1. Financial analysis and valuation Information sources 20/4-2010 Sigrid.n.gimse@bi.no Librarian BBA

2. Information sources today The case of Givaudan S.A...both from the Library at BI..sources on the web and beyond http://en.wikipedia.org/wiki/Company_valuation

3. Enterprise valuation - information sources ” The critical success factors is to have extensive knowledge of the company enterprise and industry” In what industry is the company? More than one industry? Business valuation Nytveit, Trond Stian. 2007. Verdsettelse : en studie av Norsk Hydro. URI: http://hdl.handle.net/2330/1600. Master Thesis NORGES HANDELSHØYSKOLEhttp://hdl.handle.net/2330/1600Master Thesis

4. You need to understand the company or asset What drives the value behind that Financial statements Audited statements Tax returns Press releases Understand how the market is looking at the company, products or brand Shareholders agreements Business plans History, developments, M&A

5. Company Valuation - definitions In finance, valuation is the process of estimating the potential market value of a financial asset or liability. Valuations can be done on assets (for example, investments in marketable securities such as stocks, options, business enterprises, or intangible assets such as patents and trademarks) or on liabilities (e.g., Bonds issued by a company). Valuations are required in many contexts including investment analysis, capital budgeting, merger and acquisition transactions, financial reporting, taxable events to determine the proper tax liability, and in litigation. http://en.wikipedia.org/wiki/Company_valuation

6. Business Enterprise - Valuation information The market value is determined by multiplying the quoted share price of the company by the number of shares. Valuation approach is the general way which is followed to determine a value indication of a business, corporate ownership interest, security, or intangible asset. Business Valuation is an estimation of the market value of a corporation / business. It differs from appraisal in the sense that appraisals only takes into consideraton the tangible assets, but a valuation considers intangible assets.

7. Company valuation definition A way of judging the performance of a business as compared to others in the same line. Financial studies are conducted whereby comparative benchmarking is done for this purpose. Through these industry insights, the value of a business can also be assessed. Business Valuation terms / how much is my business worth

8. The Givaudan company..is it in good health? Several information seeking tasks ahead if you’re going to find out http://en.wikipedia.org/wiki/Company_valuation

9. Company overview - homepage Consists of…? Tangibles or intangibles? Google for website..any hard facts there? – What are sales talk and what are the breakdown facts? – Annual report? – The latest Quarterly? – Anything else you should look for? – Investor Relations You’re the auditors and are personally responsible! http://www.givaudan.com/givcom/

10. The company analysis - homepage What are their business ideas? What do they sell exactly Goals, strategies ? What is all the talk of sustainability? Any thoughts? What’s all that about? Do the Swiss have a good record on corporate social responsibility? Do the company have any famous brands – any value there? Market value as in reputation? Goodwill? Wikipedia? http://www.givaudan.com/givcom/

11. Are they listed or unlisted / public of private? Stock prices gives you market confidence and expectations How can you find out?

12. Google finance for latest stock prices Check Google Finance- http://www.google.com/financehttp://www.google.com/finance Do a search on Givaudan SA – Note down the stock symbol/ticker – Todays stock price compared to homepage? Any surprises? – Negative development? – Compare info with company website info – Any surprising news? – The segments – how to valuate the different segments of the corporation? All in the same industry? Yahoo Finance - http://finance.yahoo.com/http://finance.yahoo.com/ http://www.givaudan.com/givcom/

13. Yahoo Finance - http://finance.yahoo.com/http://finance.yahoo.com/ – Do a search for the company – will get you what info?– – http://finance.yahoo.com/q?s=GVDNY.PK http://finance.yahoo.com/q?s=GVDNY.PK – GIVAUDAN SA (GVDNY=US) 2-weeks forecastPechala's Reports(Apr 9) GIVAUDAN SA (GVDNY=US) 2-weeks forecast

14. Did they succeed in 2009? How are they doing, really? How can you tell? Any explanations of the results from the latest quarterly? Financial statements newer than the latest Quarterly?..for latest developments and trends Does homepage give you all you need? http://www.givaudan.com/givcom/

15. Competition Screen competitor - International Flavors & Fragrances Inc. – Google them for home page Compare with Givaudan home page for first impression Check them out in Google Finance too. Note down ticker symbol http://www.givaudan.com/givcom/

16. FACTIVA – a source brought to you by the BI Library Not on the free web Check Factiva for company analysis Search this way – Find the tab - Companies & Markets – -> Company – - > Company name – Givaudan SA The BI Library -> Databases -> Factivca

17. Factiva charting Compare with International Flavors & Fragrances Inc. Differences in stock price? Size Number of employees Development Company strategy Segments etc.

18. Stock prices Factiva - history & valuation - market valuation Portfolio risk & return Stock prices and variances

19. Givaudan AG

20. IFF

21. Givaudan AG IFF

24. Factiva charting

27. Factiva Comparison

28. Industry/Market value? Industry – how is the company doing in it’s industry? How is the industry doing? Market share and volume How is the market doing? Growth in demand? Impediments to growth? Trend indicators? Identifying a trend? Consumer demographics? Any changes? Business Source Complete for industry profile

29. Industry overview What kind of industry is the Fragrance and Flavour industry? Exposure to risk? Dependent on overall volatile economic conditions? How is the overall world market doing – where can you find info? EUROSTAT – http://epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/home Swiss Stock Exchange http://www.six-swiss-exchange.com/index.html - find Givaudan SA here http://www.six-swiss-exchange.com/index.html How is the rest of the stock market doing Find out about risks – where’s the company’s largest markets? How’s these regions doing macroeconomically? What about interest rates? On the rise or stable?

30. Industry forecasts & overview

31. Company & Industry overview Check Factiva for a news search of the company or industry might be some stock reports who analyzes the company financials and recent news

32. Company Strategy Find out about their strategy Find a competitor and benchmark strategy You’re to look for any diverging major differences Do the competitor have a different, smarter strategy? Should your company be doing likewise? Your evaluation? Good, sound strategic choices? http://www.givaudan.com/givcom/

33. Amadeus - financial statements and more Amadeus - for large western companies – bakwards for 10 years – M&A – Financials – Graphs – Subsidiaries, se graph for this – company structure and segments Business Source Complete – for large companies, industry reports, market reports, SWOT analyses

34. BUSINESS SOURCE COMPLETE For company news For industry profiles

35. Media coverage News Older articles – any scandals lately? Social media? What’s brewing? Consumer attitudes Company reputation

36. Social media http://boardreader.com/ - tracks Discussion Forums, Search message boards and forums http://boardreader.com/ LinkedIn.com – see Givaudan - Company Profile on LinkedInGivaudan - Company Profile on LinkedIn – see news & who works where & contact people http://www.blogsearch.google.com – could be useful for official & unofficial news – but be careful with your sources – must be trustworthy! http://www.blogsearch.google.com

37. Free sources on the web? Most of them are commercial… The Library web pages -> Database list supplies you with most of what you need Happy searching!