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Harley-Davidson, Inc.: The Reverse Yankee Bond Issue, Student Spreadsheet
Spreadsheet Supplement for Case UV8728 -
Dewan Housing Finance Corporation Limited: Bankruptcy and Resolution
Dewan Housing Finance Corporation Limited defaulted on repayment of its financial obligations in June 2019, and in December 2019, shortly after the Reserve Bank of India superseded its board, it was subjected to the Corporate Insolvency Resolution Process of India's Insolvency and Bankruptcy Code. Because it was the first financial services provider to be subjected to the resolution process, the lenders-known as the committee of creditors-of the troubled company had to select the most appropriate resolution plan among the multiple bids they received. The poor financial position and high level of risk owing to exposure to the wholesales/corporate sector made the lenders' prospects of recovery bleak and rendered the company less valuable for any prospective takeover or merger. The resolution of the first financial services provider subjected to the resolution process provided a test case for how a committee of creditors could deal with complex issues and still salvage the interests of the different stakeholders, including the secured and unsecured lenders and retail deposit holders. -
Dewan Housing Finance Corporation Limited: Bankruptcy and Resolution, Student Spreadsheet
Spreadsheet Supplement for Case W27648 -
CAN HENS SAVE DODIYA FARMS?
In May 2021 Ranjit Dodiya, owner of Dodiya Farms in Gujarat India, realizes crop farming brings many risks. Much of the 2018 harvest was ruined due to heavy rain, the 2019 harvest was hurt by a drought, and a 2020a locust attack caused further losses. Seeking a reliable second income stream, he considers whether to launch an egg-laying business. Is this a good idea? How much time will it take to recoup his initial investment? What if sales are not as high as he hopes? What if chicken feed or other operating costs are higher than planned? If he takes out loans, will the business be sufficiently profitable to service them? How likely is it that he will be able to set aside some profits from this business to insure against future floods, droughts, and other crop calamities? The case gives students an opportunity to analyze a current agribusiness operation and a proposed new operation (a Go/No-Go decision). Based on financial and operational analysis, including consideration of foreseeable adverse events that threaten crops and other foreseeable adverse events that threaten egg-laying, how attractive is this proposition? The case gives students an opportunity to analyze the case through both quantitative and qualitative technique, debate the business implications of their analyses, and offer recommendations. -
CAN HENS SAVE DODIYA FARMS?, Spreadsheet
SpreadsheetSupplement for Case NA0799 -
iCreate's Turnaround Proposal
The case features Tyrone Wilson, Chief Executive Officer (CEO) and President of iCreate Limited, a creative training institute aimed at offering skills training and work experience to young creatives and talented university students. Since its inception in 2018, iCreate raised equity through listing on the Jamaica Junior Stock Market and had also borrowed funds to finance its operations. It since accumulated huge losses which led its auditors to raise significant doubt on the company's ability to continue as a going concern. In response Wilson proposed a turnaround strategy in which a rights issue would be offered to shareholders to raise additional funds. The proceeds would be used to acquire an outdoor advertising company to improve the iCreate's bottom line. The plan also included restructuring the company into five divisions: Training, Advertising, Media & Entertainment, Tech & E-Commerce and Real Estate. How should Wilson go about convincing the Board to accept the turnaround strategy. Wilson proposed a turnaround strategy centered on restructuring and diversification through acquisition. The acquisition of Visual Vibe.com, a company offering high impact video board advertising in Jamaica, which would be funded by way of a rights issue to iCreate's existing ordinary stockholders. How is he going to convince the Board to accept his proposed turnaround strategy since some were skeptical that the rights issue would not solve the company's problems? Should Wilson convince the board, would he next need to convince shareholders to subscribe to the rights issue? -
Launching Egypt's First Digital Banking Platform: QNB Bebasata
The leadership team at QNB Alahli, Egypt's second biggest private bank, looked back on their efforts to create a brand-new, fully digital banking platform since 2019. A digital-only banking service was unprecedented in Egypt, a country where over 90% of financial transactions still involved cash. If successful, QNB Alahli would enjoy the first-mover advantage and help improve the level of financial inclusion in the Egyptian society. The bank had developed comprehensive financial projections for the new platform, and its confidence was bolstered by the successful launch of a similar platform by its sister bank in Turkey. Before the proposal could be approved by the central bank, QNB Alahli needed to carefully consider various strategies for this venture, as the decisions made could significantly impact the bank's profitability, marketing efforts, and internal competition. -
Optimalen Capital, Spreadsheet Supplement
Spreadsheet supplement for case 223099. -
Optimalen Capital
A new client portfolio manager at a quantitative investment management firm must explain why her firm, Optimalen Capital, has rebalanced a client portfolio with a set of trades that seem unintuitive. In particular, Optimalen has added to its position of Walmart (ticker = WMT) and reduced its position in Tesla (TSLA) despite the latter having a much higher forecast return. She also must compute breakeven returns for two other stocks, Exxon Mobil (XOM) and Duke Energy (DUK). -
Graphic Packaging: Project Cowboy (D)
Analyzes the company's decision on Project Cowboy following the events described in the C Case -
Investing in the Climate Transition at Neuberger Berman
By mid-2023, Neuberger Berman (NB), an active asset manager, had grown its assets under management to about half a trillion dollars and took pride in its client centricity and innovative spirit. Responding to client demand for investment products that integrated climate-related risks and opportunities, NB had designed an innovative measurement system, the Net Zero Alignment Indicator, assessing companies' alignment with the world's goal to reach net zero emissions around mid-century, built engagement capabilities among its research analysts and portfolio managers, and offered several investment products across asset classes and geographies. While most climate transition strategies almost completely divested from the energy sector and relied on a single quantitative data metric, NB's approach invested in energy and other high carbon intensive companies, used a plethora of quantitative metrics and qualitative analyst judgments, engaged with management leveraging bottom-up fundamental analysis, and over time re-assessed firm alignment with net zero goals. Given that NB's climate transition approach included high carbon emitters and its complexity, how could NB communicate its approach effectively to asset allocators? A second question revolved around "how high to set the bar." NB had to make critical design choices regarding the Net Zero Alignment Indicator and derivative investment strategies that would have significant implications for the climate transition and clients. Lastly, climate focused funds had seen significant inflows in China and NB wanted to integrate its net zero alignment indicator into the construction of investment products there. Given this, should the net zero transition alignment standards be different across geographies? -
Goodyear Tire & Rubber: M&A Synergies
In late 2020, The Goodyear Tire & Rubber Company (Goodyear)’s chief executive officer, Richard Kramer, told Cooper Tire & Rubber Company (Cooper)’s chief executive officer, Bradley Hughes, that Goodyear would submit an acquisition proposal by the end of the year. Goodyear had spent the last two years enduring global weakness in the automotive industry and the onset of the worldwide COVID-19 pandemic, which contributed to Goodyear’s stock falling 70 per cent below its high of $35 in 2018. Kramer attributed the stock’s decline to an “industry downcycle,” and one analyst speculated that a merger could provide much needed cost and revenue synergies. Goodyear had used mergers and acquisitions (M&As) to achieve scale and fuel its growth in the past, and Kramer’s team needed to decide if a merger with Cooper could help them weather the downturn and emerge stronger. Kramer and his team identified several cost synergies, totalling $165 million per year. They also expected efficiency and tax synergies with a present value of at least $700 million as well as revenue synergies. Goodyear was considering using a combination of debt, stock, and cash to finance the transaction. To avoid earnings per share dilution from issuing too many shares as merger consideration, they were working with financial advisor J.P. Morgan to secure up to $2.314 billion of new debt financing. Kramer told Hughes that his team would work over the year-end holidays to provide “a revised proposal or other update” in January 2021. -
Goodyear Tire & Rubber: M&A Synergies - Student Spreadsheet
Student Spreadsheet to accompany W32285. -
Goodyear Tire & Rubber: M&A Synergies - Instructor Spreadsheet
Instructor Spreadsheet to accompany product -
Rent Control in Boston, Again?
This case explores the merits and drawbacks of Boston Mayor Michelle Wu's proposal to bring rent control back to the city in 2023. It lays out the features, objectives, and potential unintended consequences of this policy, before highlighting the expected impact of rent control on tenants, landlords, and developers. In addition, the case looks back at Massachusetts' long history with rent control to better understand whether rent stabilization efforts enacted in the 1970s and repealed in 1994, following a narrowly decided state-wide referendum, were effective in increasing local housing supply and easing rents in the Boston area. -
Dewan Housing Finance Corporation Limited: Bankruptcy and Resolution - Student Spreadsheet
Student spreadsheet for product W27648. -
Dewan Housing Finance Corporation Limited: Bankruptcy and Resolution
Dewan Housing Finance Corporation Limited defaulted on repayment of its financial obligations in June 2019, and in December 2019, shortly after the Reserve Bank of India superseded its board, it was subjected to the Corporate Insolvency Resolution Process of India’s Insolvency and Bankruptcy Code. Because it was the first financial services provider to be subjected to the resolution process, the lenders—known as the committee of creditors—of the troubled company had to select the most appropriate resolution plan among the multiple bids they received. The poor financial position and high level of risk owing to exposure to the wholesales/corporate sector made the lenders’ prospects of recovery bleak and rendered the company less valuable for any prospective takeover or merger. The resolution of the first financial services provider subjected to the resolution process provided a test case for how a committee of creditors could deal with complex issues and still salvage the interests of the different stakeholders, including the secured and unsecured lenders and retail deposit holders. -
The Employees Provident Fund (EPF Malaysia): Modern Retirement Challenges
The Employees Provident Fund (EPF) is Malaysia’s national private-sector pension program. It has grown into one of the largest pension funds in the world. The success of the EPF and Malaysia as a whole have brought new challenges. As life expectancy increases and the population ages, how can the EPF ensure adequate pension coverage and take care of Malaysians’ increasing retirement needs? As technology replaces the need for branches and customer-facing staff, how and where should the EPF channel its valuable human resources? How should the EPF optimally invest its ever-increasing funds? These are the questions the EPF’s chief strategy officer has to answer as he charts a way forward in the 21st century. -
Investment in Foreign Stock: A Cash Flow Analysis
The case discusses the dilemma faced by Archit Shah, a practicing Chartered Accountant (CA) and portfolio manager based in Ahmedabad, India, for investment in foreign stocks to diversify the existing portfolio of his clients. The decision to invest was pertinent and urgent as few of his clients were reducing their funds due to stagnant growth of existing securities in the portfolio. He had heard about the benefits of investing in foreign markets from experts in different financial conferences as well as from his fellow friends in the field. To start safe, he decided to invest in FANMAG stock and do a detailed financial analysis. It was his first endeavour in a foreign stock, and he did not want to risk his clients' money. He did not restrict his analysis to P/L and balance sheet ratios and decided to first analyse the past free cash flows (FCFs) to understand the actual performance of the companies. While past performance cannot be the decision factor, he also decided to refer valuation as per discounted cash flow (DCF) model to put an end to his confusion. Portfolio or fund managers use FCF as one of the most important indicators for valuation as per DCF model to evaluate the true performance of a company. Market ratios like P/E ratio help to track the earnings and investor's perception while FCFs help to understand the actual cash available for shareholders. So, to get a true picture of FANMAG stock's performance, Shah decided to analyse it through various parameters like quality of earnings ratio, FCFs, and valuation ratios for a period of 5 years from 2016 to 2020. Additionally, the intrinsic value as per DCF model (valuation approach) was referred to finalize the investment decision. Thus, the case deals with the challenges faced by CA Shah for investment decisions by assessing the earnings quality and the cash flow-based valuation ratios. -
Natural Gas in New England
Participants in the New England power market are exploring several strategies to meet the region's renewable power goals while also providing its residents with inexpensive and reliable electricity and heating fuel. New England was a first-mover into natural gas power generation in the U.S., yet has a dearth of pipeline capacity and the most expensive gas prices in the nation. The region has excellent wind power resources off its coasts, but a checkered past of permitting and legal delays. The case considers several key questions for the climate transition from an economics lens, including what we should call a clean resource; whether supply or demand-side incentives work better for reducing emissions; which types of generation resources are most effective for reducing emissions; and the societal impacts of these choices on consumers across the income distribution.