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Financial Case Study

Order Description

Treat the case as a business case with a finance emphasis. Write from the perspective of a consultant to the firm’s management, advising how to optimize the owners’ wealth. The marketing, operations and other management aspects are important. About half the grade is on the qualitative analysis. Always approach the case from the perspective of a financial management perspective, despite some cases seeming to emphasize a financial institution’s perspective.

? Write cases in standard English prose (paragraphs and sentences).

? Exclude repetition of material from the casebook.

? The only limit only the number of tables/graphs is discretion. Give a descriptive label for each table/graph. Put your assumptions in a table rather than in your write up. Write at least one paragraph in your write up on each scenario/table. Describe what the scenario models, how likely it is and which numbers are the most important. Interpret the important numbers. Exclude technical reviews saying how you divided A by B to get C or how you hacked up the “v.”

? In the last paragraph, unequivocally state and defend your recommendations. Conceptually, a recommendation cannot be a scenario.

? Spreadsheet analysis is essential.

Case Tips

•Do cash flow forecasts for 2005-2009 checking to see if the deal can be 80% debt funded

•Do a valuation

•WACC: 9%

•Consider sensitivity to the long-term growth rate (3%, 4%, …)

•Exchange rate: 0.8388

•Extra: estimate the benefits to Bain including Bain’s rate of return.

EPS            Price/Earnings                            EBITDA            EV/EBITDA
Price at        Shares O/S        Cap. (in $                                Net        Enterprise
Ticker        Currency        11/18/2004        (in mms)        mms)        FY 2004A    FY 2005E        FY 2004A    FY 2005E        Debt        Value        FY 2004A    FY 2005E        FY 2004A    FY 2005E
US Value Retailers
99 Cents Only Stores1        NDN        USD        $16.08        71.80         $1,154.5         $0.78    $0.42        20.6x    38.3x        ($8.29)        $1,146.3         $110.3    $75.6        10.4x    15.2x
Family Dollar Stores2        FDO        USD        31.80         172.40        5,482.3        1.43    1.53        22.2x    20.8x         (149.6)        5,332.7        478.0    512.1        11.2    10.4
Dollar General Corp        DG        USD        21.18        334.10        7,076.2        0.92    1.01        23.0x    21.0x        290.1        7,366.3        662.5    721.5        11.1    10.2
Dollar Tree        DLTR        USD        29.88        114.70        3,427.2        1.54    1.64        19.4x    18.2x        184.5        3,611.7        400.7    422.8        9.0    8.5

US Discount Retailers
Wal-Mart Stores        WMT        USD        55.8        4,249.00        237,094.2        2.03    2.40        27.5x    23.3x        25,750        262,844.2        12,713.0    14,672.0        20.7    17.9

Canadian Retailers
Shoppers Drug Mart Corp.        SC        CAD        36.15        209.9        7,587.9        1.24    1.46        29.2x    24.8x        741.8        8,329.7        568.5    636.3        14.7    13.1
Sears Canada Inc.3        SCC        CAD        17.90        107.1        1,917.1        1.32    1.35        13.6x    13.3x        1,954.9        3,872.0        451.4    413.6        8.6    9.4
Forzani Group        FGL        CAD        11.07        32.7        361.9        0.86    0.81        12.9x    13.7x        114.5        476.5        82.3    76.5        5.8    6.2
Loblaw Companies Limited        L        CAD        67.01        274.3        18,380.8        3.05    3.50        22.0x    19.1x        4,498.0        22,878.8        1,860.0    2,125.0        12.3    10.8
Canadian Tire        CTC        CAD        70.00        81.2        5,684.0        2.89    3.25        24.2x    21.5x        1,066.3        6,770.3        613.0    695.0        11.0    9.7

1NDN FY2005SE adjusted for $8.3 million in one-time lawsuit/legal fees.
2Family Dollar’s 2005E EBITDA are actuals from their August 2004 year end.
3Net Debt includes the securitiezed off-balance sheet obligations.


Sample Answer

Compelling correspondence is essential to the achievement all things considered but since of the changing idea of the present working environments, successful correspondence turns out to be more troublesome, and because of the numerous impediments that will permit beneficiaries to acknowledge the plan of the sender It is restricted. Misguided judgments.In spite of the fact that correspondence inside the association is rarely completely open, numerous straightforward arrangements can be executed to advance the effect of these hindrances.

Concerning specific contextual analysis, two significant correspondence standards, correspondence channel determination and commotion are self-evident. This course presents the standards of correspondence, the act of general correspondence, and different speculations to all the more likely comprehend the correspondence exchanges experienced in regular daily existence. The standards and practices that you learn in this course give the premise to additionally learning and correspondence.

This course starts with an outline of the correspondence cycle, the method of reasoning and hypothesis. In resulting modules of the course, we will look at explicit use of relational connections in close to home and expert life. These incorporate relational correspondence, bunch correspondence and dynamic, authoritative correspondence in the work environment or relational correspondence. Rule of Business Communication In request to make correspondence viable, it is important to follow a few rules and standards. Seven of them are fundamental and applicable, and these are clear, finished, brief, obliging, right, thought to be, concrete. These standards are frequently called 7C for business correspondence. The subtleties of these correspondence standards are examined underneath: Politeness Principle: When conveying, we should build up a cordial relationship with every individual who sends data to us.

To be inviting and polite is indistinguishable, and politeness requires an insightful and amicable activity against others. Axioms are notable that gracious “pay of graciousness is the main thing to win everything”. Correspondence staff ought to consistently remember this. The accompanying standards may assist with improving courtesy:Preliminary considering correspondence with family All glad families have the mystery of progress. This achievement originates from a strong establishment of closeness and closeness. Indeed, through private correspondence these cozy family connections become all the more intently. Correspondence is the foundation of different affiliations, building solid partners of obedient devotion, improving family way of life, and assisting with accomplishing satisfaction (Gosche, p. 1). In any case, so as to keep up an amicable relationship, a few families experienced tumultuous encounters. Correspondence in the family is an intricate and alluring marvel. Correspondence between families isn’t restricted to single messages between families or verbal correspondence.

It is a unique cycle that oversees force, closeness and limits, cohesiveness and flexibility of route frameworks, and makes pictures, topics, stories, ceremonies, rules, jobs, making implications, making a feeling of family life An intelligent cycle that makes a model. This model has passed ages. Notwithstanding the view as a family and family automatic framework, one of the greatest exploration establishments in between family correspondence centers around a family correspondence model. Family correspondence model (FCP) hypothesis clarifies why families impart in their own specific manner dependent on one another ‘s psychological direction. Early FCP research established in media research is keen on how families handle broad communications data. Family correspondence was perceived as an exceptional scholastic exploration field by the National Communications Association in 1989. Family correspondence researchers were at first impacted by family research, social brain science, and relational hypothesis, before long built up the hypothesis and began research in a family framework zeroed in on a significant job. Until 2001, the primary issue of the Family Communication Research Journal, Family Communication Magazine, was given. Family correspondence is more than the field of correspondence analysts in the family. Examination on family correspondence is normally done by individuals in brain science, humanism, and family research, to give some examples models. However, as the popular family correspondence researcher Leslie Baxter stated, it is the focal point of this intelligent semantic creation measure making the grant of family correspondence special. In the field of in-home correspondence, correspondence is normally not founded on autonomous messages from one sender to one beneficiary, yet dependent on the dynamic interdependency of data shared among families It is conceptualized. The focal point of this methodology is on the shared trait of semantic development inside family frameworks. As such, producing doesn’t happen in vacuum, however it happens in a wide scope of ages and social exchange.

Standards are rules end up being followed when performing work to agree to a given objective. Hierarchical achievement relies significantly upon compelling correspondence. So as to successfully impart, it is important to follow a few standards and rules. Coming up next are rules to guarantee powerful correspondence: clearness: lucidity of data is a significant guideline of correspondence. For beneficiaries to know the message plainly, the messages ought to be sorted out in a basic language. To guarantee that beneficiaries can without much of a stretch comprehend the importance of the message, the sender needs to impart unmistakably and unhesitatingly so the beneficiary can plainly and unquestionably comprehend the data.>

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