...Value Line, in its current form, was incorporated in 1982 and is the successor to substantially all of the operations of Arnold Bernhard & Co., Inc. In June 2005, AB & Co. owned approximately 86.5% of the Company’s issued and outstanding common stock. The Company produces investment related periodical publications through its wholly owned subsidiary, Value Line Publishing LLC ("VLP") . VLP publishes in both print and electronic formats The Value Line Investment Survey®, one of the nation's major periodical investment publication, as well as The Value Line Investment Survey - Small and Mid-Cap Edition, The Value Line 600, Value Line Select, The Value Line Fund Advisor, The Value Line Special Situations Service, The Value Line Daily Options Survey and The Value Line Convertibles Survey. VLP also provides current and historical financial databases which include DataFile, Estimates & Projections, Convertibles, ETFs and Mutual Funds in standard computer formats. The Company also markets investment analysis software and includes The Value Line Investment Analyzer (which was last updated in 1999) and Value Line Mutual Fund Survey for Windows (which was last updated since 1998). The Company's print and electronic services are marketed from time to time through media, direct mail and the internet to retail and institutional investors. The company last advertised on television, CNBC, in 2001. In addition to Value Line Publishing LLC, the Company's other wholly owned subsidiaries include...
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...Value Line, in its current form, was incorporated in 1982 and is the successor to substantially all of the operations of Arnold Bernhard & Co., Inc. In June 2005, AB & Co. owned approximately 86.5% of the Company’s issued and outstanding common stock. The Company produces investment related periodical publications through its wholly owned subsidiary, Value Line Publishing LLC ("VLP") . VLP publishes in both print and electronic formats The Value Line Investment Survey®, one of the nation's major periodical investment publication, as well as The Value Line Investment Survey - Small and Mid-Cap Edition, The Value Line 600, Value Line Select, The Value Line Fund Advisor, The Value Line Special Situations Service, The Value Line Daily Options Survey and The Value Line Convertibles Survey. VLP also provides current and historical financial databases which include DataFile, Estimates & Projections, Convertibles, ETFs and Mutual Funds in standard computer formats. The Company also markets investment analysis software and includes The Value Line Investment Analyzer (which was last updated in 1999) and Value Line Mutual Fund Survey for Windows (which was last updated since 1998). The Company's print and electronic services are marketed from time to time through media, direct mail and the internet to retail and institutional investors. The company last advertised on television, CNBC, in 2001. In addition to Value Line Publishing LLC, the Company's other wholly owned subsidiaries...
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...VALUE LINE PUBLISHING, OCTOBER 2002 Financial Forecast for Home Depot Fiscal year 2001 2002E 2003E 2004E 2005E 2006E Growth in new stores 17.5% 15.0% 13.2% 9.0% 7.0% 5.5% Sales growth for existing stores -0.4% 3.0% 4.0% 8.3% 8.3% 8.3% Total sales growth 17.1% 18.0% 17.2% 17.3% 15.3% 13.8% Gross margin 31.6% 32.0% 32.3% 32.4% 32.5% 32.5% Cash operating expenses/Sales 20.9% 21.0% 20.7% 20.8% 20.5% 20.5% Depreciation/Sales 1.4% 1.4% 1.4% 1.4% 1.4% 1.4% Income tax rate 38.6% 37.6% 37.5% 37.5% 37.5% 37.5% Cash & ST Inv/Sales 4.8% 5.0% 5.0% 5.1% 5.3% 5.3% Receivable turnover 58.2 55.0 53.0 52.0 50.0 50.0 Inventory turnover 5.4 5.3 5.1 5.0 4.7 4.7 P&E Turnover 3.5 3.3 3.3 3.3 3.3 3.3 Payables/COGS 9.4% 9.4% 9.4% 9.4% 9.4% 9.4% Other curr liab/Sales 4.4% 4.4% 4.4% 4.4% 4.4% 4.4% Number of stores 1,333 1,533 1,735 1,891 2,024 2,135 Net sales 53,553 63,195 74,049 86,860 100,149 114,000 Cost of sales 36,642 42,972 50,131 58,717 67,601 76,950 Gross profit 16,911 20,222 23,918 28,143 32,549 37,050 Cash operating expenses 11,215 13,271 15,328 18,067 20,531 23,370 Depreciation & amortization 764 902 1,056 1,239 1,429 1,626 EBIT 4,932 6,050 7,533 8,837 10,589 12,054 NOPAT 3,028 3,775 4,708 5,523 6,618 7,534 Cash and ST investments 2,546 3,160 3,702 4,430 5,308 6,042 Accounts receivable 920 1,149 1,397 1,670 2,003...
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...| Value Line Publishing | | Yu ZhangAlex Zurbuch | Mingle Li | | Fin 470 Oct 16, 2011 Value Line Publishing There are two leaders for retail building-supply industry: Home Depot and Lowe’s, the two companies captured more than third of the total sale of the industry. Home Depot hold 22.9% market shares of the industry and Lowe’s hold 10.8% market share. Two companies are head to head competitor but focus on different market, Home Depot focused on large metropolitan areas and Lowe’s focused on rural area. Two companies both maintained online stores. Lowe’s has its own Web site: “Accent & Style” and focused on professional customer. Home Depot developed new type of retail stores in urban area and provide products and services in a compact format. Home Depot developed its first international retailer in 1994 and 10% of Home Depot international stores were built in global area at the end of 2001. Home Depot has 1,333 stores and 256,300 employees in 2001 and Lowe’s has 744 stores and 108,317 employees in the same period time. Return on equity shows how well a company uses investment funds to generate earnings growth. Generally a return on equity between 15% and 20% are considered desirable. Home Depot’s five year returns on equity all between 15% and 20% and Lowe’s five year returns on equity mostly less than 15%. The data prove Home Depot got higher net earnings than Lowe’s. Gross margin can use to determine the value of increasing sales. The...
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...Are Over the past 15 to 20 years more and more CEOs have been scrutinized and the typical CEO's pay is largely driven by market factors. CEOs pay is strongly related to stock performance. Because of more bureaucracy, the CEO's job has become increasingly more difficult over the past decade. In fact some would even argue that they are not paid enough and should be paid more. CEOs are being scrutinized more than ever. Some have taken on a celebrity persona such as Steve Jobs, Bill Gates, and Jack Welch. The fact of the matter is their pay is driven by market forces. You don't really hear of athletes being scrutinized like CEOs. However, since the collapse of companies such as Enron, WorldCom, and Tyco, their exposure has put them in the forefront of our society. CEOs are not unique. Other industries with similar backgrounds have earned just as well in the last decade. This includes top lawyers, athletes and top financial executives. Kaplan contends that it would be difficult to understand how pay increase could be driven by non-market forces when pay to athletes, lawyers and other groups have increased just as much. Their pay is strongly related to stock performance. Kaplan's recent analysis of CEO pays in a given year found that CEOs in the top 20% of actual pay generate stock returns 60% greater. This is greater than other firms in their industries over the past three years. In addition, CEOs from firms in the bottom 20% of actual pay underperformed...
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...The Wolfpack Corporate Finance – MBA 8020 Summer 2016 Value Line Publishing, 2002 Executive Summary Analyst of Value Line Publishing, Carrie Galeotafiore, was put in charge of the company comparison and developed a comprehensive forecast model that could be used to gauge future success. Historical performance, costs of capital, current financial statements, and macroeconomic trends were all used in creating assumptive ratios and growth rates. With five year projected financials, Galeotafiore applied these projections to current company metrics in an effort to publish an accurate forecast. Before finalizing these projections, it is recommended that Value Line produce a detailed qualitative analysis to support the numbers. The purposes of this analysis are to 1) provide detailed forecast analysis for hardware giants Home Depot and Lowe’s. 2) compare these assumptions to the industries previous and potential performance 3) provide a judgment for Value Line readers for potential stock investment actions. Although these two companies have risen to the top of this industry it is recommended that investors hold their current investment position on both companies, as opposed to buy or sell. Problem Formulation As Galeotafiore prepares to release Value Line’s forecasts, there are several important factors that must be taken into consideration. Primarily, are the numbers used in the models for Home Depot, found in Exhibit 7, dependable? Can both companies be expected...
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... SOX Compliance Solution ***************** CMGT 16FEB2015 ******** SOX Compliance Solution The following Memo is to address the issue of organizing training for all company management personal, in the training of MetricStream© a software solution to The Sarbanes-Oxley Act (SOX). The Memo will address the main issue and how the training will be provided. The memo will also address how the company will be able to measure how successful the training was, and any problems that will be needed to be address had the company decided to conduct any future training sessions. MEMORANDUM TO: All Managers FROM: Head Office DATE: February 16, 2015 SUBJECT: SOX Compliance Solution Compliance to the Sarbanes-Oxley Act is mandatory and requires the financial reports are accurate and reviewed by internal auditors to ensure accountability ("The Sarbanes-Oxley Act ", 2006). To ensure adherence to the SOX requirements and in order to streamline the process while reducing cost at the same time; the company has decided to implement MetricStream© as a software solution for managing the requirements of the act. MetricStream© not only provides tools for the management of internal auditing and reporting process, but also provides a way to show evidence of report findings. This tool also provides collaborative assistance tools to streamline the underlining process required by section 302 of SOX (MetricStream, Inc, 2015). The training required as part of the implementation...
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...Effect of Unethical Behavior Article Analysis Chris May 6, 2013 Acc 291 Judith Vargas University of Phoenix I am going to explain in this paper some situations that might lead to unethical accounting and how we can identify some of the unethical practices in accounting. In an article that I read it talked about how when the economy is down that a lot of companies enforce ethics and make their ethical policies even better, but at the same time the article also states that when the economy is booming does it relax it ethical policies and let things pass. The Sarbanes-Oxley Act (SOX) has greatly helped to make company’s financial statements a lot better in making sure the companies are reporting all their earnings and expenses and so forth. The goal of SOX was to make companies and employees behave ethically; however, whether that has worked or not is questionable. Many argue that the implementation and ongoing requirements of Sarbanes Oxley and other laws are costly, time consuming, and as yet ineffective. Some say that SOX, “in many instances law has at best led to a culture of compliance rather than a culture of integrity. Even more disappointing is that too often the very activities Sarbanes Oxley were designed to prevent continue to slip past regulators until it is too late and the damage incurred (Hazels 2010)”. Some signs that I can think of, of a company being unethical is that they are struggling to pay back debts and these debts are not being...
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...Unethical accounting behavior has been on the forefront since the 1980s, in the United States. Unethical behavior is when someone takes advantage or manipulates another without their knowledge. Unethical behavior normally starts within upper management and transcends to the other employees. Unethical behavior consists of bribery, misusing funds, or manipulation of financial reports. When management or accountants knowing and unknowingly has overstated the value of the company’s assets and revenues, and has understated the expenses of the company, these acts are unethical behavior. Companies and individuals commit unethical behavior, for personal gain, greed, and sometimes by human error. When companies are pressured to meet certain deadlines for vendors and upper management it can lead to unethical behaviors. Auditors giving management advice concerning external audits and accounting procedures to manipulate accounting information is another form of unethical behavior (James). One of the most common acts of unethical behavior is when a member of management instructs a subordinate employee to manipulate a record for a transaction. Reporting incorrect information is unethical regardless of who is instructing the employee to do so. At no time is this appropriate behavior. Accounting principles requires companies to record their revenue for contracts only for one month. Anything outside of that one month will be recognized in the next year’s statements. Management should not instruct...
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...Week 5 Reflection Team A ACC/291 February 29, 2013 Steven Marantz Weekly Reflection We covered very interesting topics in week three and four. The students were asked to discuss topics which they felt comfortable with, the topic they may have struggled with, and how the weekly topics related to the application of their field. The students of team A have some similar pertaining to the weekly reading assignment and some that are different. Some of the topics we discussed were how to apply ratio, vertical, and horizontal analyses to financial statement; and also, how to distinguish common stock and preferred stock and, how Corporations issue stocks in accordance with their Articles of Incorporation. Team A agreed that these topics were more clearly and easy to understand. We all were comfortable and ready to use these concepts in the real world. The topics we all struggled with are how to calculate the liquidity, profitability, and the solvency ratios on the balance sheet and income statement. We also learned that accounting could best be described as a type of mechanism or language put in place in order to provide information with regards to the financial position of an organization or business. This type of information is critical to investors as it provides them with important and detailed information that could turn out to be the determining factor as to their decisions to invest or not...
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...Sarbanes-Oxley Act (Sox Act) 2002 Student’s Name Institutional attachment The Sarbanes Oxley [sox] Act of 2002 made a significant move in the administrative environment of publically exchanged organizations. Because of a becoming number of corporate misrepresentation outrages, for example, Enron and Tyco universal, the united state congress passed the law in a push to decrease the likelihood of future extortion. The law requires more compressive monetary reporting necessities and upholds stricter punishments on the individuals who occupied with plans to swindle financial specialists. Then again, there are numerous adversaries to the law who accept the regulations are unnecessary and excessively excessive for generally organizations. With the end goal of this paper, I will dissect an article title "The Law change corporate" by Michael peregrine, which traces the some significant impacts of the law. The creator is a corporate legal counselor and has abnormal state of experience dealing with agreeability issues with open organizations. Generally, Michael accepts that SOX has been very fruitful. The most vital impact clarified in this article is focused on the structure of corporate legislation. He expressed that SOX seized the focused of corporate course from the corner of the workplace and returned it the meeting room, where it had a place. Besides the law empowered the recognizable proof of the best practices to guide meeting room conduct. Preceding 2002...
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...Role and Functions of Law Role and Functions of Law Without laws our society as a whole would be chaos. While some people live their lives by their morals, others make decisions solely based on consequences. Laws are designed to rule the people that don’t take their personal morals into account when making decisions, or people that have a set of morals that are way different than the norm. Without a clear set of consequences people would likely be running around all “willy-nilly” murdering each other. To make these consequences known you have to have a clear set of laws written otherwise people have without morals have nothing to consult when faced with decisions that might be immoral or unethical. Law basically forms all parts of our society. From our politics to the way we run our businesses, law is the code by which we operate. It is the code that we consult when faced with questions on how to treat one another, and how to be treated by others or even an organization. It tells us how to run our businesses and what our businesses can and cannot do. It tells us how organizations should be run, and what their powers are. In our society it is made clear to us what rights we have, and what we can do when people infringe upon these rights. Laws basically determine the way we act in our day to day lives. They are a clear standard on which we rely on to base our decisions. It’s debatable whether or not our laws are based on morals, or are morals are based on laws...
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...Case study: Value line publishing Zongchao Yang 701821448 According to the case, there are two major companies in the industry which are Home depot and Lowe’s. Home depot have a much larger market share than Lowe’s and the case has already presented the balance sheet and the ratio sheet of Home depot. So based on the Lowe’s balance sheet and the sheets of Home depot which are presented in the case. We can easily get all the ratios of Lowe’s. According to these ratios, we can find out that Lowe’s has done a good job because the sales and the NOPAT is increasing every year. So this tread and ratio may help us to forecast the performance of Lowe’s in the next five years. Ratio analysis for Lowe's | | | 1997 | 1998 | 1999 | 2000 | 2001 | | | | | | | Working capital | 673 | 920 | 1367 | 1288 | 1962 | Fixed assets | 3109 | 3759 | 5319 | 7201 | 8815 | Total capital | 3782 | 4679 | 6686 | 8489 | 10777 | Tax rate | 38.90% | 39.20% | 39% | 38.80% | 38.60% | NOPAT | 381 | 506 | 715 | 858 | 1103 | | | | | | | PROFITABILITY | | | | | | Return on capital | 10.1% | 10.8% | 10.7% | 10.1% | 10.2% | Return on equity | 13.7% | 15.4% | 14.3% | 7.1% | 7.5% | | | | | | | MARGINS | | | | | | Gross margin | 26.5% | 26.9% | 27.5% | 28.2% | 28.8% | cash operating expenses/sales | 18.0% | 17.9% | 18.0% | 18.5% | 18.3% | Depreciation/sales | 2.4% | 2.2% | 2.1% | 2.2% | 2.4% | Depreciation/P&E | 8.0% | 7.5% | 6.5% | 5.8% |...
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...is activated. After that initial fee, the taximeter will add RM2.40 for each kilometer the taxi drives. In this scenario, the total taxi fare depends upon the number of kilometer ridden in the taxi, and we can ask whether it is possible to model this type of scenario with a function. As you hop into a taxicab in Kuala Lumpur, the meter will immediately read RM3.30; this is the “drop” charge made when the taximeter is activated. After that initial fee, the taximeter will add RM2.40 for each kilometer the taxi drives. In this scenario, the total taxi fare depends upon the number of kilometer ridden in the taxi, and we can ask whether it is possible to model this type of scenario with a function. An equation whose graph is a straight line is called a linear function (y = mx + c). * Consider this Example 1: * Using descriptive variables, we choose k for kilometers and R for Cost in Ringgit Malaysia as a function of miles: R(k). * We know for certain that R(0) = 3.30, since the RM3.30 drop charge is assessed regardless of how many kilometers are driven. * Since RM2.40 is added for each kilometer driven, then: R(1) = 3.30 + 2.40 = 5.70. * If we then drove a second kilometer, another RM2.40 would be added to the cost: R(2) = 3.30 + 2.40 +2.40 = 8.10. * If we drove a third mile, another RM2.40 would be added to the cost: R(3) = 3.30 + 2.40 +2.40 + 2.40 = 10.50 * From this we might observe the pattern, and conclude that...
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...1. If you knew that the vertical intercept for a straight line was 15, that the slope was -.5, and that the independent variable had a value of 8, the value of the dependent variable would be: 11 2. In a demand graph showing the relationship between price and how much of a good the buyers will buy, the convention that economists follow is to place price on the: Vertical axis even though it is the independent variable 3. On a graph of two variables, X and Y, ceteris paribus means that: Other variables not shown are held constant 4. There are two sets of (x,y) points on a straight line in a two-variable graph with y on the vertical axis and x on the horizontal axis. If one set of points was (0,6) and the other set (6,18), the linear equation for the line would be: y=6+2x 5. The slope of a straight line is the ratio of the: vertical to horizontal 6. If a linear relation is described by the equation was C = 35 - 5D, then the slope of the line would be: 7. If two variables are directly related they will always graph as: an upsloping line 8. When variables A and B are negatively correlated, it implies that: A and B may or may not be causally related 9. A relationship illustrated by an upsloping graph means that an: Decrease in the value of one variable causes the value of the other to decrease 10. There are two sets of (x,y) points on a straight line in a two-variable graph with y on the vertical axis and x on the horizontal axis. If one set of points...
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