it is a presentation on case analysis of the case dividend payout policy of linear technology and about its decision whether it should pay more dividend or keep it constant
Aqualisa Quartz - Simply A Better Shower (HBR Case Study)Arjun Parekh
Probable Solution to HBR Case on Aqualisa Quartz. The Presentation consists of info about Channel Distribution, Development of Quartz Shower Valve, UK Shower Market, Initial Sales Results, 4Ps of Marketing for Aqualisa, A shift in Marketing Strategy.
House of Tata: Acquiring a Global FootprintAbhigyan Singh
The 134-year-old Tata Group with 95 operating companies (31 of them publicly traded) and 230,000 employees, it is India's largest private-sector employer, its biggest taxpayer, and its greatest foreign-exchange earner.
Innovation at Progressive (A) - Harvard Business School
Answering the following questions:
1. How does Progressive’s performance as an auto insurer compare to that of typical insurance companies? How does its performance changed over time? What explains the difference in performance?
2. Customers of auto insurers are very price sensitive. How problematic is it to Progressive that customers almost always select the insurer that offers the best price?
3. Assess the viability of the Autograph system. What level of consumer acceptance will it take to make Autograph successful? What are the barriers to consumer acceptance? Should Autograph be expanded nationwide?
Made and presented for the course Service Operations Management at the Viadrina University, winter term 2012/2013
The second presentation from Vienna Value Investing meetup, wee discussed value decomposition, how to estimate asset value and how to predict future earnings of a stock.
Aqualisa Quartz - Simply A Better Shower (HBR Case Study)Arjun Parekh
Probable Solution to HBR Case on Aqualisa Quartz. The Presentation consists of info about Channel Distribution, Development of Quartz Shower Valve, UK Shower Market, Initial Sales Results, 4Ps of Marketing for Aqualisa, A shift in Marketing Strategy.
House of Tata: Acquiring a Global FootprintAbhigyan Singh
The 134-year-old Tata Group with 95 operating companies (31 of them publicly traded) and 230,000 employees, it is India's largest private-sector employer, its biggest taxpayer, and its greatest foreign-exchange earner.
Innovation at Progressive (A) - Harvard Business School
Answering the following questions:
1. How does Progressive’s performance as an auto insurer compare to that of typical insurance companies? How does its performance changed over time? What explains the difference in performance?
2. Customers of auto insurers are very price sensitive. How problematic is it to Progressive that customers almost always select the insurer that offers the best price?
3. Assess the viability of the Autograph system. What level of consumer acceptance will it take to make Autograph successful? What are the barriers to consumer acceptance? Should Autograph be expanded nationwide?
Made and presented for the course Service Operations Management at the Viadrina University, winter term 2012/2013
The second presentation from Vienna Value Investing meetup, wee discussed value decomposition, how to estimate asset value and how to predict future earnings of a stock.
The valuation is an essential part of any investment, we provided basics of thinking and calculations. It was presented in our meetup group, it can be used as referenced for future study.
Starve Ups Membership Company Arcimoto is Going Public★ MIKE SHUR
Arcimoto filed its public Form 1-A offering circular this afternoon with the SEC. This comprehensive document tells the story of the company in detail, and outlines its production and growth plans. If you’re not quite ready to chew through 120 pages of dense company documentation, you can see the 5-minute video version above here: http://bit.ly/2t4K8Di
We have presented a typical Business Model of a Direct Selling company. If you are interest to work in Direct selling and Referral based business. Contact at +91-9748354306
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just what'sapp this number below. I sold about 3000 pi coins to him and he paid me immediately.
+12349014282
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Yes of course, you can easily start mining pi network coin today and sell to legit pi vendors in the United States.
Here the what'sapp contact of my personal vendor.
+12349014282
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how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the what'sapp number of my personal pi merchant who i trade pi with.
Message: +12349014282 VIA Whatsapp.
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What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the what's app number of my personal pi vendor to trade with.
+12349014282
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
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I'll provide you the what'sapp number.
+12349014282
3. COMPANY BACKGROUND
THE COMPANY THAT WE ARE ANALYSING IS LINEAR TECHNOLOGY
CORPORATION
A SEMICONDUCTOR TECHNOLOGY(IC) FIRM FOUNDED BY ROBERT
SWANSON(CEO) IN 1981
CFO IS PAUL COGHLAN
COMPANY HAS BEEN PROVIDING DIVIDEND SINCE 1992
COMPANY HAD SET IT LOW IN BEGINNING AS IT DIDN’T WANT TO LOWER
ITS DIVIDEND AS ACCORDING TO COMPANY:-
“ PEOPLE LOVE DIVIDEND BUT HATE IT WHEN COMPANIES STOP GIVING IT”
THE COMPANY HAS BEEN CONSISTENTLY PAYING DIVIDEND SINCE THEN
COMPANY HAS EVEN PERFORMED IN HARD TIMES
4. COMPANY BACKGROUND
COMPANY HAS ALSO BEEN BUYING SHARES BACK FOR EMPLOYEE
STOCK OPTIONS
JANUS CAPITAL IS THE LARGEST SINGLE SHAREHOLDER OF
LLTC(EXHIBIT4)
THE COMPANY MAKES ANALOG CIRCUITS WHICH ARE
MANUFACTURED IN FABRICATION FACILITY KNOWN AS ANALOG FAB
COSTING (~$200 MILLION)
ANALOG FAB CAN BE USED FOR 10 PLUS YEARS WITHOUT BECOMING
OBSOLETE , RESEARCH EXPENSES ($102 MILLION)
LINEAR WAS 7TH LARGEST COMPANY BY MARKET CAPITALIZATION IN
PHILADELPHIA STOCK EXCHANGE SEMICONDUCTOR INDEX(SOX)
5. COMPANY BACKGROUND
LINEAR’S SALES, GROSS PROFIT AND NET INCOME PEAKED
IN FY 2001
BUSINESS SLOWED DONW CONSIDERABLY IN FY2002 AND
LINEAR COULD ONLY EARN $198 MILLION AS COMPARED
TO $427 MILLION PREVIOUS YEAR (EXHIBIT 2)
LTTC HAS A CASH RESERVE OF ROUGHLY $1.5 BILLION
OUT OF WHICH SHORT TERM INVESTMENTS ARE MADE
WHICH ARE ONLY YIELDING A TOTAL $52 MILLION WHICH
IS JUST 3.4 % .
SOME INVESTORS ARE ASKING COGHLAN TO GIVE SOME
SORT OF SPECIAL DIVIDENDS
6. SHOULD LINEAR TECHNOLOGY INCREASE ITS
DIVIDEND , KEEP IT CONSTANT OR DECREASE IT?
PROBLEM DEFINITION
7. CONCEPTS REQUIRED FOR
PROBLEM SOLVING
DIVIDEND PAYOUT IS NOT MANDATORY
DIVIDEND PAYOUT GIVES A SIGNAL TO THE MARKET THAT COMPANY
IS PROFIT MAKING
PEOPLE START TO LOSE THEIR FAITH FROM FIRMS AT THE TIME OF
RECESSION
GORDON’S MODEL
BUYBACKS ARE MORE FLEXIBLE THAN DIVIDEND
PEOPLE HATE IT WHEN A DIVIDEND WHICH WAS PAID IS REDUCED OR
STOPPED
8. GORDONS MODEL
ACCORDING TO GORDON’S MODEL
𝑃 =
𝐸𝑃𝑆(1−𝑏)
𝑘−𝑏𝑟
P= MARKET PRICE PER SHARE
EPS= EARNING PER SHARE
r= FIRM’S RATE OF RETURN
k=FIRM’S COST OF CAPITAL OR CAPITALISATION RATE
b=FRACTION OF RETAINED EARNINGS
DIVIDEND= EPS(1-b)
9. GORDONS MODEL
WHEN , r>k GROWTH FIRM
WE SHOULD LOWER / STOP PAYING DIVIDEND
WHEN , r=k NORMAL FIRM
CAN PAY OR HOLD THE DIVIDEND IT WILL NOT AFFECT OUR PRICE OF
SHARE
WHEN , r<k DECLINING FIRM
SHOULD PAY HIGHER DIVIDEND
10. COMPANY’S DATA
DIVIDEND THAT COMPANY IS PAYING PER SHARE = $0.05
STOCK REPURCHASE OF $66.5 MILLION IN Q4 2002
STOCK REPURCHASE OF $125 MILLION IN Q1 2003
STOCK REPURCHASE OF $1.5 MILLION IN Q2 2003
21. SOLUTION AS SOUGHT BY FIRM
LINEAR TECHNOLOGY HAS TAKEN DECESION OF PAYING CONSTANT
DIVIDEND OF $0.05
22. OPTIONS THAT LLTC HAD
LLTC BEING A FIRM WHICH HAS BEEN MAKING PROFITS IN THE TIME OF RECESSION TOO ,
HAS A STRONG CAPITAL POSITION TOO AS WE CAN SEE FROM EXHIBIT 2 CASH AND
SHORT TERM INVESTMENTS STAND APRROX $1565.2 MILLION
AND ALSO AS WE HAVE EARLIER READ THE RETURN ON INVESTMENTS WERE VERY LOW
PEOPLE LOVE DIVIDENDS, AND BECOMING RISK FREE
PEOPLE LOSE THEIR FAITH IN COMPANY’S AT THE TIME OF RECESSION
SO FIRM BASICALLY NEEDED TO :
1. SHAREHOLDERS WEALTH MAXIMISATION
2. MAKE COMPANY’S POSITION STRONG IN PEOPLE’S MIND
3. INCREASE SHARE PRICE
4. DO SOMETHING USEFUL OF STAGNANT CASH
5. BUY BACK SHARES
23. OPTIONS THAT LLTC HAD
1
THUS WE COME TO 3 ALTERNATIVE DECESIONS
1. CASH FLOW IS USED TO BUY BACK SHARES
2. CASH RESERVE IS USED TO PAY SPECIAL DIVIDENDS
3. IF A PART IS USED FOR BUY BACK AND PART FOR
SPECIAL DIVIDEND
1= ADAPTED FROM A RESEARCH BY Tarun KSG, Saurabh Thadani, Srikanth Konduri, Tushar Gupta ,Nikhil Gupta
24. 1) CASH FLOW IS USED TO BUYBACK
SHARES
NET CASH FLOW IS : $13.2 MILLION
PRICE PER SHARE IS : $30.87
TOTAL SHARES BOUGHT : 13,200,000/30.87=427,600
NEW NUMBER OF SHARES = 312,400,000-427,600=311,972,400
POST BUY BACK EARNING PER SHARE =
170,600,000/311,972,400=$0.5468
EPS BEFORE BUY BACK =$0.546094 ∆𝐸𝑃𝑆 = 0.0007
∆𝑴𝑨𝑹𝑲𝑬𝑻 𝑪𝑨𝑷𝑰𝑻𝑨𝑳𝑰𝑺𝑨𝑻𝑰𝑶𝑵 = −$𝟏𝟑, 𝟐𝟎𝟎, 𝟎𝟎𝟎
AS THIS REDUCES MARKET CAPITALISATION THIS OPTION
CAN BE NEGLECTED
25. 2) CASH RESERVE IS USED TO GIVE
SPECIAL DIVIDEND
NET CASH RESERVE IS : $1565.2 MILLION
PRICE PER SHARE IS : $30.87
TOTAL SHARES : 312.4 MILLION
LET US ASSUME WE PAY $2.5 PER SHARE AS SPECIAL DIVIDEND
POST DIVIDEND PRICE PER SHARE = 30.87-2.5=$28.37
TOTAL AMOUNT PAID = 2.5X312,400,000=$781 MILLION
EPS BEFORE BUY BACK =$0.546094 ∆𝑬𝑷𝑺 = 𝟎
∆𝑴𝑨𝑹𝑲𝑬𝑻 𝑪𝑨𝑷𝑰𝑻𝑨𝑳𝑰𝑺𝑨𝑻𝑰𝑶𝑵 𝑷𝑶𝑺𝑻 𝑩𝑼𝒀 𝑩𝑨𝑪𝑲 = −$781 MILLIOM
AS THIS REDUCSES MARKET CAPITALISATION THIS OPTION CAN BE
NEGLECTED
26. 3) IF A PART IS USED FOR BUY BACK
AND PART FOR SPECIAL DIVIDEND
LET US ASSUME THAT WE USE $500 MILLION EACH TO BUY BACK SHARE AND FOR SPECIAL DIVIDEND
TOO
PRICE PER SHARE IS : $30.87
SO FOR $500 MILLION WE CAN BUY 500,000,000X100/30.87X312,400,000=5.18%
HENCE FOR A PERSON HOLDING 100 SHARES WE WILL BUY BACK 5.18 SHARE AND HE HAS 94.82
SHARES AND BUY BACK YIELDS 5.18X30.87=$159.9066
NOW THE DIVIDEND EVERY SHARE GETS = 500,000,000/296817680=$1.688
HE EARNS IN TOTAL 94.82X1.688=$160.06
PRICE PER SHARE AFTER DIVIDEND =30.87-1.688=$29.182
SHARE PRICE OF SHARES WITH SHARE HOLDER=29.182X94.82=$2767.04
TOTAL CAPITAL VALUE OF SHARE HOLDER=159.9066+160.06+2767.04=$3087
AS SHAREHOLDERS VALUE HAS REMAINED SAME , AND RISK ASSOCIATED WITH LLTC IS REDUCED
THIS WILL BE MOST BENIFICIAL FOR SHAREHOLDERS
BUT THIS WILL ONLY BE GOOD IF THE TAX REFORMS STAY
27. DECESION COMPANY TOOK ABIDED THE COMPANY POLICY BUT
COULD HAVE BEEN BETTER FINANCIALLY
THEY SHOULD EITHER HAVE REDUCED THE DIVIDEND (
THEORETICALLY)
ELSE THEY SHOULD HAVE PAID SOME AMOUNT FOR SPECIAL
DIVIDEND AND SOME FOR BUY BACK
HENCE WE UNDERSTAND FIRM TOOK A
GOOD STEP BUT IT COULD HAVE BEEN
BETTER
28. REFERENCES
WWW.HERITAGE.ORG
WWW.WIKIPEDIA.COM
WWW.TIMESOFINDIA.COM
TEXTBOOK BY IM PANDEY
RESEARCH PAPER BY CHRISTOPHER TAYLOR
PRESENTATION BY TARUN KSG, SAURABH THADANI, SRIKANTH
KONDURI, TUSHAR GUPTA ,NIKHIL GUPTA
RESEARCH PAPER ON DIVIDENDS AND CORPORATE SHAREHOLDERS
BY MICHAEL J. BARCLAY, CLIFFORD G. HOLDERNESS, DENNIS P.
SHEEHAN.