By Andrew M. McCosh, Michael J. Earl
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Additional resources for Accounting Control and Financial Strategy: Teachers’ Manual
Harvard Business Review, March-April 1973. The Dalgety Group This case is a complex one, because there are several dimensions of analysis possible. 1. Did Mr Bingley make a reasonable job of the estimates he tried to make? 2. Were the estimates he was trying to make appropriate, whether or not he did them correctly? 3. What purposes do we want to fulfil in performing an analysis of profits? Which approach fulfils which purpose, at least in part? THE MEANING OF THE EXHIBITS The first step to take in class, or in discussion groups, is to sort out what all the methods of presentation mean, without at this stage considering whether they have been carried out correctly .
The parent is interested in the consolidated results, from the UK, compared to the investment in the subsidiary. The earnings in current pounds (exhibit 5) would be the nest measure of this in a situation of mild inflation. But if inflation is serious the inflation adjusted version, (exhibit 8) would make more sense. If the groups sees itself as committed to the industry it is now in, and is also subject to serious inflation, then the industry specific inflation system of Exhibit 10 would be better.
Profit and loss and funds flow forecasting 3. Company valuation EPL has proved to be a successful case at both the postgraduate and post-experience level. It demands considerable analysis - a strength of the case, for once mastered, it provides a firm and realistic foundation for corporate analysis of companies in general. Its major value is that it demonstrates the limitation of historical analysis, demanding examination of future profitability and liquidity. A pen picture of the company can be constructed from trend and ratio analysis, followed by examination of future profits and funds flow (hopefully through sensitivity analysis) leading to ultimate valuation of EPL's prospects.
Accounting Control and Financial Strategy: Teachers’ Manual by Andrew M. McCosh, Michael J. Earl