommended buy stock which is upgraded our target price from Rs 3395 to Rs 3622 marginally improved by 60bps
- The subsidy arbitrage that many companies had relied upon to generate their generous margins is gone for good and the environment will continue to be challenging, and indefinitely so.
- The case for consolidation across several sectors is overwhelming but activity remains low. Managers are in denial and holding out for miracles.
- The closing window for regional economies to reduce their dependence on oil (highlighted in the Countdown to Midnight, November 14th, 2016) has been validated by the rapidly rising forecasts for the electrification of the global passenger vehicle fleet, which accounts for over a quarter of global oil demand.
- Reform is not a magic wand and hope is not a strategy. To transform the economy from its dependency on oil and subsidies requires pain, sacrifice and perhaps a decade of disruption to the status quo.
- Lincoln National Corporation reported net income of $91.6 million for 2002, achieving positive net flows in each business despite declines in equity markets negatively impacting fees and assumptions.
- The company focused on controlling expenses, maintaining a strong capital position, and developing new products, positioning itself for future growth while lessening short-term impacts of market downturns.
- Lincoln believes it is well-positioned for long-term growth in retirement income and wealth transfer businesses as baby boomers focus on ensuring income and legacy, and the industry evolves to provide comprehensive financial planning and retirement solutions.
1) Companies have accumulated record amounts of cash since the 2008 financial crisis as they focused on reducing debt and rebuilding their balance sheets.
2) Recently, companies have begun shifting their use of cash from shareholder-friendly activities like buybacks and dividends toward business investment to support future growth.
3) Increased business investment will benefit the economy by boosting GDP and supporting the belief that a secular bull market has begun.
Strategic Financial Analysis JS vs Arif HabibM.Ali Jehangir
The document compares the financial performance and capital structure of two Pakistani non-bank financial institutions, JSCL and AHL. It analyzes key ratios related to capital structure, leverage, working capital management and asset utilization. The analysis finds that JSCL has a lower debt reliance and better current ratio, while AHL has higher leverage, weaker current position and relies more on debt financing. Both companies can improve working capital management and asset intensity to enhance efficiency.
The document provides information about a cash flow statement and analysis of Habib Bank Limited (HBL) in Pakistan. It includes the following:
1) A cash flow statement shows the inflows and outflows of cash over a period of time, but does not show profitability. It should be prepared monthly, quarterly, and annually.
2) An analysis of HBL's cash flows from 2010-2009 shows the bank has a good financial position and is growing each year. However, it needs to decentralize decision making and narrow management's span of control to improve communication.
3) Recommendations include that HBL should delegate authority more, decentralize operations, focus on advertising to attract customers
The document provides an investment commentary for December 2019. It discusses the strong performance of the broader market in 2019 but notes increasing valuations. It summarizes the portfolio manager's long-standing optimistic yet cautious outlook. The commentary describes adjustments made to the portfolio in the fourth quarter, including reducing the technology sector weighting and selling Apple, to take profits and find less expensive opportunities. It reiterates the manager's commitment to its value investment process and focus on capital preservation over the short term while maintaining an optimistic long-term view.
Global insurance industry outlook for 2014Prayukth K V
The document provides an outlook for the global insurance industry in 2014. It begins with an introduction from the author, David Lomas, and a review of their predictions for 2013. Several of the 2013 predictions proved accurate, including increased use of ETFs by insurers and the introduction of more managed volatility funds. The document then outlines seven predictions for trends in the insurance industry in 2014, including that low interest rates will drive insurers to seek new sources of income and that regulations will continue to evolve.
The document summarizes the Q1 2015 technology hiring trends in the Americas market. It finds that while bonuses were down in previous years, economic optimism is leading to rising pay packets. Demand remains high for developers in languages like Python, Java and Scala, as well as data analytics and cyber security skills. Location strategies continue to focus on lowering costs, while the payments industry is undergoing changes to modernize faster payment capabilities. In summary, technology remains a key driver for financial services firms to control costs while managing regulatory pressures and innovation.
While president, Clinton chose to involve the US in some foreign conflicts but not others. The document discusses when, if ever, it is appropriate for the US to intervene in other countries' internal affairs or whether the US should stay out of foreign conflicts. It provides a link to additional information on this topic.
Integrated Case Chapter 16New World Chemicals Inc.Fina.docxmariuse18nolet
Integrated Case Chapter 16
New World Chemicals Inc.
Financial Forecasting Sue Wilson, the new financial manager of New World Chemicals (NWC), a California producer of specialized chemicals for use in fruit orchards, must prepare a formal financial forecast for 2012. NWC’s 2011 sales were $2billion, and the marketing department is forecasting a 25% increase for 2012. Wilson thinks the company was operating at a full capacity in 2011, but she is not sure. The first step in her forecast was to assume that key ratios would remain unchanged and that it would be “business as usual” at NWC. The 2011 financial statements, the 2012 initial forecast, and a ratio analysis for 2011 and the 2012 initial forecast are given in Table IC 16.1.
Assume that you were recently hired as Wilson’s assistant and that your first major task is to help her develop the formal financial forecast. She asks you to begin by answering the following questions.
a. Assume (1) that NWC was operating at full capacity in 2011 with respect to all assets, (2) that all assets must grow at the same rate as sales, (3) that accounts payable and accrued liabilities also ill grow at the same rate as sales (4) that the 2011 profit margin and dividend payout will be maintained. Under those conditions, what would the AFN equation predict the company’s financial requirements to be for the coming year?
b. Consultations with several key managers within NWC, including production, inventory, and receivable managers, have yielded some very useful information.
1. NWC’s high DSO is largely due to one significant customer who battled through some hardships the past 2 years but who appears to be financially healthy again and is generating strong cash flow. As a result, NWC’s accounts receivable manager expects the firm to lower receivables enough for a calculated DSO of 34 days without adversely affecting sales.
2. NWC was operating slightly below capacity; but its forecast growth will require a new facility, which is expected to increase NWC’s next fixed assets to $700 million.
3. A relatively new inventory management system (installed last year) has taken some times to catch on and to operate efficiently. NWC’s inventory turnover improved slightly last year, but this year NWC expects even more improvement as inventories decrease and inventory turnover is expected to rise to 10X.
Incorporate that information into the 2012 initial forecast results, as these adjustments to the initial forecast represent the final forecast for 2012 (Hint: Total assets do not change from the initial forecast.)
c. Calculate NWC’s forecast ratios based on its final forecast and compare them with the
company’s 2011 historical ratios, the 2012 initial forecast ratios, and the industry averages.
How does NWC compare with the average firm in its industry, and is the company’s financial
position expected to improve during the coming year? Explain.
d. Based on the financial forecast, c.
This document appears to be a study guide or list of questions for a final exam in FIN 370. It includes 30 multiple choice or short answer questions covering various topics in finance, including: the goals of firms, primary and secondary markets, agency theory, principles of financial management, cash budgets, break-even analysis, present value, sources of financing, capital budgeting techniques like payback period and NPV, cost of capital calculation, capital structure, leverage, and international finance topics.
The Venator Funds were up across the board in February; our long/short Founders Fund posted a 1.5% return (-2.4% YTD), Venator Income Fund finished up 0.5% (+1.5% YTD), while Venator Select Fund was 4.5% higher (-2.4% YTD). Feel free to contact me to discuss the Funds in more detail.
This document summarizes an initial public offering from China Commercial Credit Inc. in July 2013. It includes information on the registration statement filed with the SEC, forward-looking statements and associated risks, the company's growth and financial performance from 2009-2012, the microcredit industry in China, management experience, and the planned use of offering proceeds.
- Federated Investors faces significant challenges from potential new regulations for money market funds proposed by the SEC chairman, as money market funds comprise 75% of Federated's total assets under management.
- New rules could lead to large outflows from money market funds, negatively impacting Federated's earnings. Despite some positive flows and fund performance, the risks to Federated's core business are substantial.
- The analyst initiates coverage of Federated with an Underperform rating and $19 price target, seeing limited upside due to risks from money market reforms and the stock trading in line with peers despite these risks.
The budget disappointed market expectations. It did not reduce taxes or remove anomalies as hoped. Specifically, it increased the dividend tax rate and education cess. It also increased taxes on money market mutual funds. The budget discussion introduced the concept of allowing short selling of stocks with certain conditions, but changes to tax laws are still needed to implement this. It also proposed self-regulatory organizations for different sectors to take over some routine regulatory functions, but agencies may be reluctant to give up powers. Volatility initially fell sharply due to the budget but later recovered as the implications were better understood.
An Understanding Of Financial Communications And Investor RelationsMSL
This presentation is by MSLGROUP thought leader Jaideep Shergill, head of our financial communications in Asia and CEO, Hanmer MSL.
Hanmer MSL is one of India’s largest multi-discipline communications firms and a leader in the area of speciality communications services, including strategic public relations, financial communications, social media, events, activation and creative services. It is part of MSLGROUP, Publicis Groupe's flagship strategic communications and engagement network.
This presentation offers an in-depth understanding of financial communications and investor relations.
Potential Accounting Tunneling Fraud at China Environment (Part 3)asianextractor
- The document raises questions about potential accounting fraud at China Environment based on inconsistencies found in China Environment's financial reports and presentations. Specifically, it questions whether China Environment properly accounted for the completion of a new factory and whether it truly funded large capital expenditures through internal cash flow.
- It also expresses concerns about China Environment's increasing accounts receivable balances, the independence of its longtime auditor, and the need for its recent capital raising given available credit facilities. Insider share sales are seen as a potential lack of confidence in the company.
This document contains a summary of an analysis of Procter & Gamble (P&G) as an investment. Key points include:
1) Historical data was used to calculate metrics like WACC, beta, ROIC, and FCF to evaluate P&G's performance and forecast future growth assumptions.
2) Revenue growth rates of 1.8% for 2014 and 4.1% over 5 years were predicted, based on slower historical growth and anticipated challenges for P&G to generate significant new sales.
3) Calculations of metrics like ROIC and assumptions about ratios were used to project financials and value P&G, finding the stock could be a moderate buy given its valuation compared to
FTI: Scaling the Great Wall of Accounting issues in chinese reverse mergersasianextractor
We are very honored to be able to invite the Senior Managing Director of FTI Consulting (FCN US, MV $1.5bn), a billion-dollar NYSE-listed global forensic consulting firm, as a guest speaker in our SMU classes to share his knowledge and wisdom with the students in the Accounting Fraud in Asia course in Week 6, the week of 9th February. Over the years in the Asian capital jungles, the FTI people are amongst the few professionals whom I respect for their on-the-field expertise and thought leadership in the area of fraud and forensic investigation. I am sure that the talk will definitely make an impact for our SMU students who will learn not only invaluable lessons from the speaker’s knowledge and wisdom but also about FTI Consulting as their future career choice.
WageWorks provides consumer-directed benefits programs like Flexible Spending Accounts, Health Reimbursement Arrangements, and Health Savings Accounts to help employees minimize their tax exposure. It has grown to serve over 3 million employees and 29,000 employer clients. While currently expensive at 68 times earnings, WageWorks' focus on the growing private healthcare exchange market and consumer-directed benefits could provide opportunities for continued strong growth.
GRIN - Grown Rogue - M Partners Morning Note ReviewMomentumPR
Grown Rogue International is a vertically integrated, multistate cannabis company curating innovative products to provide consumers with the right cannabis experience. Each of Grown Rogue's products and strains is categorized and marketed based on unique effects and designed for the full range of a consumers' lifestyle. Grown Rogue is scaling the vertically integrated model into multiple states by incorporating best-in-class manufacturing facilities and a proprietary distribution platform based on Microsoft technology. Grown Rogue's diverse cannabis product suite includes premium flower, patent-pending nitrogen sealed pre-rolls, oil and concentrates, and edibles featuring a partnership with world-renowned chocolatier Jeff Shepherd.
Narnolia Securities Limited expects Infosys growth in all segments as well as to be stable in the coming quarters. We recommended buy stock which is upgraded our target price from Rs 3395 to Rs 3622 marginally improved by 60bps
- The subsidy arbitrage that many companies had relied upon to generate their generous margins is gone for good and the environment will continue to be challenging, and indefinitely so.
- The case for consolidation across several sectors is overwhelming but activity remains low. Managers are in denial and holding out for miracles.
- The closing window for regional economies to reduce their dependence on oil (highlighted in the Countdown to Midnight, November 14th, 2016) has been validated by the rapidly rising forecasts for the electrification of the global passenger vehicle fleet, which accounts for over a quarter of global oil demand.
- Reform is not a magic wand and hope is not a strategy. To transform the economy from its dependency on oil and subsidies requires pain, sacrifice and perhaps a decade of disruption to the status quo.
- Lincoln National Corporation reported net income of $91.6 million for 2002, achieving positive net flows in each business despite declines in equity markets negatively impacting fees and assumptions.
- The company focused on controlling expenses, maintaining a strong capital position, and developing new products, positioning itself for future growth while lessening short-term impacts of market downturns.
- Lincoln believes it is well-positioned for long-term growth in retirement income and wealth transfer businesses as baby boomers focus on ensuring income and legacy, and the industry evolves to provide comprehensive financial planning and retirement solutions.
1) Companies have accumulated record amounts of cash since the 2008 financial crisis as they focused on reducing debt and rebuilding their balance sheets.
2) Recently, companies have begun shifting their use of cash from shareholder-friendly activities like buybacks and dividends toward business investment to support future growth.
3) Increased business investment will benefit the economy by boosting GDP and supporting the belief that a secular bull market has begun.
Strategic Financial Analysis JS vs Arif HabibM.Ali Jehangir
The document compares the financial performance and capital structure of two Pakistani non-bank financial institutions, JSCL and AHL. It analyzes key ratios related to capital structure, leverage, working capital management and asset utilization. The analysis finds that JSCL has a lower debt reliance and better current ratio, while AHL has higher leverage, weaker current position and relies more on debt financing. Both companies can improve working capital management and asset intensity to enhance efficiency.
The document provides information about a cash flow statement and analysis of Habib Bank Limited (HBL) in Pakistan. It includes the following:
1) A cash flow statement shows the inflows and outflows of cash over a period of time, but does not show profitability. It should be prepared monthly, quarterly, and annually.
2) An analysis of HBL's cash flows from 2010-2009 shows the bank has a good financial position and is growing each year. However, it needs to decentralize decision making and narrow management's span of control to improve communication.
3) Recommendations include that HBL should delegate authority more, decentralize operations, focus on advertising to attract customers
The document provides an investment commentary for December 2019. It discusses the strong performance of the broader market in 2019 but notes increasing valuations. It summarizes the portfolio manager's long-standing optimistic yet cautious outlook. The commentary describes adjustments made to the portfolio in the fourth quarter, including reducing the technology sector weighting and selling Apple, to take profits and find less expensive opportunities. It reiterates the manager's commitment to its value investment process and focus on capital preservation over the short term while maintaining an optimistic long-term view.
Global insurance industry outlook for 2014Prayukth K V
The document provides an outlook for the global insurance industry in 2014. It begins with an introduction from the author, David Lomas, and a review of their predictions for 2013. Several of the 2013 predictions proved accurate, including increased use of ETFs by insurers and the introduction of more managed volatility funds. The document then outlines seven predictions for trends in the insurance industry in 2014, including that low interest rates will drive insurers to seek new sources of income and that regulations will continue to evolve.
The document summarizes the Q1 2015 technology hiring trends in the Americas market. It finds that while bonuses were down in previous years, economic optimism is leading to rising pay packets. Demand remains high for developers in languages like Python, Java and Scala, as well as data analytics and cyber security skills. Location strategies continue to focus on lowering costs, while the payments industry is undergoing changes to modernize faster payment capabilities. In summary, technology remains a key driver for financial services firms to control costs while managing regulatory pressures and innovation.
While president, Clinton chose to involve the US in some foreign conflicts but not others. The document discusses when, if ever, it is appropriate for the US to intervene in other countries' internal affairs or whether the US should stay out of foreign conflicts. It provides a link to additional information on this topic.
Integrated Case Chapter 16New World Chemicals Inc.Fina.docxmariuse18nolet
Integrated Case Chapter 16
New World Chemicals Inc.
Financial Forecasting Sue Wilson, the new financial manager of New World Chemicals (NWC), a California producer of specialized chemicals for use in fruit orchards, must prepare a formal financial forecast for 2012. NWC’s 2011 sales were $2billion, and the marketing department is forecasting a 25% increase for 2012. Wilson thinks the company was operating at a full capacity in 2011, but she is not sure. The first step in her forecast was to assume that key ratios would remain unchanged and that it would be “business as usual” at NWC. The 2011 financial statements, the 2012 initial forecast, and a ratio analysis for 2011 and the 2012 initial forecast are given in Table IC 16.1.
Assume that you were recently hired as Wilson’s assistant and that your first major task is to help her develop the formal financial forecast. She asks you to begin by answering the following questions.
a. Assume (1) that NWC was operating at full capacity in 2011 with respect to all assets, (2) that all assets must grow at the same rate as sales, (3) that accounts payable and accrued liabilities also ill grow at the same rate as sales (4) that the 2011 profit margin and dividend payout will be maintained. Under those conditions, what would the AFN equation predict the company’s financial requirements to be for the coming year?
b. Consultations with several key managers within NWC, including production, inventory, and receivable managers, have yielded some very useful information.
1. NWC’s high DSO is largely due to one significant customer who battled through some hardships the past 2 years but who appears to be financially healthy again and is generating strong cash flow. As a result, NWC’s accounts receivable manager expects the firm to lower receivables enough for a calculated DSO of 34 days without adversely affecting sales.
2. NWC was operating slightly below capacity; but its forecast growth will require a new facility, which is expected to increase NWC’s next fixed assets to $700 million.
3. A relatively new inventory management system (installed last year) has taken some times to catch on and to operate efficiently. NWC’s inventory turnover improved slightly last year, but this year NWC expects even more improvement as inventories decrease and inventory turnover is expected to rise to 10X.
Incorporate that information into the 2012 initial forecast results, as these adjustments to the initial forecast represent the final forecast for 2012 (Hint: Total assets do not change from the initial forecast.)
c. Calculate NWC’s forecast ratios based on its final forecast and compare them with the
company’s 2011 historical ratios, the 2012 initial forecast ratios, and the industry averages.
How does NWC compare with the average firm in its industry, and is the company’s financial
position expected to improve during the coming year? Explain.
d. Based on the financial forecast, c.
This document appears to be a study guide or list of questions for a final exam in FIN 370. It includes 30 multiple choice or short answer questions covering various topics in finance, including: the goals of firms, primary and secondary markets, agency theory, principles of financial management, cash budgets, break-even analysis, present value, sources of financing, capital budgeting techniques like payback period and NPV, cost of capital calculation, capital structure, leverage, and international finance topics.
This document appears to be a practice exam for PHI 107 with 50 multiple choice questions covering various topics in business and finance including capital structure, capital budgeting, the cost of capital, and international finance. The questions assess understanding of concepts like the weighted average cost of capital, net present value, internal rate of return, capital budgeting techniques, the impact of leverage on a firm's capital structure, and foreign exchange.
This document appears to be a practice exam for a PHI 107 course, containing 50 multiple choice questions covering various topics in business and finance, including capital budgeting techniques, the cost of capital, capital structure, and international finance. The full exam is not provided. The document promotes an online test preparation site where students can find solutions to entire courses, exams, and homework assignments.
The document contains sample problems and short answer questions from finance textbook chapters about capital budgeting, the cost of capital, capital structure, working capital management, financial statement analysis, and forecasting. The problems cover topics such as net present value calculations, leverage, the cash conversion cycle, break-even analysis, and dividend payout policy.
The document appears to be a study guide or list of questions for a FIN 370 final exam. It includes questions about corporate goals, primary market transactions, agency theory, principles of financial management, accounting ratios, accounting rates of return, investment preferences, cash budgets, non-cash expenses, break-even analysis, zero-coupon bonds, compound interest, present value, sources of financing, project cash flows, net present value, internal rate of return, project acceptance criteria, cost of capital, capital structure, leverage, earnings per share, and international finance topics.
http://finishedexams.com/homework_text.php?cat=15945
Immediate access to solutions for ENTIRE COURSES, FINAL EXAMS and HOMEWORKS “RATED A+" - Without Registration!
This document contains solutions to problems from FIN 515 Week 6. It includes solutions to 5 problems labeled 16-1 through 16-5. It also includes a link to get additional tutorial information. The document provides the questions and multiple choice answers to 6 additional business and finance problems. It gives the questions, possible answers and identifies the correct answers. The problems cover topics like market value, capital budgeting techniques, stock valuation, cash budgeting and additional funds needed.
Question 1 Which of the following is considered a hybrid org.docxIRESH3
Question 1
Which of the following is considered a hybrid organizational form?
corporation
sole proprietorship
limited liability partnership
partnership
Question 2
Which of the following is a principal within the agency relationship?
the CEO of the firm
a shareholder
the board of directors
a company engineer
Question 3
Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?
$1,844,022
$2,303,010
$2,123,612
$803,010
Question 4
Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?
The statement of working capital.
The statement of cash flows.
The statement of retained earnings.
The statement of net worth.
Question 5
Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory?
57.9 days
64.3 days
65.2 days
61.7 days
Question 6
Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?
1.47
0
1.74
0.60
Question 7
Which of the following is not a method of “benchmarking”?
Evaluating a single firm’s performance over time.
Identify a group of firms that compete with the company being analyzed.
Utilize the DuPont system to analyze a firm’s performance.
Conduct an industry group analysis.
Question 8
Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
$26,454
$16,670
$19,444
$22,680
estion 9
PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.)
$2,615,432
$2,815,885
$2,431,224
$2,735,200
Question 10
PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company's opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.)
$480,906
$414,322
$429,560
$477,235
Question 11
Future value of an annuity: Jayadev Athreya has started on his first job. He plans to start saving for retirement early. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent. How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.)
$1,745,600
$5,233 ...
Description Instructions Complete final exam.Ques.docxtheodorelove43763
Description / Instructions: Complete final exam.
Question 1
Which of the following is considered a hybrid organizational form?
sole proprietorship
partnership
corporation
limited liability partnership
Question 2
Which of the following is a principal within the agency relationship?
a company engineer
the CEO of the firm
a shareholder
the board of directors
Question 3
Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?
$803,010
$2,303,010
$2,123,612
$1,844,022
Question 4
Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?
The statement of cash flows.
The statement of net worth.
The statement of retained earnings.
The statement of working capital.
Question 5
Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory?
61.7 days
57.9 days
65.2 days
64.3 days
Question 6
Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?
0
0.60
1.47
1.74
Question 7
Which of the following is not a method of “benchmarking”?
Utilize the DuPont system to analyze a firm’s performance.
Conduct an industry group analysis.
Evaluating a single firm’s performance over time.
Identify a group of firms that compete with the company being analyzed.
Question 8
Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
$26,454
$19,444
$22,680
$16,670
Question 9
PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.)
$2,815,885
$2,615,432
$2,735,200
$2,431,224
Question 10
PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company's opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.)
$429,560
$414,322
$480,906
$477,235
Question 11
Future value of an annuity: Jayadev At.
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This document contains 5 multiple choice questions regarding corporate valuation and discounted cash flow analysis. The questions calculate the value of company operations based on projected free cash flows, growth rates, and weighted average cost of capital. Correct answers are provided for each question.
This document contains questions from a FIN 534 final exam practice test set. It includes 30 multiple choice questions covering topics like option valuation, capital budgeting techniques, weighted average cost of capital calculation, and forecasting. The questions are part of a practice exam for a corporate finance course. To access the full practice exam, readers are directed to a website where they can purchase access.
This document discusses a stock market project analyzing Walmart Stores, Inc. It begins with a brief overview of Walmart's history and business model, highlighting its position as the world's largest retailer known for low prices and community involvement. The rest of the document is structured as follows:
1. History and overview of Walmart's founding and growth into the world's largest retailer.
2. Financial analysis comparing Walmart's performance over time to competitors through financial ratios.
3. Discussion of risks and challenges facing Walmart from competition and economic trends that could impact future performance.
4. Recommendation that despite short-term challenges, Walmart remains well positioned for long-term growth.
The document appears to be a multiple choice exam covering various topics in finance and accounting, including financial statements, cost behavior, capital structure, valuation, budgeting, and analysis. It contains 40 multiple choice questions testing understanding of concepts such as the balance sheet, fixed and variable costs, net present value, cash flow analysis, and accounting principles.
This document contains a practice exam for FIN 515 with multiple choice and calculation questions covering topics such as sole proprietorships, weighted average cost of capital, time value of money, bonds, stocks, capital budgeting, and the cash conversion cycle. It provides the exam questions, but no answers. It directs the reader to a website to purchase the exam along with other class materials and exams.
Which of the following is considered a hybrid organizational form.docxphilipnelson29183
Which of the following is considered a hybrid organizational form?
limited liability partnership
corporation
sole proprietorship
partnership
Which of the following is a principal within the agency relationship?
the board of directors
the CEO of the firm
a shareholder
a company engineer
Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have?
Which of the following presents a summary of the changes in a firm’s balance sheet from the beginning of an accounting period to the end of that accounting period?
The statement of net worth.
The statement of retained earnings.
The statement of working capital.
The statement of cash flows.
Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory?
61.7 days
57.9 days
65.2 days
64.3 days
IE
Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio?
0
1.74
0.60
1.47
Which of the following is not a method of “benchmarking”?
Evaluating a single firm’s performance over time.
Conduct an industry group analysis.
Identify a group of firms that compete with the company being analyzed.
Utilize the DuPont system to analyze a firm’s performance.
Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.)
$26,454
$16,670
$19,444
$22,680
IE
PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and
$1,000,000. What is the present value of these payments? (Round to the nearest
dollar.)
$2,815,885
$2,735,200
$2,431,224
$2,615,432
PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—
$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years.
If the company's opportunity cost is 15 percent, what is the present value of these
cash flows? (Round to the nearest dollar.)
$477,235
$429,560
$414,322
$480,906
IE
Future value of an annuity: Jayadev Athreya has started on his first job.
He plans to start saving for retirement early. He will invest $5,000 at the end
of each year for the next 45 years in a fund that will earn a return of 10 percent.
How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.)
$2,667,904
$5,233,442
$1,745,600
$3,594,524
Serox stock was selling for $20 two years ago. The stock sold for
$25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend
per.
This document discusses an accounting capstone discussion question about an assessment for applicants to a fictional position called "The Accountant" at a nationwide accounting organization. It describes how applicants would need to complete three problems testing their accounting skills and abilities in subjects covered in ACC 225. It also provides a link to additional course tutorials and discusses general accounting questions.
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FIN 534 Week 8 Quiz 7 (Str Course)
Last year Godinho Corp. had $250 million of sales, and it had $75 million of
fixed assets that were being operated at 80% of capacity. In millions, how large
could sales have been if the company had operated at full capacity?
Question 2
Which of the following is NOT a key element in strategic planning as it is
described in the text?
Question 3
Spontaneous funds are generally defined as follows:
Question 4
Which of the following statements is CORRECT?
Question 5
Which of the following statements is CORRECT?
Question 6
Which of the following statements is CORRECT?
Question 7
The capital intensity ratio is generally defined as follows:
Question 8
A company expects sales to increase during the coming year, and it is using the
AFN equation to forecast the additional capital that it must raise. Which of the
following conditions would cause the AFN to increase?
Question 9
Which of the following statements is CORRECT?
Question 10
Which of the following is NOT one of the steps taken in the financial planning
process?
Question 11
Which of the following statements is CORRECT?
Question 12
Which of the following assumptions is embodied in the AFN equation?
Question 13
The term “additional funds needed (AFN)” is generally defined as follows:
Question 14
Which of the following statements is CORRECT?
Question 15
Last year Handorf-Zhu Inc. had $850 million of sales, and it had $425 million of
fixed assets that were used at only 60% of capacity. What is the maximum sales
growth rate the company could achieve before it had to increase its fixed
assets?
Question 16
Which of the following statements is NOT CORRECT?
Question 17
Based on the corporate valuation model, Hunsader’s value of operations is $300
million. The balance sheet shows $20 million of short-term investments that are
unrelated to operations, $50 million of accounts payable, $90 million of notes
payable, $30 million of long-term debt, $40 million of preferred stock, and $100
3. million of common equity. The company has 10 million shares of stock
outstanding. What is the best estimate of the stock’s price per share?
Question 18
Which of the following is NOT normally regarded as being a good reason to
establish an ESOP?
Question 19
Zhdanov Inc. forecasts that its free cash flow in the coming year, i.e., at t =
1, will be -$10 million, but its FCF at t = 2 will be $20 million. After Year 2,
FCF is expected to grow at a constant rate of 4% forever. If the weighted
average cost of capital is 14%, what is the firm’s value of operations, in
millions?
Question 20
Leak Inc. forecasts the free cash flows (in millions) shown below. If the
weighted average cost of capital is 11% and FCF is expected to grow at a rate of
5% after Year 2, what is the Year 0 value of operations, in millions? Assume
that the ROIC is expected to remain constant in Year 2 and beyond (and do not
make any half-year adjustments).
Year: 1 2
Free cash flow: -$50 $100
Question 21
Suppose Leonard, Nixon, & Shull Corporation’s projected free cash flow for next
year is $100,000, and FCF is expected to grow at a constant rate of 6%. If the
company’s weighted average cost of capital is 11%, what is the value of its
operations?
Question 22
A company forecasts the free cash flows (in millions) shown below. The weighted
average cost of capital is 13%, and the FCFs are expected to continue growing at
a 5% rate after Year 3. Assuming that the ROIC is expected to remain constant in
Year 3 and beyond, what is the Year 0 value of operations, in millions?
Year: 1 2 3
Free cash flo -$15 $10 $40
Question 23
Suppose Yon Sun Corporation’s free cash flow during the just-ended year (t = 0)
was $100 million, and FCF is expected to grow at a constant rate of 5% in the
future. If the weighted average cost of capital is 15%, what is the firm’s value
of operations, in millions?
Question 24
Based on the corporate valuation model, Bernile Inc.’s value of operations is
$750 million. Its balance sheet shows $50 million of short-term investments that
are unrelated to operations, $100 million of accounts payable, $100 million of
notes payable, $200 million of long-term debt, $40 million of common stock (par
plus paid-in-capital), and $160 million of retained earnings. What is the best
estimate for the firm’s value of equity, in millions?
Question 25
Simonyan Inc. forecasts a free cash flow of $40 million in Year 3, i.e., at t =
3, and it expects FCF to grow at a constant rate of 5% thereafter. If the
weighted average cost of capital is 10% and the cost of equity is 15%, what is
the horizon value, in millions at t = 3?
Question 26
Akyol Corporation is undergoing a restructuring, and its free cash flows are
expected to be unstable during the next few years. However, FCF is expected to
be $50 million in Year 5, i.e., FCF at t = 5 equals $50 million, and the FCF
growth rate is expected to be constant at 6% beyond that point. If the weighted
average cost of capital is 12%, what is the horizon value (in millions) at t =
5?
Question 27
4. Which of the following does NOT always increase a company’s market value?
Question 28
Based on the corporate valuation model, the value of a company’s operations is
$1,200 million. The company’s balance sheet shows $80 million in accounts
receivable, $60 million in inventory, and $100 million in short-term investments
that are unrelated to operations. The balance sheet also shows $90 million in
accounts payable, $120 million in notes payable, $300 million in long-term debt,
$50 million in preferred stock, $180 million in retained earnings, and $800
million in total common equity. If the company has 30 million shares of stock
outstanding, what is the best estimate of the stock’s price per share?
Question 29
Which of the following is NOT normally regarded as being a barrier to hostile
takeovers?
Question 30
Based on the corporate valuation model, the value of a company’s operations is
$900 million. Its balance sheet shows $70 million in accounts receivable, $50
million in inventory, $30 million in short-term investments that are unrelated
to operations, $20 million in accounts payable, $110 million in notes payable,
$90 million in long-term debt, $20 million in preferred stock, $140 million in
retained earnings, and $280 million in total common equity. If the company has
25 million shares of stock outstanding, what is the best estimate of the stock’s
price per share?