この学期に履修している、BAFI403では、VALUATIONの実習があります。そして対象企業は、北西オハイオ州の上場企業ということで、Parker Hannifinになりました。その上、金融機関で働いていたということでイニシアティブをとることまで求められています。機会があるごとに現況を報告します。毎月、いろいろと調べ物があり、4月には最終のレポート、バリュエーション結果とあわせて、提出することになっています。
まずは、最初のミーティングと記載が必要な内容をグループメンバーに以下のとおり送りました。僕は書くのが遅いので、なんとかメンバーに手伝ってもらわないと。インド人、中国人、アメリカ人、僕という4名です。インド人が怠け者なので、うまく働かせるように仕向けないと。簡単なプロジェクトマネージメントの良い機会だと思って頑張りたいです。
Team,
Let's have a meeting next Tuesday at 11:15 at Cafeteria space.
In order to complete our first paper, what kind of topic should we include?
Before the meeting, please send your idea to group members and skim
the materials I sent before or collect the related materials.
I think that including the following four points are important.
1. Back ground information
-A brief history of the company
-Its situation in the current economy [Is it currently prospering?
Stagnant? Declining?] (should include industry analysis)
-Its accomplishments [Important products and/or innovations, or number
of stores and/or expansion, or anything that makes the company unique
and special.]
-Its challenges [Do these challenges come from a changing economy, or
from a changing market for their goods or services, or from
competition, etc.]
-Its major competitors
2. Management Discussion (we can read 10F and find the Management
discussion and analysis)
-What issues do they highlight? Are these issues that are positive or
negative for the company? Why do you think they highlighted those
issues?
-What strategies and/or values have they instituted to address these
issues? How do they plan to implement them?
-How do they describe their strengths and challenges?
-What other information do they give in the annual report that
emphasizes the perspective they want to give their shareholders (i.e.
Financial Highlights; etc.)?
3.Trend Analysis (should include in competitors figure and analysis)
(1)Income Statement:
Profitability and Efficiency:
How efficiently is the company generating profit from its sales? Look
at the Gross Margin, Operating Margin and Net Income – both absolute
numbers and ratios (percentages). Have these trends improved or
declined over the past three years?
Net Revenue/Sales - Number
Gross Margin – Number and percentage of net revenue/sales
Operating Income – Number and percentage of net revenue/sales
Net Income – Number and percentage of net revenue/sales
For each of these, why it is important to the company's profit, what
the trend is, if the trend is good or bad for the company, and what
they can do to build on that strength or improve that weakness.
This information will tell us if the company's revenue/sales is
increasing or decreasing, and how much profit the company is making
for each dollar of sales. It will also reveal to us what is costing
them money: Cost of Goods Sold, Operations, financing, taxes, or other
expenses.
(2)Balance Sheet:
When we calculate future balance sheet, we need to know the trend of
each balance sheet item
Especially. Long-Term Financing is very important, because we need to
calculate the cost of debt.
4.Business Segment Description
o Definition: What is the business segment you are covering?
o History: What is the general history of the segment? When did it
begin? By whom? Why is it like it is now? [competition, consolidation,
etc.]
o Major Players: What are the major companies in the segment, what are
their specialties, and approximately what percentage of what markets
do they control?
o Additional information on overall business segment prospects concerning:
Customer needs and expectations
Business segment competition [not from within the segment, but from
other segments]
Global economy implications [both potentials and threats]
Products and Services expansion possibilities
Marketing Issues [including challenges, such as environmental,
political, social, etc. concerns]