ALPFA National Convention KPMG Case Competition

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This is the PowerPoint for my team's case presentation. My part was on the Financial Analysis. The tables had each column appearing one-at-a-time, so that it was easier for people to follow what I was saying, and the boxes with a white border were the points I briefly talked about.

Economia e finanças Negócios

InfoMemo Audit 2.0 Citlali Perez, Saida Schmidt, Jacob Brownfield, Justin Ricaurte

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Accounting Guidance ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Conversion After 5 Years ,[object Object],1/1/X6 Dr. Bonds Payable $15M Cr. Common Stock $ 1.5M Cr. APIC $13.5M

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Sample Footnote Disclosure 0.62 $ 0.48 $ 0.64 $ Diluted net income per share 0.7 $ 0.55 $ 0.72 $ Basic net income per share 69,412 76,516 85,919 Shares used in computation of diluted net income per share 2,548 6,163 6,163 Add: Dilutive effect of convertible debt 5,639 6,254 5,017 Add: Dilutive effect of employee stock options 61,225 64,099 74,739 Shares used in computation of basic net income per share — — (108 Less: Weighted average common shares subject to repurchase 61,225 64,099 74,847 Gross weighted average common shares outstanding Shares (denominator for basic and diluted): 43,321 $ 36,602 $ 55,369 $ Adjusted net income (numerator for diluted) 438 1,421 1,415 Add: Interest expense on convertible notes, net of tax 42,883 $ 35,181 $ 53,954 $ Net income (numerator for basic) 2004 2005 2006 Year Ended December 31,

Beneficial Conversion Feature Effective Conversion Price $10 < Fair Value of the Stock (@ commitment date) $12 Convertible debt instrument includes a beneficial conversion feature for which a value must be assigned.

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What InfoMemo Cares About Cost Lost Control Aligned Interests Common Bridge Convertible Preferred Loan Good Bad Dilution

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1 Time Value of MoneyMilestone One: Time Value of Money (please fill in YELLOW cells) Explanations:Interest Rate8% FCF (Free Cash Flows) is the net change in cash generated by the operations of a business during a reporting period, minus cash outlays for working capital, capital expenditures, and dividends during the same period. This is a strong indicator of the ability of an entity to remain in business. Note: For Milestone One, please use the Free Cash Flows from the United Parcel Service 2017 Annual Report for the years 2015, 2016, and 2017 located on Page 2 of the Report. FCF - YearsFCF - 2015FCF - 2016FCF - 2017Amounts*6,0826,0073,573Pv*(5,631.48)(5,150.03)(2,836.36)Total Pv*(13,617.88)*In millionsInterest Rate (given) - For purposes of this exercise, use 8% interest rate. Pv=FVN/(1+I)^NPV(I,N,0,FV)With 10% decrease in FCFInterest Rate8%FCF - YearsFCF - 2015FCF - 2016FCF - 2017Amounts*5,4745,4063,216Pv*(5,068.33)(4,635.03)(2,552.73)Total Pv*(12,256.09)*In millions 2 Stock and Bond ValuationMilestone Two: Stock Valuation and Bond Issuance (fill in the YELLOW cells) PART I: STOCK VALUATIONDividend from Financial Statements:Read the Explanations to the right of the calculation cells for specific information on the data.Explanations:Year Cash Div/share ($)Dividend YieldStockholder's Equity (in millions)Stock PriceNote: 1. The dividends declared and paid by UPS for 2015, 2016, and 2017 are found on the second page of the 2017 UPS Annual Report. 2. The dividend yield for 2015, 2016, and 2017 are found on the second page of the 2017 UPS Annual Report. 3. Stockholder's/Shareholder's equity for 2015, 2016, and 2017 are found on the second page of the UPS Annual Report. 20152.923.00%2,49197.333333333320163.122.70%429115.555555555620173.322.60%1,030127.69230769231. Stock Valuation - The new dividend yield if the company increased its dividend per share by 1.75Year Cash Div/Share ($) +1.75Dividend YieldStockholder's Equity (in millions)Stock PriceDividend Yield - annual cash dividend per share of common stock divided by the market price of a share of the common stock. (Dividend yield = Annual Dividend/Current Stock Price) Note: Current Stock Price is not part of the Financial Statements - calculated using the formula for Dividend Yield20154.674.80%2,49197.333333333320164.874.21%429115.555555555620175.073.97%1,030127.69230769232. The dividend yield if the firm doubled it's outstanding sharesYear Cash Div/Share ($) Dividend YieldStockholder's Equity (in millions) -doubledStock PriceStockholder's Equity = Assets - Liabilities. This represents the ownership of a corporations. Owners are called stockholder because they hold stocks or share of the company. The main goal of every corporate manager is to generate shareholder value. .

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Five Categories of Fin. Ratios Liquidity: Ability to meet current obligations Asset Mgmt: Proper & effective use of assets Asset utilization (i.e., Total Asset Turnover Ratio: TAT = Sales / T. Assets Debt Mgmt: extent of debt & level of safety afforded creditors Debt utilization (i.e., Equity Multiplier: EM = T. Assets / T. Eqty Profitability: reflects effects of liquidity, asset mgmt, & debt on operating results Expense Control: Profit Margin: PM = Net Income / Sales Market Value: indicators of what investors think of firm’s past results & future prospects

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1.Which of the following is considered a hybrid organizational form? Corporation limited liability partnership sole proprietorship partnership 3. Teakap, Inc., has current assets of $ 1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000, and retained earnings of $1,468,347. How much long-term debt does the firm have? $1,844,022 $2,303,010 $2,123,612 $803,010 5. Efficiency ratio: Gateway Corp. has an inventory turnover ratio of 5.6. What is the firm's days's sales in inventory? 61.7 days 57.9 days 65.2 days 64.3 days 6. Leverage ratio: Your firm has an equity multiplier of 2.47. What is its debt-to-equity ratio? 1.74 0 0.60 1.47 8. Present value: Jack Robbins is saving for a new car. He needs to have $ 21,000 for the car in three years. How much will he have to invest today in an account paying 8 percent annually to achieve his target? (Round to nearest dollar.) $22,680 $26,454 $16,670 $19,444 9. PV of multiple cash flows: Ferris, Inc., has borrowed from their bank at a rate of 8 percent and will repay the loan with interest over the next five years. Their scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments? (Round to the nearest dollar.) $2,735,200 $2,615,432 $2,431,224 $2,815,885 10. PV of multiple cash flows: Ajax Corp. is expecting the following cash flows—$79,000, $112,000, $164,000, $84,000, and $242,000—over the next five years. If the company's opportunity cost is 15 percent, what is the present value of these cash flows? (Round to the nearest dollar.) $480,906 $414,322 $477,235 $429,560 11. Future value of an annuity: Jayadev Athreya has started on his first job. He plans to start saving for retirement early. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent. How much will Jayadev have at the end of 45 years? (Round to the nearest dollar.) $3,594,524 $5,233,442 $1,745,600 $2,667,904 12. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.) 40% 12% 16% 32% 13. Bond price: Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company's bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.) $1,066 $923 $972 $1,014 14. PV of dividends: Next year Jenkins Traders will pay a dividend of $3.00. It expects to increase its dividend by $0.25 in each of the following three years. If their required rate of return is 14 percent, what is the present value of their dividends over the ne.

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1. A proxy fight occurs when: a competitor offers to sell their ownership interest in the firm. the board of directors disagree on the members of the management team. a group solicits voting rights to replace the board of directors. the firm is declared insolvent. the firm files for bankruptcy. 2. The process of planning and managing a firm's long-term assets is called: capital structure. capital budgeting. working capital management. financial depreciation. agency cost analysis. 3. Which one of the following actions by a financial manager creates an agency problem? agreeing to pay bonuses based on the market value of the company’s stock refusing to borrow money when doing so will create losses for the firm agreeing to expand the company at the expense of stockholders' value increasing current costs in order to increase the market value of the stockholders' equity refusing to lower selling prices if doing so will reduce the net profits 4. Which one of these is a cash outflow from a corporation? sale of an asset dividend payment profit retained by the firm sale of common stock issuance of debt 5. First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest compounded annually. If you made a $66,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 10 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Difference in accounts 6. Gerold invested $125 in an account that pays 5 percent simple interest. How much money will he have at the end of 7 years? $160.31 $168.75 $155.00 $175.50 $162.50 7. What is the present value of $12,450 to be received 5 years from today if the discount rate is 4.75 percent? $10,340.78 $9,871.86 $13,105.26 $9,761.00 $9,773.15 8. One year ago, you purchased 300 shares of IXC stock at a price of $22.05 per share, received $460 in dividends over the year, and today sold all of your shares for $29.32 per share. What was your dividend yield? 5.87% 5.23% 1.92% 6.95% 2.48% 9. One year ago, you purchased a stock at a price of $32.50. The stock pays quarterly dividends of $.40 per share. Today, the stock is worth $34.60 per share. What is the total dollar return per share to date from this investment? rev: 06_21_2016_QC_CS-54260 $2.50 $3.40 $2.10 $3.70 $3.80 10. Which one of these accounts is classified as a current asset on the balance sheet? accounts payable preferred stock net plant and equipment inventory intangible asset 11. Net working capital is defined as: current assets plus stockholders' equity. current assets minus current liabilities. fixed assets minus long-term liabilities. total assets minus total liabilities. current assets plus fixed assets. 12. Which one of the following accounts is included in stockholders' equity? intan ...

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Assignment Marginal Revenue Product Marginal revenue product is defined as the change in total revenue that results from the employment of an additional unit of a resource. A producer wishes to determine how the addition of pounds of plastic will affect its MRP and profits. See the table below, and answer each of the questions. Pounds of plastic (quantity of resource) Number of assemblies (total product) Price of assemblies ($) 0 0 - 1 15 13 2 30 11 3 40 9 4 55 7 5 58 5 a. The marginal product of the 3rd pound of plastic is ________. b. The marginal revenue product of the 3rd pound of plastic is ______. c. The price of plastic is $135 per pound. To maximize profit, the producer should produce __________________. d. The price of plastic is $135 per pound. To maximize profit, the producer should buy and use: ________________. Grading Criteria Assignments Maximum Points Meets or exceeds established assignment criteria 40 Demonstrates an understanding of lesson concepts 20 Clearly presents well-reasoned ideas and concepts 30 Uses proper mechanics, punctuation, sentence structure, and spelling 10 Total 100 Case Study C&MDS, Inc. Some time ago, at the beginning of 2010, an entrepreneur named Richard Alestar started a small business as a sole proprietor in Oregon - a business that manufactured sensors for cameras that could be used in motion detection systems. The business was very successful and he decided to incorporate in the latter part of 2011 under the name C&MDS, Incorporated. He wanted to name it Camera and Motion Detection Systems, but his marketing manager convinced him it was too difficult to remember. Alestar’s long-term plan was to obtain public funding to support growth anticipated in about 4-6 years. In the meantime, he hired electrical engineers and a solid management team capable of building an organization that would enable the company to eventually go public. He thought his proprietary sensors and equipment could not be duplicated for a number of years. There was only one competitor in the market niche where he competed that had a significant market share, but they were a follower, not a leader. Besides, he planned to grow the market himself, based on the increased focus and attention in the public arena on crime prevention, detection and surveillance using cameras with his sensors. He also was developing a host of other potential applications. Alestar had developed a good relationship with his investment banker Sophia Pound, and had just begun discussions with respect to obtaining additional capital required to position the company to go public. These discussions also involved the chief financial officer (CFO), Mitch O. Dinero, who had brought up the issue of the appropriate capital structure (target capital structure) that C&MDS should consider. They both thought the current mix in the capital structure was close to optimal, and that only minor changes would be necessary. However, they would defer to the investment banke ...

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Mini Case11/20/18Chapter 2 Mini CaseSituationJenny Cochran, a graduate of The University of Tennessee with 4 years of experience as an equities analyst, was recently brought in as assistant to the chairman of the board of Computron Industries, a manufacturer of computer components. During the previous year, Computron had doubled its plant capacity, opened new sales offices outside its home territory, and launched an expensive advertising campaign. Cochran was assigned to evaluate the impact of the changes. She began by gathering financial statements and other data.Computron's Balance Sheets (Millions of Dollars)20182019AssetsCash and equivalents$ 60$ 50Short-term investments10010Accounts receivable400520Inventories620820Total current assets$ 1,180$ 1,400Gross fixed assets$ 3,900$ 4,820Less: Accumulated depreciation1,0001,320Net fixed assets$ 2,900$ 3,500Total assets$ 4,080$ 4,900Liabilities and equityAccounts payable$ 300$ 400Notes payable50250Accruals200240Total current liabilities$ 550$ 890Long-term bonds8001,100Total liabilities$ 1,350$ 1,990Common stock1,0001,000Retained earnings1,7301,910Total equity$ 2,730$ 2,910Total liabilities and equity$ 4,080$ 4,900Computron's Income Statement (Millions of Dollars)20182019Net sales$ 5,500$ 6,000Cost of goods sold (Excluding depr. & amort.)4,3004,800Depreciation and amortizationa290320Other operating expenses350420Total operating costs$ 4,940$ 5,540Earnings before interest and taxes (EBIT)$ 560$ 460Less interest 68108Pre-tax earnings$ 492$ 352Taxes (25%)12388Net Income $ 369$ 264Notes:a Computron has no amortization charges.Other Data20182019Stock price$50.00$30.00Shares outstanding (millions)100100Common dividends (millions)$90$84Tax rate25%25%Weighted average cost of capital (WACC)10.00%10.00%Computron's Statement of Cash Flows (Millions of Dollars) Bart Kreps: The statement of cash flows provides information about cash inflows and outflows during an accounting period. 2019Operating Activities Net Income before preferred dividends$ 264Noncash adjustments Depreciation and amortization320Due to changes in working capital Change in accounts receivable(120) Change in inventories(200) Change in accounts payable100 Change in accruals40Net cash provided by operating activities$ 404Investing activities Cash used to acquire fixed assets$ (920) Bart Kreps: Make sure to add back annual Depreciation to Net PP&E. Bart Kreps: The statement of cash flows provides information about cash inflows and outflows during an accounting period. Change in short-term investments90Net cash provided by investing activities$ (830)Financing Activities Change in notes payable$ 200 Change in long-term debt300 Payment of cash dividends(84)Net cash provided by financing activities$ 416Net change in cash.

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The cost of funds used for financing a business. Cost of capital depends on the mode of financing used – it refers to the cost of equity if the business is financed solely through equity, or to the cost of debt if it is financed solely through debt. Many companies use a combination of debt and equity to finance their businesses, and for such companies, their overall cost of capital is derived from a weighted average of all capital sources, widely known as the weighted average cost of capital (WACC). Since the cost of capital represents a hurdle rate that a company must overcome before it can generate value, it is extensively used in the capital budgeting process to determine whether the company should proceed with a project.

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ALPFA National Convention KPMG Case Competition

1. InfoMemo Audit 2.0 Citlali Perez, Saida Schmidt, Jacob Brownfield, Justin Ricaurte

5. Explanation of Term Sheet

10. Consequences of Term Sheet Scenario 1

11.

12.

13.

14. Sample Footnote Disclosure 0.62 $ 0.48 $ 0.64 $ Diluted net income per share 0.7 $ 0.55 $ 0.72 $ Basic net income per share 69,412 76,516 85,919 Shares used in computation of diluted net income per share 2,548 6,163 6,163 Add: Dilutive effect of convertible debt 5,639 6,254 5,017 Add: Dilutive effect of employee stock options 61,225 64,099 74,739 Shares used in computation of basic net income per share — — (108 Less: Weighted average common shares subject to repurchase 61,225 64,099 74,847 Gross weighted average common shares outstanding Shares (denominator for basic and diluted): 43,321 $ 36,602 $ 55,369 $ Adjusted net income (numerator for diluted) 438 1,421 1,415 Add: Interest expense on convertible notes, net of tax 42,883 $ 35,181 $ 53,954 $ Net income (numerator for basic) 2004 2005 2006 Year Ended December 31,

15. Consequences of Term Sheet: Scenario 2

16. Beneficial Conversion Feature Effective Conversion Price $10 < Fair Value of the Stock (@ commitment date) $12 Convertible debt instrument includes a beneficial conversion feature for which a value must be assigned.

17.

18.

19.

20.

21.

22.

23. Analysis of Financing Options InfoMemo

24.

25.

26. Key Good Bad

27.

28. What InfoMemo Cares About Cost Lost Control Aligned Interests Common Bridge Convertible Preferred Loan Good Bad Dilution

29.

30. What the Investor Cares About ROI Risk Taxes Common Bridge Convertible Preferred Loan Good Bad

31. The Convertible Bond Dilution Cost Lost Control Aligned Interests ROI Risk Taxes

32.

33. Questions? InfoMemo

ALPFA National Convention KPMG Case Competition

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