Valuation of the Company AGI is a profitable company; however, its size is not large enough to cater for market expansion opportunities. Mercury Athletic Footwear: Valuing the Opportunity Case Solution. Actual Q3) Estimate the value of Mercury using a discounted cash flow approach and Liedtke’s base case projections. Mercury athletic footwear Group 7 Contents Executive Summary & Overview of Problems 3 Analysis on Mercury acquisition 4 1. 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. Submit Close. Mercury Athletic Footwear: Valuing Opportunity Case Summary: John Liedtke, head of business development for Active Gear Inc. (AGI), is evaluating the acquisition of Mercury Athletic (Luehrman & Hielprin, 2009). 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. Further, it has been assumed that after the year 2011, for 2012 and on wards the cash flows are going to be sustainable and grow at the same rate. Mercury Athletic Case. Mercury Athletic Footwear Case DCF VALUATION ANALYSIS Jianqiu … 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.West Coast Fashions Inc., a large designer and marketer of men’s and women’s branded apparel recently announced that it plans to shed its Mercury Athletic Footwear subsidiary. The characters aren’t accountable for the story. The P/E multiple is a measure regarding the future growth potential of the company, whereas the quantity (net income) of 2006 is an actual value. Please place the order on the website to order your own originally done case solution. Description. The overhead costs after both the companies merge would be reduced significantly. "Mercury Athletic: Valuing the Opportunity." Shipments of the COVID-19 vaccine are arriving, with frontline health care workers getting immunized — some for the cameras — across the United States Monday. Blog. Although CAGR is a substitute,it not only accurately calculates a smooth risk of return, but does not have any risk variables in the formula. Based On Historical Information If the days sales in inventory is reduced, then the working capital might materialize for the company. 8%. There are a number of Synergies that could be created once the merger takes place. MGMT S-2720 Assignment 1: Mercury Athletic Footwear Questions: 1. Home >> Operations Management Case Studies >> Mercury Athletic Footwear. Due to a strategic reorganization, the plan called for the divestiture of MA and other “non-core” WCF assets. After calculating the profit after tax, all those expenses that do not occur in pure cash form have been added back, as this method values the company based on cash flows. The team finds this to be an appropriate estimation, but we also understand the limitations and possible inaccuracy of this value, which is a large weight in our enterprise value. Reason. In an attempt to be fair to one division winner, the Pac-12 has placed its highest-ranked and only undefeated team in a potentially difficult situation ahead of … Market index is the representation of systematic risk. Mercury Athletic Footwear Case Solution. The library’s lower level is home to an extensive archival collection. Liendke’s 2007 projected EBIT reflects a conservative increase in EBIT of 9% compared to the average industry growth rate of 10%. 2006 2007 2008 2009 2010 2011 Enterprise Value 319,103, Based On Case Projection The price per earnings ratio comes from a comparable footwear company in Exhibit 3. SHORT TITLE OF PAPER (50 CHARACTERS OR LESS) 2 Mercury Athletic Case Analysis Liedtke has a decision to make. While … AGI was founded in 1956 and started off by producing high quality specialty shoes for golf and tennis players. Analysis Mercury Athletic’s EBIT margin for 2006 was 9. Mercury Athletic Footwear: Valuing the Opportunity Team 10 / Mergers and Acquisitions West Coast Fashions, Inc (WCF) was a large business, which dealt with men’s and women’s apparel. Mercury Athletic. Your name. TV 376,626 The revenue growth would increase and the market share of the combined company would also increase. This is just a sample partial case solution. Theprice per earnings ratio comes from a comparable footwear company in Exhibit 3. Home » Case Study Analysis Solutions » Mercury Athletic Footwear. Mercury Athletic was purchased by WCF from its founder Daniel Fiore. The integration of both the companies would be considered as a horizontal integration since both of them belong to the same industry (i.e. The most important of these synergies are: With the available information, the calculation could be performed for the reduction in days sales in inventory. 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. If this assumption of 3% growth is inaccurate, and due to the terminal value estimating the values from a point in time to an infinite amount of years, we will have an infinite amount of inaccuracy or deviation from the actual value if we were able to compare the actual values over an infinite amount of years. The valuation that has been performed in part D is based on the discounted cash flow methodology whereas the valuation that has been performed in part F is based on the multiple comparable method. footwear). 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). Therefore, the market risk premium in this case is only a representation of the possible expected return, and is not a calculation of risk. Such a move would result in divesting the corporation of its hold over Mercury Athletic, a wholly-owned footwear subsidiary. Terminal Value 403,250 EBIT 47,006 53,036 57,605 61,686 64,612 MA had revenues of $431.1M and an EBITDA of $51.8M 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 Therefore, depreciation has been added back. ACTIVE GEAR COST OF CAPITAL ASSUMPTION Tax Rate Cost of Debt Risk Free Rate Expected Market Return Market Risk Premium Asset ?eta 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 In this case, the cashinflow is the acquisition price, which used to purchase the Mercury Corporation. The strategic merit is that both companies Mercury and AGI, are footwear companies that attract the youth market. The valuation that has been performed in part D is based on the discounted cash flow methodology whereas the valuation that has been performed in part F is based on the multiple comparable method. Is Mercury an appropriate target for AGI? Top 10 blogs in 2020 for remote teaching and learning; Dec. 11, 2020 The case utilizes the possible purchase Mercury Athletic as a tool to instructstudentsfundamental DCF (discounted cash flow) valuation with the use of the weighted average cost of capital (WACC). Reasons why Mercury is an appropriate target for AGI 4 2. 4 a. Estimation of the weighted average cost of capital 5 b. WCF wanted to dispose off this segment. How would you recommend modifying them? Synergies Mercury Athletic Valuation Liedke's Projections Women's Casual Division Incorporating the loss from discontinuing the women's casual line Display a higher degree of detail Operating expense increase from 2006 to - Inhouse team of MBAs and CFAs (not reliant on freelancers), We are the Number 1 Case Study Solution Provider In the Case Study Help Niche, Transland Shipping: Dealing with Cross-Border Logistics Barrier, The Evolution of the Circus Industry (A) (Japanese) Japanese, The Clorox Company: Leveraging Green For Growth, Fostering an Ethical Organization From the Bottom Up and the Outside In, Banyan Tree Resorts and Hotels: Building an International Brand From an Asian Base, Laidlaw: The Resignation of James R. Bullock, Process Reengineering in Emerging Markets: An Automaker's Experience (B), Working Together Effectively Before It All Goes Downhill, Collective Bargaining and Negotiation at the University of Regina: General Overview and Private Information - Faculty, When the distribution network of both the companies would be combined, then. Mercury Athletic: Valuing the Opportunity – Case Solution West Coast Fashions, Inc. was planning a reorganization. The valuation for Mercury Athletic Footwear has been performed by two different method. The intended purpose of calculating the market premium is to estimate the additional risk or cost between the market risk and the risk free rate. Mercury Athletic Footwear: Valuing the Opportunity Case Solution communicate just what they need to say and tell readers precisely what they’re likely to do. This is the reason due to which both the valuation figures differ significantly. EBIT 47,279 51,843 58,455 65,911 74,317 However, the highest value for the enterprise has been calculated by the discounted cash flow method. Mercury Athletic Footwear – Acquisition Analysis. How to increase brand awareness through consistency; Dec. 11, 2020. It’s simple to recognize decent dialogue when you hear it. Op Cash Flows 37,259 42,597 48,029 54,155 61,061 2006 2007 2008 2009 2010 2011 WC 104,117 124,791 140,707 158,652 178,886 201,701 Investment in WC 4,567 2,649 9,805 8,687 6,233 Mercury Athletic Footwear Case Solution. When using the discounted cash flow approach, we estimate the terminal value. 1. Mercury Athletic Footwear: Valuing the opportunity Case Solution. Investment in WC 20,674 15,916 17,945 20,234 22,815 case study document for mercury case The valuations differ significantly, because the DCF method is based on a number of assumptions, including the assumption related to the future revenue growth rates, future tax rate, terminal growth rate of 4%, and the calculation of the weighted average cost of capital in which the calculation of the re-levered beta is again based on the values of the comparable companies. Email us directly at: casesolutionsavailable(at)gmail(dot)com Please replace (at) by Conservative or Aggressive? Fiore was forced to sell the company after running it for over 35 years, due to health problems. Enterprise Value 313,812, The enterprise value of Mercury based on historical information is $319,103, whereas on the basis of cash projection by Lied ke it is $313,812……………, This is just a sample partial work. Calculating a value with the assumption that there is fixed revenue growth implies that there will be zero change to revenue until the end of time, regardless of economic, political, or competitive conditions. Case Solution for Mercury Athletic: Valuing the Opportunity. Mercury was purchased by WCF in hopes to increase business revenue however this was not the case. 4. FCF 7,049 21,305 24,022 27,086 30,540 EBIT(1-T) 28,367 31,106 35,073 39,546 44,590 In January 2007, West Coast Fashions, Inc., a large designer and marketer of branded apparel, announced a strategic reorganization that would result in the divestiture of their wholly owned footwear subsidiary, Mercury Athletic. When students have the English-language PDF of this Brief Case in a coursepack, they will also have the option to purchase an audio version. General Contractor: Hess Construction Architect/Engineer: Leo A. Daley Contract Amount: $5,199,843 Start Date: 6/1/2005 Completion Date: 7/31/2006 Challenges. This price per earnings ratio is used because it is the closest number that can match the market view of Mercury Athletic. SECURE STACKS. The case uses the potential acquisition of Mercury Athletic as a vehicle to teach students basic DCF (discounted cash flow) valuation using the weighted average cost of capital (WACC). Dec. 15, 2020. Luehrman, Timothy A., and Joel L. Heilprin. Mercury Athletic: Valuing the Opportunity Case Solution, Case Analysis, Case Study Solution. Actual Mercury Athletic: Valuing the Opportunity Case Study Solution. Under this method the revenues for all the future years from 2007 to 2011 have been calculated. The terminal value is an estimation of a value at a future point in time using the estimated growth and discounted cash flows to infinite. The revenue growth rate has been assumed based upon certain assumptions. Net FCF 7,049 21,305 24,022 27,086 433,790 2. Review the projections by Liedtke. mercury athletic footwear case solution - Free download as Word Doc (.doc / .docx), PDF File (.pdf), Text File (.txt) or read online for free. Mercury Athletic Case . 3. Therefore, for 2012 a value has been calculated based on this constant growth rate which is the value of the business over all the future years. These expenditures have then been subtracted with their incremental effect over the years and the final free cash flow is calculated. Partnerships could be formed with the suppliers of AGI and better terms could be agreed upon. Email. Free cash flow is cash flow which is available to the shareholders of the company for distribution. 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. Thisprice per earnings ratio is used because it is the closest number that can match the marketview of Mercury Athletic. Over the future years, each year some investment will also be made in new property plant and equipment and inventory, payables, receivables which is the running capital. The intended purpose of calculating the market premium is to estimate the additional risk or cost between the … Download mercury athletic footwear case solution Comments. CAPEX 11,983 12,226 13,303 14,258 14,943 Subject: Valuation of Mercury Athletic Footwear. From: Financial Analyst, Mercury Athletic Footwear. Corporate overhead costs are cash charges therefore they have not been added back. For making a decision regarding the acquisition being appropriate or not, the facts and side effects of acquisition should be considered first. Net FCF 21,240 26,727 22,097 25,473 406,171 If the women’s line of business of Mercury is continued and incorporated in the valuation then it could increase the total enterprise. Harvard Business School Brief Case 094-050, September 2009. Estimation the value of Mercury based on discounted cash flows and Liedtke’s base case projections. Estimate the value of Mercury using a discounted cash flow approach and Liedtke’s base case projections. The strategic merits of acquiring Mercury from Liedtke’s perspective. 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 … One of their segments was Mercury Athletic Footwear. case solution for mercury athletic: valuing the opportunity Dear Students, Our tutors are available 24/7 to assist in your academic stuff, Our Professional writers are ready to serve you in services you need. All the expenses have then been subtracted from the revenues to calculate the profit before tax. Op Cash Flows 37,790 41,602 45,206 48,418 50,721 That constant growth rate has been calculated based on the average growth rate of the total assets of the company from 2006 to 2011. Mercury...appropriate target? Are they appropriate? Please place the order on the website to get your own originally done case solutiona, Mercury Athletic Footwear: Valuing the Opportunity, Mercury Athletic Footwear: Valuing the opportunity, Newmont Mining Corp. and a Mercury Spill in Peru (A), Merrill Lynch’s Acquisition of Mercury Asset Management, Valuing a Business Acquisition Opportunity, Mercury Athletic: Valuing the Opportunity, CASE ANALYSIS: MERCURY ATHLETICS FOOTWEAR: VALUING THE OPPORTUNITY, Newmont Mining Corp. and a Mercury Spill in Peru (B), Engineering Management Case Study Examples With Solution. Active Gear Incorporated’s (AGI) profits have been under pressure lately because of their smaller size and their limited buying power and customer base. Debt-Free Cash Flow Projections, Terminal Values, Non-operating Assets, Valuation, Operating Projections, Enterprise and Equity Value, Sensitivity Analysis, Acquisition, Weighted Average Cost of Capital, United States, Footwear, Athletic Apparel… FCF 21,240 26,727 22,097 25,473 29,545 Our case solution is based on Case Study Method expertise & … An assumption we also point out as possibly manipulating the calculated value is the assumption of 3% revenue growth. Why or why not? Along with this, if the women’s line is continued then the revenue growth rate could be increased by 3% and the EBIT margin could be increased to 9%. Similarly, the operating expenses, depreciation and the corporate overhead expenses have also been calculated. On the other hand, the multiple method is based on actual values of the year 2006. EBIT(1-T) 28,203 31,822 34,563 37,012 38,767 CAPEX 9,536 5,376 6,062 6,835 7,707 Tax rate has also been assumed for the future years and deducted from profit before tax. WC 104,117 108,684 111,333 121,138 129,826 136,059 Report "mercury athletic footwear case solution" Please fill this form, we will try to respond as soon as possible. Harvard Business Case Studies Solutions - Assignment Help. Revenues 479,329 489,028 532,137 570,319 597,717 View Mercury Athletic Footwear Case from BUFN 750 at University of Maryland, College Park. Mercury Athletic: Valuing the Opportunity is a Harvard Business (HBR) Case Study on Finance & Accounting , Fern Fort University provides HBR case study assignment help for just $11. At the time of the library’s construction, the intent was to house books in the lower level, but Santangelo soon realized that archives of the Mount Vernon Ladies’ Association were located in … In this case, the cash inflow is the acquisition price, which used to purchase the Mercury Corporation. If partnerships could be formed with the Chinese manufacturers then greater leverage could be realized. 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