Share price

Shareholders' equity Gearing , (Financial) leverage = Net (financial) debts Shareholders equity Share, Stock Bond, debenture Call (option) Put (option) (Equity) market capitalisation, market cap. Entreprise value (EV), firm value Stock price P/E = Earning per share (EPS) Equity market capitalisation = Net income Earnings per share (EPS) Dividend Per Share (DPS) Dividend yield = DPS/ Share, stock price Pay out ratio = DPS / EPS Net Present Value (NPV) Internal Rate of Return (IRR) Discount rate Risk

d'actions, ce qui permet de détecter une variation des résultats malgré un dividende stable Price-to-Book Ratio (PBR, ou P/B ratio) Capitalisation boursière Capitaux propres Comparaison de la valorisation boursière et de la valeur comptable des actifs ; par exemple, P/B = 0,8 signifie théoriquement que l'investisseur acquiert 1 € d'actif comptable en dépensant 0,8 € Price-to-Earnings Ratio (ou Price Earning Ratio, ou PER, ou P/E ratio) Capitalisation boursière Bénéfice net Estimation de la

Industry as well as product/market based. The fundamental question in the field of strategic management is how organizations achieve and sustain competitive advantage, and therefore attain above industry-average profit. In 2004, Nokia lost market share and decreased the revenue. However, the company quickly recovered because it followed the market trends, and simultaneously its strong internal strengths neutralized the external threats. Executive summary 1.0 Company Overview Nokia, a Finland based

Luxury Porcelain Company. The book value of Luxury’s outstanding debt is $60 million. Currently, the debt is trading at 120 percent of book value and is priced to yield 12 percent. The 5 million outstanding shares of Luxury stock are selling for $20 a share. The required return on Luxury stock is 18 percent. The tax rate is 25 percent. 4. (RWJ, exercise 12.15) Calgary Industries, Inc. is considering a new project that costs $25 million. The project will generate after-tax (year-end) cash flows of $7

Introduction: 2 Overview: 3 Market maturity: 3 Market share: 3 Business Model: 4 Data Provided/ Interaction: 5 1-Fares Rate: 5 2-Target Consumer: 6 3-Dublin/London Route Condition: 7 4-Airports condition: 7 Efficiency Claims by Ryan Air: 9 1-Competition Concerns: 9 2-Operational Cost Savings: 9 3-Reduced Fares:

 Développement du marché :  Nivea déodorant  Diversification :  Nivea for Men (1989) STRATÉGIE D’EXPANSION  Nivea Beauty 200 brevets annuels   1000 chercheurs ANALYSE DE LA CONCURRENCE World Market Share of Companies at the end of 2006 Beiersdorf AG 3% Others 42% Procter & Gamble 40% 3M 4% Johnson & Johnson 6% Avon Products 5% SWOT STRENGHTS  Strong Brands   Nivea Brand worth $29 billion  Strong, increasing focus on

system, the contractual is based on two different approaches. Input (=apport): you can give some finance (money), assets, know how. They share the powers between the partners and they have to decide how to share the profits. In the civil law system we will have the two partners who will create a new company, a subsidiary (filial) thanks to input which create share from the new subsidiary. Then they can vote and create dividends. Exemple Sony Corporate and Ericsson which created Sony Ericsson. The

National level: France for instance International level: prospect and sale in various countries Multinational or global business: invest in different countries, producer overthere Usual motivation factors: Access to additional market Develop market share Brand development awareness Benefit from other factors Cheaper labor cost Lower taxes Technical know how Proximity of raw materials Proximity of new markets The conditions and requirements for expanding Internationally: Internal factor:

from an increase in the value of their shares. Thus the shares’ value is determined by investors according to the confidence they have in the company. However they are also influenced by other investors’ behaviour. If shares are in high demand, their price will rise and vice versa. The shareholders’ main objective is to maximise their profit, and this leads to short-term strategies. If a crisis appears on the stock- market, shareholders will stop buying and try to sell shares causing their value drop

utensils. We can observe a multitude of new products on the market, which offers a wide choice to consumers. The main objective is to develop differentiated products in increasingly innovative. Who buys what ? Consumers looking for the best price when buying cookware, but they primarily look to the quality of the product. Even if half of the consumer compares the different offers before investing and a quarter awaits balances, 37% of them prefer to spend more for a better quality product that