Course Syllabus:
Financial Statement Interpretation and Analysis

Faculty

Professor Robert A. Howell

Objectives

Financial Statement Interpretation and Analysis is designed to prepare you to analyze, interpret, and evaluate financial statements effectively. The viewpoint is that of a heavy user of financial statements, whether that be in the context of private equity, a buyout firm, investment banking, asset management, or securities analysis. This is not just an accounting course, although a strong underpinning of accounting is assumed, and expected, as many such issues will arise in the context of the industries and companies studied. Students should feel confident about their accounting skills acquired in first year Financial Measurement, Analysis and Reporting (FMAR), have actually used their accounting skills in a work environment (might even have a CPA or CFA), or have some experience in financial statement analysis prior to this course.

A central theme of the course is "value creation"--- the idea of whether a firm truly is creating value (or destroying it) for its shareholders, and how (potential) outsiders may use financial statements to identify value-creating opportunities.

The first half of the course will be directed toward developing a value creation framework, which builds upon, and modifies, some of your earlier accounting training, then applies that model to a number of situations---startup, high growth, mature, and trouble companies, for example.

The objective of the second half of the course is to create a simulated equity research department, which will provide the opportunity to apply your analytical skills to a number of industries and specific companies. In these cases, you will have to get somewhat familiar with the industry's dynamics, understand your assigned company's position in the industry, and its business model, assess the company's recent performance, consider its future prospects, and, based on the company's current stock price, whether you would buy, hold, or sell. Finally, you will be expected to highlight the most significant accounting risks which relate to the industry in general or your particular company.

We will study six different industries and look at three companies in each. In addition to developing your skills, you will get a broad exposure to a number of industries, which should be useful to you in your career.

The most effective means for developing the assessment and interpretative skills is working through the materials on your own, as well as with study mates or company teammates. The more effort you put in, the more you, and your classmates, will get out of it.

This course should be helpful in integrating much of the material covered at Tuck, particularly in accounting, economics, finance, and strategy. The industry/company analyses, in particular, will permit you to integrate these elements.

Requirements

Overview

During the first half of the course, readings and/or cases are assigned for each class. You should come to class prepared to discuss the material assigned. During the second half of the course, the focus will be on specific industries and companies within them. Regular class participation is important to your learning process and to that of your classmates. Classroom attendance and participation is expected. Absences will affect your class participation grade.

Homework assignments to be handed in for class sessions #3, #4, #8, #9, #10 and #12 are due in class.

Industry/Company Analysis

As indicated, the second half of the course will focus on six different industries and three companies within each industry. Each class will focus on one industry and the designated companies in it. Teams of two-four students will be responsible for each company.

The content of the analysis should include:



Brief introduction to industry (perhaps using Michael Porter's 5 Forces Model or comparable framework).


The specific company's strategic position in the industry and its (unique) business model.


Assessment of recent financial results.


Projections for the future.


Determination of whether you would buy, hold, or sell the stock at this time.


A brief discussion of the most significant accounting risks which face the industry generally or particular company.

Each team will be expected to post a two-page summary of their analysis in the Course Folder on the P (Public) Drive by 8 AM of the day of class, for their classmates.

During class, each team will make a 12-minute Power Point presentation of its analysis to the class. The time limit will be enforced. A hard copy of the presentation should be available for Professor Howell at the beginning of the presentation.

Finally, the team will submit a hard copy of the completed analysis by 5 PM of the day following its class presentation. The Company Report should probably be in the order of 15 pages in length, plus financial analysis and exhibits. The final report should also be posted to the course folder.

Students will be assigned to industries, companies, and teams. Each student will study two industries/companies. Team members will change from one company analysis to the second. (See the “Team Assignment” file in the course folder, when it is posted.)

Following the 12-minute presentations, the industry/company analyses will be open for discussion for the remaining time. To assure a wider classroom participation than just the "presenters," every other student in the class will be assigned the study of one of the companies being presented. Those students should, at a minimum, familiarize themselves with the industry and analyze the company's most recent annual report, and quarterly results. In that way, everyone in the class could be expected to make a contribution to the class discussion.

In summary, then, six industries and three companies in each for a total of 18 companies. Each presenting team must post a brief two-page summary by 8 AM of the day of class for the benefit of their classmates, make a 12-minute presentation in class, then submit a final report by 5 PM of the day following class. Non-presenting students are expected to study one of the companies (assigned) in the industry and be prepared to discuss it.

Guests

Invitations will be extended to the CFOs of each of the companies being studied to attend (with associates, if they would like) the class during which their company is to be presented. In the past, some CFOs and other executives have attended class.

Materials

Required Materials

Texts:
(a) Financial Reporting, Financial Statement Analysis, and Valuation: A Strategic Perspective. 6th Edition (Clyde Stickney, Paul R. Brown, and James M. Wahlen, South-Western Publishing, 2006).

(b) Expectations Investing, Rappaport, Alfred and Mauboussin, Michael J., Harvard Business School Press, 2003.

This is one of the more important books that has been written in the last few years. It is not long and very readable. You should finish reading it by Class 7. Course Packet:
This packet will contain the cases and readings from the financial press and other sources. Articles marked with an * in the syllabus are available as a link on TuckStreams and can be downloaded. Additional materials may be distributed as the term progresses.

Course Folder:
The syllabus on TuckStreams contains links to background information on the industries and specific companies to be analyzed, which has been prepared by Feldberg Library. Feldberg has also created Financial Analysis: A Resource Guide* which lists many resources you will find helpful during the course.Useful References:

Palepu, Healy, and Bernard, Business Analysis and Valuation Using Financial Statements,, South Western Publishing Co., 4th Ed. 2007 (paperback).

Subramanyam, Wild and Halsey, Financial Statement Analysis, 10th Ed., McGraw-Hill/Irwin, New York, 2008.

Rappaport, Creating Shareholder Value: A Guide for Managers and Investors, The Free Press, 1997.

Damodaran, Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, 2nd ed., Wiley and Sons, New York, 2006.

Koller, Goedhart, and Wessels, Valuation: Measuring and Managing the Value of Companies, 4th Ed. Wiley and Sons, New York, 2005.

Madden, CFROI Valuation, Butterworth Heinemann, 1999.

Ross, Westerfield and Jaffe, Corporate Finance, 8th Ed. McGraw-Hill/Irwin, New York, 2006.

Bodie, Kane, and Marcus, Investments, 8th Ed. McGraw-Hill/Irwin, 2008.

Useful Websites

A number of Internet websites may be useful to you at some point in the course:

1. Filings with Securities and Exchange Commission

2. Pronouncements of the Financial Accounting Standards Board

3. Pronouncements of the International Accounting Standards Board

4. Sites which (purport to) offer investment suggestions, and other ideas such as: http://www.reuters.com

5. Individual companies' sites.

Tuck Honor Code

Some of the assignments may have been used in prior semesters in courses taught by your professor, or may, in fact, be used in the parallel course to this one, Financial Reporting and Statement Analysis, this semester. Solutions may be posted on TuckStreams. Talking with other students outside this course before the material is covered (in both courses) or accessing these solutions prior to class is a violation of the Tuck Honor Code. Referring to work done by students in FSIA or FRSA in previous terms, or any specific material distributed previously, is also a violation of the honor code.

Grading

Homework Assignments and Class Participation 30%

First Company Analysis 35%

Second Company Analysis 35%

Your grade for the course will reflect your performance in all aspects of the course: class preparation and participation, and the two company investment analyses you will complete.

Schedule

Thursday, September 17, 2009
Overview of Course: Traditional, Accrual Accounting-Based Financial Statements - What information do they provide? What are their limitations?

Learning Objectives



Understand the links between industry economic characteristics, strategies of a firm, its financial statements and notes, assessments of its current and forecasted performance and risk, and its market value.


Review the purpose, underlying concepts, and format of the balance sheet, the income statement, and the statement of cash flows.


Review the primary measures of profitability studied in the first year FMAR course, Return on Assets (ROA) and Return on Common Shareholders’ Equity (ROCE), their underlying components (“drivers”), and the relationship of ROA and ROCE to the firm’s “cost of capital” and the shareholders expectations, respectively.


Review the primary measures of risk studied in FMAR, short-term liquidity risk and long-term credit risk, their underlying drivers, and the relationship of these measures to effective working capital and capital structure management.


Consider whether traditional measures of profitability and risk are adequate for assessing firm value creation, and what additional measures would be useful.

Read: FRSA Chapter 1

Review:
FRSA Chapters 4 and 5 (pp. 284-299)

Chapter 1 sets the framework for this course and, ultimately, for the industry/company analyses to be undertaken in the second half of the course.

Chapters 4 and 5 are reviews of the profitability and risk measures which were covered in FMAR. If your understanding of this material is shaky, spend the time to understand it. The more important question is whether these measures are useful for assessing and driving value creation.

Prepare:
Case: Procter & Gamble: 2008 (A) (PDF available in the course folder)

The study questions are included with the case.

Optional: Optional Problems (solutions to Optional Problems are in the Course Folder)
Chapter 1
#1.11 Effects of Industry Characteristics on Financial Statement Relationships
#1.14 Value Chain Analysis and Financial Statement Relationships

Chapter 4
#4.11 Analyzing Operating Profitability
#4.16 Calculating and Interpreting the Rate of Return on Common Shareholders’ Equity and Its Components
#4.19 Calculating and Interpreting Profitability Ratios

Chapter 5
#5.11 Calculating and Interpreting Risk Ratios

Friday, September 18, 2009
Financial Statements Which Drive Value Creation

Learning Objectives



Consider the relative importance of net income and cash flows in the context of a value creation orientation.


Learn how the accrual accounting model for cash flows may be modified to relate cash flows to value creation.


Understand the pattern of cash flows for firms in various stages of their life cycles.

Read:

FRSA Chapter 3

Howell, Robert A. "Fixing Financial Reporting: Financial Statement Overhaul," Financial Executive, March 2002*.

Howell, Robert A., "Improving Financial Reporting," Financial Executive, April 2008.*


Prepare:
(a) Case: Warren E. Buffett 2005 (UVA-F-1483)
(b) Berkshire Hathaway, Inc. 2008, Annual Report.*
(c) Barry, Andrew, Barron's, December 17, 2007.*"Sorry, Warren, Your Stock's Too Pricey."
(d) Bary, Andrew, Barron's, July 13, 2009* For Buffett Fans, the Price is Right,"

Focus on Buffett’s “Investment Philosophy” described in the case (at this stage of the course, we are less interested in the specific “economics” of the PacifiCorp transaction); his views regarding traditional accounting, financial analysis measures, and the idea of “intrinsic value,” and, finally, his emphasis on cash flows in his investment practices. Read his "Letter to Shareholders" and the section entitled "An Owner's Manual" in the Annual Report, carefully.

In class, the ideas described in the Financial Executive article will be developed in more detail, applied to Procter & Gamble.



Optional: Nicholas Varchaver, "What Warren Thinks..." Fortune," April 28, 2008.*

Optional: Optional Problems
Chapter 3
#3.14 Interpreting the Statement of Cash Flows
#3.21 Preparing a Statement of Cash Flows from Balance Sheets and Income Statements



Wednesday, September 23, 2009
Financial (Cash Flows) Forecasting

Learning Objectives

1. Develop the skills to build future cash flow forecasts, which may be used (later) in valuation models to estimate the firm’s share value.
2. Understanding the difference(s) between forecasting traditional financial statements and forecasting cash flows for valuation.
3. Understand how critical business and strategic factors affect financial forecasts.
4. Understand how and when to use shortcut forecasting techniques.
5. Develop your own financial (cash flow) forecasting model which may be applied to different businesses.

Read:
a. FRSA Chapter 10, “Forecasting Financial Statements.”

Prepare:
a. Procter & Gamble: 2008 (B) (PDF available in course folder)

Rather than the study questions at the end of the case, focus on P&G’s definition of “free cash flows” (operating cash flows less capital spending). Because it is simplified, it has several technical errors.

Homework for Class #3, Due in Class

1. P & G indicates that it’s “free cash flows” were 12.8 B. What adjustments need to be made to their numbers to determine the “free cash flows available to creditors and shareholders”? Show your adjustments.
2. Why do you think P & G uses it’s simplified definition of free cash flows?
3. P & G uses a “free cash flow productivity” metric to relate it’s definition of free cash flow to net income. What assumptions must P & G make to assure that free cash flows > 90% of net income? Be specific.



b. Proctor & Gamble: 2008 (C) “Common Size” Financial Statements
Quickly review these schedules. How might they be used to project P & G’s “future cash flows”?

You may access a P & G Financial Forecasting Template on the Course Folder and begin to make some projections.

Optional Problems
Chapter 10
#10.9 Store Driven Forecasts
#10.12 Identifying the cost structure
#10.10 Projecting P P &E

Thursday, September 24, 2009
Valuations Based on Cash Flows/Creating Additional Value

Learning Objectives



Understand how cash flow based valuations work, and their conceptual and practical strengths and weaknesses.

Develop practical valuation techniques to deal with the many difficult issues involved in estimating firm value using the present value of expected future cash flows.

Applying the present value of future cash flows valuation model.

Assessing the sensitivity of firm value estimates to key valuation parameters such as expected long-term growth rates and discount rates.




Read:
(a) FRSA Chapter 11 (skim), Chapter 12
(b) Howell, Robert A. “Tying Free Cash Flows to Market Valuations,” Financial Executive, May 2002.
(c) Revell, Janice, “Forget About Earnings” Fortune, June 11, 2001.


Prepare:
Cases:
(a.) Proctor & Gamble: 2008 (D) “Calculating the Cost of Capital.”
The study question are included with the case.
(b.) Procter & Gamble: 2008 (E) “Valuation Template.” You will have access to a P & G Valuation Template on the Course Folder.

Homework for Class 4, Due in Class

1. Based on the “Common Size Financial Statements” and your understanding of P & G and it’s business environment, what assumptions would you make regarding P & G’s future? Specifically for:
a. Sales Growth
b. Cost of Goods Sold
c. S G & A Expenses
d. Other Income Statement Items
e. Working Capital Requirements
f. Capital Expenditures

2. Using the “Valuation Template” provided, make an initial estimate of P & G’s value, as of 6/30/2008 (end of FY 2008).
3. P & G’s market value on 6/30/2008 was 184B. What is your reaction?

Additional Study Questions, Not to be handed in
4. What actions might P & G’s management take to increase the firm’s intrinsic value? Specifically:
a. Revenue Related Actions
b. Cost Related Actions
c. Investment Related Actions
d. Financing Related Actions
5. What would be your suggested priorities?

Wednesday, September 30, 2009
Measurement Systems for Value Creation

Learning Objectives
1. Consider how various approaches to performance measurement motivate managers and relate to value creation:
a. Traditional performance metrics such as ROA, ROIC, and ROE, and measures of liquidity and solvency.
b. Economic Value Added (EVA) (also called “Residual Income” and occasionally, Market Value Added.
c. Free Cash Flow based metrics.
2. Consider the pros and cons and ease of utilization of each approach.

Read:
Harper, David, "Understanding Economic Value Added," Investopedia.com, 2005.

Prepare:
Cases:
a. McCormick & Company 2003 Annual Report (pages 34-36) and accompanying Economic Value Added (EVA) and Return on Invested Capital (ROIC) calculations.
b. Procter & Gamble: 2008 (A)

Study Questions:
1. Trace McCormick’s EVA calculation for 2003 to their financial statements. Is McCormick creating value according to this metric? How does EVA motivate McCormick’s managers?
2. Do the same for McCormick’s ROIC calculation. What is your reaction? How does ROIC motivate McCormick’s managers?
3. Calculate and contrast ROIC, EVA, and free cash flows as potential metrics for value creation. What would you recommend?

Thursday, October 1, 2009
Valuations Based on Market Multiples and Accrual Earnings

Learning Objectives
1. Understand the practical advantages and disadvantages of using market multiples in valuation.
2. Understand earnings based valuation, and its relationship to dividends and cash flows.
3. Understand the conceptual and practical strengths and weaknesses of the residual income (popularly referred to as economic value added, or EVA) valuations method.

Read:
(FRSA Chapter 14, Chapter 13(skim).


Prepare:
Cases:
(a) Revco D.S., Inc. (in course packet) (Primary focus of class discussion.)

Study questions are included with the case.



Optional: Optional Problems
Chapter 14
#14.17 Using Market Multiples to Assess Values and Market Prices
#14.18 Interpreting Market-to-Book Ratios

Chapter 13
#13.17 Equity Valuation Using the Residual Income and Dividend Discount Models
#13.18 Equity Valuation Using the Residual Income, Free Cash Flows, and Dividend Discount Models


Wednesday, October 7, 2009
Applying “Expectations Investing"

Learning Objectives
1. Beginning with the “market’s” valuation of a company, determine the underlying assumptions which must be imbedded in that valuation.
2. Consider whether the implied assumptions seem reasonable.
3. Reach a determination as to whether the “market” has valued the company appropriately or not.

Read:

Rappaport and Mauboussin, “Expectations Investing,” Harvard Business School Press, 2003.

Prepare:
Case: Johnson & Johnson 2008 (B)
The study questions are included in the case.

Thursday, October 8, 2009
Valuing Companies in Different Stages of Growth and Condition: The Young, High Growth, Internet Centric Company

Learning Objectives


Understand the differences in cash flow patterns between young, high growth “asset light” companies and (more traditional) older, slower growth, more asset intense companies.
Consider the applicability of “business model design” on cash flow patterns and value creation.
Consider other possible approaches to startup company valuations than cash flows, earnings, and market multiples.


(a) Mauboussin, Michael J. and Hiler, Bob, “Cashflow.com: Cash Economics in the New Economy,” Credit Suisse First Boston, February 26, 1999.*
(b) Desmet, Driek, et al. “Valuing dot-coms”, The McKinsey Quarterly, 2000, No. 1.*


Prepare:
Case: Google Inc. 2006: Creating More Wealth, Faster, than Any Company in History (PDF available in course folder)

The study questions are included with the case.

Homework for Class #8, Due in Class



Recast Google's Consolidated Financial Statements into a "free cash flow" format for 2004, 2005, and 2006. Reactions?


Using Google's 2006 UFCF's, value Google's equity. (Use an equity beta of 1.18.) How does your valuation compare to the market's valuation as of year end 2006? Reactions?




Wednesday, October 14, 2009
Valuing Companies in Different Stages of Growth and Condition: The Acquisition Oriented Company

Learning Objectives

1. Review issues of revenue and expense recognition, and issues of inventory, fixed assets, and intangible assets valuations.

2. Consider how an acquisition should be valued, especially by the buyer's shareholders.

Read:
(a) FRSA Chapter 9 (pp. 630-637).
(b) Mauboussin, Michael J. and Hiler, Bob, “Let’s Make a Deal: A Practical Framework for Assessing M&A Activity,” Credit Suisse First Boston, April 27, 1998.*


Prepare:
Case: Kraft Foods – Cadbury PLC Merger Proposal The study questions are included with the case.

Homework for Class 9, Due in Class

1. Value Kraft Foods per share stock price as of September 4, 2009. Is Kraft over/undervalued on that date?

2. Calculate the synergistic value of the Kraft-Cadbury consolidation predicated on Kraft's estimates.

3. What is the new Kraft stock value, assuming the deal is completed on the terms offered on September 7, 2009 and the synergistic benefits are realized? Is the proposed deal a good one one for Kraft Shareholders?

Optional: Optional Problems
Chapter 9
#9.10 Effect of the Purchase Method on the Balance Sheet
#9.12 Analysis of Corporate Acquisition Disclosures

Thursday, October 15, 2009
Valuing Companies in Different Stages of Growth and Condition: A Leading Company in a Cyclical (Homebuilding) Industry

Learning Objectives



Review the criteria for the recognition of an accounting liability and apply those criteria to various obligations of the firm, including financing arrangements structured to keep debt off of the balance sheet.


Understanding the use of derivative financial instruments for hedging risks and the effects of fair value hedges and cash flow hedges on the financial statements.


Understand the accounting for pensions, for both the sponsor and the plan itself. Adjust the financial statements of the sponsor to incorporate information from the accounting records of the retirement plan with respect to any unrecognized obligation.


Understand the various uses of reserve accounts and their potential for managing earnings over time.


Consider the implications of liability adjustments on firm valuation.


Skim: FRSA Chapter 8 (pp. 522-545, 561-575)

Read (for background):
(a) “The Evolving Homebuilding Industry & Implications for Consumers,” Joint Center for Housing Studies of Harvard University, 2006.*
(b) “Staying Competitive in Today’s Homebuilding Industry,” Deloitte and McGraw Hill Construction, 2006.
(c) Der Hovanesian, Mara, “Bonfire of the Builders,” Business Week, August 13, 2007.*
(d) Benner, Katie, "Bob Shiller Didn't Kill the Housing Market," Fortune, July 20, 2009.*

Prepare:
Case: Pulte Homes, Inc. 2009

The study questions are included with the case.. You should be prepared to defend your position as to whether Pulte Homes, Inc. is at high risk or well positioned in mid 2009.

Homework for Class #10, Due in Class



Compare and contrast Pulte Home's Net Income (loss) with its UFCF's for the period 1999-2007:

(a) As reported.
(b) Assuming no change in inventories (land purchases). What is your reaction?



What arguments would you make that Pulte Homes is a "buy"? "hold"? "sell"? List 3-4 arguments for each position.



Optional: Optional Problems
Chapter 8
#8.10 Achieving Off-Balance Sheet Financing


Wednesday, October 28, 2009
Current Financial Reporting Issues

Learning Objectives



Understand the difference between measuring assets and liabilities using historical versus current values, and the relation between the valuation of assets and liabilities on the balance sheet and the measurement of net income on the income statement.


Understand the concept of quality of accounting information, including the attributes of economic content and earnings sustainability.


Develop the ability to know when and how to adjust reported income and asset values to better evaluate performance and predict future results.


Consider other approaches to earnings measurement and asset valuation, which may reduce the ability to “manage” reported results.


Begin to develop a personal framework for analyzing financial statements, with an eye toward identifying suspicious reporting.


Skim:
(a) FRSA Chapters 2 and 6.

Background Articles:
(a) Introducing The 2002 Sustainability Reporting Guidelines, October 2002.*
(b) SEC Final Rule: Conditions for Use of Non-GAAP Measures (Regulation G), January 22, 2003.*
(c) SEC Interpretation: Commission Guidance Regarding Management’s Discussion and Analysis of Financial Condition and Results of Operations, December 19, 2003.*
(d) George, Bill, “Why It’s Hard to Do What’s Right,” Fortune, Sept. 29, 2003.*
(e) "Breaking the Short-Term Cycle," CFA Centre for Financial Market Integrity and Business Roundtable Institute for Corporate Ethics, July 2006.*
(f) Heffes, Ellen M., "Top Financial Reporting and Audit Concerns for Preparers at Private and Public Companies," Financial Executive, June 2008.*



Prepare:
Cases: PepsiCo 2008

The study questions are included with the cases.

PepsiCo 2008 Annual Report*

There is, obviously, a lot of material associated with this assignment. The ultimate objective is to consider how companies might make their overall reporting more comprehensive and understandable.

Optional: Optional Problems
Chapter 2
#2.8 Effect of Valuation Method for Non-Monetary Asset on Balance Sheet and Income Statement
#2.9 Effect of Valuation Method for Monetary Asset on Balance Sheet and Income Statement

Chapter 6
#6.10 Adjusting for Unusual Income Statement and Classification Items
#6.13 Adjustments for Peripheral Gains, Impairment of Long-Lived Assets, and Other Unusual Items

Thursday, October 29, 2009
Analyzing and Valuing Financial Service Firms

Learning Objectives



Understand the characteristics of financial service firms' financial statements.


Learn the key ratios for analyzing financial service firms.


Value a financial service firm on the basis of cash flows to equity, dividends, and excess returns.


Consider the risks associated with a financial service firm's balance sheet.


Read:
Damodaran, Aswath, Chapter 21, "Valuing Financial Service Firms," Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, John Wiley & Sons Inc., 2006.

Prepare:
(a) Case: U.S. Bancorp 2008

The study questions are included with the case.

Homework for Class #12, Due in Class



One way to value a financial institution is to use its "cash flows to equity" and equity cost of capital, by starting with the change in cash and cash equivalents and adjusting for the various equity transactions.

(a) Calculate US Bancorp's cash flow to equity.
(b) On this basis, what is your valuation of US Bancorp?
(c) If US Bancorp (or an financial institution increased its "leverage," what effect would that have on your answers in (a) and (b) above?



Value US Bancorp on the basis of dividends.



Wednesday, November 4, 2009
Industry: Retailing: Clothing and Home Repairs

During the next eight sessions, the class will focus on eight different industries (retailing, manufacturing: heavy equipment, pharmaceuticals, and technology; services: renewable energy, education and real estate; and financials: mega banks) and four companies within each industry. Although specific teams will be responsible for making presentations on the designated companies, all students will be expected to familiarize themselves with the industry and one of the companies in the industry.

Industry: Retail (Department and Discount)
Industry: Retail (Specialty)
Industry: Retail (Home Improvement)


Target Corporation (NYSE: TGT)

The Home Depot, Inc. (NYSE: HD)

Lowe's Companies, Inc. (NYSE: LOW)



Thursday, November 5, 2009
Industry: Manufacturing: Mining

Industry: Metal Mining
Industry: Gold and Silver


BHP Billiton Limited (NYSE: BHP)

Rio Tinto plc (NYSE: RTP)

Vale S.A. (NYSE: VALE)



Wednesday, November 11, 2009
Industry: Manufacturing: Medical Equipment

Industry: Medical Equipment and Supplies


Medtronic, Inc. (NYSE: MDT)

St. Jude Medical, Inc. (NYSE: STJ)

Stryker Corporation (NYSE: SYK)



Thursday, November 12, 2009
Industry: Services: Oil Field Support

Industry: Oil Well Services and Equipment


Baker Hughes Incorporated (NYSE: BHI)

Schlumberger Limited (NYSE: SLB)

Diamond Offshore Drilling, Inc. (NYSE: NO)



Wednesday, November 18, 2009
Industry: Services: Software

Industry: Software and Programming
Industry: Computer Networks
Industry: Computer Services


Autodesk, Inc. (NASDAQ: ADSK)

Cerner Corporation (NASDAQ: CERN)

Fiserv, Inc. (NASDAQ: FISV)



Thursday, November 19, 2009
Financials: Investment Banking and Asset Mangement

Industry: Investment Services


The Goldman Sachs Group, Inc. (NYSE: GS)

Morgan Stanley (NYSE: MS)

The Charles Schwab Corporation (NYSE: SCHW)