TN36_Deutsche_Bank_Securities_Financing_the_Acquisition_of_Consolidated_Supply_SA
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TN36_Deutsche_Bank_Securities_Financing_the_Acquisition_of_Consolidated_Supply_SA

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CASE 36 DEUTSCHE BANK SECURITIES: FINANCING THE ACQUISITION OF CONSOLIDATED SUPPLY S.A. Teaching Note Synopsis and Objectives In November 2003, Maria Ober, a vice president of Deutsche Bank Securities, received a client request for financing the acquisition of a large hospital-supply distributor. The client needed to present the seller with an offering price and an indication of financial commitment within two...

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36 DEUTSCHE CASE BANK SECURITIES: FINANCING THE ACQUISITION OF CONSOLIDATED SUPPLY S.A. Teaching Note Synopsis and Objectives In November 2003, Maria Ober, a vice president of Deutsche Bank Securities, received a client request for financing the acquisition of a large hospital-supply distributor. The client needed to present the seller with an offering price and an indication of financial commitment within two weeks. The contemplated transaction entailed a highly-leveraged acquisition of the target. The tasks for the student are to value the target firm and projected synergies, assess the credit worthiness of the target (i.e., its ability to bear the high debt), and critically evaluate the general design of the transaction. Suggestions for complementary cases: Palamon Capital Partners/TeamSystem S.p.A., (Case 47); The Wm. Wrigley, Jr. Company: Capital Structure, Valuation, and Cost of Capital, (Case 34); and Introduction to Debt Policy and Value, (Case 31) This case was developed to support the following teaching objectives: Profile the highly leveraged acquisition and its financial structure. The particular perspective of this case is that of the creditor. Thus, the case complements other cases on leveraged buyouts that consider the view of the equity investor. Exercise skills in valuing a business. The case includes a completed financial forecast and an estimation of the internal rate of return for the equity investor. The student must assess the adequacy of the return and consider valuation insights based on peer firms and transactions. Exercise skills in credit analysis. The case gives ample information on projected performance, forecasted interest coverage, and credit rating standards. The student must assess whether the return to the lender is adequate in light of the assessed credit risks. This teaching note was prepared by Robert F. Bruner. Copyright 2005 by the University of Virginia Darden School Foundation, Charlottesville, VA. All rights reserved. To order copies, send an e-mail to sales@dardenbusinesspublishing.com. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any meanselectronic, mechanical, photocopying, recording, or otherwisewithout the permission of the Darden School Foundation. Rev. 12/05. 212 Case 36 Deutsche Bank Securities Consider the impacts of changes in leverage, in control structure, and of a cross-border transaction with the attendant country risk and exchange rate bets. Suggested Questions for Advance Assignment 1. Is the payment to the seller an appropriate amount? If not, why? If so, what is the source of value created that might justify the acquisition premium? 2. Intercontinental Capital, Ltd. (ICL) believes that it could increase the earnings before interest, taxes, depreciation, and amortization (EBITDA) margin of Consolidated Supply S.A. (CSSA) by 350 basis points (bp) through improvements in operations and product mix. What is the impact of this savings on the value of CSSA and/or the return to ICL? 3. Is this deal structure realistic in the sense of being attractive to the senior lenders, the investors in the senior notes, and subordinated debt? What risk rating would you attribute to the senior debt? What is the expected return to Deutsche Bank? 4. Is this deal structure attractive to the equity investors? 5. What modifications can you suggest to improve the deal from the standpoints of the lenders and/or the equity investors? 6. How should Maria Ober reply to ICL? Note that this case is accompanied by a Microsoft Excel spreadsheet that supports student analysis: Case_36.xls. It is recommended that the instructor distribute this file to students along with the case. A separate Excel file contains analysis that supports instructor preparation to teach the case: TN_36.xls. Under the terms of license of use, the instructor is not to distribute this spreadsheet or printed representations of its contents to the students. This case can stand on its own when used with students who are generally familiar with the concepts of valuation, credit analysis, and acquisitions. To serve students who are less familiar with these concepts, suggested background readings would include: Robert F. Bruner, Applied Mergers and Acquisitions, (Hoboken, New Jersey: John Wiley & Sons, Inc., 2004): Chapter 9, Valuing the Firm, Chapter 13, Valuing the Highly Levered Firm and Assessing the Highly Levered Transaction, and Chapter 20, Section V, Assessing the Financing Aspects of a Deal. Hypothetical Teaching Plan This case may be taught in the usual class discussion format or used as a vehicle for team-based presentations. Using the latter format, the teaching plan should include an introduction, followed by team presentations, and conclude with general discussion and closing points by the instructor. The following plan depicts a standard class discussion format. Case 36 Deutsche Bank Securities 213 1. What is the problem in the case? Maria Ober needs to recommend a credit decision on this deal. It would make sense for the instructor to begin with some discussion of how a senior credit officer structures the analysis for a credit decision. More importantly, the problem is not simply a yes-or-no decision on the loan, but rather, a more creative task of structuring and negotiating a deal that is sufficiently attractive to all parties. 2. What is CSSA worth? A logical place to begin the analysis is with the appropriateness of the acquisition price. Are the asset values sufficient to support the loan? Is the buyer overpaying? 3. How much value would the improvement in the EBITDA margin add? This section addresses the economic efficiencies that the buyer expects to harvest. 4. What credit rating should Maria Ober give to this financing? Is the return to the creditor adequate to compensate for the credit risk? Here, the discussion turns to the more prosaic aspects of credit analysis. 5. Is this deal attractive from ICLs standpoint? What might be done to improve the returns? This section of the discussion turns to the creative structuring aspect of the problem. The returns to the equity investor seem skimpy. Students should be challenged to look for a way to improve the returns, rather than just reject the deal. 6. In summary, how should Ober respond to the request for financing terms? This final section asks students to knit together the various analyses of the case. The instructor could close the discussion with comments based on the epilogue and some general observations on the financing of highly leveraged acquisitions. Case Analysis The problem This is a complicated deal requiring careful analysis. On one hand, its Discussion very complexity will prompt some students to reject it. On the other hand, question 1 Deutsche Bank makes a business in such financings, largely because they are very profitable. A willingness to do the careful homework begets more financing business. Thus, the core problem is not to make a yes or no decision, but rather, to consider possible transaction designs that could improve the position of some parties to the transaction without necessarily worsening the position of others. 214 Case 36 Deutsche Bank Securities Part of the problem for students is planning the analysis of this transaction. In this regard, students can draw on some scheme of credit analysis. A simplistic framework is the 6 Cs of credit: Cash flow: Is the firms expected cash flow large enough to meet the principal and interest payments? Collateral: If we have to foreclose on the loan, are there sufficient assets in the firm that we could sell to repay the loan? Capital: Is there enough other capital ranking in priority below this loan to withstand a reasonable cyclical downturn in this firms business? Conditions: Do the current economic conditions favor timely debt payments? Course: Is the use to which these funds will be put appropriate? Is the general strategy of this firm on course? Character: Are the managers who are involved not only sufficiently intelligent and skilled, but are they also inclined to honor the repayment commitment? For many long-term bonds, creditworthiness is summarized in a bond rating. As the firm borrows more, the rating will decline. As the rating declines, the return that investors require will rise. Valuation of CSSA Students can pursue the question of CSSAs value in a number of ways. Discussion One classic approach simply is to compare the internal rate of return (IRR) given question 2 in case Exhibit 10 (21.3%) to an appropriate benchmark. Since this IRR is a return to equity holders, the appropriate benchmark would be the cost of equity reflecting the leverage of the target firm. Using the capital asset pricing model (CAPM) with a beta that is relevered to reflect the leverage yields estimated costs of equity ranging from 9% to 13% (see Exhibit TN1). Against this standard, the valuation of CSSA looks attractive. But theory indicates that the levered beta formula ignores default risk, suggesting that these equity costs understate the return required by equity holders. Some students will offer benchmarks based on hearsay or work experience. Private equity investors may look for equity returns in the 25% to 35% range. Indeed, the case mentions a typical expected return of 30%. Against such benchmarks, the return offered in this deal looks weak. The inconclusive assessment of returns invites an alternative approach to an economic judgment of the deal. Students could complete a standard valuation analysis, drawing on the wide range of valuation approaches supported by the case, and then judge whether the bid of $1.513 billion is too high or low. Exhibit TN1 presents a completed discounted cash flow (DCF) valuation analysis showing an estimated value of $1.883 billion, well in excess of the total Case 36 Deutsche Bank Securities 215 purchase amount. Exhibit TN2 summarizes the valuation results based on other approaches. The findings across the range of approaches are summarized in Exhibit TN3the football field diagram allows the analyst to triangulate from many approaches. This synthesis of many approaches suggests that ICL is probably not overpaying and that there is likely to be plenty of asset value to underpin the total funded debt of $979 million. Valuation of improvement in EBITDA margin ICL, the buyer of CSSA, believes that it will be possible to increase CSSAs EBITDA margin to 6.6%, which is the level of CSSAs chief competitor. Discussion question 3 This 350-basis-point improvement in EBITDA margin is not reflected in the financial forecasts provided by ICL. The case implies that this improvement results from cost reductions. While we are given relatively little basis on which to judge the reasonableness of managements belief, it is useful to consider the valuation impact if it comes true. Exhibit TN4 gives a DCF valuation of the savings. This uses a discount rate of 10%, a figure generally at the middle of the equity costs estimated in Exhibit TN1. Arguably, cost savings are likely to be more certain than typical equity cash flows, so it might be reasonable to use a lower discount rate. But debating the appropriate discount rate for merger savings is a fruitless use of class time. The point should be to look at the relative magnitude. Exhibit TN4 suggests that the DCF value of the savings is quite sizable: $257 million to $391 million. Such savings would accrue to the benefit of the equity investors. Relative to the equity outlay of $534 million, the DCF value of the savings represents an enormous potential return. ICL will clearly be motivated to operate CSSA more efficiently. Credit analysis The typical foundation for credit analysis is to spread the forecasted Discussion financial results across time and compute a series of analytic ratios with which question 4 to judge the credit risk of the borrower. This basic task has been completed and its results are given in case Exhibit 8. Plainly, Newcos credit quality increases over time. The credit analyst will give the greatest attention to years 2003 and 2004, when Deutsche Banks exposure is the greatest. The ratio of EBITDA to interest (2.7 and 2.9) falls between BB- and B-rated debt as shown in case Exhibit 11. Case Exhibit 9 provides information on the coverage of two key covenants: Minimum interest coverage: The exhibit hypothesizes a minimum coverage of 2.00 in 2004, rising to 2.25 in 2005 and 2006. The estimated coverage ratio is in the range of 2.85. The firm meets this test, covenant though there is a relatively thin margin for error. 216 Case 36 Deutsche Bank Securities Maximum total leverage ratio: The exhibit hypothesizes a maximum debt-to-EBITDA ratio of 6.75 in 2004, falling to 5.25 by the end of 2006. The calculated ratios are comfortably within those limits, which suggests that the new company has some room to borrow more debt in unforeseen circumstances. With some idea of the riskiness of the financing, one can look at Deutsche Banks potential returns. Case Exhibit 14 presents a completed hypothetical analysis of the IRR to the bank from this deal. The estimated return is 12.28% after taxes. Because financial institutions generate large tax shields, it is also useful to look at the pretax return. Case Exhibit 14 estimates the pretax return to Deutsche Bank as 23.17%. By any standard, these are huge returns for Deutsche Bank. The instructor should dwell on the possible sources of the high returns to Deutsche Bank. They are substantially created at the closing of the deal, in the form of fee income. This return may reflect market inefficiencies in competition. More likely, it reflects the return to unusual skill, willingness to bear underwriting risk, social networks, and information advantages. The bigger insight for students is that it pays better to be present at the creation of such transactions than it does to clip the coupons in later years. To conclude this section of the discussion, the instructor may walk students through the six Cs of credit to the extent that case facts allow (see Table TN1): Table TN1. The six Cs of credit. Cash flow: Is the firms expected cash flow large enough to meet the principal and interest payments? Reasonable, though not lofty, coverage ratios. Collateral: If we have to foreclose on the loan, are there sufficient assets in the firm that we could sell to repay the loan? Good asset coverage, judging from valuation analysis. Capital: Is there enough other capital ranking in priority below this loan to withstand a reasonable cyclical downturn in this firms business? The $534 million in equity represents a moderate cushion against adversity. Conditions: Do the current economic conditions favor timely debt payments? Not a lot of information, but case Exhibit 12 reveals low interest rates and moderate valuation ratios. Certainly not depressed conditions. Course: Is the use to which these funds will be put appropriate? Is the general strategy of this firm on course? Strategy and use of funds seem OK. Character: Are the managers who are involved not only sufficiently intelligent and skilled, but are they also inclined to honor the repayment commitment? ICL is certainly skilled and experienced. Not much information on character. Case 36 Deutsche Bank Securities 217 In sum, the deal seems to be an acceptable credit risk and appears to offer a very attractive financial return to Deutsche Bank. Conclusion: improving the deal and reaching a decision If time permits, the instructor can invite students to consider how the deal Discussion might be improved to yield a higher return to ICL from the outset. The simplest questions answer is to lower the amount of equity; however, the deal already looks fully 5 and 6 indebted as is. To reduce the equity investment will only drive away investors in the debt securities. If ICL can truly realize the cost savings it hypothesizes, then the increased cash flow may justify a subsequent increase in debt, followed by an extraordinary dividend paid to ICL. In short, the proof is in the pudding: if ICL can deliver on the operating efficiencies, it can earn a substantially higher return. Students may be divided on what Ober should recommend. On the basis of the analysis offered here, a positive credit decision seems warranted. The instructor may wish to end the class with a vote of the students. Epilogue Ober gave a positive recommendation to support the deal, and Deutsche Bank went to work on the behalf of its client. In the spring of 2004, the deal closed on the terms outlined in the case. After two quarters of performance it was clear that ICL had successfully harvested the cost efficiencies that it had foreseen. This served to support ICLs request for more debt financing. In December 2004, CSSA performed a super hold co financingthe shell holding company that was used to acquire CSSA issued $300 million in senior notesafter which ICL paid itself a $300-million dividend. This dramatically increased ICLs equity returns on the deal. A year later, ICL retained Deutsche Bank to underwrite an initial public offering of CSSAs equity. The premium that ICL anticipated on the sale of its shares further increased its returns. 474 DEUTSCHE BANK SECURITIES: FINANCING THE ACQUISITION OF CONSOLIDATED SUPPLY S.A. Completed DCF Valuation for Consolidated Supply S.A. (values in millions of U.S. dollars) Value of Consolidated Supply S.A. Year Fiscal year ended 1 2004 EBIT - Taxes @ 0.40 + Depreciation + Amortization + Other noncash adjustments - Capital expenditures - Change in net working capital (NWC) Free cash flow Terminal value Total free cash flow DCF total free cash flow Purchase price (exhibit 6) NPV $1,882.88 $1,530.00 $352.88 2 2005 3 2006 4 2007 5 2008 6 2009 7 2010 8 2011 9 2012 10 2013 $91.18 (36.47) 31.33 13.43 1.93 (27.32) (1.09) 72.97 $102.41 (40.97) 31.51 13.43 (4.00) (28.39) 22.38 96.37 $147.85 (59.14) 31.60 13.43 (3.00) (29.46) 1.60 102.87 $160.97 (64.39) 31.68 13.43 (3.90) (30.62) 0.80 107.98 $174.88 (69.95) 31.86 13.43 (4.60) (31.77) (11.70) 102.14 $189.31 (75.72) 32.04 13.43 (0.30) (31.40) (11.05) 116.31 $204.69 (81.88) 32.04 13.43 2.28 (32.64) (11.46) 126.46 $220.87 (88.35) 32.04 13.43 (2.00) (33.85) (11.89) 130.26 $241.33 (96.53) 32.04 13.43 (2.00) (35.10) (12.42) 140.75 $72.97 $96.37 $102.87 $107.98 $102.14 $116.31 $126.46 $130.26 $140.75 $259.37 (103.75) 32.04 13.43 (2.00) (36.40) (12.79) 149.90 3,147.86 $3,297.75 g = 5% WACC = 10% Case 36 Deutsche Bank Securities Exhibit TN1 Exhibit TN1 (continued) Weighted-Average Cost of Capital (WACC) Revolver Term loan A Term loan B Existing third-party debt Senior notes Senior subordinated notes Shareholders' equity Total capitalization $0.00 133.39 369.19 10.95 155.75 307.05 517.58 $1,493.90 $0.00 111.27 336.01 10.95 155.75 307.05 537.95 $1,458.98 $0.00 86.41 298.72 10.95 155.75 307.05 585.94 $1,444.82 $0.00 59.44 258.25 10.95 155.75 307.05 641.99 $1,433.42 $0.00 35.09 221.74 10.95 155.75 307.05 705.63 $1,436.20 $0.00 3.92 174.97 10.95 155.75 307.05 780.84 $1,433.48 $0.00 0.00 89.81 10.95 155.75 307.05 866.28 $1,429.83 $0.00 0.00 0.00 10.95 155.75 307.05 969.24 $1,442.99 $0.00 0.00 0.00 10.95 155.75 307.05 1,086.61 $1,560.35 $0.00 0.00 0.00 10.95 155.75 307.05 1,215.51 $1,689.25 0.0% 8.9% 24.7% 0.7% 10.4% 20.6% 34.6% 0.0% 7.4% 22.5% 0.7% 10.4% 20.6% 36.0% 0.0% 5.8% 20.0% 0.7% 10.4% 20.6% 39.2% 0.0% 4.0% 17.3% 0.7% 10.4% 20.6% 43.0% 0.0% 2.3% 14.8% 0.7% 10.4% 20.6% 47.2% 0.0% 0.3% 11.7% 0.7% 10.4% 20.6% 52.3% 0.0% 0.0% 6.0% 0.7% 10.4% 20.6% 58.0% 0.0% 0.0% 0.0% 0.7% 10.4% 20.6% 64.9% 0.0% 0.0% 0.0% 0.7% 10.4% 20.6% 72.7% 0.0% 0.0% 0.0% 0.7% 10.4% 20.6% 81.4% Cost of: Revolver Term loan A Term loan B Existing third-party debt Senior notes Senior subordinated notes 3.91% 4.16% 4.16% 4.16% 7.75% 9.00% 5.18% 5.43% 5.43% 5.43% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% 6.28% 6.53% 6.53% 6.53% 7.75% 9.00% Risk free rate (case Exhibit 12) Rm-Rf Unlevered beta (case Exhibit 5) Relevered beta (book value) Cost of equity 5.0% 5.5% 0.66 1.41 13% 5.0% 5.5% 0.66 1.34 12% 5.0% 5.5% 0.66 1.24 12% 5.0% 5.5% 0.66 1.15 11% 5.0% 5.5% 0.66 1.07 11% 5.0% 5.5% 0.66 0.99 10% 5.0% 5.5% 0.66 0.92 10% 5.0% 5.5% 0.66 0.85 10% 5.0% 5.5% 0.66 0.83 10% 5.0% 5.5% 0.66 0.81 9% Weighted-Average Cost of Capital (WACC) Geometric mean WACC 9.12% Arithmetic mean WACC 9.12% 8.5% 8.8% 9.0% 9.0% 9.0% 8.9% 8.9% 9.0% 9.7% 10.4% 14.5% 15.1% 16.2% 17.0% 18.0% 19.2% 20.5% 22.2% 24.5% 27.1% WACC if Ke = 30% Geometric mean WACC Arithmetic mean WACC 19.36% 19.42% Case 36 Deutsche Bank Securities % weights Revolver Term loan A Term loan B Existing third-party debt Senior notes Senior subordinated notes Shareholders' equity 475 476 Exhibit TN1 (continued) Growth Rate in Perpetuity (Terminal Value) 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% $982.05 $1,208.54 $1,499.73 $1,887.99 $2,431.55 $3,246.90 $4,605.81 $7,323.63 717.81 891.55 1,108.73 1,387.96 1,760.26 2,281.49 3,063.33 4,366.41 501.99 638.33 804.97 1,013.26 1,281.07 1,638.15 2,138.05 2,887.92 322.48 431.47 562.26 722.11 921.92 1,178.83 1,521.36 2,000.92 170.89 259.37 363.94 489.43 642.80 834.51 1,081.00 1,409.66 41.21 114.00 198.91 299.26 419.68 566.87 750.84 987.39 (70.93) (10.39) 59.47 140.97 237.30 352.88 494.15 670.74 (168.84) (117.98) (59.86) 7.20 85.45 177.91 288.87 424.49 (255.04) (211.95) (163.12) (107.31) (42.92) 32.21 120.99 227.54 (331.49) (294.70) (253.32) (206.43) (152.83) (90.99) (18.84) 66.42 (399.72) (368.11) (332.78) (293.04) (247.99) (196.51) (137.11) (67.81) (460.99) (433.66) (403.29) (369.35) (331.17) (287.89) (238.43) (181.37) ($516.29) ($492.53) ($466.27) ($437.09) ($404.48) ($367.79) ($326.20) ($278.68) Case 36 Deutsche Bank Securities W A C C $352.88 7.0% 7.5% 8.0% 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% Exhibit TN2 DEUTSCHE BANK SECURITIES: FINANCING THE ACQUISITION OF CONSOLIDATED SUPPLY S.A. Summary of Approaches for Valuing Consolidated Supply S.A. Equity (values in millions of U.S. dollars) Valuation Method Book value Discounted cash flow (DCF) DCF with margin improvement Equity value/ EBITDA Equity value/ free cash flow Transaction EBITDA Transaction EBIT High Value $1,650 $1,900 $2,200 $2,991 $2,700 $2,991 $3,009 Low Value $1,600 $1,400 $1,700 $1,407 $1,241 $2,287 $1,459 Difference $50 $500 $500 $1,583 $1,459 $704 $1,550 Source case Exhibit 2 calculation calculation case Exhibit 5 case Exhibit 5 case Exhibit 4 case Exhibit 4 Case 36 Deutsche Bank Securities 477 478 Exhibit TN3 Triangulation Figure Summarizing Valuation Ranges for Consolidated Supply S.A. (values in millions of U.S. dollars) $3,500 $3,000 $2,500 Transaction EBITDA $2,000 $1,500 $1,000 Book Option DCF $500 DCF EV/EBITDA with EV/FCF margin improv. Transaction EBIT Transaction price $0 1 2 3 4 5 6 7 Case 36 Deutsche Bank Securities DEUTSCHE BANK SECURITIES: FINANCING THE ACQUISITION OF CONSOLIDATED SUPPLY S.A. Exhibit TN4 DEUTSCHE BANK SECURITIES: FINANCING THE ACQUISITION OF CONSOLIDATED SUPPLY S.A. DCF Valuation of Projected Savings at Consolidated Supply S.A. (values in millions of U.S. dollars) Valuation of EBITDA Margin Improvement Year Fiscal year ended 1 2 3 4 5 EBITDA as projected EBITDA margin as projected EBITDA margin with 350 bp improvement EBITDA with 350 bp improvement from 2003 Increase in EBITDA (line 4 minus line 1) 6 Growth rate of FCF (nominal), in perpetuity 7 Discount rate 8 Ongoing investment/savings (year 3+) Pretax cost savings, current dollars Tax expense @ 0.40 After-tax cost savings Less: investment necessary to realize the savings Plus: disinvestment associated with the savings Subtotal Terminal value (TV) Free cash flow 17 Net present value of cost savings (including TV) 18 Net present value of cost savings (excluding TV) 1 2004 2 2005 3 2006 4 2007 5 2008 6 2009 7 2010 8 2011 9 2012 10 2013 $163.76 $175.93 $187.95 $200.77 $214.08 $228.47 $243.08 $258.46 $274.64 $295.10 $313.14 6.6% 6.9% 7.1% 7.3% 7.5% 7.7% 7.9% 8.1% 8.3% 8.6% 8.8% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% 10.1% $250.82 $257.10 $266.92 $277.32 $287.82 $299.19 $310.26 $321.74 $333.65 $346.00 $358.81 $87.06 $81.17 $78.98 $76.55 $73.74 $70.72 $67.18 $63.29 $59.01 $50.90 $45.67 2% 10% 0% $0.00 $0.00 $0.00 $391.48 $256.79 $81.17 $78.98 $76.55 $73.74 $70.72 $67.18 $63.29 $59.01 $50.90 $45.67 ($32.47) ($31.59) ($30.62) ($29.50) ($28.29) ($26.87) ($25.31) ($23.60) ($20.36) ($18.27) $48.70 $47.39 $45.93 $44.24 $42.43 $40.31 $37.97 $35.41 $30.54 $27.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $48.70 $47.39 $45.93 $44.24 $42.43 $40.31 $37.97 $35.41 $30.54 $27.40 $349.37 $48.70 $47.39 $45.93 $44.24 $42.43 $40.31 $37.97 $35.41 $30.54 $376.77 Case 36 Deutsche Bank Securities 9 10 11 12 13 14 15 16 0 2003 479

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cng n thi nghip v CNTT dnh cho k s ti Chi nhnh - Nm 2010Phn bt buc i vi tt c cc k s1. Cch biu din d liu v lgic C s m Cch biu din d liu s (BCD, packed, unpacked, du phy ng, du phy tnh) v kt (ASCII, EBCDIC, Unicode) Cc php ton v chnh xc (dch bit, AND
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NGN HNG CNG THUONGVIT NAMCNG HO X HI CH NGHA VIT NAMc lp - T do - Hnh phcH Ni, ngy 6 thng 04 nm 2010 CNG N TPNGHIP V HUY NG VN, TN DNG V SN PHM DCH V KHCNDnh cho: Nhn vin phng Khch hng c nhn Ti Tr s chnh Lnh o v nhn vin Phng Khch hng c nhn hoc ph
Abu Dhabi University - ECON - 101
NGN HNG TMCPCTVIT NAMCNG HO X HI CH NGHA VIT NAMc lp T do Hnh phcH Ni, ngy 08 thng 04 nm 2010 CNGN TP NGHIP V K TON NGN HNGA/ NI DUNG N TP:I/ I VI CN B L GIAO DCH VIN, K TON VIN KIM SOT VIN V HUKIM: (ang hng mc lng t bc 07 tr xung)1. K ton nghip
Abu Dhabi University - ECON - 101
NGN HNG CNG THUONGVIT NAMCNG HO X HI CH NGHA VIT NAMc lp - T do - Hnh phcH Ni, ngy 6 thng 04 nm 2010 CNG N TPNGHIP V K TON TH CHO CHI NHNHI. Ti liu cn nghin cu:1. Tng quan v cc sn phm v dch v th ca Vietinbank, bao gm c cctnh nng v tin ch lin quan
Abu Dhabi University - ECON - 101
NGN HNG CNG THUONGVIT NAMCNG HO X HI CH NGHA VIT NAMc lp - T do - Hnh phcH Ni, ngy 6 thng 04 nm 2010 CNG N TPNGHIP V MARKETING TH - DNH CHO CHI NHNHI.Phn l thuyt Marketing: Bn cht v ni dung ca k hoach marketing Phn tch SWOT (im mnh, im yu, c hi
Abu Dhabi University - ECON - 101
NGN HNG CNG THUONG CNG HO X HI CH NGHA VIT NAMVIT NAMc lp - T do - Hnh phcH Ni, ngy 30 thng 03 nm 2010 CNG N TPNGHIP V TN DNG, HUY NG VN V SN PHM DCH V KHDNDnh cho: Nhn vin cc Phng KHDN Ti Tr s chnh Nhn vin cc Phng CTD &T v P. Qun l ri ro TD, T ti
Abu Dhabi University - ECON - 101
NGN HNG TMCP CNG THNG VIT NAMS GIAO DCH CNG THI NGHIP V TI TR THNG MI NM 2010Cc phng thc thanh ton quc t1. Nm vng cc phng thc thanh ton ph bin hin nay: Khi nim, ni dung vquy trnh ca tng phng thc, vai tr v trch nhim ca cc bn tham gia trongqu trnh tha
Abu Dhabi University - ECON - 101
CNG N THI NGHIP V CHUYN TIN NM 20101. Ni dung n tp:-nh ngha, ni dung v quy trnh ca phng thc chuyn tin, vai tr vtrch nhim ca cc bn tham gia trong qu trnh thanh ton.-Ch qun l ngoi hi.-Cc hnh thc chuyn tin t nc ngoi v Vit Nam-Cc mu in SWIFT lin qu
Abu Dhabi University - ECON - 101
CNG N THI NGHIP V K TON NM 2010(Dnh cho cn b K ton SGD)Ngoi ni dung n tp nghip v k ton nm 2010 ca NHTMCP cng thngVN,SGDyu cu cn b v trng ph phng k ton nm vng quy trnh th tc, lunchuyn chng t v phng php hch ton k ton ca tng nghip v. C th:I/ K ton nghi
Abu Dhabi University - ECON - 101
NGN HNG TMCP CNG THNGVIT NAMCNG HO X HI CH NGHA VIT NAMc lp T do Hnh phcPHNG DV NH IN TH Ni, ngy 05 thng 04 nm 2010 CNG N TPCC VN BN CH NGHIP V NHTPHN ICC VN CHNH CA NGHIP V NGN HNG IN TSTTS vn bnNgy banhnhNi dungBan hnh Quy nh tm thi dch v
Abu Dhabi University - ECON - 101
cng n tp nghip v k ton cho TTTI.Ti liu cn nghin cu:1. Quy trnh nghip v pht hnh, thanh ton v s dng th tn dng quc tVisa/Mastercard trong h thng NHCTVN M s QT.32.102. Quy trnh nghip v pht hnh v s dng th E-partner trong h thngNHCT. M s QT.32.013. Quy t
Abu Dhabi University - ECON - 101
CNG N TP NGHIP V QUN L RI RO(qun l ri ro, gii quyt tranh chp v chun chi)1. Kin thc chung-Cc sn phm v dch v th ca Vietinbank-H thng Switch chuyn mch v cc module ng dng qun l ri ro-H thng quy trnh pht hnh v thanh ton th hin ti? Cc quy trnh phi hp l
Abu Dhabi University - ECON - 101
CNG N THI NGHIP V MARKETING TH - P DNG I VI TTTI. Kin thc chung, kin thc nghip vBn cht v ni dung ca k hoach marketingPhn tch SWOT (im mnh, im yu, c hi v thch thc) trong hot ng kinh doanhca doanh nghipChnh sch 4P, 6P, 4CChu k sng ca sn phmGi v cc y
Abu Dhabi University - ECON - 101
CUNG N TP V THI NGHIP V NM 2010p dng i vi Cn b Phng XD&QL ISO, Tr s chnhNgn hng TMCP Cng thng Vit NamKnh gi: Trng o to v pht trin NNLI.Ni dung n tp1. Tiu chun ISO 9001:2008 (H thng QLCL - Cc yu cu)2. Tiu chun ISO 19011:2003 (Hng dn nh gi h thng QL
Abu Dhabi University - ECON - 101
PHNG KINH DOANH NGOI T CNG N THINGHIP V KINH DOANH NGOI T1/ Mt s ni dung c bn ca Php lnh ngoi hi s 28/2005/PL-UBTVQH11ngy 13/12/2005 v Ngh nh ca Chnh ph s 160/2006/N-CP ngy 28/12/2006Quy nh chi tit thi hnh Php lnh ngoi hi-Mc tiu chnh sch qun l ngoi
Abu Dhabi University - ECON - 101
cng n tp(chi tit cho cng n tp)K thutI. Tin hc c bn:- Kin thc c bn v mng my tnh (M hnh OSI, a ch IP, cc giao thc cbn FTP, HTTP, Telnet, SMTP, POP3, . . .), MAC address- Kin thc c bn v h iu hnh Windows.- Chng trnh, thut tonII. Kin thc chung- Cc sn
Abu Dhabi University - ECON - 101
CNG HO X HI CH NGHA VIT NAMNGN HNG TMCP CNG THNGVIT NAMc lp T do Hnh phcPHNG DV NH IN TH Ni, ngy 05 thng 04 nm 2010 CNG N TPCC VN BN CH NGHIP V NHTPHN ICC VN CHNH CA NGHIP V NGN HNG IN TSTTS vn bnNgy banhnhNi dungBan hnh Quy nh tm thi dch v
Abu Dhabi University - ECON - 101
NGN HNG CNG THUONGVIT NAMCNG HO X HI CH NGHA VIT NAMc lp - T do - Hnh phcH Ni, ngy 6 thng 04 nm 2010 CNG N TPNGHIP V K TON CHO CHI NHNHI. Ti liu cn nghin cu:1. Tng quan v cc sn phm v dch v th ca Vietinbank, bao gm c cctnh nng v tin ch lin quan2.
Abu Dhabi University - ECON - 101
NGN HNG CNG THUONGVIT NAMCNG HO X HI CH NGHA VIT NAMc lp - T do - Hnh phcH Ni, ngy 6 thng 04 nm 2010 CNG N TPNGHIP V MARKETING TH - DNH CHO CHI NHNHI.Phn l thuyt Marketing: Bn cht v ni dung ca k hoach marketing Phn tch SWOT (im mnh, im yu, c hi
Abu Dhabi University - ECON - 101
PHNG QUN L RI RO TH TRNG & TC NGHIP CNG N TP NGHIP V QUN L RI ROPhn I: Kin thc v qun l ri ro ni chung v qun l ri ro tc nghip (40% im)1. Khi nim ri ro,cc loi ri ro trong ngn hng thng mi v mi quan h gia cc loi ri ro2. Vai tr ngha ca nghip v qun l ri ro
Abu Dhabi University - ECON - 101
3.FRAMEWORK - DEFINING AN ENABLING ENVIRONMENT FOR MFIS .153.1POVERTY AS EXCLUSION, HUMAN DEVELOPMENT AS EXPANDING THEAVAILABILITY OF CHOICES153.1.1Poverty : a Limitation of Choices - Concepts andIndicators.153.1.2The Needed Enabling Environment
Abu Dhabi University - ECON - 101
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Abu Dhabi University - ECON - 101
Americans have in the past century assumed that their schools will be comprehensive, especially at thesecondary, or high school, level. Stated another way, there has always been broad agreement inAmerican society that public education will not follow a
Abu Dhabi University - ECON - 101
CchhctingNhtchongimibtu(SutmvtnghpbiduhcNhtOSC)Khimibt uhctingNht, iutrctinbncnphihc l bngch citingNht(phinh mtch,cch cv cchvit).Khinybnc th thamkho cchhcsauy.(Lu,cchcvvitbngchcicposttopickhctrongforumny.Nubn c btk cuhinov cchhclcmibt u,bnc th postn
Abu Dhabi University - ECON - 101
Harvard System of Referencing: Basic GuideThis Guide is designed to help you start using the Harvard System of Referencing. It introduces the concepts of referencing andprovides some basic examples. For more detailed information, please see the Library
Abu Dhabi University - EGY - 192
HANOI UNIVERSITYFACULTY OF MANAGEMENT AND TOURISMMIDTERM TESTBUSINESS MODELINGSTUDENT FULL NAME _ID_MAJOR:_TUTOR:_ TUT:_ DATE: _ TIME: 30 MINSInstruction:- You are required to complete the midterm test (including section A and B) by using Excel.-
Abu Dhabi University - EGY - 192
Chapter 03 - The Organization and Structure of Banking and the Financial-Services IndustryCHAPTER 3THE ORGANIZATION AND STRUCTURE OF BANKING AND THE FINANCIALSERVICES INDUSTRYGoal of This Chapter: The goal of this chapter is to explore the different ty
Abu Dhabi University - EGY - 192
Chapter 05 - The Financial Statements of Banks and Their Principal CompetitorsCHAPTER 5THE FINANCIAL STATEMENTS OF BANKS AND THEIR PRINCIPALCOMPETITORSGoal of This Chapter: The purpose of this chapter is to acquaint the reader with the content,struct
Abu Dhabi University - EGY - 192
Chapter 06 - Measuring and Evaluating the Performance of Banks and Their Principal CompetitorsCHAPTER 6MEASURING AND EVALUATING THE PERFORMANCE OF BANKS AND THEIRPRINCIPAL COMPETITORSGoal of This Chapter: The purpose of this chapter is to discover wha
Abu Dhabi University - EGY - 192
Chapter 07 - Risk Management for Changing Interest Rates: Asset-Liability Management and Duration TechniquesCHAPTER 7RISK MANAGEMENT FOR CHANGING INTEREST RATES: ASSET-LIABILITYMANAGEMENT AND DURATION TECHNIQUESGoals of This Chapter: The purpose of th
Abu Dhabi University - EGY - 192
Chapter 08 - Risk Management: Financial Futures, Options, Swaps, and Other Hedging ToolsCHAPTER 8RISK MANAGEMENT: FINANCIAL FUTURES, OPTIONS, SWAPS, AND OTHERHEDGING TOOLSGoal of This Chapter: The purpose of this chapter is to examine how financial fu
LSU - FINANCE - 3716
FIN3716Section 12Quiz 3Chapter61.What is the interest rate charged per period multiplied by the number ofperiods per year called?A. effective annual rateB. annual percentage rateC. periodic interest rateD. compound interest rateE. daily interest
CSU Sacramento - ACCOUNTING - 121
Ashwin PrasadAccy 1215/14/2011Mon-Wed 7:00am-8:45amChapter 8- Extra CreditQuestions8-1) Managers plan for variable overhead costs by using flexible budgets and variance analysis. More generally,they seek out and eliminate any activities that dont s
CSU Sacramento - ACCOUNTING - 121
ACCT 1214/13/11*CH 12 do up to 30 pointsCH 15Direct methodStep down methodSingle rateDual rateIncrementalStand-alone
CSU Sacramento - ACCOUNTING - 121
Acct 1214/6/11-110 selling price-Price $110-PC maker -11 (10%)profit-PC install & test -25= 74 net selling priceCurrent Cost-total cost 72-unit cost 4- admin cost 14-installation cost 25=115 total current costTarget Cost (right next to curre
CSU Sacramento - ACCOUNTING - 121
ComponentsMotorBlade AssemblyDrawerOuter casingSubtotalCurrent Actual Cost$6.40$3.20$2.40$4.00$16.00Customer RequirementsCustomer RankingsSpeed of sharpeningEase of cleaning scrapingsAppearanceTotalComponentsMotorBlade AssemblyDrawer
CSU Sacramento - ACCOUNTING - 121
California State University, SacramentoAIS 141: ACCOUNTING INFORMATION SYSTEMS DEVELOPMENTInstructor: Dr. Yan Xiong (Dr. X)Office: TAH-2082Office Phone: 278-7143E-mail: xiongy@csus.eduWebCT address: http:/online.csus.edu (See below for details on th
CSU Sacramento - ACCOUNTING - 121
Many of the roots of human behavior can be traced to our ape heritage e.g. bonobos;which includes survival through cooperation and mutual assistance. While the same mechanismsand purposes may underlie bonobos and human social behavior, distinct solution
CSU Sacramento - ACCOUNTING - 121
Many of the roots of human behavior can be traced to our ape heritage e.g. bonobos;which includes survival through cooperation and mutual assistance. While the same mechanismsand purposes may underlie bonobos and human social behavior, distinct solution
CSU Sacramento - ACCOUNTING - 121
a. Evaluate the cost planning efforts of Modern in light of what you have studied abouttarget costing. Is their approach consistent with target costing?Modern is using some elements of target costing. First of they are using price led costing inwhich t
CSU Sacramento - ACCOUNTING - 121
Spring 11J. (Bill) DalyCALIFORNIA STATE UNIVERSITY, SACRAMENTOCOLLEGE OF BUSINESS ADMINISTRATIONOPM 101COURSE SYLLABUSOFFICE:OFFICE HOURS:Room 2081Mon and Wed 7:15-7:45 PMSaturday 10:50 -11:20 AM or by appointmentOFFICE PHONE:N/AE-MAIL:daly@
CSU Sacramento - ACCOUNTING - 121
Capital Oral & Maxillofacial Surgery9727 Elk Grove Florin Rd, #230Elk Grove, CA 95624
CSU Sacramento - ACCOUNTING - 121
Final Exam Review SheetThe Final Exam will be in class on May 16th at Riverside Hall 1015 from 12:45PM2PM. You will need a Scantran 882 form (the long one) and a calculator for the exam.The final exam is made up of a combination of 50 multiple choice qu
CSU Sacramento - ACCOUNTING - 121
Name: _ Date: _1.The following information relates to acompany's aggregate production planningactivities:QuarterDemand Forecast175,0002100,000375,0004125,000Beginning Workforce = 35 workersProduction per Employee = 1,250 units perquarter
CSU Sacramento - ACCOUNTING - 121
Name: _ Date: _1.The following information relates to acompany's aggregate production planningactivities:QuarterDemand Forecast175,0002100,000375,0004125,000Beginning Workforce = 35 workersProduction per Employee = 1,250 units perquarter
CSU Sacramento - ACCOUNTING - 121
Quiz #1st attempt 2nd attemptscenario 1818 your actual results814.4 after discounting your 2nd14.4 used in the final gradingscenario 215151518 your actual results14.4 after discounting your 2ndused in the final grading
CSU Sacramento - ACCOUNTING - 121
Name: _ Date: _1. Given the demand and forecast values shownin the table below:PeriodDemandForecastJune495484July515506August519528September496506October557550The three-period moving average forecast forNovember would be2. Annual de
CSU Sacramento - ACCOUNTING - 121
Name: _ Date: _1. Given the demand and forecast values shown in thPeriodJuneJulyAugustSeptembOctoberThe three-period moving average forecast for Nov550+506+528 = 52832. Annual demand for a product is 40,000 units. Theevery year. The annual hol
CSU Sacramento - ACCOUNTING - 121
Name: _ Date: _1. Given the demand and forecast values shown in the table below:PeriodDemandForecastJune495484July515506August519528September496506October557550Nov524The three-period moving average forecast for November would be(557
CSU Sacramento - ACCOUNTING - 121
OPM 4/2Quality Management-Trade quality for price-Crosby-Do it right the first time (quality)-PDSA circle-Plan (cannot improve if it doesnt meet expectations)-Type I Error-Type II Error-Process flow diagram-Cause and effect diagram-Pareto (80%,
CSU Sacramento - ACCOUNTING - 121
OPM 3/12/11Review75 questionsPhilosophical questionsDont think too much!20 math problemsChapter 1Operations Management is involved in selling products-False-Productivity O/I 100% output/100%input partial productivity 100% output/percentageinput-
CSU Sacramento - ACCOUNTING - 121
OPM 1014/9/11SPC-Population- represents everyone-Sample- must represent the population-Attribute-UCL-LCLAnything out of range of the UCL and LCL is bad.p-Barp-chartc-chartxbar-chartr-bar chartCPCPKeg. [ , ] (both have to be good or else it
CSU Sacramento - ACCOUNTING - 121
OPM 1014/30/11Exam: 9AMDSM- demand supply matching-revenue, people factors are missingS&OP-supply and operation planning-added revenue-shifting of demand (not creating new demand)BTS-build to stock-warehouse inventory-shipping on orders14.4ATP
CSU Sacramento - ACCOUNTING - 121
OPM 1015/7/11Channel InventoryManufacturing InventoryWork in progress inventoryLower level partsRisk pullingPush n PullJust in time InventoryMUDA7 things Japanese find as wastes-Overproduction-Transportation-Inventory-Movement-DefectsElimi