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Supplement for HKS794

Supplement for HKS794 and HKS795

Supplement to case IMD752. This two-part case series is about the largest equity-raising deal in history - the Petrobras seasoned equity offering (SEO) of 2010. In June 2010, Petrobras, Brazil's national oil company was preparing a share issue to develop its "pre-salt" oil fields - so called because they are trapped under several kilometers of seawater, rock and a hard-to-penetrate layer of salt. The hydrocarbons resting in the pre-salt fields could make Brazil one of the world's largest oil-exporting nations. Brazil's offshore pre-salt area - widely tipped to rival the North Sea in terms of size and importance - had been generating excitement in the energy world since its discovery in 2005. Six new pre-salt fields had been discovered more recently and were now ready for exploration. The investments outlined in the plan were huge and would transform Petrobras into one of the world's largest producers. However, this also posed significant financing challenges for Petrobras, given its capacity to generate cash from its current operations. So, how could it raise the money? A bond issue so soon after the previous one was a possibility. It would then be among the world's biggest bond issues. But there was a risk of not meeting the need for capital. How would such an issue affect its debt-to-value ratio and its rating? Would Petrobras be able to maintain its investment grade status? A share issue was another possibility, but it would also be very big. Would the market be ready for such a big issue so soon after the financial crisis? Many unresolved issues lay ahead. Both Gabrielli (CEO) and Barbassa (CFO) understood that regardless of the method used, they were facing one of the world's biggest funding challenges to date. A lot was at stake and wrong choices would have disastrous consequences for both Petrobras and Brazil.

Marisa Sanchez, a new Associate at Douglas Private Equity Advisors, confronts a dilemma when she is asked by a Senior Vice President (SVP) to do due diligence on a deal he wants to bring before the investment committee which will include the SVP, Douglas' owner and founder and others. The meeting is timed just before annual bonus season. Marisa's due diligence findings indicate that her boss, the SVP, has significantly misrepresented the market information and that the pricing should be considerably less than he is advocating. He asks her to manipulate the numbers, "to make the numbers work." She has to decide, when asked at the committee meeting, what to say and how.

This case is meant to accompany Financial Policy at Apple, 2013 (A) and details the results of Apple's Q2 2013 earnings call.

By the end of 2008, all major hospitals (one of which was private) and three private specialized orthopedic centers signed OrthoChoice contracts. In 2009, hip and knee replacements in the County of Stockholm for relatively healthy patients began being reimbursed. By 2013, OrthoChoice had covered 12,531 hip and knee replacements, accounting for 59% of such operations for county residents. Total payments were SEK 704.5 million ($109.4 million). Dr. Holger Stalberg and his team at the Stockholm County Council (SLL) were reviewing the results of the new payment approach and considering how to improve the model.

Green Freight Asia (GFA) is a three-part case. Part A chronicles the formation of GFA, a private sector initiative that grew out of a network of companies that came together in 2011 to reduce air pollution and CO2 from road freight emissions in the Asia Pacific region. GFA's primary goal is to incentivise the adoption of green freight practices by creating a label that recognises and rewards companies for their commitment to improving fuel efficiency and reducing vehicle emissions. GFA's label programme, finalised in March 2014, establishes four levels of recognition, each represented by a logo with a corresponding number of 'Green Leaf(s)'. However, GFA lacks the necessary data management systems and processes to run the programme. This means that GFA needed a mechanism to collect, verify and incorporate company reported data into the labelling programme. To address this issue, in May 2014, Stephan Schablinski, the chief executive officer of GFA, seeks potential partners to collaborate with GFA on a comprehensive IT solution for the programme. He is not interested in a typical IT services arrangement but also because he believes that working with GFA could provide ample business opportunities for an entrepreneurial partner. Part B of the case series explores how a collaborative partnership between GFA and an IT solution partner could work. A workable partnership must consider alternative models for financing, since GFA lacks the financial resources to pay for the development, implementation, operation and maintenance of the data management system. The partner must provide a feasible, innovative and creative means to commercialise at least some aspect of the GFA partnership. Part C of the case series takes a look at the capabilities of what a successful data collection, analytics and reporting platform could do. And how the platform could potentially influence policy and expand collaboration into more wide-reaching spheres to mitigate global climate change.

Green Freight Asia (GFA) is a three-part case. Part A chronicles the formation of GFA, a private sector initiative that grew out of a network of companies that came together in 2011 to reduce air pollution and CO2 from road freight emissions in the Asia Pacific region. GFA's primary goal is to incentivise the adoption of green freight practices by creating a label that recognises and rewards companies for their commitment to improving fuel efficiency and reducing vehicle emissions. GFA's label programme, finalised in March 2014, establishes four levels of recognition, each represented by a logo with a corresponding number of 'Green Leaf(s)'. However, GFA lacks the necessary data management systems and processes to run the programme. This means that GFA needed a mechanism to collect, verify and incorporate company reported data into the labelling programme. To address this issue, in May 2014, Stephan Schablinski, the chief executive officer of GFA, seeks potential partners to collaborate with GFA on a comprehensive IT solution for the programme. He is not interested in a typical IT services arrangement but also because he believes that working with GFA could provide ample business opportunities for an entrepreneurial partner. Part B of the case series explores how a collaborative partnership between GFA and an IT solution partner could work. A workable partnership must consider alternative models for financing, since GFA lacks the financial resources to pay for the development, implementation, operation and maintenance of the data management system. The partner must provide a feasible, innovative and creative means to commercialise at least some aspect of the GFA partnership. Part C of the case series takes a look at the capabilities of what a successful data collection, analytics and reporting platform could do. And how the platform could potentially influence policy and expand collaboration into more wide-reaching spheres to mitigate global climate change.

Supplement for ES1501, ES1521 and ES1531

Supplement for ES1501, ES1511 and ES1531

Supplement for ES1501, ES1511 and ES1521

Supplement to case PH1020.

Supplement to 9B13M135.

Teuer Furniture is a privately owned, moderately sized chain of upscale home furnishing showrooms in the United States. By the end of 2012, it had regained its financial footing and a number of long-term investors, including several of Teuer's original non-management investors, now want to sell their shares. At the request of the board, Jennifer Jerabek, the chief financial officer of the company, and her team put together an extensive valuation of Teuer based on a discounted cash flow analysis. When the model was presented to investors, a number of them disagreed with the results. Some investors considered the value too high; others considered it too low. Not surprisingly, some of the differences of opinion were correlated with whether or not the investors wanted to sell their shares of Teuer. Jerabek was instructed to build a valuation of Teuer using a multiples approach instead.

Handout 1 for UV6911.

Handout 2 for UV6911.

Handout 3 for UV6911.

Handout 4 for UV6911.

Handout 5 for UV6911.

Handout 6 for UV6911.