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- All HBS Web (790)
- Faculty Publications (452)
- 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
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Consumer Goods; Iconic Brands; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Diversification; Brands and Branding; Corporate Finance; Consumer Products Industry; Food and Beverage Industry; Australia; United States
- 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
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Consumer Goods; Iconic Brands; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Diversification; Business Divisions; Corporate Finance; Capital Structure; Food; Bids and Bidding; Consumer Products Industry; Food and Beverage Industry; Australia; United States
Esty, Benjamin C., and Lauren G. Pickle. "Bega Cheese: Bidding to Bring Vegemite Back Home." Harvard Business School Case 218-001, December 2017. (Revised February 2021.)
- 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
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Diversification; Consumer Goods; Iconic Brands; Australia; Corporate Finance; Bidding Strategy; Cross Border; Financing; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Consumer Products Industry; Food and Beverage Industry; Australia; United States
Ivashina, Victoria, Alexey Tuzikov, and Abhijit Tagade. "Valuation Techniques in Private Equity: LBO Model." Harvard Business School Background Note 218-106, June 2018.
- October 2016 (Revised February 2019)
- Module Note
Strategy Execution Module 5: Building a Profit Plan
By: Robert Simons
This module reading describes how to build a profit plan to reflect the strategy of a business in economic terms. After introducing the profit wheel, cash wheel, and ROE wheel, the module illustrates how to use a profit plan to assess the viability of different... View Details
Keywords: Management Control Systems; Implementing Strategy; Execution; Profit Planning; Cash Flow Analysis; Asset Utilization; Return On Equity; Business Planning; Testing Strategy; Analyzing Strategic Alternative; Strategy; Asset Management; Cash Flow; Investment Return; Management Systems; Profit
Simons, Robert. "Strategy Execution Module 5: Building a Profit Plan." Harvard Business School Module Note 117-105, October 2016. (Revised February 2019.)
- 2017
- Working Paper
The Benefits of Selective Disclosure: Evidence from Private Firms
By: Joan Farre-Mensa
Private firms’ ability to communicate confidentially with selected investors implies that valuation disagreements between firms and investors are larger at public firms than at private ones. Consistent with the notion that misvaluation concerns lead public firms to... View Details
Keywords: Finance; Equity; Private Companies; Corporate Cash; Precautionary Motives; Share Issuance; IPOs; Selective Disclosure; Private Ownership; Cash; Market Timing; Corporate Finance; Public Ownership; Corporate Disclosure; United States
Farre-Mensa, Joan. "The Benefits of Selective Disclosure: Evidence from Private Firms." Harvard Business School Working Paper, No. 14-095, April 2014. (Revised March 2017.)
- 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
Keywords: Mergers ＆ Acquisitions; Value Drivers; Discounted Cash Flow (DCF); Dairy Industry; Corporate Scope; Diversification; Consumer Goods; Iconic Brands; Australia; Corporate Finance; Bidding Strategy; Cross Border; Mergers and Acquisitions; Valuation; Value Creation; Business Divisions; Capital Structure; Food; Bids and Bidding; Retail Industry; Consumer Products Industry; Food and Beverage Industry; Australia; United States
- 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
Greenwood, Robin, and Lucy White. "Introduction to Valuation Multiples." Harvard Business School Background Note 206-095, February 2006. (Revised October 2006.)
- 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
- 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
Gompers, Paul A. "Digital Everywhere, Inc." Harvard Business School Case 298-099, February 1998. (Revised January 1999.)
- December 1997 (Revised December 1998)
- Case
Valuing Capital Investment Projects
By: W. Carl Kester
A collection of problems that introduces students to the application of discounted cash flow analysis in the evaluation of capital budgeting problems. View Details
Kester, W. Carl. "Valuing Capital Investment Projects." Harvard Business School Case 298-092, December 1997. (Revised December 1998.)
- 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
Gilson, Stuart C. "Valuing Companies in Corporate Restructurings: Technical Note." Harvard Business School Technical Note 201-073, December 2000. (Revised December 2016.)
- 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
- 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
Luehrman, Timothy A., and James Quinn. "Groupe Ariel S.A.: Parity Conditions and Cross-Border Valuation." Harvard Business School Brief Case 104-194, April 2010.
- 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
- 2021
- Working Paper
Stock Investors' Returns Are Exaggerated
By: Jesse M. Fried, Paul Ma and Charles C.Y. Wang
The stock market generates less wealth than it appears. We show that total shareholder return (TSR), the standard measure of stock investor performance, substantially exaggerates returns earned by these investors in aggregate, and thus by most investors. The main... View Details
Keywords: All-shareholder Returns; Capital Flows; Dividend Reinvestment; Equity Premium; Total Shareholder Returns; Stocks; Investment Return; Market Timing
Fried, Jesse M., Paul Ma, and Charles C.Y. Wang. "Stock Investors' Returns Are Exaggerated." Harvard Business School Working Paper, No. 22-036, November 2021.
- February 1998 (Revised March 1998)
- Case
Marriott Corporation: The Cost of Capital
Presents recommendations for hurdle rates of Marriott's divisions to select by discounting appropriate cash flows by the appropriate hurdle rate for each division. View Details
Ruback, Richard S. "Marriott Corporation: The Cost of Capital." Harvard Business School Case 298-101, February 1998. (Revised March 1998.)
- 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
Luehrman, Timothy A. "MSDI-Alcala de Henares, Spain." Harvard Business School Case 289-029, January 1989. (Revised September 1995.)
- December 1997
- Case
Fixed Income Valuation
By: W. Carl Kester
A collection of problems that introduces students to the use of discounted cash flow analysis in the valuation of fixed income securities. Students are required to estimate bond prices and yields to maturity, among other items. View Details
Kester, W. Carl. "Fixed Income Valuation." Harvard Business School Case 298-080, December 1997.
- June 2013
- Supplement
Parmalat Uruguay (A) & (B) (Video Supplement)
By: Jim Sharpe
This is the Video Supplement for Parmalat Uruguay (A) & (B) (HBS Cases #807103 and 807119). View Details
Keywords: Global Business; Turnaround; Distressed Debt; Bank Loans; Bank Debt; Search; Acquisitions; Cash Flow Analysis; Liquidation; Careers; Unions; Government And Business; Acquisition; Borrowing and Debt; Insolvency and Bankruptcy; Operations; Agriculture and Agribusiness Industry; Food and Beverage Industry; Uruguay
Sharpe, Jim. "Parmalat Uruguay (A) & (B) (Video Supplement)." Harvard Business School Video Supplement 813-727, June 2013.
- January 1989 (Revised October 1993)
- Background Note
Note: Valuing a Business Acquisition Opportunity
Describes how to value an acquisition opportunity as a capital budgeting problem. Cash flows are discounted at the cost of capital and debt is deducted to value the equity capital of the target company. A key contribution of the note is the discussion of five methods... View Details
Fruhan, William E., Jr. "Note: Valuing a Business Acquisition Opportunity." Harvard Business School Background Note 289-039, January 1989. (Revised October 1993.)