MFT Plc is a money management firm based in the U.K. One of MFT’s funds invests in companies with effective corporate governance and conservative capital structures. Rollo Martin, a newly hired analyst, prepares a presentation for the MFT investment committee.
Before screening potential investment opportunities, Martin asks his supervisor Hugh Crabbin how to identify effective corporate governance structures and systems. Crabbin states that Martin should look for the following corporate governance attributes:
? Transparency in disclosures;
? Measurable performance accountabilities;
? Directors identifying strongly with managers’ interests.
Martin gathers information on a potential investment, France-based TML S.A. The company’s website provides details of its corporate governance, some of which is presented in Exhibit 1.
After reviewing this information, Martin is concerned about TML management’s ability to receive excessive compensation.
In addition to TML’s corporate governance, Martin analyzes the company’s capital structure. He observes that it has a low debt-to-equity ratio relative to its peers. Martin determines the unlevered value for TML to be
图片附件: [[ 2009 Mock Exam (AM) ] Corporate Finance .Questions 25-30] exhibit 2.gif (2009-7-1 14:52, 17.14 KB) / 下载次数 2http://forum.theanalystspace.com/attachment.php?aid=14307&k=42c06a5cf064130b9888dd79b0ba9fd5&t=1754245432&sid=SnGOZB
图片附件: [[ 2009 Mock Exam (AM) ] Corporate Finance .Questions 25-30] exhibit 1.gif (2009-7-1 14:53, 23.63 KB) / 下载次数 0http://forum.theanalystspace.com/attachment.php?aid=14308&k=9fc74ad6ae2132d9d0a51503b2c1883b&t=1754245432&sid=SnGOZB
作者: bingning 时间: 2009-7-1 14:59
MFT Plc Case Scenario
MFT Plc is a money management firm based in the U.K. One of MFT’s funds invests in companies with effective corporate governance and conservative capital structures. Rollo Martin, a newly hired analyst, prepares a presentation for the MFT investment committee.
Before screening potential investment opportunities, Martin asks his supervisor Hugh Crabbin how to identify effective corporate governance structures and systems. Crabbin states that Martin should look for the following corporate governance attributes:
? Transparency in disclosures;
? Measurable performance accountabilities;
? Directors identifying strongly with managers’ interests.
Martin gathers information on a potential investment, France-based TML S.A. The company’s website provides details of its corporate governance, some of which is presented in Exhibit 1.
After reviewing this information, Martin is concerned about TML management’s ability to receive excessive compensation.
In addition to TML’s corporate governance, Martin analyzes the company’s capital structure. He observes that it has a low debt-to-equity ratio relative to its peers. Martin determines the unlevered value for TML to be
作者: izziepan 时间: 2010-5-4 17:20
s
作者: mmao 时间: 2010-5-5 04:06
xx
作者: itsuki 时间: 2010-5-12 15:23
3x
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