John Case comp
Consolidated Income Statements, 1980 - 1984 ($ 000s)
Cost of sales
Gross profit on sales
Selling and administrative expenses
Other income and (expense), net
Profit before income ta
Natra: initial questions
What type of activity is the company engaged in?
Which are the main trends?
Strengths / Weaknesses of the company?
Is the company generating value for its shareholders?
Is this situation likely to change
First Half 2015
August 27th, 2015
This document has been prepared by Grupo Isolux Corsn, S.A.; therefore no part of it may be published, disclosed or distributed in any form or by any means, nor used
by any other person or
1. over 80 years of professional activity
2. International presence - operates in more than 40 countries on four
3. leadership position in construction of EPC projects for solar photovoltaic
4. Relatively wide business area
QUESTION 1 HAS THREE PARTS FOR A TOTAL OF 20 POINTS
Maria and Hans Fisher, both age 55 and in excellent health, are recently retured and reside in Bern, Switzerland.
and managing director of a premium chocolate manufacturing enterprise. Maria plans to rem
Coca Cola !
1- Which are the company's main financial objectives?!
- maximise the shareholders wealth = maximising the price of the companys shares !
- stable the revenue, with pricing actions deflationary pressures and affordability
Objectives of the course
Understand the concept of Value
Understand how value can be created and get familiar with the key value drivers
Understand and apply the most commonly used methods to value a company
ISOLUX CORDAN CORVIAN
( million unless indicated otherwise)
Evolution compared to previous year
Net profit (excl- discontinued activities)
A few takeaways on valuation with multiples
Select the right universe of peers (size, activity, geography,.)
Sum-of-the parts approach
Combine companies to form a comp
Forward looking approach (estimation)
Eliminate non-recurrent items
ICC / Valuation Summary
Average construction companies
value Eq Value
Mketcap / Book value
Average C Average B
John M. Case
BBA / Corporate Valuation
What are the main operating and financial characteristics of the company?
How is the company?
Is the company worth USD 20m?
Is this a good investment opportunity?
How the purchase
DCF VALUATION CASE
Increase in sales
CoGS in % sales
Amortization (% of fixed assets)
Cost of debt
Corporate tax rate
Inventories (% of CoGS)
A/Rs (% sales)