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December 2017 (Revised January 2018)
Teaching Note

Bega Cheese: Bidding to Bring Vegemite Back Home

By: Benjamin C. Esty, Lauren G. Pickle and Greg Saldutte

In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands such as Vegemite, the iconic Australian... View Details

December 2000 (Revised December 2016)
Technical Note

Valuing Companies in Corporate Restructurings: Technical Note

By: Stuart C. Gilson

This case provides a technical overview of different valuation techniques for use in valuing companies in corporate restructuring. Techniques covered include adjusted present value, WACC, capital cash flow, and discounted cash flow valuation. Specific numerical... View Details

Keywords: Restructuring; Capital; Cash Flow; Interest Rates; Valuation

April 2008
Supplement

ProfitLogic (CW)

By: Lynda M. Applegate, Richard G. Hamermesh and Michael J. Roberts

This interactive spreadsheet accompanies the ProfitLogic case (#802-110) to enable analysis of the cash flow implications of three business models that the company is considering. Students are able to change key assumptions and see the impact on cash flow. View Details

Keywords: Cash Flow; Business Model

February 2005 (Revised January 2012)
Case

Liston Mechanics Corporation

By: Marc L. Bertoneche

Reviews, through a rather simple and straightforward situation, the various methods of valuation--free cash flow, weighted average cost of capital, equity cash flow, adjusted present value, multiples, etc. View Details

Keywords: Valuation; Cost of Capital; Equity; Cash Flow; Value; Financial Management

Research Summary

Corporate Bond Pricing and Different Sources of Asset Return Volatility (with George Chacko and Jens Hilscher)

This paper presents a pricing model for defaultable bonds. Default is defined by a cash flow, not value, covenant. The cash flow (total distributions) yield is stochastic. We find that different sources of volatility, cash flow versus discount rate news, affect... View Details

December 2017
Supplement

Bega Cheese: Bidding to Bring Vegemite Back Home

By: Benjamin C. Esty and Lauren G. Pickle

In January 2017, the leadership team of Bega Cheese—the Australian dairy company—was considering a bid for Mondelēz International’s Australia and New Zealand (ANZ) grocery business which included several leading consumer brands (Vegemite—the iconic Australian spread,... View Details

April 2012
Article

The Predictive Value of Accruals and Consequences for Market Anomalies

By: Francois Brochet, Seunghan Nam and Joshua Ronen

We revisit the role of the cash and accrual components of accounting earnings in predicting future cash flows using out-of-sample predictions and market value of equity as a proxy for all future cash flows. We find that, on average, accruals improve upon current cash... View Details

Keywords: Forecasting and Prediction; Investment Return; Value; Equity; Markets; Cash Flow; Information Management; Accrual Accounting; Earnings Management; Corporate Governance; Stocks

Find at Harvard

2023
Working Paper

The Optimal Stock Valuation Ratio

By: Sebastian Hillenbrand and Odhrain McCarthy

Trailing price ratios, such as the price-dividend and the price-earnings ratio, scale prices by trailing cash flow measures. They theoretically contain expected returns, yet, their performance in predicting stock market returns is poor. This is because of an omitted... View Details

Keywords: Price; Investment Return; AI and Machine Learning; Valuation; Cash Flow; Forecasting and Prediction

February 2006 (Revised October 2006)
Background Note

Introduction to Valuation Multiples

By: Robin Greenwood and Lucy White

Outlines the definition and applicability of financial multiples and their relationship to discounted cash flow analysis. View Details

Keywords: Cash Flow; Valuation

October 2000
Case

Tree Values

By: Richard S. Ruback and Kathleen Luchs

Describes two alternative tree cutting strategies. The first is to cut all trees that are at least 12 inches in diameter at breast height. The second is to thin the forest by cutting less desirable trees immediately and harvesting the crop trees later. The case... View Details

Keywords: Strategy; Decision Making; Cash Flow; Decision Choices and Conditions; Management Practices and Processes; Value Creation; Forestry Industry

January 1989 (Revised September 1995)
Case

MSDI-Alcala de Henares, Spain

By: Timothy A. Luehrman

Merck & Co., Inc. is evaluating a proposed cost-saving investment by its Spanish subsidiary. The case introduces techniques of discounted cash flow valuation analysis in a multicurrency setting. Can be used to teach basic international parity conditions as they relate... View Details

Keywords: Business Subsidiaries; Cash Flow; Cost Management; Currency; Investment; Management Analysis, Tools, and Techniques; Valuation; Spain

2010
Case

New Heritage Doll Company: Capital Budgeting: Brief Case No. 4212.

By: Timothy A. Luehrman and Heide Diener Abelli

A manufacturer and retailer of specialty doll products must decide which of two projects to fund. The decision requires the student to compute cash flows for the 2 projects, discount values to the present and compare and contrast different project performance measures. View Details

Keywords: Capital Budgeting; Projects; Decision Making; Cash Flow; Performance Evaluation; Production

January 1984 (Revised August 1988)
Background Note

Valuation Techniques

By: Howard H. Stevenson and Michael J. Roberts

Describes several approaches to valuation of a going concern: assets, earnings, and cash flow. View Details

Keywords: Valuation; Business Earnings; Assets; Cash Flow

January 2005
Tutorial

Buying Time

By: Robert S. Kaplan

Managers must frequently make decisions involving trade-offs between cash flows to be paid or received at different points in time. Accountants, in turn, must describe transactions that involve the payment and/or receipt of cash far in the future. This interactive... View Details

Keywords: Cash Flow; Value; Interest Rates; Financial Statements

13 Jul 2021
Blog Post

A View from the Horizon

response to Georgia’s bill that sought to restrict voting access. One other name on the list stood out to me: Dr. James Cash. Dr. Cash had been a mentor to me a long time ago, though I didn’t fully realize the impact he was making on me... View Details

08 Jun 2020
Working Paper Summaries

Loan Types and the Bank Lending Channel

Keywords: by Victoria Ivashina, Luc Laeven, and Enrique Moral-Benito; Financial Services

Managing the Liquidity Crisis

Companies are scrambling for cash in the wake of the pandemic. Unfortunately, for structural reasons they are unlikely to get the cash they need from their traditional lenders, even though the financial system is in relatively good shape and there are reserves of... View Details

July 2023
Article

Takahashi-Alexander Revisited: Modeling Private Equity Portfolio Outcomes Using Historical Simulations

By: Dawson Beutler, Alex Billias, Sam Holt, Josh Lerner and TzuHwan Seet

In 2001, Dean Takahashi and Seth Alexander of the Yale University Investments Office developed a deterministic model for estimating future cash flows and valuations for the Yale endowment’s private equity portfolio. Their model, which is simple and intuitive, is still... View Details

Keywords: Forecasting and Prediction; Investment Portfolio; Analytics and Data Science

February 1998 (Revised January 1999)
Case

Digital Everywhere, Inc.

By: Paul A. Gompers

Presents a valuation problem in a fictitious firm, Digital Everywhere. Students have the opportunity to compare various discounted cash flow valuation models in an entrepreneurial firm. View Details

Keywords: Cash Flow; Valuation; Entrepreneurship

2005
Working Paper

Aggregate Corporate Liquidity and Stock Returns

By: Robin Greenwood

Aggregate investment in cash and liquid assets as a share of total corporate investment is negatively related to subsequent U.S. stock market returns between 1947 and 2003. The share of cash in total investment is a more stable predictor of returns than scaled price... View Details

Keywords: Stocks; Financial Liquidity; Cash; Investment Return; Corporate Finance

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