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Unformatted text preview: lead to the IPO? d. How did capital structure (among comparable companies) affect your WACC calculation, and thus, valuation? e. Is your cost of equity estimate sensitive to your choice of a market index (i.e., S&P 500 v. total market equally or value weighted index)? f. What are the pros and cons to the multiples approach? g. Post IPO performance: How has Facebook performed relative to its peers since the IPO? In particular, is Facebook's poor post-IPO performance better explained by Morgan Stanley's initial valuation, or market events that have happened since the valuation? Appendix variable descriptions Variable permno/permco year month return vwretd ewretd sprtrn rf ticker company currency current_assets accounts_payable total_assets book_equity cash cash_and_equivalent cogs shares_outstanding debt_convertible debt_longterm depreciation dividends ebit ebitda goodwill intangible_assets inventories current_liabilities total_liabilities net_income pretax_income PPE preferred_stock receivables total_revenue sales taxes working_capital extraordinary_items interest_expense stock_price Units Description Company identifiers used by the data supplier calendar year relative to the acquisition year calendar month company return (monthly) value weighted index of all public firms equal weighted index of all public firms S&P500 index risk free rate - 3 month tbill Ticker Symbol Company Name ISO Currency Code Current Assets - Total Accounts Payable - Trade Assets - Total Common/Ordinary Equity - Total Cash Cash and Short-Term Investments Cost of Goods Sold Common Shares Outstanding Debt - Convertible Long-Term Debt - Total Depreciation and Amortization Dividends - Total Earnings Before Interest and Taxes Earnings Before Interest, tax, depreciation and amortization Goodwill Intangible Assets - Total Inventories - Total Current Liabilities - Total Liabilities - Total Net Income (Loss) Pretax Income Property, Plant and Equipment - Total Preferred Stock - Redemption Value Receivables - Total Revenue - Total Sales/Turnover (Net) Income Taxes - Total Working Capital (Balance Sheet) Extraordinary Items Interest and Related Expense - Total Price Close - Annual - Fiscal % % % % % $ millions $ millions $ millions $ millions $ millions $ millions $ millions millions $ millions $ millions $ millions $ millions $ millions $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ millions millions millions millions millions millions millions millions millions millions millions millions millions millions millions millions millions...
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- Fall '11