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7/21/2019 HBS Tottenham Case
http://slidepdf.com/reader/full/hbs-tottenham-case 1/5
Xattcmfol Eosc Utuhcmt0 Rctru-Eotokdm, Hovdh (?26>8:?6)
?o. Yfot orc tfc jrcc eosf jkaws Xattcmfol Fatspur cxpcets jral >229 umtdk >2>21 Ercotc
o tonkc. Ossulc tfot Mct Yargdmi Eopdtok dmercoscs dm prapartdam wdtf rcvcmucs (fdmt0
cxecss eosf sfaukh mat nc dmekuhch dm mct wargdmi eopdtok).
Jrcc Eosf Jkaw Cstdlotdam (nosch am Cxfdndt 3 omh ohhdtdamok dmjarlotdam pravdhch dm tfc tcxt)
2 ? > 5 8 3 : 9 6 4 ?2 ?? ?> ?5
Tcor >229 >226 >224 >2?2 >2?? >2?> >2?5 >2?8 >2?3 >2?: >2?9 >2?6 >2?4 >2>2Xatok ̂ cvcmuc 98.? 62.6 66.2 4:.2 ?28.: ??8.2 ?>8.5 ?53.3 ?89.9 ?:2.4 ?93.8 ?4?.> >26.8 >?:.6
Apcrotdmi Cxpcmscs
(cxek. Hcprce dot dam) (:4.?) (98.4) (6?.5) (66.>) (43.6) (?28.?) (??5.>) (?>5.>) (?58.2) (?8:.2) (?34.2) (?95.5) (?66.4) (?4:.3)
Hcprcedotdam (>.>) (>.5) (>.8) (>.3) (>.:) (>.9) (>.6) (>.4) (5.2) (5.?) (5.5) (5.8) (5.3) (5.9)
CNDX >.6 5.: 8.8 3.5 :.> 9.> 6.5 4.8 ?2.: ??.4 ?5.> ?8.3 ?:.2 ?:.:
Xoxcs (?.2) (?.>) (?.3) (?.6) (>.>) (>.3) (>.4) (5.5) (5.9) (8.>) (8.:) (3.?) (3.:) (3.6)
Hcprcedotdam >.> >.5 >.8 >.3 >.: >.9 >.6 >.4 5.2 5.? 5.5 5.8 5.3 5.9
Eopdt ok Cxpcmhdt urc (5. 5) (5.8) (5.:) (5.9) (5.4) (8.2) (8.>) (8.5) (8.3) (8.9) (8.4) (3.?) (3.5) (3.3)
Efomic dm Yargdmi Eopdtok 5.6 8.> 8.3 8.4 3.8 3.4 :.8 9.2 9.: 6.5 4.2 4.6 8.6
Jrcc Eosf Jkaw 8.46 3.6? :.92 9.:6 6.9> 4.68 ??.2: ?>.53 ?5.95 ?3.>? ?:.96 ?6.83 ?5.95
Ossulptdams0
-
Okk dtcls cxekuhdmi Xoxcs, Eopcx omh Efomic dm Yargdmi Eopdtok wcrc pravdhch dmCxfdndt 3.
- D ealputch Xoxcs os 53% aj CNDX, sdmec wc orc dmtcrcstch dm tfc umkcvcrch eosf jkaw omhtfcrcjarc wc ha mat eamsdhcr dmtcrcst omh dts hchuetdndkdty cjjcet wfdef waukh rcsukt dm
kawcr toxcs.
- Eopdtok Cxpcmhdturc ― pravdhch dm tfc tcxt tfot dt ds cxpcetch ta iraw wdtf 8% pcr ycorstortdmi jral tfc vokuc rcpartch dm >229 (5.5 lkm).
- Efomic Dm Yargdmi Eopdtok ― dmercoscs dm tfc solc prapartdam wdtf rcvcmucs jral tfc
kcvck aj >2297 pkcosc scc hctodks nckaw. Dm ly apdmdam tfds ossulptdam ds mat sustodmonkc,
sdmec ot amc padmt, MYE sfaukh rcvcrt ta 2 dmstcoh aj ncealdmi larc mciotdvc ycor ojtcrycor.
Yargdmi Eopdtok (TC >229) < Xatok Eurrcmt Osscts (cxek. cxecss eosf) ― Xatok Eurrcmt Kdondkdtdcs< (86.29 ― >:) - :8.82 < (8>.5)
Xatok ̂ cvcmuc 98.? 62.6 66.2 4:.2 ?28.: ??8.2 ?>8.5 ?53.3 ?89.9 ?:2.4 ?93.8 ?4?.> >26.8 >?:.6
efi (%) 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 8.2%
Mct Yargdmi Eopdtok (8>.5) (8:.?) (32.5) (38.6) (34.6) (:3.?) (9?.2) (99.8) (68.5) (4?.4) (?22.>) (?24.>) (??4.?) (?>5.6)
efi (%) 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 4.2% 8.2%
?n. Mct wargdmi eopdtok ds mciotdvc jar Xattcmfol Fatspur. Cxpkodm wfy tfds ds icmcrokky
tfc eosc jar jaatnokk ekuns (kdldt yaur omswcr ta ?-> scmtcmecs).
Udmec last aj tfc rcvcmuc aj jaatnokk ekuns ealprdscs ottcmhomec, lcrefomhdsc, spamsarsfdp omh nraoheost jccs wfdef orc trohdtdamokky podh cdtfcr up-jramt ot tfc ncidmmdmi aj tfc scosam ar am tfc
spat ny joms, tfcrc ds ma mcch ta iromt erchdt tcrls os dt ds tfc eosc dm o trohdtdamok nusdmcss. Amtfc atfcr fomh, tfc jaatnokk ekun ldift antodm rckoxch erchdt tcrls jral dts suppkdcrs nceousc aj
dts strami eosf pasdtdam wfdef fos oksa om dlpartomt dmjkucmec am wargdmi eopdtok.
7/21/2019 HBS Tottenham Case
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Xattcmfol Eosc Utuhcmt0 Rctru-Eotokdm, Hovdh (?26>8:?6)
?e. Yfot ds Xattcmfol Fatspur—s cxpcetch rcturm am cqudty1 Ossulc tfc lorgct rdsg
prcldul ds 3%.
Jar antodmdmi tfc cxpcetch rcturm am cqudty, tfc EORL sfaukh nc oppkdch0
C^ d r j d (C^ l r j ) < 8.39% + ?.>4 * 3% < ??.2>%
?h. Yfot ds Xattcmfol Fatspur—s wcdiftch ovcroic east aj eopdtok ojtcr tox1
Jdrst, wc fovc ta oppraxdlotc tfc east aj hcnt ncjarc tox dm arhcr ta dmekuhc dt dm tfc YOEE
jarluko0
East aj hcnt < Tcorky Dmtcrcst Cxpcmsc / Nokomec aj Hcnt ot TC < >.>: / 85.26 < 3.>3% (dt waukh
fovc nccm larc rckcvomt ta fovc tfc ovcroic ycorky nokomec aj hcnt ovodkonkc dm tfc tcxt)
YOEE < WLZH*(?-t) / (LZH+LZC)*r H\+WLZC/(LZH+LZC)*r C\
Jdmokky, wc fovc ta cstdlotc tfc lorgct vokucs aj cqudty omh mct hcnt omh dmput tfcl dmta tfcjarluko.
?) Xfc Lorgct vokuc aj cqudty ds cquok ta Xattcmfol—s lorgct eop ot Hceclncr 5?,>229wfdef eom nc cxtroetch jral cxfdndt > os tfc hdjjcrcmec nctwccm CZ omh Mct Hcnt
(LZH).
LZC < CZ ― LZH < ?3: ― (2.?> * ?3:) < ?59 lkm (pkcosc matc tfot tfds vokuc hacs matrceamedkc wdtf tfc lorgct eop pravdhch dm cxfdndt 8 nut D nckdcvc dt ta nc larc oeeurotc)
>) Xa antodm tfc lorgct vokuc aj mct hcnt (LZH), wc hchuet tfc lorgct vokuc aj cqudty
jral tfc cmtcrprdsc vokuc.LZH < CZ ― C < ?3: ― ?59 < ?4 lkm
Nosch am tfc jdiurcs onavc0
YOEE < W?4/(?59+?4)*3.>3%*(?-53%)\+W?59/(?4+?59)*??.2>%\ < ?2.?%
?c. Nosch am yaur prcvdaus eokeukotdams, wfot ds Xattcmfol Fatspur—s cmtcrprdsc vokuc1
HEJ Zokuotdam
? > 5 8 3 : 9 6 4 ?2 ?? ?>
Tcor >226 >224 >2?2 >2?? >2?> >2?5 >2?8 >2?3 >2?: >2?9 >2?6 >2?4
Jrcc Eosf Jkaw 8.46 3.6? :.92 9.:6 6.9> 4.68 ??.2: ?>.53 ?5.95 ?3.>? ?:.96 ?6.83 ?
^csdhuok Zokuc >5
YOEE ?2.?2%
Hdseaumt Joetar 2.4? 2.6> 2.93 2.:6 2.:> 2.3: 2.3? 2.8: 2.8> 2.56 2.53 2.5>
Hdseaumtch Eosf Jkaws 8.35 8.94 3.2> 3.>5 3.54 3.3> 3.:8 3.9> 3.96 3.6? 3.6> 3.6> 9
Cmtcrprdsc Zokuc ?5:.2>
Hctodks jar rcsdhuok vokuc eokeukotdam0 D oppkdch tfc Iarham-Irawtf Jarluko jar cstdlotdmi tfc
rcsdhuok vokuc, ossuldmi tfot tfc JEJ wdkk iraw dmhcjdmdtcky ncyamh ycor ?5 ot 8% pcr ycor (dm
kdmc wdtf tfc jarceostch irawtf dm dmealc omh apcrotdmi cxpcmscs, os lcmtdamch dm tfc tcxt).
7/21/2019 HBS Tottenham Case
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Xattcmfol Eosc Utuhcmt0 Rctru-Eotokdm, Hovdh (?26>8:?6)
^Z?5 < JEJ?5 * (?+i) / (YOEE-i) < (?5.95 * ?.28) / (?2.?% - 8%) < >58 lkm
?j. Nosch am yaur prcvdaus eokeukotdams, wfot vokuc waukh yau cxpcet jar Xattcmfol
Fatspur—s sforc prdec1 Ds tfc sforc eurrcmtky avcr-/ umhcrvokuch1
Cmtcrprdsc Zokuc ?5:.2>
Kcss0 Dmtcrcst Ncordmi Hcnt (85.26)
Rkus0Cxecss Eosf Nokomec >:.22
Cquoks0 Cstdlotch Zokuc aj Cqudty ??6.48
Uforcs Autstomhdmi (lkm) 4.>4
Cstdlotch Zokuc pcr Uforc ?>.62
Oetuok Zokuc pcr Uforc ?8.96
Nosch am ly prcvdaus eokeukotdam, o sforc aj Xattcmfol ds wartf ?>.62£ ealporch ta dts oetuoklorgct vokuc aj ?8.96£ logdmi dt eurrcmtky umhcrvokuch.
Dm arhcr ta ealputc oetuok vokuc pcr sforc, D amec oiodm usch tfc hoto jral cxfdndt > dmstcoh ajtfot jral cxfdndt 8)0
Oeuok Zokuc pcr Uforc < (CZ-Mct Hcnt)/Ma. aj sforcs autstomhdmi < W?3: ― (2.?> * ?3:)\/4.>4 <
?8.96£
>o. Cxfdndt > sfaws jaur vordonkcs tfot eom nc usch ta pcrjarl o luktdpkcs omokysds. Yfdef
twa aj tfcsc vordonkcs orc last sudtonkc jar omokysds1 Yfy orc tfc atfcr vordonkcs kcss
sudtonkc jar o luktdpkcs omokysds1
Xfc twa vordonkcs wfdef orc last rckcvomt dm ly apdmdam orc CZ omh Apcrotdmi Dmealc. Xfcsc
eom nc ealndmch dmta o rotda ― CZ/Apcrotdmi Dmealc wfdef eom nc ojtcrworhs usch ta ealporc
ekuns dm tcrls aj cormdmis icmcrotdmi eopoedty. O kaw rotda dmhdeotcs fdif cormdmis icmcrotdmieopoedty omh o fdif rotda dmhdeotcs o kaw icmcrotdmi eopoedty.
Xfc atfcr vordonkcs ha mat ajjcr o ealpkctc dloic rciorhdmi tfc vokuc aj tfc ekun. Mct Hcnt/CZds om dmhdeotar aj rdsg nceousc o ekun wdtf koric hcnt eom pasc sdimdjdeomt prankcls jar cqudty
fakhcrs dj ohvcrsc secmordas aeeur wfcrcos tfc sceamh vordonkc ― ^cvcmuc ds kcss dmhdeotdvc aj tfc
ekun—s vokuc jar o sforcfakhcr dm ealpordsam ta Apcrotdmi Dmealc.
>n. Yaukh yau eamsdhcr okk ekuns dm Cxfdndt > ealporonkc ta Xattcmfol Fatspur1
D waukh eamsdhcr tfc ekuns wfdef fovc sdldkor CZ/Apcrotdmi Dmealc omh Mct Hcnt ta LZC
rotdas nceousc tfcsc ekuns waukh nc ealporonkc wdtf Xattcmfol dm tcrls aj cormdmis icmcrotdmieopoedty omh rdsg (c.i hcjoukt rdsg). Xfc ekuns wfdef eaukh nc eamsdhcrch ny oppkydmi tfds erdtcrdo
waukh nc Kdvcrpaak omh Mcweostkc Smdtch.
7/21/2019 HBS Tottenham Case
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7/21/2019 HBS Tottenham Case
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Xattcmfol Eosc Utuhcmt0 Rctru-Eotokdm, Hovdh (?26>8:?6)
Ossulptdams0
- Dmerclcmtok Ottcmhomec Dmealc, Upamsarsfdp Dmealc omh Apcrotdmi Cxpcmscs ealporchta tfc nosc eosc orc idvcm dm tfc tcxt.
- Xfc stotdam ds hcprcedotch avcr ?2 ycors stortdmi jral tfc lalcmt dt ds jdmokdzch.
-
D ealputch tfc tcrldmok CNDX usdmi tfc Iarham Irawtf jarluko, ossuldmi o 8% pcrpctuok irawtf rotc, dm kdmc wdtf tfc ossulptdams dm tfc nosc eosc.^Z?5 < CNDX?5 * (?+i) / (YOEE-i) < >3.9* (?+8%) / (?2.?%-8%) < 856.: lkm
- D ossulch tfot tfcrc wdkk nc ma dmerclcmtok Eopcx omh YE dmvcstlcmts ojtcr tfc stohdam
ds nudkt. - Xfc tox rotc eamsdhcrch dm tfc omokysds ds 53% os idvcm dm tfc tcxt.
Eamekusdam0
- Ot tfc eurrcmt east aj eopdtok tfc omokysds rcsukts dm o mciotdvc MRZ omh tfcrcjarc
Xattcmfol sfaukh mat logc tfc dmvcstlcmt dm o mcw stohdam. Fawcvcr, tfc MRZ ldift
turm pasdtdvc dj tfc pra`cet icts omatfcr jdmomedmi ldx ― prcpamhcromtky hcnt jdmomedmiwfdef mat amky fos o kawcr rcqudrch rcturm tfot cqudty eopdtok nut wfdef oksa ncmcjdts
jral tox hchuetdams am dmtcrcst.
5n. Faw ds tfc hcedsdam ta fdrc o mcw pkoycr ojjcetch ny tfc purefosc aj tfc mcw stohdul
(omswcr quokdtotdvcky, ma eokeukotdam rcqudrch. Ssc tfc tcrl ‖pra`cet cxtcrmokdty— dm yaur
omswcr).
Cvcm tfauif ta tfc omokysds onavc sfaws tfot dmvcstdmi dm o mcw stohdam ot tfds padmt ds mat o
wdsc hcedsdam, o vokuonkc pra`cet cxtcrmokdty rcsuktch jral nudkhdmi tfc orcmo waukh nc jar surc
om dmercosc aj tfc vdsdndkdty aj tfc ekun nctwccm pkoycrs, eaoefcs omh jaatnokk joms. Xfds waukh
pranonky oksa rcsukt dm o stramicr pasdtdam aj tfc ekun dm tfc tromsjcr lorgct omh os o eamscqucmectfc efomecs aj ottroetdmi omh sdimdmi tokcmtch pkoycrs wdkk oksa dmercosc.