DIVIDENDQUARTERLY

Fall 2008

By Chris Calef (Nicholas 2010)

The Nicholas Center Board of Advisors gathered for two days on Thursday, October 23 and Friday, October 24, preceding homecom-ing weekend. As board members, students, and faculty enjoyed a kickoff lunch, the conversation immediately centered on the finan-cial crisis, including an evaluation of the government’s involvement. Because the conversation overlapped with the first planned formal discussion, Jim Seward, the Nicholas Center Academic Advisor, be-gan the first session early.

The first panel discussion, “Investment Banking: A Rapidly Changing Landscape,” featured John Oros (JC Flowers), Rob Hedlund (Bar-clays), Phil Gross (Adage Capital Management), Gary Cole (Antares International), and was moderated by Peter Kies (Robert W. Baird). The panel reminisced about the mid-1970s, when brokers received 65 cents per share commission on stock trades. Hedlund noted that initially investment banks did not take on much risk, but instead performed services for a fee. ” The risk profile accelerated when investment banks began competing more directly with commercial banks,” he said.

Board of Advisors Meeting/Alumni Reunion Autumn 2008

Nicholas Center News 2Finding a Job Abroad 4 Economic Outlook Summit 6 GBA Golf Day 7National Black MBA Conference 5Student Profiles 8-91st Round Projects 10-11

WHAT’S INSIDE?

Mission of the Nicholas CenterTo offer students an opportunity to work directly on a variety of real-world corporate finance problemsTo help students develop their leadership, negotiation, presentation, problem solving, communication and teamworkskills through critical analysis of corporate finance problemsTo teach students how to apply technical and theoretical finance tools and concepts to analyze unstructured problems, improve decision-making and develop recommendations based upon their assessment of alternative courses of action

continued on page 3.

Nicholas Center For Corporate Finance and Investment Banking

Investment Banking: A Rapidly Changing Landscape panel

Quick Links

Calendarwww.bus.wisc.edu/nicholascenter/events/

Nicholas Center Students www.bus.wisc.edu/nicholascenter/prospective/MeetTheStudents.asp

Nicholas CenterNEWSSpecial Thanks Pricewaterhouse Coopers for its matching gift to

the Nicholas Center

Mafaz Maharooof (Nicholas 2007),

for his generous donation to the Nicholas Center

Scott Ackerman (Nicholas 2003),

for his generous donation to the Nicholas Center

Apoo Vardarajan (Nicholas 2007),

for her generous donation to the Nicholas Center

Nick Rauer (Nicholas 2007), Executive in Residence

Tim Yarbrough, Dave Biel & Mark Stuart

Wisconsin School of Business

Professor Dan Anderson for his

valuable contribution to Nicholas

team projects

Mindy Mount,

Executive in Residence

Don Condon, Executive in Residence

Mark Stuart (Nicholas 2007), Executive in Residence

David Biel (Nicholas 2007),

for his generous donation to the Nicholas Center

Tim Yarbrough (Nicholas 2006), Executive in Residence

Adam Trigg (Nicholas 2007), Executive in Residence

Congratulations to:

Rastislav (Rasti) Martos (Nicholas 2007) and his

wife Katarina welcomed the birth of their daughter,

Sophie. Sophie was born August 7, 2008.

Paul Wirth (Nicholas 2008)

and his wife Nicole

welcomed the birth of their baby girl,

Sarah Fende Wirth. Sarah was born on

August 1, 2008.

Roberto Morales (Nicholas 2001) and his wife Kelly welcomed the

birth of their baby girl Kira Daniela Morales.

Kirk Geadelmann (Nicholas External Board Member) and his wife

Tracy welcomed the birth of their baby boy, Benjamin.

Robert Trainer (Nicholas 2008) and his wife Carrie wel-

comed the birth of their baby boy, Robert B. Trainer IV

(“Browning”). Browning was born on August 20, 2008.

First-year Nicholas student Brad Welnick completed his 4th Ironman

Triathlon in September finishing 193 out of 2207 competitors.

Brad bested his personal record by 39 minutes with an overall time

of 10:42:54.

Welcome Our New Board Members:Kirk Geadelmann, Director of Finance, Best Buy

Chris Winslow, Chief Financial Officer,

Wisconsin Alumni Research Foundation (WARF)

Cathy Durham, Vice President, Capital Valuation

Carl Gulbrandsen (WARF) has changed to Emeritus Board Member

(Pictured Left)

(Pictured below)Wirth Family

Sophi Martos

Trainer Family

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Smith, CEO of Avelle (formerly, Bag, Borrow, And Steal). Smith discussed leadership qualities, namely leading by example. He also evaluated when it is appropriate to take risks and how culture affects the unique business of renting handbags.

The second day began with a panel featuring Julian Baretta, Dennis Duerst, Tom Tefft, and Paul Shain. Moderator Jim Seward asked how the current economic climate was affecting the panel members’ respective businesses. Paul Shain, recently retired from CDW, explained his company began to see signs of a slowdown during the fourth quarter of 2007. Not only does Shain blame the overall economy, but also the lack of a meaningful technological in-novation in the computer industry, as well as the apparent failure of Microsoft Vista.

Tefft serves as the controller at Medtronic, a medical device company. Tefft said Medtronic has seen very little slowdown because most of Medtronic’s bills are paid by health insurance companies and the government. Even as the economy slows, people continue to need health care.

Duerst of 3M said his business took measures earlier this year to hunker down for an economic slowdown and that foresight has paid off. 3M also benefits from global diversification especially in developing markets.

Baretta, VP of Finance for Procter & Gamble’s health care division, cited the impact of high oil prices as problematic to the pricing of their products. Also, Baretta estimated it takes about one billion dol-lars to get FDA approval for a new drug. While the pharmaceutical business sees 90% gross margins, he noted that drug companies typi-cally lose 90% of their business four weeks after patents expire.

The discussion ended with advice for job hunting in a weak market. Shain offered the most interesting advice when he said, “Do not get too caught up in base salary, but instead look for solid experience.”

As the investment banking business came under fire, the number of firms quickly shrunk. Several of the panel’s previous employers are now gone. Panelists discussed when the realization set in that the in-vestment banking industry was in trouble. Cole recalled that he had an epiphany late last summer when banks he had previously done business with stopped calling him back. Oros simplified the situation by explaining, “Not knowing where your cash is: that is the funda-mental problem of every financial crisis.” Seward explained invest-ment banks forgot that the “quality is better than quantity.”

Kies relayed a recent conversation with a CEO who is taking his money out of the bank and predicting a doomsday scenario where the National Guard would eventually be protecting banks. However, Oros gave a much brighter outlook when he said, “It is now time, in my opinion, to begin to deploy cash.” Oros suggested,” The best place to invest your money is with financial institutions.” Oros pre-dicts we are in for “one heck of a rally.” Specifically Oros suggested, “Start investing between now and March 31 in equal amounts over that time.” “I am extremely bullish about the stock market right now.” Hedlund added, “I whole heartedly agree with John.”

After the panel discussion concluded, the second-year Nicholas Cen-ter students took the stage. The groups presented their conclusions on their respective consulting projects with time allotted after each presentation for feedback from the board members. Second-year stu-dent David Nied, has provided detailed descriptions of the ongoing consulting projects in this issue of the Dividend Quarterly.The evening concluded with the Weikel Speaker Series with Michael

(continued from page 1)Board of Advisors Meeting

Sophi Martos

Nicholas Students and Alums

Julian Baretta (P&G), Dennis Duerst (3M), and Tom Tefft (Medtronic)

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by Rachelle Roesler (Nicholas 2008)

Most Wisconsin MBAs are fortunate and find a desirable position at one of the many great companies that recruit on campus. Although the process is not easy, it is quite simple. Candidates submit their resumes to the company through the MBA on-line job site. Then, the company chooses students to interview and the selected students meet with the recruiter. Other students find a company which catches their interest by reading the hundreds of job postings in the weekly recruiting newsletter and use the company’s channels to inquire about potential employment. Unfortunately for me, not all job searches are this straightforward.

Earlier this year, I received a great job offer (using on-campus recruit-ing) that I was prepared to accept, but life became a bit more difficult when my husband and I decided that it would be best for our family if I focused my job hunt specifically in the Verona area. Not Verona, Wisconsin, mind you, but Verona, Italy. Although the Wisconsin School of Business is making quite a name for itself, it has not quite reached the magnitude of capturing job postings from Italy, especially a mid-sized northern city like Verona. So, after thinking my job search was completed, I had to start over.

I was not quite sure where to begin. I began by gathering information and making lists of what I did know: people, Italian companies, potential U.S. companies with operations in Verona, and anything else that had even a remote connection. Then I started following every lead possible: board members’ European contacts and Italian counter-parts, friends of friends who worked inside Italian firms, relatives of classmates and acquaintances, and alumni whose company had operations in Italy. Most were dead ends, but I kept pushing forward. I also contacted a recruiting office in Verona and starting looking for on-line postings. Finally, I was able to arrange three interviews, all in Italy. Even though I had to fund the trip myself, I was one step closer to my goal.

Like most people, I feel nervous before job interviews. I put quite a bit of thought and preparation into the pre-interview process: learning about the company’s history and current environment, anticipating and preparing for potential questions, trying to find personal contacts who can tell me about the firm, and asking myself why I belong there. Yet,

Abroad

“Most Wisconsin MBAs are

fortunate and find a desirable

position at one of the many great

companies that recruit on campus.

Although the process is not easy,

it is quite simple.”

Finding Joba

Bruc

e Fr

itz

4

regardless of the amount of preparation, my nerves always accom-pany me into the interview room. They keep me alert and cause me to question every statement, as I try to convince the other person that I am exactly who they are looking for.

Although I felt confident in my Italian language skills in social settings, I never formally studied the language nor had I ever conversed on a professional level. Needless to say, I was more nervous than ever before, but I still followed the same strategy as in the past. During my first interview, I maintained my confidence and felt like I was making a decent impression, but then the fire alarm rang. I was completely thrown for a curve ball! I was in a different country, speaking my second language during a job interview, and the building had to be evacuated. Nothing could have prepared me for that, but I kept my composure.

I wish I could say, that the company was so impressed, they offered me a job on the spot. However, the Italian reality is much different. Typically, job offers are made only to those who can start within a few weeks. Since graduation was still about two months away, walking out of that interview with a written offer would be nearly impossible. I did, however, get the next best thing – the invitation to contact them again at a date that was less than a month from when I was prepared to start working. If they have a position available then, they will hire me. I would love to end by saying that I contacted one of the three companies who I interviewed with (all extended me the invitation to contact them again) and I will be starting my new job at an Italian company. However, since it is still too early, and I don’t have a crystal ball, I will just have to wait. Still, I am moving forward: I bought a place in Italy, sold my Madison condo and purchased my one-way ticket. As far as I am concerned, I have a job in Italy, I just don’t know exactly where.

Thanks, Wisconsin School of Business and the Nicholas Center for two great years!

Editor’s Note: As this newsletter went to press, Rachelle Roesler reports she is consulting for firms in Italy while pursuing a permanent position in finance.

by Papi Valmond (Nicholas 2010)

Upon arriving in Washington, D.C. on Thursday night, I took the advice of many people who had previously attended the conference and sprung for the hotel nearest the event. It is a good thing, because as I entered the lobby I could already tell there was a lot going on. I ran to my room for a costume change and went to my first corporate reception with Citi. Like many of these career events, there were more people than recruiters so my strategy was to try and make some meaningful interactions. Next, was a closed event organized by AIG, but hosted by all of the big investment banks. I met some really nice people from Goldman and Deutsche Bank, not to mention some dynamic students as well. That night everyone was going out to meet at Love (apparently “the” night spot) to party all night. In retrospect, I wished I would have gone because I heard that many of the recruiters attended.

The following day was the main day of the Career Fair. I had my list of people to hit and my elevator pitch ready, but once you get there it is almost intimidating. There were over 450 compa-nies with elaborate booths and give-aways. I didn’t get to all of the booths that I intended to, but once again I had some memorable engagements with some recruiters and even bumped into some friends I had made from the Consortium Orientation Program back in June. All and all, it was a great time; I had a stack of business cards to follow up with when I returned to Madison. I definitely recommend this event for anyone looking for a leg up on the recruiting season, and needless to say, I will be back next year.

National Black MBA Conference

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By Courtney Carlovsky (Nicholas 2010)

First-year students in the Nicholas Center attended the Economic Outlook Conference on September 12. The four speakers, Charles Payne, Anirvan Banerji, Doug Ramsey, and Clare Zempel, each presented their view on what is going on currently in the economy, how we got there, and where it is likely headed over the next year. Some were messages of optimism, while others were a bit more pessimistic. Overall, each agreed that we are in a recession; though, there was some varying thoughts regarding how much longer the recession would last.

The key takeaways from each speaker:• Charles Payne (Principal Analyst and CEO Wall Street Strategies)—America has to get back to embracing

competition and intelligence because the days of non-competition are over. America will continue to fall further behind in the world economy if we continue to embrace status quo.

• Anirvan Banerji (Director of Research Economic Cycle Research Institute)—Pessimistic views about the recession present an opportunity for businesses in the United States. He emphasized that timing is everything.

• Doug Ramsey (CFA Leuthold Weeden Capital Management)—The yield curve predicted the last three recessions. The stock market leads the economy by 6-9 months and as the stock market improves, the economy will follow within the next year.

• Clare Zempel (Principal Zempel Strategic)—Housing has had a downward drag on the economy. The leading indicators, such as Real GDP, will improve as the housing market improves. While the housing climate has been bad, its affect on indicators could be worse.

It was interesting to hear the different views about the economy and how a recession is measured through the eyes of different industry leaders. Only time will tell how all of this will play out.

EconomicOutlook 2008

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OutlookBy Peter O’Leary (Nicholas 2010)

On September 19, thanks to the Graduate Business Association (GBA), Wisconsin MBA students had the opportunity to network on the links. First-year student Peter O’Leary recounts the afternoon:

Shortly after lunch and drinks, 60-plus golfers got underway with a shotgun start. My playing partners and I teed off without our fourth member, who was stuck in traffic. Now I do not claim to be a great golfer, or even a good one, but the quality of golf that shanked left and right off my oversized borrowed clubs was truly awful. Nonetheless, my partners were on fire and after the arrival of our last member, the game was on. Birdies at the second, fourth, and fifth put us on a high, but a bogey on the sixth erased our momentum almost as soon as it arrived. We’d heard some whooping and hollering of an extremely enthusiastic student alumni foursome in front of us so we knew our two under was not going to cut it.

The “Beat the Dean” competition on the fourth was our sole remaining opportunity to make our mark. Two excellent shots to within 12 ft left us in a strong position. Then, up stepped Dean ”Tiger” Knetter with a superb seven iron to what looked like 10 ft from the pin. Closer inspection gave us the win by a hair’s length, which may or may not have been poetic justice for the dean’s gaudy shorts.

We battled bravely through the sunny afternoon but the pars piled up and we ran out of holes. Alas, it wasn’t to be. The GBA Golf Day however was never about quality on the course, but having a bit of fun with those who went thru the Wisconsin MBA before. I was not the only one to take such a philosophical approach. There were some brutal golfers out there who also “chose” to enjoy the day rather than the competition. That much was achieved. Everybody had a great time.

Thanks to John Oros Jr. and the GBA for organizing a hugely enjoyable event. I guarantee I will be looking to make a bigger impact on the leader board next year.

GBA GOLF DAY

Nicholas students enjoy a beautiful day at Univeristy Ridge Golf Course.

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Having spent most of your professional career in Dublin and London what do you find most unique about the city of Madison?I love the sense of community that I feel here in Madison. Interestingly enough, I don’t think half the people here realize how powerful the Madison community spirit is. For example, I’m from Dublin. An extremely passionate place, we love our rugby, we love our Gaelic football and hurling, we love our soccer. Sadly, all too often the separate fan groups will not participate in or support alternative events. In fact, some of the fan groups might actively disassociate themselves if you are a fan of soccer and not rugby or vice-versa. Here though, no matter if its volleyball, basketball, hockey or football, it seems the whole city is behind them. Everyone wears their red and they all actively take an interest. In my experience in other cities, this is rare. I’m using the sport here only to emphasize the point, but I think it holds true on a wider scale in Madison.

What attracted you to UW-Madison’s Corporate Finance and Investment Banking program?When I decided I wanted to go back to school for an MBA in the U.S., a friend urged me to consider Wisconsin. During a recent visit to Madison, he enjoyed his time here, so I originally considered Madison, thinking of the importance of having a good time outside the classroom.

On further research, I liked what I read. It appeared to me the School of Business had massive momentum. The naming gift, subsequent facilities establishment and strong MBA placement / employment figures all impressed and no doubt contributed to the school’s im-proved rankings. Furthermore, I thought the specialized approach was a great differentiator and an excellent way to gain an edge over the many thousand other MBAs scouting for internships and jobs at the same time as me. I contacted the school, again was impressed with what I read, heard and discussed and eventually made a successful application. And here I am!

Are you involved in any clubs or organizations? Why did you join them?Yes, loads. I got a bit trigger happy the night all the clubs had their info sessions. The ones I think I’ll be most heavily involved in are the GBA – mainly for the social events, the GFO – they are planning on bringing

in some really interesting finance speakers, Wine Club – they have nights with good local restaurants; I love eating out and I don’t mind the odd glass of red, and I am captain of the MBA soccer team. I am a huge soccer fan and basically joined the Soccer team because I wanted a regular run around to keep the belly in check.

How will an MBA from UW-Madison further your career goals?I’ve worked for four years in the finance industry. Initially in trade support in a hedge fund in Dublin, then as a trader and also in a training and development capacity in London. Chasing the futures markets around the screens was superb experience and loads of fun but I badly wanted to move into investment banking and closer to where the larger corporate deals we hear about are originated, assembled and executed. Unfortunately, when I eventually made up my mind to make the switch, the financial markets and subsequently the job market in the city had taken a turn for the worse. It became clear I would need to come back to business school to pick up the skills, knowledge, and the contacts I need to secure a job in banking. I chose UW-Madison because I think it will enable me to do this exceptionally well.

So there are no guarantees, but with the facilities available to me here, the curriculum, the faculty, career services, and alumni, if I hold my end of the bargain and put in the hard work, then I believe I will be in a very strong position to land that first job in 2010.

Is there anything that you are especially looking forward to during your first year?Badger games, tailgates, jump around, $2 pitchers, brats, basketball, beer pong, flip cup, golf at U-Ridge, trips to Chicago, Milwaukee, New York, cocktails at Genna’s, the terrace, shuffleboard, mountains of cheese, the farmer’s market, early morning burgers from slinky, or burritos at Qdoba, fishbowls at Wandos, keg kickball, free bacon at Wandos, volleyball games, hockey games, flip night…..there are a couple of things here that I’ve managed to do already but I am looking forward to doing almost all of them again.

Student Profile

PeterO’Leary(Nicholas 2010)

“I love the sense of community that I feel here in Madison. Interestingly enough, I don’t think half the people here realize how powerful the Madison community spirit is.”

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What was the most rewarding part of your internship this past summer at Kraft? What was the most difficult part?The most rewarding part of my internship at Kraft Foods was working on projects that had a real impact on the business. During my internship, I was able to see a couple of my projects being applied to make business decisions. It gave me an opportunity to gather a deeper understanding of the consumer products industry and the consumer as well as familiarized me with the different dimensions of corporate finance within Kraft. The most challenging part was understanding the marketing and operational aspects of the business and how closely they were intertwined with finance. No decision was purely financial.

Having completed the first year is there any advice you would offer the Class of 2010? What was your favorite first-year class?The program at UW-Madison is unique in that it is designed around career specializations, yet in the first year we all come together and learn from each other’s diverse backgrounds. The first year is challeng-ing and intense, a little overwhelming at times, but what offers comfort is the fact that you are all in it together. It’s a balancing act managing course work, exams and recruitment schedules. The most valuable advice I received was to always prioritize and focus on time management. There will be moments when you feel like you cannot do justice to everything, knowing your priorities then is invaluable.

During the first year, I thoroughly enjoyed Introduction to Finance (Prof. Kavajecz) and Valuation (Prof. Seward). These classes proved extremely valuable during my internship experience at Kraft.

What sort of organizations are you a member of? How has that furthered your experience at UW-Madison?I’m on the board of the Graduate Finance Organization (GFO) and the Graduate Business and Women (GWIB). I’m also a member of the Graduate Business Association (GBA) and the Graduate International Business Association (GIBA). The student organizations are an instru-mental part of the MBA experience. They offer a sense of community and provide numerous leadership and networking opportunities among students of all majors.

Is there any particular advice you would offer prospective interna-tional students?Most international students that come to UW-Madison are dedicated and hard working and I am not aware of any students facing academic difficulties. They do, however, face greater challenges in terms of recruitment. Many companies do not offer employment sponsorship and this makes it tough. I would encourage all international students to put in extra effort towards looking for a meaningful internship. This offers a great opportunity for them to show their strengths and unique perspectives in their internship as well as leverage the experience when they are looking for a full-time position.

Student Profile

Preeti Bhargava(Nicholas 2009)

“The most rewarding part of my internship at Kraft Foods was working on projects that had a real impact on the business.”

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Pfingsten Partners, LLC was formed in 1989 as an operationally oriented private equity firm based in Chicago, Ill., which invests in middle market manufacturing, distribution and business service companies. Since completing its first investment in 1991, Pfingsten Partners has been building value in partnership with management through operational improvements, professional management practices, global capabilities and profitable business growth. In conjunction to its new fund (Fund IV), Pfingsten has identified stormwater management products as an industry for possible direct investments. To better understand the industry of storm water management Pfingsten asked its Nicolas Center student team to research the industry and create an investment strategy.

The student team had two initial deliverables. First was to define the stormwater management products industry by defining the demand drivers and projected growth rates as well as major players and product portfolios. The second was to provide an overview of the current M&A environment for stormwater management companies by identifying recent transactions and corresponding EBITDA multiples. Students then created an acquisition target list identifying the top acquisition candidates that fell within Pfingsten Partners’ investment criteria.

Each academic year, Nicholas Center teams work on 12 to 16 consulting engagements. Engagements run for approximately seven to eight weeks.

1st RoundConsulting Projects Fall 2008

Nicholas Center For Corporate Finance and Investment banking

The Leadership in Energy and Environmental Design(LEED) Green Building Rating System

Going green has become all the rage and attaining the Leadership in Energy and Environmental Design (LEED) Green Building Rating System™ certification is much sought after. LEED is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of green buildings giving building owners and operators the tools needed to have measurable impact on their building performance. Currently the UW-Madison campus has no buildings that are LEED certified.

This project requested that Nicholas Center students explore the relevant costs to upgrade the energy saving benefits associated with LEED for Existing Businesses (LEED EB) certification of Grainger Hall, and calculate the associated return on investment (ROI). Students were also asked to develop a model that can be used anywhere on campus to estimate expected costs and benefits of gaining the LEED certification.

Students quickly learned that nothing had to be done to Grainger Hall except to pay for the assessment and certification of the building. The project then morphed into a marketing research study on the marketing/advertising/media attention benefits attributed to the LEED certification followed by a cost of certification vs. marketing benefit analysis. The student team contacted many top universities to determine any quantified marketing benefits that have led to enhanced recruitment and student quality.

Team members Brad Hanson, Armah Ngafua, and Joe Cruse

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Janus Capital Group, Inc. is a public company headquartered in Denver, CO. As of June 30, 2008, Janus manages $191.8 billion in assets for more than four million shareholders, clients and institu-tions around the globe. For more than three decades the Denver-based firm has used a bottom-up, company-by-company investment approach based on the conviction that stock prices ultimately follow earnings growth.

The focus of the project was for the Nicholas team to complete a thorough and comprehensive assessment of the relationship between Return on Invested Capital (ROIC), growth rates and stock price performance for companies competing in the Medical Technology industry. The main goal of the project was to determine if there is a strong statistical relationship between ROIC and stock price performance and relate this to the Med Tech business models and how management’s appetite for M&A either creates or destroys value.

The team focused on a variety of different tasks. First, they reviewed existing academic, textbook and investment banking materials to provide assessment of the current thinking. Next, they constructed a proprietary statistical analysis of the relationships between ROIC, growth rates and stock price performance. Finally, they provided an assessment of alternative operating and financial strategies that specific companies in the Medical Technology industry could consider to improve their ROIC. Students then presented their findings in the form of a pitch book for Janus to present to Portfolio Managers and management teams in the medical technology industry.

Westlake Chemical Corporation is an international manufacturer of petrochemicals, plastics and related fabricated products that enhance the daily lives of people around the planet. One of its important products is Polyvinyl chloride, commonly abbreviated PVC. PVC is a widely used thermoplastic polymer and is one of the most valuable products in the chemical industry. It is used in a variety of applications and has been replacing traditional building materials such as wood, concrete and clay.

The focus of the project is producers of PVC located in Europe who contribute significantly to the supply in the industry, but are small and unable to compete efficiently with other facilities. Westlake requested that students explore the overall ramifications of consoli-dation of these smaller companies and provide Westlake Chemical with an acquisition target list.

The Nicholas Center team had three main objectives. First, was to assess the likelihood of consolidation in the PVC industry with regard to European producers. Next, if consolidation was likely, identify the triggers that would cause consolidation to occur. Finally, the project team provided an analysis assessing the strengths and weaknesses of the companies in the industry and ranked them as acquisition candidates.

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Wisconsin School of Business

Mary E. AmorManaging Director, Mergers & AcquisitionsCitigroup, Investment Banking DivisionNew York, NY

Bruce AnfindsenDirector, FIRC Emerging MarketsUBS Securities LLCStamford, CT

Doug BairdCo-Head of Equity Capital Markets Banc of AmericaNew York, NY

Julian BarettaVice President Finance & AccountingGlobal Pharmaceuticals & Personal HealthThe Procter & Gamble Company Cincinnati, OH

Barbara BolensVice President and Treasurer Director of Investor Relations Brady CorporationMilwaukee, WI

Ben BraunManaging Director, Mergers & AcquisitionsMerrill Lynch & Co.New York, NY

Bruce Cohen Principal and Consumer Goods Industry Leader - Global Private Equity Services Kurt Salmon AssociatesSan Francisco, CA

Gary M. ColeManaging DirectorAntares International Partners, Inc.San Francisco, CA/Paris, France

Donald M. Condon, Jr.Senior Vice PresidentCorporate Planning and Business Development Westlake Chemical Corporation Houston, TX

Dennis P. DuerstDirector of Benefits Fund Investments3MSt. Paul, MN

Cathy J. Durham, ASA Vice President Capital Valuation Madison, WI

Kirk GeadelmannDirector of FinanceBest BuyRichfield, MN

Richard H. FlemingSenior VP & CFOUSG CorporationChicago, IL

Phill GrossManaging DirectorAdage Capital ManagementBoston, MA

Thomas HeathManaging Director Financial Institutions Group UBS Investment Bank New York, NY

Robert HedlundManaging DirectorBarclays New York, NY

Bill KeitelExecutive Vice President, CFO QUALCOMM, Inc.San Diego, CA

Peter S. KiesManaging Director, Investment BankingRobert W. Baird and Co.Milwaukee, WI

Bill Krugler Managing DirectorMason Wells Milwaukee, WI

Eric J. LarsonSenior Managing Director & Co-Head of Equity ResearchPiper JaffrayMinneapolis, MN

Michael E. LehmanExecutive Vice President/CFOSun Microsystems Inc.Santa Clara, CA

Roberto Morales Research Analyst Janus Capital Group Denver, CO

Melinda MountCFO Entertainment & DeviceDivisionMicrosoftRedmond, WA

Joel Nelson Director, Alliances & InnovationGeneral Mills Minneapolis, MN

Judd Nystrom VP Finance and Investor RelationsAdvance Auto Parts Minneapolis, MN

John Oros Executive ChairmanEnstar Group Ltd.Managing DirectorJC Flowers & Co. LLC

Paul ShainRetired Senior Vice PresidentCDW Corporation Vernon Hills, IL

Tom TefftVice President, Corporate ControllerMedtronic, Inc.Minneapolis, MN

Dr. Subu VenkataramanManaging Director & CROHighbridge CapitalNew York, NY

Chris WinslowChief Financial OfficerWisconsin Alumni Research Foundation (WARF)Madison, WI

NiCholaS CeNter Board oF adviSorS

Cynthia S. AdamsDirector, Nicholas Center

cadams@bus.wisc.edu

James K. Seward, PhD Academic Director, Nicholas Center

jseward@bus.wisc.edu

4560 Grainger Hall975 University Ave. Madison, WI 53706ph (608) 265-3996 fax (608) 262-1466

www.bus.wisc.edu/nicholascenter

Barb PetersonProgram Coordinator

bpeterson@bus.wisc.edu

Nicholas Center For Corporate Finance and Investment Banking

Dividend Quarterly Contributors: Chris Calef & Cindie Adams (Photos)