Biotech case

[a.zeynep saka]

Attached is the incomplete first draft of biotech. Missing parts I will add latest by wednesday for the review of all. 

cheers,

zeynep

On Mon, Feb 13, 2012 at 6:57 PM, Javier Echave <jechave....@london.edu> wrote:

Hi all,

I was going to spend a couple of hours this afternoon and tomorrow morning.

Sarah if you are now dealing with it, I will wait for the draft and review it tonight / tomorrow first thing

Javi

El 13/02/2012, a las 14:49, "a.zeynep saka" <zey...@gmail.com> escribió:

great! thanks!!!

On Mon, Feb 13, 2012 at 2:45 PM, Sarah Nash <anime...@gmail.com> wrote:

Almost done with a draft of it.  Hoping to send it out in a few hours!

On Mon, Feb 13, 2012 at 2:10 PM, zeynep <zey...@gmail.com> wrote:

hi there,

is anybody working on cablevision? please let me know in case there is
any support to do..?

cheers,

zeynep

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[Sarah Nash]

Here are some initial thoughts for the Continental Cablevision case.  The responses need to be expanded, but I wanted to make sure we had consensus/all of the thoughts, before doing this step.  For the response to Q#4, please see tabs Ex. 14&15, for the calculations as they currently stand.  I definitely need to develop all of this out a bit more, but will be tied up tomorrow and Wednesday.  I can get back to it on Thursday, though!   

[Javier Echave]

Sarah

 

Many thanks for going for the first draft, much appreciated.

 

I attach a second version with my comments. Regarding the valuation, please have a look to exhibit 14. Once you have had a chance to have a look to this we can discuss the different approaches

 

Regards

Javier

[Sarah Nash]

Ooo.  Thanks, Javier!  I just looked at it briefly, in really like/appreciate/agree with your additions.  I'm stuck at a conference all day tomorrow, but I'll be able to give this some proper attention on Thursday.  Just let me know when would work best for discussing the valuation.

All the best,

Sarah

[Javier Echave]

Sarah – New version with the changes we have just discussed. Calling you in a minute

 

Cheers

Javi

 

 

Javier Echave

Head of Central Finance - Heathrow Airport

 

 

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From: Javier Echave [mailto:jechave....@london.edu]
Sent: 17 February 2012 19:58
To: Javier Echave
Subject: Fwd: Biotech case

 

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[Sarah Nash]

Here is an updated version of both the write-up and the spreadsheet.  I highlighted outstanding questions in yellow (athough these can be easily taken out!).  If anyone is feeling inspired on a Friday night to take a look, please let us know you're thoughts.  Otherwise, I can print out a cleaned up version tomorrow before class.

All the best,

Sarah

[Javier Echave]

Hi Sarah,

Many thanks for this. Please see below my thoughts to the paragraphs highlighted. I can be in the school earlier to discuss or discuss this afterwards. Should we meet before to close this and print?

Javi

-----------------

Relatively long cable operating license conditions granted by COMFER (I could also see this as a potential risk as the case states that the application approval process takes up to a year – would Fintelco have to re-apply with its change of ownership? And/or could this be a potential risk if Fintelco is close to the end of its 15-year license?)

GOOD POINT. I THINK WE CAN INCLUDE THE FIRST HALF AS A POTENTIAL PRO BUT ALSO AS A RISK IF FINTELCO REACHES A MATURE PHASE

Politically stable (I’M NOT SURE ON THIS – I meant this in the sense that since the end of military rule in 1983, the governmental process has had smooth transitions (i.e. no coups, etc., like some of its national neighbors), but there have been significant changes to economic policy…)

I THINK THIS IS MORE A RISK THAN AN OPPORTUNITY

Fintelco shows a relatively better management of WC (suppliers paid in ~ 225 days while clients pay in ~ 40 days) (This could be due to differences in the competitive dynamics of the two markets rather than better management.)

I THINK THE MANAGEMENT OF THE CASH IS PRETTY GOOD!

Relatively highly leveraged company (I’m not seeing this (at least, in looking at Ex. 15, our comp as well as the other peers listed.  What are you comparing it to, just so I’m on the same page?)

AFTER CHANGING VALUATION, I AGREE. HAPPY TO TAKE THIS OUT

(Could we discuss this?  I’m not sure that I completely agree that Method (b) better accounts for relative sovereign, political and project-specific risks.)

BRANDON MENTIONED THIS DURING THE LAST LECTURE. WE CAN DISCUSS TOMORROW, BUT I WOULD LEAVE THIS

El 17/02/2012, a las 21:39, "Sarah Nash" <anime...@gmail.com> escribió:

Here is an updated version of both the write-up and the spreadsheet.  I highlighted outstanding questions in yellow (athough these can be easily taken out!).  If anyone is feeling inspired on a Friday night to take a look, please let us know you're thoughts.  Otherwise, I can print out a cleaned up version tomorrow before class.

All the best,

Sarah

On Fri, Feb 17, 2012 at 8:16 PM, Javier Echave <javier...@baa.com> wrote:

Sarah – New version with the changes we have just discussed. Calling you in a minute

 

Cheers

Javi

 

 

Javier Echave

Head of Central Finance - Heathrow Airport

 

<image001.gif>

<Continental Cablevision_v4.docx>

<Cablevision_Exhibits_v4.xls>

[Kausik Ash]

Hi Sarah,

 

I accepted all changes in your version and have added my comments on top. Please have a look at the attached. I have made no changes to the calculation based answers as it was too late to do so (and it looked good to me).

I will try and get there early but can't promise {not a morning person!!}.

Thanks to all for their efforts.

 

Regards

Kausik

[Sarah Nash]

Hi Gentlemen,

Javi - I incorporated your thoughts as outlined below (agreed on the WC management that it's good, but had just wanted to suggest that different markets might allow for different bargaining power between suppliers/customers - this was a minor point, though, so I just left it as you originally stated).  

Kausik - Thank you for the additional thoughts!  Because we were hitting the page limit, for some of them, I tried to consolidate some of Javi/my points with yours and merged a few with responses to other questions that addressed your thoughts more explicitly.  

I will try to be at school by half past/a quarter 'til, so I can print out in the computer lab.  If either of you are there, I would love to touch base on a point or two before hitting that glorious print button.  

Sleep fast!

Sarah

[Javier Echave]

Sarah – I’m in the lounge area reviewing and printing. See you

[Javier Echave]

I attach final version of the case in case you want to keep it

 

See you in a minute in class