12 Sep The J.C. Penny Company This is your first group case. Each of these case studies is designed to test your knowledg
The J.C. Penny Company
This is your first group case. Each of these case studies is designed to test your knowledge of several topics you have learned over your time as an undergraduate student. Unlike most assignments you receive in college, this assignment will not be limited to only things we have discussed. For example, you may need to apply working knowledge of a supply chain (on a macro level) or NPV.
Because this is the first case, the biggest emphasis will be on getting you acclimated to creating a case report. In the next sections, I will introduce what you will be required to submit for the first case.
Case Presentation:
Even though this is an online class, for this project, you will create a PowerPoint detailing the background of the case and your proposed solutions. You should consider this PowerPoint to be an overview of what you will provide in the written case report. Each presentation should be as if you were going to present to the board of J.C. Penney. Refer to the case questions.
To give you more guidance for the first case. Your presentation should be structured as follows:
1. Case background
a. Here you should give an overview of the case. Discuss the background of the company. You do not need to be limited to only material discussed in the case.
2. Case Issues
a. Outline the issues you identify in the case.
3. Potential Solutions
a. Outline the solutions you are presenting the JC Penny. Give full explanations. Any necessary calculations need to be included in the written report.
4. Conclusion
a. A summary of your final recommendations
The written report (2-3 pages, no upper limit) should have (at minimum) the following sections:
1. Case background
2. Potential solutions to the case
3. Conclusion and final recommendations
4. Work Cited
5. Additional question responses
6. Index (Include all of your calculations here, no minimum requirement).
Project Deliverables (Should be submitted by the deadline):
- A Powerpoint presentation presenting the primary issue and background of the case
- A written case report detailing your solution to the case.
JC Penny Case Questions
Primary Questions (These questions you should respond to in your presentation and case report.):
1. What do the liquidity ratios—Current, Quick, and Cash-to-Sales—reveal about JCP's financial position for the eight quarters spanning Q1 2011 to Q4 2012? Based on what you have discovered, what other ratios might a financial analyst be interested in that are related? Explain your choices.
2. JC Penny was in a tough financial spot.
"Cash flow is weak and could become critical. At current burn rates—and absent any further asset sales—we estimate that J. C. Penney will be virtually out of cash by fiscal year-end 2013." On top of that, JCP was dealing with allegations that the company was defaulting on its 7.4% debentures, which were due in 2037.
Suppose JCP presents a plan to raise capital using equity or debt. Discuss how the market may react to a capital raise using equity or debt. Ultimately, what recommendation would you make?
3. Evaluate the statement made near the end of the case:
"We increasingly question JCP's ability …"
Do you agree with this statement? Compute the FCF for JC Penny for 2010 – 2012 (Help! https://www.investopedia.com/terms/f/freecashflow.asp). Based on this information, will JCP generate enough FCF to turn things around?
4. What effect did Bill Ackman have on the company? Were his interests appropriately aligned with those of shareholders? How do you assess the board's decisions regarding CEO appointments? Was Ron Johnson the right choice as the CEO?
Additional Questions (to be answered near the end of the case report):
1. The JC Penny model has been large "anchor" stores in malls. Using your knowledge of supply chain management/inventory management, discuss how these factors contributed to the ultimate failure of JC Penny. Are there any financial ratios that show this in numbers?
,
Page i
Case Studies in Finance
Managing for Corporate Value Creation
Eighth Edition
Robert F. Bruner Kenneth M. Eades Michael J. Schill
Page ii
CASE STUDIES IN FINANCE: MANAGING FOR CORPORATE VALUE CREATIONS, EIGHTH EDITION
Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2018 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2014, 2002, and 1989. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the United States.
This book is printed on acid-free paper.
1 2 3 4 5 6 7 8 9 LCR 21 20 19 18 17
ISBN 978-1-259-27719-1 MHID 1-259-27719-4
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All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
Library of Congress Cataloging-in-Publication Data
®
Names: Bruner, Robert F., 1949-author. | Eades, Kenneth M., author. | Schill, Michael J., author. Title: Case studies in finance: managing for corporate value creation / Robert F. Bruner, Kenneth M. Eades, Michael J. Schill. Description: Eighth Edition. | Dubuque, IA : McGraw-Hill Education, [2018] | Series: The McGraw-Hill/Irwin series in finance, insurance, and real estate | Revised edition of the authors’ Case studies in finance, [2014] Identifiers: LCCN 2017023496| ISBN 9781259277191 (alk. paper) | ISBN 1259277194 (alk. paper) Subjects: LCSH: Corporations—Finance—Case studies. | International business enterprises— Finance—Case studies. Classification: LCC HG4015.5 .B78 2017 | DDC 658.15—dc23 LC record available at https://lccn.loc.gov/2017023496
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw- Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.
mheducation.com/highered
Page iii
The McGraw-Hill Education Series in Finance, Insurance, and Real Estate
FINANCIAL MANAGEMENT
Block, Hirt, and Danielsen Foundations of Financial Management Sixteenth Edition
Brealey, Myers, and Allen Principles of Corporate Finance Twelfth Edition
Brealey, Myers, and Allen Principles of Corporate Finance, Concise Second Edition
Brealey, Myers, and Marcus Fundamentals of Corporate Finance Ninth Edition
Brooks FinGame Online 5.0
Bruner, Eades, and Schill Case Studies in Finance: Managing for Corporate Value Creation Eighth Edition
Cornett, Adair, and Nofsinger Finance: Applications and Theory Fourth Edition
Cornett, Adair, and Nofsinger M: Finance Fourth Edition
DeMello Cases in Finance Third Edition
Grinblatt (editor) Stephen A. Ross, Mentor: Influence through Generations
Grinblatt and Titman Financial Markets and Corporate Strategy Second Edition
Higgins Analysis for Financial Management Twelfth Edition
Ross, Westerfield, Jaffe, and Jordan Corporate Finance Eleventh Edition
Ross, Westerfield, Jaffe, and Jordan Corporate Finance: Core Principles and Applications Fifth Edition
Ross, Westerfield, and Jordan Essentials of Corporate Finance Ninth Edition
Ross, Westerfield, and Jordan Fundamentals of Corporate Finance Twelfth Edition
Shefrin Behavioral Corporate Finance: Decisions that Create Value Second Edition
INVESTMENTS
Bodie, Kane, and Marcus
Page iv
Essentials of Investments Tenth Edition
Bodie, Kane, and Marcus Investments Eleventh Edition
Hirt and Block Fundamentals of Investment Management Tenth Edition
Jordan, Miller, and Dolvin Fundamentals of Investments: Valuation and Management Eighth Edition
Stewart, Piros, and Heisler Running Money: Professional Portfolio Management First Edition
Sundaram and Das Derivatives: Principles and Practice Second Edition Financial Institutions and Markets
Rose and Hudgins Bank Management and Financial Services Ninth Edition
Rose and Marquis Financial Institutions and Markets Eleventh Edition
Saunders and Cornett Financial Institutions Management: A Risk Management Approach Ninth Edition
Saunders and Cornett Financial Markets and Institutions
Seventh Edition INTERNATIONAL FINANCE
Eun and Resnick International Financial Management Eighth Edition
REAL ESTATE
Brueggeman and Fisher Real Estate Finance and Investments Sixteenth Edition
Ling and Archer Real Estate Principles: A Value Approach Fifth Edition Financial Planning and Insurance
Allen, Melone, Rosenbloom, and Mahoney Retirement Plans: 401(k)s, IRAs, and Other Deferred Compensation Approaches Tenth Edition
Altfest Personal Financial Planning Second Edition
Harrington and Niehaus Risk Management and Insurance Second Edition
Kapoor, Dlabay, Hughes, and Hart Focus on Personal Finance: An active approach to help you achieve financial literacy Sixth Edition
Kapoor, Dlabay, Hughes, and Hart Personal Finance Twelfth Edition
Walker and Walker Personal Finance: Building Your Future Second Edition
Page v
Dedication
In dedication to our wives
Barbara M. Bruner Kathy N. Eades
And to the memory of Mary Ann H. Schill
and to our children
Page vi
About the Authors
Robert F. Bruner is University Professor, Distinguished Professor of Business Administration and Charles C. Abbott Professor of Business Administration and Dean Emeritus of the Darden Graduate School of Business Administration at the University of Virginia. He has taught and written in various areas, including corporate finance, mergers and acquisitions, investing in emerging markets, innovation, and technology transfer. In addition to Case Studies in Finance, his books include Finance Interactive, multimedia tutorial software in Finance (Irwin/McGraw-Hill 1997), The Portable MBA (Wiley 2003), Applied Mergers and Acquisitions, (Wiley, 2004), Deals from Hell: M&A Lessons that Rise Above the Ashes (Wiley, 2005) and The Panic of 1907 (Wiley, 2007). He has been recognized in the United States and Europe for his teaching and case writing. BusinessWeek magazine cited him as one of the “masters of the MBA classroom.” He is the author or co-author of over 400 case studies and notes. His research has been published in journals such as Financial Management, Journal of Accounting and Economics, Journal of Applied Corporate Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Journal of Money, Credit, and Banking. Industrial corporations, financial institutions, and government agencies have retained him for counsel and training. He has been on the faculty of the Darden School since 1982, and has been a visiting professor at Harvard, Columbia, INSEAD, and IESE. Formerly he was a loan officer and investment analyst for First Chicago Corporation. He holds the B.A. degree from Yale University and the M.B.A. and D.B.A. degrees from Harvard University. Copies of his papers and essays may be obtained from his website, http://www.darden.virginia.edu/web/Faculty-Research/Directory/Full-time/Robert-F-Bruner/ He may be reached via email at [email protected]
Kenneth M. Eades is Professor of Business Administration and Area Coordinator of
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the Finance Department of the Darden Graduate School of Business Administration at the University of Virginia. He has taught a variety of corporate finance topics including: capital structure, dividend policy, risk management, capital investments and firm valuation. His research interests are in the area of corporate finance where he has published articles in The Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and Financial Management. In addition to Case Studies in Finance, his books include The Portable MBA (Wiley 2010) Finance Interactive, a multimedia tutorial software in Finance (Irwin/McGraw- Hill 1997) and Case Studies in Financial Decision Making (Dryden Press, 1994). He has authored or co-authored over 70 case studies as well as a web-based, interactive tutorial on the pricing of financial derivatives. He has received the Wachovia Award for Excellence in Teaching Materials and the Wachovia Award for Excellence in Research. Mr. Eades is active in executive education programs at the Darden School and has served as a consultant to a number of corporations and institutions; including many commercial banks and investment banks; Fortune 500 companies and the Internal Revenue Service. Prior to joining Darden in 1988, Professor Eades was a member of the faculties at The University of Michigan and the Kellogg School of Management at Northwestern University. He has a B.S. from the University of Kentucky and Ph.D. from Purdue University. His website is http://www.darden.virginia.edu/web/Faculty-Research/Directory/Full-time/Kenneth-M-Eades/ and he may be reached via email at [email protected]
Michael J. Schill is Professor of Business Administration of the Darden Graduate School of Business Administration at the University of Virginia where he teaches corporate finance and investments. His research spans empirical questions in corporate finance, investments, and international finance. He is the author of numerous articles that have been published in leading finance journals such as Journal of Business, Journal of Finance, Journal of Financial Economics, and Review of Financial Studies, and cited by major media outlets such as The Wall Street Journal. He has been on the faculty of the Darden School since 2001 and was previously with the University of California, Riverside, as well as a visiting professor
at Cambridge and Melbourne. He is the current course head for Darden’s core MBA finance course. He is the author or co-author of over 40 cases and technical notes, as well as a financial market simulation entitled Bond Trader. Prior to his doctoral work, he was a consultant with Marakon Associates in Stamford and London. He received a B.S. degree from Brigham Young University, an M.B.A. from INSEAD, and a Ph.D. from University of Washington. More details are available from his website, http://www.darden.virginia.edu/web/Faculty-Research/Directory/Full-time/Michael-J-Schill/ He may be reached via email at [email protected]
Page viii
Contents
Dedication v About the Authors vi Contents viii Foreword xi Preface xii Note to the Student: How To Study and Discuss Cases xxiii Ethics in Finance xxx
1 Setting Some Themes 1 Warren E. Buffett, 2015 To think like an investor 3 2 The Battle for Value, 2016: FedEx Corp. vs. United Parcel Service, Inc. Valu
e creation and economic profit 23 3 Larry Puglia and the T. Rowe Price Blue Chip Growth Fund Market efficienc
y 43 4 Genzyme and Relational Investors: Science and Business Collide? Value cre
ation, business strategy and activist investors 63
2 Financial Analysis and Forecasting 5 Business Performance Evaluation: Approaches for Thoughtful Forecasting F
inancial forecasting principles 89 6 The Financial Detective, 2016 Financial ratio analysis 107 7 Whole Foods Market: The Deutsche Bank Report Financial performance for
ecasting 113 8 Horniman Horticulture Financial forecasting and bank financing 127
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9 Guna Fibres, Ltd. Forecasting seasonal financing needs 133
3 Estimating the Cost of Capital 10 “Best Practices” in Estimating the Cost Estimating the cost of capital
145 of Capital: An Update
11 Roche Holdings AG: Funding the Genentech Acquisition Cost of debt capit al 173
12 H. J. Heinz: Estimating the Cost of Capital in Uncertain Times Cost of capi tal for the firm 189
13 Royal Mail plc: Cost of Capital Cost of capital for the firm 197 14 Chestnut Foods Cost of capital for multi-division firm 207
4 Capital Budgeting and Resource Allocation 15 Target Corporation Multifaceted capital investment decisions 219 16 The Investment Detective Investment criteria and discounted cash flow
239 17 Centennial Pharmaceutical Corporation Valuation of earnout plan 241 18 Worldwide Paper Company Analysis of an expansion investment 249 19 Fonderia del Piemonte S.p.A. Capital investment decision 253 20 Victoria Chemicals plc (A): The Merseyside Project Relevant cash flows
257 21 Victoria Chemicals plc (B): Merseyside and Rotterdam Projects Mutually e
xclusive investment opportunities 265 22 The Procter & Gamble Company: Investment in Crest Whitestrips Advanced Se
al Scenario analysis in a project decision 273 23 Jacobs Division 2010 Strategic planning 285 24 University of Virginia Health System: The Long-Term Acute Care Hospital Proj
ect Analysis of an investment in a not-for-profit organization 293 25 Star River Electronics Ltd. Capital project analysis and forecasting 30
3
5 Management of the Firm’s Equity: Dividends and R epurchases 26 Rockboro Machine Tools Corporation Dividend payout decision 313 27 EMI Group PLC Dividend policy 329 28 Autozone, Inc. Dividend and stock buyback decisions 347
6 Management of the Corporate Capital Structure 29 An Introduction to Debt Policy and Value Effects of debt tax shields 3
63 30 M&M Pizza Capital structure in a frictionless market 369 31 Structuring Corporate Financial Policy: Diagnosis of Problems and Evaluation o
f Strategies Concepts in setting financial policy 373 32 California Pizza Kitchen Optimal leverage 391 33 Dominion Resources: Cove Point Project funding and capital structure
409 34 Nokia OYJ: Financing the WP Strategic Plan Corporate funding alternativ
es 425 35 Kelly Solar Debt financing negotiation 449 36 J. C. Penney Company Liquidity management 453 37 Horizon Lines, Inc. Financial distress/restructuring/bankruptcy 467
7 Analysis of Financing Tactics: Leases, Options, an d Foreign Currency 38 Baker Adhesives Hedging foreign currency cash flows 483 39 Vale SA Debt financing across borders 489 40 J&L Railroad Risk management and hedging commodity risk 501
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41 WNG Capital, LLC Economics of lease financing 513 42 MoGen, Inc. Convertible bond valuation and financial engineering 52
5
8 Valuing the Enterprise: Acquisitions and Buyo uts 43 Methods of Valuation for Mergers and Acquisitions Valuation principles
539 44 Medfield Pharmaceuticals Valuing assets in place 559 45 American Greetings Firm valuation in stock repurchase decision 571 46 Ferrari: The 2015 Initial Public Offering Initial public offering valuation
583 47 Rosetta Stone: Pricing the 2009 IPO Initial public offering valuation 6
03 48 Sun Microsystems Valuing a takeover opportunity 623 49 Carter International Acquisition valuation and financing 645 50 DuPont Corporation: Sale of Performance Coatings Business Unit Divestitu
re 657 51 OutReach Networks: First Venture Round Valuation of early stage compan
y 679 52 Sanofi-Aventis’s Tender Offer for Genzyme Corporate acquisition 68
7 53 Delphi Corporation Corporate bankruptcy 715 54 Flinder Valves and Controls Inc. Acquisition negotiation 731
Page xi
Foreword
As I think about developing the next generation of leaders in business and finance, I naturally reflect on my own path. My career in business has taught some profound lessons—and so did my experience at the University of Virginia’s Darden School of Business. Both life experience and school learning are critical components in the development of any leader. For that reason, I have supported wholeheartedly higher education as the path toward a promising future.
As the world keeps changing, higher education must continually adapt. Practices, processes, and business models that were once popular have faded. At the same time, the field of Finance has witnessed dramatic changes, including the advent of new valuation models, the rise of new markets and institutions, the invention of new financial instruments, the impact of new information technologies, and growing globalization. In this environment, we must think critically about the changing world, pay attention to new ideas, and adapt in sensible ways. Business schools play a critical role in the change process: theory suggests new approaches, empirical research tests them, and classroom teaching transfers knowledge. The development of new teaching materials is vital to that process.
Case studies in Finance have evolved markedly over the past 40 years. This shift reflects the revolutionary changes in markets and organization, as well as the many significant advances in theory and empirical research. Because case studies are an invaluable teaching tool, it is critical that the body of cases grows with the practice of and scholarship in Finance.
I am pleased to introduce the reader to the eighth edition of Case Studies in Finance, by Robert F. Bruner, Kenneth M. Eades, and Michael J. Schill. These professors exemplify the practice-oriented scholar who understands the economic foundations of Finance and the extensive varieties of its practice. They translate business phenomena into material that is accessible both to experienced practitioners
and novices in Finance. This book is a valuable contribution to the teaching materials available in the field
of Finance. First, these cases link managerial decisions to capital markets and investor expectations. At the core of most is a valuation task that requires students to look to financial markets to resolve the problem. Second, these cases feature a wide range of contemporary and relevant problems, including examples in real and financial options, agency conflicts, financial innovation, investing in emerging markets, and corporate control. They also cover classic topics in Finance, including dividend policy, the mix of debt and equity financing, the estimation of future financial requirements, and the choice between mutually exclusive investments. Finally, these cases invite students to harness technology they will use in the workplace to develop key insights.
I am confident this collection will help students, scholars, and practitioners sharpen their decision-making ability, and advance the development of the next generation of leaders in Finance.
John R. Strangfeld Chairman and Chief Executive Officer Prudential Financial, Inc. May 3, 2017 Newark, New Jersey
Page xii
Preface
The inexplicable is all around us. So is the incomprehensible. So is the unintelligible. Interviewing Babe Ruth in 1928, I put it to him “People come and ask what’s your system for hitting home runs—that so?” “Yes,” said the Babe, “and all I can tell ‘em is I pick a good one and sock it. I get back to the dugout and they ask me what it was I hit and I tell `em I don’t know except it looked good.”
—Carl Sandburg
Managers are not confronted with problems that are independent of each other, but with dynamic situations that consist of complex systems of changing problems that interact with each other. I call such situations messes . . . Managers do not solve problems: they manage messes.
—Russell Ackoff
Orientation of the Book
Practitioners tell us that much in finance is inexplicable, incomprehensible, and unintelligible. Like Babe Ruth, their explanations for their actions often amount to “I pick a good one and sock it.” Fortunately for a rising generation of practitioners, tools and concepts of Modern Finance provide a language and approach for excellent performance. The aim of this book is to illustrate and exercise the application of these tools and concepts in a messy world.
Focus on Value The subtitle of this book is Managing for Corporate Value Creation. Economics teaches us that value creation should be an enduring focus of concern because value is the foundation of survival and prosperity of the enterprise. The focus on value also helps managers understand the impact of the firm on the world around it. These cases harness and exercise this economic view of the firm. It is the special province of finance to highlight value as a legitimate concern for managers. The cases in this book exercise valuation analysis over a wide range of assets, debt, equities, and options,
1
2
3
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and a wide range of perspectives, such as investor, creditor, and manager.
Linkage to Capital Markets An important premise of these cases is that managers should take cues from the capital markets. The cases in this volume help the student learn to look at the capital markets in four ways. First, they illustrate important players in the capital markets such as individual exemplar Warren Buffett and institutions like investment banks, commercial banks, rating agencies, hedge funds, merger arbitrageurs, private equity firms, lessors of industrial equipment, and so on. Second, they exercise the students’ abilities to interpret capital market conditions across the economic cycle. Third, they explore the design of financial securities, and illuminate the use of exotic instruments in support of corporate policy. Finally, they help students understand the implications of transparency of the firm to investors, and the impact of news about the firm in an efficient market.
Respect for the Administrative Point of View The real world is messy. Information is incomplete, arrives late, or is reported with error. The motivations of counterparties are ambiguous. Resources often fall short. These cases illustrate the immense practicality of finance theory in sorting out the issues facing managers, assessing alternatives, and illuminating the effects of any particular choice. A number of the cases in this book present practical ethical dilemmas or moral hazards facing managers—indeed, this edition features a chapter, “Ethics in Finance” right at the beginning, where ethics belongs. Most of the cases (and teaching plans in the associated instructor’s manual) call for action plans rather than mere analyses or descriptions of a problem.
Contemporaneity and Diversity All of the cases in this book are set in the year 2006 or after and 25 percent are set in 2015 or later. A substantial proportion (57 percent) of the cases and technical notes are new, or significantly updated. The mix of cases reflects the global business environment: 52 percent of the cases in this book are set outside the United States, or
have strong cross-border elements. Finally the blend of cases continues to reflect the growing role of women in managerial ranks: 31 percent of the cases present women as key protagonists and decision-makers. Generally, these cases reflect the increasingly diverse world of business participants.
Plan of the Book
The cases may be taught in many different combinations. The sequence indicated by the table of contents corresponds to course designs used at Darden. Each cluster of cases in the Table of Contents suggests a concept module, with a particular orientation.
Page xiv
1. Setting Some Themes. These cases introduce basic concepts of value creation, assessment of performance against a capital market benchmark, and capital market efficiency that reappear throughout a case course. The numerical analysis required of the student is relatively light. The synthesis of case facts into an important framework or perspective is the main challenge. The case, “Warren E. Buffett, 2016,” sets the nearly universal theme of this volume: the need to think like an investor. The updated case entitled, “The Battle for Value, 2016: FedEx Corp. vs. United Parcel Service, Inc.” explores the definition of business success and its connections to themes of financial management. “Larry Puglia and the T. Rowe Price Blue Chip Growth Fund,” is an updated version of cases in prior editions that explores a basic question about performance measurement: what is the right benchmark against which to evaluate success? And finally, “Genzyme and Relational Investors: Science and Business Collide?”, is a case that poses the dilemma of managing a public company
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