Pricing of rosetta stone 2009 ipo

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1. Prepare a common size income statement for the years prior to the IPO (Excel).  Discuss your findings. Do you see any evidence of scale economies or other factors that could affect your assumptions of future profitability or cash flow? (Maximum of 1/2 page of text, plus supporting Excel tab 1). 

2. Construct the 2008 cash flow statement (Excel). What accounts for the increase in the company’s cash balance from 2007 to 2008? Note: For the operating cash flows portion of this, include all deferred taxes and all deferred revenue in your determination of operating cash flows and include the current portion of long-term debt in financing cash flows. Be careful not to double-count profit by also including it in the change in accumulated income. And be careful not to double count depreciation and amortization by not adjusting property and equipment and/or intangibles for changes due to depreciation and amortization. (Maximum 1 page explaining your analysis, plus supporting Excel Tab 2). 

3. Using the data in the case, including comparables data, estimate the WACC of Rosetta Stone and explain the assumptions you made for the risk-free rate, the market risk premium, the equity beta, and the marginal corporate tax rate.  How did you use the comparable firm data in this analysis? (Maximum 1 page of text, plus Excel Tab 3). 

4. Using your estimate of WACC and the unlevered free cash flow projections in Exhibit 7A from the Course Materials tab on iLearn, prepare a discounted cash flow valuation for Rosetta Stone. Based on a discounted cash flow valuation, what do you expect to be the aftermarket value of the equity and the aftermarket price of the Rosetta Stone shares? What continuing value did you use in the DCF valuation and how did you determine it? (Maximum 1 page, plus Excel Tab 4). 

5. As an alternative to discounted cash flow, use the comparable firm data for EBITDA multiples to estimate aftermarket value and aftermarket price per share.  Explain your work. (Maximum 1 page, plus Excel Tab 5). 

6. Based on the EBITDA multiples of the comparable firms, use @Risk to assess the sensitivity of aftermarket value per share to uncertainty.  Explain your work (Maximum 1 page, plus Excel Tab 6).

7. Based on your analysis in parts 4, 5, and 6, at what price would you recommend that the Rosetta Stone shares be sold? Explain your reasoning. (Maximum 1 page, plus Excel Tab 7). 

8. Considering any planned underpricing of the offering, and adjusting for an underwriter discount (fee) of 7 percent of gross proceeds, what do you expect will be the Postmoney (aftermarket) value per share?  How did you deal with the fact that about half of the shares are being sold by selling shareholders and will not increase shares outstanding or provide proceeds to Rosetta Stone? (Maximum 1 page, plus Excel Tab 8). (Note: Since selling at a discount to aftermarket value will dilute value per share, this price will probably be somewhat lower than the aftermarket value you estimated before the offering.)

9. Relative to your estimate of aftermarket value per share in part 8, what is the full cost of the IPO as a percent of aftermarket value per share?  What is the full cost as a percentage of the aftermarket value you estimated in part 4, 5, or 6, whichever you finally used in your IPO pricing? Explain. (1 page of text, plus Excel Tab 9).

Research Papaer

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Research Project A

Requirements:

  1. Select and research a business that you are familiar with. Report on one process such as sales, purchases, payroll, fixed asset acquisitions, inventory, etc.
  2. Prepare an outline of your project. It should include bullet points describing each requirement, organized as the final project will be organized. (This is due in Week 5.)
  3. Study the information system, using various tools that will be covered in this course (i.e. flowcharts, risk assessments, control matrices, etc.).
  4. Prepare and submit your report.

Paper Content:

  1. Brief summary of business selected (e.g., industry, organizational structure, purpose, number of employees, revenues, etc.)
  2. Overview of component of company’s AIS selected (e.g., what does it accomplish for the company, accounting cycle, number of employees involved, manual vs. automated)
  3. Process flowchart
  4. Risk assessment
  5. Control matrix of key controls
  6. Summary assessment of results (what did company do right/wrong, what needs improvement and how to improve)

Your well-written paper should meet the following requirements:

  • Be 8-10 pages in length.
  • Be formatted according to the CSU-Global Guide to Writing and APA Requirements.
  • Cite at least three scholarly sources, at least one of which is not provided in, or linked from, the course, to support your assertions and strengthen your arguments. The CSU-Global Library is a great place to find these sources.

Refer to the Portfolio Project rubric on the Course Information page for grading criteria. Please proofread your paper to ensure the sentences, paragraphs, and ideas flow well and are logical, concise, and grammatically error-free.

 

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Evolution Of Long-Term Care Systems

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During the 1800s, and well into the 1900s, families took care of their own members whenever possible. Several generations lived together, with the younger generation taking care of the older and vice versa. Post 1900s, the joint family system started disintegrating.

Interview at least five people of varying ages from different families to know their perspective on disintegration of joint family system. Based on your interview findings and learning from your readings, respond to the following questions:

  • What factors led to disintegration of the joint family system?
  • What has been the impact of this disintegration on aging people and long-term care?
  • Did disintegration have any benefits for health service organizations? Why or why not?

At the same time this shift occurred in the family structure, health care organizations were experiencing continuous changes in their operating styles. The long-term care system took some time to catch up with the changing nature of businesses. In the 1990s and early 2000s, long-term care was seen to experience several turbulent changes, particularly related to its operations, management, and structure. Research the South University Online Library and the Internet to find information on the changes in the long-term care system in the United States and respond to the following questions:

  • How have the operations, management, and structural changes of the 1990s and early 2000s impacted the long-term care system today?
  • What are the strengths and weaknesses of the present long-term care system in the United States?

 

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Identify several key figures and events in nursing history

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