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As yoga grew in popularity in Singapore, there were many new yoga studios set up in attempts to tap into this growing service industry. Space & Light Studios Pte Ltd was one of them. A small and medium enterprise set up in December 2012, it differentiated itself by offering yoga classes that emphasized on the optimal alignment of the body. This case study explores the entrepreneurial journey of the owners of Space & Light Studios and examines the viability of this yoga business utilizing Cost-Volume-Profit analysis – a management accounting tool.
http://www.spaceandlightyoga.com/about.php
Case Study Questions:
Estimate the current profit figures of SLS from December 2012 to May 2013 to evaluate the viability of the business.
Examine SLS’s break-even point for May 2013.
Estimate the profitability of conducting each type of yoga class – i.e. group classes, private classes, and “salt cave” classes.
Consider the implications of the analyses above for SLS.
Conduct sensitivity analyses based on different scenarios of rental costs, fees paid to yoga teachers and pricing.
Recommend a plan of action for the owners of SLS.
****one excel model plus 3 pages write up minimum three references
To begin follow these steps: 1. Enter the numbers from your company’s balance sheet and income statement for each year, starting with the most recent year through the prior five years (Example: if the most recent is 2017 then go back through 2013). 2. Ratios auto-calculate but you may wish to make an adjustment if necessary. You will only use the ratios for explanatory or analysis purposes in your report. There is nothing more to do with them in this workbook. 3. Create your prospective analysis by changing the growth rate for Revenue, the percentage of Revenue for Gross Profit and Operating expenses, and then add Other Income or expense items. You can do this in the cells highlighted in yellow. This will give you your projected net income, which you will then use to discount to present value on the “dcf” tab later. The default number for Revenue in the prospective analysis is the most recent year’s Revenue number plus 2.5%. You may change it. 4. On the “discount rate” tab you are welcome to leave the number as is or go through and make adjustments. In most cases you will need access to data that is unavailable or requires a paid subscription, which is why you’re allowed to keep the default values. If you’re able to obtain any of those figures then you may use them. The detail was provided to expose you to the concepts, but not actually require the research since it may be cost prohibitive. 5. The “dcf” tab feeds your projected Net Income figures from the “prospective analysis” tab. To that number you will add back depreciation since it’s a non-cash item and then subtract expected capital expenditures or and planned debt reductions. You may estimate these if you’re unable to find any projection by the company. It is not required that these be fully accurate since you don’t have access to management’s plans. Enter those numbers in the yellow highlighted cells. You shouldn’t have to change any other cells in that tab. 6. On the last tab, “valuation summary”, the only values you need to change are the cells in yellow for the DLOC and the DLOM. You may leave these as the default values since these also require access to data that may be only acquired via subscription or purchase. If you’re able to find material supporting a change in those values then you’re free to do so. The goal in introducing them in this manner is to get you exposed to the concepts, not the actual calculation as that is beyond the scope of this course. Consider these factors when working through the model: 1. The financial statements you encounter in the annual report will look differently than they do in this model. Categories will be different than what you find in the annual report, so just use your best judgement when classifying them and if you need to lump certain costs together then do so. (Example: your company shows Cost of Sales of $100k, G&A of $50k, and Marketing expense of $10k. Combine the G&A and Marketing in the single line on the income statement called “General, Administrative and other non-operating expenses” in the amount of $60k. This places Marketing into the “Other” catch all category. 2. You may insert any “Key Assumptions” that you want to convey using the space below the balance sheet, income statement, or prospective analysis. This could be anything from combining certain line items to explaining apparent anomalies. 3. Make sure to net your interest income and expense on the income statement. So in some years you may have a positive balance and a negative in others. 4. The “Normalization adjustments” listed on the “income statement” tab are referring to the adjustments discussed in module three. To recap – Normalization adjustments are changes that you as an analyst can make in order to “normalize” any anomalies or non-recurring items that may have been reported in the financial statements. For example, if your company was exposed to a natural disaster and you know management does not expect that type of major expense in the future then you can add it back under this section. Another example would be a class-action lawsuit that resulted in a major settlement. While companies are always subject to lawsuits, one tha results in a material settlement may be removed if it’s unexpected to occur again in the near future. adjustments discussed bject to lawsuits, one that Company ABC Inc. Balance Sheets (in millions) December 31, 2014 through 2018 2013 2014 2015 2016 2017 Common-size analysis 2014 2015 2016 2013 2017 Assets Current Assets Cash and cash equivalents Accounts receivable, net Inventory Other current assets Total current assets $ – $ – $ – $ – $ – – % – % – % – % – % Property, plant & equipment, net – – – – – – – – – – Other assets Intangibles Other assets Total other assets – – – – – – – – – – – – % – % – % – % – % % – % – % – % – % Total Assets $ – $ – $ – $ – $ Liabilities and Stockholders’ Equity Current Liabilities Accounts payable Accrued expenses & other current liabilities Current portion of debt and leases Total current liabilities $ Long-Term Liabilities Long-term debt and lease obligations Other long-term liabilities Total long-term liabilities Total Liabilities Stockholders’ Equity Common stock, less treasury Additional paid in capital Retained earnings Other comprehensive income (loss) Total Stockholders’ Equity $ – $ – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – $ – $ – $ – $ – $ – $ – $ – % – % – % – % – % $ *Key Assumptions: – $ – $ – $ – $ – Company ABC Inc. Statements of Income (in millions) December 31, 2014 through 2018 2013 Sales Cost of Sales $ 2014 – $ 2015 – $ 2016 – $ 2017 – $ Common-size analysis 2014 2015 2016 2013 – – % – % – % – 2017 % – Gross Profit – – – – – – – – – – General, administrative and non-operating expenses – – – – – – – – – – Operating Income – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – Other Income (Expense) Interest (expense) Gain (loss) on sale of assets Other Normalization adjustments Non-recurring items Legal settlements Other Net income, before tax *Key Assumptions: $ – $ – $ – $ – $ % – % – % – % – % % Company ABC Inc. Financial and Operating Ratios December 31, 2014 through 2018 2013 Liquidity Ratios Current Ratio Quick Ratio Working Capital 2014 $ – $ – Activity Ratios Receivable Turns Days in Receivables Revenues/Working Capital Revenues/Fixed Assets Revenues/Total Assets Inventory Turns Days in Inventory Payables Turns Days in Payables – – Coverage/Leverage Ratios Fixed Assets/Equity – – Profitability Ratios Return on Equity Return on Total Assets Net Profit on Revenues – % % % – % % % N/A – Not applicable Change in sales #DIV/0! #REF! # 2015 2016 $ – $ – $ – – – – – – – – #REF! 2017 % % % # – #REF! % % % # – -100.00% Company ABC Inc. Projected Income Statement (In millions) 2018 Revenue $ Growth Other income (expense) Interest income (expense) Other Percentage of revenue 0.0% $ – – – 5.0% 5.0% – 0.0% $ 7.0% – – – 0.0% $ – 2.5% – 5.0% – $ 7.0% – 5.0% – 2021 2.5% 7.0% – Percentage of revenue $ – 7.0% Operating expenses – 2020 2.5% – Percentage of revenue *Key Assumptions: $ 2.5% Gross profit Net income – 2019 0.0% $ – 2022 $ – Terminal $ 2.5% – – 7.0% 7.0% – – 5.0% 5.0% – – 0.0% $ – 2.5% 0.0% $ – Company ABC Inc. Development of Discount Rate and Capitalization Rate Risk-free long term U.S. Government bond rate Equity risk premium Industry premium estimate Specific company risk Rate 2.6 % 6.0 1.5 3.0 Cost of equity (Discount rate) Less: Long-term sustainable growth rate 13.1 (2.5) Capitalization rate 10.6 % Note (A) (B) (C) (D) Sum of (A) – (D) (E) (A) Yield on the twenty-year U.S. Treasury bond as of December 31, 20XX, per the U.S. Treasury (B) Long-horizon expected return of large stocks over risk free securities, U.S. Equity Risk Premium (6.0%) (C) SIC code XX, 1.5% (D) Appraiser’s judgement concerning company-specific risk (E) Estimated long-term growth rate based on inflation, Federal Reserve Bank of Philadelphia Sources: United States Treasury ***You may use other sources to update any of these values; list the applicable source if used. Existing values are actual figures obtained from sources used in prior years. You may use these as default values since a detailed development of the discount rate is beyond the scope of this class. Company ABC Inc. Discounted Cash Flow Method (In millions) Projected for Years Ending 2018 2019 Forecasted Net Income Plus: Depreciation Less: Capital expenditures Debt reduction $ Net Cash Flow $ – $ – Present value of cash flows $ – $ – Discount rate: 13.1% Terminal period cash flows Capitalization rate: 10.6% – $ – – – – – Capitalized terminal cash flow Net present value of terminal cash flow, discounted into perpetuity Net present value – five years ending YE: 2022 Net present value of terminal cash flow Total indication of value (rounded) 1 2 Projected for Years Ending December 31, 2020 $ 2021 – $ Terminal Value 2022 – $ – $ – – – – – – – – – $ – $ – $ – $ – $ – $ – $ – $ 10.6% $ – $ – ÷ 3 $ – $ – 4 5 Company ABC Inc. Final Computation of Value As of December 31, 2018 Income Approach: Discounted Cash Flow Method Indicated Value of Equity Weight $ 100 Weighted Value (rounded) $ – Indicated value with voting rights Less: DLOC (Discount for Lack of Control) $ Marketable, minority value Less: DLOM (Discount for Lack of Marketability) – 15.0% – 25.0% – Nonmarketable, minority value $ – Value of a one-percent interest (in millions) $ – *if valuing an interest greater than 50% then the DLOC will not apply % Summary Business Valuation Report of Company ABC, Inc. Company ABC, Inc. Report Date, 20XX Contents INTRODUCTION ……………………………………………………………………………………………………………………………………. 3 Nature, Background, and History ………………………………………………………………………………………………………… 4 Facilities ………………………………………………………………………………………………………………………………………….. 4 Customers ………………………………………………………………………………………………………………………………………… 4 Management ……………………………………………………………………………………………………………………………………… 4 Competition ………………………………………………………………………………………………………………………………………. 4 Strengths and Weaknesses…………………………………………………………………………………………………………………… 4 Ownership ………………………………………………………………………………………………………………………………………… 4 Major Shareholder Transactions …………………………………………………………………………………………………………. 4 Business Risks …………………………………………………………………………………………………………………………………… 4 FINANCIAL ANALYSIS …………………………………………………………………………………………………………………………. 5 FINANCIAL ANALYSIS OVERVIEW…………………………………………………………………………………………………………………. 5 BALANCE SHEETS …………………………………………………………………………………………………………………………………….. 5 Assets ……………………………………………………………………………………………………………………………………………….. 5 Liabilities ………………………………………………………………………………………………………………………………………….. 5 Stockholder’s Equity …………………………………………………………………………………………………………………………… 6 INCOME STATEMENTS……………………………………………………………………………………………………………………………….. 6 NORMALIZATION ADJUSTMENTS …………………………………………………………………………………………………………………. 6 ECONOMIC OUTLOOK………………………………………………………………………………………………………………………….. 7 INDUSTRY ANALYSIS ………………………………………………………………………………………………………………………………. 7 Industry Overview ……………………………………………………………………………………………………………………………… 7 Competitive Landscape ………………………………………………………………………………………………………………………. 7 Products, Operations and Technology ………………………………………………………………………………………………….. 7 Sales and Marketing…………………………………………………………………………………………………………………………… 7 Finance and Regulation ……………………………………………………………………………………………………………………… 7 Regional and International Issues………………………………………………………………………………………………………… 7 Labor Trends …………………………………………………………………………………………………………………………………….. 7 GENERAL ECONOMIC ANALYSIS……………………………………………………………………………………………………………….. 7 Interest rates …………………………………………………………………………………………………………………………………….. 7 GDP ………………………………………………………………………………………………………………………………………………… 7 International and Domestic Trade Policy ……………………………………………………………………………………………… 7 Monetary Policy ………………………………………………………………………………………………………………………………… 7 Fiscal Policy …………………………………………………………………………………………………………………………………….. 7 BUSINESS VALUATION………………………………………………………………………………………………………………………….. 8 VALUATION APPROACHES …………………………………………………………………………………………………………………………. 8 Asset Approach …………………………………………………………………………………………………………………………………. 8 Income Approach ………………………………………………………………………………………………………………………………. 8 Market Approaches ……………………………………………………………………………………………………………………………. 8 SELECTED METHOD – INCOME APPROACH ………………………………………………………………………………………………….. 8 Prospective Analysis ………………………………………………………………………………………………………………………….. 8 Discount rate …………………………………………………………………………………………………………………………………….. 9 Valuation calculation ……………………………………………………………………………………………………………………….. 10 DISCOUNTS AND PREMIUMS ……………………………………………………………………………………………………………… 11 DISCOUNT FOR LACK OF CONTROL………………………………………………………………………………………………………….. 11 DISCOUNT FOR LACK OF MARKETABILITY ……………………………………………………………………………………………….. 11 FINAL CALCULATION OF VALUE ………………………………………………………………………………………………………. 12 SOURCES ……………………………………………………………………………………………………………………………………………… 13 INTRODUCTION Description of the Assignment Guidance: Assume the intended use is for the sale of a minority stake of the company you’re valuing. This should be stated in this section of the report. Standard of Value Guidance: Assume the premise of value is that the business is a “going concern” as opposed to liquidation or other premise. Assume the standard of value is fair market value, as opposed to fair value, investment value, liquidation value or some other standard. This should be stated in this section. 3 Company ABC, Inc. Brief History/Overview Guidance: This section should include a general overview of the following: Nature, Background, and History Facilities Customers Management Competition Strengths and Weaknesses Ownership Major Shareholder Transactions Business Risks 4 FINANCIAL ANALYSIS Financial Analysis Overview Guidance: This section should provide a general overview of the balance sheet, the major items present, the company’s capital structure, and any changes over time in these items. A commonsize analysis (which is built in to your workbook) will help with this. Ask yourself questions such as, “Has the company taken on additional debt? If so, why?”, or “Does the company have a lot of Intangible Assets? If so, are they at risk for impairment?” Balance Sheets Company ABC Inc. Balance Sheets December 31, 2014 through 2018 2014 2015 2016 2017 2018 Common-size analysis 2015 2016 2017 2014 2018 Assets Current Assets Cash Accounts receivable, net Inventory Other current assets Total current assets $ – $ – $ – $ – $ – – % – % – % – % – % Property, plant & equipment – – – – – – – – – – Other assets Receivables from life insurance trusts Other assets Total other assets – – – – – – – – – – – – % – % – % – % – % % – % – % – % – % Total Assets $ – $ – $ – $ – $ Liabilities and Stockholders’ Equity Current Liabilities Notes payable – stockholders Accounts payable Accrued expenses & other current liabilities Current portion of debt and leases Total current liabilities $ Long-Term Liabilities Payable to shareholder Long-term debt and lease obligations Tota ………………………………………………………..