ࡱ> #`  bjbjmm ;kKKK8KTBL1Z2MM(MMMNNNYYYYYYY$#[h]YTNNTTYMMY0Y0Y0YTMMY0YTY0Y0Y0YM&M FKU0YYZ01Z0Y'^W'^0Y'^0YlNPD0YQRNNNYYX|NNN1ZTTTTFKK FIN 3403 - Course Project 2008 Spring Term The purposes of the project are to (1) make students familiar with online services and financial databases that allow individuals to research and better understand the financial aspects of a company, and (2) help students learn about the difficulties of extending financial theory and data to real world applications. The first part of the course project will familiarize students with a number of services and databases. The second part will require students to actually use financial data to analyze such things as a firms cost of capital, its economic value added, the fairness of its stock price, and whether the stock is currently a reasonable investment. Your first step is to download this document to your personal computer. Answers to the following questions/activities should then be posted directly to the Word Document that has been saved to your personal computer (we suggest that you highlight or use a different font color for your answers to make it easier for the TAs to distinguish your answers form the original document and grade your assignment). After you have completed the assignment, the final step will be to attach or upload this document when you submit your assignment on the class assignment webpage (this is a different process than the graded class discussion boards). As a student at the University of Florida, you have free access to many of the online services that usually require a subscription. However, you will either need to access these services through a Library-related computer, or go through a Proxy Server using your GatorLink account username and password. To access the online Business Library section of the Smathers Library, go to  HYPERLINK "http://www.uflib.ufl.edu/cm/business/" http://www.uflib.ufl.edu/cm/business/ On the right of the top line, click on Remote Logon. This will take you to a page that allows you to connect to on-campus services using the Library Proxy Server:  HYPERLINK "http://www.uflib.ufl.edu/ufproxy.html" http://www.uflib.ufl.edu/ufproxy.html At the top left of the screen, fill in your GatorLink Account Username and Password, and then click Login. This will take you back to the UF Library page:  HYPERLINK "http://www.uflib.ufl.edu.lp.hscl.ufl.edu/ufproxysuccess.html" http://www.uflib.ufl.edu.lp.hscl.ufl.edu/ufproxysuccess.html At the top/middle left of the page click the drop-down arrow for UF Smathers Libraries and choose, Business Library This takes you back to the Business Library main page, but using the Proxy Server:  HYPERLINK "http://web.uflib.ufl.edu.lp.hscl.ufl.edu/cm/business/" http://web.uflib.ufl.edu.lp.hscl.ufl.edu/cm/business/ Part 1 of the Course Project You may go to the FIN 3403 class website and click on My Grades in the left-hand toolbar. Within the grades file you will find the Company Ticker Symbol and Company Name for the company that you have been assigned. The following is a series of questions and activities that will familiarize you with a large number of the online business resources and databases. In some cases you are asked to obtain the same information, but from different sources. You may find that some of this information is not always the same: instead, it is source dependent. ( All answers should be added to this file after each (or part of each) of the questions/activities. You should change your font color (or highlight) so that your answers can be easily seen when contrasted against the corresponding question. If data is not available for your specific company, for a specific question, you should state that the data is not available. If a specific webpage is not available for your specific company, you should list the date, time, and the url you are trying to access and then state that the webpage is not available. ABI/INFORM Access the online Business Library through the UF Proxy Server. Click on ABI/INFORM (ProQuest) in the right-hand column under Key Business Databases: 1. In the first line of Advanced Search put in the name of your company and then, using either multiple databases or specific databases of your choosing (drop-down box), hit Search. 2. Choose, read, cite, and summarize at least two substantive articles. (One solid paragraph for each article). EBSCO Access the online Business Library through the UF Proxy Server. Click on EBSCO in the right-hand column under Key Business Databases: 1. Click on Business Searching Interface (middle row). 2. Put in the name of your company under Advanced Search and then hit Search. 3. Under Filter Results By, choose Trade Publications. 4. Choose one of the choices listed, cite the Source (first line of new page), and cut and paste the Abstract for that choice. Lexis-Nexis Access the online Business Library through the UF Proxy Server. Click on Lexis-Nexis in the right-hand column under Key Business Databases: 1. Using Major U.S. and World Publications for the previous two years, enter the name of your company. 2. Choose, read, cite, and summarize at least two substantive articles. (One solid paragraph for each article). New York Times (ProQuest) Access the online Business Library through the UF Proxy Server. Click on New York Times (ProQuest) in the right-hand column under Key Business Databases: 1. As you will see, this is exactly the same as what you called up for ABI/INFORM, except that the database selection is now listed as News ProQuest Newspapers. 1. In the first line of Advanced Search put in the name of your company and then, using the ProQuest Newspaper database, hit Search. 2. Selecting either the Magazines or Newspapers tab, choose, read, cite, and summarize at least two substantive articles. (One solid paragraph for each article). Standard & Poors Access the online Business Library through the UF Proxy Server. Click on Standard & Poors in the right-hand column under Key Business Databases: 1. Call up, read, and summarize the Stock Report Features Guide. (One solid paragraph). 2. Go to The Outlook under Quick Links in the right-hand column. Call up the issue for 3/5/2008. Look at Page 2 and fill in the Past 52-week % Change for the following items: A) 500 Composite: B) Midcap 400: C) Smallcap 600: D) DJI: E) NASDAQ Composite: 3. Go back to the main homepage (back arrow) and click on S&P 500 under Quick Links, then summarize how stocks get put into the S&P 500. (One solid paragraph.) 4. Look at the left-hand directory column and click on Companies under S&P Indices / S&P 500, and then answer the following questions: A) How many companies in the index have a company name that begins with the letter I? B) List the Companies in the Index that begin with the letter U. 5. Go back and then look at the left-hand directory column and click on Vital Statistics under S&P Indices / S&P 500, and then answer the following questions: A) How many sectors are there in the S&P 500? B) How many companies are there from the following exchanges? 1. NYSE: 2. NASDAQ National Market: 3. NASDAQ Global Market: 4. AMEX: C) What is the Total Market Value of the S&P 500? Go back to the Home page (top row buttons). 6. Enter your ticker symbol under Publication Search, and hit the arrow (this will take you to Companies - top row). Look at the left-hand directory column and click on Overview, and then answer the following questions: A) What is the formal name of your company? B) Who is the S&P Analyst for your company? 7. Look at the left-hand directory column and click on Quote, and then list the date, time, and quote for your company. 8. Look at the left-hand directory column and click on Chart, and then list the P/E ratio and Yield listed for your company. 9. Look at the left-hand directory column and click on Valuation, and then answer the following questions: A) What is the companys beta? B) What is the companys Market Cap? C) What percentage is held by institutions? D) What is the companys most recent 12-month P/E Ratio? E) What is the companys P/E Ratio relative to the S&P 500 P/E Ratio? 10. Look at the left-hand directory column and click on Financials, and then answer the following questions: A) How much Long-Term (LT) Debt does the firm have in the most recent year listed? B) How much Interest Expense does the firm have in the most recent year listed? C) What was the firms cash flow in the most recent year listed? D) What was the firms ROE (Return on Equity) in the most recent year listed? E) What was the firms ROA (Return on Assets) in the most recent year listed? 11. Look at the left-hand directory column and click on Corporate Actions, and then answer the following questions: A) Has the firm paid a dividend? B) If yes, what was the most recent Ex-Dividend date? C) Has the firm had a stock split? D) If yes, what was the day of the most recent split? 12. Look at the left-hand directory column and click on Industry Information, and determine its Average STARS Ranking. 13. Look at the left-hand directory column and click on Competitors (All), and then answer the following questions: A) What is the companys largest competitor in terms of Market Cap? B) What is the beta of its largest competitor? 14. Look at the left-hand directory column and click on Competitors (S&P Covered), and then answer the following questions: A) What is the S&P STARS Ranking of the first company listed? B) What is the P/E ratio of the first company listed? 15. Look at the left-hand directory column and click on Stock Reports - PDF, and then answer the following questions (will need to look beyond the first page): A) What is the companys 1. GICS Sector 2. Sub-Industry 3. Peer Group (If Listed) B) What is the Fair Value price calculated by S&P? C) What is the 12-Month Target Price? D) How many analysts rate the company as a Buy? 16. Look at the left-hand directory column and click on Register, and then answer the following questions: A) What exchange(s) does the stock of your company trade on? B) What is your companys Primary NAICS (North American Industry Classification System) number? 17. Look at the left-hand directory column and click on Corporation Records, look at the firms capitalization and then answer the following questions: A) How many common shares have been Authorized? B) How many common shares are Outstanding? C) What is the Par Value per share? D) How much Long-Term Debt does the firm have? 18. Look at the left-hand directory column and click on Industry Surveys - PDF, and then list the date and number of pages for this document. Hoovers Online Access the online Business Library through the UF Proxy Server. Click on Hoovers Online in the right-hand column under Key Business Databases:  HYPERLINK "http://premium.hoovers.com.lp.hscl.ufl.edu/subscribe/" http://premium.hoovers.com.lp.hscl.ufl.edu/subscribe/ 1. Enter your companys Ticker Symbol in the Search box and hit Search. This will take you to Search Results. Click on your company (this will take you to the Browse Company Record page), and then answer the following questions: A) What is the companys corporate address? B) What is the companys phone number? C) What is the companys web address? D) Which analyst(s) covers the company for Hoovers? E) What is the companys D&B (Dun & Bradstreet) D-U-N-S Number? F) What is the companys fiscal year-end? G) What was the companys latest 1-year sales growth rate (%)? H) What was the companys latest 1-year net income growth rate (%)? I) Who is the companys chairperson? J) Who is the companys CEO? 2. Look at the left-hand directory column and click on Full Overview, then cut and paste the first paragraph of this overview. 3. Look at the left-hand directory column and click on History, then cut and paste the first paragraph of this history. 4. Look at the left-hand directory column and click on People, and then answer the following questions: A) What is the age of the companys CEO? B) Click on the name of the CEO. What was the CEOs most recent salary? C) What was the CEOs most recent bonus? 5. Look at the left-hand directory column and click on Products/Operations, and then answer the following questions: A) What are the latest sales for the US ($ or %)? B) What are the latest sales for other countries ($ or %)? 6. Look at the left-hand directory column and click on Industry, and then answer the following questions: A) How many SIC codes are listed for your company? B) What is the first SIC code listed for your company? C) What is the Heading/Definition for this SIC Code? 7. Look at the left-hand directory column and click on Competitors, and then answer the following questions: A) How many Top Competitors does Hoovers Online list for your company? B) What is the name of the first Top Competitor listed by Hoovers Online for your company? 8. Look at the left-hand directory column and click on News, and then answer the following questions: A) How many news reports are listed for your company? B) How many press releases are listed for your company? Go To the left-hand directory column and click on Financial Data. 9. Look at the left-hand directory column and click on Income Statement, and then answer the following questions: A) What was the companys expense for Discontinued Operations for the most recent year? B) What was the companys Diluted EPS from Continuing Operations for the most recent year? C) What was the companys Dividend per Share for the most recent year? 10. Look at the left-hand directory column and click on Historical Financials, and then answer the following questions: A) What is the earliest year reported under Income Statement? B) What was the companys high and low P/E ratio for the earliest year reported under Stock History? C) What was the companys Dividend Payout rate for the most recent year reported? 11. Look at the left-hand directory column and click on Interactive Stock Chart, use the dropdown window and choose 5 Year, hit Go, overlay the Dow Jones (Benchmark - DJIA), and state whether your firm appears to have under-performed or out-performed the Dow Jones average over this period and the basis for your conclusion. 12. Look at the left-hand directory column and click on Market Data, and then answer the following questions: A) What is the companys Price/Sales Ratio? B) What is the companys Price/Book Ratio? C) What is the companys Price/Earnings Ratio? D) What is the companys Price/Cash Flow Ratio? 13. Go back and look at the left-hand directory column and click on ValuEngine Analysis, and then answer the following questions: A) What is the forecasted 3-year target price for your company? B) What is the forecasted 3-year expected return for your company? 14. Look at the left-hand directory column and click on Comparison Data, and then answer the following questions: A) What is the companys Price/Earnings Ratio? B) What is the industrys Price/Earnings Ratio? C) What is the markets Price/Earnings Ratio? D) How is Hoovers Online defining the market? E) What is the markets 36-Month Dividend Growth Rate? Thomson One Banker Access the online Business Library through the UF Proxy Server. Click on Thomson One Banker in the right-hand column under Key Business Databases [Note: you will probably get a window saying This site requires browser cookies. Please enable cookies setting, then reload. If you already have cookies enabled, then simply hit OK, wait a second, and then proceed.]: 1. Enter your companys Ticker symbol and click Go. Make sure that you are under Overview (Top Row), and then answer the following questions: A) What exchange is listed for your company? B) What is the Forward P/E Ratio for your company? C) What is the source of this P/E Ratio? D) What is the Beta for your company? E) What is the source of this Beta? 2. Look at the top row and click on Prices, and then answer the following questions: A) What is the 1-Year Total Return for your company? B) What is the 3-Year Total return for your company? C) What is the dividend yield listed for your company? 3. On this same page, click on Interactive Charts (top, second-level row), set Time Frame to 10 years, hit Draw (you may have to expand the bottom box - Chart Style & Data Options to see the Draw box at the bottom right-hand corner), then discuss your companys performance relative to the S&P 500 over this period. (At least one solid paragraph.) 4. Look at the top row and click on Financials / Financial Statements / Thomson Financials / Income Statement / 10 YR Income Statement, and then answer the following questions: A) What was the level of Sales for the earliest year reported? A) What was the level of Sales for the latest year reported? D) What was the Earnings Before Interest and Taxes (EBIT) for the latest year reported? E) What was the Interest Expense on Debt for the latest year reported? A) What was the Net Income Available to common for the latest year reported? 5. Look at the top row and click on Estimates (you should now be on Estimate, Overview, Thomson Estimate Tearsheet), and then answer the following questions: A) What are the EPS Estimate Forecasts listed for your company? B) What is the mean long-term estimated growth rate (LTG) of earnings per share for your company? C) How many analysts are recommending a Strong Buy for your company? 6. On the same page, click on Consensus Estimates / Thomson Forecast Report (you should now be on Estimate, Consensus Estimates, Thomson Forecast Report), and then answer the following questions: A) What is the 5-Year Historical EPS Growth Rate for your company? B) What is actual P/E Ratio listed for your company? C) What is the Beta that is listed for your company? 7. Look at the top row and click on Filings / Content Profile, and then do the following: A) Call up the latest 10-K, click on Table of Contents under the Navigational Listing (this is the first, highlighted listing that you see that allows you to jump to other sections of the report), then cut and paste the first 20-30 lines of the Table of Contents. B) Go back (Filings / Content Profile) click on Management Discussion (if it exists) under the Navigational Listing (this is the first, highlighted listing that you see that allows you to jump to other sections of the report), then cut and paste the first several paragraphs of this discussion. C) Go back (Filings / Content Profile) and call up the latest Annual Report (it may take a while to download) and then list the date of this report and the number of pages. 8. Look at the top row and click on Peers, and then answer the following questions: A) What is your companys free cash flow per share? B) What companys are listed as Peers of your company by Thomson One? Value Line Access the online Business Library through the UF Proxy Server. Click on Value Line in the right-hand column under Key Business Databases (you may need to click the continue to log in prompt): Look at the top row and click on Education. 1. Look at the left-hand directory column and click on Subscriber Guides, and then summarize one of the How to Invest Guides. (2-3 good paragraphs). 2. Look at the left-hand directory column and click on How to Use the Value Line Page, and then click on Explore the Value Line Investment Survey Page. Click on each of the circled numbers (1-8) and give the definition title for each number 1) 2) 3) 4) 5) 6) 7) 8) 3. Look at the left-hand directory column and click on Suggestions for Building an Investment Portfolio, and then explain what you should do in terms of timeliness for stocks. (One solid paragraph.) 4. Look at the left-hand directory column and click on Educational Programming Video, and then state how many video lessons there are for The Value Line Investment Survey. 5. Click on Home (top row), then look at the left-hand directory column and click on The Value Line Record, and then page down to the Record of Value Line Ranks for Timeliness from 1965 to the present. Now discuss what this graph is attempting to show and whether Value Lines ranking by timeliness appears to work. (2-3 Good paragraphs.) Click on My Value Line (top row), enter the Ticker Symbol for your company (also top row) and then hit Quote. 6. Call up the PDF VL Report for your company, and then answer the following questions: A) What is your companys Timeliness Rating? B) What is your companys Safety Rating? C) What is your companys Beta as reported by Value Line? D) What is the 1-Year % Total Return for your company? E) What is the 5-Year % Total Return for the Value Line Arithmetic Index? Yahoo! Finance Access the online Business Library through the UF Proxy Server. Click on Investment Center in the left-hand column. Go down to the bottom of the column labeled Frequently Used Resources and click on Yahoo! Finance: 1. Enter the Ticker symbol for your company in the symbol window at the top of the page, then hit Get Quotes: and last trade price, and then list the time, day, and price of this trade for your company. 2. Look at the left-hand directory column and click Basic Chart, and then answer the following questions: A) Has the company had any stock splits (if they have, they will be listed immediately under the basic chart)? B) If yes, assume that you bought a single share of stock before the companys first stock split. Given the stock splits listed, calculate how many shares you would now own today. 3. Look at the left-hand directory column and click Basic Tech. Analysis. Choose the maximum date range, and then check that you want to compare your company to the S&P, NASDAQ, and the Dow, hit the compare button. Briefly discuss your performance against these three indices over this time period (2-3 good paragraphs.) The technical indicators and overlays can be confusing. Go to the following page for the definitions of these terms:  HYPERLINK "http://help.yahoo.com/l/us/yahoo/finance/charts/chart-12.html" http://help.yahoo.com/l/us/yahoo/finance/charts/chart-12.html 4. Now explain what the following acronyms stand for: A) MACD B) MFI C) ROC D) RSI Go back to Yahoo! Finance (enter your companys Ticker symbol and search again if needed). 5. Look at the left-hand directory column and click on Analyst Opinion, and then answer the following questions: A) What is the mean recommendation (this week)? B) What is the mean price target? C) How many analysts recommended your company as a strong buy last month? 6. Look at the left-hand directory column and click on Analyst Estimates, and then answer the following questions: A) What is the per annum estimated growth rate for your company for the Next 5 Years? B) What is the Price/Earnings (average) for your company? C) What is the Price/Earnings (average) for the industry? D) What is the Price/Earnings to Growth (PEG) Ratio (average) for your company? E) What is the Price/Earnings to Growth (PEG) Ratio (average) for the industry? F) Define how the PEG Ratio (Hint: Price/Earnings to Growth) appears to be calculated here. 7. Look at the left-hand directory column and click on Star Analysts, then click on Learn More, and then answer the following questions: A) What does RAS stand for? B) What percentage of analysts earn 5, 4, 3, 2, and 1 stars. 8. Hit the back key, look at the left-hand directory column and click on Insider Transactions, and then answer the following questions: A) What were the Net Shares Purchased (Sold) for the last six months for your company? B) Who provides the data for Insider Transactions Reported? 9. Look at the left-hand directory column and click on Income Statement (make sure you are looking at quarterly data), and then answer the following questions: A) What was the Gross Profit for the latest quarter for your company? B) How much did your company spend on Selling General and Administrative expenses for the latest quarter? 10. Look at the left-hand directory column and click on Balance Sheet (make sure that you are looking at quarterly data), and then answer the following questions: A) What was the Accounts Payable for the latest quarter? B) What was the Net Tangible Assets for the latest quarter? C) How does Yahoo! Finance appear to calculate Net Tangible Assets? 11. Look at the left-hand directory column and click on Cash Flow (make sure that you are looking at quarterly data), and then answer the following questions: A) What was the Total Cash Flow from Operating Activities for the latest quarter? B) What was the Change in Cash and Cash Equivalents for the latest quarter? 12. Look at the left-hand directory column and click on Options, and then answer the following questions: A) Does your company have put and call options listed? B) If yes, what is the furthest expiration date for the call options (month, day, and year)? C) If yes, what is the lowest strike price listed for this furthest expiration date? 13. Look at the left-hand directory column and click on Historical Prices, and then answer the following questions: A) What was the closing price for your company on June 19, 2005? B) What was the closing price for your company on March 5, 2008? C) In terms of closing price, what does Yahoo! Finance adjust for each day? 14. Look at the top bar and click on Investing, then click on Bonds from the drop-down menu, then go to the left-hand column and click on Composite Bond Rates. Scroll down and state what the yield was last month for a AA 20-year corporate bond. (You may end up using this table in Part 2 of the project). 15. Look at the top bar and click on Investing, then click on ETFs from the drop-down menu, then click on how ETFs work under ETF Education (under Features in middle column), and summarize. (One solid paragraph.) 16. Look at the top bar and click on Investing, then click on Mutual Funds from the drop-down menu, then go to the left-hand column and click on Types of Mutual Funds. How many different types are listed in the middle column? Bloomberg Access the online Business Library through the UF Proxy Server. Click on Investment Center in the left-hand column. Go towards the top of the column labeled Frequently Used Resources and click on Bloomberg:  HYPERLINK "http://www.bloomberg.com/" http://www.bloomberg.com/ 1. Go to the top row and click on Market Data, then go to the left-hand directory column and click on Rates and Bonds, then page down to U.S. Treasuries Notes/Bonds. On 3/6/2008, the yield on a 10-Year U.S. Treasury bond was 3.58 percent, while the yield on a 30-Year U.S. Treasury was 4.56 percent.  2. Enter your companys Ticker symbol at the top of the page, hit the QUOTE key, and then answer the following questions: A) What is the Estimated P/E for your company for the coming year? B) What is the Return on Equity for your company? 3. Look at the left-hand directory column and click on Financial Glossary, choose P, look up PEG Ratio, then answer the following questions. A) What does PEG Ratio stand for according to Bloomberg? B) Following the link, what is Bloombergs definition/explanation of the PEG Ratio? C) Does this appear to be equivalent to how it is calculated within the Yahoo! Finance section? Should it be the same value? U.S. Securities and Exchange Commission Access the online Business Library through the UF Proxy Server. Click on Investment Center in the left-hand column. Go to Frequently Used Resources and click on SECs Investor Education and Assistance,  HYPERLINK "http://www.sec.gov/investor.shtml" http://www.sec.gov/investor.shtml Now look at the left-hand directory column and click on Filings (EDGAR), then click on and read Quick EDGAR Tutorial. 1. Hit back key and click on Descriptions of SEC Forms, and then answer the following questions: A) What is the definition of a 10-K Report? B) What is the definition of a Form N-PX? 2. Hit back key and click on Search for Company Filings, then click on Companies & Other Filers, then enter your companys SIC Code (or Ticker Symbol) and hit Find Companies, then put in 10-K as the form type, and then hit the Retrieve Selective Filings button. What is the filing date of your companys latest 10-K Report and what is its File Number? Part 2 of the Course Project When companies invest their money they need to earn a rate of return that exceeds their cost of capital. We can estimate a companys cost of capital in the following way: WACC = (rD)(1-T)(WD) + (rS)(WS) Go to one of the databases from Part 1 of the Course Project and look up the most recent 10-K for your company, paying special attention to the balance sheet and the footnotes. Although we should use market value weights when determining a firms cost of capital, this may be difficult to determine for a firm with multiple bond/debt issues. Often times we can simply assume that the book value of the firms debt is a good proxy for the market value of the firms debt. 1. What is the date of this 10-K? 2. What is the book (market) value of your companys debt? [Note: Often times you can look at the footnotes to determine the average interest rate on your companys debt.] 3. What is the average interest rate or cost (rD) for your companys long-term debt? [Note: if you can not find interest rate information about your company, use the corporate rates table from the Yahoo Composite Bond Rates section from Part 1 of the project -- Question 14.] 4. How many shares outstanding does your company have? 5. Using the price of your companys common stock on March 5, 2008, determine the total market value of your companys equity. 6. If the betas for your company that you found in Part 1 of the Course Project differ, then which beta will you use to determine your companys cost of equity using the CAPM/SML, and why? Go to Course handouts on the class webpage and read the handout titled, Equity Costs - Some Conventions on Using the CAPM. For our purposes here, you may assume that the long-run geometric market risk premium has averaged 5.4 percent. 7. In Part 1 of the Course Project you were given the 10-Year and 30-Year yields on U.S. Treasuries. Which one of these will you use within the CAPM/SML? 8. Determine the cost of stock (rS) for your company using the CAPM/SML and show your calculations. 9. Using expected dividends and expected long-run growth rates that you have already found in Part 1 of the Course Project, and the price of your companys stock as of March 5, 2008, determine the cost of your companys stock (rS) using the DCF model and show your calculations (if your firm does not pay a dividend, think about the components of an investors return). 10. If the cost of stock using the CAPM/SML differs from the cost of stock using the DCF model, then which one will you use, and why? 11. What are the debt and equity market value weights for your company? 12. Calculate the WACC for your company and show your calculations. EVA (Economic Value Added) can be defined as the additional value that management, through their actions and capital budgeting decisions, has added to the firm and, therefore, its shareholders. It can also be defined as the cash flow, per year, that is left over after the firm meets its initial obligations to its creditors (rD), it stockholders (rS), and the government (T). The present value of all EVAs to be added by a project should equal the net present value of the project. The present value of all EVAs added, and to be added, by a company should equal the market value added for the company. We can calculate the EVA for a company as follows: EVA = NOPAT - (WACC)(Invested Capital) Where, NOPAT = (EBIT)(1 - T) 13. Assume that we can define the companys Invested Capital as Long-term Assets plus NOWC (Net Operating Working Capital), which, in general, is equivalent to Total Equity, plus Total Long-Term Debt and Other Liabilities, plus those Current Liabilities that do pay interest. Determine the Invested Capital for your company. 14. Determine NOPAT (Net Operating Profit After Taxes) for your company. 15. Determine EVA (Economic Value Added) for your company and explain whether the value you calculated is a good or bad signal for the company, and why. 16. Compare your companys ROE to rS and explain why ROE is above or below rS. That is, what is your companys competitive advantage/disadvantage, or, alternatively, is there something unusual about the companys earnings in the year you looked at (massive gain on an asset sale, massive loss due to a one time situation, etc.) that could explain the difference? 17. You have already found in Part 1 of the Course Project your companys P/E Ratio relative to the S&P 500 P/E Ratio, as well as the industry and market P/E Ratios as defined by Hoovers Online. Explain why your companys P/E Ratio might be higher or lower than the industry and/or markets P/E Ratio (risk, growth opportunities, etc.). 18. Explain whether Value Line, analysts, and insiders appear to like or dislike the prospects for your companys stock. 19. Explain whether the stock seems to you like a reasonable investment, given its current price, and why. 20. How confident are you of your assessment in the question (#19) above, and why?     FIN 3403 - 2008 Spring Term - Course Project Page  PAGE 1 of  NUMPAGES 18 Pages &,e r ^  O Q R    01   23ݶݮݮݟݐ~qݐ_qݮݐ#j huYhCJUaJhuYh0JCJaJ#jhuYhCJUaJjhuYhCJUaJhZZhB*CJaJphhZZCJaJ# *hZZh>*B*CJaJphhuYh>*CJaJhZZ>*CJaJhuYhCJaJhuYhCJaJhuYh>*CJaJ#,-. 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