...2010 . * Company: Apple Computer Inc (AAPL) _ . * Instructor: Natasha Bell-Scott _ . 2. Print out your completed electronic template. 3. Attach the following: * This front cover (completed) * Electronic solution template * Company annual report Chapter 1 - Introduction * Chapter 1: Select a Company and Gather Documents—Question 1Fill in the page numbers on the annual report where the following are located. | Required information for this workbook project. | Page No. | Required information for this workbook project. | Page No. | Financial Highlights (Not absolutely necessary, but very common in annual reports.) | 36 | Statement of Cash Flows | 59 | Chairman’s Message (President’s, CEO’s or other top official’s message or letter to the shareholders) | 36 | Notes to Financial Statements | 60 | Management’s Discussion and Analysis (MD&A) | 36 | Report of Independent Accountants or Independent Auditors’ Report | 89 | Income Statement(Statement of Earnings) | 36 | Five- or Ten-Year Summary of Operating Results | | Balance Sheet (Statement of Financial Position) | 56 | Management’s Report (Responsibility) on Internal Control over Financial Reporting (Item 9A. Control and Procedures in SEC 10K) | 93 | Statement of Change in...
Words: 1572 - Pages: 7
...Cost of Capital for Goff Computer, Inc.: 1. Most publicly traded corporations are required to submit 10Q (quarterly) and 10K (annual) reports to the SEC detailing their financial operations over the previous quarter or year, respectively. These corporate fillings are available on the SEC Web site at www.sec.gov. Go to the SEC Web site, follow the “Search for Company Filings” link, the “Companies & Other Filers” link, enter “Dell Computer,” and search for SEC filings made by Dell. Find the most recent 10Q and 10K and download the forms. Look on the balance sheet to find the book value of debt and the book value of equity. If you look further down the report, you should find a section titled either “Long-term Debt” or “Long –term Debt and Interest Rate Risk Management” that will list a breakdown of Dell’s long-term debt. Answer: The book value of a company's equity is the same as stockholder's equity, which can be computed by subtracting the total value of liabilities from total assets. (Total Assets) = (Total) Liabilities + Stockholder's Equity (book value of equity). Stockholder's Equity (book value of equity) = Total Assets –Total Liabilities. The book value of the company’s liabilities and equity was found from the site http://www.sec.gov . I found Dell’s Form 10K, dated January 28, 2011, and snap shot is attached here with. Dell’s Form 10K shows the following: Book value of equity: 10-k: Total Assets =38,599 millions; Total Liabilities = 30,833 (Dell 10-K...
Words: 1887 - Pages: 8
...Paper Not many companies, if any, are known for more innovation than Apple Inc. The products and software produced by Apple Inc. always seem to be years beyond the reach of other companies. Apple Inc. and its wholly-owned subsidiaries (collectively “Apple” or the “Company”) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications (Apple, 2011, pg. 1). Apple Inc. (Apple) produces such items and services as the “iPhone®, iPad®, Mac®, iPod®, Apple TV®, a portfolio of consumer and professional software applications, the iOS and Mac OS®X operating systems, iCloud®, and a variety of accessory, service and support offerings” (Apple, 2011). Apple’s innovation strategy is described below and is evaluated along with the risks involved with the strategy. Apple’s financials and business plan are also described below. Innovation Strategy Innovative companies can thrive even in a tough economy. Apple Inc. has seen hard times and good times. Apple has survived as a company because of a renewed commitment to innovation. This commitment to innovation spearheaded by Steve Jobs has caused other companies to analyze how Apple does so well. First, it is important to note that Apple has not been always successful. Today Apple epitomizes a capabilities-driven innovation strategy, but it wasn't...
Words: 1203 - Pages: 5
...2003, p. 471). It is a way for new entrants to succeed in the face of adversity and a way for incumbents to reinvent their products for success. This paper evaluates Microsoft Corporation’s innovation strategy as it related to its product and also evaluates the strategy as a measure of the company’s success. Company background and SEC filings Founded in 1975, incorporated in 1981 and with an initial public offering in 1986, the Microsoft Corporation mainly focuses on developing software products and services for their customers. There are five divisions of Microsoft: Windows and Windows Live Division, which creates operating systems for PCs; Server and Tools that develops server infrastructure and software; Online Services Division that focuses on easing consumer concerns and simplifying searches with Bing; Microsoft Business Division, which sustains the Microsoft Office Suite; and the Entertainment and Devices Division with products such as the Xbox360 and Kinect. Microsoft operates in more than 100 countries around the world, with sales growth attributed to creative design of new products and services. Their main competitors are Apple, Google, Yahoo, Adobe, Nintendo, IBM, and HP. With that level of competition, Microsoft is thoroughly committed to staying at the top of their business. To do this, they developed a deep passion for research and development that results in exciting new products that keep the world on its toes. In a recent corporate report, Microsoft...
Words: 1430 - Pages: 6
...April 13, 2012 Technology Google Inc. Ticker: GOOG Current Price: $630.84 Recommendation: Buy Implied Price: $688.77 Investment Thesis Key Statistics 52 Week Price Range 50-Day Moving Average Estimated Beta Dividend Yield Market Capitalization 3-Year Revenue CAGR $473.02 - $670.25 $XX$XX.XX $624.35 1.09 N/A $205.1 billion 20.26% Google’s market leading search engine will allow the company to continue to grow their advertising revenues domestically and internationally. As the internet continues to grow in popularity, demand for Google’s advertising services will continue to increase. With over 250 million mobile devices running Google’s Android operating system, and 850,000 being activated each day, any successful monetization of this system will result in substantial profits. Google’s culture of innovation will allow Google to continue to grow and remain a leader of the technology sector. Trading Statistics Diluted Shares Outstanding Average Volume (3-Month) Institutional Ownership Insider Ownership EV/EBITDA 325 million 2.647 million 81.80% 0.42% 9.2x Google Inc. (5- Year) Margins and Ratios Gross Margin EBITDA Margin Net Margin Debt to Enterprise Value Leverage Ratio 70.00% 39.25% 27.37% 2.55% 0.2x Covering Analyst: David Douglas 1 University of Oregon Investment Group University of Oregon Investment Group April 13, 2012 Business Overview Google Inc. was started in 1998 by two Stanford University students attempting to...
Words: 9272 - Pages: 38
...volatile stocks with high risk and high return. Investing in volatile stocks is like riding a roller coaster. When the market is on a roll, taking on more risk in your portfolio can have big rewards, but you will have stomach to deal with potential losses. I chose to buy 2,000 shares of Netflix with a market price $91.84 and the beta is 1.32. Netflix is an amazing success story both in entertainment industry and stock investment. Within 3 years, the company stock price has been increasing from $20 a share to over $100 a shares. Investing in Netflix either I can get a lot of money return or lost a lot of money. I also research for most traded stock on Wall Street Survivor to see which popular investing company is. Amazon, Microsoft, Apple and Ford Motor are most traded stock on market. Then I can narrow down the type of stocks and figure out which company has more potential gain. Stock chart is also really important to take a look before investing in a company. We can see the market price change in a period...
Words: 1006 - Pages: 5
...Introduction Culture has a major influence on international and local businesses. Firms today have to deal with the reality of cultural diversity not just on the international business scene but also within their organizations. Understanding this diversity and successfully interpreting it helps to realize and take advantage of the opportunities provided by globalization. Analyzing the cultures of triumphing companies and countries helps to compare, contrast and learn from their path to glory. Based on these facts, this research paper will study three different successful electronics companies from three different countries/cultures. These are Apple Inc. of USA, Samsung Electronics of South Korea and Sony Corporation of Japan. Apple and Sony Corporation are both involved in many types of business activities and Samsung Electronics is part of a larger multinational conglomerate (Samsung group) which comprises numerous affiliated international businesses. However due to size and commonality of products, this research will focus on their electronics business with specific attention to Mobile devices (Smartphone and mobile computing devices). This research paper will briefly touch up on the activities of the three companies and how cultures of their respective countries influence their corporate culture, management style and overall business activities. The purpose of such research is to analyze the corporate culture of each company in relation to their respective country of origin...
Words: 3521 - Pages: 15
...The Walt Disney Co. FINA 4200.002 Nick Camp Nick Meyer Muddasir Sultan Theme: The Walt Disney Co. is an enigma in these rough economic times for the sole purpose that they show minimal signs of slowing down. Mickey Mouse has his hands dipped into everything and from an investor’s standpoint that’s a good thing because that equals diversification, and in turn, diversification lowers risk. The Disney Company operates in several areas of the media and entertainment industry. They have recently acquired Pixar, which consistently provides box office record sales with their animated films. Along media entertainment lines, Disney also operates dominant media channels ABC and ESPN. These are two channels that carry with them a strong loyal following. Sports have always been America’s past time and it’s unlikely to see them ever declining or the viewership that goes along with it. People have always poured capital into sports and will continue to for many centuries to come. Aside from Disney’s ventures, investors focus and confidence should be in the trademark of Disney. Characters such as Mickey Mouse and Buzz Light-year are icons that will never be lost in the pages of time. Kids and adults alike will always want to participate in the next big thing the company has to offer and these kinds of expectations will always lead to Disney having a stable stock price and even unstable in the positive manner because the growth potential is limitless for...
Words: 5958 - Pages: 24
...מרצה: פרופ' ג'פרי קנטור מגישה: ילנה אמינוב, ת.ז. 311801625 תאריך: 29.12.11 רקע כללי: 3 רקע על החברה 3 "בקדייטינג " ואופציות 4 עיקרי כתב האישום 5 דוגמאות להונאות ע"י בכירי קומברס: 6 1. הונאת ה"בקדייטינג" 6 2. סילוף דוחות כספיים 8 3. הונאת קרן "הפאנטום/פארגו" 9 סיכום כתב התביעה 10 התאוששות החברה מפרשת ה"בקדייטינג" 11 ביבליאוגרפיה 12 רקע כללי: בשנת 2006, תחת הכותרת "מזימת האופציות" הואשמו שלושת בכירי חברת קומברס טכנולוגיות בהונאה רחבת היקף , שכללה שינוי רטרואקטיווי של מועדי הענקה של מיליוני אופציות בין השנים 2001-1998 (בקדייטינג). השינוי כלל בחירת ימים שבהם המניה נסחרה במחירי שפל של חודשים רבים, כדי להגדיל את הרווח ממימוש אופציות. רקע על החברה קומברס, חברת טכנולוגיה שנוסדה בישראל, אשר משרדה הראשי ממוקם בוודברי, ניו יורק, ארצות הברית. החברה עוסקת בפיתוח ושיווק של תוכנות תקשורת. החברה נוסדה בשנת 1982 על ידי הישראלים בועז משעולי, קובי אלכסנדר ופרופסור יחיעם ימיני כאשר השלושה הקימו את חברת "אפרת טכנולוגיה עתידית" אשר פיתחה טכנולוגיה להקלטה דיגיטלית של קול. בשנת 1984 הפכה חברת תדיראן לשותפה ב"אפרת טכנולוגיה עתידית" ומאוחר יותר גייסה החברה השקעה נוספת ממשקיעים אמריקאיים. בשנת 1986 הקימו את חברת קומברס בארצות הברית, "אפרת" מוזגה לתוך החברה החדשה. בסוף אותה השנה, קומברס הפכה לחברה ציבורית כאשר מניותיה הונפקו בבורסת נאסד"ק האמריקאית. השם "קומברס" הורכב מ 2 מילים " Communication" ו "Versatility"---> Comverse. בשנות ה-90 המוקדמות טכנולוגיית התא הקולי היה המוצר המרכזי של החברה , החברה התפחה במהירות וחצתה את רף המיליארד דולר בהכנסות. החברה ביססה את...
Words: 2572 - Pages: 11
...Stock Picking Skills of SEC Employees Shivaram Rajgopal Schaefer Chaired Professor of Accounting Goizueta Business School Emory University 1300 Clifton Road NE, Atlanta, GA 30030 Email: shivaram.rajgopal@emory.edu Roger M. White PhD Student in Accounting J. Mack Robinson School of Business Georgia State University Email: rwhite42@gsu.edu Preliminary and incomplete Comments welcome This draft: February 18, 2014 Abstract: We use a new data set obtained via a Freedom of Information Act request to investigate the trading strategies of the employees of the Securities and Exchange Commission (SEC). We find that a hedge portfolio that goes long on SEC employees’ buys and short on SEC employees’ sells earns positive and economically significant abnormal returns of (i) about 4% per year for all securities in general; and (ii) about 8.5% in U.S. common stocks in particular. The abnormal returns stem not from the buys but from the sale of stock ahead of a decline in stock prices. We find that at least some of these SEC employee trading profits are information based, as they tend to divest (i) in the run-up to SEC enforcement actions; and (ii) in the interim period between a corporate insider’s paper-based filing of the sale of restricted stock with the SEC and the appearance of the electronic record of such sale online on EDGAR. These results raise questions about potential rent seeking activities of the regulator’s employees. We acknowledge financial assistance from our respective...
Words: 16330 - Pages: 66
...The Home Depot Financial Management Project Company Financial Analysis For: Professor Ana Machuca Submitted by Team A: Betcher, Rhonda Cammack, Cheryl Desai, Shekhar Barnes, John Babatunde, Lasisi Adamson, Christopher Submission Date: February 26, 2012 TABLE OF CONTENTS EXECUTIVE SUMMARY: ...................................................................................... 3. COMPANY INTRODUCTION: ............................................................................... 5. FINANCIAL ANALYSIS: ......................................................................................... 8. WEIGHTED AVERAGE COST OF CAPTIAL (WACC): ........................................ 11. FUTURE CASH FLOWS: ...................................................................................... 16. HISTORICAL STOCK PRICE: .............................................................................. 22. SECURITY ANALYST’S REPORTS: .................................................................... 25. DIVIDEND and CAPITAL STRUCTURE: .............................................................. 26. CORPORATE GOVERNANCE: ............................................................................ 28. MERGER and INTERNATIONAL STRATEGY: .................................................... 29. REFERENCES: .....................................................................................................
Words: 5904 - Pages: 24
...J.P. Morgan M&A Reference Manual J.P. Morgan M&A Reference Manual This “M&A bible” is meant to serve as a training guide for newcomers to M&A, as well as a technical reference manual for experienced (and not so experienced) M&A practitioners. It incorporates what a number of people in M&A believe to be essential or useful basic knowledge to perform the tasks required in the daily routine of the strategic advisory business. As the financial, legal and tax environment in which the M&A Group operates is forever changing, periodic updates of this publication are intended. As such, any suggestions for improvement would be appreciated. Please direct your comments for improvement, but not your requests for copies of the book, to Eileen Smith at (77)6-8305. An online version of the book is available to Investment Banking professionals on the IB M&A Research database in Lotus Notes or through IB Today. The book is confidential, proprietary and the sole property of J.P. Morgan and should not be passed along to colleagues outside of Investment Banking or to people at competitor firms. Copyright © 1997 Morgan Guaranty Trust Company of New York. All rights reserved. June 1998 82890cl6 J.P. Morgan M&A Reference Manual Contents Valuation methodologies overview ............................................................... 1 Advantages and disadvantages ........................................................................ 1 Comparable company trading analysis ...................
Words: 47063 - Pages: 189
...Table of Contents Introduction: Page 2 Central Content: Page 9 Quantitative Analysis: Page 9 Profit, Equity, and Share Value Management: Page 10 Debt Management: Page 15 Cash management: Page 18 Asset management: Page 21 Qualitative Analysis: Page 23 Organizational Citizenship: Page 24 Strategic Positioning: Page 30 Summary: Page 33 Appendix: Page 38 PCS Data Sheets: Page 38 Works Cited: Page 89 Introduction Boston Beer Company (SAM) is one of the fastest growing breweries in the United States of America currently holding the largest market share of craft brewers in the country, and 6th largest of all brewers. Founded in 1984 in Boston, Massachusetts and staying true to both its local and family roots, this high quality beer has become an icon throughout the nation. Another extremely successful and predominant corporation in the beverage-alcohol industry is that of Anheuser-Busch Inbev SA (BUD) which will serve for the purposes of this paper as a benchmark for how a firm should be performing and operating in this field. Being that Anheuser-Busch has been operating since 1852, has 13 breweries nation-wide, and is one of the most iconic breweries in the world, it truly is a unique comparison of “David vs. Goliath” for these two companies. The History of the Boston Beer Company Jim Koch, founding member of The Boston Beer Company, has a long proud history of brewing a robust, full flavored beer in his family. In fact, it was his great-great grandfather...
Words: 19150 - Pages: 77
...A Financial Analysis of Southwest Airlines Co. Accounting for Financial Decisions BA812 Professor Wayne Drake May 20, 1998 Gillian Ainsworth Jennifer Goidell Christine Ledoux Tarak Modi Gerald Owens Robin Walters Southwest Airlines: Twenty-Six Years of “LUV” Twenty-six years ago, Rollin W. King scribbled three lines on a cocktail napkin, leaned across the table, and muttered to his longtime friend: “Herb, lets start our own airline”. Herbert D. Kelleher loosened his tie and knitted his brow before replying: “Rollin, you’ crazy.” He then paused, grinned, and added, re “Lets do it!” 1They founded Air Southwest Company in 1967. The company incorporated as Southwest Airlines in Texas, and commenced customer service on June 18, 1971. They began with three Boeing 737 aircraft serving three Texas cities – Dallas, Houston, and San Antonio. Today, Southwest Airlines operates more than 243 Boeing aircraft and provides service to more than 50 airports located in 49 cities in more than 24 states. Southwest Airlines offers approximately 2200 low fare, short-to-medium range flights throughout the United States.2 Their stock-exchange symbol “LUV” symbolizes their home at Dallas Love Field, as well as the theme of their customer relationships. Today, Southwest is the nation’ low fare, high customer satisfaction airline. Southwest has literally s written the book on low fares. The airline has never pretended to be anything more than a bus service. With an average flight distance...
Words: 5151 - Pages: 21
...9-709-462 REV: JANUARY 15, 2010 JUAN ALCACER DAVID COLLIS MARY FUREY The Walt Disney Company and Pixar Inc.: To Acquire or Not to Acquire? In November 2005, Robert Iger, the newly appointed CEO of the Walt Disney Company, eagerly awaited the box office results of Chicken Little, the company’s second computer-generated (CG) feature film. He knew that, for Disney as a whole to be successful, he had to get the animation business right, particularly the new CG technology that was rapidly supplanting hand-drawn animation.1 Yet the company had been reliant on a contract with animation studio Pixar, which had produced hits such as Toy Story and Finding Nemo, for most of its recent animated film revenue. And the co-production agreement, brokered during the tenure of his predecessor, Michael Eisner, was set to expire in 2006 after the release of Cars, the fifth movie in the five-picture deal. Unfortunately, contract renewal negotiations between Steve Jobs, CEO of Pixar, and Eisner had broken down in 2004 amid reports of personal conflict. When he assumed his new role, Iger reopened the lines of communication between the companies. In fact, he had just struck a deal with Jobs to sell Disneyowned, ABC-produced television shows—such as “Desperate Housewives”—through Apple’s iTunes Music Store.2 Iger knew that a deal with Pixar was possible; it was just a question of what that deal would look like. Did it make the most sense for Disney to simply buy Pixar? Walt Disney Feature Animation ...
Words: 13708 - Pages: 55
