Publications

June 2018
Supplement

Valuing Snap After the IPO Quiet Period (C)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Analyzes Snap’s value and analyst recommendations following the events described in the (B) case. View Details

January 2018 (Revised April 2021)
Case

Capital Allocation at HCA

By: W. Carl Kester and Emily R. McComb

In early 2017, HCA Holdings, an investor-owned hospital management company, faced a strategically important capital allocation decision. After the exit of its private equity sponsors in 2016, HCA had to determine how best to allocate its substantial annual free cash... View Details

Keywords: Capital Allocation; Cash Distribution Policy; Dividends; Share Repurchases; Growth Strategy And Execution; Growth Investing; Capital Expenditures; Debt Management; Debt Reduction; Debt Policy; Hospital Management; Investor-owned Hospital Chains; Capital Budgeting; Capital Structure; Cash Flow; Corporate Finance; Decision Choices and Conditions; Health Industry; United States

June 2018 (Revised April 2021)
Case

Valuing Snap After the IPO Quiet Period (A)

By: Marco Di Maggio, Benjamin C. Esty and Gregory Saldutte

Snap, the disappearing message app, went public at $17 per share on March 2, 2017, making its two 20-something founders the youngest self-made billionaires in the country. Over the next three weeks, 14 analysts made investment recommendations on Snap: two with buy... View Details

December 2017 (Revised February 2021)
Case

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 such as Vegemite, the iconic Australian... View Details

December 2017 (Revised January 2022)
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 including Vegemite, the iconic Australian... View Details

September 2016 (Revised February 2017)
Case

MyTime

By: Juliane Begenau and Robin Greenwood

Ethan Anderson, the CEO of San Francisco–based e-commerce company MyTime, must decide on the company's growth strategy. MyTime’s first product was a website and mobile app that offered consumers a convenient way to book appointments with local merchants throughout the... View Details

Keywords: Customer Valuation; Discounted Cash Flow; Software; Valuation Methodologies; Subscriber Models; Financial Management; Corporate Finance; Growth and Development Strategy; Valuation; Applications and Software; Information Technology Industry; North and Central America

August 2013
Case

Pixability: Bettina's Board Walk

By: Noam Wasserman and Yael Braid

Description: Bettina Hein, founder-CEO of Pixability, is meeting with her board of directors to discuss her startup's fundraising prospects and the recent strategic pivot. Though Bettina loves the entrepreneurial exhilaration of "riding a rollercoaster every day,"... View Details

Keywords: Corporate Governance; Board Of Directors; Power And Influence; Entrepreneurship; Negotiation

August 2019 (Revised April 2021)
Case

Zillow Offers: Winning Online Real Estate 2.0

By: Luis Viceira, Marco Di Maggio and Allison Ciechanover

Founded in 2005, Zillow had become the leading online real estate and home-related marketplace. The brand was recognized as a trusted resource for players in the real estate market, providing information and transparency on home prices. Revenue, which was historically... View Details

Keywords: Real Estate; Corporate Culture; Intermediation; Brokerage; Startup; Evaluating Business Investments; Property; Information Technology; Business Model; Expansion; Business Startups; Real Estate Industry; Media and Broadcasting Industry; United States

August 2014 (Revised March 2016)
Case

Thomas Cook Group on the Brink (A)

By: Benjamin C. Esty, Stuart C. Gilson and Aldo Sesia

Harriett Green, the newly appointed CEO of Thomas Cook Group, faces a daunting set of business and financial challenges at the 171-year old UK travel services company. The company has lost almost £600 million in the last three quarters; has seen its stock price fall... View Details

Keywords: Turnaround; Corporate Restructuring; Change Leadership; Female Ceo; Change Management; Communication Strategy; Borrowing and Debt; Cash Flow; Cost Management; Financial Liquidity; Financial Management; Executive Compensation; Leading Change; Crisis Management; Value Creation; Travel Industry; United Kingdom

April 2010
Case

Groupe Ariel S.A.: Parity Conditions and Cross-Border Valuation

By: Timothy A. Luehrman and James Quinn

Groupe Ariel evaluates a proposal from its Mexican subsidiary to purchase and install cost-saving equipment at a manufacturing facility in Monterrey. The improvements will allow the plant to automate recycling and remanufacturing of toner and printer cartridges, an... View Details

Keywords: Exchange Rates; Securities Analysis; Project Evaluation; International Finance; Debt Securities; Currency Exchange Rate; Cash Flow; Cross-Cultural and Cross-Border Issues; Capital Budgeting; Europe; Mexico

June 2014
Supplement

Financial Policy at Apple, 2013 (B)

By: Mihir Desai and Elizabeth A. Meyer

This case is meant to accompany Financial Policy at Apple, 2013 (A) and details the results of Apple's Q2 2013 earnings call. View Details

Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland

June 2014
Supplement

Financial Policy at Apple, 2013 Student Supplement

By: Mihir Desai and Elizabeth A. Meyer

This is the student spreadsheet supplement to case 214-085, Financial Policy at Apple, 2013 (A). View Details

Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland

2009
Case

Midland Energy Resources, Inc.: Cost of Capital (TN): Brief Case.

By: Timothy A. Luehrman and Joel L. Heilprin

Finance, Capital Asset Pricing Model (CAPM), Weighted Average Cost of Capital (WACC), Capital Structure, Risk Assessment, Corporate Finance, Cash Flow, Valuation, Beta, North America, Energy, Oil and Gas, Cost of Capital, Cost of Equity, Discount Rate, Risk Premium,... View Details

Keywords: Capital Budgeting; Cost of Capital; Energy Industry

October 2014
Supplement

Financial Policy at Apple, 2013 Excel Supplement

By: Mihir Desai and Elizabeth A. Meyer

This is the Excel Supplement to Teaching Note 215-022: Financial Policy at Apple, 2013 (A) - (B). View Details

Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; United States; Republic of Ireland

October 2014
Supplement

Financial Policy at Apple, 2013 Powerpoint Supplement

By: Mihir Desai and Elizabeth A. Meyer

This is the PowerPoint supplement to the teaching note: Financial Policy at Apple, 2013 (A) - (B), number 215-022. View Details

Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland

October 2014
Teaching Note

Financial Policy at Apple, 2013 (A) and (B)

By: Mihir A. Desai and Elizabeth Meyer

This is the teaching note to HBS case 214-085: Financial Policy at Apple, 2013 (A). View Details

Keywords: Apple; Steve Jobs; Forecast; Forecasting; Forecasting And Prediction; Shareholder Activism; Share Repurchase; Dividends; Financial Ratios; Preferred Shares; Cash Distribution; Corporate Finance; Borrowing and Debt; Financial Management; Financial Strategy; Technology Industry; Consumer Products Industry; United States; Republic of Ireland

February 1997
Case

Transportation Displays, Incorporated (D): Exiting from a Successful Restructuring

By: Stuart C. Gilson, Vincent Hemmer, Eric Rahe, David Shorrock and Stephen Voorhis

Following a successful corporate turnaround and, more recently, a leveraged recapitalization, management of a highly profitable, fast--growing outdoor advertising company must consider alternative ways to harvest cash flow from the company without jeopardizing the... View Details

Keywords: Restructuring; Capital; Cash Flow; Profit; Taxation; Private Ownership

21 May 2013
News

Cook's Job Is to Manage Tax Law for Apple

2010
Case

Groupe Ariel, S.A.: Parity Conditions and Cross-Border Valuation: Brief Case.

By: Timothy A. Luehrman and James Quinn

Groupe Ariel evaluates a proposal from its Mexican subsidiary to purchase and install cost-saving equipment at a manufacturing facility in Monterrey. The improvements will allow the plant to automate recycling and remanufacturing of toner and printer cartridges, an... View Details

Keywords: Cross-Cultural and Cross-Border Issues; Valuation; Business Subsidiaries; Policy; Cash Flow; Management Analysis, Tools, and Techniques; International Finance; Problems and Challenges; Production; Currency; Manufacturing Industry; Mexico