Running head: B & G FOODS (BGS) COMPANY
1
B & G FOODS (BGS) COMPANY
11
B & G Foods (BGS) Company
Student’s Name
Institutional Affiliation
1. Background and Industry of the company
B & G Foods (BGS) is an American holding food company headquartered in Parsippany-Toy Hills, New Jersey, in the United States. The company was created in 1889 to sell pickles, condiments, and relish. It has multiple subsidiary branches both in North and South America. Currently, the company manufactures, markets, and distributes various portfolios of shelf-stable and frozen foods both in North and South America. Besides, the company deals with a variety of foodstuffs, including vegetables and cereals. B & G Foods (BGS) operates in the Packaged Foods Industry, where there is a large firm with huge capital based. However, the company is among the top-performing companies in the industry, with approximately an annual revenue of $ 1.7 billion (NYSE, 2019).
2. Common size analysis
B & G Foods, Inc. is an international company operating mainly between two continents of North and South America. B & G Foods, Inc is a medium-sized company 2,590 employees comprising of both casuals and full-time employees. It is a fast-growing company and has been reporting a tremendous growth in its annual revenues. For instance, in 2018, the company reported yearly revenue of $1.7 billion (NYSE, 2019). The amount was relatives higher compared to the total revenues earned in the previous years.
B & G Food Inc, possess strong entrepreneurial skills that enable the management to run all organizational activities more efficiently. Despite the size of the company, the management of B & G Foods ensures proper time management to ensure the smooth running of operations. The top management also engages in strategic thinking to identify various ways that can help in improving the efficiency and effectiveness of different activities in different departments (NYSE, 2019).
The managerial system of B & G Foods is relatively advanced compared to other firms in the same industry. The management of the company smoothly facilitates running the routine activities of the company regardless of external threats to ensure that each department achieves that expected goals. The latter has helped in promoting the overall growth of the firm because most of organizational goals and objectives are met as anticipated (NYSE, 2019).
Financial ability is another factor that is considered in the determination of the size of a company. B & G Food Company has a stream of revenues from sales of its products. Frequently cash inflows increase the company's capital base that making it have enough finances to run all organizational activities. Sale of manufactured products is the primary source of funds for B & G Foods Company (NYSE, 2019). Statistically, B & G Food's sales volumes have been increasing annually, which increases its financial ability to expand its operation to different parts of the world.
The avail ...
P&G's 2016 annual report provides financial highlights and discusses progress and challenges over the fiscal year. Net sales declined 8% to $65.3 billion due to divestitures and foreign exchange impacts, while core earnings per share declined slightly. The report discusses steps taken to streamline products, improve productivity and costs, and invest in growth. These include exiting unprofitable product lines, reducing overhead costs, and delivering over $10 billion in savings over 5 years. Progress was made in a difficult environment with foreign exchange headwinds, but more work is needed to strengthen growth and performance.
2
1
27 September 2019
Procter & Gamble Corporation
The corporation I have chosen for this discussion is Procter & Gamble. P&G is an international consumer goods company. It was established by William Procter and James Gamble in the year 1837. The corporation’s headquarters is based in downtown Cincinnati. P&G specializes in a variety of personal health products, personal care products and hygiene products. The company organizes the products into many segments including grooming, beauty, health care, fabric care, hair care, oral care, personal care, feminine care, and baby care. The current CEO of the company is David Taylor.
A Brief background of the Company
William Procter and Gamble emigrated from the U.K and settled in Cincinnati. They became business partners and founded Procter and Gamble. During the American Civil War, the company got deals to supply candles and soaps to the Union Army. The contracts contributed allot to the company’s profit. The military also introduced P&G products to other solders.
During the 1880s, the company started to market a new product; an economical soap known as Ivory. In 1887, the company introduced a profit-sharing approach that gave workers ownership of a stake in the corporation (Pepper, 1999). This program helped workers to connect their significant role with the success of the company.
P&G became the first cooperation to carry out a deliberate market research with the consumers in 1924. That move enabled the company to enhance consumer understanding, expect the changing needs of the consumers, and respond with appropriate products that enhanced their daily lives. The company was among the first cooperation to respond to consumer correspondence by introducing the Consumer Relations Department in 1994.
P&G began to move into other countries in terms of product sale and manufacturing. Moreover, it gained several other firms. The acquisition included Noxell, Folgers Coffee, Max Factor, Richardson-Vicks, Iams Company, Pantene, and many more. Since its establishment, the company has been doing well. In 2016 and 2017, Forbes recognized P&G as the most reputable company in the universe.
Consumer Goods Industry
Procter and Gamble Cooperation is among the companies within the consumer goods sector. The consumer goods industry concentrates on products that are purchased by individuals. The industry includes corporations involved in electronics, packaged goods, food production, automobiles, beverages, and personal products, to name a few. The industry depends more on the behaviour of the consumers. Companies within the industry compete for prices because of high competition.
Company Analysis
It is always important to determine the health, feasibility and profitability of a company. I will use financial analysis to determine the health, feasibility, and profitability of P&G Company. Financial analysis, therefore, entails the use of financial information to assess the performance of .
This annual report summary provides an overview of Procter & Gamble's (P&G's) financial highlights and business strategies for 2022:
- P&G achieved net sales of $80.2 billion in 2022, up 5% from 2021. Operating income was $17.8 billion.
- P&G's strategic focus areas are a portfolio of daily-use product categories, superiority across products/brands, ongoing productivity, constructive disruption, and an empowered organization.
- Fabric Care, Baby Care, and Feminine Care saw double-digit organic sales growth in 2022. All major product categories increased market share over the past year.
The document analyzes Procter & Gamble (P&G), the world's largest consumer goods company. P&G is organized into two global business units divided into business segments. In fiscal year 2012-2013, P&G's cash and current assets increased while inventories declined slightly. P&G is cutting $10 billion in costs by 2016 to invest in emerging markets and plans to add 20 new manufacturing plants by 2015. For fiscal year 2013, P&G's net income rose 5% to $11.31 billion on revenue of $84.17 billion, and executives expect continued 3-4% revenue growth going forward.
Running head FINANCIAL ANALYSIS OF PEPSICO’S FINANCIAL STATEMENTS.docxcharisellington63520
Running head: FINANCIAL ANALYSIS OF PEPSICO’S FINANCIAL STATEMENTS 1
FINANCIAL ANALYSIS OF PEPSICO’S FINANCIAL STATEMENTS 4
Financial Analysis of PepsiCo's Financial Statements
XACC/290
January 18, 2015
Jennifer Weske
Financial Analysis of PepsiCo’s Financial Statements
PepsiCo is one of the publicly traded companies that operate in the beverage and food industry. Based on the financial statements in the appendix section of this paper, there is much that can be said on the company’s financial position and performance for the last three years ranging from 2011 to 2013. The income statement of the company indicates that the revenue levels remain flat despite the growth in net income from $ 6.2 billion to $ 6.7 billion. There was a reduction in the level of sales which was mainly attributed to the decline in the cost of goods sold. Based on the balance sheet, it is evident that operating profits can sufficiently service the company’s debt despite the reduction in the value of the current liquid assets (Businessweek, 2014).
At the end of 2013, the value of the company’s total assets was $ 77, 478, 000 million. This represented an increase in the value of the total assets in the last two years (Businessweek, 2014). An increase in value of total assets indicates that the company is effectively managing its expenditure and can sufficiently fund its operations. The figure also shows that the company’s book value has increased.
The total assets at the end of the previous reporting period were $ 74, 638,000. The value was lower than the one recorded in 2013. Nonetheless, the organization had recorded lower values in the other previous years. For instance, in 2010 the value of the total assets was $ 68, 153,000, while that of 2011 was $ 72, 882, 000. These trends indicate possible expansion, effective control of expenditure, and increased capital base.
At the end of most recent trading period, which was 2013, the value of cash and cash equivalents was $ 22, 203, 000 million (PepsiCo, 2013). This included elements such as accounts receivable, inventory, deferred taxes, and other current assets. The components constitute the list of items that can be easily converted into cash to meet the urgent financial needs of the business.
The amount of accounts receivable at the end of 2013 was $ 4, 874,000 million. This value was relatively higher than those of the previous years (Businessweek, 2014). While an increase in the level of accounts payable is mainly associated with increasing debt, it is a good indicator of the increasing level of operations. Nonetheless, the company should take into account effective cost management strategies to counter the increasing debt.
The amount of the accounts payable at the end of 2012 was $ 4, 451,000 million. This value was relatively lower compared to that of 2013. It implies that in 2013 the company had less debt, but the volume of operations was low. It is also indi.
Stage 3 of the ProjectReflection Paper FINC 330U.docxwhitneyleman54422
Stage 3 of the Project
Reflection Paper
FINC 330
University of Maryland University College
ConAgra Brands Inc. is a company that deals with the manufacture of food. Like any other company, it has its financial report. The reports are not constant every year; they keep on changing each year. This is as a result of various reasons, which may cause an increase or a decrease in the financial income or expenditure. The net sales in the three years are almost constant apart from slight deviations. The cost of goods sold has shown an increment from 2014 to 2015, but in 2016, there was a decline. Regarding selling, general and administrative expenses in 2014 were high, in 2015 it decreased, but in 2016 it rose by 6%.interest expenses remained the same throughout the three years at 3%.
Additionally, asset amounts for the company have also stayed roughly the same over the past few years. On the other hand, the liabilities have decreased from 12,827.8 in 2015 to 9,595.8 in 2016. That is a decrease of 3,232 in just one year. Total assets also decreased from 2015 to 2016 with a balance starting at 17,437.8 and ending with a balance of 13,390.6. Equity, along with most other aspects of the company, has stayed within close range from year to year with a balance of 4,610 in 2015 and a balance of 3,794.8 in 2016.
From the financial statistics we have for the net income, income statement, balance sheet among others, it is evident that the company is not making a notable move. The trend seems to be downwards which means that the company is barely making profits. This could suggest that the company is operating using the same methods. To avoid the problem, it is advisable for them to focus on changing the current business models.
RECOMMENDATIONS.
For this company to improve its financial stability, the key thing is to initiate change in the way of operation. This is specifically in the business models that have a significant influence on the financial performance of a business.
Examine the lines of credit. It is hard for a company to operate without credit. Therefore borrowing funds should be done wisely. There should also be a good plan to repay the borrowed money to avoid instability. Borrowing should also be done when it is very necessary.
Review your production and overhead expenses. It is necessary to assess the level of expenses because they determine the level of profits. If the expenses are too much, it is likely that the firm will make little or no profits.
Create a cash flow budget helps to compare the income and expenditure of every month. With this, the company can know how to allocate the available funds in the most profitable way.
Inform the key employees on the effects of losses in the business. The management should make the employees aware that making losses is one of the worst things in business. This helps them to be careful enough to avoid the same.
It is also important to identify the chief customers. The company should ensure tha.
Target reported third quarter earnings results that reflected sales and traffic growth but missed profit expectations due to inflationary pressures. Comparable sales increased 2.7% driven by traffic growth, but operating margin fell to 3.9% from 7.8% last year due to higher costs. In response, Target lowered its fourth quarter outlook and announced a new initiative to simplify operations and gain $2-3 billion in efficiencies over three years.
Target reported third quarter earnings results that reflected sales and traffic growth but missed profit expectations due to inflationary pressures. Comparable sales increased 2.7% driven by traffic growth, but operating margin fell to 3.9% from 7.8% last year due to higher costs. In response, Target lowered its fourth quarter guidance and announced a new enterprise initiative estimated to save $2-3 billion over three years through efficiencies.
P&G's 2016 annual report provides financial highlights and discusses progress and challenges over the fiscal year. Net sales declined 8% to $65.3 billion due to divestitures and foreign exchange impacts, while core earnings per share declined slightly. The report discusses steps taken to streamline products, improve productivity and costs, and invest in growth. These include exiting unprofitable product lines, reducing overhead costs, and delivering over $10 billion in savings over 5 years. Progress was made in a difficult environment with foreign exchange headwinds, but more work is needed to strengthen growth and performance.
2
1
27 September 2019
Procter & Gamble Corporation
The corporation I have chosen for this discussion is Procter & Gamble. P&G is an international consumer goods company. It was established by William Procter and James Gamble in the year 1837. The corporation’s headquarters is based in downtown Cincinnati. P&G specializes in a variety of personal health products, personal care products and hygiene products. The company organizes the products into many segments including grooming, beauty, health care, fabric care, hair care, oral care, personal care, feminine care, and baby care. The current CEO of the company is David Taylor.
A Brief background of the Company
William Procter and Gamble emigrated from the U.K and settled in Cincinnati. They became business partners and founded Procter and Gamble. During the American Civil War, the company got deals to supply candles and soaps to the Union Army. The contracts contributed allot to the company’s profit. The military also introduced P&G products to other solders.
During the 1880s, the company started to market a new product; an economical soap known as Ivory. In 1887, the company introduced a profit-sharing approach that gave workers ownership of a stake in the corporation (Pepper, 1999). This program helped workers to connect their significant role with the success of the company.
P&G became the first cooperation to carry out a deliberate market research with the consumers in 1924. That move enabled the company to enhance consumer understanding, expect the changing needs of the consumers, and respond with appropriate products that enhanced their daily lives. The company was among the first cooperation to respond to consumer correspondence by introducing the Consumer Relations Department in 1994.
P&G began to move into other countries in terms of product sale and manufacturing. Moreover, it gained several other firms. The acquisition included Noxell, Folgers Coffee, Max Factor, Richardson-Vicks, Iams Company, Pantene, and many more. Since its establishment, the company has been doing well. In 2016 and 2017, Forbes recognized P&G as the most reputable company in the universe.
Consumer Goods Industry
Procter and Gamble Cooperation is among the companies within the consumer goods sector. The consumer goods industry concentrates on products that are purchased by individuals. The industry includes corporations involved in electronics, packaged goods, food production, automobiles, beverages, and personal products, to name a few. The industry depends more on the behaviour of the consumers. Companies within the industry compete for prices because of high competition.
Company Analysis
It is always important to determine the health, feasibility and profitability of a company. I will use financial analysis to determine the health, feasibility, and profitability of P&G Company. Financial analysis, therefore, entails the use of financial information to assess the performance of .
This annual report summary provides an overview of Procter & Gamble's (P&G's) financial highlights and business strategies for 2022:
- P&G achieved net sales of $80.2 billion in 2022, up 5% from 2021. Operating income was $17.8 billion.
- P&G's strategic focus areas are a portfolio of daily-use product categories, superiority across products/brands, ongoing productivity, constructive disruption, and an empowered organization.
- Fabric Care, Baby Care, and Feminine Care saw double-digit organic sales growth in 2022. All major product categories increased market share over the past year.
The document analyzes Procter & Gamble (P&G), the world's largest consumer goods company. P&G is organized into two global business units divided into business segments. In fiscal year 2012-2013, P&G's cash and current assets increased while inventories declined slightly. P&G is cutting $10 billion in costs by 2016 to invest in emerging markets and plans to add 20 new manufacturing plants by 2015. For fiscal year 2013, P&G's net income rose 5% to $11.31 billion on revenue of $84.17 billion, and executives expect continued 3-4% revenue growth going forward.
Running head FINANCIAL ANALYSIS OF PEPSICO’S FINANCIAL STATEMENTS.docxcharisellington63520
Running head: FINANCIAL ANALYSIS OF PEPSICO’S FINANCIAL STATEMENTS 1
FINANCIAL ANALYSIS OF PEPSICO’S FINANCIAL STATEMENTS 4
Financial Analysis of PepsiCo's Financial Statements
XACC/290
January 18, 2015
Jennifer Weske
Financial Analysis of PepsiCo’s Financial Statements
PepsiCo is one of the publicly traded companies that operate in the beverage and food industry. Based on the financial statements in the appendix section of this paper, there is much that can be said on the company’s financial position and performance for the last three years ranging from 2011 to 2013. The income statement of the company indicates that the revenue levels remain flat despite the growth in net income from $ 6.2 billion to $ 6.7 billion. There was a reduction in the level of sales which was mainly attributed to the decline in the cost of goods sold. Based on the balance sheet, it is evident that operating profits can sufficiently service the company’s debt despite the reduction in the value of the current liquid assets (Businessweek, 2014).
At the end of 2013, the value of the company’s total assets was $ 77, 478, 000 million. This represented an increase in the value of the total assets in the last two years (Businessweek, 2014). An increase in value of total assets indicates that the company is effectively managing its expenditure and can sufficiently fund its operations. The figure also shows that the company’s book value has increased.
The total assets at the end of the previous reporting period were $ 74, 638,000. The value was lower than the one recorded in 2013. Nonetheless, the organization had recorded lower values in the other previous years. For instance, in 2010 the value of the total assets was $ 68, 153,000, while that of 2011 was $ 72, 882, 000. These trends indicate possible expansion, effective control of expenditure, and increased capital base.
At the end of most recent trading period, which was 2013, the value of cash and cash equivalents was $ 22, 203, 000 million (PepsiCo, 2013). This included elements such as accounts receivable, inventory, deferred taxes, and other current assets. The components constitute the list of items that can be easily converted into cash to meet the urgent financial needs of the business.
The amount of accounts receivable at the end of 2013 was $ 4, 874,000 million. This value was relatively higher than those of the previous years (Businessweek, 2014). While an increase in the level of accounts payable is mainly associated with increasing debt, it is a good indicator of the increasing level of operations. Nonetheless, the company should take into account effective cost management strategies to counter the increasing debt.
The amount of the accounts payable at the end of 2012 was $ 4, 451,000 million. This value was relatively lower compared to that of 2013. It implies that in 2013 the company had less debt, but the volume of operations was low. It is also indi.
Stage 3 of the ProjectReflection Paper FINC 330U.docxwhitneyleman54422
Stage 3 of the Project
Reflection Paper
FINC 330
University of Maryland University College
ConAgra Brands Inc. is a company that deals with the manufacture of food. Like any other company, it has its financial report. The reports are not constant every year; they keep on changing each year. This is as a result of various reasons, which may cause an increase or a decrease in the financial income or expenditure. The net sales in the three years are almost constant apart from slight deviations. The cost of goods sold has shown an increment from 2014 to 2015, but in 2016, there was a decline. Regarding selling, general and administrative expenses in 2014 were high, in 2015 it decreased, but in 2016 it rose by 6%.interest expenses remained the same throughout the three years at 3%.
Additionally, asset amounts for the company have also stayed roughly the same over the past few years. On the other hand, the liabilities have decreased from 12,827.8 in 2015 to 9,595.8 in 2016. That is a decrease of 3,232 in just one year. Total assets also decreased from 2015 to 2016 with a balance starting at 17,437.8 and ending with a balance of 13,390.6. Equity, along with most other aspects of the company, has stayed within close range from year to year with a balance of 4,610 in 2015 and a balance of 3,794.8 in 2016.
From the financial statistics we have for the net income, income statement, balance sheet among others, it is evident that the company is not making a notable move. The trend seems to be downwards which means that the company is barely making profits. This could suggest that the company is operating using the same methods. To avoid the problem, it is advisable for them to focus on changing the current business models.
RECOMMENDATIONS.
For this company to improve its financial stability, the key thing is to initiate change in the way of operation. This is specifically in the business models that have a significant influence on the financial performance of a business.
Examine the lines of credit. It is hard for a company to operate without credit. Therefore borrowing funds should be done wisely. There should also be a good plan to repay the borrowed money to avoid instability. Borrowing should also be done when it is very necessary.
Review your production and overhead expenses. It is necessary to assess the level of expenses because they determine the level of profits. If the expenses are too much, it is likely that the firm will make little or no profits.
Create a cash flow budget helps to compare the income and expenditure of every month. With this, the company can know how to allocate the available funds in the most profitable way.
Inform the key employees on the effects of losses in the business. The management should make the employees aware that making losses is one of the worst things in business. This helps them to be careful enough to avoid the same.
It is also important to identify the chief customers. The company should ensure tha.
Target reported third quarter earnings results that reflected sales and traffic growth but missed profit expectations due to inflationary pressures. Comparable sales increased 2.7% driven by traffic growth, but operating margin fell to 3.9% from 7.8% last year due to higher costs. In response, Target lowered its fourth quarter outlook and announced a new initiative to simplify operations and gain $2-3 billion in efficiencies over three years.
Target reported third quarter earnings results that reflected sales and traffic growth but missed profit expectations due to inflationary pressures. Comparable sales increased 2.7% driven by traffic growth, but operating margin fell to 3.9% from 7.8% last year due to higher costs. In response, Target lowered its fourth quarter guidance and announced a new enterprise initiative estimated to save $2-3 billion over three years through efficiencies.
After analyzing Primerica's financial statements, the author found some areas of strength and weakness. While revenue and assets grew from 2012-2014, net income grew at a slower rate. Expenses like benefits claims and sales commissions comprised a large percentage of revenue. Liquidity and efficiency ratios showed short-term debt repayment and asset utilization could improve. However, profitability ratios were strong. Further analysis revealed expenses like benefits claims increased slightly, constraining net income growth. The company needs $233 million in external funding to maintain operations.
Running Head: FINANCIAL ANALYSIS
1
FINANCIAL ANALYSIS
7
Financial Analysis
Students Name
Institutional Affiliation
Executive summaryThis report created from the financial statements of The Coca-Cola Company (KO) provides an analysis and evaluation of the actual and the prospective liquidity, profitability and the financial stability of the company. The methods that have been used in the analysis include trend analysis, the vertical analysis and the horizontal analysis. Also we have used certain analysis such as Quick ratio, debt ratio, and the current ratios. More calculations that have been used includes the returns on the owners equity, the earning per share, net operating working capital, total operating capital, net operating capital, net operating profit after taxes, operating cash flow and free cash flow. A result from the data reveals that, all the company ratios are above the industries averages. Comparative performance is good in the area of the liquidity, credit control and inventory management.
The report finds that the tidings for the company are positive in the near future. The major areas of weakness highlighted require further investigation and immediate action by management. The recommendations that were provided include;
· Improving the average accounts receivable collection period,
· Raising/ increasing the inventory turnover and reduction of prepayments in order to have enough operating cash for the subsequent periods.
The investigation in this report also had its shortcomings that arose and are highlighted as;
The forecasted figures used are estimates that sometimes maybe arbitrate; we also cannot fully provide data on the position of other companies with the data limitation we have experienced. The monthly details would have given us more information from which we could base a proper in year trend analysis, rather than the blanket whole year analysis provided. Though we had the above mentioned strain in preparation of this report, we still great belief that the analysis provided is best suited to show the standing of the Coca-Cola Company (KO).
In the financial report below, the strengths, weakness, opportunity and threats have been highlighted as we analyze the various financial sub segments.
Identify your company, its industry, and analyze the important segments (percentage of sales or subsidiaries) of your company compared to its industry and its overall business
The Coca-Cola Company (KO) is a multinational American Company that has its headquarters at Atlanta Georgia. The company has got its branches in more than 200 countries in the world and majority of its sales is in America, amounting to 40% of the total sales. The company operates in the non alcoholic beverage industry made up of the following companies as the main rivals, Dr Pepper Snapple Group, Inc, Nestle and Pepsi Inc. the company is the best performer in market capitalization compared to competitors with a capitalization of 169.49billion, higher .
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights Moelis' record 2018 revenues of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill and commitment to return 100% of excess capital to shareholders.
JPMorgan Chase reported record revenue and earnings for 2007. Key points:
- Total revenue was $71.4 billion, up 15% from 2006, and earnings were $15.4 billion.
- Most business lines achieved record or near-record earnings, but results were mixed with areas of weakness like mortgage trading.
- The Investment Bank had a record first half but struggled in the second half with difficult market conditions.
- Retail and card services grew customer accounts and sales, but earnings fell due to higher credit costs, especially in subprime mortgages.
- Commercial and treasury/securities services achieved record revenue and profits with strong loan and asset growth.
- Asset management
Moelis company april investor pres_vfinal (1)Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights the bank's record revenues in 2018 of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill. The document summarizes Moelis' history, business model, transactions, growth opportunities, and financial position.
SpiceJet traces its origins to ModiLuft, an airline founded in 1993 through a joint venture between Indian businessman SK Modi and Lufthansa. ModiLuft ceased operations in 1996 but its Air Operator Certificate remained dormant. In 2004, Ajay Singh purchased ModiLuft's certificate to quickly start low-cost carrier SpiceJet. While SpiceJet grew quickly, it faced losses from 2012-2014 due to rising oil prices and incurred debt. By end of 2014, SpiceJet was nearly bankrupt but Ajay Singh took control and restructured the airline, returning it to profitability. However, a financial analysis of SpiceJet from 2017-2021 shows declining current ratio, negative net profit ratio,
Running head ACCOUNTING1PAGE 3ACCOUNTING.docxSUBHI7
Running head: ACCOUNTING
1
PAGE
3
ACCOUNTING
Accounting
YourFirstName YourLastName
University title
Accounting
Institution Affiliation
Name
Date
Barney & Co Company
Budgeting
The Company reported a 20 percent decrease in their sales values. Various factors may have resulted in this significant decline in sales figures. Besides, Barney & Co. bought equipment to improve productivity and reduce operating costs. When purchasing this equipment, the company incurred an expense to pay back the loan. The loan expense amounted to 5 percent of the total expenses of the company in 2012. The three budgeting solutions that would be employed in response to sales decrement would be revenue, production, and direct materials budget respectively. For Barney & Co to improve their sales, they need to adopt new techniques of marketing and selling their products as a response to the adverse economic and marketing conditions. The Company needs to form a sales budget which is an essential step for structure the entire budget of the Company (Braun et al., 2014). The Company aims at recovering and improving their revenue position by at least 20 percent. Additionally, the Company will still maintain their current pricing level of $10 per each unit of production. Therefore, this implies that they have to reduce their operating costs by at least 20 percent and increase their sales volume to grow their sales at 20 percent. Burney & Co can budget their revenues on a quarterly basis.
Sales Budget for 2014 Financial Year
Content
1st Quarter
2nd Quarter
3nd Quarter
4th Quarter
Sales in the Prior Year
25000
55000
35000
30000
Sales Project (at 20 % Growth)
30000
66000
42000
72000
Unit Sales Price
$10
$10
$10
$10
Budgeted Sales Units Revenue
$300000
$660000
$420000
$720000
The projected sales level are never constant because of the changing market and economic conditions. The sales are expected to be lowest at the off-peak seasons that is mainly expected at the begging of the year and highest at the end of the year during the peak season(Butler & Ghosh, 2015). Apparently, that is the reason for the different levels of sales projection during the financial period.
Production Budget
After completion of a sales budget, the Company needs to complete production budget. This budgeting entails deciding on the level of products to produce to maintain their revenue growth at 20 percent (Butler& Ghosh, 2015). The managers need to consider the amount that they anticipate to sell their products. This budget shows all the finished production units that are required to be produced at each quarter of 2014 financial year to meet the market demands. The projected production units= Anticipated Sales Units + Desired Ending Stock of Finished Units of Goods- Beginning Stock of the Finished Units of Production. The table below shows the production budget for the 2014 financial year.
Items
1st Quarter
2nd Quarter
3nd Quarter
4th Quarter
Year
Sales Units
30000
66000
42000 ...
McGraw-Hill Education announced leadership changes, appointing Lloyd "Buzz" Waterhouse as interim President and CEO, replacing David Levin who is leaving the company. Waterhouse previously served as President and CEO of McGraw-Hill Education from 2012-2014. The company also provided a preliminary Q3-2017 investor update, reporting year-to-date September 2017 performance was better than the prior year across most metrics in both Higher Education and K-12. Digital sales and paid activations grew strongly while returns declined significantly.
Procter & Gamble is a large consumer goods company that has been simplifying its brand portfolio. It has cut between 90-100 brands that had declining sales and profits. While sales growth was low in 2014 at 0.58%, key financial ratios like operating margin, return on sales, and earnings per share increased, indicating improved efficiency. The balance sheet shows a negative working capital but low debt levels. Competitor analysis found P&G has a lower share price than peers but a higher price-to-earnings ratio, meaning its stock is more expensive relative to earnings.
Create a 4-6 page report that analyzes financial ratios for a compCruzIbarra161
Create a 4-6 page report that analyzes financial ratios for a company, uses the data to tell the financial story of that company, and concludes with a recommendation on whether the company would be a viable partner based on its financial condition.
Introduction
It’s essential for senior management to know the financial condition of an organization in order to make strategic decisions. In this assessment, you will apply the financial management skills learned thus far.
· Tell the financial story based on financial statements.
· Conduct a financial analysis and identify focus areas for enhancing shareholder value.
· Interpret ratio computations that are meaningful and inform business decisions and strategies.
· Make three recommendations that maximize shareholder value.
Scenario
Maria Gomez is founder and president of ABC Healthcare Corporation, a company that owns hospitals, ambulatory surgical centers, urgent care centers, and outpatient clinics. She has called on you to review various financial documents and to make recommendations to maximize shareholder value.
Your Role
You are one of Maria's high-performing financial analyst managers at ABC Healthcare Corporation and she trusts your work and leadership.
Requirements
Here is what your report should provide for Maria:
· A summary of the financial strength of the company through your analysis of the price/earnings and price/book ratios.
The CFO for ABC Healthcare Corporation assessed the market value by reviewing its price/earnings ratios. The price/earnings ratio determines the market value of a stock as compared to the company's earnings. The price/earnings ratios are listed in the chart below. To calculate the price/earnings ratio, the CFO took the earnings per share and divided that into the market value. As an example, this means that in 2019 investors were willing to pay $12.10 for $1 of earnings.
Price/Earnings Ratio
2019
2018
2017
Market Price
83.62
83.62
83.62
Earnings Per Share
6.91
7.87
9.15
Price/Earnings Ratio
12.10
10.63
9.14
To further assess market value, the CFO looked at book value per share. The book value per share ratio is the per share value of a company in terms of the equity available to stockholders. The book values per share over the past three years are listed in the chart below:
Price/Ratio Ratio
2019
2018
2017
Market Price
83.62
83.62
83.62
Book Value per Share
199.1
209.05
226
Price to Book Ratio
.42
.40
.37
The price-to-book ratio (P/B ratio) compares a firm's market capitalization to its book value. It's calculated by dividing the company's stock price per share by book value per share. Here, for fiscal year 2019, the book value per share ratio was 0.42. This explains that investors were willing to pay $0.42 for $1 of book value equity. Price to book value is an important measure to see how much equity shareholders are paying for the net assets value of the company. P/B ratios under 1 are typically considered solid investments.
· Based on your analysis ...
This letter summarizes JPMorgan Chase's financial performance in 2007. It reports that the company achieved record revenue of $71.4 billion and earnings of $15.4 billion, despite turbulence in the financial markets in the second half of the year. The Investment Bank delivered strong first half results but struggled in the second half due to issues in mortgage-related trading and leveraged finance. Retail Financial Services earnings were down due to increased credit costs in home equity and subprime loans, though the company has increased its home lending market share. Card Services also reported strong results.
The document provides an overview of CBRE Group's financial results for Q4 and full year 2019. Key highlights include record levels of assets under management and development portfolio. CBRE expects adjusted earnings per share to grow 12% in 2020, with stronger growth in the second half compared to the first half. The CEO noted solid growth in 2019 was driven by strong property sales and outsourcing growth, despite a decline in leasing activity and lower contributions from the real estate investments segment.
The document provides various financial and M&A updates for the insurance industry:
- Aflac, AIA, American Financial Group, AIG, Arch Capital Group, Assurant, and Baloise reported their third quarter 2019 results.
- Assurant acquired Cell Phone Repair, one of the largest global franchisors of mobile device repair stores.
- Baloise acquired the non-life insurance portfolio of Athora Belgium, further strengthening its position in the Belgian market.
Running head STOCK PERFORMANCE AND EQUITY INVESTMENTS1STOCK .docxagnesdcarey33086
Running head: STOCK PERFORMANCE AND EQUITY INVESTMENTS 1
STOCK PERFORMANCE AND EQUITY INVESTMENTS 4
Stock Performance and Equity Investments
Toni Stewart
Rasmussen College
Author Note
This paper is being submitted on September 6, 2015 for Professor Roundtree’s B230/FIN1000 Principles of Finance course.
Stock Performance and Equity Investments
Investors and stock analysts use the price earnings ratios and the performance of the stock to determine whether the pricing for the stock is average and profitable for both parties. Economists argue that the average price earnings ratios for a stock can help in predicting the performance of the stock of interest (Hafer, 2007). The trends in the past performance can be compared to the current situation to make predictions on investment. This report analyzes the performance of the five stocks selected.
Starbucks Corp (SBUX)
The past performance may not indicate the future success of a business. The Starbucks stock valuation is improving with the SBUX trading at 30 times the forward its earnings. This is a tremendous result which shows a much more expensive than its average for a five year plan which is 25 times. The share prices have increased over the past few months. This has been caused by the increased number of customers in their shops which increase their capital structure. The high tech plans for SBUX delivery plan that has been put into place has juiced up the sales of the coffee shop. This has been a great focus on the changing technology by the company. The promising technology has prompted investors to venture and buy shares from the market thus increasing the demand of the SBUX shares. The preferred shareholders in the SBUX are compensated first in case of any business decision of dissolving it. This differentiates them from the common stock shareholders who are paid last in case of dissolution of the Starbucks business.
Dunkin Brands Group, Inc. (DNKN)
The stock prices of DNKN have been increasing over the months. This has increased the capital base of the company. The stock growth rate has been an average of 15%. The stock price increase was an action caused by the increase in revenues which have grown by 5% in the current financial period. There has been a gross margin increase from 86.49% to 86.78% whereas the net margin of the company gas increased by 4.2%. The DNKN brands do not have preferred shareholders in their share stock market. The dividends have yielded a 2.17% income on the share capital. There was a growth in the revenue by 8.1%. There was an increase in the full year earnings by the company which ranged between 1.87 per share and 1.91 per share as compared to the previous financial statement which was ranging from $1.87 and $ 1.83 per share. The tremendous growth was driven by the positivity in their attitude as part of their organizational culture. This attracted many customers in their branches thus increasing their revenue.
Coach, Inc. (COH)
The stock prices of .
Pinnacle Foods Inc. Presentation to CAGNYpinnaclefood
Pinnacle Foods presented at the CAGNY conference on March 24, 2016. The presentation included forward-looking statements and non-GAAP financial measures, and discussed these definitions. It introduced the executive leadership team and provided an overview of the company's portfolio following the acquisition of Boulder Brands. Pinnacle outlined its strategy of executing its playbook to drive organic growth and margin expansion, expanding its business through acquisitions and innovation, and evolving its portfolio focus.
[Salterbaxter Directions] Moving The Goal PostsMSL
Is your business goal-ready to move beyond 2020? Explore a new generation of emerging sustainability goals that are unlocking business returns and driving transformational change.
Running head FINANCIAL MANAGEMENT DISCUSSION QUESTIONS .docxwlynn1
Running head: FINANCIAL MANAGEMENT DISCUSSION QUESTIONS 1
FINANCIAL MANAGEMENT DISCUSSION QUESTIONS 10
Financial Management Discussion Questions
Gregory Finney
Strayer University
January 11, 2019
Financial Management Discussion Questions
Stock Exchanges in the U.S
The New York Stock Exchange (NYSE) and the National Association for Stock Dealers Automated (NASDAQ) are the two largest stock exchanges in the United States. Both of them deal with large volumes of stock exchanges daily. However, these two stock exchanges have some differences including operational differences, the size and number of listings and different perspectives. With regards to the size and number of listings, NYSE has at least 2,400 firms with a combined market capitalization of 21.3 trillion and home to blue chip firms like Ford Motors, General Electric and Walmart. Nasdaq, on the other hand, has more firms than NYSE with a market capitalization of $200 million and is also home to large tech firms like Apple, Facebook and Amazon. From operational perspective, NYSE is an auction market while Nasdaq is a dealer market. With regards to different perspective, investors consider NYSE as a stock market for the tried and true securities while Nasdaq is seen as a market for growth-oriented tech stocks (Desjardins, 2017).
Free Cash Flow
According to Brigham and Ehrhardt (2017), free cash flow is the amount of cash that a business generates, after accounting for the non-current capital assets investments. Mathematically;
Free Cash Flow =Cash from operating activities-Capital expenditure
Apple Incorporation’s Free Cash Flow
An analysis of Apple Incorporation’s 2014 annual report indicates that the company’s cash flow from operations for the years ending September 28, 2014 and 2013 were $59,713 million and $53,666 million, respectively. Capital expenditures were $9,571 million and $8,165 million for the years ending 2014 and 2013, respectively (SEC, 2014a).
Free Cash flow;
For the year ending 2013;
Free Cash Flow= $53,666-$8,165
=$45,501 million
For the year ending 2014;
Free cash flow =$59,713-$9,571
=$50,142 million
Apple Incorporation had more cash inflows from its operating activities, because of its positive free cash flow, that could be spent on new capital investments. The increase in free cash flow from $45,501 million to $50,142 million between 2013 and 2014 is a sign of good financial performance.
Ford Motors Corporation’s Free Cash Flow
An analysis of Ford Motors Corporation’s 2014 annual report indicates that the company’s cash flow from operations for the years ending December 31, 2013 and 2014 were $10,444 million and $14,507 million, respectively. Capital expenditures were $ 6,597 million and $7,463 million for the years ending 2013 and 2014, respectively (SEC, 2014b).
Free Cash flow;
For the year ending 2013;
Free Cas.
General Electric 14General ElectricFinanc.docxbudbarber38650
General Electric 14
General Electric
Financial Analysis
Nicole Henry
EXECUTIVE SUMMARY
General Electric has been in business for over a century now and the inception of the dynamo has been the key to one of the largest global names. The company has been able to financially provide for the electrical and then today in the financial sector as well. This is reflected in the financial position of the company which has performed in the double digits during tough times. When analyzing the financial position of the company, it is evident that the performance that the company had been gaining for over a period has now started seeing a settlement impact. This means that the growth perspective that the company was seeing over the last couple of years have now subsided. The impact of growth is visible in the current year where the company’s financial position took a dip. Although the dip is the settlement of the exceeding performance; and has a subsided impact from the financial crunch in the previous decade around the globe.
ANALYSIS OVERVIEW
In order to analyze a company which has its operations in different business factions there are certain questions that need to be raised. The first question is that with such a gigantic business across the globe, is it feasible to break the financial analysis on a business wise or is the company feasible to be analyzed in a single entity perspective. The perspective reveals that the company analyzes its performance as a single entity and hence all the stakeholders are considered under a single arena. Thence, the review has to be taken in the single entity perspective. Along with this, there is a portion of performance review which is to set the trends for the future. The perspective cannot be taken as the downward trend, but this has to be taken as a moving average of the recent years. The financial analysis will reveal what factions of the company underperformed and led to a decrease in the financial position. The financial ratios used in the study reveal the position and performance of the company in the perspective of how each pillar has performed. This ratio analysis will also be an intricate combination of the businesses of the company to augment each pillar.
ASSUMPTIONS
The basis for carrying out the financial analysis for the company involves the changing trends of the company and the industry itself. Although the company’s financial positions appear to present strong performance, the underlying belief is that the company is now in a position where the product and service demand is increasing. Connecting the dots, the company is carrying out the sales with controlled receivables. The assumption set here is that the company’s growth in sales trends for products and services is not driven through increasing credit exposure. Along with this, there is an increased trend for cost hikes. This is assumed to be driven from the pricing positions in the market and the underlying costs requir.
This document provides an overview of JG Summit Holdings Inc., a leading Philippine conglomerate. It discusses JG Summit's purpose, values, ambition and key business units. The company's largest subsidiary is Universal Robina Corporation, a leading snacks and beverages company in ASEAN. Other key business units include Robinsons Land Corporation, a property developer, JG Summit Petrochemicals Group, an integrated petrochemical manufacturer, and Cebu Air Inc., the largest domestic airline in the Philippines. The report outlines JG Summit's strategy to strengthen its core businesses and portfolio companies, and explores emerging investments that can leverage synergies within its business ecosystem.
The Pepsi Bottling Group reported third quarter 2009 results. Comparable diluted EPS was $1.06 and reported diluted EPS was $1.14. Currency neutral operating income grew 10% compared to the prior year on a comparable basis, while reported operating income declined 4% due to foreign exchange impacts. The company remains on track to achieve full-year 2009 guidance of $2.30-$2.40 diluted EPS at the high end of the range and has raised operating free cash flow guidance to approximately $550 million.
Mill proposes his Art of Life, but he also insists that it is not ve.docxhealdkathaleen
Mill proposes his Art of Life, but he also insists that it is not very developed -- there is an immense amount of work to be done to get it in shape. We know relatively little about what will actually make our lives richly moral, useful, and beautiful. What sort of things might contribute to improving our understanding of how to enrich our lives in this way? That is, what could someone do to develop and extend the Art of Life?
DUE by wed @ 10am central time
somebody have something useful post it and i will look/buy
.
Milford Bank and Trust Company is revamping its credit management de.docxhealdkathaleen
Milford Bank and Trust Company is revamping its credit management department to more effectively manage credit analysis. As the credit manager for the bank, draft a 750-word report for the board of directors explaining the three C's of credit. Make sure to address the following:
Character
Capacity
Capital
Also, explain what the acronym CAMEL means, which is used with the third C (capital)?
.
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After analyzing Primerica's financial statements, the author found some areas of strength and weakness. While revenue and assets grew from 2012-2014, net income grew at a slower rate. Expenses like benefits claims and sales commissions comprised a large percentage of revenue. Liquidity and efficiency ratios showed short-term debt repayment and asset utilization could improve. However, profitability ratios were strong. Further analysis revealed expenses like benefits claims increased slightly, constraining net income growth. The company needs $233 million in external funding to maintain operations.
Running Head: FINANCIAL ANALYSIS
1
FINANCIAL ANALYSIS
7
Financial Analysis
Students Name
Institutional Affiliation
Executive summaryThis report created from the financial statements of The Coca-Cola Company (KO) provides an analysis and evaluation of the actual and the prospective liquidity, profitability and the financial stability of the company. The methods that have been used in the analysis include trend analysis, the vertical analysis and the horizontal analysis. Also we have used certain analysis such as Quick ratio, debt ratio, and the current ratios. More calculations that have been used includes the returns on the owners equity, the earning per share, net operating working capital, total operating capital, net operating capital, net operating profit after taxes, operating cash flow and free cash flow. A result from the data reveals that, all the company ratios are above the industries averages. Comparative performance is good in the area of the liquidity, credit control and inventory management.
The report finds that the tidings for the company are positive in the near future. The major areas of weakness highlighted require further investigation and immediate action by management. The recommendations that were provided include;
· Improving the average accounts receivable collection period,
· Raising/ increasing the inventory turnover and reduction of prepayments in order to have enough operating cash for the subsequent periods.
The investigation in this report also had its shortcomings that arose and are highlighted as;
The forecasted figures used are estimates that sometimes maybe arbitrate; we also cannot fully provide data on the position of other companies with the data limitation we have experienced. The monthly details would have given us more information from which we could base a proper in year trend analysis, rather than the blanket whole year analysis provided. Though we had the above mentioned strain in preparation of this report, we still great belief that the analysis provided is best suited to show the standing of the Coca-Cola Company (KO).
In the financial report below, the strengths, weakness, opportunity and threats have been highlighted as we analyze the various financial sub segments.
Identify your company, its industry, and analyze the important segments (percentage of sales or subsidiaries) of your company compared to its industry and its overall business
The Coca-Cola Company (KO) is a multinational American Company that has its headquarters at Atlanta Georgia. The company has got its branches in more than 200 countries in the world and majority of its sales is in America, amounting to 40% of the total sales. The company operates in the non alcoholic beverage industry made up of the following companies as the main rivals, Dr Pepper Snapple Group, Inc, Nestle and Pepsi Inc. the company is the best performer in market capitalization compared to competitors with a capitalization of 169.49billion, higher .
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights Moelis' record 2018 revenues of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill and commitment to return 100% of excess capital to shareholders.
JPMorgan Chase reported record revenue and earnings for 2007. Key points:
- Total revenue was $71.4 billion, up 15% from 2006, and earnings were $15.4 billion.
- Most business lines achieved record or near-record earnings, but results were mixed with areas of weakness like mortgage trading.
- The Investment Bank had a record first half but struggled in the second half with difficult market conditions.
- Retail and card services grew customer accounts and sales, but earnings fell due to higher credit costs, especially in subprime mortgages.
- Commercial and treasury/securities services achieved record revenue and profits with strong loan and asset growth.
- Asset management
Moelis company april investor pres_vfinal (1)Moelis_Company
The document provides an overview of Moelis & Company, a global independent investment bank. It discusses Moelis' global footprint with 19 geographic locations, focus on M&A, restructuring, and capital markets advisory. It highlights the bank's record revenues in 2018 of $886 million, up 29% from 2017. It also notes Moelis' strong balance sheet with no debt or goodwill. The document summarizes Moelis' history, business model, transactions, growth opportunities, and financial position.
SpiceJet traces its origins to ModiLuft, an airline founded in 1993 through a joint venture between Indian businessman SK Modi and Lufthansa. ModiLuft ceased operations in 1996 but its Air Operator Certificate remained dormant. In 2004, Ajay Singh purchased ModiLuft's certificate to quickly start low-cost carrier SpiceJet. While SpiceJet grew quickly, it faced losses from 2012-2014 due to rising oil prices and incurred debt. By end of 2014, SpiceJet was nearly bankrupt but Ajay Singh took control and restructured the airline, returning it to profitability. However, a financial analysis of SpiceJet from 2017-2021 shows declining current ratio, negative net profit ratio,
Running head ACCOUNTING1PAGE 3ACCOUNTING.docxSUBHI7
Running head: ACCOUNTING
1
PAGE
3
ACCOUNTING
Accounting
YourFirstName YourLastName
University title
Accounting
Institution Affiliation
Name
Date
Barney & Co Company
Budgeting
The Company reported a 20 percent decrease in their sales values. Various factors may have resulted in this significant decline in sales figures. Besides, Barney & Co. bought equipment to improve productivity and reduce operating costs. When purchasing this equipment, the company incurred an expense to pay back the loan. The loan expense amounted to 5 percent of the total expenses of the company in 2012. The three budgeting solutions that would be employed in response to sales decrement would be revenue, production, and direct materials budget respectively. For Barney & Co to improve their sales, they need to adopt new techniques of marketing and selling their products as a response to the adverse economic and marketing conditions. The Company needs to form a sales budget which is an essential step for structure the entire budget of the Company (Braun et al., 2014). The Company aims at recovering and improving their revenue position by at least 20 percent. Additionally, the Company will still maintain their current pricing level of $10 per each unit of production. Therefore, this implies that they have to reduce their operating costs by at least 20 percent and increase their sales volume to grow their sales at 20 percent. Burney & Co can budget their revenues on a quarterly basis.
Sales Budget for 2014 Financial Year
Content
1st Quarter
2nd Quarter
3nd Quarter
4th Quarter
Sales in the Prior Year
25000
55000
35000
30000
Sales Project (at 20 % Growth)
30000
66000
42000
72000
Unit Sales Price
$10
$10
$10
$10
Budgeted Sales Units Revenue
$300000
$660000
$420000
$720000
The projected sales level are never constant because of the changing market and economic conditions. The sales are expected to be lowest at the off-peak seasons that is mainly expected at the begging of the year and highest at the end of the year during the peak season(Butler & Ghosh, 2015). Apparently, that is the reason for the different levels of sales projection during the financial period.
Production Budget
After completion of a sales budget, the Company needs to complete production budget. This budgeting entails deciding on the level of products to produce to maintain their revenue growth at 20 percent (Butler& Ghosh, 2015). The managers need to consider the amount that they anticipate to sell their products. This budget shows all the finished production units that are required to be produced at each quarter of 2014 financial year to meet the market demands. The projected production units= Anticipated Sales Units + Desired Ending Stock of Finished Units of Goods- Beginning Stock of the Finished Units of Production. The table below shows the production budget for the 2014 financial year.
Items
1st Quarter
2nd Quarter
3nd Quarter
4th Quarter
Year
Sales Units
30000
66000
42000 ...
McGraw-Hill Education announced leadership changes, appointing Lloyd "Buzz" Waterhouse as interim President and CEO, replacing David Levin who is leaving the company. Waterhouse previously served as President and CEO of McGraw-Hill Education from 2012-2014. The company also provided a preliminary Q3-2017 investor update, reporting year-to-date September 2017 performance was better than the prior year across most metrics in both Higher Education and K-12. Digital sales and paid activations grew strongly while returns declined significantly.
Procter & Gamble is a large consumer goods company that has been simplifying its brand portfolio. It has cut between 90-100 brands that had declining sales and profits. While sales growth was low in 2014 at 0.58%, key financial ratios like operating margin, return on sales, and earnings per share increased, indicating improved efficiency. The balance sheet shows a negative working capital but low debt levels. Competitor analysis found P&G has a lower share price than peers but a higher price-to-earnings ratio, meaning its stock is more expensive relative to earnings.
Create a 4-6 page report that analyzes financial ratios for a compCruzIbarra161
Create a 4-6 page report that analyzes financial ratios for a company, uses the data to tell the financial story of that company, and concludes with a recommendation on whether the company would be a viable partner based on its financial condition.
Introduction
It’s essential for senior management to know the financial condition of an organization in order to make strategic decisions. In this assessment, you will apply the financial management skills learned thus far.
· Tell the financial story based on financial statements.
· Conduct a financial analysis and identify focus areas for enhancing shareholder value.
· Interpret ratio computations that are meaningful and inform business decisions and strategies.
· Make three recommendations that maximize shareholder value.
Scenario
Maria Gomez is founder and president of ABC Healthcare Corporation, a company that owns hospitals, ambulatory surgical centers, urgent care centers, and outpatient clinics. She has called on you to review various financial documents and to make recommendations to maximize shareholder value.
Your Role
You are one of Maria's high-performing financial analyst managers at ABC Healthcare Corporation and she trusts your work and leadership.
Requirements
Here is what your report should provide for Maria:
· A summary of the financial strength of the company through your analysis of the price/earnings and price/book ratios.
The CFO for ABC Healthcare Corporation assessed the market value by reviewing its price/earnings ratios. The price/earnings ratio determines the market value of a stock as compared to the company's earnings. The price/earnings ratios are listed in the chart below. To calculate the price/earnings ratio, the CFO took the earnings per share and divided that into the market value. As an example, this means that in 2019 investors were willing to pay $12.10 for $1 of earnings.
Price/Earnings Ratio
2019
2018
2017
Market Price
83.62
83.62
83.62
Earnings Per Share
6.91
7.87
9.15
Price/Earnings Ratio
12.10
10.63
9.14
To further assess market value, the CFO looked at book value per share. The book value per share ratio is the per share value of a company in terms of the equity available to stockholders. The book values per share over the past three years are listed in the chart below:
Price/Ratio Ratio
2019
2018
2017
Market Price
83.62
83.62
83.62
Book Value per Share
199.1
209.05
226
Price to Book Ratio
.42
.40
.37
The price-to-book ratio (P/B ratio) compares a firm's market capitalization to its book value. It's calculated by dividing the company's stock price per share by book value per share. Here, for fiscal year 2019, the book value per share ratio was 0.42. This explains that investors were willing to pay $0.42 for $1 of book value equity. Price to book value is an important measure to see how much equity shareholders are paying for the net assets value of the company. P/B ratios under 1 are typically considered solid investments.
· Based on your analysis ...
This letter summarizes JPMorgan Chase's financial performance in 2007. It reports that the company achieved record revenue of $71.4 billion and earnings of $15.4 billion, despite turbulence in the financial markets in the second half of the year. The Investment Bank delivered strong first half results but struggled in the second half due to issues in mortgage-related trading and leveraged finance. Retail Financial Services earnings were down due to increased credit costs in home equity and subprime loans, though the company has increased its home lending market share. Card Services also reported strong results.
The document provides an overview of CBRE Group's financial results for Q4 and full year 2019. Key highlights include record levels of assets under management and development portfolio. CBRE expects adjusted earnings per share to grow 12% in 2020, with stronger growth in the second half compared to the first half. The CEO noted solid growth in 2019 was driven by strong property sales and outsourcing growth, despite a decline in leasing activity and lower contributions from the real estate investments segment.
The document provides various financial and M&A updates for the insurance industry:
- Aflac, AIA, American Financial Group, AIG, Arch Capital Group, Assurant, and Baloise reported their third quarter 2019 results.
- Assurant acquired Cell Phone Repair, one of the largest global franchisors of mobile device repair stores.
- Baloise acquired the non-life insurance portfolio of Athora Belgium, further strengthening its position in the Belgian market.
Running head STOCK PERFORMANCE AND EQUITY INVESTMENTS1STOCK .docxagnesdcarey33086
Running head: STOCK PERFORMANCE AND EQUITY INVESTMENTS 1
STOCK PERFORMANCE AND EQUITY INVESTMENTS 4
Stock Performance and Equity Investments
Toni Stewart
Rasmussen College
Author Note
This paper is being submitted on September 6, 2015 for Professor Roundtree’s B230/FIN1000 Principles of Finance course.
Stock Performance and Equity Investments
Investors and stock analysts use the price earnings ratios and the performance of the stock to determine whether the pricing for the stock is average and profitable for both parties. Economists argue that the average price earnings ratios for a stock can help in predicting the performance of the stock of interest (Hafer, 2007). The trends in the past performance can be compared to the current situation to make predictions on investment. This report analyzes the performance of the five stocks selected.
Starbucks Corp (SBUX)
The past performance may not indicate the future success of a business. The Starbucks stock valuation is improving with the SBUX trading at 30 times the forward its earnings. This is a tremendous result which shows a much more expensive than its average for a five year plan which is 25 times. The share prices have increased over the past few months. This has been caused by the increased number of customers in their shops which increase their capital structure. The high tech plans for SBUX delivery plan that has been put into place has juiced up the sales of the coffee shop. This has been a great focus on the changing technology by the company. The promising technology has prompted investors to venture and buy shares from the market thus increasing the demand of the SBUX shares. The preferred shareholders in the SBUX are compensated first in case of any business decision of dissolving it. This differentiates them from the common stock shareholders who are paid last in case of dissolution of the Starbucks business.
Dunkin Brands Group, Inc. (DNKN)
The stock prices of DNKN have been increasing over the months. This has increased the capital base of the company. The stock growth rate has been an average of 15%. The stock price increase was an action caused by the increase in revenues which have grown by 5% in the current financial period. There has been a gross margin increase from 86.49% to 86.78% whereas the net margin of the company gas increased by 4.2%. The DNKN brands do not have preferred shareholders in their share stock market. The dividends have yielded a 2.17% income on the share capital. There was a growth in the revenue by 8.1%. There was an increase in the full year earnings by the company which ranged between 1.87 per share and 1.91 per share as compared to the previous financial statement which was ranging from $1.87 and $ 1.83 per share. The tremendous growth was driven by the positivity in their attitude as part of their organizational culture. This attracted many customers in their branches thus increasing their revenue.
Coach, Inc. (COH)
The stock prices of .
Pinnacle Foods Inc. Presentation to CAGNYpinnaclefood
Pinnacle Foods presented at the CAGNY conference on March 24, 2016. The presentation included forward-looking statements and non-GAAP financial measures, and discussed these definitions. It introduced the executive leadership team and provided an overview of the company's portfolio following the acquisition of Boulder Brands. Pinnacle outlined its strategy of executing its playbook to drive organic growth and margin expansion, expanding its business through acquisitions and innovation, and evolving its portfolio focus.
[Salterbaxter Directions] Moving The Goal PostsMSL
Is your business goal-ready to move beyond 2020? Explore a new generation of emerging sustainability goals that are unlocking business returns and driving transformational change.
Running head FINANCIAL MANAGEMENT DISCUSSION QUESTIONS .docxwlynn1
Running head: FINANCIAL MANAGEMENT DISCUSSION QUESTIONS 1
FINANCIAL MANAGEMENT DISCUSSION QUESTIONS 10
Financial Management Discussion Questions
Gregory Finney
Strayer University
January 11, 2019
Financial Management Discussion Questions
Stock Exchanges in the U.S
The New York Stock Exchange (NYSE) and the National Association for Stock Dealers Automated (NASDAQ) are the two largest stock exchanges in the United States. Both of them deal with large volumes of stock exchanges daily. However, these two stock exchanges have some differences including operational differences, the size and number of listings and different perspectives. With regards to the size and number of listings, NYSE has at least 2,400 firms with a combined market capitalization of 21.3 trillion and home to blue chip firms like Ford Motors, General Electric and Walmart. Nasdaq, on the other hand, has more firms than NYSE with a market capitalization of $200 million and is also home to large tech firms like Apple, Facebook and Amazon. From operational perspective, NYSE is an auction market while Nasdaq is a dealer market. With regards to different perspective, investors consider NYSE as a stock market for the tried and true securities while Nasdaq is seen as a market for growth-oriented tech stocks (Desjardins, 2017).
Free Cash Flow
According to Brigham and Ehrhardt (2017), free cash flow is the amount of cash that a business generates, after accounting for the non-current capital assets investments. Mathematically;
Free Cash Flow =Cash from operating activities-Capital expenditure
Apple Incorporation’s Free Cash Flow
An analysis of Apple Incorporation’s 2014 annual report indicates that the company’s cash flow from operations for the years ending September 28, 2014 and 2013 were $59,713 million and $53,666 million, respectively. Capital expenditures were $9,571 million and $8,165 million for the years ending 2014 and 2013, respectively (SEC, 2014a).
Free Cash flow;
For the year ending 2013;
Free Cash Flow= $53,666-$8,165
=$45,501 million
For the year ending 2014;
Free cash flow =$59,713-$9,571
=$50,142 million
Apple Incorporation had more cash inflows from its operating activities, because of its positive free cash flow, that could be spent on new capital investments. The increase in free cash flow from $45,501 million to $50,142 million between 2013 and 2014 is a sign of good financial performance.
Ford Motors Corporation’s Free Cash Flow
An analysis of Ford Motors Corporation’s 2014 annual report indicates that the company’s cash flow from operations for the years ending December 31, 2013 and 2014 were $10,444 million and $14,507 million, respectively. Capital expenditures were $ 6,597 million and $7,463 million for the years ending 2013 and 2014, respectively (SEC, 2014b).
Free Cash flow;
For the year ending 2013;
Free Cas.
General Electric 14General ElectricFinanc.docxbudbarber38650
General Electric 14
General Electric
Financial Analysis
Nicole Henry
EXECUTIVE SUMMARY
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ANALYSIS OVERVIEW
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ASSUMPTIONS
The basis for carrying out the financial analysis for the company involves the changing trends of the company and the industry itself. Although the company’s financial positions appear to present strong performance, the underlying belief is that the company is now in a position where the product and service demand is increasing. Connecting the dots, the company is carrying out the sales with controlled receivables. The assumption set here is that the company’s growth in sales trends for products and services is not driven through increasing credit exposure. Along with this, there is an increased trend for cost hikes. This is assumed to be driven from the pricing positions in the market and the underlying costs requir.
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Running head B & G FOODS (BGS) COMPANY 1B & G FOODS (BGS) C.docx
1. Running head: B & G FOODS (BGS) COMPANY
1
B & G FOODS (BGS) COMPANY
11
B & G Foods (BGS) Company
Student’s Name
Institutional Affiliation
1. Background and Industry of the company
B & G Foods (BGS) is an American holding food company
headquartered in Parsippany-Toy Hills, New Jersey, in the
United States. The company was created in 1889 to sell pickles,
condiments, and relish. It has multiple subsidiary branches both
in North and South America. Currently, the company
manufactures, markets, and distributes various portfolios of
shelf-stable and frozen foods both in North and South America.
Besides, the company deals with a variety of foodstuffs,
including vegetables and cereals. B & G Foods (BGS) operates
in the Packaged Foods Industry, where there is a large firm with
huge capital based. However, the company is among the top-
performing companies in the industry, with approximately an
annual revenue of $ 1.7 billion (NYSE, 2019).
2. Common size analysis
B & G Foods, Inc. is an international company operating mainly
between two continents of North and South America. B & G
Foods, Inc is a medium-sized company 2,590 employees
comprising of both casuals and full-time employees. It is a fast-
growing company and has been reporting a tremendous growth
in its annual revenues. For instance, in 2018, the company
reported yearly revenue of $1.7 billion (NYSE, 2019). The
amount was relatives higher compared to the total revenues
earned in the previous years.
2. B & G Food Inc, possess strong entrepreneurial skills that
enable the management to run all organizational activities more
efficiently. Despite the size of the company, the management of
B & G Foods ensures proper time management to ensure the
smooth running of operations. The top management also
engages in strategic thinking to identify various ways that can
help in improving the efficiency and effectiveness of different
activities in different departments (NYSE, 2019).
The managerial system of B & G Foods is relatively advanced
compared to other firms in the same industry. The management
of the company smoothly facilitates running the routine
activities of the company regardless of external threats to
ensure that each department achieves that expected goals. The
latter has helped in promoting the overall growth of the firm
because most of organizational goals and objectives are met as
anticipated (NYSE, 2019).
Financial ability is another factor that is considered in the
determination of the size of a company. B & G Food Company
has a stream of revenues from sales of its products. Frequently
cash inflows increase the company's capital base that making it
have enough finances to run all organizational activities. Sale of
manufactured products is the primary source of funds for B & G
Foods Company (NYSE, 2019). Statistically, B & G Food's
sales volumes have been increasing annually, which increases
its financial ability to expand its operation to different parts of
the world.
The availability of labor is another factor that determines the
size of a firm. The size and quality of work a company can be
used to assess its overall size. On the same note, B & G Foods
has relative significant numbers of employees comprising of
both casual and full-time employees. Currently, the company
has 2,590 employees at its headquarter site who perform
3. different activities (NYSE, 2019). The number of the company's
employees is much higher than the number of employees in the
same industry, which indicates that B & G Foods is a medium-
sized company.
The size s of the market the company sells its products is
relatively large compared to market size served by other firms
in the same industry. It sells its products both in the North and
South American countries, including Mexico, Canada, and the
United States, among other countries. The size of this market it
serves is prominent due to high demands from customers. Since
the company still targets only the North and South American
countries but no other markets from oversea countries, it is a
medium-sized company.
3. Trend analysis of B & G Foods Company
Trend analysis refers to the process analysis business
information of a firm for an extended period to identify
consistency in performance. There are vital factors that are
considered while performing a company's trend analysis. The
key factors that are always considered while performing trend
analysis of a firm include gross profit, cost of labor, sales
volume turnover, debts production levels, and marketing, among
other factors.
B & G Foods' general performance has improved over the past
five years. The main reason for such positive results is because
of an increase in net sales of the company for five years. For
instance, since 2014, the company's net sales have increased
from $ 837.3 million to $ 958.9 million in 2015, progressively
to $ 1.7 billion in 2018 (NYSE, 2019).
Besides, the company's expenses have also been fluctuating for
the past five years. The variation in net expenditures is
attributed to the change in organizational operation and the
influence of both internal and external factors. For instance, in
4. 2014, the net expenses of the company were $ 22,821, in 2015
the value increased to $ 52, 149 but later reduced to $ (69,401)
in 2017 and in 2018 the value was $ 49, 842 (NYSE, 2019). The
fluctuation is caused by various factors the management can
slightly control the.
Additionally, the company's human resource management has
improved in the last five years. The improvement is caused by
the rise of organizational activities over the years. For example,
in 2014, the company had approximately 1600 employees;
however, the number has been increasing steadily from 1600
employees to a current number of 2,590 employees (NASDAQ,
2019).
In general, the company's size and performance has increased
over the last five years. Its annual revenues have been growing
steadily since 2014. Also, the company has adopted the use of
advanced technology components to help in performing
different organizational activities to achieve the company's
targets.
4. Financial ratio analysis of B & G Foods Inc
Financial ration analysis involves assessing the performance of
various ratios. In this section, the key ratios that will be
analyzed include liquidity ratios, profitability ratios, operating
performance ratios, and return on investment ratios.
1. Liquidity ratios
Ratios/ Year
2014
2015
2016
2017
2018
Current ratio
2.12
3.43
2.63
5. 4.40
2.27
Quick ratio
0.97
1.11
1.29
1.91
0.72
Net-working capital ratio
2.98
3.71
2.18
2.52
1.82
Analysis
Liquidity ratios are used to evaluate the capacity of a business
to services its short term obligations. Current ratios assist
investors and creditors in understanding if the company can pay
all its current liabilities. A relative higher current ratio is
constructive for a company than a lower ratio. Since 2014, B &
G Foods Inc.'s current ratio has been fluctuating, and its value
is above 2.0 (NASDAQ, 2019). The values imply that the
company is capable of serving its short term liabilities using its
current assets.
Besides, the company's quick ratios from 2014 to 2018 are
slightly more than zero. The figures infer that the company has
been able to slight pay for its short-term responsibilities using
its quick assets. (NASDAQ, 2019) For instance, in 2014 and
2018, its quick ratio values were 0.97 and 0.72, respectively.
The values imply that the company could not meet its short-term
obligations using its quick assets.
Lastly, B & G Foods Inc.'s net working capital is relatively
higher for the five years. Higher positive values of the ratio
infer that the company is capable of settling its current
liabilities using its existing assets.
2. Profitability ratios
6. Ratios/ Year
2014
2015
2016
2017
2018
Gross Profit Margin
29.25%
30.02%
31.27%
26.79%
20.52%
Operating Profit Margin
13.68%
17.91%
18.44%
14.46%
19.93%
Net Profit Margin
4.83%
8.12%
7.94%
13.24%
10.17%
Analysis
A profitability ratio is metrics utilized to evaluate the capability
of a firm to make revenues relative to its operating costs,
retained earnings, assets, and shareholders' equity. According to
the values of gross profit margin, the company is capable of
generating revenues from the sale of its inventories. The figure
mirrors the excellent performance of the company since its
margin has been more than 20.0 % (NASDAQ, 2019).
On the other hand, the operating profit margin is an expression
of the percentage of the total revenue made up of total operating
income. From the results of the company's operating profit
margin, the values illustrate that B & G Foods Inc. has been
7. making slightly reasonable profits from 2014 to 2018 (NYSE,
2019).
Lastly, the net profit margin has been low for the last five. The
values of the ratio for five years implies that the company's net
profit has been small for five years. A less net profit is likely to
affect the company's activities besides building future
investments.
3. Return on Investment ratios
Ratios/ Year
2014
2015
2016
2017
2018
Earning Power ratio
29.25%
30.02%
31.27%
26.79%
20.52%
ROA
2.51%
3.64%
3.98%
6.71%
5.21%
ROE
11.37%
16.18%
15.40%
26.82%
20.16%
Typically, the return on investment ratios is utilized to measure
the value of profits that a corporation from investing its assets
or shareholders' equity. According to the figures in the table
above, B & G Foods Inc. has been earning a relatively
8. reasonable amount from investing its assets and shareholders'
equity.
In general, B & G Foods Inc. is liquid because it has been able
to use its current assets to meet all its short-term obligations.
However, some ratios are slightly low, which shows that the
company is at risk of failing to meet some of its commitments
in case the values continue to decline (NASDAQ, 2019). As
such, if the management wants to improve the company's
performance, they should reduce operating expenses and
increase long term investments.
5. Evaluation of B & G Foods Return on Equity
Return on Equity = (Net income/ Shareholders) x 100 %
2016
Net income = $ 0.11 billion
Shareholders’ equity = $ 0.79 billion
Return on Equity = ($ 0.11 billion/$ 0.79 billion) x 100 %
Return on Equity = 15.40 %
2017
Net income = $ 0.22 billion
Shareholders’ equity = $ 0.88 billion
Return on Equity = ($ 0.22 billion/$ 0.88 billion) x 100 %
Return on Equity = 26.82 %
2018
Net income = $ 0.17 billion
Shareholders’ equity = $ 0.90 billion
Return on Equity = ($ 0.17 billion/$ 0.90 billion) x 100 %
Return on Equity = 20.16 %
Explanation
B & G Foods Inc. has had an increase in ROE. Statistically, the
company’s return on shareholders’ equity has been increasing
progressively annually. For example, in 2016, the value was
15.40 %, while in the subsequent year, that value rose to
26.82%. The increase in the return on equity illustrates a good
performance. However, in 2016, the company's return on equity
slightly reduced to 15.40 %, which implies that the company
generated less amount of revenues for its investment
9. (NASDAQ, 2019). Usually, a decrease in return on equity
reduces the interest of shareholders to invest more in the
company. As such, it is prudent for the management to identify
the best investments that can regularly increase return on
shareholders' equity.
According to NASDAQ (2019), B & G Foods Inc.'s return on
equity tremendously increased in 2017 from 15.40% to 26.82%
the increase shows that there was a general improvement in
performance in 2017. The percentage increase in return on
equity was attributed to the rise in the company's revenues from
the investment of shareholders' equity. Usually, ROE is used to
assess the value of yields that a company from investing its
shareholders' equity. Therefore, the increase in ROE indicates
that B & G Foods Inc. generated a large amount of money from
investing its shareholders' equity in various activities. As such,
it is imperative for the management of B & G Foods Inc to
identify the best investment to venture shareholders' equity to
maximize the profitability of the firm. The primary cause of the
changes in Return on Equity is the rise in net income of the
business. Besides, according to the industry analysis, B & G
Foods has reported a high return on equity compared to some of
its competitors.
6. Recommendations
Statistically, B & G Foods Company's financial performance is
average. Its annual revenues have increased over the past five
years. The increase is attributed to excellent management skills
and entrepreneurial skills that assist in enhancing organizational
activities. For the company to realize better performance in the
future, the management should consider the following
recommendation:
i. The management should adopt the used of advanced
technology in the production of its products to improve the
quality of its products. In doing so, it will be able to increase its
sales volume as well as increasing its competitive advantage in
the market.
ii. The management should also pay more attention to
10. empowering employees by providing a conducive working
environment to motivate them to remain loyal and committed to
their duties.
iii. The company needs to properly manage its annual expenses
to increase its revenues in the future.
iv. There is a need for the management to manage the company's
both current and fixed assets. In doing so, the company will be
able to service its short-term obligations by its assets.
v. The board of management of B & G Foods Inc. should
increase the company’s retained earnings and use it to invest in
profitable investments to improve the profitability of the
company.
vi. For the company to improve its liquidity, the management
should shift from short-term obligations to long-term debts. In
doing so, the firm will realize an increase in its quick and
current ratios. As a result, B & G Foods will be able properly to
manage its obligations; thus, it will enable the company to have
better financial performance in the future.
vii. Lastly, B & G Foods should get rid of unproductive assets.
7. Reflection
Generally, the financial ratios are useful in a business set up
because they help in assessing the performance of a company.
Some of the ratios used to evaluate organizational performance
include profitability ratios, liquidity ratios, and Return on
Investment ratios. Profitability ratios are to assess the ability of
a firm to generate revenues relative to its operating costs,
retained earnings, assets, and shareholders' equity. Liquidity
ratios used to determine the capacity of a firm to services its
short term obligations. While Return on Investment ratios are
utilized to measure the value of returns that a firm from
investing its assets or shareholders' equity. Therefore, the
management of B & G Foods Inc. should properly handle these
ratios to evaluate the performance of the company
appropriately. The latter will help to get rid of unproductive
assets and operations to improve the company's performance in
the future.
11. References
NYSE (2019). B&G Foods, Inc. (BGS). Accessed from
https://finance.yahoo.com/quote/BGS?p=BGS&.tsrc=fin-srch
NASDAQ (2019). B&G Foods, Inc. (BGS). Financial
performance. Accessed from
https://www.nasdaq.com/articles/wall-street-eats-bg-foods-
steady-financial-growth-2012-08-24
NYSE (2019). B&G Foods, Inc. (BGS). Profitability ratios.
Retrieved from https://www.nyse.com/quote/XNYS:BGS
Stuck with excess inventory, Neptune Gourmet Seafood is
toying with the idea of launching a second,
inexpensive product line. But if Neptune stoops to conquer,
rivals might retaliate with price cuts, and
the new line might end up cannibalizing the old.
HBR's cases, which are fictional, present common managerial
dilemmas and offer concrete solutions from experts.
JIM HARGROVE'S startled expression would have been
amusing had he not been in such a pitiable state. He was
standing in the yacht's magnificently appointed galley,
wondering if his stomach would be able to hold down the cola
he was pouring into a crystal flute, when his colleague, Rita
Sanchez, said something outrageous. Now the drink had
spilled down the length of his pleated khakis, and he was
sputtering. "You aren't seriously suggesting that we reduce
12. prices by 50%. Are you?”
It had been a long day for Hargrove, marketing director of $820
million Neptune Gourmet Seafood, North America's
third-largest seafood producer. When the firm's chairman and
CEO, Stanley Renser, had invited his senior managers
to sail with him to inspect one of Neptune's new freezer
trawlers, Hargrove had demurred. He hated sailing on small
boats-they made him sick, he told his boss. Renser had pointed
out that the 120-foot yacht he owned wasn't exactly
small. Besides, Poseidon II never rolled, even in a storm; the
renowned Tommaso Spadolini had designed it. In fact,
it was one of the last boats built by Italy's famous Tecnomarine
boatyard! Eventually, Renser had won him over, and
Hargrove had arrived that Friday morning as eager to see the
yacht as he was to visit one of the state-of-the-art
fishing vessels on which Neptune had bet its future.
Hargrove hadn't felt seasick all morning. There were no swells
that day. Flat and glassy, the ocean glittered in shades
of turquoise, silver, and gold. Aboard the freezer trawler, he
had been fascinated by the technologies that allowed
the vessel to catch fish in an environ- mentally sustainable way
and to freeze them in a manner that gave Neptune
13. an edge over rivals. But when the yacht had started to head back
to Fort Lauderdale, Hargrove had crumpled. While
his colleagues had made a beeline for the sundeck, he had spent
the afternoon in the oak-lined main saloon, where
he'd sunk into a leather sofa, clenching and unclenching his
muscles to fight the ocean's incessant motion.
Tired of trying to take his mind off the problem by focusing on
the distant horizon, Hargrove was exploring the galley
when Sanchez, his counterpart in sales, had walked in.
"Hey, Jim. You better?" she had asked solicitously.
"I'll survive" Hargrove had grimaced. "We can't be too far from
home now. But let's not talk about it. What's
happening topside?”
"Oh, nothing much. Stanley's showing people the garage where
he parks the water scooters and Windsurfers,"
Sanchez informed him. She gave Hargrove a challenging look
and added: "You want to hear something that'll really
take your mind off your seasickness? I'm convinced that we
have to drop our prices by 40% to 50%-and soon.”
Big Fish in a Small Pond
Hargrove snatched a stack of cocktail napkins to mop up the
14. cola, but his eyes never left Sanchez's face. He hoped
she'd break into a smile to indicate that she was teasing him
about the price cut. It had to be a joke, right? Seafood
was a high-end business in North America, and Neptune was an
upmarket--many believed the most upmarket--
player in the $20 billion industry. During the past 40 years, the
company had earned a reputation for producing the
best seafood, and Neptune did everything it could to preserve
that premium image among customers.
The company reached its consumers, who were extremely
demanding, through various channels. Neptune generated
about 30% of its revenues by selling frozen and processed fish
products to U.S. grocery chains, like Shaw's
Supermarkets, and organic food retailers, like Whole Foods
Market, all along the eastern seaboard and in parts of the
Midwest.
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The Neptune's Gold line of seafood products, manufactured in
two sophisticated plants near Cedar Key, Florida, and
Norfolk, Virginia, dominated most segments in terms of quality,
and therefore sold at premiums compared with other
15. brands. For example, Neptune's Gold canned salmon, tuna,
sardines, mackerel, herring, and pilchard enjoyed a 30%
higher price point, on average, than other brands; and Neptune's
(Sold lump crabmeat, anchovies, clams, lobster
meat, mussels, oysters, and shrimp commanded a 25% premium
over rival products.
That wasn't the company's biggest market, though. Neptune had
emerged as the supplier of choice to the best
restaurants within 250 miles of its Fort Lauderdale headquarters
as well as to the biggest cruise lines, which together
accounted for a third of the company's sales. Another 33% came
from wholesalers that distributed the company's
products to restaurants all over the United States. In fact, sushi
bars from New York to Los Angeles increasingly
bought Neptune's frozen fish instead of buying fresh fish and
freezing it themselves. And, befitting the humble
origins of founder John Renser, approximately 4% of Neptune's
sales came from a fish market outside Fort
Lauderdale that the company owned and operated.
It wasn't easy to live up to the tagline "The Best Seafood on the
Water Planet." Dogged by competition - especially
from China, Peru, Chile, and Japan-as well as tough fishing
laws, Neptune invested heavily to stay ahead of rivals.
16. Stanley Renser, the company's largest shareholder, had recently
expanded the firm's equity base, although doing so
had shrunk his share to 10%. The capital infusion allowed
Neptune to invest $9 million in six freezer trawlers of the
kind Hargrove had visited. Those ships' autopilot mechanisms
guided them to the best fishing grounds, manipulated
fishing gear, landed catches, and reported data to shore. Other
systems, along with new fishing equipment, ensured
that only mature fish were caught and that the nets were not
overfilled, thus reducing damage to the haul. As a
result, Neptune increasingly landed only top-quality catches.
What's more, the freezer trawlers used a new technology to
superfreeze fish to -70°F (instead of the usual -10°F or -
23°F) within four hours of capture. The fish would freeze so
quickly with this method that ice crystals couldn't form in
them or on them. That allowed the fish to retain their original
flavor, texture, and color; and when cooked, they
tasted like they were fresh out of the water. Moreover, by
packing the catch in snow made from dry ice and
surrounding it with liquid nitrogen, the process increased shelf
life by 50%. No wonder the gourmet magazine
Connoisseur's Choice had rated Neptune's products foremost in
quality for the tenth year in a row.
17. Against the Current
To Hargrove, the company's premium image, investments in
new technologies, and obsession with quality made any
price cut--let alone the notion of chopping prices in half-
unthinkable. But Sanchez refused to back down." I'm not
kidding, Jim. It's pretty clear that we have a big inventory
problem. We have to slash prices to get rid of those
excess stocks.”
Hargrove knew exactly what Sanchez was talking about. In the
past three months, Neptune's finished goods
inventory had shot up to 60 days' supply--twice the normal level
and three times what ill had been a year ago. Like
many of his colleagues, Hargrove considered the inventory
pileup a temporary phenomenon; stocks had risen
because the company had added ships to the fleet and could
process catches more efficiently than before. Surely, if
Neptune sold some old ships and stuck to its plan of launching
ready-to-eat, fish-based meals, its inventory would
soon fall to normal levels.
Sanchez and her sales team, however, were convinced that they
faced a more enduring situation. "I told you this a
month ago, Jim, and I'll say it again. The new laws have
reduced our access to fish near the coast and forced us to
go farther out to sea. Because the fishing grounds are richer
18. there, and because we're using new technologies, our
catches have grown bigger on average. That's why, even in the
past four weeks when we've seen demand reach an
all-time high, our inventory has continued to grow.”
"First of all, it makes no sense to me to cut prices when demand
is rising,” Hargrove said, exasperatedly. "Besides,
think about how customers would perceive a large price cut. If
you slash prices by 50%, people will think there's
something wrong with the fish-like it's rotten or full of
mercury! It would destroy our premium image and
permanently erode our brand equity.”
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Sanchez shook her head. "Customers recognize that we sell a
perishable product and that the supply of fish
fluctuates from day to day. They expect prices to vary. The
prices of fruits, vegetables, and flowers change all the
time, don't they? A few years ago, coffee bean prices
plummeted when growers realized they'd be better off selling
inventories than watching the beans rot. Since then, coffee
prices have gone up again. No one seems to object when
19. the prices of chicken, beef, or pork rise and fall because of
changes in the marketplace. I'm not willing to leave
money on the table by refusing to react to supply-and-demand
fluctuations.”
"But why do you want to cut prices so drastically? Why not just
offer customers a 10% discount? I can see us doing
that in the winter, when sales are slow, anyway" Hargrove
pointed out.
Sanchez shook her head again. "It won't work, Jim. Our
warehouses are so full that it's going to take a lot more than
that to make a difference. And with $9 million tied up in the
new ships, you know we won't be keeping them in
harbor. Our inventories are going to keep growing unless we do
something radical.”
"Selling product at a loss is radical, all right," Hargrove
muttered grimly. On many of its products, Neptune wasn't
making enough profit after manufacturing costs to sustain a
deep price cut.
In fact, the company's margins had already shrunk by 10% in
the past year because of rising costs and growing
competition.
"You're talking about sunk costs," Sanchez shot back. "Selling
product at a loss to generate some revenue is better
than throwing it away. What I'm proposing, though--”
20. "Have you considered how our competitors will react?"
Hargrove cut in. "If we do this, some of them are bound to
retaliate with even deeper price cuts, and then we'll be in a
price war none of us can afford--Neptune least of all,
given our cost structure.”
Sanchez held up a hand. "Of course, of course. But you're
assuming it says 'Neptune's Gold' on the discounted
product. I actually envision a new brand.”
Hargrove exploded. "You don't create a new brand to deal with
a temporary increase in supply! Besides, you won't
fool anybody. Everyone will know who's responsible for
flooding the market and eroding margins.”
It was clear to Sanchez that she wasn't making much headway
with Hargrove. "Look, Jim, this really isn't the place
for this discussion, and perhaps I'm not being as clear as I
should be. I want to put this issue on the MOC's agenda
for Friday." The Marketing and Operations Council, which
comprised Neptune's top executives, met twice per month.
"Fine, as long as Stanley is at the meeting, too. I'll go up on
deck and talk to him tight away," said Hargrove, his
seasickness all but forgotten. "The sooner you stop thinking
about a price cut, the better.”
Swimming with the Sharks
As the week progressed, word spread about the solution that
21. Sanchez had proposed to tackle Neptune's inventory
problem. Both Hargrove and Sanchez were drawn into lively
debates with their colleagues, and they soon realized
that whether people were in favor of price cuts or against them,
everyone had an opinion on the subject.
A day before the MOC meeting, Sanchez received an
unexpected visitor. It was Nelson Stowe, the company's legal
counsel and a longtime confidant of the Renser family, hovering
at her door. "Ah, Rita. Got a minute?" Stowe asked
in his mild-mannered fashion.
Realizing that this was no ordinary visit--Stowe had never
called on her before--Sanchez quickly invited him into her
office. After they had settled in, Stowe got slowly to the point.
"I've been hearing that you want to launch a mass-
market brand. Interesting! You know, before we opened the fish
market, John Renser wanted to do something
similar. He wanted to sell some of our fish at a low price so that
more people would eat seafood. But that was a long
time ago.
"I'm sure you're thinking through the implications of your
strategy," he continued, "but one issue concerns me. Have
you thought about how the Association will react?”
Stowe was referring to the powerful U.S. Association of
22. Seafood Processors and Distributors, whose members, such
as Neptune, accounted for 80% of America's seafood
production. The ASPD influenced American and global policies
related to the fishing industry and imposed quality standards on
members. It also conducted surveys of wholesale
and retail seafood prices and, twice a year, published
benchmark prices that influenced the pricing policies of seafood
producers and distributors.
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"I don't know, Nelson," Sanchez sighed. "But I doubt that the
Association can do anything.”
"I wouldn't be so sure," said Stowe. "At the prices you're
suggesting, you're likely to endanger our ASPD Gold Seal of
Approval. We're the only company that has the seal on every
product we sell. But the Association could easily change
that.”
"No!" Sanchez cried out. "It can't! Regardless of the prices we
charge, our products will still meet the ASPD's quality
standards. Besides, we're just selling the same fish under a
different brand.”
23. "Don't fool yourself, Rita. The Association has a great deal of
discretion about who gets the Gold Seal and who
doesn't. If it believes that our pricing strategy will cost the
fishing industry a lot of money, it might withhold the seal
on our low-end products- for starters. I'd like us to remember
that the Association isn't going to stand by idly while
we disrupt the industry," Stowe warned as he got up to leave.
"Keep me posted, will you?”
A Pretty Kettle of Fish
At 8 AM on Friday, Sanchez walked into the conference room
on Renser's heels. "How was Newfoundland?" she
asked.
"Lousy," croaked Renser, who had returned late the previous
night after delivering the keynote address at the
Canadian Fish Producers' annual conference. "I caught a cold,"
he complained. "Happens every time I fly
commercial.”
"At least riding in planes doesn't make you feel nauseated,"
Hargrove quipped as he joined them. "That's more than I
can say for tiding in boats.”
Once everyone had settled down, Hargrove got the meeting
under way. "We have several routine items on the
agenda," he began. "But Rita and I have added a topic we think
is important, so I suggest we move to that first."
24. When everyone nodded in agreement, Sanchez and Hargrove ran
through the issues they had discussed on the
yacht.
As they concluded their summaries, Bernard Germain,
Neptune's COO, spoke up. "Do we know which of our rivals
are considering price cuts? We aren't the only company facing
overcapacity. It would be naive of us to believe that
all our competitors will hold prices for the industry's good.”
"I can't believe it!" Hargrove burst out. "You're in favor of
price cuts?”
"I don't know yet, Jim. I'm trying to understand why Rita's
suggestion that we introduce a low-priced seafood brand
is so off-the-wall. Why can't we use a new brand to appeal to
value-minded customers? Seems to me that we have
the product; we can distribute it using our existing channels;
and we can achieve a new positioning through
packaging, advertising, and pricing. I don't see the difference
between this strategy and what companies like Kellogg
do with their private-label businesses. In fact, if we don't want
to launch a second brand, we could think about
supplying retailers with private-label products.”
"I'm not suggesting that we get into the private-label business,"
Sanchez was quick to reply. "That can pose
25. problems, as many consumer goods manufacturers have
discovered. I feel we should create a mass-market brand
called, say, Neptune's Silver.”
"That's terrible!" snapped Hargrove. "By calling it Neptune's
Silver, you're positioning the cheap product right next to
Neptune's Gold in the eyes of consumers. Then they'll be more
likely to try it and, once they do, they'll realize there's
no difference in quality. We'll end up cannibalizing our own
sales. Why would any company in a high-end segment do
something so crazy?”
"I guess you don't remember what transpired in the wine
industry a couple of years ago," responded Pat Gilman, the
head of Neptune's institutional business, whose taste for high-
end products was well known. "A California vintner,
Bronco Wines, did something exactly that 'crazy.' It was the
same kind of situation: a glut of grapes, huge
inventories. They slapped a new brand name on the stuff and
sold it through Trader Joe's for $1.99 a bottle. It's
called Charles Shaw, but people nicknamed it Two-Buck
Chuck.”
"Not only do I know about it, but I've also tried it," Sandy
McKain, head of the company's consumer business, piped
in. "I can tell you, it's worth every penny. But Pat, I don't think
the scenario is exactly the same. Even in Bordeaux, a
26. lot of winemakers offer a premium wine and several cheaper
wines, but they use grapes of different qualities to
make the different grades. Would we be doing that?”
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"In Bronco's case, it was the same grapes they'd been using for
higher-priced wines," Gilman said. "As for Jim's
point, I'm sure they had some customers migrate to the cheaper
stuff. But think about the upside. In the United
States, 88% of wine sold is consumed by 12% of the population-
-”
"Hey, Pat" Hargrove called out. "How much of that do you
personally account for?”
Gilman joined in the laughter before continuing: "The point is,
more people will opt for a bottle of wine with dinner if
they can get a passable one on the cheap. Wine sales have
grown at the expense of other beverages in recent years.
The same thing could happen to us. Even with people eating
healthier things, seafood sales lag behind those of beef,
chicken, and pork. The way I see it, this isn't about reducing
inventory. It's about introducing our products to a
27. bigger market: the more budget-conscious consumer. And if it's
like wine, the educated consumer will then trade up
to Neptune's Gold.”
A furious discussion followed about how hard it would be for
Neptune to win shelf space in supermarkets for a new
brand, particularly for a low-priced product that might go head-
to-head with the grocers' own private-label offerings.
The group was also divided about whether it should sell a
second brand through the same channels or through
different ones. Germain wondered aloud whether Neptune
should target new geographic markets--like South America
and Central America--with a low-priced offering.
"Hang on!" exclaimed a clearly frustrated Hargrove. "When we
started, weren't we debating whether it made sense
to launch a new brand to deal with a temporary inventory
problem? That would mean we'd kill it once we solved that
problem. I--”
"If customers like our new brand, it might constitute a better
growth strategy," Sanchez interrupted. "The way I look
at it, the second brand could prove to be a win-win
proposition.”
"I don't know if it's as simple as that," Germain said slowly.
"Every luxury company I know of--Gucci, Mercedes-Benz,
28. BMW, Tiffany, even Hyatt--has struggled to go mass without
destroying its premium image. For that matter, when
fashion designers like Isaac Mizrahi create an affordable line
for a retailer like Target, I wonder if that adds to the
brand's luster or tarnishes it?”
Renser, who had been quiet until then, cleared his scratchy
throat. His colleagues were starting to rehash territory
they had already covered, and instead of sharpening their
arguments, they seemed to be obfuscating them. On one
hand, they appeared to agree that it would be important to keep
the two brands separate. On the other hand, they
were talking about migrating customers from the low-end brand
to the high-end brand, which would mean linking
the two. Renser knew that the group was waiting to hear where
he stood, but he didn't yet know what to say. How
long could he leave them hanging--along with his company's
fortunes--between the devil and the deep blue sea?
Should Neptune launch a mass-market brand?
GUIDELINES FOR WRITING A CASE STUDY
29. Please make certain that your case study analysis is no longer
than 600 words.
When you write a case study, it is important not summarize the
case. Please resist
this temptation. I would like you to follow the following outline
for your case
studies:
1) Please identify the central issue(s) or problem(s) in the case
study;
2) Please explain what the source of the central issue(s) or
problem(s) is. Why
is the situation the way it is?
3) Please explain what the implications and/or ramifications of
the situation
are;
4) Please make a recommendation or endorsement. (It is
essential that your
recommendation be supported by your analysis in step #3).
Diversification Analysis
30. Diversification analysis is a technique that helps a firm search
for growth opportunities from
among current and new markets as well as current and new
products. For any market, there is
both a current product (what the firm now sells) and a new
product (what the firm might sell in
the future). And for any product there is both a current market
(the firm's existing customers) and
a new market (the firm's potential customers). As Ben & Jerry's
seeks to increase sales revenues,
it considers all four market-product strategies shown in Figure:
of current products in current
markets, such as selling more Ben & Jerry's Bonnaroo Buzz Fair
Trade–sourced ice cream
to U.S. consumers. There is no change in either the basic
product line or the markets served.
Increased sales are generated by selling either more ice cream
(through better promotion or
distribution) or the same amount of ice cream at a higher price
to its current customers.
31. ting strategy to sell current
products to new markets. For
Ben & Jerry's, Brazil is an attractive new market. There is good
news and bad news for this
strategy: As household incomes of Brazilians increase,
consumers can buy more ice cream;
however, the Ben & Jerry's brand may be unknown to Brazilian
consumers.
products to current markets.
Ben & Jerry's could leverage its brand by selling children's
clothing in the United States.
This strategy is risky because Americans may not see the
company's expertise in ice cream
as extending to children's clothing.
products and selling them in new
markets. This is a potentially high-risk strategy for Ben &
Jerry's if it decides to try to sell
Ben & Jerry's branded clothing in Brazil. Why? Because the
firm has neither previous
production nor marketing experience from which to draw in
marketing clothing to Brazilian