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In May 2018, Singapore's publicly-listed Hyflux Ltd, which was once the world's fifth largest desalination plant supplier, filed for court-supervised reorganisation of its liabilities and businesses. The company's total liabilities had escalated to S$3.4 billion (Including contingent liabilities); while its readily available cash balance was S$18.9 million and its market capitalisation was S$165 million. The court granted the company a debt moratorium, which was extended several times as Hyflux explored options of capital injection from strategic investors, asset sales and rescue financing. The revelation that the once-star company was under water and drowning in debt shocked the stakeholders. How and why did this reversal of fortune happen? Were there any red flags leading to this fallout? How would the financial restructuring affect the stakeholders? Finally, what lessons in financial management could be drawn for the company, creditors, banks and investors?

Spreadsheet for product 8B17N024.

Student spreadsheet to case W19273

Readers are given specific steps to take when digging themselves out from under the frustrating experience of identity theft.

32-year-old Heather Wilson was about to become a property investor. After years of painstaking savings, she had finally reached agreement to purchase her first buy-to-let property, a 1 bedroom flat in London's sought-after Kensington and Chelsea neighborhood. She looked forward to a lifetime of building wealth through property investments. Of course, some of the income the property would generate would be owed to Her Majesty's Revenue and Customs (HMRC). But such was the nature of life. Unfortunately, the tax laws had only recently become less favorable for property investors, but Wilson expected to negotiate a lower purchase price as a result and so she felt confident that her investment remained solid.

Student spreadsheet to case KE1128

In January 2019, Benedict Clarke needed to address the vacancies at retail shopping center Tulaberry Plaza. The rise in online shopping forced Tulaberry's anchor tenant into bankruptcy and weakened the outlook for retail more generally. Clarke must devise a plan that presents the most logical and profitable way forward for the shopping center. The case asks students to make leasing decisions from the perspective of the property owner, Clarke, giving them an appreciation for both the quantitative and qualitative factors that influence optimal leasing decisions.

Student spreadsheet to case KE1101

Cecilia and Luke were recently married and were beginning to build a life together. Although they were complete opposites, they had been able to work through their differences and have a good relationship. Luke was a musician who did not have a day job. Although his music was able to provide him with an income, it was not steady or reliable. Cecilia, on the other hand, had a steady job working as a marketing manager for a baby formula company. While Cecilia had never had a credit card, Luke had in the past, but had abused it through impulsive spending habits and irresponsibility in paying his bill on time. After paying exorbitant late and overdraft fees, he had finally paid off the balance in full and opted the cancel the credit card altogether. Now that Cecilia and Luke had decided it was time to build a life together financially, they began looking into different types of credit cards and bank accounts in order to decide which options would be best for them.

In March 2019, two senior managers attending an executive education program had been assigned the task of applying their learnings from readings in order to estimate the costs of capital for Walmart Inc. (Walmart). They also needed to discuss why the cost of capital was such an important topic. The managers had with them background information, including a recent Walmart balance sheet and income statement; a U.S. Department of Treasury yield curve; Walmart's earnings, dividend, and stock price information; historical U.S. capital market returns; interest rates; and a detailed description of a long-term Walmart bond. Based on this information, the managers needed to estimate Walmart's cost of capital and be sure they understood why this mattered.

Student spreadsheet to case W19208

It was a subsidiary of China Construction Bank Corporation, one of China's top four banks. The asset management industry in China had always been quick to leverage technological change to gain an advantage. Since the debut of robo-advisors in 2015 in the Chinese market, this change was coming even faster. As a rising star in the area of financial technology (FinTech), robo-advisors applied automated algorithms to realize investment goals for clients in a cost-and time-efficient method. Between 2016and 2018, not only FinTech startups in China rushed to launch robo-advisor platforms, but also renowned internet companies like Alibaba and traditional financial institutions like big banks, asset management companies, or security firms in China began to introduce robo-advisory services into their existing business. Artificial intelligence had brought both opportunities and challenges to traditional investment managers. Mr. Sun and his management team needed to analyze the characteristics of the Chinese market and the pros and cons for launching robo-advisory services, and decide CCB Principal's strategy going forward. Should they start offering robo-advisors as a core service? The case reviews the origin and development of robo-advisors in the US, Europe, and Asian markets, and introduces the unique features of the asset management market in China. Thinking from the perspective of a chairman of one of the top asset management companies in China, students are expected to look into the characteristics of domestic Chinese investors (mentality, investment goals, level of sophistication, etc.) and the Chinese market (political and regulatory environment, technological application, product development, etc.), analyze the advantages and constraints for the development of robo-advisors in China, and come up with a suitable business model for CCB Principal's future strategies.

Instructor Spreadsheet to accompany product 8B19N011.

Student Spreadsheet to accompany product 9B19N011.

In March 2019, two senior managers attending an executive education program had been assigned the task of applying their learnings from readings in order to estimate the costs of capital for Walmart Inc. (Walmart). They also needed to discuss why the cost of capital was such an important topic. The managers had with them background information, including a recent Walmart balance sheet and income statement; a U.S. Department of Treasury yield curve; Walmart’s earnings, dividend, and stock price information; historical U.S. capital market returns; interest rates; and a detailed description of a long-term Walmart bond. Based on this information, the managers needed to estimate Walmart’s cost of capital and be sure they understood why this mattered.

This case covers the initial public offering (IPO) of the Siemens subsidiary Healthineers. The March 2018 offering of the health care technology firm was heavily anticipated on the Frankfurt Stock Exchange, and was Germany's largest IPO in more than 20 years. Healthineers was one of Siemens' most successful businesses, and its management board had a keen interest in its long-term success and in the valuation that financial markets would place on the company. The case allows students to learn about the IPO process, understand Siemens' strategic rationale, and estimate the value of Healthineers.

Student spreadsheet to case UV7866

Stanley Cirano owns two retail shopping centers in suburban Chicago. With interest rates near all-time lows in late 2015, Cirano believed it was an opportune time to consider the debt financing of his properties. Although the properties were similar in many respects, the lenders willing to lend against each property were offering noticeably different terms. Cirano had to consider not only the interest rate and size of each potential loan but also the differing fees, potential prepayment penalties, and variations in recourse to make the best decision for each property.

Student spreadsheet to case KE1106