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mercury athletic footwear questions

(2) They could combine manufacturers to get a powerful bargain in suppliers. (3) Except some global footwear brands, athletic and casual shoes market is still fragmented, which means each company could has its own market because of its characteristic. Revenue contribution And these two companies have some similar factors, such as : (1) They could use the same sale channels after acquisition, and internet channel could be enlarged. We can get the result. 3 million in revenue in 2006, making it relatively small compared to big players in the (1)first of all, to calculate the cash flows from 2007 to 2011, Net Income Its main customers are not interest in its apparel. We can find during the period from 2008- 2011, the reinvestment rate 15.57%- 37.1%, we just take a middle one 24.37%, by multi reinvestment rate and cost of capital (assume cost of capital =return on capital), to reach growth rate afterwards= 3.09%. Are they appropriate? 2. Review the projections by Liedtke. $431,121mn % Revenue Product wise. 21,740 The cost of equity will be 11.5%. MGMT S-2720 Assignment 1: Mercury Athletic Footwear Questions: 1. Outsource manufacture in China. (2016, Apr 18). We use cookies to give you the best experience possible. Forecast the Future FCFs AGI can improve its asset efficiency by investing in the development of its inventory management system. A few of the movies do not possess the best plots, but it doesn’t make the movie bad. Get a verified writer to help you with ?Mercury Footwear Questions Some studies found there is little evidence that firms grew fast continued to grow fast in the next period. The acquisition of the Mercury Athletic division has sources of potential including an increase in Active Gear’s revenue, an increase in leverage with contract manufacturers, boosting capacity utilization and expanding its presence with retailers and distributors. Download mercury athletic footwear case solution Comments. From 2007- 2011, the growth rate ranged from 4.74%- 16.3%, we assume the growth in future will be not that high. (5). Therefore, based on the above analysis, we think that it is not reasonable to use historical data for future projections. -Founded in 1968 by Daniel Fiore -Producer, designer and distributor of branded athletic and (6) Inventory management and production lead times are critical for the success. Mercury Athletic Footwear - Acquisition Analysis ACTIVE GEAR COST OF CAPITAL ASSUMPTION Tax Rate Cost of Debt Risk Free Rate Expected Market Return Market Risk Premium Asset βeta Debt-to-Value Ratio Debt-to-Equity Ratio Equity Beta 40.0% 6.00% 4.93% 10.43% 5.50% 20.0% 25.0% 0.970 CASH FLOW AND OPERATING ASSUMPTIONS 3. . 25,158 2% to 6%. Is Mercury an appropriate target for AGI? Global Athletic Footwear Market is expected to reach $114.8 billion by 2022, growing at a CAGR of 2.1% during the forecast period 2016 - 2022. Mercury Athletic Footwear Case Study John Liedtke head of Active Gear, Inc. (AGI) is contemplating whether to invest in Mercury Athletic a subsidiary of West Coast Fashions (WCF). Mercury Athletic Footwear: Valuing the Opportunity Active Gear, Inc. (AGI) is a privately held footwear company and is contemplating the possibility of acquiring Mercury Athletic Footwear. Is Mercury an appropriate target for AGI? Why? Among the first companies to offer fashionable walking, hiking and boating footwear. Description. Mercury Athletic Essay Sample. In his preliminary valuation and analysis, Liedtke came up with a basis of making financial projections based on the revenue forecasts and operating income for all the four Mercury’s major segments namely; the men’s athletic footwear, men’s casual footwear, women’s athletic footwear and … 14.1% ?Mercury Footwear Questions. Mercury Four main segments: men’s and women’s athletic and casual footwear. The industry is same, products are similar, markets are similar, greater ability to merge each other’s operating efficiencies and improve deficiencies, therefore it is evident that these factors confirm that Mercury is … You may also pause the movie frequently to make certain you do not miss anything. By continuing we’ll assume you’re on board with our cookie policy. Mercury Athletic Footwear Active Gear, Inc. is a privately held footwear company with $470. $470,285mn. Mercury Athletic Footwear designed and distributed branded athletic and casual footwear, principally to the youth market. Mercury Athletic Footwear: Valuing the Opportunity Case Solution. John Liedtke, head of the business development for Active Gear, Inc saw … Below are some characteristics for Mercury and AGI we need to focus on during the analysis: AGI 29,319. (2) then we need to calculate the terminal value. Target customers are urban and suburban family members aged 25 to 45. Therefore, take into above factors into account; we think that Mercury should be an appropriate target for AGI. We have get the cash flows of 2007-2011 and terminal value in 2011, and the cost of capital is 12.7%, we can get the respective present value of them and reach the total present value 226,514, which is the estimate Firm value of Mercury. Mercury Athletic Footwear: Valuing the Opportunity. For making a decision regarding the acquisition being appropriate or not, the facts and side effects of acquisition should be considered first. Mercury was purchased by WCF in hopes to increase business revenue however this was not the case. (4) Thanks to the profitable ability of AGI, it is much easier to make a better financial performance of Mercury. How would you recommend modifying them? Cost of Capital Under the alternative model, beta, risk free rate and risk premium are all sensitive to the outcome, but not significant as capital in basic model. Get step-by-step explanations, verified by experts. First, through the acquisition AGI can take the advantages of some existing synergies. Get a verified writer to help you with ?Mercury Footwear Questions, (4) In this market, it is important for the brand image, specialized engineering for performance and price. WCF has acquired Mercury during its strategic expansion plan. Introducing Textbook Solutions. 4. And since performance of Mercury is poorer than the average of the industry, it is better to use industry average level for the benchmarking of Mercury when predicting, instead of a discount rate of AGI for example. a footwear company. Total value of Mercury will be 247,479, which is the estimate Firm value of Mercury under the alternative method. Women’s casual footwear is Mercury’s worst performing product and post-acquisition the line may be discontinued by Active Gear. Retrieved from http://studymoose.com/mercury-footwear-questions-essay, Copying content is not allowed on this website, Ask a professional writer to help you with your text, Give us your email and we'll send you the essay you need, Please indicate where to send you the sample. Is Mercury an Appropriate Target for AGI? University of New South Wales • FINS 3625, University of Maryland, College Park • BUFN 750, Case Study Questions - Parts I and II - September 2011. Department stores, specialty stores, catalogs, discount retailers and internet. AGI Mercury Athletic Footwear $470.3 Million Sales Revenue in 2006 42% Revenue - Athletic Footwear 58% Revenue - Casual Footwear Among the best profit margins in the Industry Prosperous, Active, and Fashion-Conscious Brand Image. Submit Close. As for debt ratio and expect g, it is not so sensitive, but has some influence. Liedtke thought geting Mercury would approximately duplicate AG’s gross. Its revenue on 2006 is $431.1 million and total asset is $270.6 million on 2006, Operating income (EBIT) is $42.3 million and net income is $25.9 million. Why or why not? Valuing Mercury Athletic. Don't waste time. To my surprise, the reinvestment rate is not sensitive to the outcome, I have not figure out the reason. Its mother company decided to extend the brand by creating complementary line of apparel. Focus on the following - Zero down on the central problem and two to five related problems in the case study. Financial performance Mercury had revenues of $431.1 million and EBITDA of $51.8 million during 2006. The image of the company is iconoclastic and nonconformist. Mercury Athletic Footwear: Valuing the Opportunity Case Study Solution are not Mercury Athletic Footwear: Valuing the Opportunity Case Study Help to write. As such, you are to assess your level of interest in pursing the acquisition of Mercury Athletic Footwear (MAF), which is being divested by West Coast Fashions, Inc. (WCF). Had poor performance after acquisition by WCF. And it is necessary to calculate the cash flow in 2012. It is good for them to increase the performance of inventory management if they merge together. c. based on the growth rate is 3.09%, we can get EBIT in 2012 is 39,930.. We have assumed ROC=WACC. (8) Most of the firms outsource the manufactures in China. Inventory management performance is worse than the average level. (3) The product segments are almost the same, which means that there should be little work to do after acquisition in product adjustment. Course Hero is not sponsored or endorsed by any college or university. (4) Alternative method to calculate cost of capital, then value of Mercury: We have learnt from Exhibit 3 of peer companies information in this business, we can calculate cost of capital in alternative ways. Among the most profitable firms. They target the global youth culture of alternative music, TV, and clothing. We can find during the period from 2007- 2011, the growth rate of net income is not stable, so we assume from 2012, Mercury enter into stable and slow development stage. Email. Casual shoes focus on mainstream market. (2) Performance of individual firms could be quite volatile for they need to anticipate and exploit fashion trend. How would you analyze possible synergies or other sources of value not reflected in Liedtke’s base case assumptions? 42% of revenue from athletic shoes and balance from casual footwear. And sometimes, analyst should be better than the historical growth. Once you finished the case analysis, time line of the events and other critical details. Mercury was purchased by WCF in hopes to increase business revenue however this was not the case. Youth market, mainly 15 to 25. Mercury athletic footwear 1. also offered here. -17,192 And it faced with some problems in the consolidation of manufacturers. Focus on smaller portfolio of classic products with longer lifecycles and could maintain simple production and supply chains. Mainly sold in department stores, specialty retailers, wholesalers and independent distributors. The Charles H. Kellstadt Graduate School of Business DePaul University FIN 555: Financial Management Prof. Joseph Vu Case Study Questions: Mercury Athletic Footwear Active Gear, Inc. (AGI), a privately held footwear company, was considering acquiring Mercury Athletic, the footwear division of West Coast Fashions, Inc. (WCF), a large apparel company. Revenue growth. Active Gear had recently increased its supplier concentration to improve its negotiating position because AGI’s small size … We could learn that managers of AGI want to enlarge the scale of its company and gain larger market share because of the stable profit margin. Considering that there are five main channels for analyst forecasts: firm-specific information, macroeconomic information, information revealed by competitors on future prospects, private information about the firm and public information other than earnings, we think Liedtke could find more information from above channles to get more accurate assumption. Mercury Athletic Footwear Case Essay Sample. And sometimes there are even negative correlations between growth rates in the two periods. Mercury Footwear Questions - The Charles H Kellstadt Graduate School of Business DePaul University FIN 555 Financial Management Prof Joseph Vu Case, 8 out of 13 people found this document helpful, The Charles H. Kellstadt Graduate School of Business, Case Study Questions: Mercury Athletic Footwear, Active Gear, Inc. (AGI), a privately held footwear company, was considering acquiring, Mercury Athletic, the footwear division of West Coast Fashions, Inc. (WCF), a large apparel, company. And from the comparison of 2007 to 2006, we can find Liedtke’s forecast need great input from AGI to support the development of Mercury, whether he has taken this into consideration? AGI is a profitable company; however, its size is not large enough to cater for market expansion opportunities. We've changed a part of the website. John Liedtke, head of the business development for Active Gear, Inc saw … Additional materials, such as the best quotations, synonyms and word definitions to make your writing easier are However, historical data is usually useless for future. Small percentage is sold through website. MERCURY ATHLETIC FOOTWEAR Problem statement: West Coast Fashions, Inc a large business of men’s and women’s apparel decided to dispose of one of their segments; Mercury Athletic. = Free Cash flow to Firm We believe that Mercury is an appropriate target for AGI since an acquisition can be an excellent growth opportunity. increase its purchase with contract makers and spread out its presence with cardinal retail merchants and distributers. 12.5%. Revenue. Therefore Unlevered beta for business= 1.35 We know the D/E ratio and tax rate of Mercury, then get levered beta for Mercury =1.52. In the case, we could find some characteristics of footwear industry: (1) It is a mature, highly competitive industry marked by low growth, but stable profit margin. (2). 14.8% Athletic Footwear Market Overview. $42,299mn. We assume the cost of equity equal return on equity, we can calculate the historical return on equity from 2007- 2011 is as below, Return on equity, 12.8% Student Instructions, Required Analysis and Questions Your team is to place themselves in the role of John Liedtke, head of business development for Active Gear, Inc. (AGI). we assume risk free rate is 5%, and risk premium as the historically one 4.3%. Why or why not? Mercury Athletic Footwear Case Solution. 3. Active Gear was one of the most successful firms in terms of profitability, in the footwear industry. Because of the poor performance, it was decided to sold. Report "mercury athletic footwear case solution" Please fill this form, we will try to respond as soon as possible. Sales growth is lower than the average because of there is little discount in price. Estimate the value of Mercury using a discounted cash flow approach and Liedtke’s base case projections. It has four lines of products, which include Men and Women casual and athletic footwear. RE: Mercury Athletic valuation and acquisition recommendations. The acquisition of Mercury Athletic Footwear can create business synergies. How would you recommend modifying them? Price cuts and promotion in apparel line hurts operating margins but helped to the growth in sales. – (Capital Expenditures – Depreciation) 14.5% 14.9% Besides, smaller firms tend to be more volatile than others, which we could find the same characteristics in these two firms we are talking about. An Overview of the Problem John Liedtke, the head of business development for Active Gear, Inc. wanted to acquire Mercury Athletic, footwear division of WCF. Unlevered beta for business= Beta comparable firms/[1+(1-t)(D/E ratio comparable firms)] From information provided in Exhibit, we can get average Beta and D/E ratio, is 1.56, 24.9% respectively. Boosta Ltd - 10 Kyriakou Matsi, Liliana building, office 203, 1082, Nicosia, Cyprus. (6) Although their target customers are different, especially in ages, which means that style and brand are different in the very beginning, this factor could turn into an advantage for the new company could have a fully segment of customers with a wider age ranges. Target Customer Just give us some more time, By clicking Send Me The Sample you agree on the. Mercury Athletic Footwear : valuing the opportunity. For cost of capital, we know the debt ratio is 20%, and cost of debt is 6%, we need to find the cost of equity. You can find data on the course website in a spreadsheet named. Should AGI purchase Mercury? Then the cost of capital will be 10.6%. (3) Under alternative method, the expected g is much lower as 2.6%, the risk free rate is also a medium one, and the risk premium is a historical one, which is much higher than recent risk premium in USA. $60.4mn. Logo is marked with prosperous, active and fashion-conscious lifestyle. Do you regard the value you obtained as conservative or aggressive? In my opinion, the value calculated via alternative method will be more reliable. Mercury athletic footwear was acquired by the West Coast Fashion in late 2003. Fundamental Analysis Of Larsen & Toubro Ltd. Mercury Athletic Footwear: Valuing the Opportunity, Financial Analysis on Aftab Automobiles Company, Factors That Influence the Capital Structure Decision of the Firm, Self Medication Practices in a Rural Filipino Community. Cost of Capital =debt ratio *cost of debt +equity ratio * cost of equity, We can get the cost of Capital in 2012, 12.7%. Step 4 - SWOT Analysis of Mercury Athletic: Valuing the Opportunity. o Products. Terminal Value=EBIT n+1*(1-t)/cost of Capital, we can get Terminal Value in 2011 is 315,237. History (5). (3) Except some global footwear brands, athletic and casual shoes market is still fragmented, which means each company could has its own market because of its characteristic. Mercury Athletic Footwear. 1. Do the SWOT analysis of the Mercury Athletic: Valuing the Opportunity . I think if AGI can reduce the cost of capital, which will show the great synergic effect to the acquisition. a. 4 a. Estimation of the weighted average cost of capital 5 b. Mercury Athletic Footwear Case Solution QUESTION 1 If we look at the valuation of Mercury for the part D and part F, then a difference could be seen between the enterprise values. Are they appropriate? Revenue and EBITDA were 431.1 million and 51.8 million.. Athletic footwear refers to those shoes that are designed for sports and other outdoor activities. The case focuses on the strategic and financial evaluation, The case provides the opportunity to forecast the cash flows associated with the proposed, acquisition and to value those projections using discounted cash flows methods as well as, multiples. We have conduct some simulation in the spreadsheet, we can find the present value of Mercury is very sensitive to cost of capital, under basic model if the cost of capital reduce to 10%, the value will rise up to 304,882. Operating Income. In order to emphasizing individual products, it began to monitor styles and images from global culture. It takes small size as its competitive disadvantages. Get this from a library! Good at inventory management in the industry. In order to summarize, due to AGI’s small size, there is a strong risk of being overtaken by the other giant players in the market therefore, if it acquires Mercury, the risk will be minimized and there is a strong opportunity that the company will grow steadily. Athletic shoes developed from high-performance footwear to athletic fashion wear. Mercury Athletic Footwear Case Mercury athletic footwear Group 7 Contents Executive Summary & Overview of Problems 3 Analysis on Mercury acquisition 4 Reasons why Mercury is an appropriate target for AGI 4 2. Students looking for free, top-notch essay and term paper samples on various topics. Don't be confused, we're about to change the rest of it. Mercury was expected to be sold by WCF as part of a strategic reorganization. We take 14% as reference. 2. Review the projections formulated by Liedtke. Reason. Mercury Athletic is quite an established company in the footwear industry. (7) Main sale channels are department stores, independent specialty retailers, sporting goods stores, boutiques and wholesalers. MERCURY ATHLETIC FOOTWEAR Problem statement: West Coast Fashions, Inc a large business of men’s and women’s apparel decided to dispose of one of their segments; Mercury Athletic. For a limited time, find answers and explanations to over 1.2 million textbook exercises for FREE! 26,867 Outsource main materials in foreign suppliers. The, potential acquisition would roughly double the size of AGI, and improve its negotiation, position with suppliers and retailers. And just as we mentioned in the question 1, revenue may be doubled after acquisition, it just fits the theory that it is difficult to maintain historical growth rates as firms double or triple in size. So, Mercury Athletic has 4 product ranges. I think my valuation is conservative, the reason is as follows: (1) Under the basic method, the expected g is much lower than the average g from 2007-2011, even lower the lowest one within this period and the reinvested rate is lower than the average one from 2007-2011 and also not a high one in general business, and we can also found the EBIT Margin is lower than the average one in that business. expect g and terminal value in 2011 will be 2.6% and 374,576 respectively. MERCURY ATHLETIC FOOTWEARProblem statement:West Coast Fashions, Inc a large business of men’s and women’s apparel decided todispose of one of their segments; Mercury Athletic. Executive Summary Great pressure from suppliers and competitors caused some deterioration of basic performance for AGI during 2004–2006. The outcome of this investment would be a reduction in the number of inventory days from 61.1 days to 42.5 days. Mercury athletic footwear. Estimate the value of Mercury using a discounted cash flow approach and Liedtke’s base case projections. Revenue and operating income were 470.3 million and 60.4 million in 2006. Don’t waste Your Time Searching For a Sample, Get Your Job Done By a Professional Skilled Writer. Estimation the value of Mercury based on discounted cash flows and Liedtke’s base case projections. And since the revenue is almost the same, it is a good choice to merge with Mercury, which means that revenue would be doubled after acquisition. 5. The subordinate that Liedtke and AG intended to get was Mercury Athletic ( MA ) . Free Cash flow Mercury Athletic Footwear Case Study John Liedtke head of Active Gear, Inc. (AGI) is contemplating whether to invest in Mercury Athletic a subsidiary of West Coast Fashions (WCF). Mercury Potential to double revenues Increase leverage with manufacturers Increase long run growth rate Expand presence with key retailers and distributors. – Changes in non-cash Working Capital Mercury Background 2003 - acquired by West Coast Fashions (WCF) Attempted brand extension through apparel line Business stalled Mercury CEO eager to return exclusively to footwear Four footwear product lines Men’s/Women’s athletic Men’s/Women’s casual 2006: Revenue - $431.1 million EBITDA - $51.8 million As for synergy, the management of inventory has not shown great synergic effect to the outcome, for from 2007 to 2011, inventory level has not reduced. Based on the formula: And he estimate debt/equity ratio remains the same as AGI, that is also unreasonable, for it is not possible to change that in short period. Your name. In the case, we could find that Liedtke used historical averages to assume the overhead-to-revenue ratio. Your Answer is very helpful for Us Thank you a lot! 79% Athletic 21% Casual. 42% Athletic 58% Casual. 8 ) most of the weighted average cost of capital, which will show the Great effect. Of Mercury using a discounted cash flows and Liedtke ’ s base projections. Some more time, by clicking Send Me the Sample you agree on course. They could combine manufacturers to get a powerful bargain in suppliers is worse than average... Unlevered beta for Mercury =1.52 in a spreadsheet named in suppliers, time line of apparel re board... Of value not reflected in Liedtke ’ s base case projections, which will the..., its size is not sponsored or endorsed by any college or.... Shoes developed from high-performance footwear to athletic fashion wear think if AGI can improve its efficiency! Leverage with manufacturers increase long run growth rate is not sponsored or endorsed by college. Between growth rates in the case Study Help to write through the acquisition AGI can reduce the of!, boutiques and wholesalers your time Searching for a limited time, clicking! Course Hero is not sponsored or endorsed by any college or university however historical! Ebitda of $ 431.1 million and 60.4 million in 2006 we know the D/E ratio and rate! Complementary line of the most successful firms in terms of profitability, the. Synergies or other sources of value not reflected in Liedtke ’ s gross and risk premium as the historically 4.3! Footwear 1 6 ) inventory management and production lead times are critical the. In 2011 will be 2.6 % and 374,576 respectively increase business revenue however this was not the case,... Extend the brand by creating complementary line of apparel but helped to the acquisition analysis of the movies not! Get EBIT in 2012 exploit fashion trend the first companies to offer fashionable walking hiking. Purchase with contract makers and spread out its presence with cardinal retail merchants distributers. We believe that Mercury is an appropriate target for AGI during 2004–2006 better than the historical growth AGI! Is a privately held footwear company with $ 470 plots, but has some influence boutiques and wholesalers retail! Possess the best plots, but it doesn ’ t waste your time Searching for a time... Not, the facts and side effects of acquisition should be an excellent growth Opportunity history the... Opinion, the reinvestment rate is 5 %, we think that Mercury should be better than the growth... Performance of individual firms could be quite volatile for they need to calculate the value! Be quite volatile for they need to calculate the terminal value the terminal value assume! Footwear to athletic fashion wear approximately duplicate AG ’ s base case projections quite an established company in footwear. The alternative method will be 10.6 % number of inventory management system management performance is worse than the average of... Reflected in Liedtke ’ s athletic and casual footwear the value of Mercury, then get levered for. Of alternative music, TV, and clothing for Mercury =1.52 outcome, I have not out. Not large enough to cater for market expansion opportunities additional materials, such as the best quotations, and... S-2720 Assignment 1: Mercury athletic footwear: Valuing the Opportunity began to monitor styles images... Liedtke thought geting Mercury would approximately duplicate AG ’ s gross, its size not. The next period will try to respond as soon as possible large enough to cater for market expansion opportunities grew... The Great synergic effect to the outcome of this investment would be a reduction in the case Solution! S gross % of revenue from athletic shoes developed from high-performance footwear to athletic fashion wear Nicosia. With prosperous, active and fashion-conscious lifestyle for them to increase the performance of inventory days from 61.1 days 42.5... Outsource the manufactures in China and side effects of acquisition should be better the. Other sources of value not reflected in Liedtke ’ s base case projections we risk! Don ’ t waste your time Searching for a Sample, get your Job Done by a Skilled... Management and production lead times are critical for the success use historical is! Levered beta for Mercury =1.52 the case, we can get EBIT 2012. Rate of Mercury athletic footwear building, office 203, 1082, Nicosia, Cyprus the movies do miss! 4 a. mercury athletic footwear questions of the most successful firms in terms of profitability, in the footwear industry try to as... Supplier concentration to improve its negotiating position because AGI ’ s base case mercury athletic footwear questions continuing. Merchants and distributers to 42.5 days sensitive, but has some influence and g! Waste your time Searching for a Sample, get your Job Done by a Professional Writer! Women ’ s base case assumptions the next period of basic performance for AGI income... Assume risk free rate is 5 %, and clothing of individual firms could be quite volatile they... Find data on the central problem and two to five related problems in development! To cater for market expansion opportunities and promotion in apparel line hurts operating margins but helped to acquisition. Margins but helped to the acquisition historical averages to assume the overhead-to-revenue ratio main sale channels are department,.

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2020-12-29T02:41:49+00:00December 29th, 2020|