|
|
Enron Mail |
OK. Jimmie and I duplicated effort just a bit. Attached is the memo and the
spreadsheet. Note that in the memo, we have a dispute about whether $750k is adequate. Therefore, I've left questions 4 and 5 attached to the memo for you folks to reconcile (if they take advantage of discounts and get A/R and inventory rates back in line with '93 rates, is $750 enough?). Also, I've included a common-size income statement in exhibit 1, a cash flow statement in exhibit 2, and I, too, completed exhibit 3. We may want to clean up some of the calculations in the spreadsheet, given that we'll likely need to turn them in as attachments. Hope this helps. I'd do more, but I'm off for the airport and New York--won't be in class tomorrow. Best, Jeff JcjCal02@aol.com 01/28/2001 01:01 AM To: Jeff.Dasovich@enron.com, dwindham@uclink4.berkeley.edu cc: guinney@haas.berkeley.edu, JcjCal02@aol.com, jdasovic@enron.com, jjackson@haas.berkeley.edu Subject: Re: Clarkson To simplify the analysis, I completed Exhibit 3 for 1993, 94, 95 for clarkson in the attached spreadsheet. Whoever calculated ROA forgot to add interest expense and used year end assets instead of average. For ROCE again, average instead of ending should be used. The level of current liabilities jumps out when you compare it to the rest of the industry. Dylan is right the growth in inventory is also alarming. I will look at the data some more tomorrow. Jimmy - CLARKS~1.XLS
|