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Income
135 from
4
Statecontinuing
inc
T?0X
taxes
Yfh%%$^
operations
(net of 4
fed tax
!/>=4
440.48 342.21
benefit)*
x296.67
(20.02)
x~
(6.64)
!X@ " "  
(3.83) 136
137
138
Nondeductible
Foreign earnings
and divestitures,
other
amort
unusual
than
notofstatutory
taxed
charges
intangibles
orrestructuring
taxed
fed
---rate
at (4.00)
(101.36)2.00
(1.61) (1.17)
(51.87)
(2.15)
(0.21) 22139
Other [c]Divestitures,
charges
(16.96)
(netrestructuring
(2.23)
of
tax) (0.11)
and unusual
--(223.81)
(226.38)28
Net earnings as reported
$ 401.50
$
4.4
0
[a]
Notes:
Cost$ of13.10
products sold = [14] - depreciation expense - Repair and maintenanc
[c]
e.
[b]
* This
Marketing
For Year
item 11:
also
and selling
includes
667.4
xexpenses
.03
the=rounding
20.02.
= [15]errors.
advertising.

Income from
b.
Analysis
continuing
and Interpretation
operations increases significantly year after year. Dives
titures, restructuring and unusual charges, as well as their tax effects, had si
gnificant impacts on net income in Year 9 and Year 10. R & D expenses rose moder
ately
Problem
a.
Purchase
Book
Payment
Add:
Amount
Step
Buildings
b.
Pro
As
Cash
Assets
U.S.
Merchandise
Land
Building
Equipment
Liabilities
Accounts
Notes
Bonds
Preferred
Common
Paid-in
Finex,
ofForma
value
Decrease
12:
government
over
January
payable
to
stock
Inc.
321Step
Land
Building
Equipment
Total
12-3
in
Allocate
capital
price
receivable
payable
Preferred
[40,000
[360,000
[130,000
32beexcess
Balance
stock
the
of
inventory
and
($40,000
1:
3:
(75
allocated
assets
total
in
1,
years.
of
Compute
$($360,000
bonds
50,377
Equity
and
minutes)
accounts
amount
Year
/Sheet
($130,000
Finex
of
/10,377
stock
(40,000
equity
(net)
retained
(40,000
book
+2Advertising
to$10,377)
55,000
Amount
reported
(given)
to
$137,500
(restated)
453,396
163,727
50,000
200,000
400,000
93,396
+Land,
value
receivable
+individual
133,727
+Common
+earnings
$93,396)
360,000
$33,727)
360,000
toBuildings
(unchanged)
$1,120,000
25,000
230,000
(restated)
$100,000
values
expenses
be
stock
170,000
Allocated:
(5%)
+*assets:
+130,000)]
to
$130,000
142,500
(unchanged)
+and
130,000)]
570,000
Paid-In
declined
assign
Equipment
$(less
$453,396
$163,727
$700,000
(unchanged)
xtoxcapital
50,377
137,500.
in137,500.
individual
5%)
Year+11.
Retained
7,500
200,000
assets:
$137,500
earnings.
(increas
eFinex,
*Total
c.
Pro
For
Net
Cost
Add:
ofsales
Component
Forma
Year
$130,000)
of
Increased
liabilities
Inc.
goods
Ended
Income
amounts
sold
December
depreciation
Statement
andwill
equity
31,
$860,000
varyin
Year
with
COGS1
$546,000
2 method$1,120,000
100.0%
of acquisition.664
546,664
Gross
Selling
Add:
Bad
Net
Estimated
63.6operative
debt
1Increase
profit
Building:
Equipment:
Total
Estimated
Depreciation
&expense
Year
administrative
depreciation
in12 ($16,900
income
($18,892
depreciation
7,900
$453,396
depreciation
9,000
$163,727
rates
expense
in
/313,336
/expenses
-COGS
(360,000
x(130,000
before
$6,297=$12,595)
x$5,633=$11,267)
2%6%
expense:1
in=$36.4
COGS
purchase:
Year
$18,892
+64,508
+35,000)
7,500
20,000)
in
22:=($18,892
Year
$ 9,068
9,824
1=240,000
[($7,900+$9,000)
2%
6%
x7.5
248,828
1/3)1,328 $6,297
28.9
x 1/3]
d.5,633 No,
Increase
the pro
in forma
depreciation
net operating
expenseincome is 7.5% of net sales.
$ 664

Problem
Sales
Less:
Net
Cost
Gross
Step
Analysis
Sales
ofProfit
2:
3:
1:
Beginning
Purchases
2%
1%
Less:
Gross
Bank
10%
12-4
Construct
goods
Assess
Compute
ofpurchases
sales
sales
Credit
America
(60
Ending
margin
sold
whether
488,000
$500,000
Gross
Current
discount
minutes)
inventory
returns
aConstraint
Pro
returned
discount
inventory
to
would
Margin
Aspero
sales
Forma
Liabilities
440,000
not
($138,000/1.38)
to=from
Gross
meets
extend
$90,000
Sales
$400,000
$ 90,000
Bank
Profit
Credit
(Accounts
a loan
/Boston:
America:
$ $440,000
10,000
(8,000)
50,000
Schedule
Constraint
(4,000)
toPayable
Aspero
138,000
= 20.45%
is(20.45%
100,000
its
388,000
60,000
only
< 25%
350,000
current
min.)liabil
ity) 4:
Step
2: Bank
3:
Cash
Accounts
Inventory
Total
[a]
Current
Compute
Assess
A.R.
Boston
Current
whether
Assets:
ratio
liabilities
Current
payable
=receivable
Sales
would
=Assets
Aspero
$198,500
Assets
Ratio
(=turnover
extend
388,000
A.R.
[a]
= Purchases
meets
turnover
$a(=loan
(360
$97,000
Credit
45,500
=to
(138,000
=$97,000
90
Accounts
=440,000
Aspero
Constraint
= 4$198,500
2.05
55,000
(2.05
(payable
(360/45)
> 2.0
turnover
=
min.)
55,000.

*Note:5:
Problem
a.
Year
2:Consistent
3:
4:
Year
Abnormal
12-5 1:
$11,700
$11,420
$11,860
$10,820
(60$12,500
-Earnings
minutes)
(.15)($56,500)
(.15)($63,845)
(.15)($72,145)
with
the
- (.15)($50,000)
Computation:
example in the= text,
$3,226the
$1,845
$$1,039
= $5,000
0 figures
[3,225]*
[1,843]*
[[1,038]*
are-2]*
based
[5,000]*
on roundin
g ROCE toEstimate
b.
two digits.
1/1/Year
of Equity
The2:figures
Value:
$56,500without
+ $3,226/1.152
rounding +are$1,845/1.153
reported in+parentheses.
$1,039/1.154
$60,747 1/1/Year
c.
1/1/Year
d.
Estimate
Conservative
3: $72,145
4:
5:
$63,845
2:
of $56,500
Equity
+accounting
$1,845/1.153
$1,039/1.154
($65,652
($72,739
Value
+ ($60,747
-principles
$72,145
Adjusted
$63,845)
$72,145)
+ $1,039/1.154
-(no
$56,500)
xfor
tend
(1+.15/2)
amounts
Mid-Year
to
$72,739
xunderstate
(1+.15/2)
discounted)
Discounting:
net$72,784
$65,652
$65,788
income$61,066
and boo
k value. As long as the analyst's estimates of future profitability incorporate
the eventual reversal of this conservatism under the clean surplus relation, val
ue estimates
e.
1/1/Year
Estimate
will2:
ofnotPB:be1affected
+ (.2071-.15)/1.15
by conservative
+ [(.1789-.15)/1.152]
accounting.
x [$63,845/$5
6,500] 1/1/Year 3:+ [(.1644-.15)/1.153]
1 + (.1789-.15)/1.15
x [$72,145/$56,500]
+ [(.1644-.15)/1.152]
= 1.09x [$72,145/$5
6,500] =1/1/Year
f.
1/1/Year
Estimate
1.04 7.67
3:
4:
5:
of PE+ [7.67/$11,700]
(Note:
1 + (.1644-.15)/1.15]
1.00
"Normal"x PE
[($1,845-$3,226)/1.15
= 1.15/.15
= 1.01 = 7.67):+ ($1,039-$1,845)/
1.152
1/1/Year
4:
7.67
+ ($0-$1,039)/1.153]
+ [7.67/$11,420] -x $4,355/$11,700
[($1,039-$1,845)/1.15
= 5.66 + ($0-$1,039)/1.15
2]
1/1/Year
5:
7.67
- $3,120/$11,420
+ [7.67/$11,860]
= 6.40
x [($0-$1,039)/1.15] - $11,860/$11,860 = 6
.08

Case
CASES
a.
Recast
For
Net
Cost
Selling
Repairs
Advertising
Employee
Research
Operating
Other
Income
Ferrosales
Years
12-1
of
income:
charges:
Corporation
Income
before
taxes
Royalties
Interest
Miscellaneous
&sales
Total
&training
(90
Ended
administrative
maintenance
Income
development
expense
(at
minutes)
Statements
[a]
[c]
taxes
other
[d]
Year
earned
expense
48%,
program
[b]
income
charges
5before
[a]
andexpenses
($000s)
[b]
Year
items
61,346
710
6,000
251,846
39,462
$376,485
[b]
below)
41,451
1,490
1,480
9,972
1,086
4,055
210,333
15,000
4,000
854
33,106
7,000
[e]5,535
3,546
4,474
48,216
20,000
5,000
$328,005
35,327
1,761
1,448
8,205
42,140
335,034
18,942
3,701
5,922
Year 6 Year
292,678
15,89
5
1Income
Add
(deduct)
from
Lowercontinuing
permanent
taxsubsidiaries
rate on
operations
tax
earnings
differentials:
(Year 6:
of 36,819
consolidated
x 5.3%)
20,520[e]17,215
1,951
1,312 Investment
Unrealized
Added
Lower US
tax(Year
companies
taxes
rate
foreign
tax
6:credit
on36,819
(Year
dividends
equity
exchange
(Year
x6:in.8%)
5.3%)
36,819
loss,
from
6:
income
36,819
[e]
[e]
subsidiaries,
xof1.4%)
not
xtax
affiliated
1.5%)
deductible
[e] [e]
etc.
(1,951) (248)
(295)
516
(891)
552
198
223
Equityfrom
Unrealized
Loss
in
Miscellaneous
earnings
disposal
rounded
(Year
loss (Year
(net
on6:of
foreign
[e]
1,394
of
tax
5:
affiliates
chemicals
tax)
7,000
benefits
xcurrency
.52)
(Year
xdivision
135
.52)
(net
[c]
(Year
6:translation
4,037
of[a]
158
6:
tax)
(net
36,819
x .52)
of725
tax)
x[d]
.4%)262
(2,099) (963)(3,6
Net income[a],
40)
Notations
Notes:
as reported
[b], etc., indicate
$ 20,054
related items$in13,626
the statement. For example,
repairs Factors
b.
and maintenance
causing the
is separated
effectivefrom
tax rate
cost to
of be
goods
greater
sold.than the statutory
rate include the (1) unrealized foreign exchange translation loss, and (2) addit
ional taxes on dividends from subsidiaries and affiliates. Of these factors, cha
nges in foreign exchange rates may be considered random. Dividend policy is unde
r the control of management. The factors causing the effective tax rate to be l
ess than the statutory rate include the: (1) earnings of consolidated subsidiari
es taxed at rates less than the US rate, (2) equity in after-tax earnings of aff
iliates, (3) ITC, and (4) miscellaneous. Of these factors, the ITC is unstable a
s it depends
c.
WhileonFerro's
government
salespolicy.
grew by only 14.8%, net income from continuing opera
tions increased by 19.2%. The increase in the net income to sales ratio may have
resulted from "savings" in repairs and maintenance (R&M), advertising, and empl
oyee
%Year
R&M5training
Advertising
Employee
toActual
Year
Sales
Training
6to
program
Amount
Sales
toexpenses.
Sales
Difference
Benchmark*
6.1
The
2.1
4.0 following
(savings)
1.5
1.6
$15,000analysis
1.1
$22,970explains
6,000
$ 4,000
7,910
7,970these
1,910 "savings":
5,6
50*ofincome
The
Less
%Net
Note:
Year
"savings"
net
The$25,000
Amount
6disposal
income
%1,650
from
on
NIadjusted
of
on$36,530
continuing
to
spending
discretionary
Sales
sales
of
the
basis
$11,530
(on
($14,525/$376,485)***
chemical
required
operations
Yearitems
**
5division
basis)
in
($11,530
Yearwould
6maytoxhave
be: affected
.52)
equal
the
3.8%
$20,520
$14,525
spending
cost5,995
patterns.
implicit in
the
** YearAdjusted
5 ratios.to reflect discretionary costs at the same level as prevailed i
n***
Year% of
5. NI to Sales as reported is 5.3%.

(1) 12-2Reaction
Case
The(80tonnage
minutes)
tooProposals
fproduction
1-3:
method provides an especially good matching of dep
reciation expense against revenues for Canada Steel's highly cyclical business.
A unitofproduction method effectively makes depreciation a variable rather than a
fixed cost and, therefore, tends to stabilize earnings. Casting metals is not a
high technology business, and actual wear and tear on the equipment is more rele
vant to replacement need than technological obsolescence. A switch to straightli
ne would not eliminate the deferred tax liability as this difference is caused b
y accelerated methods and shorter lives rather than by the difference between th
e tonnageofproduction and straightline methods. Moreover, Canada Steel should not a
ttempt to extinguish this liability since it is an interestfree loan from the gov
ernment, which may never have to be repaid as long as new assets are acquired.
A switch to straightline would leverage profits on any production increase (or de
crease) because depreciation expense would be a direct function of time rather t
han units produced. However, the quality of earnings may be reduced by a switch
to straightline since this method would accentuate the highly cyclical nature of
the business
(2)
The reasons
and result
for adopting
in increased
the LIFO
incomemethod
volatility.
reducing taxes and increasing cas
h flow are still valid. Inflation usually declines during recessions, but this doe
s not mean its recurrence is improbable. Maximizing cash flow remains important
to the corporation and shareholders. A return to FIFO would relinquish the tax s
avings of prior years, although it is true that the balance sheet and income sta
tement would be strengthened by the change. The quality of earnings is likely t
o be affected adversely by the lack of consistency in inventory method (two chan
ges in a period of several years) and a perception that the motive in making the
change was to increase book value per share, avoid two consecutive unprofitable
years, and escape violation of a loan covenant. The $4 million upward adjustmen
t in working capital is a result of increasing the inventory account by this amo
unt,$0.5
Current
The
which
assets
liabilities
ratio
million
has the
LIFO
increment
effect$10.5
2.3oftoincreasing
netFIFO
$$14.5
income
3.2
4.5 the
$will
4.5
current
offsetratio
an operating
as shownloss
below:
of $0.4 m
illion, which would not be unexpected on a sales decline of 31%. In addition, t
he $2.0 million addition to shareholders' equity from prior years' profits is li
kely to be far less significant than current profit trends (Canada Steel has had
to disclose regularly in the notes to its financial statements the difference i
n inventory
(3)
The inventory
values resulting
change will
from enable
the useCanada
of LIFOSteel
versus
to meet
FIFO).the minimum curren
t ratio requirements. However, the stock repurchase program should not be recomm
endedproposed
The
for therepurchase
following price
reasons:
of $100 per share is well above book value and rec
ent potential
The
market prices,
dividend
suggesting
savingsdilution
are outweighed
for remaining
by interest
shareholders.
costs of $101,000 ($2.
0 million x 11% x 0.46 marginal tax rate) to finance the purchase--in other word
s, leverage
The
debttoequity
is negative.
ratio has increased significantly from 10% ($2.0 million longterm
debt/$17.7 million equity + $2.0 million longterm debt) to 35% ($6.1 million longt
erm debt/$11.4 million equity + $6.1 million longterm debt). An additional $2.0 m
illion of stock repurchased would raise this ratio to 41% ($8.1 million longterm
debt/$11.5 million equity + $8.1 million longterm debt). The increased financial
risk is particularly inappropriate for an industry with significant sensitivity
to the business cycle. Shrinking shareholders' equity under present circumstance
s issum,
In
prudent
each of
onlythebyforegoing
sale of fixed
proposals
assets,
1-3not
would
thehave
incurring
a negative
of additional
impact ondebt.
the
quality of Canada Steel's earnings.

a. 12-31Estimation
Case
(75 minutes)
of Equity
2
Valuation: 3
4
5
6 income
Net
Book
value, beginning
7
1,034 5,308
1,130 5,292
1,218 5,834
1,256 6,338
1,278 6,728
1,404 7,266
1,546
Abnormal earnings [a]
7,856
344
442
460
432
403
459
PV factor (at 13%)
525
.885
.783
.693
.613
.543
.480
PV abnormal earnings
.425
304
346
319
265
219
221
[a] Abnormal
223
Value
at 1/1/Year
earnings
1 = $5,308
= NI - +$304
(13% x+$346
Beginning
+ $319book
+ $265
value).
+ $219 + $221 + $223 = $7
b.
,205
Assuming
PB
Computation
accurate
ratio =estimates,
$7,205
and Interpretation
/ $5,308
a market-based
= 1.36
of PB:PB of 1.95 implies that Colin is ove
rvalued.PE
c.
Assuming
Computation
accurate
One
ratio
might
=estimates,
$7,205
and
consider
Interpretation
/ $1,034
aselling-short
market-based
= 6.97
of PE:
Colin
PE ofstock.
10 implies that Colin is overv
alued.
d.
Net
income
1Estimation
One might2 consider
of Equity
31,034
selling-short
Valuation:
41,130 1,218
5Colin stock.
1,256
6
1,278
7
1,404
8+
1,546
Book value, beg
1,546
5,308 5,292 5,834 6,338 6,728 7,266 7,856
Abnormal earnings [a]
8,506
344
442
460
432
403
459
525factor440(at 13%)
PV
. .885
.783
.693
.613
.543
PV abnormal
.480
earnings
.425
3.270 [b]304
346
319
265
219
221
223 To
[a]
[b]
Abnormal
discount
1439 earnings
a perpetuity
= NI - to
(13%beginning
x Beginning
of Year
book1:value).
(1) Divide $1,439 by 0.13 t
o arrive at value as of 1/1/Year 8, and multiply by 7-year present value factor
of 0.425
Value
at 1/1/Year
[0.425/0.13
= $8,644
1 ==$5,308
3.270].+$304 +$346 +$319 +$265 +$219 +$221 +$223 +$1,439

The revenue
Case
12-4 (60model
minutes)
was adopted since many of the firms initially did not have net
income or cash inflows. While this may be an excuse for limitations in valuatio
n models, the reality is that a revenue model directly values these companies ba
sed on their primary source of cash inflows. As the businesses mature, they will
become profitable as they reach economies of scale with respect to their cost s
tructures. The revenue model considers the companies prospects for such growth.
The non-financial metrics provide information on capacity and efficiency. For exam
ple, revenue per head is a measure of how well each firm is utilizing its person
nel. Billable headcount is a measure of size and speaks to economies of scale is
sues. Billing rates reflect the value of the services provided. Firms that offer
front- and back-end services have a higher average billing rate than firms that
develop Web storefronts. Annual turnover speaks to each firm s cost structure. Hi
gher turnover means higher costs and lower utilization since new hires are sent
to training programs and are billed to customers. Average utilization is the per
centage of annual billable hours (2,080) per employee that are billed to clients
. This
The
revenue
measure
multiples
excludesreflect
administrative
prospectsand
forfinancial
growth andpersonnel.
the value of services pro
vided. Those firms that provide both front- and back-end services trade at a hig
her revenue multiple since they have better prospects for sustained revenue stre
Headcount measures can be problematic in periods of high growth since new hires
ams.
are included in the headcount measures upon hire. That means that revenue per he
ad and average utilization are understated since the new hires are sent to train
ing and do not initially generate revenue or work billable hours. Higher turnove
r measures
The
revenuehave
multiples
a similar
are lower
effect.since a firm can only double in size so many tim
es. In other words, growth rates slow over time so the prospects for growth also
Razorfish
diminish.was
Lower
trading
multiples
at nearly
reflect
three
thistimes
phenomenon.
the revenue multiple that I-Cube was
trading at when the deal was made. Analysts viewed the transaction as positive.
There was a consensus among the analysts that follow Razorfish that value would
come from operating improvement and not just financial engineering. The acquisi
tion of I-Cube allowed Razorfish to add expertise it did not possess and allowed
them to come closer to being able to offer complete front- and back-end service
12-
Instructor's
s. PIn
AGEthis
249
1Financial
0 case,
Solutions
the
Statement
18%
Manual
premium
Analysis,
appears
7thto
8th
Edition
be a good buy for Razorfish.

*,34GHPQ




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