CASO PRÁCTICO: DIVIDEND POLICY AT LINEAR TECHNOLOGY
Conceptualización del problema
En el 1981 Linear Technology fue fundada por Rober Sawson en California, esta compañía se dedica a diseñar, fabricar y comercializar circuitos integrados. Por capitalización de mercado Linear ocupa el séptimo lugar dentro de su segmento. En 1986 Linear empezó a cotizar en NASDAQ y desde ahí ha dividido sus acciones cuatro veces. Dentro de los datos financieros del año fiscal se destaca el crecimiento sostenido que presenta Linear entre 1992 y 2001, siendo este ultimo año donde se alcanza un nivel muy alto en ventas logrando así unas cifras imposibles de repetir.
Dentro de su política de dividendos, Linear paga dividendos y hace la recompra de
…show more content…
La publicidad, comercialización y distribución de sus marcas la tiene categorizadas en 4 zonas geográficas América del Norte, Europa, Zona Internacional (incluye África y América Latina y el Caribe) y Asia-Pacífico, los ingresos de cada una de estas zonas frente a las ventas totales corresponden respectivamente al 33%, 39%, 13% y 14%. En este sentido y con los buenos márgenes operacionales obtenidos, no solo demuestra su capacidad de posicionarse globalmente sino de manejar adecuadamente su relación riesgo/beneficio.
En 1997, tras la fusión, Diageo ocupaba el puesto sexto entre las empresas más importantes de consumo. El proceso que llevó a que ésta se convirtiera en la empresa de producción y comercialización de licores más importante del mundo que es hoy en día implicó un cambio estratégico en el negocio. En el año 2000, luego de la llegada de Paul Walsh como CEOdel grupo, este proceso inició con el enfoque de la empresa hacia aquellas líneas de negocio que mayor valor agregado estaban generando para la compañía, específicamente se direccionaron esfuerzos hacia bebidas y alcohol. Continuando con esta filosofía del negocio, luego se vendería Pillsbury lo cual representó un ingreso en efectivo de 5100 millones de dólares más una participación cercana al 33% de la compañía que la compraría (General Mills), adicional a la venta de
By 1955 they had a fleet of 100 delivery trucks. They were growing fast and organized their operations as ‘Grupo Industrial Bimbo’ in 1965. They were exporting their breads, crackers, cookies and other baked goods to South America, Portugal, and Spain. But the principals at Grupo Bimbo saw the untapped potential of the huge consumer market in their neighbors to the north, the United States (Thain, 2015).
Sin duda el primer paso sería hacer un modelo de flujo de efectivo el cual hiciera un análisis de sensibilidad en la valuación de Pecom, obviamente la clave de este análisis es darle el valor adecuado el riesgo país y el costo de capital, dentro de los factores de riesgo en América Latina a evaluar están las devaluaciones, repatriaciones, control de capitales, expropiaciones y todos estos cambian en todos los países.
Brazil and Mexico are both the giants of their geographic realms (de Blij and Muller 219,254). Mexico constitutes an entire geographic region of Middle America (200). The country of Brazil is also considered a single region in South America (239). Both of these regions have very large populations in comparison to the other regions of their realms. Mexico’s current population of 102 million people has more than doubled in size since 1970 (219). Brazil’s estimated population is currently near 167 million people (254). The populations of both regions are becoming increasingly more urban in character. At least seventy-four percent of Mexico’s population resides in cities or towns (220). Similarly in Brazil, eighty percent of the population
Manuel is very concerned since the forecasted sales and profit targets for the juice business have not been met for the second year in a row. Perceptions in the market are that Cerjugo juice is not of a high quality, and consumers do not appear to be aware of the degree of “freshness” in the products. In addition, the sales force does not seem to fully understand the juice product attributes and tends to focus on selling beer rather than juice products. Turnover in the sales force has increased dramatically and there has been a great deal of in-fighting between Jose, Feliz, and Maria. They always seem to be at opposing ends of an issue and Manuel has to make decisions that inevitably angers one or other of them. The last straw
From the assigned reading it becomes clear that there are a number of symptoms which suggest that beverage manufacturer and distributer Cerjugo SA is a company in crisis. The main signal that Cerjugo is not living up to its expectations is that its forecasted sales and profit targets, for its juice division, have not been met for two consecutive years this is especially troubling for a company which in the past boasted a 98% share of the beer market in Latin America. Beyond the lack luster sales numbers there are many other symptoms that Cerjugo’s juice division is ailing, such as reports that potential customers are not aware of the
The article written by Peter Callero is based on the idea that globalization is involved in our everyday lives. The author relates this topic to how jobs are made in the United States or when their moved into another country. It refers to the effects of this move and how it changes the incomes of workers in our country.
Aumentar el volumen de producción y venta, y crecimiento: Cemex tenía necesidad de expandirse globalmente, dado que su mercado doméstico en México es relativamente pequeño y que en 1989, la empresa ya dominaba 2/3 de la capacidad productiva donde le quedaba poco espacio para crecer . Además, la entrada de Holderbank en México al principio de los 90`s le generaba una fuerte presión competitiva, siendo que esa empresa ya tenía una presencia global importante.
This case describes the complexity of PepsiCo's competitive position in the Mexican soft-drink market during the late 1990's. Between 1993 and 1996 PepsiCo and Coca-Cola waged a classic cola war in Latin America. The goal for both companies was to gain market share and by the end of 1996, Coca-Cola had clearly won the Latin America cola war. In 1993 PepsiCo enjoyed a 42% market share in Venezuela thanks to the success of its bottling partner, the Cisneros Group but by the end of 1996, PepsiCo held less than 1% of the Venezuelan cola market. Following PepsiCo's anchor bottler in Mexico, Gemex, the case details the strategies employed by PepsiCo's senior management beginning in 1993 to expand its
In practice, dividend policy will be affected by taxes as tax rates for different categories of investors will differ. Also, a firm’s dividend policy is perceived by the financial markets to be a signaling mechanism. A cut back in dividends may signify that the firm perceives tough
We believe that Ms Stark should not revise her recommendation regarding FPL. The HOLD recommendation seems to be the most appropriate. Our judgement assumes a dividend cut from FPL. However, this dividend cut would be a precise strategic choice rather than one dictated by financing difficulties. Specifically, the dividend cut will raise future growth, with little effect on the stock price.
The case explains the economics of the soft drink industry. There activities that add value to consumer at nearly every stage of the value chain of the soft drink industry. The war is primarily fought between Coca-Cola and PepsiCo as market leaders in this industry; who combined have roughly a ninety percent market share in their industry. The impact of globalization on competition has allowed both of these major players to find new markets to tap which has allowed each continued growth potential.
A long-term strategic management issue for GM is the increasing global competition due to the mergers and acquisitions of its competitors. The partnership of Heineken and FEMSA (Mexico’s second largest beer company in terms of market share) was formed for the sole purpose to dethrone Corona as the best-selling import beer in the United States. To make matters worse, there were also rumours of large mergers and acquisitions of mid-tier brewers in order to better compete and expand globally. In addition, with the introduction of NAFTA, Canadian and U.S. competitors were slowly beginning to penetrate the Mexican market, which had the potential to chip away at the majority market share GM enjoyed.
A dividend is a usually distributed in cash form to stock holders of a corporation approved by the board of director. It may also include stock dividend or other forms of payment. A stock dividend represents a distribution of additional shares to common stockholders. Dividends are only cash payments regularly made by corporations to their stockholders.
La publicidad debe persuadir. Se buscan beneficios, o soluciones a sus problemas. Los atributos de lo que se
There are many theoretical and empirical results describing the decisions companies make in this area. At the same time, however, there is no generally accepted model describing payout policy. Moreover, empirical findings are often contradictory or difficult to interpret in light of the theory. In their seminal paper, Miller and Modigliani (1961) showed that under certain assumptions dividends are irrelevant; all that matters is the firm’s investment opportunities. Miller and Modigliani considered the case of perfect capital markets (no transaction costs or tax differentials, no pricing power for any of the participants, no information asymmetries or costs), rational behaviour (more wealth being preferred to less, indifference between cash payments and share value increases) and perfect certainty (future investments and profits are given). In real life, however, people seem to care about dividends. Lintner.s (1956) classical study on dividend policy suggests that dividends represent the primary and active decision variable in most situations. Lintner suggests a model of partial adjustment to a given payout rate.