The document summarizes an investment analysis of WD-40 Company. Key points include:
- Implied share price valuations range from $73.37 to $99.91 based on DCF, relative multiples and Gordon Growth methods.
- A weighted average of the DCF, EV/Sales and EV/EBITDA approaches yields an implied share price of $89.88.
- The recommendation is to HOLD the stock given concerns over margins being temporarily boosted by low raw material costs and decreased sales in some regions.
This document provides instructions for creating a summative assessment using Google Forms. It notes that you need a Google Drive account, which users already have if they have a Google account. It instructs users to click "My Drive" and then select Google Forms and the "Assessment" template. Users are then directed to fill out questions, set answers using the answer key, configure settings, and their form will be ready to collect marks. An example link to a completed form is also provided.
El documento discute la importancia de la movilidad y el teletrabajo para las empresas. Señala que estas prácticas pueden ayudar a retener talento, mejorar la calidad de vida de los empleados y aumentar la productividad. Sin embargo, la mayoría de las empresas mexicanas aún no las han adoptado. El teletrabajo requiere medición de resultados en lugar de horas trabajadas y tecnologías que permitan la colaboración remota. La "oficina accesible", que combina infraestructura de red y acceso remoto seguro
Grupo Net es un grupo de empresas de servicios fundado en 1995 que ofrece servicios de limpieza y mantenimiento. Ha obtenido certificaciones ISO en gestión de calidad, medio ambiente y seguridad. Cuenta con más de 4,100 empleados y ofrece servicios en todo España a través de oficinas territoriales.
This document discusses Michel Foucault's concept of "episteme" and its origins in the works of Carolus Linnaeus and Gottfried Leibniz. It provides context on Linnaeus' establishment of biological taxonomy and nomenclature. Foucault analyzed the transition between epistemes, such as the shift from one based on resemblances to one based on differences between things. The document also examines Foucault's book The Order of Things and its analysis of epistemes throughout history.
El alcalde da la bienvenida a los vecinos y visitantes a las fiestas de San Roque y espera que disfruten del programa de actividades. Agradece la colaboración de las asociaciones y voluntarios que hacen posible las celebraciones. Pide a todos que olviden los problemas y disfruten unidos de las fiestas.
Finmeccanica: La Polonia seleziona l'addestratore M-346 di Alenia AermacchiLeonardo
Il Ministero della Difesa della Polonia ha selezionato il velivolo da addestramento M-346 di Alenia Aermacchi, società di Finmeccanica, e il suo sistema di addestramento per la formazione dei piloti dell’Aeronautica polacca.
La gara - che ha un valore complessivo di circa 280 milioni di euro, comprensivo di addestramento e di supporto tecnico e logistico - è relativa all’acquisizione di 8 M-346 più 4 in opzione oltre a simulatori e ausili addestrativi.
El documento habla sobre estrategias de email marketing que no molesten al cliente. Explica que el email se ha convertido en una importante herramienta de comunicación para las empresas debido a su bajo coste y rapidez. También define términos clave del email marketing como lista de correo, tasa de clics, índice de conversión y cómo medir el éxito de las campañas.
This document provides instructions for creating a summative assessment using Google Forms. It notes that you need a Google Drive account, which users already have if they have a Google account. It instructs users to click "My Drive" and then select Google Forms and the "Assessment" template. Users are then directed to fill out questions, set answers using the answer key, configure settings, and their form will be ready to collect marks. An example link to a completed form is also provided.
El documento discute la importancia de la movilidad y el teletrabajo para las empresas. Señala que estas prácticas pueden ayudar a retener talento, mejorar la calidad de vida de los empleados y aumentar la productividad. Sin embargo, la mayoría de las empresas mexicanas aún no las han adoptado. El teletrabajo requiere medición de resultados en lugar de horas trabajadas y tecnologías que permitan la colaboración remota. La "oficina accesible", que combina infraestructura de red y acceso remoto seguro
Grupo Net es un grupo de empresas de servicios fundado en 1995 que ofrece servicios de limpieza y mantenimiento. Ha obtenido certificaciones ISO en gestión de calidad, medio ambiente y seguridad. Cuenta con más de 4,100 empleados y ofrece servicios en todo España a través de oficinas territoriales.
This document discusses Michel Foucault's concept of "episteme" and its origins in the works of Carolus Linnaeus and Gottfried Leibniz. It provides context on Linnaeus' establishment of biological taxonomy and nomenclature. Foucault analyzed the transition between epistemes, such as the shift from one based on resemblances to one based on differences between things. The document also examines Foucault's book The Order of Things and its analysis of epistemes throughout history.
El alcalde da la bienvenida a los vecinos y visitantes a las fiestas de San Roque y espera que disfruten del programa de actividades. Agradece la colaboración de las asociaciones y voluntarios que hacen posible las celebraciones. Pide a todos que olviden los problemas y disfruten unidos de las fiestas.
Finmeccanica: La Polonia seleziona l'addestratore M-346 di Alenia AermacchiLeonardo
Il Ministero della Difesa della Polonia ha selezionato il velivolo da addestramento M-346 di Alenia Aermacchi, società di Finmeccanica, e il suo sistema di addestramento per la formazione dei piloti dell’Aeronautica polacca.
La gara - che ha un valore complessivo di circa 280 milioni di euro, comprensivo di addestramento e di supporto tecnico e logistico - è relativa all’acquisizione di 8 M-346 più 4 in opzione oltre a simulatori e ausili addestrativi.
El documento habla sobre estrategias de email marketing que no molesten al cliente. Explica que el email se ha convertido en una importante herramienta de comunicación para las empresas debido a su bajo coste y rapidez. También define términos clave del email marketing como lista de correo, tasa de clics, índice de conversión y cómo medir el éxito de las campañas.
Campaña las cavenes es donde, tú decides cuandopanade
La Asociación Panade ha lanzado una nueva campaña para adecuar los horarios del Centro de Interpretación de la Minería Romana del Oro a las necesidades de los visitantes. Mantendrá el horario en festivos y puentes cuando hay más público, e introducirá programas "Tú decides cuándo" y "En familia" para visitas a demanda los fines de semana con guía.
Pavimento Sportivo Hevea - Dalla Riva Parquet Sportivi
SOLID jump system
Parquet HEVEA:
- deriva dall’albero della gomma ed è tra i più ecologici:
- colore di tonalità chiarissime
- 22 mm spessore legno massello, molto stabile trattato ed evaporato
- elevate prestazioni tecniche
- straordinaria elasticità
per maggiori info:
http://www.pavimentipersport.it/
http://www.parquetsportivi.com/
The document lists the top 10 search terms on Yahoo.com for 2011, with Lindsay Lohan ranked as the most searched term, followed by Kim Kardashian and Jennifer Lopez at numbers 1, 2, and 3 respectively. Other top search terms included Jennifer Aniston at number 4, mail at number 5, and Britney Spears at number 6.
Este documento narra la historia de Montenero, un oficial del ejército mexicano que recibe una nota misteriosa durante una fiesta en el Castillo de Chapultepec. Lo llevan a una cueva secreta debajo del castillo donde encuentra una sociedad secreta conocida como los "Rosa-Cruz". Montenero es llevado a través de varias puertas hasta llegar a un santuario donde se encuentra con el "Lucifer Nahuas".
IOIT (internet of Important Things) & IIOT (Industrial Internet of Things) possono avere metodologie, tecniche e strategie di protezione differenti dalla cyber-security tradizionale.
Ne abbiamo parlato con Endian al TIS di Bolzano il 14.9.2015
The document is a proposal for the Savoy Centre Green Zone Project in Mogadishu, Somalia. It describes the Savoy Centre building, which was found to be in relatively good condition despite the fighting in the city. The building is historically and culturally significant. The proposal suggests establishing a secure "Green Zone" around the Savoy Centre and neighboring areas to enable redevelopment and revitalization of this historically and culturally important district in the center of Mogadishu.
The U.S. Peace Corps Vanuatu annual report summarizes the organization's activities in 2013. Through trained volunteers living and working in communities across Vanuatu, the Peace Corps aims to build local capacity, foster cultural understanding, and promote peace and friendship. In 2013, volunteers worked on education, health, and community development projects. They received extensive training to prepare for life in remote areas with limited amenities and to respect local cultures. The report highlights the Peace Corps' contributions that year and its goals of capacity building and disaster preparedness.
Aproximación del Convento Franciscano de San Francisco Casa Grande, hoy Capitanía General de Granada, su historia e infortunios del inmueble, así como de sus obras artísticas muebles tras las sucesivas desamortizaciones decimonónicas, así como una visión histórica del mismo solar, centrándonos en su Iglesia destruida.
Vivir y trabajar en alemania mercado laboral alemánPortal Alemania
Guía con toda la información necesaria para los hispanohablantes que quieren ir a vivir o trabajar a Alemania, con todo lo que necesitan saber sobre el mercado laboral y los requisitos fundamentales.
Investigacion en Salud y Envejecimiento - Volumen IIasunivep
Este documento es un libro titulado "Investigación en Salud y Envejecimiento. Volumen II" que contiene 54 capítulos escritos por varios autores sobre temas relacionados con la salud y el envejecimiento. El libro incluye capítulos sobre profesiones sanitarias, sexualidad y envejecimiento, y salud y envejecimiento.
Este documento describe la escuela básica social de avanzada "Dr. Andrés Eloy Blanco" en Maracaibo, Venezuela. La escuela tiene una misión de lograr una educación integral y de calidad para formar individuos que puedan funcionar en la sociedad. Cuenta con 16 salones de clase, un consultorio odontológico, comedor y baños. Funciona en dos turnos de mañana y tarde de primero a sexto grado con dos secciones por grado. También describe la infraestructura comunitaria, oportunidades y debilidades, así como
Curso de escaparatismo especializado en Farmacia. En él se explican la planificación de los escaparates, los materiales, la composición, la medición de resultados, etc..
El documento presenta información sobre la historia de Al-Ándalus. Resume la formación del emirato andalusí entre los años 711 y 929, cuando pasó de ser un emirato dependiente a uno independiente. Durante el periodo dependiente, hubo inestabilidad política y conflictividad social. En 756, Abd al-Rahman I declaró la independencia política de Al-Ándalus aunque mantuvo la dependencia religiosa del califato. Reorganizó el ejército y enfrentó revueltas internas para consolidar el poder del nuevo
O documento descreve a transição da economia brasileira de um modelo agrário para um modelo industrial e terciário entre os séculos XIX e XXI. Detalha como o governo incentivou a industrialização através de investimentos em infraestrutura e como as atividades econômicas se concentraram principalmente no Sudeste. Também discute os impactos sociais desiguais do crescimento econômico brasileiro.
Este documento resume la historia del Teatro Lebrijano, un grupo teatral fundado en 1966 en Lebrija, Andalucía. Comenzó realizando representaciones al aire libre para el pueblo y tuvo gran éxito con su puesta en escena de "Oratorio" en 1971. El Teatro Lebrijano fue pionero del teatro independiente andaluz y abrió el camino para muchos otros grupos. En la actualidad, la Asociación Cultural Juan Bernabé mantiene vivo su legado y conmemora 50 años con varios eventos que cuentan con el apo
1. Los motores de excitación independiente obtienen la alimentación del rotor y el estator de fuentes de tensión independientes, lo que permite mantener un campo magnético constante en el estator y un par de fuerza prácticamente constante independientemente de la carga.
2. Las variaciones de velocidad se deben sólo a la disminución de la fuerza electromotriz al aumentar la caída de tensión en el rotor.
3. Este sistema de excitación no se utiliza comúnmente debido a que requiere una fuente de corri
1. El documento describe los componentes y tipos de circulación del aparato circulatorio.
2. Las arterias transportan sangre a alta presión desde el corazón, mientras que las venas la transportan de regreso a baja presión.
3. Los capilares son los vasos más pequeños donde ocurre el intercambio de oxígeno y nutrientes entre la sangre y los tejidos.
El documento resume la estrategia de negocio y marketing de Netflix. Comenzó alquilando DVDs por correo pero evolucionó a ser un servicio de streaming al comprender los cambios en el consumidor. Su estrategia actual se basa en ofrecer acceso ilimitado a películas y series a través de internet por una tarifa mensual. Aunque tuvo problemas luego de subir precios en 2011, se recuperó al escuchar a los clientes. Su éxito se debe a entender las necesidades del público a través de datos e innovación como producir series originales para ret
7Jpros : European Print Collaboration Programs (EPCP): Meeting Challenges of ...CTLes
The document discusses the European Print Collaboration Programs (EPCP) and the European Print Initiatives Collaboration (EPICo). EPICo was formed to facilitate cooperation among various European print archiving initiatives. It has held meetings to discuss collaboration opportunities like developing a database of archived print journals, creating an economic model to identify savings from collaboration, and establishing communication infrastructure like a wiki. Moving forward, EPICo aims to further develop infrastructure, services, and strategies to support its mission of preserving important printed materials in European libraries.
Dividend weekly 21 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Campaña las cavenes es donde, tú decides cuandopanade
La Asociación Panade ha lanzado una nueva campaña para adecuar los horarios del Centro de Interpretación de la Minería Romana del Oro a las necesidades de los visitantes. Mantendrá el horario en festivos y puentes cuando hay más público, e introducirá programas "Tú decides cuándo" y "En familia" para visitas a demanda los fines de semana con guía.
Pavimento Sportivo Hevea - Dalla Riva Parquet Sportivi
SOLID jump system
Parquet HEVEA:
- deriva dall’albero della gomma ed è tra i più ecologici:
- colore di tonalità chiarissime
- 22 mm spessore legno massello, molto stabile trattato ed evaporato
- elevate prestazioni tecniche
- straordinaria elasticità
per maggiori info:
http://www.pavimentipersport.it/
http://www.parquetsportivi.com/
The document lists the top 10 search terms on Yahoo.com for 2011, with Lindsay Lohan ranked as the most searched term, followed by Kim Kardashian and Jennifer Lopez at numbers 1, 2, and 3 respectively. Other top search terms included Jennifer Aniston at number 4, mail at number 5, and Britney Spears at number 6.
Este documento narra la historia de Montenero, un oficial del ejército mexicano que recibe una nota misteriosa durante una fiesta en el Castillo de Chapultepec. Lo llevan a una cueva secreta debajo del castillo donde encuentra una sociedad secreta conocida como los "Rosa-Cruz". Montenero es llevado a través de varias puertas hasta llegar a un santuario donde se encuentra con el "Lucifer Nahuas".
IOIT (internet of Important Things) & IIOT (Industrial Internet of Things) possono avere metodologie, tecniche e strategie di protezione differenti dalla cyber-security tradizionale.
Ne abbiamo parlato con Endian al TIS di Bolzano il 14.9.2015
The document is a proposal for the Savoy Centre Green Zone Project in Mogadishu, Somalia. It describes the Savoy Centre building, which was found to be in relatively good condition despite the fighting in the city. The building is historically and culturally significant. The proposal suggests establishing a secure "Green Zone" around the Savoy Centre and neighboring areas to enable redevelopment and revitalization of this historically and culturally important district in the center of Mogadishu.
The U.S. Peace Corps Vanuatu annual report summarizes the organization's activities in 2013. Through trained volunteers living and working in communities across Vanuatu, the Peace Corps aims to build local capacity, foster cultural understanding, and promote peace and friendship. In 2013, volunteers worked on education, health, and community development projects. They received extensive training to prepare for life in remote areas with limited amenities and to respect local cultures. The report highlights the Peace Corps' contributions that year and its goals of capacity building and disaster preparedness.
Aproximación del Convento Franciscano de San Francisco Casa Grande, hoy Capitanía General de Granada, su historia e infortunios del inmueble, así como de sus obras artísticas muebles tras las sucesivas desamortizaciones decimonónicas, así como una visión histórica del mismo solar, centrándonos en su Iglesia destruida.
Vivir y trabajar en alemania mercado laboral alemánPortal Alemania
Guía con toda la información necesaria para los hispanohablantes que quieren ir a vivir o trabajar a Alemania, con todo lo que necesitan saber sobre el mercado laboral y los requisitos fundamentales.
Investigacion en Salud y Envejecimiento - Volumen IIasunivep
Este documento es un libro titulado "Investigación en Salud y Envejecimiento. Volumen II" que contiene 54 capítulos escritos por varios autores sobre temas relacionados con la salud y el envejecimiento. El libro incluye capítulos sobre profesiones sanitarias, sexualidad y envejecimiento, y salud y envejecimiento.
Este documento describe la escuela básica social de avanzada "Dr. Andrés Eloy Blanco" en Maracaibo, Venezuela. La escuela tiene una misión de lograr una educación integral y de calidad para formar individuos que puedan funcionar en la sociedad. Cuenta con 16 salones de clase, un consultorio odontológico, comedor y baños. Funciona en dos turnos de mañana y tarde de primero a sexto grado con dos secciones por grado. También describe la infraestructura comunitaria, oportunidades y debilidades, así como
Curso de escaparatismo especializado en Farmacia. En él se explican la planificación de los escaparates, los materiales, la composición, la medición de resultados, etc..
El documento presenta información sobre la historia de Al-Ándalus. Resume la formación del emirato andalusí entre los años 711 y 929, cuando pasó de ser un emirato dependiente a uno independiente. Durante el periodo dependiente, hubo inestabilidad política y conflictividad social. En 756, Abd al-Rahman I declaró la independencia política de Al-Ándalus aunque mantuvo la dependencia religiosa del califato. Reorganizó el ejército y enfrentó revueltas internas para consolidar el poder del nuevo
O documento descreve a transição da economia brasileira de um modelo agrário para um modelo industrial e terciário entre os séculos XIX e XXI. Detalha como o governo incentivou a industrialização através de investimentos em infraestrutura e como as atividades econômicas se concentraram principalmente no Sudeste. Também discute os impactos sociais desiguais do crescimento econômico brasileiro.
Este documento resume la historia del Teatro Lebrijano, un grupo teatral fundado en 1966 en Lebrija, Andalucía. Comenzó realizando representaciones al aire libre para el pueblo y tuvo gran éxito con su puesta en escena de "Oratorio" en 1971. El Teatro Lebrijano fue pionero del teatro independiente andaluz y abrió el camino para muchos otros grupos. En la actualidad, la Asociación Cultural Juan Bernabé mantiene vivo su legado y conmemora 50 años con varios eventos que cuentan con el apo
1. Los motores de excitación independiente obtienen la alimentación del rotor y el estator de fuentes de tensión independientes, lo que permite mantener un campo magnético constante en el estator y un par de fuerza prácticamente constante independientemente de la carga.
2. Las variaciones de velocidad se deben sólo a la disminución de la fuerza electromotriz al aumentar la caída de tensión en el rotor.
3. Este sistema de excitación no se utiliza comúnmente debido a que requiere una fuente de corri
1. El documento describe los componentes y tipos de circulación del aparato circulatorio.
2. Las arterias transportan sangre a alta presión desde el corazón, mientras que las venas la transportan de regreso a baja presión.
3. Los capilares son los vasos más pequeños donde ocurre el intercambio de oxígeno y nutrientes entre la sangre y los tejidos.
El documento resume la estrategia de negocio y marketing de Netflix. Comenzó alquilando DVDs por correo pero evolucionó a ser un servicio de streaming al comprender los cambios en el consumidor. Su estrategia actual se basa en ofrecer acceso ilimitado a películas y series a través de internet por una tarifa mensual. Aunque tuvo problemas luego de subir precios en 2011, se recuperó al escuchar a los clientes. Su éxito se debe a entender las necesidades del público a través de datos e innovación como producir series originales para ret
7Jpros : European Print Collaboration Programs (EPCP): Meeting Challenges of ...CTLes
The document discusses the European Print Collaboration Programs (EPCP) and the European Print Initiatives Collaboration (EPICo). EPICo was formed to facilitate cooperation among various European print archiving initiatives. It has held meetings to discuss collaboration opportunities like developing a database of archived print journals, creating an economic model to identify savings from collaboration, and establishing communication infrastructure like a wiki. Moving forward, EPICo aims to further develop infrastructure, services, and strategies to support its mission of preserving important printed materials in European libraries.
Dividend weekly 21 2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
This document analyzes three alternatives for an IT group company: keeping the status quo, divesting the SSIT unit, or keeping and optimizing the SSIT unit. It provides financial analyses including discounted cash flow valuations, comparable company analyses, and comparable transaction analyses to value each alternative. The analyses find that keeping and optimizing the SSIT unit has the highest valuation based on the DCF, comparable company, and comparable transaction methods. Sensitive analyses are also provided to test the impact of changes to assumptions like WACC and terminal growth rates.
This document provides information on various metrics related to the S&P 500 index and its constituent sectors over different time periods. It includes data on index levels, forward P/E ratios, earnings growth, sector weights in different indexes, stock performance for different periods, and other valuation measures for each GICS sector. Tables show where different sectors currently stand relative to their historical averages on metrics like P/E ratios, earnings growth, and dividend yields.
The document discusses three options for the valuation and strategic direction of IT Group:
1) Divest the SSIT segment, conduct an IPO of the remaining IT services business.
2) Conduct an LBO of the entire IT Group.
3) Maintain the status quo.
The executive summary recommends divesting SSIT and conducting an IPO of the IT services business as this option maximizes value for IT Group while also protecting the family's legacy through a split-share structure and relieves debt burden. Maintaining the status quo does not increase liquidity or maximize value.
This document summarizes the research report from CFA Institute Research Challenge: San Diego on a global marketing company. It provides an overview of the company's business segments and geographic revenue breakdown. Financial analysis shows projections for revenue, profit, dividends, and ROE through 2020. Valuation using DCF and DDM estimates the company's share price at $87, a 19% downside from current price. Key risks include a stronger US dollar and increasing oil prices. The recommendation is to sell the stock.
Dividend Weekly No. 37/2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
By http://long-term-investments.blogspot.com
This document provides information for a workshop assignment on Laurentian Bakeries. It includes:
1. An overview of the company and its products.
2. Details on the capital structure and weighted average cost of capital calculation.
3. Facts about a proposed project to improve operations, including benefits, costs, and cash flow projections under different scenarios.
4. A recommendation to pursue the project due to its positive NPV and IRR, as well as potential for brand establishment in the larger US market.
This document summarizes strategies for managing straddle positions on the SPY ETF from February 2010 to November 2014. It finds that exiting entire positions at 25% profit provided the best average daily return. Exiting at 0.5x or 1x the credit received as a loss performed well, with win rates over 80% and maximum losses smaller than quicker exits. Strategies performed better in lower implied volatility environments. Questions are asked about using good-till-canceled orders and splitting exit targets by implied volatility rank.
Dividend Weekly - World Yield Report No. 22/2013 By http://long-term-investme...Dividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
YUM! Brands is the parent company of KFC, Pizza Hut, and Taco Bell, with over 45,000 restaurants globally. The document discusses YUM's company overview, growth opportunities and drivers, valuation, and risks. Key growth drivers include adapting to changing consumer behaviors like online ordering, strong brand recognition among millennials, and a large global franchise network. The valuation analysis implies YUM is currently overvalued, with a fair value estimate of $77.26 per share based on a discounted cash flow model. Risks include competitive pressures in the quick service restaurant industry and potential declining revenues from reducing company-operated stores.
The document provides an executive summary of valuation options for the IT Group. It outlines three main options to consider: 1) Divesting the SSIT segment and having an IPO of the IT Consulting segment, 2) conducting an LBO of the entire IT Group, or 3) maintaining the status quo. For each option, it discusses factors such as equity value, enterprise value, liquidity events, and maximizing overall value. It recommends that divesting SSIT and conducting an IPO of IT Consulting would maximize value while also protecting the family legacy.
National CFA Charterholder Compensation Survey 2015Ryan Renicker CFA
Some insights into the value of successfully completing (and retaining) the CFA Charter.
Source: CFA Societies Canada - 11 August 2015
https://www.cfasociety.org/saskatchewan/JobLine1/CFA%20Charterholder%20Compensation%20Survey%20-%20Summary%20-%20FINAL%20v2.pdf
This document is a weekly report on dividend stocks called "The Dividend Weekly". It provides information on the best performing large cap, mid cap, and small cap dividend stocks of the past week and year-to-date. It also lists the top content sections of the report, which include rankings of dividend stocks by yield, sector, country, and ex-dividend dates for the upcoming week. The purpose is to provide subscribers with up-to-date information on dividend paying stocks around the world.
Dividend Weekly No. 36/2013 By http://long-term-investments.blogspot.comDividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
By http://long-term-investments.blogspot.com
This document provides an overview and analysis of Vera Bradley, Inc. strategies to increase market share and profitability. It discusses three strategic initiatives - increasing market share through a new product line, closing the bottom 10% of underperforming stores, and halting new store openings to focus on renovating existing stores. Financial projections show the incremental positive impact of each strategy on net income. Combining all three strategies results in the highest net income. The presentation evaluates the strategies and their expected financial outcomes.
This document outlines an internship presentation on sales analytics for a company called Bargain Hunt. It discusses several projects that will analyze merchandising sales, revenue changes, seasonal contributions, discount structures, product descriptions, and use of a multinomial logit model to optimize product distribution to stores. The goal is to increase revenue by understanding sales trends, discounts, popular products and seasons, and distributing inventory more strategically based on each store's estimated demand and probability of selling out.
1. CFA Institute Research Challenge
San Diego, CA - Regional
University of San Diego
San Diego, CA
Jamie Arnold
Ike Ekeh
Joe LaBarbera
Louis Lukondi
Harsha Musthyala
2. Executive Summary
2015 Highlights
• Hired 57 new employees
• Acquired GT85
• $75M share buyback plan
• Operations extend to over 61
countries
Market Profile
Closing Price $97.44
52-Week High / Low $104.99 / $80.15
Average Volume (3M) 67,676
Diluted Shares Out. 14,461,000
Float 13.91M
Liquidity
$97.39-$98.76 Bid-Ask
Spread
Short Interest as a % of S/O 2.55%
Market Cap $1.49B
Dividend Yield 1.61%
Beta 0.8
EV / Revenue 13.2x
EV / EBITDA 23.1x
FCFF / Share 22.8x
Institutional Holdings 72.59%
Insider Holdings 3.84%
97.440002
0
20
40
60
80
100
120
PRICEPERSHARE($)
WD-40 Weekly Stock Price
89.88
3. • Founded 1953
• 2 Product Categories
• Maintenance
• Homecare and Cleaning
• 3 Regions
• Americas
• EMEA
• Asia-Pacific
• Low debt capital structure
• Goals:
• Double Revenue
• 55/30/25
• Growth in China
$333,306 $337,825 $320,883
$44,844 $45,172 $47,665
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
August 31, 2015 August 31, 2014 August 31, 2013
Revenue By Category
Mainenance Products Homecare and Cleaning Products
$187,344 $180,806 $180,544
$136,847 $151,368 $137,360
$53,959 $50,823 $50,644
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
August 31, 2015 August 31, 2014 August 31, 2013
Revenue by Region
Americas EMEA Asia-Pacific
Business Description
4. 0
2
4
6
8
Threat of New Entrant
Threat of Substitute Products
Bargaining Power of CustomersBargaining Power of Suppliers
Intensity of Competition
Porter's 5 Forces Analysis
- Intense industry competition
due to price sensitivity
- Threat of substitution
internationally may arise
- Strong brand loyalty will fend
off new entrant threat locally
Industry Overview
5. U.S. Demand
Demographics
Construction
& Skilled
Traders
At-Home
“Non-
Enthusiast”
At-Home
Doer-
Enthusiast
Maintenance
Repair &
Overhaul
Majority of MUP sales come
from end-users in workshops
8 out of 10 U.S. households have
at least one can of WD-40 MUP
in-home
EMEA Region
GERMANY is the 2nd largest DIY
market in the world and an area in
which the company sees future
expansion
Asia-Pacific Region
The company predicts that the
target demographic will be
commercial use in
manufacturing
Industry Overview
6. Competitive Positioning – MUP:
- Prime shelf space
- Large selection of size
- Preferred by customers
according to store
representatives
Tri-Flow by Sherwin Williams
- Largest Direct MUP competitor
- Sold at a premium
- Smaller size selection
Industry Overview
7. Competitive Positioning – Specialty Products:
• Liquid Wrench is the largest specialty lubricant
competitor
• As with other competitors, it is sold at a premium
to WD-40 products
• Larger selection of specialty products relative to competitors
• Strong brand recognition places WD-40 specialty products at the
top of consumer choice list
***WD-40 has recently purchased GT85, a well established bike lubricant company
based in the U.K. which will accelerate WD-40”s expansion in the EMEA market
Industry Overview
8. Investment Summary
SWOT
Strengths Weaknesses
ThreatsOpportunities
• Strong brand recognition
• Low input costs
• Well controlled debt use
• Short lead time for product changes (2-5
months)
• Currency translation issues; no hedging
• Weak market penetration in Latin America &
Canada
• Highly competitive market with extreme price
sensitivity
• Shift to DTC/online companies less need for
distribution channel
• Low interest rates on credit facility cash for
future projects and/or share buybacks
• Potential divesture of “Homecare and Cleaning”
products cash for further investments GT85
product purchase
• Strengthening of the dollar and pound
against the Euro ( > 1/3 sales from EMEA
region)
• Weak brand recognition in Asia-Pacific
region coupled with relatively soft
regulation on intellectual property
infringement on WDFC formula
11. Rating Methodology
Executive Management - STRONG
Board of Directors - STRONG
Takeover Defense - STRONG
Rights of Shareholders - MEDIUM
Disclosure and Transparency - MEDIUM
Corporate Governance
12. Financial Analysis
Debt Analysis:
- No long-term debt
-108 mil revolving credit
Total liabilities/ MV of Equity:
Projected ratio of 0.165
EBITDA margin:
Approximately 22% against expected 25%
- 25% seems over-achieving
- Unless new sales come in or growth in sales
in China
14. Relative Valuation
Valuation Statistics Capitalization Enterprise Value / Enterprise Value /
Share Equity Enterprise Revenue(1) EBITDA(1) P / E Multiple(1)
Company Name Price Value(1) Value(1) LTM 12/31/15 12/31/16 LTM 12/31/15 12/31/16 LTM 12/31/15 12/31/16
Clorox CLX $127.89 $16,555.00 $18,461.00 3.24 x 3.26 x 3.24 x 14.84 x 15.77 x 14.78 x 24.7 x 24.7 x 26.0 x
Church & Dwight CHD $89.51 $11,737.00 $12,507.00 3.68 x 3.68 x 3.60 x 16.13 x 16.13 x 15.23 x 29.2 x 29.2 x 25.6 x
Spectrum Brands SPB $93.26 $5,538.00 $9,548.00 1.97 x 1.97 x 1.87 x 12.95 x 12.96 x 10.40 x 31.5 x 31.5 x 19.2 x
Colgate-Palmolive CL $67.22 $60,010.00 $65,544.00 4.09 x 4.09 x 4.31 x 14.95 x 14.95 x 14.88 x 44.2 x 44.2 x 24.3 x
Maximum $127.89 $60,010 $65,544 4.1 x 4.1 x 4.3 x 16.1 x 16.1 x 15.2 x 44.2 x 44.2 x 26.0 x
75th Percentile 101.92 27,419 30,232 3.8 x 3.8 x 3.8 x 15.2 x 15.9 x 15.0 x 34.7 x 34.7 x 25.7 x
Median $91.39 $14,146 $15,484 3.5 x 3.5 x 3.4 x 14.9 x 15.4 x 14.8 x 30.3 x 30.3 x 24.9 x
25th Percentile 83.94 10,187 11,767 2.9 x 2.9 x 2.9 x 14.4 x 14.5 x 13.7 x 28.0 x 28.0 x 23.0 x
Minimum 67.22 5,538 9,548 2.0 x 2.0 x 1.9 x 13.0 x 13.0 x 10.4 x 24.7 x 24.7 x 19.2 x
WD-40 WDFC $105.80 $1,523.00 $1,529.00 4.1 x 4.1 x 3.9 x 20.8 x 20.8 x 19.6 x 33.7 x 33.7 x 31.5 x
15. Implied Equity Value and Share Price EV/Sales LTM
Enterprise Value $1,296.3
Less: Total Debt (125.0)
Plus: Cash and Cash Equivalents 102.5
Implied Equity Value $1,273.8
Dilluted Shares Out 14.6
Implied Share Price $87.25
Implied Equity Value and Share Price EV/EBITDA LTM
Enterprise Value $1,093.8
Less: Total Debt (125.0)
Plus: Cash and Cash Equivalents 102.5
Implied Equity Value $1,071.3
Implied Share Price 14.6
Implied Share Price $73.37
$87.25
$73.37
EV / Sales LTM
EV / EBITDA LTM
Relative Valuation
16. DCF Assumptions
Revenue Breakdown by Geography
2016E 2017E 2018E 2019E 2020E
Total Revenue Growth 2.77% 3.19% 3.51% 3.73% 3.60%
The Americas
Multi-purpose maintenance products 4.24% 4.75% 5.00% 5.25% 5.00%
Homecare and cleaning products -6.42% -6.42% -5.00% -5.00% -4.75%
Europe
Multi-purpose maintenance products 2.18% 2.50% 2.60% 2.70% 2.50%
Homecare and cleaning products -4.46% -4.46% -3.00% -3.00% -3.00%
Asia-Pacific
Multi-purpose maintenance products 6.50% 6.50% 6.25% 6.25% 6.00%
Homecare and cleaning products 2.94% 2.94% 2.50% 2.50% 2.50%
2016E 2017E 2018E 2019E 2020E
NOPAT $54.63 $59.10 $62.59 $66.39 $67.26
Plus: Depreciation & Amortization 1.98 2.04 2.11 2.19 2.27
Less: Capital Expenditures -4.10 -4.10 -4.10 -4.10 -4.10
Less: Increase in Net Working Capital -1.83 -1.89 -1.95 -2.03 -2.10
Unlevered Free Cash Flow $50.68 $55.16 $58.65 $62.45 $63.33
WACC 8.33% 8.33% 8.33% 8.33% 8.33%
Discount Period 1.00 2.00 3.00 4.00 5.00
Discount Factor 0.9231 0.8521 0.7866 0.7261 0.6703
Present Value of Free Cash Flow $46.79 $47.00 $46.13 $45.35 $42.45
Capital Structure
Equity 157,900
Debt 118,000
Total 275,900
Cost of Equity 8.73%
Weight E 93%
Prime Rate 4.50%
Weight 7%
Tax Rate 32%
WACC 8.33%
LT WACC 8.50%
17. DCF Assumptions
Enterprise Value Multiple Method
Cumulative Present Value of FCF $227.7
Terminal Value
Terminal Year EBITDA (2020EE) $101.2
Exit Multiple 14.9x
Terminal Value $1,507.6
Discount Factor 0.6703
Present Value of Terminal Value $1,010.5
% of Enterprise Value 81.6%
Enterprise Value $1,238.3
Implied Equity Value and Share Price
Enterprise Value $1,238.3
Less: Total Debt 118.0
Plus: Cash and Cash
Equivalents 102.5
Implied Equity Value $1,458.8
Diluted Shares Out 14.6
Implied Share Price $99.91
Gordon Growth Method
Cumulative Present Value of FCF $227.7
Terminal Value
Terminal Year Free Cash Flow (2020EE) $63.3
Terminal WACC 8.5%
Perpetuity Growth Rate 2.5%
Terminal Value 1055.55
Implied Multiple 16.67
Enterprise Value $1,283.27
Less: Total Debt 118.0
Plus: Cash and Cash Equivalents 102.5
Implied Equity Value $1,267.77
Implied Share Price $86.83
$93.97
19. Recommendation
Pros
• Strong Brand
• Low debt
structure
• Acquisition of
GT85
Cons
• Increased margins
result of
temporarily low
raw material costs
• Decreased sales
$89.88
HOLD