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General Body Meeting 04-25-12. Welcome. News Updates. Macro. French Elections. 5. Sarkozy vs . Hollande. 6. First round results Hollande : 28.8% Sarkozy: 26.1% Right: 18.5% Left: 11.7% Center 8.8% Runnoff : Sarkozy v.s . Hollande (+ Left & Center )

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sarkozy vs hollande
Sarkozy vs. Hollande


  • First round results
    • Hollande: 28.8%
    • Sarkozy: 26.1%
    • Right: 18.5%
    • Left: 11.7%
    • Center 8.8%
  • Runnoff: Sarkozy v.s. Hollande (+ Left & Center)
  • First time that incumbent didn’t have majority
  • Outcome (still) uncertain, leaning towards Hollande
    • vs. Globalization, EU and cooperation with Germany
    • vs. Austerity
argentina nationalizes ypf
Argentina Nationalizes YPF
  • Argentina is one of the few countries that doesn’t control its own oil
  • In the face of slumping oil output and investments by YPF, Argentine President expropriated Spanish owned, YPF, the nation’s largest crude oil producer(34%) and refiner(50%)
  • Ousting the Spanish owners Repsol(57.4% stake)
  • Setting a terrible precedent
    • “expropriating assets rather than going through fair market means to gain control of a company effectively closes the country off to foreign-direct investments”
  • Retaliation by the EU could risk Argentina exports to its 2nd largest trading partner
two minute drill
Two Minute Drill

Guest Lecturer:

Shayra Kamal


Healthcare Pipeline

increased bidding for medicare supplies
Increased Bidding for Medicare Supplies
  • Administration announced using competitive bidding to buy Medicare supplies in order to save money for patients and taxpayers
    • Sharp break from fee-for-service purchasing for Medicare patients
  • Health and Human Services reports bidding pilot program already saved $202 million (reduced Medicare costs by 42%)
    • Mainly from purchases in oxygen equipment and wheelchairs
  • Expansion for bidding planned to cover over 100 metropolitan areas by in 2013 and the entire country by 2016
  • MD&D providers that start off at low bids at distinct advantage
  • Expected savings of $25.7 billion to Medicare program in 10 years
2 minute drill
2 Minute Drill


Pharmaceutical Pipelines

  • Set of unique compounds ,devices, and processes that a company has in development at any given time
  • Primary tool used to evaluate R&D activities, spending, and overall potential for success and growth
  • More pipeline compounds=greater valuation
fda approval
FDA Approval
  • Food and Drug Administration (FDA) is primary agency that process applications for drugs to exit compound and enter market, including patent protection for prescription drugs
  • Can take up to 10 years from synthesis of pipeline compound to final approval
  • Backlog of over 100,000 application per year
clinical trials
Clinical Trials
  • Three stages of drug development in FDA approval process
    • Pre-clinical, clinical, and marketing (post-approval)
  • Three phases of clinical trials determined by number of human and animal subjects in each phase
    • Phase I has fewest subjects, Phase III the most
    • Pipeline with majority of drugs in Phase II/III expected to rollout drugs within 2-5 years
  • Clinical trials results often used to increase investor confidence
apple aapl

Apple (AAPL)

Technology Sector


GuoJie Chin

Jerald Watson

Morgan Beller

James Ying

Raj Merchant

investment thesis
Investment Thesis
  • Ecosystem that connects success in one generation of devices to successive consumer purchases
  • Top-line growth that is unjustified in light of several near- and long-term growth drivers
  • Big iPhone (130MM) /iPad (60MM) unit revisions
  • Short: upside to iPhone shipments, new Macbook Air, the new iPad
  • Long: iPhone upgrade cycle, lower priced 3G iPhone, larger tablet market, continued Apple market dominance, expanding distribution in China, and potential for Apple to enter the Smart TV market in 2012-13.
company history
Company History
  • Apple is a multinational corporation focused on designing and selling consumer electronics, software, and personal computers.
    • Mainstream products include mobile communication and media devices such as iPod, iPad, iPhone
  • Founded in 1976 by Steve Jobs, Ronald Wayne, and Steve Wozniak
  • As of Sept. 2011, there are 357 retail stores worldwide
  • Currently the largest publicly traded company
    • Market Cap: > 530 billion
product description
Product Description
  • iPod
    • First released in October 2001, iPod is now in its 8th generation, and has four different products in its line: shuffle, nano, classic, touch
  • iPhone
    • Originally launched in 2007, iPhone has sold over 100 million units. The latest iPhone 4s sold over four million within the first three days of release.
  • Macbook/iMac
    • Macbook Pro, debuted in 2006, is the highest selling personal computing apple device.
revenue breakdown product
Revenue Breakdown (Product)

As of Q1 2012:

  • Macs (desktops/laptops): 14.24%
  • iPod: 5.46%
  • iPhone (including software sales): 52.70%
  • iPad (with software) : 19.75%
  • Peripherals: 3.47%
quick comparison
Quick Comparison

Q1 2012:

  • Total Revenue – 46.33 billion
    • EBITDA: 18.06 billion (Operating Margin: 38.98%)
    • Net Income: 13.06 billion (Net Margin: 28.19%)

Competitor figures:

    • Google
      • Operating Margin: 32.11% Net Margin: 27.09%
    • Hewlett-Packard:
      • Operating Margin: 8.41% Net Margin: 4.75%
    • Microsoft
      • Operating Margin: 38.44% Net Margin: 31.95%
short term drivers pros
Short Term Drivers: Pros
  • FQ2 earnings blow past expectations
  • Tuesday: earnings surged 93% in the March quarter, largely powered by stronger-than-expected sales of the iPhone
  • Set up well for months ahead and iPhone 5 release
  • CEO, Tim Cook: PC market is slow overall (probably partly due to the iPad), but that the Mac still outperformed the rest of the market
  • Spain: subsidies cut by country's wireless carrier
  • Bifurcation of iPhone pricing to capture emerging market demand
  • Improved iPhone and iPad shipment momentum
  • Rising gross margins driven by iPhone and iPad scale
short term drivers cons
Short Term Drivers: Cons
  • Threats
    • Android (HTC, Samsung), Windows 8 (Nokia), Kindle
    • Shortage of 28-nanometer chipsets used in smartphone devices from Qualcomm
    • No current phones use them but may delay iPhone 5 release
    • Cook dismissive of idea to combine PC and tablet
long term drivers
Long term drivers
  • Risk-reward profile
  • Revenue and earnings growth
  • Market penetration rates in tablets, PCs, China and enterprise
  • Enabling the burgeoning social media/networking adoption curve
  • Expanding store, online and carrier distribution in China or other developing markets
  • Returning cash to shareholders through buybacks and dividends
  • Shipment upside and continued evolution of the iPad line
  • Potential Smart TV launch in 2013
investment risks
Investment Risks
  • Android competition in smartphones, and Android and Windows competition in tablets
  • Regulatory and legal risk as Apple gains profit share momentum in mobile devices
  • Weak global consumer demand
  • Rate of new product cycles / CEO transition
main competitors
Main Competitors
  • Personal Computers: Acer, Dell, HP, Lenovo, Samsung Electronics
  • Wireless Handsets: HTC, Nokia, RIM, Samsung Electronics
  • Software/Media: Microsoft, Google, Amazon
competitive analysis
Competitive Analysis
  • Unrivaled margins among hardware manufacturers
  • Supreme (and increasing) market share
  • Innovation leader with phenomenal growth
  • Threats: Android (HTC, Samsung), Windows 8 (Nokia), Kindle
earnings release
Earnings Release
  • April 24, 2012 Apple Released Earnings Reports for the first quarter of 2012
  • Total Revenue: $39.2 Billion (59.7% Increase Year over Year)
  • Net Profit: $6 Billion (94% Increase Year over Year)
  • EPS: $12.3 (92% Increase Year over Year)
  • Gross margin rose slightly to 47.4 percent
  • Beat expert estimates of 10.08 EPS
earnings release 2
Earnings Release (2)
  • iPhone 4s and iPad sales were the primary drivers of revenue within the quarter
  • 35.1 Million iPhones Sold (88% Increase Year over Year)
  • 11.8 Million iPads Sold (151% Increase Year over Year)
  • International sales attributed to over 64% of the quarter’s total revenue
  • Apple CEO Tim Cook promises further innovation “across the year”
  • Bloomberg price target blend: $720
  • Upside: +18%

∑ price matrix X probability matrix = $798

Upside: +31%

williams r
Williams %R
  • Williams %R
    • Current = -40.95%
bollinger bands
Bollinger Bands
  • Bollinger Bands
    • April 25 Lower Bound = 566.64, Upper Bound = 642.52, Price = 607.87
relative strength index
Relative Strength Index
  • Relative Strength Index (RSI)
    • Current: 54.89
  • Moving Average Convergence Divergence (MACD)
    • Current: 1.49%
  • Ecosystem that connects success in one generation of devices to successive consumer purchases
  • Strong valuation (big upside)
  • Short: upside to iPhone shipments, new Macbook Air, the new iPad
  • Long: iPhone upgrade cycle, lower priced 3G iPhone, larger tablet market, continued Apple market dominance, China (emerging markets), Smart TV market
  • Returning cash to shareholders through buybacks and dividends
  • Recommendation: Buy 4 shares at $610 for $2,440.
analysts adrian diaz granados andrea cheung michael wolcott tom jaeger

Whole Foods Market, Inc. (WFM)

Analysts: Adrian Diaz-Granados, Andrea Cheung, Michael Wolcott, Tom Jaeger

company history overview
Company History & Overview
  • Founded: 1980
  • Headquarters: Austin, Texas
  • Over 310 stores in the U.S., Canada, and the U.K.
  • Began expanding to other domestic markets in 1984 by acquiring other natural food retailers
  • Entered Canadian market in 2002 and the U.K. market in 2004
management structure culture
Management Structure & Culture
  • Co-CEOs
    • John Mackey (Co-Founder)
      • Ernst & Young CEO of the Year in 2003
    • Walter Robb
  • The work culture is centered on the company’s grassroots level management, which helps it eliminate bureaucracy
  • Tight-knit team of five senior executives have functioned as a sort of CEO committee for the past 10 years
  • Great employee relations that create a fun and exciting atmosphere
  • Excellent training program
  • Diverse workforce: 44% women, 43% minorities
favorable behavioral trends
Favorable Behavioral Trends
  • Organic usage remains strong, with 75% of U.S. consumers purchasing organic products
  • 35% of the consumers polled indicated they buy organic products monthly, up from 22% in 2000. 
  • Shoppers have become increasingly interested in knowing where their food comes from
  • Last year, sales flourished among grocery retailers who jumped on the movement among consumers to “buy local”

Source: The Hartman Group’s “Beyond Organic and Natural 2010” report

favorable behavioral trends1
Favorable Behavioral Trends
  • A growing number of farmers are educating communities about buying organic foods and local-grown foods by using blogs and social media sites
    • 99% of farmers and ranchers aged 18 to 35 have access to and use the Internet and 75% of those surveyed have a Facebook page
    • 77% of those surveyed view this type of communication as an important part of their jobs as farmers and ranchers
  • Marketing boom has pushed retail sales of organic foods up to $28.6 billion in 2010 from $3.6 billion in 1997
  • Organic handlers are selling more organic products to conventional retailers and club stores than ever before

Source: American Farm Bureau’s 2010 “Young Farmers and Ranchers” Survey

favorable behavioral trends2
Favorable Behavioral Trends
  • Natural product sales through retail channels were approximately $65 billion, a 7% increase over the prior year
    • Driven by:
      • Heightened awareness of the role that healthy eating plays in long-term wellness
      • Abetter-educated and wealthier public whose median age is increasing each year
      • Increasing consumer concern over the purity and safety of food as well as environmental concerns

Source: Natural Food Merchandisers 2011 Report

macroeconomic analysis
Macroeconomic Analysis
  • U.S.
    • Mortgage rates sit at a record low
    • Private sector employment is posting year-ago increases not seen since 2006/2007
    • Analysts forecast sturdy economic growth, citing real GDP expansion as a key factor generating new jobs and cutting into employment
    • The jobless rate appears set to fall below 8% by year’s end
    • In the coming months, economic data will turn a bit soft as the effects of the warm winter fade
      • Surging gasoline prices have the potential to take a toll on consumer sentiment
macroeconomic analysis1
Macroeconomic Analysis
    • Analysts also expect lawmakers to make significant policy changes after the presidential election
      • Most likely they will again extend the Bush-era tax cuts for middle and lower income taxpayers, delay spending cuts, and allow the payroll tax programs to expire
      • The fiscal drag next year is expected to be closer to 1.5 of a percentage point of GDP
  • Global
    • The global economy continues to expand at a moderate pace, with financial stresses in the mature economies remaining a key theme
    • Persistent economic weakness in the Euro Area is likely to be a continued drag on the global economic expansion
macroeconomic analysis2
Macroeconomic Analysis
  • The perception that there is no clear solution to the deeply-rooted problems of the Euro Area is weighing on confidence regionally and globally
  • There is a persistent divergence between weak performance in mature economies and solid performance in emerging economies
  • Inflation pressures will remain subdued in mature economies and have recently subsided somewhat in many emerging economies
industry overview
Industry Overview
  • Grocery Industry
    • Focus on natural/organic food product sales through retail channels
  • Competes with other major supermarkets
    • Kroger
    • SuperValu
    • SafeWay
  • U.S. organic industry grew 8% in 2010 – direct tie to WFM
    • Opposes current trend where “flat is the new growth”
  • In 2010, the organic industry grew to over $28.6 billion

Source: Organic Trade Association’s 2011 Organic Industry Survey

competitive advantages
Competitive Advantages
  • Best operator of small, hip, and natural food retailers
    • This market position is powerfuland sustainable
  • Now the only major organic grocer in the country (post-acquisition of Wild Oats in 2007)
  • Selling “normal” food alongside organic food does not have the same market penetrationas Whole Food’s strategy
  • Size of their stores exceed 20,000 sq. feet
    • Customized layout in order to target customers of that region
competitive advantages1
Competitive Advantages
  • Depth and breadth of item selection
  • Offer an economic value-added management and incentive system for employees
  • Variety of selection of prepared foods for lunch, dinner, and dessert
  • 30% of shoppers do not know what they are having just two hours before the meal, making the prepared meal appealing to grocers

Source: The Food Marketing Institute 2010 Survey

health starts here brand
‘Health Starts Here’ Brand
  • New line of private brand products aimed at healthier eating
  • Includes convenient sides, salads, snacks and ready-to-cook entrée options, as well as frozen vegetables and sprouted grain breads
    • Based on ingredients that are whole, fresh, natural, organic and neither refined or highly processed
  • The products are part of a larger effort to help its customers improve and clean up their diets, and include educational efforts, both in store and online
marketing social media
Marketing & Social Media
  • Currently, WFM has nearly 900,000 fans on Facebook and over two million followers on Twitter
  • In addition, all of their stores have their own Facebook and Twitter accounts
    • Used to connect with local/regional customers and farmers/suppliers
  • Customer events to tighten relationships with local communities
whole foods in the news
Whole Foods in the News…
  • “Ban on Some Seafood Has Fishermen Fuming”
    • Whole Foods Stops Selling Unsustainable Seafood
  • “Whole Foods Market Funds Community Projects in Developing Countries Thanks to World Trade Guarantee Products
    • Whole Foods Market announced that with the help of its shoppers, it has paid more than $2.5 million in Community Development premiums for Fair Trade Certified produce
whole foods in the news1
Whole Foods in the News…
  • “No ‘pink slime’ at Whole Foods Market”
    • Whole Foods Market does not sell any fresh or frozen meat containing lean finely textured beef (“pink slime”) as the company’s stringent quality standards do not allow for it
  • “Taste life with new online magazine, Dark Rye”
    • Launched Dark Rye, an online magazine that explores food, art, health and sustainable living
    • The site features compelling people and content through storytelling with video, photography, recipes and articles
valuation measures
Valuation Measures
  • Price ~ $82
  • Market Cap: $15B
  • Trailing P/E: 39 (industry average of ~ 18)
  • Forward P/E: 30
  • EV/EBITDA:16.58
  • PEG Ratio (5 year expected): 2.09
income statement
Income Statement
  • Revenue: $10.5B
  • Quarterly Revenue Growth (yoy): 12.6%
  • Gross Profit: $3.54B
  • EBITDA: $892.8M
  • Quarterly Earnings Growth (yoy): 33.4%
balance sheet
Balance Sheet
  • Total Cash $850M
    • As opposed to $1B of debt three years ago
    • Cash on balance sheet is being used to finance more than 50 new store openings in the next two years
    • Expect to reach 1,000 stores in the United States
  • Total Debt: $19.3M
  • Book Value per share of 17.65%
  • Current Ratio: 1.87
  • Debt/Equity: 0.61
financial summary
Financial Summary
  • Extremely high growth and high potential for future growth
  • Very high margins and efficient operations allowing for high profits
  • Very low debt
  • Plenty of cash
  • Also to consider: some of this high growth potential is priced in as evidenced by relatively high P/E and EV/EBITDA ratios
  • Analyst opinion: 24 out of 24 analysts rank this stock between ‘Strong Buy’ and ‘Hold’
major competitors
Major Competitors
  • Kroger (NYSE: KR)
    • Number one leading grocery store chain in the country
    • Operates over 3,600 stores
    • Runs convenience stores under the names Quik Stop and Kwik Shop
    • Has a host of private-label products that it uses to differentiate products and to increase customer loyalty
    • Retail grocery chain that acquired Albertsons in 2006
    • Operates 4,280 stores in 40 states
    • Sales have been falling drastically with competition from Wal-Mart and Costco
  • Safeway (NYSE: SWY)
    • Operates in the US and in Western Canada with over 1,725 stores
    • Sales fell 7% in 2009 with severe price competition from Wal-Mart
    • Offers its own brand products and has also been forced to add an “O Organics” line to fight with competition from Whole Foods in the organic sector
swot analysis
SWOT Analysis
  • Strengths
    • Corporate Culture
    • Customer Experience
    • ‘Hip’ Image
    • Double-Digit Growth
    • Product Differentiation (in the offering of high-quality natural food products)
    • Branding for the affluent and health-conscious
  • Weaknesses
    • Lack of international expansion (except for Canada and UK)
    • Dependence upon global food prices and suppliers such as United Natural Foods
swot analysis1
SWOT Analysis
  • Opportunities
    • Market Leadership in high-demand segment/industry
    • Media coverage focus on organic and natural foods
    • Focus on consumer education
    • Expansion of WFM brand image with the Health Starts Here label
    • Store expansion into new domestic and international markets
  • Threats
    • Increased Competition
    • Re-branding existing supermarkets
    • Increased inflationary pressure on food items
    • Changes in economic conditions and government regulations and a possible impact on consumer spending
whole foods
Whole Foods
  • Williams %R
    • Current = -76.11%
whole foods1
Whole Foods
  • Bollinger Bands
    • April 25 Lower Bound = 81.70
    • April 25 Price = 82.51
whole foods2
Whole Foods
  • Relative Strength Index (RSI)
    • Current: 43.96
whole foods3
Whole Foods
  • Moving Average Convergence Divergence (MACD)
    • Current: .26%
whole foods4
Whole Foods
  • Technical Analysis
    • Thesis
      • Williams %R: Current -76.11% Buy
      • BOLL: March 6: Lower Bound = 81.70, Price = 82.51 Neutral
      • RSI: 43.96 Neutral/Slight Buy
      • MACD:.26%  Neutral
    • Overall technical analysis: Neutral/Slight Buy
investment thesis summary
Investment Thesis Summary
  • Increasing number of people striving to live healthy and protect the environment by buying organic and all natural foods
  • As the US comes out of the recession, the projected increase in discretionary spending will greatly benefit WFM
  • Significant growth potential within the United States
  • Few direct competitors that specialize in organic and all natural foods
  • Much higher margins than competitors
investment proposal
Investment Proposal
  • 20 Shares x $82.05 per share = $1641.00
  • Investment Horizon: 2-3 years
  • Long-Term Position with review after 6 months


  • Introduction
  • Thesis
  • ETF Composition
  • Geopolitics & Law
  • Stock movement
  • Macro Overview
  • Korea & Corporations
  • Analysis
  • QuanTeam
  • Proposal
introduction south korea
Introduction -South Korea


  • Located in the Korean peninsula between China and Japan
  • 12th largest economy in the world
    • 7th largest exporter, 10th largest importer
    • Main trade partners: China, Japan, USA, Saudi Arabia
  • One of four highly developed Asian economies along with Singapore, Hong Kong, Taiwan (“Four East Asian Tigers”)
  • One of the world’s fastest growing economies from 1960 to late 1990s
    • GDP per capita: $2,300 (1980) -> $30,000 (2010)
    • “Miracle on the Han River”
    • Still one of the fastest growing developed countries in 2000s
    • Over the last decade, EWY yielded 160% return
introduction south korea1
Introduction -South Korea


  • Leader in high-tech industries
    • electronics, telecommunications, automobile, shipbuilding, steel
  • Chaebol System: Korean family-controlled business conglomerates
    • Samsung, Hyundai, LG, SK, Lotte, Doosan groups
    • Receive a lot of government support and finance
introduction korean stock exchange
Introduction -Korean Stock Exchange


  • MSCI South Korea Index
    • Capitalization-weighted Index provided by Morgan Stanley, acting as an investment decision support to investors
    • Categorizes Korea’s public stocks into different sectors
  • KOSPI (Korean Composite Stock Price Index)
    • Like Dow Jones or S&P 500
  • KOSDAQ (Korean Securities Dealers Automated Quotations)
    • Like NASDAQ
introduction etfs
Introduction -ETFs


  • ETF (Exchange-Traded Funds) is an investment fund traded on stock exchanges
  • ETF usually track an index, such as MSCI or S&P 500 and thus captures the performance of a stock market index
  • Other types
    • Commodity, Bond, Currency, Leveraged ETFs
  • Why ETF versus stocks?
    • Low costs, tax efficiency, stock-like features


  • European Issues
  • Consumer-oriented market
  • Strong growth
  • Not recovered from August
etf composition
ETF Composition


  • An already-diversified portfolio of the most prominent companies in Korea
    • Samsung, Hyundai, POSCO, LG
    • Its index characteristic enables hedging of company- or sector-specific risks
  • Captures the performance of Korean economy as a whole
  • Net Assets: $3.04 billion
  • # of Holdings: 105
  • Total Market Capitalization: $763 billion
geopolitics law
Geopolitics & Law


  • Political tensions with North Korea and China
    • Trade acting as protection
      • China & 8% Margin
  • Korea’s strength
    • Miliatry
    • Alliances
    • Pacific Trade Union
  • Korean perception of Samsung-Apple lawsuit
    • Samsung “strong” company in Korea
    • Licencing/manufacturing issues
geopolitics law north korea
Geopolitics & Law -North Korea


  • Insecurity with NK drag index down
    • Irrational Fear
      • US & China alliances/trade
    • “Just for show”
  • Entry point
  • Limit buy
  • Wait for stability in Regime to Sell
stock movement1
Stock Movement


  • Not returned to pre-August levels
    • 4.5-4% Growth
    • “Luxury goods” longer to recover
    • Limited trade with Europe
  • Near future:
    • Samsung Galaxy S3 on May 3
      • Samsung supplier for Apple
    • Auto releases in April & May & Hyundai Veloster (2013)
macro overview
Macro Overview


  • Crisis only stalled
    • Spain’s rising bond yields >8%
    • Greek, French & Dutch Elections
      • Uncertainty of politics post-election
  • Lack of market confidence
  • Austerity: deepening recession
    • Internal political problems
  • Is the Euro the problem?
  • John Paulson: short German bonds
macro overview1
Macro Overview


  • Move away from European markets into Asia
  • Asian markets continue to do fine despite unrest in Europe
    • Hedge
    • Limited trade with S. Korea
      • Good entry point
  • Increase consumer confidence in Asia
  • Push Asian bond and interest rates down
    • Growth stimulus
korea corporations
Korea & Corporations


  • Perception of Samsung, Hyundai, KIA, etc.
    • Mentality towards corporations
    • Subsidies
  • Isolated from Europe
  • Consumerism
korea samsung apple
Korea & Samsung -Apple


  • Apple knows Samsung’s goal is to dethrone it as the world’s most valuable company.
    • Samsung claimed top spot in global smartphone shipments for Q3 2011, Apple slipped to number two
  • Lawsuits
    • Apple is the only closed source smartphone company
    • Actively trying to sue anyone over any alleged technology infringements & licencing
      • 3G Wirless Technology
      • iPhone/ iPad design
      • Source code
      • Galaxy Tab
korea samsung apple1
Korea & Samsung -Apple


  • Apple needs Samsung’s “best of breed” components for it’s main products
    • Anytime Apple makes money, so does Samsung
  • Samsung accounted for 25% of iPhone’s parts (including processor)
  • Samsung providing the high resolution touch screen for iPad 3
analysis dcf samsung
Analysis -DCF (Samsung)


  • Currency: South Korean Won.
  • Exit multiple method.
  • 5yr % increase: projected to be between 13% to 52%. Median = Mean = 32%.
  • Change in EBIT per year: 4.1%
  • WACC was 16% with 1% flex.
  • Exit Multiple was 7.9% (similar to the current industry average).
  • Samsung, Microsoft & Windows 8 on new touch screen computer in 2012.
    • The date this was announced corresponds with time Samsung's stocks started to rise.
      • Note that Microsoft hasn't even announced the release date for windows 8. 


  • ????


  • Buy $1500 worth at current market price
senior analyst applications
Senior Analyst Applications
  • Due April 25th at 11:59pm
    • Interviews conducted at this Sunday, April 29th
      • Between 1:00 and 3:00pm

A one-armed surgeon needs to operate on three patients but he only has two individual surgical gloves and he can't get any more. How can he operate on the three patients in turn without infecting the patients or himself?