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Mod VIII

Mod VIII. Luke Friedman. Industry Definition. Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio Products and services are delivered through the mail

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Mod VIII

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  1. Mod VIII Luke Friedman

  2. Industry Definition • Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio • Products and services are delivered through the mail • Companies in this industry typically have low amounts of inventory and commonly act as the “middle-man” in sales transactions

  3. Abnormal Growth

  4. Equation & Interpretation • Equation • Focus • English • What does it mean?

  5. FCF MODEL

  6. Residual Income Model

  7. Abnormal Growth Model

  8. Conclusion and Q&A • Issues • Assumptions FCF—no where near Market Enterprise Value • Steady State—FCF, REI, and specifically Abnormal Growth • “t+1” • Why Adjusted Assumptions • Sole Survivorwill not perpetually liquidate • Demand for hard-cover books • No analyst sell recommendations • ???

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