The proxy fight for board seats at Oshkosh Corporation is underway, with Icahn Associates nominating six directors. While OSK's stock performance has lagged peers, the company has significant defense business exposure. Icahn will argue OSK has failed to execute on acquisitions or develop business segments. Shareholders will evaluate if change is needed and if Icahn's nominees can add value, considering four have Icahn ties raising independence questions.
The document provides a comparative analysis of the financial statements of two textile companies in Bangladesh, Saiham Textile Mills Ltd. and Ashraf Textile Mills Ltd., over a three year period. Key findings include:
- Saiham Textile had higher total assets and shareholder's equity compared to Ashraf Textile.
- Saiham Textile was profitable over the period while Ashraf Textile reported losses each year.
- Analysis of ratios showed Saiham Textile had stronger liquidity, lower financial risk, and better ability to cover interest payments compared to Ashraf Textile.
Financial Ratio Analysis of Abbott Laboratories (JINCEY JOSE & SHRADDHA BHATT)JinceyJose
The document provides a financial ratio analysis of Abbott Laboratories for the years 2011-2013. It includes a balance sheet, calculation of key financial ratios like current ratio, quick ratio, gross profit ratio, net profit ratio, and operating profit ratio. The ratios are also compared to industry averages. Overall, the ratios indicate Abbott Laboratories' liquidity and profitability were generally satisfactory and improved from 2011-2012 but declined in 2013.
Financial ratio analysis for honda motor companyHITESH BHARTI
Honda Motor Company's financial ratios are analyzed over a five year period from 2007-2011. The document analyzes Honda's liquidity, profitability, turnover efficiency, leverage, and cash flow ratios and compares them to industry averages. Key findings are that Honda's current ratio, liquid ratio, and debt ratios are lower than industry averages, indicating less risk, while profitability ratios like net margin and return on equity are consistently higher. Turnover ratios declined over time, suggesting room for improvement in inventory management and asset utilization.
basic financial analysis, framework for ratio analysis, types of ratio analysis, liquidity ratios, debt ratios, equity ratios, activity ratios, profit ratio, index analysis, common size financial statements
This document appears to be a project report submitted for a Master's degree in Business Administration. It includes an introduction to ratio analysis, definitions of key terms, and outlines various types of ratios that will be analyzed in the report such as liquidity, activity, profitability, and leverage ratios. The objectives of the study are to analyze the financial position and performance of the company through ratio analysis and suggest measures to improve performance.
Business Finance Ratio Analysis Indus MotorsMuhammad Zahid
This document discusses various financial ratios that can be used to analyze Indus Motor Company, including liquidity ratios, asset management ratios, debt management ratios, and profitability ratios. It provides the formulas and calculations for key ratios like current ratio, quick ratio, inventory turnover ratio, days sales outstanding, asset turnover ratio, debt-to-asset ratio, profit margin, return on assets, and return on equity. The analysis finds that Indus Motor Company is in a strong liquidity position and able to pay short-term debts, and has higher inventory turnover and asset utilization compared to its major competitor Honda.
The document discusses ratio analysis, including identifying five common classes of ratios: liquidity, solvency, activity, profitability, and operating. It provides examples of common ratios within each class, such as current ratio and debt-to-equity ratio. The purposes of ratio analysis are also summarized, such as allowing managers to monitor performance and creditors to evaluate business solvency. Limitations of ratio analysis are noted.
The document discusses financial ratio analysis for companies in the FMCG (Fast Moving Consumer Goods) sector in India. It provides definitions of common financial ratios used to analyze companies, including liquidity, leverage, and profitability ratios. Tables then show the financial ratio values for major FMCG companies like ITC, HUL, Dabur, and Nestle over several years from 2008 to 2007. Key highlights noted are that FMCG companies have shown stable profit margins over the years, low debt-to-equity ratios, current ratios below 1 for most companies except ITC, and high dividend payout and equity dividend ratios.
The document provides a comparative analysis of the financial statements of two textile companies in Bangladesh, Saiham Textile Mills Ltd. and Ashraf Textile Mills Ltd., over a three year period. Key findings include:
- Saiham Textile had higher total assets and shareholder's equity compared to Ashraf Textile.
- Saiham Textile was profitable over the period while Ashraf Textile reported losses each year.
- Analysis of ratios showed Saiham Textile had stronger liquidity, lower financial risk, and better ability to cover interest payments compared to Ashraf Textile.
Financial Ratio Analysis of Abbott Laboratories (JINCEY JOSE & SHRADDHA BHATT)JinceyJose
The document provides a financial ratio analysis of Abbott Laboratories for the years 2011-2013. It includes a balance sheet, calculation of key financial ratios like current ratio, quick ratio, gross profit ratio, net profit ratio, and operating profit ratio. The ratios are also compared to industry averages. Overall, the ratios indicate Abbott Laboratories' liquidity and profitability were generally satisfactory and improved from 2011-2012 but declined in 2013.
Financial ratio analysis for honda motor companyHITESH BHARTI
Honda Motor Company's financial ratios are analyzed over a five year period from 2007-2011. The document analyzes Honda's liquidity, profitability, turnover efficiency, leverage, and cash flow ratios and compares them to industry averages. Key findings are that Honda's current ratio, liquid ratio, and debt ratios are lower than industry averages, indicating less risk, while profitability ratios like net margin and return on equity are consistently higher. Turnover ratios declined over time, suggesting room for improvement in inventory management and asset utilization.
basic financial analysis, framework for ratio analysis, types of ratio analysis, liquidity ratios, debt ratios, equity ratios, activity ratios, profit ratio, index analysis, common size financial statements
This document appears to be a project report submitted for a Master's degree in Business Administration. It includes an introduction to ratio analysis, definitions of key terms, and outlines various types of ratios that will be analyzed in the report such as liquidity, activity, profitability, and leverage ratios. The objectives of the study are to analyze the financial position and performance of the company through ratio analysis and suggest measures to improve performance.
Business Finance Ratio Analysis Indus MotorsMuhammad Zahid
This document discusses various financial ratios that can be used to analyze Indus Motor Company, including liquidity ratios, asset management ratios, debt management ratios, and profitability ratios. It provides the formulas and calculations for key ratios like current ratio, quick ratio, inventory turnover ratio, days sales outstanding, asset turnover ratio, debt-to-asset ratio, profit margin, return on assets, and return on equity. The analysis finds that Indus Motor Company is in a strong liquidity position and able to pay short-term debts, and has higher inventory turnover and asset utilization compared to its major competitor Honda.
The document discusses ratio analysis, including identifying five common classes of ratios: liquidity, solvency, activity, profitability, and operating. It provides examples of common ratios within each class, such as current ratio and debt-to-equity ratio. The purposes of ratio analysis are also summarized, such as allowing managers to monitor performance and creditors to evaluate business solvency. Limitations of ratio analysis are noted.
The document discusses financial ratio analysis for companies in the FMCG (Fast Moving Consumer Goods) sector in India. It provides definitions of common financial ratios used to analyze companies, including liquidity, leverage, and profitability ratios. Tables then show the financial ratio values for major FMCG companies like ITC, HUL, Dabur, and Nestle over several years from 2008 to 2007. Key highlights noted are that FMCG companies have shown stable profit margins over the years, low debt-to-equity ratios, current ratios below 1 for most companies except ITC, and high dividend payout and equity dividend ratios.
Financial ratio analysis of marico & dabursurbhi mathur
This document analyzes and compares the financial ratios of two FMCG companies, Marico and Dabur. It provides the formulas and values for various liquidity, activity, profitability, capital structure, and market ratios for both companies for multiple years. Overall, the ratios indicate that Dabur generally has higher inventory turnover, asset turnover, and return on investment compared to Marico, but Marico has higher current ratios, earnings per share, and book value. The document thus uses ratio analysis to evaluate and compare the financial position and performance of the two FMCG companies.
This Project deals with the comparative study of 2 companies listed in S&P 500 for their performance evaluation & ratio analysis for the 3 financial years.
This document provides an overview of ratio analysis for Atlas Honda. It includes summaries of various financial ratios categorized as liquidity, activity, debt, profitability, and market ratios. Several ratios for Atlas Honda from 2008-2012 are presented, including current ratio, quick ratio, inventory turnover, average collection period, debt ratio, gross profit margin, return on assets, and price to earnings ratio. The document also briefly introduces the DuPont system of analysis for further assessing a company's financial condition.
- The document analyzes the ratio analysis of Amara Raja Batteries Limited over 5 years from 2009-2014.
- Key ratios like current ratio, quick ratio, total debt ratio, and debt-equity ratio are calculated from the company's annual reports.
- Current ratios were above 2:1 standard except in 2011-2012. Debt ratios increased over time, showing a rising dependence on debt financing rather than equity.
This document analyzes the financial position of Coca Cola using ratio analysis over 5 years from 2010-2014. It calculates key ratios such as current ratio, quick ratio, asset turnover ratios, debt ratios, profit margins, returns on assets and equity, price-earnings ratio and market-to-book ratio. The analysis finds that Coca Cola's financial position is stable, though net income has been declining in recent years. Most ratios indicate sound liquidity, solvency and profitability, though returns on assets could be improved. Overall the company appears to be in a stable financial condition.
Profitability ratios measure a company's ability to generate earnings compared to its expenses and costs. Some examples are profit margin, return on assets, and return on equity. Higher ratios typically indicate better performance. The document then discusses various profitability ratios in more detail like gross profit margin, net profit margin, return on assets, return on equity, and return on capital employed. It provides the formulas to calculate each ratio.
The document provides an analysis of accounting ratios to assess the accounting sector of Galadari Hotels (Lanka) PLC for the financial year 2009/2010. It calculates and compares various profitability, liquidity, activity, and market ratios between 2009 and 2010. The profitability ratios show that the company performed better in 2010 than 2009, with higher gross profit and lower return on asset and equity ratios. Liquidity ratios indicate the company's liquidity position did not change significantly between the two years. Activity ratios show the company took longer to collect receivables and held inventory for a longer period in 2010 compared to 2009.
Ratio analysis project on ONGC of year 2010-11 & 2011-12Arjun Negi
Title: ratio analysis for period 2010-11 & 2011-12 : case study of ONGC SCOPE:
a) Ratio Analysis: concept, definition, Objectives, merits and demerits;
b) Calculation of solvency ratios: short term & long term;
c) Analysis of last two year 2010-11 & 2011-12;
d) Conclusion.
( included bibliography, literature review , and ONGC balance sheet )
in this presentation we discussed about basic of ratio, types of ratio, comparison of ratios of hul and itc limited.
some ratios and graphs are taken from moneycontrol.com
Ratio Analysis of Apex Adelchi Footwear LtdMoin Sarker
The document discusses key financial statements and the information they provide to stakeholders. It explains that the balance sheet provides information on a company's financial condition by showing assets, liabilities, and equity. The income statement reports operating results like revenues, expenses, and profits. The cash flow statement shows cash inflows and outflows from operating, investing, and financing activities. Ratio analysis is also discussed as a tool used to evaluate financial performance and position by comparing different financial metrics over time. The document provides examples of liquidity, asset management, and debt ratios calculated for a company to analyze its financial management.
Capital Structure & Financial Leverage Analysis of Software Industryanujsurana
The document analyzes the capital structure and financial leverage of software companies compared to other industries. It finds that software companies typically do not use debt financing and instead rely on internal cash flows and cash balances. This is because the business risks facing software companies are high due to volatility in intangible assets. Maintaining high liquidity allows software firms to adapt quickly and reduces their overall risk without taking on additional financial risk from debt.
This document provides an overview and analysis of financial statements and financial ratios. It begins with definitions and comparisons of key financial statements (balance sheet, income statement, cash flow statement) and accounting standards (HGB, IFRS, US-GAAP). Next, it describes types of financial ratios and their categories. Finally, it provides two case studies analyzing automaker ratios from 2015 and Volkswagen Group ratios from 2006-2016 to evaluate performance over time and relative to competitors/industry averages.
FINANCIAL PERFORMANCE ANALYSIS OF BHARTI AIRTEL LIMITEDyashmin khatun
This document discusses financial statement analysis and ratio analysis. It provides background on analyzing a company's financial stability, profitability, and performance over time using various ratios and comparisons. The objectives are to analyze the financial position, liquidity, and profitability of Bharti Airtel over a five year period and identify its financial strengths and weaknesses. Limitations include a lack of structured data from the company and a limited three year study period relying on secondary data. A literature review found previous research analyzing the relationship between working capital management, cash conversion cycles, and company profitability.
This document analyzes various financial ratios of a company over several years from 2011-2015. It summarizes that liquidity, solvency, turnover, and profitability ratios have generally improved over time, indicating the company's stronger financial position and performance. However, some ratios like debtor turnover and operating expenses still need improvement. Overall the trend of most ratios has been positive, demonstrating the company's good financial health.
The document provides an analysis of Cipla Ltd's financial statements and ratios from 2007-2009.
[1] It includes a balance sheet overview showing that the company's total assets and equity increased over the period while investments declined. Current assets grew at an average rate of 24% while total liabilities increased at 24.5%.
[2] The profit and loss account overview found that total income and expenditure both increased at an average rate of over 20% each year. Operating profit rose 9.5% annually and net profit increased 7.32% on average.
[3] Financial analysis through horizontal and ratio analyses examined trends in key line items and ratios to evaluate the company's liquidity,
A Study on Financial Statement Analysis of Ultratech Cement Limitedijtsrd
The process of Financial Statement Analysis includes various steps like ratio analysis, trend analysis, comparative statement analysis, schedule of changes in working capital, common size percentages, fund analysis, etc. Financial statement analysis refers to an assessment of the viability, stability and profitability of a business, sub business or project. The main objective of any financial analysis or financial statement analysis will be assessing corporate excellence, judging creditworthiness, forecasting bond ratings, predicting bankruptcy, and assessing market risk. Saddapalli Sai Deekshitha | Dr. B. C. Lakshmanna "A Study on Financial Statement Analysis of Ultratech Cement Limited" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45154.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45154/a-study-on-financial-statement-analysis-of-ultratech-cement-limited/saddapalli-sai-deekshitha
The document analyzes the financial statements of a pharmaceutical company from 2007-2009. It finds that while liquidity improved over the period, solvency and profitability ratios declined. Specifically, debt levels increased, interest coverage fell, and returns on assets and equity deteriorated. Additionally, inventory management and credit risk became less efficient. Overall, the analysis concludes the company's financial position was weaker in 2009 compared to previous years.
1. The document is a student's project report on the financial ratio analysis of Wipro. It includes an acknowledgment section thanking various professors and institutions for their support and guidance.
2. There is a declaration by the student stating that the project is their original work and submitted for their Master's degree program.
3. The project contains a certificate from the student's teacher guide confirming they completed the research project on the given topic under their guidance.
This document provides an overview and summary of a presentation on proxy contests in M&A from 2012. The presentation discusses the basic information about proxy contests, including what they are and why they occur. It also covers the types of proxy contests, trends in proxy contests, the steps involved and applicable laws, fiduciary duties of directors, and considerations for winning a proxy contest. The presentation was intended to provide information to attendees on these topics related to proxy contests in M&A situations from 2012.
Alliance Advisors Newsletter January 2012 (Debating Corporate Political Contr...Alliance Advisors
This document summarizes the debate around corporate political contributions and shareholder activism on this issue. It discusses the various types of shareholder proposals being filed in 2012, including those calling for disclosure of political spending and lobbying activities, as well as proposals seeking a shareholder vote on political contributions. The document also examines investor and proxy advisor perspectives on these issues and provides guidance to companies on best practices regarding political spending policies and disclosure.
Financial ratio analysis of marico & dabursurbhi mathur
This document analyzes and compares the financial ratios of two FMCG companies, Marico and Dabur. It provides the formulas and values for various liquidity, activity, profitability, capital structure, and market ratios for both companies for multiple years. Overall, the ratios indicate that Dabur generally has higher inventory turnover, asset turnover, and return on investment compared to Marico, but Marico has higher current ratios, earnings per share, and book value. The document thus uses ratio analysis to evaluate and compare the financial position and performance of the two FMCG companies.
This Project deals with the comparative study of 2 companies listed in S&P 500 for their performance evaluation & ratio analysis for the 3 financial years.
This document provides an overview of ratio analysis for Atlas Honda. It includes summaries of various financial ratios categorized as liquidity, activity, debt, profitability, and market ratios. Several ratios for Atlas Honda from 2008-2012 are presented, including current ratio, quick ratio, inventory turnover, average collection period, debt ratio, gross profit margin, return on assets, and price to earnings ratio. The document also briefly introduces the DuPont system of analysis for further assessing a company's financial condition.
- The document analyzes the ratio analysis of Amara Raja Batteries Limited over 5 years from 2009-2014.
- Key ratios like current ratio, quick ratio, total debt ratio, and debt-equity ratio are calculated from the company's annual reports.
- Current ratios were above 2:1 standard except in 2011-2012. Debt ratios increased over time, showing a rising dependence on debt financing rather than equity.
This document analyzes the financial position of Coca Cola using ratio analysis over 5 years from 2010-2014. It calculates key ratios such as current ratio, quick ratio, asset turnover ratios, debt ratios, profit margins, returns on assets and equity, price-earnings ratio and market-to-book ratio. The analysis finds that Coca Cola's financial position is stable, though net income has been declining in recent years. Most ratios indicate sound liquidity, solvency and profitability, though returns on assets could be improved. Overall the company appears to be in a stable financial condition.
Profitability ratios measure a company's ability to generate earnings compared to its expenses and costs. Some examples are profit margin, return on assets, and return on equity. Higher ratios typically indicate better performance. The document then discusses various profitability ratios in more detail like gross profit margin, net profit margin, return on assets, return on equity, and return on capital employed. It provides the formulas to calculate each ratio.
The document provides an analysis of accounting ratios to assess the accounting sector of Galadari Hotels (Lanka) PLC for the financial year 2009/2010. It calculates and compares various profitability, liquidity, activity, and market ratios between 2009 and 2010. The profitability ratios show that the company performed better in 2010 than 2009, with higher gross profit and lower return on asset and equity ratios. Liquidity ratios indicate the company's liquidity position did not change significantly between the two years. Activity ratios show the company took longer to collect receivables and held inventory for a longer period in 2010 compared to 2009.
Ratio analysis project on ONGC of year 2010-11 & 2011-12Arjun Negi
Title: ratio analysis for period 2010-11 & 2011-12 : case study of ONGC SCOPE:
a) Ratio Analysis: concept, definition, Objectives, merits and demerits;
b) Calculation of solvency ratios: short term & long term;
c) Analysis of last two year 2010-11 & 2011-12;
d) Conclusion.
( included bibliography, literature review , and ONGC balance sheet )
in this presentation we discussed about basic of ratio, types of ratio, comparison of ratios of hul and itc limited.
some ratios and graphs are taken from moneycontrol.com
Ratio Analysis of Apex Adelchi Footwear LtdMoin Sarker
The document discusses key financial statements and the information they provide to stakeholders. It explains that the balance sheet provides information on a company's financial condition by showing assets, liabilities, and equity. The income statement reports operating results like revenues, expenses, and profits. The cash flow statement shows cash inflows and outflows from operating, investing, and financing activities. Ratio analysis is also discussed as a tool used to evaluate financial performance and position by comparing different financial metrics over time. The document provides examples of liquidity, asset management, and debt ratios calculated for a company to analyze its financial management.
Capital Structure & Financial Leverage Analysis of Software Industryanujsurana
The document analyzes the capital structure and financial leverage of software companies compared to other industries. It finds that software companies typically do not use debt financing and instead rely on internal cash flows and cash balances. This is because the business risks facing software companies are high due to volatility in intangible assets. Maintaining high liquidity allows software firms to adapt quickly and reduces their overall risk without taking on additional financial risk from debt.
This document provides an overview and analysis of financial statements and financial ratios. It begins with definitions and comparisons of key financial statements (balance sheet, income statement, cash flow statement) and accounting standards (HGB, IFRS, US-GAAP). Next, it describes types of financial ratios and their categories. Finally, it provides two case studies analyzing automaker ratios from 2015 and Volkswagen Group ratios from 2006-2016 to evaluate performance over time and relative to competitors/industry averages.
FINANCIAL PERFORMANCE ANALYSIS OF BHARTI AIRTEL LIMITEDyashmin khatun
This document discusses financial statement analysis and ratio analysis. It provides background on analyzing a company's financial stability, profitability, and performance over time using various ratios and comparisons. The objectives are to analyze the financial position, liquidity, and profitability of Bharti Airtel over a five year period and identify its financial strengths and weaknesses. Limitations include a lack of structured data from the company and a limited three year study period relying on secondary data. A literature review found previous research analyzing the relationship between working capital management, cash conversion cycles, and company profitability.
This document analyzes various financial ratios of a company over several years from 2011-2015. It summarizes that liquidity, solvency, turnover, and profitability ratios have generally improved over time, indicating the company's stronger financial position and performance. However, some ratios like debtor turnover and operating expenses still need improvement. Overall the trend of most ratios has been positive, demonstrating the company's good financial health.
The document provides an analysis of Cipla Ltd's financial statements and ratios from 2007-2009.
[1] It includes a balance sheet overview showing that the company's total assets and equity increased over the period while investments declined. Current assets grew at an average rate of 24% while total liabilities increased at 24.5%.
[2] The profit and loss account overview found that total income and expenditure both increased at an average rate of over 20% each year. Operating profit rose 9.5% annually and net profit increased 7.32% on average.
[3] Financial analysis through horizontal and ratio analyses examined trends in key line items and ratios to evaluate the company's liquidity,
A Study on Financial Statement Analysis of Ultratech Cement Limitedijtsrd
The process of Financial Statement Analysis includes various steps like ratio analysis, trend analysis, comparative statement analysis, schedule of changes in working capital, common size percentages, fund analysis, etc. Financial statement analysis refers to an assessment of the viability, stability and profitability of a business, sub business or project. The main objective of any financial analysis or financial statement analysis will be assessing corporate excellence, judging creditworthiness, forecasting bond ratings, predicting bankruptcy, and assessing market risk. Saddapalli Sai Deekshitha | Dr. B. C. Lakshmanna "A Study on Financial Statement Analysis of Ultratech Cement Limited" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45154.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45154/a-study-on-financial-statement-analysis-of-ultratech-cement-limited/saddapalli-sai-deekshitha
The document analyzes the financial statements of a pharmaceutical company from 2007-2009. It finds that while liquidity improved over the period, solvency and profitability ratios declined. Specifically, debt levels increased, interest coverage fell, and returns on assets and equity deteriorated. Additionally, inventory management and credit risk became less efficient. Overall, the analysis concludes the company's financial position was weaker in 2009 compared to previous years.
1. The document is a student's project report on the financial ratio analysis of Wipro. It includes an acknowledgment section thanking various professors and institutions for their support and guidance.
2. There is a declaration by the student stating that the project is their original work and submitted for their Master's degree program.
3. The project contains a certificate from the student's teacher guide confirming they completed the research project on the given topic under their guidance.
This document provides an overview and summary of a presentation on proxy contests in M&A from 2012. The presentation discusses the basic information about proxy contests, including what they are and why they occur. It also covers the types of proxy contests, trends in proxy contests, the steps involved and applicable laws, fiduciary duties of directors, and considerations for winning a proxy contest. The presentation was intended to provide information to attendees on these topics related to proxy contests in M&A situations from 2012.
Alliance Advisors Newsletter January 2012 (Debating Corporate Political Contr...Alliance Advisors
This document summarizes the debate around corporate political contributions and shareholder activism on this issue. It discusses the various types of shareholder proposals being filed in 2012, including those calling for disclosure of political spending and lobbying activities, as well as proposals seeking a shareholder vote on political contributions. The document also examines investor and proxy advisor perspectives on these issues and provides guidance to companies on best practices regarding political spending policies and disclosure.
This year’s mandatory Say-on-Pay (SOP) brought new challenges for issuers. Not only did the pace of failed plans accelerate, but last year’s votes proved to be a poor indicator of how companies’ plans would fare this season. This report, which will be updated at the conclusion of the calendar year, will point out some high-level trends in the voting data for companies with low SOP votes so far this year.
Although receiving at least 50% support on SOP is the primary goal for issuers, in many cases the institutional investor community will apply heightened scrutiny to compensation plans that received “significant” opposition. Thus, the data set we reviewed in this report—shown in Appendix A—covers plans that received less than 70% support. Following our analysis of these data is a brief section on guidance for issuers, both how to recover from a failed SOP vote in 2012 and how to prepare for 2013.
ISS’s recently announced 2014 policy changes for U.S. companies are relatively limited in scope compared to past years. The updates, which are largely unchanged from the draft policies released in November, will take effect for annual meetings beginning in February 2014.
More substantive policy revisions, however, are already in the works for the 2015 proxy season. ISS has opened a new consultation period through February 2014 to solicit feedback from governance stakeholders on five additional issues: independent chairman shareholder proposals, director tenure, director independence, auditor tenure, and equity plan scoring. Details of these and ISS’s 2014 policy updates are presented in this newsletter.
Alliance Advisors is a shareholder communications firm specializing in proxy solicitation and governance consulting founded in 2005. The firm assists over 200 clients, including Fortune 500 companies, with shareholder activism matters. The document discusses trends in shareholder activism such as more activists seeking minority board representation rather than control and the impact of poor stock performance on vulnerability to activism. It also provides an overview of ISS' framework for evaluating proxy contests and contested mergers and outlines considerations for companies facing shareholder activism.
- Martin Marietta Materials (MLM) made an unsolicited bid to acquire Vulcan Materials (VMC) but the offer of 0.5 MLM shares for each VMC share was deemed too low by the analyst.
- While the offer was reasonably certain, it did not represent a reasonable premium to VMC's standalone valuation or historical trading ratios with MLM.
- There was potential conflict of interest as VMC's CEO insisted on retaining a leadership role in the combined company during negotiations.
- However, MLM may still succeed in the proxy contest due to significant overlapping shareholders in both companies who would benefit financially from the merger.
As companies diligently prepare for the 2012 proxy season, they need to be mindful of changes that proxy advisors are making to their voting policies. Institutional Shareholders Services (ISS) recently released its draft policy changes for 2012, which include significant revisions to its methodology for evaluating management say-on-pay (SOP) proposals. Although ISS is accepting comments on its proposed policy changes through November 7th, it is unlikely that there will be any material modifications to them when finalized in November. This article covers the key updates issuers can expect from ISS for 2012.
ISS released their 2011 policy updates which take effect for shareholder meetings on or after February 1, 2011. The changes do not appear to be as substantive as prior years. Key updates include: ISS will recommend annual say on pay votes; companies must commit to current year burn rate caps rather than blended caps; ISS will no longer accept future commitments to address problematic pay practices such as tax gross-ups; ISS strengthened its director attendance policy and will recommend voting against directors who miss 75% of meetings without acceptable disclosure; and ISS will review proposals for shareholder ability to act by written consent on a case-by-case basis considering additional factors.
Alliance Advisors Newsletter March 2012 (A Look Ahead to the 2012 Proxy Season)Alliance Advisors
The 2012 proxy season is shaping up to be highly charged due to the stagnating economy, Occupy Wall Street protests, and presidential election. Key issues include continued focus on executive compensation and say on pay votes, debates around expanding shareholder proxy access and political spending disclosure. While some companies have adopted reforms preemptively, shareholder proposals on these topics are numerous and gaining more support. The season remains uncertain as shareholder activism and regulatory actions could significantly impact many companies.
The document describes a business model canvas for software credit unions. It discusses key partnerships with the Department of Cooperatives, key activities like making software for credit unions, value propositions around being multi-user and cooperative friendly, customer relationships through free updates and info via email, customer segments like village cooperatives and employee cooperatives in Indonesia, key resources as hosting and developers, channels of online websites and offline cooperative offices, cost structures of hosting and employee costs, and revenue streams from training, software sales, and royalties.
Muscat is the capital and largest city of Oman located on the northeast coast of the country along the Gulf of Oman. It has a tropical climate with very hot and humid weather year-round. Historically, Muscat was ruled by the Portuguese and Turks before coming under the control of the local Omani Imams in the 17th century. Today, Muscat has a population of over 1 million people and its economy is dominated by oil production and trade. Tourism is also a growing industry focused around the city's beaches, heritage sites, and cultural activities.
- In Q1 2011, the Concentrated Growth portfolio rose 11.7% compared to a 9.8% rise in the benchmark index. Since inception in 2007, the strategy has earned an annualized return of 10.0% versus 5.3% for the benchmark.
- Stocks in the energy, healthcare, staples, and tech hardware sectors performed well, while consumer discretionary lagged. Strong stock selection led to outperformance in tech services, commercial services, and industrials.
- Savvis Inc. contributed positively as earnings estimates rose and a competitor was acquired. Primo Water Corp. detracted after estimates declined, though the company was recently repurchased.
CFA Research Team 1 initiates coverage of Esterline Technologies Corporation with a HOLD recommendation and $83 one-year price target. Key points include: ESL has limited organic growth potential and relies on acquisitions for growth; valuation models indicate a fair value of $83 per share, making it slightly underpriced; management aims to increase operating margins but progress has been slow; main risks include cuts to defense spending and economic downturns. The recommendation is based on limited long-term aerospace growth prospects and bounded benefits from ESL's acquisition strategy.
- Owens Corning presented at investor events in May 2017 to discuss its Q2 2017 performance and focus on shareholder value.
- The presentation discussed Owens Corning's three business segments: Insulation, Roofing, and Composites, and emphasized its leadership positions, attractive end markets, and focus on improving margins, earnings, cash flow, and return on capital through portfolio improvements.
- Owens Corning has demonstrated significant improvement in its financial profile and cash flow generation over the past several years through repositioning its business portfolio.
The document is Owens Corning's presentation from November 1, 2017 focused on sharing information with investors. It discusses Owens Corning's three business segments: Insulation, Roofing, and Composites. It provides an overview of the company's financial performance in recent years, including improved earnings, margins, free cash flow, and return on capital. The presentation emphasizes Owens Corning's commitment to shareholder value and disciplined capital allocation.
Owens Corning presented information on its Q2 2017 performance focused on shareholder value. It operates three strong businesses: Insulation, Roofing, and Composites. The presentation discussed OC's investment thesis of having market leading businesses, improved portfolio performance and earnings, and attractive macroeconomic drivers. It also provided an overview of each business segment and their financial profiles.
Brookside Energy Ltd is an Australian publicly traded company that focuses on oil and gas exploration and production in the United States. The company has established relationships in the oil and gas sector over the past 10 years. According to its financial statements for the period ending June 2015, Brookside saw decreases in current assets and non-current assets compared to the prior period. It also saw an increase in current liabilities. Overall, the company's equity decreased substantially from the prior period, suggesting it paid off shares and had difficulty obtaining funds from the market.
Owens Corning presented information at investor events in June 2017. The presentation discussed Owens Corning's focus on shareholder value and provided an overview of the company's Q2 2017 performance. It summarized the company's three business segments and highlighted its improved portfolio, earnings, cash flow, and macroeconomic drivers. Owens Corning aims to invest in organic growth, pursue value-creating acquisitions, and return cash to shareholders.
This document analyzes and compares key financial ratios and cash flows of Reliance Capital and India Bulls for the years 2005-2007. It finds that while both companies have grown profits significantly over this period, Reliance Capital relies more heavily on investment income, has higher leverage, and a larger capital base. India Bulls invests a larger portion of profits back into assets. Both companies have increased borrowing substantially to fund expansion. Overall, Reliance Capital's profitability is more dependent on one-time investment gains while India Bulls maintains steadier margins.
1. The document provides an analysis of Enterprise Products Partners LP (EPD), a midstream energy services company. It examines EPD's financial profile, comparable companies, and performs valuation analyses including comparable company analysis, discounted cash flow analysis, and precedent transaction analysis.
2. A key finding is that while EPD's revenues dropped 40% due to oil market volatility, it was able to cut costs by 43% and maintain stable profitability ratios. The analysis identifies several comparable midstream MLP companies to EPD and derives an implied share price of $18.81 for EPD based on comparable company multiples.
3. Valuation methods applied include comparable company analysis using EV/EBITDA multiples, discounted cash flow
Why Own Safeguard?
- Full Value Yet to be Realized
- Ownership Stakes in Exciting Partner Companies
- Top Performance of Proven Team
- Financial Strength, Flexibility and Liquidity
- Strong Alignment of Interests
Forward-Looking Statements
Statements contained in this presentation that are not historical facts are forward looking statements which involve certain risks and uncertainties including, but not limited to, risks associated with the uncertainty of managing rapidly changing technologies, limited access to capital, competition, the ability to attract and retain qualified employees, our ability to execute our strategy, the uncertainty of the future performance of our partner companies, acquisitions and dispositions of additional partner companies, the inability to manage growth, government regulation and legal liabilities and the effect of economic conditions in the business sectors in which our partner companies operate, negative media coverage and other uncertainties as described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.
Safeguard does not assume any obligation to update any forward looking statements or other information contained in this presentation.
Owens Corning presented at an investor roadshow on August 29, 2017. The presentation discussed Owens Corning's focus on shareholder value and provided an overview of the company's third quarter 2017 performance. It highlighted Owens Corning's three strong business segments and their market positions. The presentation also reviewed Owens Corning's financial performance in recent years, investment thesis, capital allocation strategy, and outlook for each business segment.
Running Head: BOEING 1
Evaluation of Corporate Performance of Boeing
Christopher Trumbull
BUS/401
Instructor Thomas Biggers
March 2, 2014
1.0 Introduction
1.1 Background of Study
The public organizations have a huge list of stakeholders, which comprise shareholders, bondholders, bankers, suppliers, employees, and management. These stakeholders are supposed to monitor the activities of the firm and ensure flexibility in the practices by serving their interests. Therefore, they are seen to depend on the company’s financial statements in order to generate the required information (Boeing, 1995).
This paper focuses on the corporate performance of Boeing’s Airlines, which is computed on the basis of analysis of the company’s financial statement. Boeing’s Pro Forma financial statements are being proposed in order to calculate if the firm’s anticipated performance is on the same platform with the targets and also to forecast the upcoming financing needs of the company. The paper continues with the overall financial ratio analysis of Boeing’s Airlines, its Return on Equity (ROE) DuPont analysis, and its Economic Value Added (EVA). The following analysis was done in order to calculate the effect of the company’s financial policies and for decision making on the fact that is it safe to invest in the company’s stock or not (Boeing, 1995).
1.2 Overview of Boeing
Boeing Corporation is the world's biggest aerospace company and one of the leading manufacturers of airlines, which include commercial jetliners and defense, space and security systems. Researchers suggest that it is the also the highest U.S. exporter and associates itself to supports airlines and the government along with their customers in more than 150 countries. The Boeing products line comprise of commercial and military aircraft, satellites, weapons, electronic and defense systems, launch systems, advanced information and communication systems, and performance-based logistics and training.
Boeing is believed to possess long traditions of aerospace leadership, which show their creativity and innovation. The company therefore wishes to expand its business through its product line and proposed services, which fulfill emerging customer needs. The wide range of abilities includes designing new, better members of its commercial airplane family; enhancing military platforms, defense systems and also the war fighters by imposing network-enabled solutions thereby designing advanced technology solutions and providing better customer-financing options.
1.3 Business Description
Boeing Capital Corporation is a world supplier of financing solutions. With its field of connection between Commercial Airplanes and Defense, Space & Security, Boeing Capital Corporation manage the structures and produces financing to carry on the sale and distribution of Boein ...
The document summarizes findings from a study of executive compensation practices in 46 companies that went public in 2011. It finds that after going public, median CEO cash compensation increased by 14% and CFO cash compensation increased by 16%. Equity dilution and annual stock burn rates increased around the IPO. Bonus targets shifted from discretionary to more formulaic. Severance and change in control protections were enhanced for executives due to increased IPO risk. Formal stock ownership guidelines were rare among these newly public companies.
The document summarizes a study on executive compensation levels and practices for companies that went public in 2011. It finds that cash compensation increased significantly for CEOs and CFOs around the time of the IPO as their responsibilities increased. Base salaries rose by a median of 14% for CEOs and 5% for CFOs. Bonus targets also increased substantially. Equity dilution and share usage increased around the IPO date due to new stock grants and employee stock purchase plans. Post-IPO, companies began shifting away from stock options to restricted stock and performance-based awards to manage dilution. Severance and change in control protections were also enhanced for executives around the time of the IPO.
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Owens Corning is a global building materials company with leadership positions in composites, roofing, and insulation. It underwent restructuring in 2015 to improve efficiency. Owens Corning has grown earnings through cost cutting, plant closures, and a focus on high-margin products. It holds the number one market share position for composites in North America and Europe. Initiating coverage with a Buy rating and $50.48 target price based on valuation models and 18.6% upside from current price.
OC Roadshow Hosted by Wells Fargo – Montreal / TorontoCorning_Owens
This presentation discusses Owens Corning's third quarter 2017 performance with a focus on shareholder value. It provides an overview of the company, which operates three businesses: Insulation, Roofing, and Composites. Owens Corning has improved its portfolio and financial profile in recent years through cost reductions, acquisitions, and serving market needs. It maintains a disciplined capital allocation strategy and strong cash flow outlook.
Owens Corning presented at investor events on September 15, 2017 and August 29, 2017. The presentation discusses Owens Corning's focus on shareholder value and provides an overview of the company's three business segments and their financial performance in recent years. Owens Corning has demonstrated improving earnings, margins, cash flow, and return on capital through portfolio improvements, cost reductions, and growth initiatives. The company pursues a disciplined capital allocation strategy of organic growth, acquisitions, and returning cash to shareholders.
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ZKsync airdrop of 3.6 billion ZK tokens is scheduled by ZKsync for next week.pdfSOFTTECHHUB
The world of blockchain and decentralized technologies is about to witness a groundbreaking event. ZKsync, the pioneering Ethereum Layer 2 network, has announced the highly anticipated airdrop of its native token, ZK. This move marks a significant milestone in the protocol's journey, empowering the community to take the reins and shape the future of this revolutionary ecosystem.
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UnityNet World Environment Day Abraham Project 2024 Press ReleaseLHelferty
June 12, 2024 UnityNet International (#UNI) World Environment Day Abraham Project 2024 Press Release from Markham / Mississauga, Ontario in the, Greater Tkaronto Bioregion, Canada in the North American Great Lakes Watersheds of North America (Turtle Island).
Methanex is the world's largest producer and supplier of methanol. We create value through our leadership in the global production, marketing and delivery of methanol to customers. View our latest Investor Presentation for more details.
Osisko Gold Royalties Ltd - Corporate Presentation, June 12, 2024
Oshkosh Activist Situation Report
1. The Shareholder Communication Strategists
For a more detailed discussion of our analysis, please contact Waheed Hassan, CFA at
whassan@allianceadvisorsllc.com or 202-549-8399.
Summary
The proxy fight for board seats at Oshkosh Corporation (“OSK” or “the Company”) is in the initial
stages. Both sides have yet to present detailed arguments to shareholders in support of their
nominees. Our assessment of OSK’s performance and corporate governance practices suggest that
while shareholders may conclude that change is be warranted, investors are unlikely to support all
six of the Activist’s nominees.
The fact that four of the six dissident nominees have direct ties to Icahn Associates (“Icahn” or “the
Activist”) raises questions about their ability to represent the interest of all shareholders.
Additionally, and perhaps more importantly, shareholders could question the benefit of having
several Icahn nominees on the board, especially since most of them have similar backgrounds.
OSK shareholders are also likely to be suspicious of the underlying motivation of Icahn to gain board
representation, given its recent settlement agreement with OSK’s competitor Navistar International
(NAV).
It is quite plausible that the dissident will modify its messaging and begin to target the long-tenured
incumbent nominees. Five of the thirteen OSK nominees for 2012 (excluding the CEO) have served
on the board for over 10 years, with one of the OSK directors going into his 36th
year of service.
Institutional investors and the proxy advisory firms tend to question the ability of incumbent
directors with long tenures to remain independent.
Analytical Framework
We utilize the same two-pronged analytical framework that Institutional Shareholder Services (“ISS”)
and institutional investors use when evaluating contested solicitation efforts. As Icahn is seeking
minority board representation – one board seat shy of control – the dissident must prove that:
1. Board change is preferable to the status quo; and
2. That the dissident slate will add value to board deliberations including by, among other factors,
considering issues from a different viewpoint than the current board members.
Target: Oshkosh Corporation (NYSE:OSK)
Activist/Dissident: Icahn Associates (9.5% holder)
At stake: 6 seats on a 13-member board
Board composition: Annually elected board with all 13 seats up for election
Meeting date: 2012 meeting date yet to be disclosed
Last shareholder meeting was held on February 1, 2011
November 29, 2011
2. The Shareholder Communication Strategists
2
Question 1 – Is Change Needed?
In determining whether change is needed at the board level, some of the performance factors that
shareholders are likely to focus on include Total Shareholder Return (“TSR”), operating performance,
corporate governance practices, and management’s current operating plan. If shareholders conclude
that change is needed, the second prong of this analytical framework would then apply – can the
dissident slate add value to the board?
Total Shareholder Return
OSK has underperformed its peer group, benchmark indices and its closest comparable peer,
Navistar International Corp. (NYSE: NAV), over 1-year and 5-year periods.
That said, the Company is likely to assert that a typical comparable analysis is not reasonable as
unlike other truck/machinery manufacturers, OSK has a significantly greater exposure to
defense/military contracts. For instance, defense related sales accounted for 57% of OSK’s FY11
revenue (period ending 30 Sept. 2011) compared to approximately 14% for NAV’s FY11 expected
revenue (period ending 31 Oct. 2011).
Since shareholders are impacted most by share price, OSK’s long term relative underperformance
could support the Activist’s case for change.
Relative TSR Performance
Source: Thomson Reuters.
Peer group comprised of AGCO, CMI, DHR, DOV, GR, LLL, NC, PCAR, PCP, TEX, and TRN
Total Shareholder Return (11/25/2011) 1-year 3-year 5-year
Peer Mean -10.5% 26.0% 2.1%
Peer Median -10.8% 21.6% 1.7%
S&P 400 INDEX - MIDCAP -6.0% 18.9% 0.0%
S&P 500 -3.3% 10.6% -3.7%
OSHKOSH CORPORATION -38.0% 53.1% -16.9%
3. The Shareholder Communication Strategists
3
5-Year TSR
Source: Thomson Reuters.
Peer group comprised of AGCO, CMI, DHR, DOV, GR, LLL, NC, PCAR, PCP, TEX, and TRN.
Operating Performance
Over the last five years, OSK’s aggregate revenue and margins have been impacted significantly by
variability in the Defense and Access Equipment segments. Moreover, growth in Defense-related
revenue has been offset by declines in both the Fire & Emergency division and Commercial
segments.
The company’s Defense division has shown significant growth since 2007. That said, Defense
revenue benefited from almost $4.5 billion of M-ATV-related sales in FY2010. As M-ATV production
and shipments were scheduled to conclude in the first quarter of FY2011, the subsequent decline in
FY2011 revenue was largely expected. Interestingly, revenue growth has not translated into
Adjusted EBITDA margin improvement – which fell to 13.1% in FY2011 from 17.7% in FY2007. [We
computed Adjusted EBITDA by adding depreciation and write-offs/impairment charges to segment
operating profit].
OSK acquired the Access Equipment business (JLG acquisition) in Oct. 2006 for $3.1 billion in cash.
At the time of acquisition, OSK expected 20-25% revenue growth in 2007 and $75 million in
annualized pre-tax synergies within 3 years. Since 2007, the Access Equipment segment has shown
very high revenue variability, with Adjusted EBITDA margin falling from 13.6% in FY2007 to 7.3% in
FY2011.
The Activist is likely to argue that both management and the incumbent board have failed to
develop and execute a sustainable growth plan for the four business segments. The variability in top
line growth has been accompanied by failure to manage the JLG acquisition. For example, it appears
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5-year Relative TSR Performance
(period ending 25 Nov. 2011)
OSK NAV Peer median S&P 500 S&P 400 INDEX - MIDCAP
4. The Shareholder Communication Strategists
4
that OSK has yet to fully realize the $75 million pre-tax synergies it expected from the 2006 JLG
acquisition, considering that the current operating/EBITDA margins are lower than their 2007 levels.
Furthermore, the fact that OSK took a $942 million write-off for the Access Equipment business in
FY2009 suggests that the company overpaid for the acquisition.
Segment Operating Performance
Source: Thomson Reuters, SEC filings.
Normalized EBITDA Margin
Source: Thomson Reuters.
Note: 2011 represents LTM data for companies that have yet to announce FY11 results.
Peer group comprised of AGCO, CMI, DHR, DOV, GR, LLL, NC, PCAR, PCP, TEX, and TRN
Revenue in US$ millions 2007 2008 2009 2010 2011
Defense
Total Revenue $1421 $1892 $2595 $7162 $4365
Operating Margin 17.2% 14.0% 15.5% 18.4% 12.4%
Adjusted EBITDA margin 17.7% 14.6% 16.0% 18.7% 13.1%
Access Equipments
Total Revenue $2540 $3213 $1226 $3012 $2052
Operating Margin 10.6% 11.3% -94.6% 3.2% 3.2%
Adjusted EBITDA margin 13.6% 14.2% -10.3% 6.4% 7.3%
Fire and Emergency
Total Revenue $1128 $1009 $1042 $916 $800
Operating Margin 9.7% 9.3% 4.9% 6.3% -1.0%
Adjusted EBITDA margin 11.2% 10.9% 12.5% 10.6% 1.2%
Commercial
Total Revenue $1080 $835 $590 $622 $565
Operating Margin 7.1% 0.6% -31.1% 3.1% 0.7%
Adjusted EBITDA margin 9.1% 3.7% 3.5% 5.9% 3.4%
Source: Thomson Reuters, SEC filings
12.0% 11.0%
6.6%
16.0%
8.7%
5.8%
9.1% 8.6%
7.4%
5.8%
13.0%
12.7%
10.8%
12.5% 12.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
2007 2008 2009 2010 2011
Normalized EBITDA Margin
OSK NAV Peer Median
5. The Shareholder Communication Strategists
5
Management’s Plan
OSK completed a comprehensive strategic planning process in fiscal 2011. The review process
culminated in the creation of the company’s roadmap (called “MOVE”), which consists of four key
strategies:
1. Market Recovery and Growth: OSK believes that many of its non-defense markets will begin to
recover after fiscal 2012. The Company plans to capture and improve its historic share of a
market recovery.
2. Optimize Cost and Capital Structure: OSK plans to optimize its cost and capital structure to
provide value for customers and shareholders by aggressively attacking its product and
operating costs.
3. Value Innovation: OSK intends to maintain its emphasis on new product development as it
seeks to expand sales and margins by leading its core markets in the introduction of new or
improved products and new technologies.
4. Emerging Market Expansion: OSK plans to continue its expansion into those specialty vehicle
and vehicle body markets globally where it has or can acquire strong market positions over time
and where it believes it can leverage synergies in purchasing, manufacturing, technology and
distribution to increase sales and profitability. After the Company accomplishes its plan to
further reduce its debt, it would also consider selectively pursuing strategic acquisitions,
primarily internationally, to enhance the Company’s product offerings and expand its
international presence in specialty vehicle and vehicle body markets.
The Activist is likely to argue that the board’s plan to restore/enhance shareholder value is in direct
response to shareholder pressure and that it lacks specific milestones by which shareholders can gauge
management’s performance.
Based on analysts’ estimates and management’s outlook for FY2012, the MOVE strategy is unlikely to
drive any significant top-line or earnings growth over next couple of years – lending further credence of
potential Activist contentions that the MOVE is unlikely to drive shareholder value growth. Consensus
estimates suggest a significant drop in operating profit and EPS in FY12. More importantly, revenue,
operating profit and EPS are all expected to remain below FY11 levels over next three years.
OSK Management’s Outlook for FY2012
Source: Oshkosh Presentation for 4th
quarter FY2011 results (dated 1 Nov. 2011).
6. The Shareholder Communication Strategists
6
Consensus Analyst Estimates (Mean)
Source: Thompson Reuters mean estimates.
Corporate Governance
OSK has a number of good corporate governance practices:
o Annually elected board;
o Chairman of the board is an independent director;
o Plurality vote standard to elect directors with resignation policy;
o Directors may be removed with or without cause by a majority of the shares entitled to
vote;
o Vacancies on the board created by resignation or an enlargement of the board are filled by
remaining directors, except vacancies as a result of removal by shareholders, which are to
be filled by shareholders;
o Special meetings can only be called by shareholders holding at least 10% of the voting
power;
o Double trigger change in control agreements; and
o No poison pill.
The Activist is unlikely to focus on governance issues at the company.
Question 2 – Can the activist nominees effect change?
With four of the six Activist nominees related to Icahn Associates, OSK shareholders are likely to
raise some questions about their independence and objectivity.
It is quite plausible that the Activist will modify its proxy statement to target the long-tenured
incumbent nominees. Since Oct. 2010, OSK has brought in five new directors (including John Shiely
who is yet to be elected to the board). That still leaves five directors (excluding the CEO) with terms
longer than ten years who would be vulnerable to the Activist’s attack.
In US$ millions except EPS FY11A FY12E FY13E FY14E
Revenue $7585 $7347 $7182 $6901
- growth -3.1% -2.3% -3.9%
Operating Profit 511.70 283.91 356.06 465.17
- growth -44.5% 25.4% 30.6%
EBITDA 656.10 442.87 516.82 545.38
- growth -32.5% 16.7% 5.5%
EPS 3.19 1.44 2.03 2.47
- growth -54.9% 41.0% 21.7%
Source: Thomson Reuters. Mean estimates