...Ceja vineyards entrance into the distribution market of the winery may be faced with several forces from competition. The first is a threat as a new entrant. As a new entrant targeting the U.S. Hispanic consumer segment, may require Ceja to revamp their premium wine Ceja is known for. The may incur substantial incremental promotional expenses, and they may lose their rapidly growing sales channel of their wine buying club.1 Ceja access to distribution channels can be a barrier to entry also, because of the new entrants’ need to obtain distribution for its product. As a new entrant they may have to persuade the distribution channels to accept its product by providing extra incentives which reduce profits. 2 There is also the threat of the same products being offered at a cheaper price that are easily used in the same manner. Ceja wine is typically to be enjoyed with Mexican cuisine. Another vinery may offer the same brand of wine at a cheaper cost and is easily accessible in various markets. The lower the prices of substitutes and the higher the quality and performance of substitutes, the more intense are the competitive pressures posed by substitute products. 2 Bargaining power of the customer, why should someone chose Ceja? Ceja uses grapes that are grown in their own vineyard. Ceja produces enough grapes that they currently This paper is still a work in progress, be patient with me as I try to collect more information to finish this paper. I hope to gather further information...
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...Vineyard Manager Traits: * Detail Oriented * Leader * Reliable Responsibility: * Ensure that all necessary equipment is on site and in good operating condition prior to work * Monitoring the health of the grapes, recommending best practices for viticulture, and maintaining records for the vine performance. * Managing and training other general vineyard staff, seasonal staff and liaise with contractors who come in to work during the year * Development of an annual plan and budget for vineyard operation * Enforcing company policy; ensure that every job or task is safe for the employees; supervise to make sure all work is carried out correctly; assist the workers and treat them with respect * Search out and evaluate vineyard problems and make recommendations that provide effective, timely and economic solutions and deliver quality grapes Qualification & Skills: * A Bachelor’s degree in viticulture or related fields * 5-10 years of experience working in the field and included at least one year of supervisory experience * Knowledge of, and ability to operate heavy machinery and farming equipment essential and ability to lift/carry weights of up to 50 pounds * Applicants must have a valid driver’s license at the time of hire. * Demonstrated leadership and decision-making skills * Strong interpersonal and oral communication skills * Strong computer skills and the ability to multi-task * Bi-lingual (English...
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...Summary “An Ill Wind Off Cape Cod” published in the New York Times by Robert F. Kennedy Jr. , claims that wind power in general is good, but not off of Cape Cod. He starts off the article by talking about how other environmentalists are attracted to the Cape Wind Project because of the money. This includes the size and location of the turbines and how many turbines there will be. Kennedy introduces the three harms of the Cape Wind project, which are environmental, economic, and social harm. He shows evidence of environmental harm by stating that the turbines will endanger many local and migrating animals. Kennedy shows evidence of economic harm by stating that the wind turbines will damage many small businesses. Kennedy shows evidence of social harm by stating that the turbines will cause a decrease in tourism and the value of Cape Cod. He ends the article by proposing an alternative to prevent the three harms by building the wind turbines further offshore. Citation Kennedy, Robert F. "An Ill Wind Off Cape Cod." The New York Times. N.p., 16 Dec. 2005. Web. 24 Sept. 2015. Precis In the OP-ED article “An Ill Wind Off Cape Cod” by Robert F. Kennedy,(12/16/2005),he states that he supports wind power in general, but not off of Cape Cod. Kennedy supports his thesis by using facts, statistics, personal opinions, expert opinions and examples throughout the article. His purpose in the article is to persuade and take a stand for why he does and does not approve of the Cape Wind...
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...the Jamestown settlers have made wine. The first settlers were very ambitious and in 1619, they signed into law a requirement that stated that each male settler had to grow at least ten grape vines. The initiative taken by these settlers faced major drawbacks as the vines from Europe such as vinifera were attacked by pests such as Phylloxera and several diseases. The tobacco business that was booming at the time made the settlers lose faith in the wine business. Fine wine was a rare commodity only to be sourced from Europe but since brandy, beer and whisky were in plentiful, the settlers saw no need for wine. One settler, Thomas Jefferson never gave up. He cultivated European grapes for a period of more than 30 years in his Monticello vineyards. He never got lucky and never produced a single bottle of wine. George Washington too tried for 11 years and achieved nothing. Success came in 1820s, when wine was made from Native American grapes. At the Vienna World’s fair in 1973, the Virginia Norton wine was identified as ‘the best wine of all nations’. In 1889, at the Paris World’s Fair, Virginia Norton wine received a gold medal. This new discovery that the European and native vines could be grafted gave the Virginia’s wine industry a boost. The Virginia’s wine industry faced a major challenge in the early 20th century when the Prohibition came into place. After the Prohibition’s repeal, the industry took some time to bounce back. In the 1950’s, the experiments done on Vinifera...
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...The Celebrated Jumping Frog of Calaveras County by Mark Twain From The Saturday Press, Nov. 18, 1865. Republished in The Celebrated Jumping Frog of Calaveras County, and Other Sketches (1867), by Mark Twain and published by Harper & Brotherstest In compliance with the request of a friend of mine, who wrote me from the East, I called on good-natured, garrulous old Simon Wheeler, and inquired after my friend's friend, Leonidas W. Smiley, as requested to do, and I hereunto append the result. I have a lurking suspicion that Leonidas W. Smiley is a myth; and that my friend never knew such a personage; and that he only conjectured that if I asked old Wheeler about him, it would remind him of his infamous Jim Smiley, and he would go to work and bore me to death with some exasperating reminiscence of him as long and as tedious as it should be useless to me. If that was the design, it succeeded. I found Simon Wheeler dozing comfortably by the barroom stove of the dilapidated tavern in the decayed mining camp of Angel's, and I noticed that he was fat and bald-headed, and had an expression of winning gentleness and simplicity upon his tranquil countenance. He roused up, and gave me good-day. I told him a friend had commissioned me to make some inquiries about a cherished companion of his boyhood named Leonidas W. Smiley--Rev. Leonidas W. Smiley, a young minister of the Gospel, who he had heard was at one time a resident of Angel's Camp. I added that if Mr. Wheeler could tell...
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...his pen name Mark Twain, was an American author and humorist. He wrote The Adventures of Tom Sawyer (1876) and its sequel, Adventures of Huckleberry Finn (1885),[2] the latter often called "the Great American Novel." Twain grew up in Hannibal, Missouri, which provided the setting for Huckleberry Finn and Tom Sawyer. After an apprenticeship with a printer, he worked as a typesetter and contributed articles to his older brother Orion's newspaper. He later became a riverboat pilot on the Mississippi River before heading west to join Orion in Nevada. He referred humorously to his singular lack of success at mining, turning to journalism for the Virginia City Territorial Enterprise.[3] In 1865, his humorous story, "The Celebrated Jumping Frog of Calaveras County" was published, based on a story he heard at Angels Hotel in Angels Camp California where he had spent some time as a miner. The short story brought international attention, even being translated to classic Greek.[4] His wit and satire, in prose and in speech, earned praise from critics and peers, and he was a friend to presidents, artists, industrialists, and European royalty. Though Twain earned a great deal of money from his writings and lectures, he invested in ventures that lost a great deal of money, notably the Paige Compositor, which failed because of its complexity and imprecision. In the wake of these financial setbacks he filed for protection from his creditors via a bankruptcy filing, and with the help of Henry Huttleston...
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...A Joker’s Mind In “Hop-Frog”, a short story about two friend’s revenge on a tyrannical king, Edgar Allan Poe applies the romantic features of imagination and individualism in his writing as he portrays the mind and personality of a dwarf working for the King. The main character, Hop-Frog, is a dwarf who is a joker for the King. When Poe describes him in the story, he uses the phrases, “[s]omething between a leap and a wriggle” and “a movement that afforded illimitable amusement” (159) to describe how he walks and a way he provides entertainment to the King. Here, Poe demonstrates imagination by telling his audience made up characteristics about his character to develop the character and give a glimpse into what the rest of the story will be...
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...In the story, “Hop-Frog” by Edgar Allan Poe, Hop-Frog’s actions are justified. First of all, the king is unethical and evil. He valued humor over everything else and found it funny to make fun of other people’s flaws or disabilities, even if they couldn’t help it. One of the king’s last actions was the thing that pushed Hop-Frog over the edge: “without uttering a syllable, he pushed her (Trippetta) violently from him, and threw the contents of the brimming goblet in her face” (Poe 3). Trippetta was only trying to ask the king to leave Hop-Frog alone, but the king responded with violence. Trippetta was Hop-Frog’s only friend, so when the king pushed her and threw wine in her face it made Hop-Frog furious. A reader could tell that Hop-Frog was...
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...11/19/2014 Offensive Language in D.H. Hwang's Play, Trying to Find Chinatown - Wattpad Join Wattpad to read and share books and stories (for free). Choose a username Offensive Language in D.H. Hwang's Play, "Trying to Find Chinatown" Reality is what it is...real. To ignore any aspect of what is real sends us on a fool's errand and limits our exposure to ideas and ideals of individuals who do not meet our own "acceptable" criteria. This is part and parcel of the conflict spotlighted in the thought provoking play "Trying to Find Chinatown" by David Henry Hwang. The play centers on a chance encounter between two 20-something men on a New York Street. From the beginning their interaction is fraught with misunderstanding and prejudice. Ben, an out of town Caucasian is merely looking for an address when he happens upon an Asian, nearly his own age, working his heart out as a street musician on an electric violin. After showing his appreciation of the music with a few coins, he is instantly attacked when he asks for directions. The attack by Ronnie is full of insolence, malice, and seething hatred directed toward his "white" tormentor. Ronnie's tirade is peppered with profanity and frequent references to stereotypes of the rural inhabitants of the non-urban American South, twice referring to Ben as a "cousin fucker", completely ignoring Benjamin's own admission of being from the Midwest. Ronnie makes the assumption that due to Ben's skin color and rural background that he is the...
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...Calaveras Vineyard GUSTAVO OCATVIO HERRERA OCAMPO A00313848 FZ 4007 – Finanzas corporativas avanzadas Calaveras Vineyard Antecedentes • NationsBank´s investment-banking group invita a Goldengate Capital a participar en un préstamo para la adquisición de Calaveras Vineyards. • El préstamo asciende a $4.5M; $2M a largo plazo, $2.5 línea de crédito revolvente. • Calaveras Vineyard es una empresa fundada en 1883 con una exitosa gestión de la marca a través del tiempo. Cuenta con 220 acres de los cuales 175 son viñedos. • Calaveras cuenta con 5 categorías de producto: 2 en el segmento super-premium (64.3% de las ventas). • Alta concentración de la distribución en el canal de mayoreo (67%). • Disminución de la demanda de bebidas alcohólicas excepto para la categoría de vinos. • 50% de los requerimientos de uva son obtenidos con mediante 2 contratos de largo plazo, una porción limitada del proceso de fermentación y el almacenaje de producto terminado estaba arrendada a un vecino • Evolución positiva de la rentabilidad gracias al aumento del precio promedio. • Proyecciones financieras ambiciosas (optimistas) • Valor de mercado de los activos se estima entre $5 y $7 M. • Actual gerente general y gerente operativo potenciales compradores (con participación de 85% y 15% respectivamente) FZ 4007 – Finanzas corporativas avanzadas Calaveras Vineyard Análisis cualitativo Fortalezas: • Empresa con abolengo. • Expertos en producción y comercialización de vinos (Saberhacer)...
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...Calaveras Vineyards Case The appropriate TBV equations to calculate the firm’s WACC and FCF are: * R(after tax, wacc) = (E0/V0)rE + (D0/V0)rD (1-T) * FCF = TCF – corporate tax savings from deductable interest expense or * FCF = -NCPFA + Debt interest payment – corporate tax savings from deductible interest expense Below are the calculations for Calaveras Vineyards: * V1/1/1994 = (2,500)/1.126 + 357,000/1.126^2 + 463,000/1.126^3 + 590,000/1.126^4 + 780,000/1.126^5 + (1/1.126^5)(905,000/.1260.04) V1/1/1994 = $7,219,840 = Value of the Calaveras * E1/1/1994= V1/1/1994 – D1/1/1994 = 7,219,840 – 3,122,000 E1/1/1994 = $4,097,840 = Equity of the Calaveras Assuming the additional information on employee stock options, those calculations would be altered to: * V1/1/1994 = 7,219,840 – [233,000 + 54,000/1.14 + 67,000/1.16^2 + (1/1.16)(80,000/.16)] V1/1/1994 = $6,458,650 = Value of Calaveras with stock options * E1/1/1994= 6,458,650 – 3,122,000 = E1/1/1994 = $3,336,650 = Equity of the Calaveras with stock options Equity Valuations 1. Price Earnings ratio: This ratio values the company by dividing the Market Value per share by Earnings per Share. This measures the company’s past performance as well as expectations for company’s growth. 2. Book Value: This values a company by subtracting the cost of total assets minus intangible asset and liabilities. It is the total value of a company in the situation that the...
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...Warute Phanthumkmol Calaveras Vineyards Case Dear Dr. Lynna Martinez, After reviewing your projections of Calaveras Vineyards, I used the adjusted present value method to come up with the value of the company. With this method, I assume that the whole firm is financed only through equity. Therefore, when calculating the free cash flow, debt was not taken into account. Despite that, the net present value of interest shields is added back to compensate the debt in the capital structure. With this method, the company is valued at $9.62 million. In order to assess Calaveras’ value, I calculated the free cash flow from 1994 to 1998. The free cash flow from each year derived from adding Earnings before Interest and Taxes, Depreciation, and Amortization and subtracting the Change in Net Working Capital, and Capital Expenditure. Earnings before Interest and Taxes were calculated from subtracting tax rate of 37% from Earnings before Interest (EBIT), which was projected in the Income Statement. Other values were based off of the spreadsheet attached with this memo. Once I got the free cash flow for each year, I used the Cost of Equity or the CAPM rate to discount it to present value. The rate is calculated by adding the risk-free rate with the product of market risk premium and beta. The risk-free rate of 5.85% is based off of the interest rate of 30-year T-bonds. As for the market risk premium, I chose the geometric mean premium of returns on small-company stocks less returns...
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...Powered by TCPDF (www.tcpdf.org) OLIN BUSINESS SCHOOL Summer 2015 Advanced Corporate Finance IIIFrontiers of Valuation B62 FIN 534C Professor Todd Milbourn B62 MGT 534C Advanced Corporate Finance III – Frontiers of Valuation Summer 2015 Professor Todd Milbourn The Olin Business School Table of Contents 1. Valmont Industries HBP Case # UVA-F-1191 ............................................................................... 1 2. Super Project HBP Case # 9-112-034 ........................................................................................... 21 3. Calaveras Vineyards HBP Case # UVA-F-1094 ........................................................................... 37 4. Paginas Amarelas HBP Case # UVA-F-1210 ............................................................................... 63 5. Using Crystal Ball HBP Case # UVA-QA-0561 .......................................................................... 89 6. Valuation in Emerging Markets HBP Case # UVA-F-1455 ......................................................... 95 7. Project Valuation in Emerging Markets HBP Case # 9-702-077 ............................................... 113 8. Valuing Companies in Corporate Restructurings HBP Case # 9-201-073 ................................. 131 UVA-F-1191 Rev. Feb. 1, 2011 VALMONT INDUSTRI V IES, INC. Forty years ago, we made our fi F m irst center p pivot irriga ation system It was m. es ssentially a long steel pipe...
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...CALIFORNIA CALIFORNIA An Interpretive History TENTH EDITION James J. Rawls Instructor of History Diablo Valley College Walton Bean Late Professor of History University of California, Berkeley TM TM CALIFORNIA: AN INTERPRETIVE HISTORY, TENTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions © 2008, 2003, and 1998. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1234567890 QFR/QFR 10987654321 ISBN: 978-0-07-340696-1 MHID: 0-07-340696-1 Vice President & Editor-in-Chief: Michael Ryan Vice President EDP/Central Publishing Services: Kimberly Meriwether David Publisher: Christopher Freitag Sponsoring Editor: Matthew Busbridge Executive Marketing Manager: Pamela S. Cooper Editorial Coordinator: Nikki Weissman Project Manager: Erin Melloy Design Coordinator: Margarite Reynolds Cover Designer: Carole Lawson Cover Image: Albert Bierstadt, American (born...
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