SOLUTION: JWI 531 JWMI Which CO Is More Efficient Generator of Income Intel & AMD Analysis Ques

Assignment 2
Instructions
1. The purpose of this template is to gather data that will be analyzed and discussed in the Assignment Part B submission. Insert the
name of the company in the “Company 1 or Company 2” headings so we know which company is being reviewed.
2. The template uses the ratio terminology in the CFO Guidebook. We have also provided you with a Course Ratio Checklist you can
use to understand what the ratios mean and how they are calculated. Please use Current Year ratios as the base ratios. For ex ample,
the most recent full year.
3. Ratios for the companies are included in the Morningstar analyst report provided in the course. Some ratios are also prov ided in
the 10-K Annual Report, from online sources, or can be calculated – but for this exercise you can use the Morningstar analyst report as
you primary source.
4. Do not delete ratios from the table. There is no requirement to add extra ratios, unless your believe there are othe ratio s that best
helps you describe the performance impacting the valuation of the companies. More is not necessarily better – we are looking for
quality over quantity.
5. The ratios in this execrcise are based on historical performance. When comparing the ratios of the two companies side -by-side, you
will notice differences. One company may seem to have performed better – we are looking for your insight for that difference in
performance.
6. You can also change the font size and the column widths. Keep the headings standard. While not a requirement, if you beli eve an
additional column is required to better describe/classify your risks, then add it.
7. While not a requirement, you can copy/paste the Excel completed table as a picture in your Word document if it makes it ea sier to
reference in your analysis and recommendations.
INTEL
Morningstar Analyst Report
Valuation
2018
AMD
2019
2018
2019
Price/Sales
3,2
3,9
3,2
8,4
Price/Earnings
14,6
14
55,9
243,9
Price/Book
3
3,5
16,5
24,6
Earnings Yield %
6,85%
7,14%
1,79%
0,41%
Revenue %
12,89%
1,58%
21,51%
3,95%
Operating income %
26,88%
-3,51%
121,08%
39,91%
Net Income %
119,28%
-0,02%
683,72%
1,19%
Quick Ratio
1,1
0,93
1,21
1,43
interest Coverage
50,82
50,2
3,73
4,96
Debt/Equity
0,34
0,33
0,88
0,24
Profitability
ROA
ROE
ROIC
Net margin %
16,76
29,33
21,43
29,72%
15,92
27,68
20,3
29,25%
8,33
35,91
18,23
5,20%
6,44
16,66
13,62
5,07%
Growth
Financial Health
2/15/2021
20210215092608data
1
JWI 531 Finance II Assignment 2 Template
HOW TO USE THIS TEMPLATE:
This is a template and checklist corresponding to your Assignment 2 paper: Performance Management
and Valuation. See below for an explanation of the color-coding in this template:

All green text includes instructions to support your writing. You should delete all green text before
submitting your final paper.

All blue text indicates areas where you need to replace text with your own information. Replace
the blue text with your own words in black.

Headings and subheadings are written in black, bold type. Keep these in your paper.
TIPS:

Write in the third person, using “he” or “she” or “they”, or using specific names. Do not use the
second person “you”.

The body of this paper has one-inch margins and uses a professional font (size 10-12); we
recommend Arial or Times New Roman fonts.

The Assignment template is already formatted with all needed specifications like margins,
appropriate font, and double spacing.

Before submitting your paper, use Grammarly to check for punctuation and usage errors and
make the required corrections. Then read aloud to edit for tone and flow.

You should also run your paper through SafeAssign to ensure that it meets the required
standards for originality.
FINALIZING YOUR PAPER
Your submission should be a maximum of 4 pages in length. The page count does not include the Cover
Page at the beginning and the References page at the end. The final paper that you submit for grading
should be in black text only with all remaining green text and blue text removed.
1
Assignment 2: Performance Management and Valuation
Author’s Name
Jack Welch Management Institute
Professor’s Name
JWI 531
Date
2
Introduction
An Introduction should be succinct and to the point. Start your Introduction with a general and brief
observation about the paper’s topic. Write a thesis statement, which is the “road map” for your paper – it
helps your reader to navigate your work. In your thesis statement, be specific about the major areas you
plan to address in your paper.
The headings below should guide your introduction, since they identify the topics to be addressed in
your paper. The introduction is not a graded part of your rubric but it helps your reader to understand
what your assignment will be about. We recommend that you write this part of your Introduction after you
complete the other sections of your paper. It only needs to be one paragraph in length.
Analysis and Recommendations
This assignment is centered on two broad topics: Performance Metrics and Merger Synergies. Use
the headings and sub-headings below to organize your paper. This helps to ensure that you do not miss
questions and also helps your reader to easily locate your responses.
I.
Performance Metrics
a. Which company is a more efficient generator of income?
b. Which company is growing faster?
c. Using financial health ratios, which company is more profitable?
d. Which company has stronger valuation ratios?
e. Overall, which company is better run and why?
Your answers to questions “a” through “d” should be quite brief. Typically, each will require only 2 or
3 sentences. The first sentence should provide a short factual response, clearly indicating which
company has superior performance in the category. The other sentence(s) should provide a VERY
3
BRIEF elaboration on your answer, such as “We can see this by….” or “This is demonstrated through a
comparison of…”
Your response to question “e” should take a paragraph. Essentially, you are drawing together your
analysis of the previous questions into a summary statement. However, you should also include any
additional factors that may not have been specifically addressed. Note that it is possible that one of the
companies may be better run than the other overall, but it is also possible that one may be superior in
some categories and inferior in others. Your answer should present a clear statement in the opening
sentence and then expand on, and defend, your position by referencing specific performance data for
support.
II.
Merger Synergies
a. If there was an acquisition, which company is the most likely acquirer? Why?
b. Would you recommend a merger or acquisition to increase the moat strength of the
combined companies? Why or why not?
• If you support a merger or acquisition, identify 3 performance metrics that could be
improved by a merger and explain how they would be improved. Guidance for this
is found on pages 101-110 of The CFO Guidebook.
• If you do not support a merger or acquisition, explain your rationale and why the
value of each company is best preserved/increased by remaining separate. The
guidance for this is found on pages 111-117 of The CFO Guidebook.
As you craft your response for the second part of the paper, pay attention to what is being asked in
question “a” versus question “b”.
Question “a” requires you to identify the most likely acquirer and then to explain your rationale. Even
if you are arguing against a merger in your response to question “b”, you must still answer the questions
based on the premise: …If there was an acquisition… Your answer should take one fairly robust
paragraph of 5 to 6 sentences. You may also want to include a set of sub-bullets, if you are listing
several reasons why Company A would be the most likely acquirer of Company B. The bullets will help
the reader easily see the different reasons you are using to defend your position.
4
In responding to question “b”, you are presenting your recommendation for or against bringing the
two companies together. Begin your response with a clear statement of your position. Take note that the
question is specifically focused on Moat Strength, so it is a good idea to briefly review your findings from
Assignment 1. Include two or three additional sentences to support your position.
Then, answer one of the sub-bulleted questions, as explained in the bullets below:

Answer the first one if you are arguing for a merger/acquisition. Provide a clear explanation of
what the combined company could do better (i.e., faster, cheaper, more efficient, etc.) Your
answer must be based on real data from your analysis of their current performance AND it must
include specific reference to the course materials.

Answer the second one if you are arguing against a merger/acquisition. Clearly state your
position and rationale. You must explain why the challenges of a merger outweigh the benefits,
and why a merger would not create synergies leading to a higher valuation for the combined
company, as compared to what could be achieved by operating them independently. As above,
your response must include specific references to course materials to support your position.
5
References
Use the information below to format your in-text citations correctly. Note how the source number connects
each citation with the References list on the last page of your paper.
For more citation examples and a sample References page, see the Sample Professional Paper and
the JWMI Writing Standards Guide. You can find both these documents in the Course
Documents menu item in your Blackboard course.
In-Text Citations
Within the body of your paper, when concepts from specific sources are used, a citation with the author’s
last name and the number of the citation in your References list is required: e.g., (Welch, 1). This is
called an in-text citation. See below for two examples:
“Leadership is about helping other people grow and succeed” (Welch, 1).
In this example, notice the placement of quotation marks, cited text, and the period after the citation. The
number 1 corresponds to the first entry on your References page.
When the reader looks at the References page, they should see the Welch book Winning listed as source
number one (1). It is number 1 because it is the first source used in the paper, and throughout the paper
this source will continue to be referred to as (1).
If the next source you use in your paper is Bragg, then your citation is (Bragg, 2). If you then refer to
Jack’s ideas again later in the paper, he remains (Welch, 1) because it is the first source used in the
paper, and throughout the paper this source will continue to be referred to as (1).
Linking Citations with your References Page
At the end of your paper, include a page with a list of all your references. It must include an entry for
every source that you have cited or quoted in your paper.
The format of the references list varies by source type. There are examples of different source types in
the sample References page at the end of this document. You may also refer to the Sample Professional
Paper and/or the JWMI Writing Standards Guide. You can find both these documents in the Course
Documents menu item in your Blackboard course.
6
Quotations
Originality is an important aspect of graduate writing. To ensure original thinking and avoid plagiarism,
you should keep direct quotation to a minimum. Generally, keep your quotes to 25 words or less, and no
more than 1-2 sentences. See below for an example of a direct quotation:
“Leadership is about helping other people grow and succeed” (Welch, 1).
In this example, notice the placement of quotation marks, cited text, and the period after the citation. The
number 1 corresponds to the first entry on our References page.
Paraphrasing
When you paraphrase, you put the information from another writer in your own words. This is much
preferable to quoting, as it shows your understanding of the material. In this case, you should use in-text
citation, but quotation marks are not required. See below for an example of paraphrasing:
In his Rule 3, Welch says that strong leaders display an impression of vitality and confidence (1).
Since the author’s name was used in the sentence, we do not need to include it again in the parentheses,
so we just provide the Reference number, which is (1).
JWI 531: Financial Management II
Assignment 2
Assignment 2: Performance Management and Valuation
Due Week 6, Sunday (18% of final grade)
The risk analysis work you did in the first assignment was a great start. It helped to paint a picture of
where AMD and Intel are in their corporate lifecycles, the threats and opportunities each faces, and the
defensibility of their economic moats – a metaphor that Buffett loves to use.
In this assignment, you will continue your analysis by comparing key performance management metrics of
our two companies, identifying areas of relative strength and weakness, and suggesting ways that each
company could improve, thereby increasing its valuation. To do this, you will examine trends in order to
identify variances and comparisons to: (1) establish benchmarks, (2) identify best practices, and (3) look
for signs of superior performance. This analysis is critical in determining the value of each company, as
well as evaluating whether potential acquisition or merger opportunities exist which could create greater
value and synergies than those of operating the companies as separate entities.
Instructions
To prepare, reread the Morningstar Analyst’s Report and the most recent annual reports for both
companies with a particular focus on the Income Statement and Statement of Cash Flows.
A. Complete the Assignment 2 Worksheet to compare key performance metrics and ratios for both
companies in order to see how performance can be impacted by manipulating certain financial
levers. The guidance for this is found on pages 78-100 of The CFO Guidebook.
B. Summarize your Analysis and Recommendations by answering the following questions:
i. Performance Metrics:
a. Which company is a more efficient generator of income?
b. Which company is growing faster?
c. Using financial health ratios, which company is more profitable?
d. Which company has stronger valuation ratios?
e. Overall, which is the better run company and why?
ii. Merger Synergies:
a. If there was an acquisition, which company is the most likely acquirer? Why?
b. Would you recommend a merger or acquisition to increase the moat strength of the
combined companies? Why or why not?
• If you support a merger or acquisition, identify 3 performance metrics that could
be improved by a merger and explain how they would be improved. Guidance for
this is found on pages 101-110 of The CFO Guidebook.
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may
not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer
University. This document is subject to change based on the needs of the class.
531 – Assignment 2 (1206)
Page 1 of 3
JWI 531: Financial Management II
Assignment 2

If you do not support a merger or acquisition, explain your rationale and why the
value of each company is best preserved/increased by remaining separate. The
guidance for this is found on pages 111-117 of The CFO Guidebook.
Submission Requirements
A. Complete and submit the Assignment 2 Worksheet component of the Workbook, along with your
written work for Part B, through the assignment link in Blackboard.
B. Format your written responses for Analysis and Recommendation as follows:

Typed, double-spaced, professional font (size 10-12), including headings and subheadings (to
identify main topics and subtopics), with one-inch margins on all sides.

References must be included and provide appropriate information that enables the reader to
locate the original source.
o Application and analysis of course materials and resources is expected.
o At least one additional source beyond the course materials must be cited to support
your analysis and recommendations.

Include a cover page containing the title of the assignment, your name, the professor’s name,
the course title, and the date.

The maximum length is 4 pages, excluding your cover page, completed worksheets, and
reference list.
© Strayer University. All Rights Reserved. This document contains Strayer University confidential and proprietary information and may
not be copied, further distributed, or otherwise disclosed, in whole or in part, without the expressed written permission of Strayer
University. This document is subject to change based on the needs of the class.
531 – Assignment 2 (1206)
Page 2 of 3
JWI 531: Financial Management II
Assignment 2
RUBRIC
Weight: 18% of
Course Grade
CRITERIA
1. Complete the
assignment
worksheet
Weight: 30%
2. Present
synopsis of data
Weight: 30%
3. Present and
defend sound
recommended
finance strategies
Weight: 30%
4. Include
appropriate
citations and use
professional
writing standards
Weight: 10%
Assignment 2:
Performance Management and Valuation
Unsatisfactory
Low Pass
Pass
High Pass
Honors
Did not submit
worksheet or had
fewer than 60%
correct data sets
entered.
Submitted
worksheet had
between 60%
and 69% correct
data sets.
Submitted
worksheet had
between 70%
and 79% correct
data sets.
Submitted
worksheet had
between 80% and
89% correct data
sets.
Submitted
worksheet had
90% or higher
correct data sets.
Synopsis was
missing,
incomplete,
inaccurate, or did
not align with
data.
Synopsis was
overly simplistic;
restated the data,
but did not
provide a
coherent
overview.
Synopsis was
good; provided
general snapshot
of key data, but
did not focus on
the most critical
elements.
Synopsis was
very good;
focused on the
most critical
elements with
only minor
elements
unclear/missing.
Data synopsis
was excellent;
accurately
highlighted key
data presented in
both annual
reports and thirdparty sources.
Recommended
strategies were
missing,
superficial, and/or
were not
supported by
data and
analysis. No
options were
presented.
Recommended
strategies were
basic or were not
supported by
data and analysis
or tied to desired
outcomes. Made
minimal
reference to
options, but did
not explain why
these were not
recommended.
Recommended
strategies were
good, but lacked
clarity on how
they could be
implemented to
drive outcomes.
Addressed other
options, but was
unclear why
these were not
chosen.
Presented and
defended very
good finance
strategies; solid
connection to
core finance
principles and to
real-world
circumstances.
Very good
consideration of
viable options
with good
rationale for why
options were not
chosen.
Presented and
defended
excellent finance
strategies;
exemplary
connection to
core finance
principles and to
real-world
circumstances.
Excellent
consideration of
viable options
with very clear
rationale for why
options were not
chosen.
No citations
provided and/or
references to
course materials
were missing or
did not support
key content in
submission;
numerous writing
mistakes.
Included some
citations and
references to
course materials,
but failed to cite
for several key
references;
contained
distracting
grammatical or
formatting errors.
Citations and
references to
both course
materials and
additional
sources were
properly
documented;
contained some
grammatical and
formatting errors.
Citations and
references to both
course materials
and additional
sources were
properly
documented;
contained minor
grammatical and
formatting errors.
Citations and
references to
both course
materials and
additional
sources were
properly
documented; free
from grammatical
and formattin …
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