Grant Buck Case

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Discussion
Lack of New Product Development & Market Conditions The death of Grant Buck has affected the management team to deteriorate, causing a reduction in new product development. The DIY auto-care market has become stagnant over the years due to the lack of innovation. Buck experienced 20 percent growth year over year and now experiences mid-single-digit range per year. Additionally, the Canadian economy was experiencing a slowdown, with the TSX generating a total return of negative 12.9% and targeted inflation between 1 percent and 3 percent (Exhibit 3). Furthermore, expansion to the United States wasn’t a feasible alternative due to immense competition and the US economy experiencing a slowdown, with the S&P generating a total return of negative 8.2% (Exhibit 3).
Seasonal Market
“The market for auto-care …show more content…
Depreciation is added and change in NWC and CAPEX is deducted to get unlevered free cash flows of $8,417 (Exhibit 7, E). The present value of FCF is taken by using the WACC of 16%. This is applied to all years and then the terminal value is calculated by using the terminal growth rate of 2% and WACC of 16% (Exhibit B, E). An enterprise value of $57,160 is calculated and then debt is deducted and cash is added which gives an equity value of $53,033.
DCF Projections without Environmental Cost The EBIT from 2016F is $10,487 and a tax rate of 25% gives after tax earnings of $7,865. Depreciation is added and change in NWC and CAPEX is deducted to get unlevered free cash flows of $9,152 (Exhibit 7, F). The present value of FCF is taken by using the WACC of 16%. This is applied to all years and then the terminal value is calculated by using the terminal growth rate of 2% and WACC of 16% (Exhibit B, E). An enterprise value of $61,885 is calculated and then debt is deducted and cash is added which gives an equity value of $57,758.
Lowest Price to Sell Buck Auto Care

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