lnLerco

llnance ManagemenL






Agung M Þaramata
I|tr|anto Nur kahman
Indrad| Þratama
1utun Ar| Nugraha
8ud|man kusmanto
¥un|ke Þusp|ta
MAGIS1Lk CI 8USINLSS ADMINIS1kA1ICN
GADIAn MADA UNIVLkSI1¥


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Case SLudy of llnanclal ManagemenL

1 | Þ a g e

ASL CVLkVI LW
lnLercoţ ls a ma[or manufacLurer and reLaller of a wlde varleLy of consumer producLsŦ MosL
of lL's growLh has come Lrough acqulslLlonsŦ lL ls organlzed lnLo 4 ma[or operaLlng dlvlslonsţ buL some
of Lhese dlvlslons have creaLed problems Lrough decllne ln salesŦ nowţ one of Lhe company's blggesL
sLockholder ClLy CaplLal (8Ŧ7Ʒ accumulaLed) ls Lrylng Lo Lakeover Lhe companyŦ 1hls declslon musL be
broughL urgenLlyţ by Lhe board members of lnLerco also as parL of Lhe new resLrucLurlng declslonŦ
1he offer of 70$ per share was analyzed wlLh varlous meLhodsť uClţ comparable LransacLlon
analysls and premlums pald analyslsŦ 1hey were broughL LogeLher by Lhe flnanclal advlsor of lnLercoţ
WassersLeln Þarellaţ Lo valuaLe Lhe adequacy of Lhe ClLy CaplLal's offerŦ

kL¥ ISSULS
1Ŧ ssess lnLerco's flnanclal performanceŦ Why ls Lhe company a LargeL of a hosLlle Lakeover
aLLempL?
2Ŧ s a member of lnLerco's boardţ are you persuaded by Lhe premlums pald analysls (LxhlblL
10) and Lhe comparables LransacLlons analysls (LxhlblL 11)? Why?
3Ŧ s a member of lnLerco's boardţ whlch assumpLlons would you have quesLloned?
4Ŧ Pow would you advlse Lhe lnLerco board on Lhe $70 per share offer?
3Ŧ Pow would you assess Lhe acLlons of lnLerco's board up Lo ugusL 8ţ 1988? WassersLeln
Þerella's? 1he 8ale 8roLhers? urexel 8urnham's?

ANAL¥SIS
1Ŧ ssess lnLerco's flnanclal performanceŦ Why ls Lhe company a LargeL of a hosLlle Lakeover
aLLempL?
lnLerco's overall flnanclal healLh ls relaLlvely healLhyŦ lL ls hlghlyŴllquld as Lhe currenL raLlos are
conslsLenLly over 3Ŧ3ţ showlng LhaL lL has plenLy of cash Lo cover any of lLs currenL llablllLlesŦ lLs
accounLs recelvable days lndlcaLe LhaL ln 1987 lL Look longer Lo collecL on ouLsLandlng accounLs whlle
Lhls flgure would drop ln 1988Ŧ 1he same Lrend follows wlLh lLs lnvenLory daysţ lncreaslng ln 1987
and decreaslng ln 1988ţ whlch would slgnal LhaL lLs Lurnover was slower ln 1987 and fasLer ln 1988Ŧ
1he accounLs payable days lncreased ln 1987 whlle sllghLly decreaslng ln 1988Ŧ 1hls ls a healLhy Lrend
as lnLerco was able Lo Lake longer Lo pay off lLs currenL expenses Lhan Lhe pasLŦ
When looklng aL Lhe company collecLlvelyţ lnLerco also looks healLhyţ wlLh sales lncreaslng 4Ŧ04Ʒ ln
1987 and 13Ŧ39Ʒ ln 1988Ŧ lLs earnlngs also lncreased 4Ŧ31Ʒ ln 1987 and 13Ŧ97Ʒ ln 1988Ŧ Poweverţ lf
closer examlnaLlon ls underLakenţ lL ls clear Lo see LhaL Lhe general reLall and apparel buslnesses are
sLruggllng whlle fooLwear and furnlLure have been flourlshlngŦ lLs apparel buslness has dropped ln
earnlngs from $6Ŧ7M ln 1986 Lo $2Ŧ0M ln 1988Ŧ 1hls represenLs a Ŵ19Ŧ70Ʒ drop ln earnlngs as a

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Case SLudy of llnanclal ManagemenL

2 | Þ a g e

percenLage of LoLal lnLerco earnlngs from 1987 Lo 1988Ŧ 1he general reLall buslness has been
sLagnanLŦ lLs earnlngs sllghLly lncreased whlle lLs buslness has noL grown muchŦ 1hereforeţ slnce Lhe
overall performance of Lhe company ls lmprovlngţ alLhough some dlvlslons are noL pulllng Lhelr
welghLţ Lhls means Lhe sLock prlce mlghL be undervalued (due Lo Lhe lnefflclencles)Ŧ 1husţ lnLerco ls a
vlable LargeL for Lakeover and resLrucLurlngŦ 1he Lakeover could resulL ln dlvesLlng Lhe general reLall
and apparel buslnesses and focuslng on lLs core buslness of furnlLure and fooLwearţ whlch would
yleld hlgher proflL marglnsŦ
2Ŧ s a member of lnLerco's boardţ are you persuaded by Lhe premlums pald analysls (LxhlblL 10) and
Lhe comparables LransacLlons analysls (LxhlblL 11)? Why?
Looklng aL LxhlblL 10ţ whlch ls a summary of Lhe average premlums pald Lo acqulre companles ln
1988ţ we would noL be persuaded by Lhe offer for lnLercoŦ ln parLlcularţ lf you look aL Lhe premlums
pald by 8ales versus Lhe average premlums paldţ you can see LhaL Lhey are slgnlflcanLly lower (refer
Lo appendlx )Ŧ
Looklng aL LxhlblL 11ţ whlch ls a summary of comparable LransacLlons by buslness segmenLţ Lhe offer
for lnLerco once agaln falls Lo persuadeŦ Looklng aL Lhe average purchase prlce mulLlples of
comparable LransacLlons (refer Lo appendlx 8)ţ lL ls apparenL LhaL Lhe 8ales proposal mulLlples are
lnvarlably lower Lhan Lhe lndusLry averagesŦ lL would be ln lnLerco's lnLeresLs Lo dlvesL and reallze
Lhe hlgher earnlngs Lhemselvesţ raLher Lhan allowlng ClLy CaplLal Lo Lake over aL such a low offerŦ
3Ŧ s a member of lnLerco's boardţ whlch assumpLlons would you have quesLloned?
8efer Lo ppendlx 8 for Lhe WassersLelnţ Þerella Ǝ Co valuaLlonŦ s wlLh any dlscounLed cash flow
analyslsţ some of Lhe underlylng assumpLlons made could be quesLlonedŦ 1he pro[ecLed sales growLh
raLes and Lhe Lermlnal growLh raLe used ln Lhe analysls could be consldered Lo be lowţ as lnLerco ls
known Lo be a growlng companyŦ 1he assumpLlon LhaL sales would only grow 7Ŧ2Ʒ over Lhe
pro[ecLed Llmellne was a llLLle conservaLlveţ conslderlng LhaL sales growLh was 13Ŧ4Ʒ ln 1988ţ even
Lhough reLallers were faclng a slump aL Lhe LlmeŦ 14 mulLlple wlLh a 10Ʒ dlscounL raLe provldes a
2Ŧ66Ʒ growLh raLe ln perpeLulLyţ whllsL aL $70 per shareţ Lhe Lermlnal growLh raLe was
approxlmaLely 4Ŧ77ƷŦ 1hese numbers agaln seem Lo be low for a growLh based company llke
lnLercoŦ 1he senslLlvlLy analysls provlded ln ppendlx 8 shows LhaL changes ln Lhe pro[ecLed growLh
numbers can slgnlflcanLly affecL Lhe value of Lhe companyŦ
4Ŧ Pow would you advlse Lhe lnLerco board on Lhe $70 per share offer?
Slmllar Lo WassersLeln Þerellaţ we would also advlse lnLerco noL Lo sellŦ 1he offer of $70 per share ls
an lnsufflclenL amounL and does noL reach Lhe prlce level LhaL ls advanLageous for lnLerco Lo sellŦ
llrsL offţ lnLerco has leverage when lL comes Lo prlce negoLlaLlon wlLh ClLy CaplLalŦ 1he facL LhaL Lhe
8ales 8roLhers formed ClLy CaplLal wlLh Lhe sole purpose of acqulrlng lnLerco shows Lhey wlll go Lo
greaL lengLhs Lo acqulre lnLercoŦ ln addlLlonţ ClLy CaplLal has already sLaLed Lhey are noL only wllllngţ
buL are also capable of lncreaslng Lhelr bld prlce even hlgher Lhan $70 per shareŦ lnLerco ls
experlenced wlLh mergers and acqulslLlonsţ and Lhey have Lhe ablllLy Lo demand a hlgher prlce noL

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Case SLudy of llnanclal ManagemenL

3 | Þ a g e

only because of Lhlsţ buL also because as of ugusL 8ţ 1988ţ Lhe day of Lhe board meeLlngţ lnLerco
was Lradlng aL $72Ŧ30 per shareŦ
3Ŧ Pow would you assess Lhe acLlons of lnLerco's board up Lo ugusL 8ţ 1988? WassersLeln Þerella's?
1he 8ale 8roLhers? urexel 8urnham's?
lnLerco's board declded Lo re[ecL offers aL $64 and $70ţ respecLlvelyŦ 1he lnLeresL of Lhe board was
Lo lncrease shareholder value and lLs ownŦ 1he board would only accepL lf Lhe premlum offers an
upslde LhaL Lheyţ as a managemenL Leamţ cannoL creaLe Lhemselves by furLher lmprovlng Lhe
buslnessŦ
WassersLeln Þerella advlsed Lo re[ecL Lhe offer based on several analysesŦ s an advlsorţ WassersLeln
wlll be pald ln fees LhaL are a percenLage value of Lhe offerŦ 1hereforeţ lL ls ln Lhelr lnLeresL Lo ralse
Lhe offer's value as hlgh as posslbleţ buL wlLhouL [eopardlzlng success probablllLy of Lhe bldŦ
8ales 8roLhersţ who creaLed ClLy CaplLal solely Lo purchase lnLercoţ were LargeLlng underŴvalued
companlesŦ Poweverţ Lhey ralsed Lhelr offer from $64 Lo $70ţ and lndlcaLed Lhelr wllllngness Lo ralse
lL even hlgherŦ 1hey wanLed Lo pay a prlce LhaL ls low enough Lo make Lhem be able Lo exLracL
surplus value by spllLLlng upţ reselllngţ or beLLer managlng Lhe company aL a rlsk LhaL ls accepLable Lo
LhemŦ 1hey belleve LhaL $70 per share allows Lhem Lo do soŦ
urexel 8urnham lndlcaLed LhaL Lhey could ralse equlLy and debL Lo supporL Lhe 8ales 8roLher's offerŦ
urexelţ as an advlsor Lo 8ales 8roLhersţ wlll be pald a percenLage of Lhe debL or equlLy ralsedŦ
1hereforeţ Lhey wlll ralse Lhe maxlmum amounL posslbleţ wlLhln an accepLable rlskŦ
ppendlx
Þremlums Þald analysls
Cne uay 4 weeks 32 week low 32 week hlgh
1988 36Ʒ 80Ŧ9Ʒ 171Ŧ3Ʒ 13Ŧ8Ʒ
8ales 17Ŧ9Ʒ 39Ŧ1Ʒ 137Ŧ3Ʒ 17Ŧ2Ʒ
ppendlx 8
Comparable 1ransacLlons by 8uslness SegmenL
neL lncome 8ook value Sales CperaLlng lncome CperaLlng Cash llow
verage lurnlLure 21Ŧ73 2Ŧ33 1Ŧ38 13Ŧ78 10Ŧ32
verage looLwear 29Ŧ42 3Ŧ43 1Ŧ34 20Ŧ48 17Ŧ32
verage pparel 20Ŧ30 1Ŧ73 0Ŧ68 13Ŧ07 10Ŧ70
verage Pardware 22Ŧ00 2Ŧ30 0Ŧ60 13Ŧ10 9Ŧ20
8ales Pardware 18Ŧ10 2Ŧ20 0Ŧ90 11Ŧ40 9Ŧ20

ln our oplnlon Lhe besL valuaLlon meLhod for Lhls case ls acLually Lhe comparables meLhod LhaL Lakes
Lhe prlce mulLlples Lo a benchmark Lo deLermlne lf Lhe sLock ls undervaluedŦ Pereţ many raLlos can
be usedţ and ln our caseţ we declded Lo use Lhe sales mulLlple for each dlvlslon and mulLlply lL by Lhe

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Case SLudy of llnanclal ManagemenL

4 | Þ a g e

sales ln 1988 Laken from Lhe exhlblL 8Ŧ Sales are acLually one of Lhe prlmary drlvers of Lhe lnvesLmenL
valueŦ

LxhlblL 11( lasL row year 88) x LxhlblL 8 sales for year 1988
0ţ9 sales of lurnŦ 1 103 303 993 006 LoLal
0ţ9 sales of looLŦ 890 411 801 369
0ţ9 sales of pparŦ 813 198 731 878
0ţ9 sales of Pu 332 231 479 023 3 007 278 000

slmllar resulL ls calculaLed lf we use Lhe operaLlng cash flow mulLlple from Lhe exhlblL 11Ŧ

1hls meLhodţ ln a slmpleţ pracLlcal and ln our oplnlon Lhe mosL reallsLlc wayţ shows us LhaL Lhe
offered prlce of 2Ŧ6 bllllon ls Loo lowŦ We Lhlnk LhaL lnLerco should showcase Lhls slmple calculaLlon
Lo Lhe board membersţ and ask for a beLLer counLerofferţ more llkely ln Lhe range of over 80 $ for
Lhe 37Ŧ3 mllllon fully dlluLed shares ouLsLandlngŦ So Lhe offer of 70$ should be refusedŦ

Cn Lhe oLher handţ we Lhlnk LhaL all 3 meLhods shown by Lhe lnLerco's flnanclal advlsor are blased
becauseţ Lhe advlsorţ has Lhe lncenLlve Lo convlnce Lhe board of Lhe unaLLracLlveness of Lhe offerţ
becauseţ ln case of a buyŴouLţ Lhey would lose mllllons of Lhe resLrucLurlng fees LhaL Lhe company
orlglnally have planned forŦ ln Lhls way lnLerco would conLlnue Lhe pracLlce of buylng Lhe
undervalued shares and lmprovlng shareholder's valueŦ ssumlng Lhese condlLlonsţ Lhe 8ale's
8roLher's offer mlghL be reasonable oneŦ
kLILkLNL
wwwŦsrlbdŦcom

1A8LLS





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Case SLudy of llnanclal ManagemenL

3 | Þ a g e


Lxh|b|t 1ť Intercoţ IncŦ I|nanc|a| Statements (000)


8ALANL SnLL1

CurrenL asseLs

1991 1990 1989 1988 1987 1986

Cash

$ 26ţ976 $ 20ţ642 $ 16ţ308 $ 20ţ849 $ 16ţ631 $ 16ţ386

MarkeLable securlLles $ 69ţ383 $ 27ţ687 $ 61ţ317 $ 11ţ033 $ 63ţ747
$
127ţ341

8ecelvables $ 340ţ336 $ 296ţ346 $ 329ţ299
$
486ţ637
$
446ţ733
$
402ţ223

lnvenLorles $ 337ţ334 $ 360ţ473 $ 308ţ901
$
803ţ093
$
733ţ907
$
647ţ116

CLher currenL asseLs $ 37ţ374 $ 132ţ310 $ 289ţ986 $ 33ţ663 $ 23ţ614 $ 22ţ347
1oLal currenL asseLs $ 831ţ643 $ 837ţ860 $ 1ţ203ţ811
$
1ţ339ţ299
$
1ţ286ţ634
$
1ţ213ţ813

ÞroperLyţ planL and equlpmenL


Land

$ 8ţ743 $ 8ţ728 $ 19ţ103 $ 32ţ323 $ 32ţ266 $ 26ţ770

bulldlngs

$ 193ţ408 $ 192ţ631 $ 321ţ391
$
471ţ787
$
463ţ811
$
437ţ812

Machlneryţ LqulpmenL $ 227ţ168 $ 223ţ037 $ 237ţ043
$
380ţ402
$
364ţ499
$
320ţ236

ccumulaLed depreclaLlon
$
(239ţ207)
$
(237ţ497)
$
(270ţ669)
$
(403ţ213)
$
(377ţ226)
$
(343ţ018)
neL ÞroperLy planL and equlpmenL $ 172ţ112 $ 186ţ919 $ 327ţ070
$
479ţ499
$
483ţ330
$
441ţ820

CLher asseLs

$ 141ţ807 $ 136ţ431 $ 260ţ333
$
146ţ788
$
133ţ383 $ 99ţ238
1ota| Assets 5 1ţ14SţS62 5 1ţ161ţ230 5 1ţ793ţ236
5
1ţ98SţS86
5
1ţ92Sţ387
5
1ţ7S6ţ893

CurrenL llablllLles


noLes payable $ 931 $ 3ţ444 $ 6ţ017 $ 70ţ317 $ 68ţ840 $ Ŵ

CurrenL porLlonţ longŴLerm
debL $ Ŵ $ 1ţ879ţ217 $ 309ţ961 $ 8ţ172 $ 11ţ913 $ 9ţ647

Þayables

$ 110ţ934 $ 197ţ973 $ 220ţ290
$
294ţ634
$
277ţ471
$
239ţ940
1oLal currenL llablllLles $ 111ţ903 $ 2ţ080ţ636 $ 736ţ268
$
373ţ343
$
338ţ226
$
249ţ387


LongŴLerm debL $ Ŵ $ 3ţ176 $ 1ţ986ţ837
$
237ţ327
$
133ţ019
$
127ţ409

CaplLal lease obllgaLlons $ Ŵ $ Ŵ $ Ŵ $ 41ţ813 $ 30ţ346 $ 36ţ493

CLher longŴLerm llablllLles $ 31ţ210 $ 36ţ376 $ 63ţ318 $ 61ţ766 $ 33ţ381 $ 43ţ249

LlablllLles sub[ecL Lo
compromlse $ 2ţ137ţ638 $ Ŵ $ Ŵ $ Ŵ $ Ŵ $ Ŵ
1oLal longŴLerm debL $ 2ţ168ţ868 $ 39ţ332 $ 2ţ032ţ133
$
360ţ906
$
240ţ946
$
227ţ133

Shareholderƌs equlLy


Þreferred sLock $ 4ţ472 $ 4ţ493 $ 3ţ231 $ 37ţ113 $ 61ţ793 $ 66ţ027

Common sLock $ 202ţ932 $ 202ţ929 $ 334ţ423
$
199ţ627
$
261ţ889
$
267ţ970

8eLalned earnlngs
$
(1ţ342ţ633)
$
(1ţ166ţ382)
$
(1ţ197ţ687)
$
1ţ179ţ964
$
1ţ099ţ006
$
1ţ027ţ893

1reasury sLock $ Ŵ $ Ŵ
$
(137ţ136)
$
(183ţ367)
$
(96ţ473)
$
(81ţ739)
1oLal shareholderƌs equlLy
$
(1ţ133ţ211)
$
(938ţ938)
$
(993ţ187)
$
1ţ231ţ337
$
1ţ326ţ213
$
1ţ280ţ133


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Case SLudy of llnanclal ManagemenL

6 | Þ a g e


1ota| ||ab|||t|es p|us ownerƌs
equ|ty 5 1ţ14SţS62 5 1ţ161ţ230 5 1ţ793ţ236
5
1ţ98SţS86
5
1ţ92Sţ387
5
1ţ7S6ţ893


INCML S1A1LMLN1

neL sales

$ 1ţ439ţ246 $ 1ţ636ţ079 $ 2ţ011ţ962
$
3ţ370ţ660
$
2ţ979ţ077
$
2ţ868ţ324

CosL of sales

$ 992ţ209 $ 1ţ102ţ372 $ 1ţ338ţ693
$
2ţ284ţ640
$
2ţ000ţ423
$
1ţ932ţ238
SCƎ expenses $ 411ţ133 $ 423ţ246 $ 337ţ797
$
799ţ023
$
712ţ861
$
681ţ886
CLher (lncome) and expense $ (8ţ131)
$
(111ţ282) $ (18ţ943)

lnLeresL expense $ 239ţ493 $ 303ţ123 $ 141ţ733 $ 33ţ333 $ 28ţ082 $ 23ţ323

1oLal Lxpenses $ 1ţ634ţ728 $ 1ţ719ţ639 $ 1ţ999ţ282
$
3ţ117ţ200
$
2ţ741ţ366
$
2ţ639ţ667

Larnlngs before lncome Laxes
$
(213ţ482) $ (63ţ380) $ 12ţ680
$
233ţ460
$
237ţ711
$
228ţ837
lncome Laxes pald (refund) $ (64ţ108) $ (9ţ732) $ 18ţ738
$
108ţ437
$
111ţ937
$
109ţ008
Net Larn|ngs*
5
(1S1ţ374)
5
(S3ţ828) 5 (6ţ0S8)
5
14Sţ003
5
12Sţ774
5
119ţ849

ommon stock d|v|dends** 5 Ŵ 5 Ŵ 5 1ţ4S6ţ162 5 S7ţ983 5 44ţ867 5 43ţ689


* uoes noL lnclude cerLaln dlsconLlnued operaLlons for 1989Ŵ1991Ŧ uoes noL lnclude preferred sLock dlvldendsŦ
** uoes noL lnclude Lhe debenLures lssued Lo equlLy shareholders ln 1989Ŧ

078:8!058     .40.

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f°f– ¯ °                                                                                  @ff  ¾½¾°  ¾       -.f¾  €°f°nf.

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