Case Studies in Finance 8th edition by Robert Bruner, Kenneth Eades, Michael Schill ISBN 1259277194 978-1259277191
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ISBN 10: 1259277194
ISBN 13: 978-1259277191
Author: Robert Bruner, Kenneth Eades, Michael Schill
Case Studies in Finance links managerial decisions to capital markets and the expectations of investors. At the core of almost all of the cases is a valuation task that requires students to look to financial markets for guidance in resolving the case problem. The focus on value helps managers understand the impact of the firm on the world around it. These cases also invite students to apply modern information technology to the analysis of managerial decisions.
The cases may be taught in many different combinations. The eight-part sequence indicated by the table of contents relates to course designs used at the authors’ schools. Each part of the casebook suggests a concept module, with a particular orientation.
Case Studies in Finance 8th Table of contents:
PART 1: Setting Some Themes
CASE 1: Warren E. Buffett, 2015
Berkshire Hathaway Inc.
Buffett’s Investment Philosophy
Precision Castparts
Conclusion
CASE 2: The Battle for Value, 2016: FedEx Corp. versus United Parcel Service, Inc.
United Parcel Service, Inc.
FedEx Corporation
The U.S. Delivery Market–Changing Shape
Competition
International Package-Delivery Market
Performance Assessment
Outlook for FedEx and UPS
CASE 3: Larry Puglia and the T. Rowe Price Blue Chip Growth Fund
Performance of the Mutual-Fund Industry
The Rise of Passive Investing
Larry Puglia and the T. Rowe Price Blue Chip Growth Fund
Conclusion
CASE 4: Genzyme and Relational Investors: Science and Business Collide?
Biotechnology
Genzyme Corporation
Relational Investors
Which Path to Follow?
PART 2: Financial Analysis and Forecasting
CASE 5: Business Performance Evaluation: Approaches for Thoughtful Forecasting
Understanding the Financial Relationships of the Business Enterprise
Interpreting Financial Ratios
Using Financial Ratios in Financial Models
Grounding Business Forecasts in the Reality of the Industry and Macroenvironment
Modeling a Base-Case Forecast that Incorporates Expectations for Business Strategy
Recognizing the Potential for Cognitive Bias in the Forecasting Process
Nestle: An Example
Appendix
CASE 6: The Financial Detective, 2016
Airlines
Beer
Computers
Hospitality
Newspapers
Pharmaceuticals
Power
Retail
CASE 7: Whole Foods Market: The Deutsche Bank Report
The Grocery Industry
Whole Foods Market
The Research Report
CASE 8: Horniman Horticulture
CASE 9: Guna Fibres, Ltd.
Company Background
Synthetic Textile Market
Production and Distribution System
Company Performance
Reassessment
Financial Forecast
PART 3: Estimating the Cost of Capital
CASE 10: “Best Practices” in Estimating the Cost of Capital: An Update
I. The Weighted-Average Cost of Capital
II. Sample Selection
III. Survey Findings
A. The Risk-Free Rate of Return
B. Beta Estimates
C. Equity Market Risk Premium
IV. The Impact of Various Assumptions for Using CAPM
V. Risk Adjustments to WACC
VI. Recent Institutional and Market Developments
VII. Conclusions
References
CASE 11: Roche Holding AG: Funding the Genentech Acquisition
Roche
Market Conditions
The Bond Offering Process
The Genentech Deal
The Financing Proposal
CASE 12: H. J. Heinz: Estimating the Cost of Capital in Uncertain Times
Heinz and the Food Industry
Recent Performance
Cost of Capital Considerations
CASE 13: Royal Mail plc: Cost of Capital
Royal Mail plc
The Cost of Capital
CASE 14: Chestnut Foods
The Company
Food Products Division
Instruments Division
Recent Developments
The Future of Chestnut
PART 4: Capital Budgeting and Resource Allocation
CASE 15: Target Corporation
Retail Industry
Target Corporation
Capital-Expenditure Approval Process
The November Meeting
CASE 16: The Investment Detective
CASE 17: Centennial Pharmaceutical Corporation
The Pharmaceutical Industry
CPC
The Earnout Plan
CASE 18: Worldwide Paper Company
CASE 19: Fonderia del Piemonte S.p.A.
The Company
The Thor MM-9 Machine
CASE 20: Victoria Chemicals plc (A): The Merseyside Project
Victoria Chemicals and Polypropylene
The Proposed Capital Program
Concerns of the Transport Division
Concerns of the ICG Sales and Marketing Department
Concerns of the Assistant Plant Manager
Concerns of the Treasury Staff
Evaluating Capital-Expenditure Proposals at Victoria Chemicals
Conclusion
CASE 21: Victoria Chemicals PLC (B): The Merseyside and Rotterdam Projects
The Proposal from Merseyside, Liverpool
The Rotterdam Project
Conclusion
CASE 22: The Procter & Gamble Company: Investment in Crest Whitestrips Advanced Seal
The Procter & Gamble Company
Crest Whitestrips and the context for Advanced Seal
Last Week’s Meeting
Establishing a Base Case
Proposal to Drive Revenue
Proposal to Minimize Cannibalization
The Recommendation
CASE 23: The Jacobs Division 2010
Company Background
Capital Budgeting for New Projects
The Silicone-X Project
Project Analysis
Problems in the Analysis
CASE 24: University of Virginia Health System: The Long-Term Acute Care Hospital Project
The U.Va. Health System
The Advantages of LTAC Hospitals
Capital Investments at U.Va.
LTAC Project Analysis
CASE 25: Star River Electronics Ltd.
Star River Electronics and the Optical-Disc-Manufacturing Industry
Financial Questions Facing Adeline Koh
PART 5: Management of the Firm’s Equity: Dividends and Repurchases
CASE 26: Rockboro Machine Tools Corporation
Background on the Dividend Question
The Company
Corporate Goals
Dividend Policy
Image Advertising and Name Change
Conclusion
CASE 27: EMI Group PLC
EMI
Digital Audio and the Music Industry
Recent Developments at EMI
The Dividend Decision
CASE 28: Autozone, Inc.
The Auto Parts Business
Recent Trends
AutoZone
Operating Cash Flow Options
Dividends versus Share Repurchases
Organic Growth
Growth by Acquisition
Debt Retirement
The Decision
PART 6: Management of the Corporate Capital Structure
CASE 29: An Introduction to Debt Policy and Value
CASE 30: M&M Pizza
Francostan
The Recapitalization Decision
CASE 31: Structuring Corporate Financial Policy: Diagnosis of Problems and Evaluation of Strategies
Part I: Identifying Corporate Financial Policy: The Elements of Its Design
The Concept of Corporate Financial Policy
The Elements of Financial Policy
A Comparative Illustration
Part II: General Framework for Diagnosing Financial-Policy Opportunities and Problems
Part III: Analyzing Financial Policy from the Investors’ Viewpoint8
Part IV: Analyzing Financial Policy from a Competitive Perspective
Part V: Diagnosing Financial Policy from an Internal Perspective
Financial Flexibility
Self-Sustainable Growth
Part VI: What Is Best?
Part VII: Conclusion
CASE 32: California Pizza Kitchen
California Pizza Kitchen
Restaurant Industry
Recent Developments
Capital Structure Decision
CASE 33: Dominion Resources: Cove Point
The Utilities Industry
The Electricity Market
The Natural Gas Market
Dominion Resources
Cove Point
Meeting with Investment Bankers
CASE 34: Nokia OYJ: Financing the WP Strategic Plan
Company Background
Recent Financial Performance
Smartphones
The Next Billion
Change at the Top
Strategic Plan with Microsoft
Implications for Financing
Financing Alternatives
Issue Long-Term Debt
Issue Equity
Eliminate Dividends
Reduce Cash
Decision
CASE 35: Kelly Solar
The Solar Energy Parts Business Opportunity
Possible Improvements and Financing
CASE 36: J. C. Penney Company
History of J. C. Penney
Bill Ackman Takes a Stake
Management Changes
Liquidity Issues
CASE 37: Horizon Lines, Inc.
Price Fixing in Puerto Rico
The Jones Act
The Maersk Partnership
The Debt Structure
Restructuring Options
Option 1: Issue new equity
Option 2: File for Chapter 11
Option 3: Restructure the debt directly
PART 7: Analysis of Financing Tactics: Leases, Options, and Foreign Currency
CASE 38: Baker Adhesives
Adhesives Market
Novo Orders
Exchange Risks
Hedge in the forward market
Hedge in the money markets
The Meeting
CASE 39: Vale SA
Vale SA
Global Markets
Vale Capital Structure
CASE 40: J&L Railroad
Railroad Industry
J&L Railroad
Exchange-Traded Contracts
The Risk-Management Group at Kansas City National Bank
Matthews’s Choice
CASE 41: WNG Capital LLC
Aviation Industry
Aircraft Financing
Capital versus Operating Leases
Special-Purpose Entities (SPEs)
The Lease Proposal
The Side Letter
CASE 42: Mogen, Inc.
Company History
Funding Needs
Convertible Debt
MoGen’s Financial Strategy
Merrill Lynch Equity-Linked Origination Team
Pricing Decision
PART 8: Valuing the Enterprise: Acquisitions and Buyouts
CASE 43: Methods of Valuation for Mergers and Acquisitions
Discounted-Cash-Flow Method
Overview
Review of DCF basics
The M&A Setting
Example of the DCF Method
Considerations for Terminal Value Estimation
Market Multiples as Alternative Estimators of Terminal Value
Transaction multiples for comparable deals
Other Valuation Methods
Book value
Liquidation value
Replacement-cost value
Market value of traded securities
Summary Comments
APPENDIX
CASE 44: Medfield Pharmaceuticals1
Current Product Lines
The Pharmaceutical Industry
The Generic Equation
Fleximat Strategies
The Value of Medfield
Big Decisions
CASE 45: American Greetings
American Greetings
Greeting Cards
Valuation
CASE 46: Ferrari: The 2015 Initial Public Offering
Ferrari—A Background2
Ferrari—The Car Business
FCA
The Premium Car Industry
The IPO Process
Pricing the Ferrari IPO
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Tags: Robert Bruner, Kenneth Eades, Michael Schill, Case Studies