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Mod XIII. Luke Friedman. Industry Definition. Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio Products and services are delivered through the mail

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mod xiii
Mod XIII

Luke Friedman

industry definition
Industry Definition
  • Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio
  • Products and services are delivered through the mail
  • Companies in this industry typically have low amounts of inventory and commonly act as the “middle-man” in sales transactions
final valuation
Final Valuation

11:46PM

4/22/2014

confession
Confession
  • Not even close to linking the 3
  • Only worked first time after manipulation
  • Tried line items as % of Sales—didn’t work
  • Tried as % of Sales (simple valuation)—didn’t work
interesting assumption s
Interesting Assumption(s)
  • Large cash balance Q3paid down debt
  • Caused change in
  • Tried to compound bad outlook in early years then minimal growth in following years
  • Terminal value used 3% because do not expect Barnes & Noble to close
interpretation issues
Interpretation&ISSUES
  • FCF
    • Potentially higher EPAT if sold Nook segment
    • NEA increasing too quickly
  • REI
    • Far too many assets/not efficient enough
    • Incorrectly forecasted NEA
  • AGR
    • Earnings taken in advance by liquidation of Nooks
  • WACC adjustment
  • Underlying “smoothness issue”
  • Spreadsheet error(s)
final valuation1
Final Valuation

9:04AM

4/23/2014

conclusion and q a
Conclusion and Q&A
  • Results
    • FCF—45%
    • REI—128%
    • AGR—108%
  • Why Adjusted Assumptions
    • Sole Survivorwill not perpetually liquidate
    • Demand for hard-cover books
    • Analyst at a hold—high target at $32
  • ???
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