Campbell R. Harvey's
Cases in Emerging Markets Corporate Finance
A collection of 64 cases that deals with important financial issues in the setting of emerging markets. This is the largest repository of emerging markets finance cases in the world. For academic users, there is no fee for using these materials. For corporate and government users as well as multilateratal institutions, please send a donation made out to 'The Fuqua School of Business-FINANCE 663 Student Support Fund (Attn: Campbell R. Harvey)'. The address is 100 Fuqua Drive, Box 90120, Duke University, Durham, NC 27708 USA. These funds are used to support student mailing and travel expenses involved in the writing of the cases.
Cases:2015
Cencosud: Without limits to dream
This case describes the decision making process that the
company’s CFO went through in 2011 before the acquisition of the retail chain Carrefour
Colombia. We believe this piece will become a very helpful learning material for your
International Finance course, since it discusses several issues covered in your class including
emerging markets, risk assessment and mitigation strategies, and project evaluation.
Presentation slides
Case document.
Supplementary spreadsheets for case
Proposed solution. Part 1
Proposed solution. Part 2
(Email to obtain access)
Gold Diggers in Asia:
Centerra Gold’s response to attempted expropriation in Kyrgyzstan
This case centers around the decision that Centerra mining had to make with respect to their Kumtor gold mine in Kyrgyzstan. The mine produced 86 percent of the firm's revenue yet their was a threat of nationalization. The CEO and CFO arrive in the the country ready to negotiate with the government. How much should they offer to give up to reduce the risk of expropriation?
Presentation slides
Case document.
Proposed solution.
(Email to obtain access)
Cases:2014
Desertec: Powering Europe with the Sahara
The case will begin with Siemens evaluating the risks and NPV of the 400 billion Euro project to cover the Sahara with solar arrays to power Europe. We will examine the geopolitical, technological and financial challenges of the project among other key risks. We will use data from the World Bank, Siemens, the Desertec Foundation and others to determine the project cash flows and discount them with a rate derived from your international cost of capital model. There is short B case explaining why Siemens abandoned Desertec (it sold its solar business for one). We may also include First Solar in the project as they remain a Board member of the Desertec Foundation.
Presentation slides
Case document.
Supplementary spreadsheets for case
Proposed solution.
(Email to obtain access)
Hidroaysen
Hidroaysen is a $10 billion, 2,750MW hydroelectric project located in the Chilean Patagonia. It consists in five dams and a 1,250 miles transmission line to deliver the energy into the central grid. Chile's energy demand/supply gap has been pushing energy prices to levels that are affecting Chile's competitiveness in the region. Although Hidroaysen is one of the few option that would help closing that gap, the project faces significant opposition from both environmentalists and regional politicians.
One page note to instructor
Presentation slides
Case document.
Spanish version of the case document.
Supplementary spreadsheets for case
Proposed solution.
(Email to obtain access)
Melamchi Water Supply Project in Kathmandu
Melamchi Water Supply Project (MWSP) is an infrastructure project in Nepal that aims to bring 170 million liters of drinking water per day (MLD) to parched Kathmandu valley through 26.5 kilometer tunnel. The $355.3 million project is expected to be completed by 2016. The Asian Development Bank (ADB) along with other multi-lateral donor agencies have provided sovereign debt to Government of Nepal (GON) for the project. The project however has been marred by cost overrun, sluggish progress, political interferences, and financing challenges. As a lead financier ADB has to make a decision on a recent proposal for additional funding for the project and re-evaluate its loan commitments made in 2000.
One page note to instructor
Presentation slides
Case document.
Proposed solution.
(Email to obtain access)
Supplementary spreadsheets for case solution
(Email to obtain access)
HSBC - Lone Star - KEB
KEB was acquired by Lone Star in 2003 and Lone Star failed to sell to HSBC in 2008. We touch upon topics in our case such as what the origin of KEB and its place in the Korean economy was; how Lone Star was able to purchase the bank at a deep bargain in 2003; why the HSBC deal fell through in 2008; controversial issues (legal, political, cultural, regulatory) surrounding these transactions; how Lone Star made 5 times their investment just through dividend payments.
One page note to instructor
Presentation slides
Case document.
Case exhibits.
Proposed solution.
(Email to obtain access)
Cases:2010
Autopista Central, S.A.
The valuation of a toll road project in Chile.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Petrobras in Nigeria
The valuation of the Agbami off-shore oil field.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Cases:2006
Mindtree [Proprietary]
MindTree Consulting is a $100M technology services company based in Bangalore, India. The company has grown from $15M in 1999 to over $100M today, and envisions growth to a $1B by 2011. The company is planning to go public in the next 18 months and needs to choose whether to IPO in the U.S. or India.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
CECOCAFEN - The Decision to Buy a Dry Processing Mill
In 1999, Cecocafen, a two-year-old Nicaraguan coffee
cooperative, was exploring the option to become vertically integrated and buy a
dry processing mill. Due to the nature of coffee and very limited access to
financing, a coffee cooperative had never owned a dry processing mill before. Would the Fair Trade movement and creative financing mitigate the substantial
odds against the young cooperative?
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Privatization of Trepca Mining and Metallurgical Complex
Kosovo, a province of the former Yugoslavia, is currently administered by the United Nations Mission in Kosovo (UNMIK). Trepca Mining and Metallurgical Complex has been operating in Kosovo since the 1920s. As of 1996, Trepca was Kosovo's largest company and exporter. Given the continuing conflict in the former Yugoslavia, Trepca has in effect ceased functioning and faces an uncertain future. UNMIK is considering privatizing Trepca in order make use of its capital resources and spur economic development in conflict-ridden Kosovo.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Developing the Moatize Coal Mine
This project consists of a project to explore the coal reserves in the Moatize region in Mozambique. A group led by a Brazilian company, Companhia Vale do Rio Doce (CVRD), won the concession to explore the coal reserves in 2004, a bid amounting to US$ 122.8 M. Surprisingly, although CVRD is one of the most successful company's in the world in exploring aluminum based minerals, CVRD has no experience in exploring coal. The total coal reserves in Moatize is estimated to be 2.4 tons and total forecasted cost for the project is nearly US$ 1 Billion. We approach this case from CVRD's perspective in valuing this opportunity to embark into the coal mining industry. We also consider reasons why Mozambique granted the concession to CVRD rather than to the other bidders. Additionally, we explore the involvement of multi-lateral agencies as well as the future interests of the private sector in the region.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Poltava Confectionery - Is Ukraine sweet enough? [Proprietary]
SigmaBleyzer, one of Southeastern Europe's leading private equity funds, was
looking to make a controlling investment in Poltava Confectionery, a
confectionery firm in the Ukraine. In the 1990's, the Ukranian economy and
securities market became open to investors, creating a unique investment
environment. This case outlines this particular investment opportunity and
examines potential costs and benefits associated with the deal in the context
of the Ukranian market.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Suzano Petroquimica
Suzano Petroquimica had a joint venture with Basell in a company called PoliBrasil, which is the second largest polypropylene producer of Brazil. In June 2005 they announced a buyout of the Basell’s 50% stake in the company for $253M USD. The acquisition was partly funded by the IFC with a loan of $200M USD.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
The Privatization of Orpheus Tours
The government of Eastlandia, a hypothetical country in Eastern Europe, has decided to privatize Orpheus Tours, one of the largest national hospitality companies. The key issue that government officials are facing is the minimum price for the company they should accept. More specifically, as the company is operating a number of business lines, the case will explore whether the sum of the parts would exceed the value of the company as a single entity. Further, the case will address some other challenges such as forecasting cash flows and estimating the cost of capital in a highly volatile environment.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Hutchison Whampoa Limited and the Phase II Shanghai Deep-water Port Project
Starting from the second phase of the Shanghai Yangshan Deep-water Port Project,
the Shanghai government lifted restrictions on foreign and domestic private investment. Seeing this as an opportunity,
Hong Kong based Hutchison Whampoa Limited (HWL), the world’s leading port developer and operator, faced the decision of
whether or not to become one of the project investors. The Phase II Shanghai Deep-water Port Project would almost double the size
of Shanghai's first deep-water port and further alleviate the bottleneck that has constrained Shanghai’s growth as an economic
and shipping center. However, it also comes with various external and internal risks and a total cost of $800 million.
The purpose of the case is to provide background information regarding the project and analyze HWL's investment decision.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Air Deccan
Issues surrounding whether this low cost Indian airline should go public.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Cases: 2005
Raymond, India Ltd.
This case describes an investment decision undertaken by the Raymond Limited Textile division in early 2005 for a Greenfield integrated textile manufacturing plant in the South East Asian region. The textile industry was undergoing several changes due to the recent lifting of trade restrictions by the WTO and the company was considering its strategic options to take advantage of the opportunities available as well as combat the potential competitive threats domestically. It had thus decided to expand it's operations to other emerging markets, and was considering several locations within SE Asia, namely China, Thailand and Malaysia. This case details the potential benefits and risks that the company evaluated in making this decision.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
The Expansion of the Panama Canal - Proprietary: Not Posted to Internet
The $5 billion expansion of the Panama Canal is essentially a hybrid project finance project. Typically for a project to be deemed "Project Finance" there is a corporate sponsor who invests in and owns a single purpose, industrial asset through a legally independent entity financed with non-recourse debt. In the expansion of the canal, there is no single corporate sponsor investing in the project however, the Panama Canal Authority (PCA) and therefore the Panamanian people own the canal and will be investing in the new expansion. In addition, the project is not necessarily a single purpose, industrial asset that is a legally independent entity from its parent corporation, but rather the project is an expansion on an existing asset using non-recourse debt.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Axesat, S.A.
Axesat, S.A. was facing financial decisions important to its future growth as an internet service provider in Latin America. Two-year old Axesat had proven that Colombia was ready for high speed internet throughout the country via a broadband satellite connection. Limited internet connectivity and low penetration rates in Colombia combined with the ability to service any region of this mountainous country were key demand drivers. The company was privately held and owned by a small group of Colombian entrepreneurs.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
The Tropical Wood Consortium (TWC)
The Tropical Wood Consortium, spearheaded by the world leader in Brazil nut
production – TAHUAMNU – was formed in 2004 to explore investment
opportunities in one of the most diverse and still largely untapped forests in
the world – the Bolivian Amazons. The project being considered complies with
all environmental regulations and, if implemented, will give birth to the
country’s largest and technologically most advanced processing plant
of "ecologically sustainable" wood products. The challenge ahead is to
evaluate this prospective opportunity against the risk of investing in a
country undergoing a severe political crisis.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Supplementary news releases, articles.
Proposed solution. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Bulgartabac
This case describes the failed attempt to privatize the Bulgarian state owned tobacco company: Bulgartabac. In 2005, an offer from British American Tobacco (BAT) was withdrawn, marking the fourth failed attempt to privatize the company in the last four years. The deal was a good deal with a fair price and attractive terms. The reason the deal fell apart had nothing to do with the financial or strategic goals of the buyer - it instead came about as a result of politics and social concerns.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. [Not currently available] For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. [Not currently available] For instructor. Email to obtain access.
Powerpoint slides. Class presentation deck.
Asiana
[Few sentence description.]
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Brunswick: Reynosa, Mexico Boat Manufacturing Plant (Project Cedar)
The Brunswick case examines the proposed opening of a boat plant in Reynosa, Mexico, by Brunswick. The case examines the process that Brunswick went through to value the project and makes recommendations as to enhancements to that valuation. The case is useful for those interested in determining the risks of doing business in Mexico.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Cases: 2004
Company X, S.A., Risks and Rewards: Going to Venezuela
This case is embargoed until at least 2005. The case involves the Company X, S.A. (based on Mexico) decision to
set up a production plant in Venezeula.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
BellSouth International and Colombia
In April 2000, BellSouth's Corporate Strategy Department in Atlanta, Georgia was rushing to meet an important deadline regarding a new acquisition in Latin America. Senior management was considering a potential acquisition of two leading wireless telephone companies in Colombia. The prospective transaction includes the purchase of a 50.35% equity stake in Celumóvil, S.A., and 100% of Cocelco, S.A.
- Victor Abad
- Eric Warren
- David Cummings
- Ximena Roa
- Sami Caracand
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Press coverage. For students.
Proposed solution. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Dalian Water Supply Project
Asian Development Bank considers $160 million investment in a water supply project in China in 1994. The case focuses on the role of non-profit organizations in project finance, the role of the ADB in emerging market projects, and risk mitigation in emerging markets.
- Alyona Dubrovina
- James Horiuchi
- Henning Hummervoll
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Proposed solution spreadsheets - supplementary. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
The Maharaja Dilemma:
Can Pepsi Thrive in Sri Lanka?
In 1991, the Olé Spring joint venture was established between the Maharaja Corporation and PepsiCo International. Under the terms of franchise the agreement, Maharaja acquired the rights to become the exclusive bottler and marketer of the Pepsi, Miranda and 7-UP brands in Sri Lanka. The case opens in January 1997 when the Maharaja Corporation is in search of a new third-party investor for the Olé venture and has received only one proposal from Donaldson, Lufkin & Jenrette (DLJ).
- Sanjay Pamnani
- Heidi Pellarano
- Dhanusha Sivajee
- Vidhi Tambiah
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Cases: 2003
PTT: After the Tom-Yum-Kung Disease (the 1997 Asian Financial Crisis)
In November 2001, the Petroleum Authority of
Thailand (PTT), Thailand's only integrated gas company, became
privatized through the largest IPO in Thai history. Our team will
conduct a new valuation for the IPO and provide feeback on PTT's IPO
process.
- Sam Shin
- Piyaworn Chankanit
- Sunny Lo
- Jennifer Pawlowski
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Despegar.com: eStart-up in LATAM
The idea is develop the cash flows and discount rate to evaluate a dot.com
company start-up in Latin America. We are in Dec. 1999 when all the
calculations and evalautions are being made in order to be presented to the
first round of possible Venture Capitalists for funding the company with an
initial equity infution of $11m. The project, as it is going to be
described, will try to show the process of developing cash flows and
discount rate in an emerging region, to asses the different risks associated
with entering several countries in that region, and how those risks affect
the cash flows and the discount rate.
- Sergio Morales
- Santiago Bellasi
- Emilio Del Rio
- Nelson Dao
- Alexander Streubel
-
Group email
Letter to instructor briefly outline objectives of case (one page)
View PDF.
For instructor.
Case document. View PDF. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. View PDF. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. View PDF. Class presentation show.
Mexican Road Reprivatization: A new attempt to Attract
Private Investment to the Road Network
The case centers around the valuation of a 30-year consession to
operate and collect tolls of a package of three highways. These roads
are part of a group of 23 concessions that the government granted in
1994, but cancelled in 1997 after the Mexican crisis. The analysis
focuses of the determination of country risks and how the particular
structure of the project mitigates or increases these risks.
- Steve Smith
- Mary Rachide
- Luis Calzada Zubiria
- Alberto Gomez
- Isabelle Nino
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Overview presentation.
An Electricity Generation Plant for Cemex
On Feb 9, 1998, Cemex, one of the world's largest cement producers,
issued an RFP for the construction of an auto-generation electricity
plant in Mexico--this would allow them to lock in the price of
electricity over the next 20 years. Cemex relied on electricity as one
of their main inputs, and they already had access to cheap petroleum
coke which could be used by a new energy plant. How cheap could we, a
fictitious electricity generation company, sell power to Cemex while
still recovering all of our capital costs?
- Andrea Fernandez
- Jason Haight
- Michael Philipse
- Douglas Rodriguez
- Cesar Villasenor
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Supplementary information For instructor or students.
Supplementary information What happened.
Shanghai Disneyland
Given competitor Universal Vivendi's current plans to build a theme park for less than $100 Million in Shanghai around 2006, Disney's entry into China's mainland has been a source of speculation. The main issues surrounding a Shanghai capital investment include financial potential of a new theme park and the potential qualitative and quantitative risks involved.
- Tera Ferguson
- Kristy Harris
- Scott Yancey
- Wenny Tung
- Jose Guerrero
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Supplementary references information For instructor or students.
Investing in Air-India
Analyzing an investment opportunity in the divestiture / privatization
of Air-India. The project tries to address the emergence of
privatization in the country, assess the potential political, operating,
financial and other risks of investing in the country in general, and
the project in particular.
- Ashish Parikh
- Pallav Jain
- Nikolay Nazarov
- Manavendra Sial
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary exhibits. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Acquisition of large forestry planations in South Africa
This case deals with a bid for the acquisition of a state-owned company
being disinvested by the Government of the Republic of South Africa.
Taken from the point of an Indian company that was selected as one of
the three preferred bidders, the purpose of this case is to determine an
appropriate valuation and bid for the forestry plantation company, after
taking into account the risks associated with investing in South Africa.
- Aditya Agarwal
- Siddharth Bafna
- Ozlem Tanik
- John Maniatis
- Alok Gupta
-
Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Proposed solution spreadsheets. For instructor. Email to obtain access.
Powerpoint slides. Class presentation show.
Cases: 2002
Vehizero, S.A.
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor.
Proposed solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Supplementary information For instructor or student.
Imperial Airlines
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor.
Proposed solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Supplementary information For instructor or student.
Southern Energy's Proposed
Acquisition of CEMIG
This case describes Southern Energy's 1997
proposed purchase of 33% of the shares of CEMIG, a utility in Brazil.
Southern would also acquire certain super-majority voting rights. This
case analyzes the financing and operational decisions the firm must make
before consummating the deal.
- Matthew Michaud
- Judd Murphy
- Matt Palasek
- Tory Noto
- Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
(1) Supplementary spreadsheets for case. For students.
(2) Supplementary spreadsheets for case. For students.
Proposed solution. For instructor.
Powerpoint slides. Class presentation show.
AES Corportation
AES Corportation "The Power Company" is about to start construction of an LNG fired electricity plant in El Faro, Republic of Honduras. The US$ 650 million project is the largest foreign direct investment in that country and has regional strategic importance as it will generate close to 15% of Central America's electricity at half
the current wholesale prices per kWh. It is the equivalent of a US$ 1.3 Trillion
project in the USA. Given the incipient state of Honduran capital markets our
challenge will be to determine an adequate required rate of return for the project.
- Carlos Sanchez
- Andrew Frankel
- Stanley Brunson
- Rachel Fefer
- Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor.
Proposed solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
LogiTech
Our project involves the business plan proposal for LogiTech, a service company in the Transportation and Logistics industry (T&L). LogiTech's core business is the delivery of value to the T&L Community in Latin America through information-based solutions. The case will be developed from the point of view of a venture capitalist's investment valuation. The project will also include analyses of roll out strategies in two main South American countries (Brazil and Argentina).
- Ned Baramov
- Federico Canepa
- Julio Cubillan
- Gabriel Michalup
- Ricardo Fischmann
- Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor.
Proposed solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Supplementary information For instructor or student.
Duke Energy Vs. Endesa Spain: The 1999 Endesa Chile Face-Off
This case centers around the 1999 bidding battle between Duke Energy International and Endesa Spain for Endesa Chile. Endesa Chile was the largest electricity
generation and transmission company in Chile and one of the largest companies in the country. Endesa Chile also had leading market positions in three other Latin
American countries. Bid offers ranged from 1.5 billion to 3 billion US dollars.
- Seyi Lawal
- Alexandre Rappaport
- Osman Mian
- Chris Thomas
- Melissa Aguilar
- Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document, Part A. For students.
Case document, Part B. For students.
Case document, Exhibit 1. For students.
Case document, Exhibit 2. For students.
Case document, Exhibit 4. For students.
Case document, Exhibit 5. For students.
Case document, Other Exhibits. For students.
Proposed solution. For instructor.
Powerpoint slides. Class presentation show.
Deregulation of Indian Telcoms
The Indian telecom sector has reciently-undergone deregulation and
privatization. The purpose of this cases study is to investigate the
process and the risks involved in investing in the Indian state of
Rajasthan, which borders Pakistan.
- Sumit Laddha
- Michael Welch
- Group email
Letter to instructor briefly outline objectives of case (one page) For instructor.
Case document. For students.
Supplementary spreadsheets for case. For students.
Proposed solution. For instructor.
Proposed solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Supplementary information For instructor or student.
Cases: 2001
Probil
Case document. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Short note explaining IPOs. For students.
Note to Professor. For instructor.
Banespa
This case discusses the privatization process for a Brazilian state
owned bank, Banespa. Taken from the point of view of a Spanish bank,
Banco Santander Central Hispano, the purpose of the case is to determine
an appropriate valuation and bid for Banespa.
Case document. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Note to Professor. For instructor.
Financing Iceland's Power Delivery Infrastructure
Given the EU's move to free energy markets, as well as excess geothermal
capacity in Iceland, there may be an attractive project in transporting
electricity between these locations via a submarine cable.
Case document. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Note to Professor. For instructor.
Guyana Timber Industries Limited
A case on financing a start-up sustainable forestry venture in Guyana that explores issues of valuation and attracting investment in a small country with
an uncertain political and economic future. Special attention is given to the challenges and opportunities associated with the project's environmental
impact.
Case document. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Note to Professor. For instructor.
Viability of Microfinance in Ukraine
Most existing microfinance institutions are non-profit organizations
devoted to funding the small enterprises of the agrarian poor in very low
GDP countries. This case explores the issues involved with adapting
these existing business models for the establishment of a for-profit
microfinance lending institution in the more urban and industrialized
environment of post-Soviet Ukraine.
Case document. For students.
Detailed bibliography and resources. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Note to Professor. For instructor.
Tara, Inc.
Tara is a departure from both traditional business models and non-profit
organizations. It is an attempt to create a sustainable method of helping
one impoverished African nation deal with its financial crisis by founding
a company whose profits directly fill the country's needs.
Case document. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Powerpoint slides. Class presentation show.
Note to Professor. For instructor.
VSAT manufacturing facility (SAT)
This case examines the decision-making process of a satellite manufacturing
company as it seeks to establish a VSAT production facility in Brazil, China, or
India.
Case document. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Solution spreadsheets, includes Crystal Ball simulations. For instructor.
Solution spreadsheets. For instructor.
Solution spreadsheets. For instructor.
Solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Note to Professor. For instructor.
Telecominvest
Young private telecommunication company in Russia is in search for additional
capital and the right partner.
Case document. For students.
Supplementary spreadsheets for case. For students.
Solution. For instructor.
Solution spreadsheets. For instructor.
Powerpoint slides. Class presentation show.
Note to Professor. For instructor.
Cases: 2000
Chinadotcom
- Summer Xia
- Patcharin Deprasertwong
- Qing Lin
- Dohee Kwon
- Susan Mlodozeniec
Chinadotcom case document
Powerpoint slides.
Note to Professor
Supplementary spreadsheets.
Solution.
Solution spreadsheets.
Supplementary materials: Investment Bank 1 report.
Supplementary materials: Investment Bank 2a report.
Supplementary materials: Investment Bank 2b report.
Wal-Mart Argentina
- Andy Martin
- Esther Monthiel
- Gabriel Szulik
- Jennifer Pogue
- Luciene de Paulo
Wal-Mart Argentina case document.
Wal-Mart Argentina.
Note to Professor.
Powerpoint slides.
Proposed solution.
Proposed solution exhibits.
Meikles Africa Limited
- Denis Rappaport
- Karen Frisch
- Patterson Chiweshe
- Sergio Penchas
Meikles Africa Limited case document.
Note to Professor.
Powerpoint slides.
Supplementary spreadsheets for proposed solution.
Proposed solution.
"La Apertura". Bidding for a Venezuelan Oil Field
- Hilde Larssen
- Jose Molleja
- Eddie Danusaputro
- Jeremy Usher
"La Apertura". Bidding for a Venezuelan Oil Field case document
Powerpoint slides.
Note to Professor (not yet released)
Supplementary spreadsheets.
Solution. (not yet released)
Paint Wars: ICI's Bid to Purchase Asian Paints
- Rohit Rathi
- Ankur Meattle
- Wee Yee
- Brad Winer
Paint Wars: ICI's Bid to Purchase Asian Paints case document
Note to Professor
Powerpoint slides
Supplementary spreadsheets
Supplementary materials
Teaching note
GS Asset Management, Thailand
- Jorge Rohana
- Bernardo Martinez
- Alejandro Stein
- Simran Singh
GS Asset Management, Thailand case document
Powerpoint slides.
Note to Professor
Supplementary spreadsheets.
Solution. (not yet released)
Cases: 1999
Infosys: An IPO of an Indian technology company in the U.S.
- Dan Sevall
- Rakesh Mehta
- Lalit Khanna
- Noelle Diederich
- Nandini Kini
Case document
Powerpoint slides.
Note to Professor
Solution.
Supplementary spreadsheets.
Valuation spreadsheets.
Beta calculation spreadsheets.
Value at risk analysis spreadsheets.
Bital (Banco Internacional): Banking during a currency crisis
- Mauricio Almagro
- Darika Amornvatana
- Larry Hou
- Shilpa Kulkarni
- Juan Carlos Mier y Teran
Case document
Powerpoint slides.
Note to Professor
Solution.
Supplementary spreadsheets.
Telkom South Africa: Telecom acquisition in South Africa
- James Barber (barber@mail.duke.edu)
- Angela Fung (alf7@mail.duke.edu)
- Sandeep Toshniwal (sst@mail.duke.edu)
- Becky Voorheis (rwv2@mail.duke.edu)
Case document (PDF)
Case document (PDF) as published in Emerging Markets Quarterly
Powerpoint slides.
Note to Professor
Solution.
Solution spreadsheet.
Supplementary spreadsheets.
Embratel: The Privatization of Telebras's Wireless
- Jaime Arriagada
- Luis De Zabala
- Fernando Diaz
- Lorena Navarro
Case document
Case document exhibits
Powerpoint slides.
Note to Professor
Solution.
Solution spreadsheet.
Supplementary spreadsheets - discounted cash flows.
Supplementary spreadsheets - projected cash flows.
SIDOR: The 1997 privatization of a large Venezuelan steel manufacturer
- Lew Zaretzki
- Phil Thorogood
- Sean O'brien
- John Blake
Case document
Case document exhibits
Powerpoint slides.
Note to Professor
Solution.
Solution spreadsheet.
Supplementary spreadsheets.
Telgua: The Privatization of Telecomunicaciones de Guatemala
- Mariano Fiori (Argentina)
- Roby Souviron (Argentina)
- Julio Porras (Guatemala)
- Bruno Zapata (Peru)
Case document
Powerpoint slides.
Solution.
Nakornthon Bank: The Valuation of a Thai Bank after the Asian Crisis
- Student names to be filled in
Case document
Powerpoint slides.
Note to Professor (not available, see proposed solution)
Solution.
Solution: cash flow projections.
Solution: scenarios.
Solution spreadsheet: foreign buyer.
Solution spreadsheet: government buyer.
Supplementary spreadsheets.
CVRD
- Student names to be filled in
Case document (not available)
Powerpoint slides. (not available)
Note to Professor (not available)
Solution. (not available)
Supplementary spreadsheets. (not available)