Nike Case Study Essay

Kimi Ford, a portfolio manager at North Point Group, is looking into the profitability of investing in the stocks of Nike for her fund that she manages. She is supposed to base her decision the company’s data which was disclosed in the 2001 fiscal reports. While Nike management had addressed several issues that are causing the decrease in market sales and stock price, management presented plans to improve and perform better. Nike revenue has been at a plateau since 1997 yet net income and market share were falling. Supply chain issues and the strong dollar negatively affected revenue too. Plans are in place to address top line growth and operating performance. To boost revenue, the company would develop more athletic shoes in the mid priced segment which has been overlooked by Nike in recent years. They also planned to push their apparel line which under strong leadership had performed very well to control expenses. Revenue growth targets are around 8-10% and earnings targets are above 15%. Analyst reactions were mixed as some of them thought this was too aggressive. Lehman Brothers recommended a strong buy while others expressed misgivings and recommended a hold. At this point, North Point Group decided to do their own analysis in order to decide if Nike shares should be purchased for the fund. The weighted average cost of capital (WACC) is the rate that a company is expected to pay its debt and equity holders to finance its assets. It is the minimum return that a company must earn on existing asset base to satisfy its owners, creditors, and other providers of capital or they will invest somewhere else. Companies raise money from many sources such as common and preferred equity, straight, convertible, and exchangeable debt, options, warrants, pension liabilities, executive stock options, governmental subsidies, and others. Different securities, which represent different sources of finance, are expected to generate different returns. WACC is calculated taking into account the relative weights of each component of the capital structure- equity and debt, and is used to see if the investment is worthwhile to take part in. Management notices the cost of capital while making a financial decision. The concept is very relevant in the following managerial decisions and hence its importance: (1) Capital Budgeting Decision. Cost of capital may be used as the tool for adopting an investment proposal. Naturally, the firm will choose the project which gives a satisfactory return on investment which would never be less than the cost of capital incurred for its financing. In the many methods of capital budgeting, the cost of capital is the main factor in deciding the project out of different proposals pending before the management. It determines the acceptability of all investment opportunities by measuring financial performance. (2) Designing the Corporate Financial Structure. The cost of capital is a significant factor in designing the firm’s capital structure. The cost of capital is influenced by changes in capital structure. Financial executives keep an eye on capital market fluctuations and try to achieve the economical and sound capital structure for the firm. They may try to substitute the various methods of finance in an attempt to minimize the cost of capital a nd to increase the market price and the earning per share. (3) Deciding about the Method of Financing. Financial executives must have knowledge of fluctuations in the capital market and should analyze the rate of interest on loans and normal dividend rates in the market from time to time. Whenever company requires additional finance there are better choices of the source of finance which bears the minimum cost of capital. Although cost of capital is an important factor in such decisions, but equally important are the considerations of relating control and of avoiding risk. (4) Performance of Top Management. The cost of capital can be used to evaluate top executive financial performance. Evaluation of the financial performance will involve a comparison of actual profitability’s of the projects and along with the projected overall cost of capital and an appraisal of the actual cost incurred in raising the required funds. (5) Other Areas. The concept of cost of capital is also important in others areas of decision making, such as dividen d decisions, working capital policy, and more. WACC CALCULATION: [pic] One important question is if Joanna Cohen should use a single or multiple of capital for each of Nike’s footwear and apparel divisions? We agree with the use of single cost rather than multiple costs of capital. The reason of estimating WACC is to value the cash flows of the entire company that is provided by Kimi Ford. Plus, Nike business segments have a similar risk and thus a single cost is sufficient for this analysis. Joanna Cohen’s cost of debt was incorrect. An important fact is the WACC is used for discounting future cash flows, thus all components of the cost must reflect the firm’s concurrent or future abilities in raising capital. Cohen wrongly used the historical data in estimating the cost of debt. She divided interest expense by the average balance of debt to get 4.3% of before tax cost of debt. It doesn’t reflect Nike’s current or future cost of debt. The correct way to calculate the cost of debt is explained below. If the cost of debt is intended to be forward looking, it can be estimated by the yield to maturity of bond. The more appropriate cost of debt can be calculated with the data provided in Exhibit 4 of the case. Market data is correctly used rather than historical data. PV: 95.60 N= 40 Pmt: -3.375 FV: -100 The values above were put into Excel’s rate function. This came to a 7.16% annual cost of debt. The tax rate is 38%. The correct way to get the after tax cost of debt is to take 7.16% * (1-38%) = 4.44% The correctly calculated before tax cost of debt is 7.16%. This is significantly higher than Joanna’s incorrectly calculated cost of debt of 4.3%. Her incorrect calculation came from using historical rates rather than market rates. Next, the cost of equity is calculated. It is a good idea to use the 20 year T-Bond rate to represent the risk free rate. The cost of equity and the WACC are used to discount cash flows in the long run, thus rate of return of a T-Bond with 20 years maturity at 5.74% is the longest rate that is available. The geometric mean of market risk premium is 5.9%. This is more accurate than using arithmetic mean to represent market risk premium. By using arithmetic mean to represent true market risk premium, we have to have independently distributed market risk premium. It is often found that market risk premiums are negatively serial correlated. Market average Beta of .69 is used because it is a good indicator of the average Beta’s and their fluctuations throughout the years. Capital Asset Pricing Model (CAPM) |Cost of Equity(KE) | |KE = |Rf + ÃŽ ²(Rf – Rm) | |Rf = |5.74% | = |9.81% | |Beta |= 0.69 |Average Nike Beta | | Next, the weights of debt and equity need to be calculated. The market value of equity is $42.09 share price X 271.5 million shares = 11,427,000 Due to the lack of information of the market value of debt, book value of debt at 1296.6 million is used to calculate weights. Calculations for market and debt weights: 11,427,000 / (11,427,000 + 1297) = 89.8% Equity Weight 1 – 89.8% = 10.2% debt weight WACC Calculation 4.44% After Tax Cost of Debt X 10.2% Debt Weight + 9.81% Cost of Equity X 89.8% Equity Weight = 9.27% The CAPM method was used when calculating cost of equity for the WACC. Advantages and disadvantages of this method are explained below. Advantages: †¢ It only considers systematic risk, reflecting a reality in which most investors have diversified portfolios from which unsystematic risk has been essentially eliminated. †¢ It generates a theoretically-derived relationship between required return and systematic risk which has been subject to constant empirical research and testing. †¢ It is generally seen as a superior method of calculating the cost of equity than the dividend growth model (DGM) in that it explicitly takes into account a company’s level of systematic risk relative to the stock market as a whole. †¢ It is clearly better than WACC in providing discount rates for use in investment appraisal. Disadvantages: †¢ It is practically impossible to estimate betas for many projects. †¢ People sometimes focus on market risk rather than corporate risk, and this may be a mistake. The Dividend Discount Method is another method of calculating cost of equity. The assumption made with this model is that the company pays a substantial dividend, but Nike Inc. does not pay dividends. Therefore, we rejected this model since it does not reflect the true cost of capital. The method Compares dividends forecasted for the next period with the current share price for the firm and then adds the growth rate of the firm. Equation: Ke= D1/ P0 + g †¢ Variables: – G= the value line forecast of dividend growth, which equals 5.5% – PO= current share price, which is $42.09. – D1= DO (1+g), which equal .48 (1+.055) †¢ DO= from dividend history and forecast chart, which equals .48 Therefore, cost of equity = .564/42.09 + .055= 6.7% Advantages: †¢ Allow great flexibility when estimating future dividend streams †¢ Provide useful value approximations even when the inputs are simplified †¢ Can be reversed so the current stock price is used to impute market assumptions for growth and expected return †¢ Investors are able to suit their model to their expectations rather than force assumptions into the model †¢ Specifying the underlying assumptions allows for sensitivity testing and analyzing market reactions to ever changing circumstances Disadvantages †¢ Subjective inputs can result in wrongly specified models and bad results †¢ Over-reliance on a valuation that is really just an estimate †¢ Sensitivity is high to small changes in input assumptions †¢ Flow-through of minor formula or data entry errors when using spreadsheets The Cost of Equity Method is the other method for forecasting cost of equity. The final model used to compute the cost of capital was the earning capitalization model. The problem with this model is that it does not take into consideration the company’s growth. Therefore we chose to reject this calculation. The earnings capitalization model calculations were found this way: †¢ Stands for earnings capitalization model †¢ This model compares forecasted earnings for the next period over the current share price. †¢ Equation: – Ke: E1/ P0 †¢ Variables: – E1= (1+g) * (E0/ # of shares outstanding) †¢ G= retention ratio * return on equity †¢ Retention ratio= retained earnings/ net income †¢ 3194.3/ 589.7= 5.42 †¢ Return on equity= net income/ total shareholders’ equity †¢ 589.7/ 3494.5= 16.88% †¢ G= 5.42* 16.88%= .914 †¢ EO= Net Income, which equals 589.7 †¢ Share Outstanding= 271.5 – E1= ((1+.914) * 589.7)/ 271.5= 4.1572 – PO= Nike current share price, which is 42.09 †¢ Therefore, cost of equity= – 4.1572/ 42.09 = 9.88% Advantage Strong representation of earnings Disadvantages Brealey & Myers argue in Principles of Corporate Finance that this model is not good to use for growing firms but is appropriate for no-growth firms. Hence it is not appropriate for Nike Inc. since this company is still growing. Analysis and Recommendation Kimi ford used a WACC discount rate of 8.4% to find a share price of $63.50. Nike is currently trading at $42.09. This makes the share price undervalued by $21.41. However, her discount rate does not reflect true market value due to the mistakes in her methods we discussed earlier. The discount rate we came up with from using the CAPM was 9.27%. This higher WACC results in a lower share price of around $55.60. Share price has decreased once Joanna’s calculation methods have been corrected, but Nike is still overvalued so we still recommend buying the stock. Share price is now undervalued by $12.97. SWOT Analysis Strengths: †¢ Globally recognized #1 sports brand †¢ Strong marketing, research and development, and innovation †¢ Worldwide logo recognition, brand loyalty, and slogan â€Å"Just do it.† Weaknesses: †¢ Most profits are solely from footwear †¢ Revenue has plateaued, expenses have increased †¢ Supply chain issues affecting financial health too †¢ Price sensitive retail industry Opportunities: †¢ There are plans in place to address top line growth and operating performance †¢ Plans to create more athletic footwear †¢ Also plans to push apparel line †¢ High revenue growth (8-10%) and earning (15%) targets Threats: †¢ Uncertainties in international trade †¢ The market is cut throat †¢ Growing competition from other companies can lead to decreased market share DuPont Analysis †¢ Net Income: 589,700,000 †¢ Sales:9,488,800 †¢ Total Assets:5,819,600 †¢ Common Equity – Common Stock, Par: 2,800,000 – Capital in excess of stated value: 459,400,000 – Retained Earnings: 3,194,300,000 – Total: 3,656,500,000 †¢ NI/Sales: 589,700,000/9,488,800,000 = 6.2% †¢ Sales/TA: 9,488,800,000/5,819,600,000 = 1.63 †¢ TA/CE: 9,488,800,000/3,656,500,000 = 2.60 †¢ Profit Margin * TA Turnover * Equity Multiplier †¢ 6.2% * 1.63 * 2.60 = 26.27% ROE. This Return on Equity is high, further stating the fact that Nike stock is good to buy. Nike has strong financial health and its stock is a sound investment. It would make a valuable addition to any mutual fund. The End Thank You

Gym Culture

IntroAttention Getter: By a show of hands who likes to go to work out? Background & Audience Relevance: Gym culture has been around for a long time but it has recently been growing and more and more people have begun to go and get healthy. Speaker Credibility: I have been going to the gym for a couple years now and I have done my own research on gym culture. Thesis: In my speech, we will be discussing what gym culture means to me and what it could possibly mean to you. Preview of Main Points: First I will be discussing how my object is part of my culture, second the important values it has, and third how I identify with it. II. Body Main Point 1: To begin, I am going to talk about how this object is used in a way for me to relieve stress and anger. Sub-point A: Being a full time student and working part time can be very stressful to me as I'm sure it is the same for a lot of college students, but finding at least an hour to an hour and a half to go to the gym or even working out from home can be such a helpful stress reliever. This is because it helps get me out of their my little stress filled bubble and pretty much let loose. Sub-point B: not only is it a good way to relieve stress but also anger. I know that working in a fast food or retail job can cause a lot of tension and anger especially with the customers, coworkers, and even managers. Of course we are forced to keep it all in because we need this job to put ourselves through school and buy our own personal treats. Well going to the gym is a very good way to take out that anger by pushing yourself hard in that workout. Transition between Main Points: Now that I have talked about how this object is a way to relieve stress and anger next I will be talking about how it represents my values. Main Point 2: going to the gym is not only about relieving stress and anger but also and about being healthy and motivated. Sub-point A: In my opinion going to the gym or being a fit person does not mean that you have to have a six pack or extremely muscular arms or legs. More so it just means that you are feeling good about yourself and being healthy. Since I have started going to the gym I am feeling much healthier and I am not doing crazy diets, but am cutting back on some foods and learning to eat better. Sub-point B: It also helps with being motivated because slowly but surely you begin to see results which gives me confidence and keeps motivating me to keep going and bettering myself.Transition between Main Points: having discussed how I value going to the gym, I will now tell you how I identify with this culture. Main Point 3: Influencing myself and other people to come to the gym or work out in general is one way I identify myself with this culture. Another could be the way I can dress to go to the gym a.k.a the fashion. Sub-point A: going to the gym helps me feel like a good influence to myself and others like my work out partners because I believe I am encouraging them to keep going and feeling healthy and fit because sometimes they do not want to go workout but I convince them to come with me and sometimes it is the other way around, but in the end we help each other to push ourselves in working out and bettering themselves. Sub-point B: When one starts going to the gym we see that there are many types of way people dress and we start looking for which fashion better suits us and makes us feel comfortable. There is no right or wrong way to dress for the gym it's just how you feel when wearing a certain outfit. I know that i enjoy my leggings and big baggy shirts because I feel extremely comfortable, but someone else could feel different about that outfit. III. Conclusion Signal and Review of Main Points: Having discussed how this object is part of this culture, how it represents my values, and how I identify with it you now know what this culture means to me. Recap Thesis: I have now explained what gym culture is to me. Memorable Closer: Remember being healthy and fit doesn't mean you have to be super skinny or muscular it is just about feeling better and more confident in your own body.

How the Military Influenced My Life Essay - 1984 Words

How the Military Influenced My Life To really understand the significance of how the military shaped me into the person I am today, I must first reveal some insight into the person I was before I left for basic training. When I graduated high school in 1985 I was indestructibly ready to take on anything that came my way. I had led a somewhat sheltered life in that my parents provided a warm loving environment for my siblings and myself. Yes we experienced the normal trials and tribulations as any other kid, but we really had no negative or significant emotional events growing up that directly affected our development. Rather it was the lack of these incidents that gave us a naive outlook on life and all the responsibilities it†¦show more content†¦After the first two years of college, I would receive a rude awakening in what life was all about. If a person was to have interviewed me in the summer of 1985, the last thing I would have mentioned was the military. My focus was entirely on me and how much money I was going to make playing baseball for a living. The first year I was playing baseball I didn’t have to worry about anything but baseball. The academic side of the equation was easy. Most of the classes I took were scheduled by the baseball coach and weren’t exactly rocket science. The classes were a joke and I really didn’t have to put forth an effort to pass. It was the standard jock classes that you always here about, †Underwater Basket Weaving† and such. I was just going through the motions in order to get what I wanted with no regard for anyone or anything else. I spent two years trying to assimilate the world into my own perspective without learning the big picture. The second year was a different matter all together. The second semester of that year we picked our own classes. Me being the individual that I was enrolled in classes that I though I would like regardless of my ability. 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The Discovery Of X Rays By Wilhelm Roentgen Essay

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Growing up in central Ohio there are several things that...

Growing up in central Ohio there are several things that you will see on a regular basis. One of these items in a buckeye, it is the symbol of the university here in town. Around the holidays we make candies called buckeyes that are rolled balls of peanut butter dipped in chocolate. People refer to individuals from Ohio as buckeyes as well. What is a buckeye and where does it come from? The buckeye tree, which is also, known as Aesculus Glabra is the state tree of Ohio. Sometimes called a horse chestnut the buckeye tree is commonly found throughout the Midwest reaching from Michigan all the way down to isolated areas of Texas and Oklahoma. The area is classified as the temperate deciduous forest biome. A favorite of early Ohio settlers†¦show more content†¦The trees aren’t going to be the tallest in the forest. They are usually 30-40 foot tall and 3-4 foot tall. The trees reach maturity with in 60-80 years of age and most often living upwards of 100 years of age. Like I previously mention the buckeye tree blooms early in the spring. Flowers are a white to yellow-greenish color and form in small clusters. Each flower will produce 1-2 seeds that will produce up to 5 nuts each inside the capsule. The capsule is a pale yellow color that is spiny. The tree is one of the earliest to lose their leaves in the fall turning to a nice yellow and red color before falling off. The buckeye tree has learned to adapt pretty well for survival. Its short stature means that it usually has taller trees in the forest towering over it. While it can grow in the shade it prefers to be in open clusters or along streambeds in moisture rich soil. It has also shown great resistance to fungus and disease. There are only six known diseases that affect the tree. One of the most common and most serious problems that the buckeye tree will experience is leaf scorch. Most likely caused by drought conditions or pollution. The buckeye tree is polygamo-monoecious. 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Dilation Essay Example For Students

Dilation Essay DilationDilation has been used for millions of years. Even in the ancient times and still we use it until this day. An example of dilation used in ancient times is when ancient Egyptians built the pyramids. The pyramids were built in different sizes, but proportional. Now in this day and time we use dilation in many aspects. Dilation is used in both science and math. In science the microscope shows dilation, without microscopes many of the scientific discoveries wouldnt be possible! In math dilationmainly is used in Geometry to draw figure of different sizes in proportional sizes. Inart dilation is used widely for, example architecture, paintings, and statues. In oureveryday life we have many examples of dilation like, binoculars, toy cars, little ornaments that represent larger ones in a smaller version. This involves the use of dilations, that is, transformations of the plane that are either contractions or expansions about a point (the center of the dilation), by a constant (positive) ratio. A dilation can either be an expansion (if the ratio is larger than one) or a contraction (if it is smaller than one). Look at the figure below.Construct a point C in the plane, and mark it as the center of dilation. Now draw any polygonal figure, and dilate it about the center C by a fixed ratio (1/2, or 3, or whatever). Drag around this polygon, and observe how the image changes. In particular look at the vertices, their images and the center. Can you see any relation among them? To find the scale factor we have to add one side of both corresponding sides and divide them by the corresponding side of the preimage. For example, side A for the preimage is equal to 5 and side A for the image is equal to 10. Thus, 5+10/5 so the scale factor will equal 3!!!!Preimage ImageWhen I first learned about d ilation, I thought that is wasnt important and that there was no use for it at all, but doin this project made my perspective of dilation and Geomety change. Dilation is important. I have learned that dilation isnt used in just Geometry, it is used in science, math, art, and our everyday life. Dilation is used everywhere, without you even realizing it, but hopefully after reading this you have realized that we need dilation.

The production as a whole Essay Example For Students

The production as a whole Essay The length of Dr MacFarlanes part has been shortened substantially, although I cant understand why, as Dr MacFarlane is one of the best characters (in my opinion). As well as a few additions and subtractions some things have been altered slightly. For example, on Willie and Maggies wedding night the performance shows Willie marching boldly into the bedroom, but in the play Maggie has to drag him in by the ear. Although they are a pretty important feature, a production doesnt just consist of a bunch of actors, and if one did it wouldnt be very successful, no matter how good the actors. We will write a custom essay on The production as a whole specifically for you for only $16.38 $13.9/page Order now A variety of other things are needed: music, sets, costumes, special effects, that sort of thing. All of these things are used in Leans production. The music, although sounding slightly dated, matches the feel of the film perfectly. On Willies wedding night, for example, the music turns into an important piece of the comedy. Just as Willie is about to march into the bedroom music swells up ominously, then suddenly changes into a sort of military piece as Willie strides valiantly into the unknown. The sets represent Victorian Salford: not a particularly lavish place, more adequately described as sombre (bordering on depressing), and are quite realistic. The costumes are realistically Victorian, and those who cannot determine this by eye will be able to guess when Hobson starts complaining about the bustles that Alice and Vicky wear. The special effects in the performance are few, and are nowhere near as impressive as modern SFX, but, considering this performance was filmed in 1954, the effects compliment the rest of the performance perfectly. The part where Hobson is delusional due to his many years of heavy drinking is a perfect example of the effects in Hobsons Choice, because in that scene Hobson imagines he sees a swarm of mosquitoes attacking him, and then imagines a man-sized rabbit at the foot of his bed. Overall I think that David Leans adaptation of Harold Brighouses Hobsons Choice is a marvel of its time. It sticks to the play almost word for word, and with the small changes that have been made the conversion from book to screen worked perfectly (although I think that Dr MacFarlanes role in this performance ends much too abruptly). The conflicting personalities of Hobson and Maggie are brought to life marvellously by Laughton and de Banzie, while John Mills timid Willie Mossop is stuck hopelessly in the middle. The grim streets of Victorian Salford make for the perfect background of this macabre slice of urban drama, while the comical antics of its residents lighten the atmosphere, making the genre of this performance somewhat enigmatic: comedy or drama? Whatever it is, it is certainly an intelligent piece of work (Hobsons entrapment by eldest daughter Maggie so that he is forced to award her and her sisters financial settlements is exceptionally clever), and Lean should be congratulated. Matthew Gibson, B10. Show preview only The above preview is unformatted text This student written piece of work is one of many that can be found in our GCSE Harold Brighouse section.