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I like the numbers too.? Anil - I got the same answer you did, but decided
in the write-up to only contemplate the ad campaign change in perpetuity, consistent with Jeff's write-up.? I substituted Mark's answer to the last question for Jeff's and added an attachment, hopefully showing the crux of our number crunching.? Let me know if you think we should attach additional or different details from the spreadsheets (especially for the third question).? Otherwise I think we are done with this one. - cv ? ? Carolyn M. Vavrek Manager - Human Capital Advisory Services Deloitte & Touche 50 Fremont Street San Francisco, CA? 94105 phone: 415-783-5137 fax: 415-783-8760 e-mail: cvavrek@deloitte.com -----Original Message----- From: Anil Sama [mailto:asama@yahoo.com] Sent: Monday, February 19, 2001 7:40 PM To: Vavrek, Carolyn (US - San Francisco); Jeff.Dasovich@enron.com; Mark Guinney Cc: asama@yahoo.com; Jeff_Dasovich@enron.com Subject: RE: Answers Hi Team, I ran my own numbers this morning, and verified what you guys have sent out. I think we can use Mark's or Jeff's write-up as is. Just have one clarification re: Q2 - my?spreadsheet shows that if we increase ad expenses for five years only '94-'98 (as opposed to in perpetuity), then the stock price ends up being 22.73 v/s Mark's 22.20. I do get 22.20 if?I also increase the 6th year ('99) expenses to 27% - perhaps this was an oversight - can someone pls confirm? For Q5, merely changing terminal growth to 4%, and WACC to 10% gets us to an $80 stock price.?But?4% in perpetuity is probably unrealistic? Re: the last question, I agree with Mark's analysis - firms that have huge R&D cycles and patent protection over 17 years etc. e.g. pharmas would be good candidates for foreacsting over a longer term horizon. Rest looks great - you guys are awesome!! -Anil ? "Vavrek, Carolyn (US - San Francisco)" <cvavrek@deloitte.com< wrote: got your messages + attachments and mark's - WOW + THANKS!! also calc'd it all myself will review + compare + send around comments -cv Carolyn M. Vavrek Manager - Human Capital Advisory Services Deloitte & Touche 50 Fremont Street San Francisco, CA? 94105 phone: 415-783-5137 fax: 415-783-8760 e-mail: cvavrek@deloitte.com -----Original Message----- From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com] Sent: Sunday, February 18, 2001 8:26 PM To: Mark Guinney Cc: asama@yahoo.com; cvavrek@deloitte.com; Jeff.Dasovich@enron.com; Jeff_Dasovich@enron.com Subject: Re: Answers Since it seems like folks may have only been sporadically receiving my emails, please let me know if you receive the memos and accompanying spreadsheets that I just sent.? Thanks. Best, Jeff This message (including any attachments) contains confidential information intended for a specific individual and purpose, and is protected by law.? If you are not the intended recipient, you should delete this message and are hereby notified that any disclosure, copying, or distribution of this message, or the taking of any action based on it, is strictly prohibited. Do You Yahoo!? - Get personalized email addresses from Yahoo! Mail Personal Address - only $35 a year! - case 3 jeffs write up.doc
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