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Darden University of Virginia (USA)
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Black Cards and Banking
Fairchild; Gregory B.; Tierney; Black; Christina; Jones; Liz IvaniwCase DARDEN-F-1870-EFinanceCecilia and Luke were recently married and were beginning to build a life together. Although they were complete opposites; they had been able to work through their differences and have a good relationship. Luke was a musician who did not have a day job. Although his music was able to provide him with an income; it was not steady or reliable. Cecilia; on the other hand; had a steady job working as a marketing manager for a baby formula company. Wh...Starting at €8.20
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Forwards and Futures
Conroy, Robert M.Technical Note DARDEN-F-1427-EFinanceThis technical note introduces the basics of forward and futures contracts. It covers the very simplest contract on financial assets with no income and expands the discussion to cover contracts on financial assets with dividends, contracts on foreign currency and commodities. There is a discussion on the difference between forward/futures prices and the expected spot rate.Starting at €8.20
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Cypress Semiconductor: 1.25% Convertible Notes
Conroy, Robert M.Case DARDEN-F-1532-EFinanceThe treasury department staff at Cypress Semiconductor Corporation (Cypress) had just received the final draft of the proposal for the pending $600 million convertible bond issue. This would be the latest in a series of convertible bond issuances by Cypress. But this time the situation was quite different. The last offerings were in 2000 when Cypress’s stock price was trading in the $40 to $50 range for the year and had, in fact, hit a high of $5...Starting at €8.20
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Netflix, Inc., 2007
Pfeifer, Phillip E.; Conroy, Robert M.Case DARDEN-F-1592-EFinanceThe protagonist in this case is an analyst attempting to value Netflix, Inc., and check whether her recent buy recommendation at a price of $20.00 per share was still valid. Recent bad news had caused the price to drop and she needed to do her best to figure out what was the future for Netflix, and was it undervalued at $17 per share? Intended for MBA students, this case contains her discounted cash flow valuation and a set of assumptions (revenu...Starting at €8.20
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Target Corporation Rewards Program, June 2010
Conroy, Robert M.Case DARDEN-F-1632-EFinanceIt was May 2010, and the results were in. For Doug Scovanner, CFO of Target Corporation, there was good news, and there was bad news. The recent trials of a new REDcard Rewards Program in Kansas City, Missouri, and San Antonio, Texas, had yielded mixed results. In San Antonio, the new rewards program offered customers a 3% discount on Target purchases when using a REDcard, but it had not produced a meaningful increase in sales in that market. On ...Starting at €8.20
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Single-Stock Futures
Conroy, Robert M.Case DARDEN-F-1640-EFinanceJack Goodwin had recently read an article on using futures contracts on individual stocks for hedging purposes. He held about 500 shares of Abbott Laboratories in his trading portfolio. While he was concerned about the share price falling in the short run, he was bullish over the long run. Of course, he could sell now and buy later, but that would mean he would have a taxable capital gain, which he wanted to avoid. He thought the single-stock-fut...Starting at €8.20
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Norfolk Southern Corporation-Century Bonds
Conroy, Robert M.Case DARDEN-F-1733-EFinanceNorfolk Southern Corporation (NSC), a railway operator, was issuing a $250 million bond with a coupon of 6% and a maturity in 2105. The bonds were added to an existing $300 million 6% debt issue due 2105, which the company first sold in 2005. A bond analyst at Tidal Insurance (Tidal), has heard that the original issue of this century bond was to be $100 million, and it seemed that strong investor demand pushed NSC, to increase the total amount to...Starting at €8.20
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A Quicksand of Loans: Loan Types
Fairchild; Gregory B.; Tierney; Black; Christina; Jones; Liz IvaniwCase DARDEN-F-1867-EFinanceRachel Moore was an optimistic; cheerful; friendly woman who had recently graduated with a bachelor’s degree in business management. She had used scholarships and grants while working 30 hours a week to make up the difference in tuition; and had graduated debt free—becoming the first in her family to earn a college education. After moving to start a full-time job a marketing manager at a marketing company; Rachel had recently been told that the h...Starting at €8.20
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A Quicksand of Loans: Loan Types - Teaching Note
Fairchild; Gregory B.; Tierney; Black; Christina; Jones; Liz IvaniwTeaching Note DARDEN-F-1867TN-EFinanceTeaching note for product F-1867Starting at €0.00
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Using the Equity Residual Approach to Valuation: An Example (Abridged)
Harris, Robert S.; Conroy, Robert M.Technical Note DARDEN-F-1609-EFinanceThis note provides an example of the equity residual valuation method to a company. The note can be used to accompany cases on private equity acquisitions or other levered transactions. It provides a simple fact set to focus on the essentials of the method.Starting at €8.20