個案資料
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Pennar Industries: Share-Buyback Proposal
內容大綱
As an engineering company operating in India’s steel sector, Pennar Industries boasts gross sales of INR 7.3 billion in financial Year 2009. Pennar had been on the brink of bankruptcy in the early 2000s, but, thanks to foreign investment, the company went on to experience a remarkable turnaround. In 2009, the board of directors at Pennar is considering a share buyback.<br><br>As the chief financial officer at Pennar Industries prepares the share-buyback proposal that is due to be presented to the board of directors for approval, he wonders whether a share buyback represents the right decision for the company and its shareholders. If so, what buyback price should he recommend to the board? And if not, what other investment options should the company consider instead?
學習目標
<ul><li>Think like a CFO, where they need to evaluate a variety of finance options and the deployment of cash;</li><li>Perform number-crunching and learn to make sense out of diverse sets of data (share price, financial statements, financial ratio analysis);</li><li>Make decisions based on quantitative (Financial data) and qualitative factors (market perception, regulatory aspects).</li></ul>