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Mod IV & V

Mod IV & V. 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 IV & V

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  1. Mod IV & V 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. MOD IV Forecasting

  4. Sales Growth -2.00% growth rate

  5. Industry Comparison

  6. EPM -2.00% margin

  7. Industry Comparison

  8. EATO 5x

  9. Industry Comparison

  10. Forecast

  11. MOD V Discounted Cash Flows

  12. Discounted Cash Flow

  13. Enhancing Above: figures from Mod IV. Previous slide updated multi-stage growth benchmarked from Bloomberg.

  14. Change in Assumptions • Sales Growth • Constant -2.00% to… • EPM • Constant -2.00% to… • Turnover • Remained constant at 5x

  15. Conclusion and Q&A • Why Adjusted • Sole Survivorwill not perpetually liquidate • Demand for hard-cover books • No sell recommendations • ???

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