The Business of Value Investing.pdf

196 The Business of Value Investing Case Study #1: Sunrise Senior Living. Back in 2002, this pro- vider of managed care for the ...

More Than One Way to Find Value 197 A Reminder: Process First, Outcome Second The effectiveness of any fundamental analysis hing ...

198 The Business of Value Investing earlier chapter. While the aim of the case studies is to be as simple as possible (the best ...

More Than One Way to Find Value 199 Company Background Sunrise Senior Living offers senior living care services including assist ...

200 The Business of Value Investing very favorably with typical home care cost, which ranged from $ 60 to $ 400 per day, or nurs ...

More Than One Way to Find Value 201 good reason. But Sunrise was a different company at the time, and the overall market pessimi ...

202 The Business of Value Investing Because Sunrise was building properties and incurring start - up costs, net income was artif ...

More Than One Way to Find Value 203 Valuation Assigning a multiple of 15 to 20 to the $ 1.29 2003 EPS gives a price range of abo ...

204 The Business of Value Investing the past sales transactions, it was obvious that the properties were being understated on th ...

More Than One Way to Find Value 205 Case Study #2: Money Machine South of the Border Ternium Steel This analysis took place in t ...

206 The Business of Value Investing assets prices, liquidation was the only alternative. These events exac- erbated the slowdown ...

More Than One Way to Find Value 207 steel producer, was indicative of the family ’ s ability and competence in operating steel c ...

208 The Business of Value Investing In the fi rst half of 2008, Venezuela had a change of heart and did indeed announce plans to ...

More Than One Way to Find Value 209 output to 15 million tons. The deal was closed a few months later, and in December, Ternium ...

210 The Business of Value Investing annual fi gures for free cash fl ow and EBITDA would be approxi- mately $ 1.3 billion and $ ...

More Than One Way to Find Value 211 This equated into 2007 EBITDA of $ 2.2 billion. The IMSA acquisi- tion would add 3 million t ...

212 The Business of Value Investing reduced capacity in response. As a result Ternium had no free cash fl ow generation in 2008, ...

More Than One Way to Find Value 213 Discount rate of 12 percent is acceptable now that Venezuela risk is nearly nonexistent. A ...

214 The Business of Value Investing Ternium over the past couple of years. The share price perform- ance looks like a waterfall, ...

More Than One Way to Find Value 215 As a result of the spin - off from Walter Industries, Mueller Water Products created two cla ...