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Spreadsheet supplement for UV6882.

Spreadsheet Supplement for UV3696

Spreadsheet Supplement for UV3696

Spreadsheet Supplement for UV6585

This note provides an introduction to the standard approaches used to value businesses from the perspective of the investor (e.g., discounted cash flow, market multiples). Each approach is illustrated with a specific practical application. The note provides an in-depth example of discounted cash flow valuation of a firm including cash flow forecasting, terminal value estimation, and cost of capital determination. To focus the analysis, the note does not treat the specific complexities associated with M&A analysis.

This technical note examines the organizational structure of the network and provides a brief introduction to network analysis: What is it? Why do it? What are the implications? How can companies best implement it to highlight the strengths and power of networks and minimize the flaws and fragilities?

This case is taught at the University of Virginia McIntire School of Commerce in the fourth year course, ""Corporate Restructuring."" The case is suitable for advanced undergraduates or MBS students that have already completed a course in corporate finance or valuation. The material would fit well in a second Corporate Finance class, particularly if the instructor would like to devote some time to discussing financial distress and restructuring. It could also work well in a business reorganization class at a law school. Danfurn LLC is a U.S. manufacturer and retailer of high-end furniture that is in financial distress following a 2007 LBO and subsequent declines in profitability in the wake of the financial crisis of 2007-08. The nearly 50-year-old company has recently blown through cash flow covenants on its $100 million senior financing facility and is seeking a restructuring of its capital structure that will allow the company to survive. Although Danfurn's lenders are hopeful that a consensual decision can be reached on how to restructure the company without resorting to a bankruptcy filing, filing for bankruptcy or even liquidating the company are very real possibilities. This case is an exercise in negotiating a consensual restructuring of a financially distressed company when stakeholders have varied incentives, legal rights, potential remedies, and interests in how the company will be managed going forward. The case discussion works best if students are divided into groups representing the different stakeholder groups-the senior lender, mezzanine lender, board, private equity owner, and founder interests-and are asked to think about how best to maximize their positions while recognizing the costs of failing to reach a negotiated outcome.

Supplement for case 112036

MuMate, a fictional cult beverage company, requires capital to fund national expansion. Its cofounders, who have bootstrapped to this point, are now negotiating with venture capital firms to raise a $3 million funding round. The case describes MuMaté's inception, early history, business model, and factors that have fueled its rapid recent growth. As the case ends, the cofounders are debating whether to raise funds from VCs, angels, or asset-based lenders. The cofounders share their concerns about valuation and whether investors will seek to change the company's strategy and organizational culture.

Arthur Rock was known as one of the country's first venture capitalists and was instrumental in launching major Silicon Valley firms, such as Fairchild Semiconductor, Intel Corporation, Apple Computer, Inc., Scientific Data Systems and Teledyne Incorporated. He was the first venture capitalist to be featured on the cover of Time magazine. Rock was adamant that his success was due to luck and being in the right place at the right time. Others argued differently, emphasizing in particular his unique style of investing and his focus on selecting the right people. Was this a case of luck or a classic example of the principle: back the right people?

MuMate, a fictional cult beverage company, requires capital to fund national expansion. Its cofounders, who have bootstrapped to this point, are now negotiating with venture capital firms to raise a $3 million funding round. The case describes MuMate's inception, early history, business model, and factors that have fueled its rapid recent growth. As the case ends, the cofounders are debating whether to raise funds from VCs, angels, or asset-based lenders. The cofounders share their concerns about valuation and whether investors will seek to change the company's strategy and organizational culture.

MuMate, a fictional cult beverage company, requires capital to fund national expansion. Its cofounders, who have bootstrapped to this point, are now negotiating with venture capital firms to raise a $3 million funding round. The case describes MuMate's inception, early history, business model, and factors that have fueled its rapid recent growth. As the case ends, the cofounders are debating whether to raise funds from VCs, angels, or asset-based lenders. The cofounders share their concerns about valuation and whether investors will seek to change the company's strategy and organizational culture.

In September 2012 Walmart became the first multinational retailer to announce entry into India. The company would need to invest heavily in processing, refrigeration, storage, and information systems to open and operate stores in the country. The International division's executives had thought that similar investments would pay off when they invested in retail stores in China, only to experience early missteps. This case provides background information about the retail environment in both China and India and summarizes Walmart's experiences in both countries, asking students to suggest a plan for Walmart's expansion into India that aligns well with its global strategy and proven business strengths.

The e-payments landscape in Singapore was previously dominated by two major card issuers with non-interoperable cards. The Infocomm Development Authority launched an initiative to develop an innovative standard that would provide an interoperable platform in order to boost local micropayments and open up e-payment services for consumers. The result was a pioneering ISO standard - the Contactless e-Purse Application Standard (CEPAS). This open standard, with unique security and high-performance features, enabled multiple payment applications offered by different issuers to be on a single smart card, which consumers could use for bus, taxi, and rail transport, car park and road usage charges, and retail micropayments. The case examines the significant challenges and trade-offs in the development and deployment of this platform innovation - such as orchestrating the efforts of multiple stakeholders and balancing various stakeholders' legitimate interests; incentivising investment in supporting infrastructure and complementary innovations; as well as promoting the adoption and diffusion of the cards by consumers and merchants. The CEPAS platform was also being leveraged for the next generation of e-payment innovations, such as payments via Near Field Communication-enabled mobile phones.

Books for Change (BfC), a small publisher, produces books that focus on the social sector. The company's purpose is to raise awareness about specific development issues among academia, researchers and policy makers. BfC was started in 1998 by ActionAid, an international non-governmental organization working in the field of social development. Like other small publishers, BfC faces various challenges, including a lower demand for its books and difficulty in distribution and marketing. ActionAid has provided financial support to BfC by covering its operating losses; however, it now needs to allocate greater funds to its own development activities and, therefore, has asked BfC to become financially independent. BfC needs to prepare the strategy and plan for making BfC profitable.

This case presents complex managerial challenges that stem from the institutional context in emerging markets, particularly in relation to the intellectual property regime and its impact on business strategy. The case centres around a multinational pharmaceutical firm, Novartis International AG (Novartis), that is waiting on a major court decision regarding patent policy as it pertains to one of the firm's products. The case takes students through the company's journey in marketing a promising anti-cancer drug that had global sales of US$3.9 billion in 2009. Novartis' global success with this drug is being challenged by the changing institutional environment surrounding innovation and pharmaceutical patents. The company's decision to patent the drug in India and challenge the institutional system of patent law is meeting significant resistance from those who argue that the drug is neither novel nor affordable for most patients. With key domestic players staking their claim to the large pool of patients who could benefit from the drug, the case focuses on a controversial patents law. Given the uncertainty of the court's final decision on these matters, students are asked to develop an action plan for the company's future.

Supplement for case 111084. In late 2012, IASB chair Hans Hoogervorst, just over a year into his term, must address several serious geopolitical challenges that can derail IFRS growth. The SEC has issued a report outlining why the U.S. should not adopt IFRS. Other major economies such as Japan and India begin to dither on IFRS as well. The E--the IASB's main backers--is embroiled in a debt crisis that divides it; Britain--the strongest voice for IFRS in the EU--lirts with an EU exit. And China remains silent. Adding to these issues are longstanding concerns about the IASB's legal status and its finances. How can Hoogervorst return momentum to IFRS?