About Mia Wells

Mia is a Business Research & Document Delivery Librarian in the Lippincott Library @ Wharton.

Passport GMID for Market Entry Strategies

Passport GMID is one of our premier market research databases. Learn how to utilize this tool to its fullest when working to craft a market entry strategy for consumer products. This video will illustrate some of the many ways you can use Passport GMID to inform your decisions. And, feel free to contact the Lippincott librarians for additional assistance with using this great resource.

Election 2016: By the Ad$pend

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There are several Lippincott Library resources that contain advertising expenditure data, but only one that tracks it at the advertiser/brand/product level, by media, by market. That is AdSpender, from Kantar Media. AdSpender allows you to find out how much advertising is being done (in dollar amounts, or by units aka number of ads) over time. Our subscription includes a rolling 5-year period. One great way to use this during this election cycle is to track presidential campaign ad spending, down to the city level. This way we can see in which states the candidates’ campaigns feel the race is close and want to spend more, and in which states they feel confident in their winning Electoral College votes – a great indicator of where political advertising dollars will be spent.

createOnce you enter into AdSpender, use the Custom Reports menu on the left to click Create. First, you’ll be able to select from a large menu of Available Media – including Network TV, Cable TV, National Newspapers, Network Radio, Internet Display, and even Outdoor (such as billboards). Select all or as many media formats as you’d like to track and move them to the Selected Media menu. Or, click on the Media tab to select certain Designated Market Areas (DMAs) of interest. Then click the Next link in the top right (how you’ll navigate through all steps of this process).

Now we can choose the time period that we’d like to have measured. To check the date range coverage of the media format that you are interested in, click on Availability in the top right corner. Remember that our coverage is on a rolling 5-year basis. You also havetimeperiods the choice of viewing the data as one large aggregated sum (Time Period-Single) or at a monthly/quarterly level (click on the Select Multiple Time Periods button).

The next step is to choose what AdSpender calls our Product Set. This is the company or advertiser or brand or product that you want to learn more about. We can search Advertiser names like Clinton For President or Trump For President to find their presidential campaign advertising. Double-click the correct result productset– it will
italicize when it
has been properly added to your report.

 

Step 4 is where it gets fun, because we can customize our report format to the detailed level we’d like to see. So, for reportformatexample, I can break out my columns first by Media, then by Product, then by Market, then by Time Period. So I’ll be able to see, for each campaign, the spending on each media format then sorted into the DMAs that saw this coverage, then see the trend over time. Set any addition Report Format (e.g. to show both Dollars and Units) and Report Options you’d like (e.g. font and shading preferences), then set a title and hit Run Report.title

 

 

 

The Report Viewer menu shows you all of the recently created reports within Penn’s subscription. The report will move through stages here – Submitted, Running, Completed. This can sometimes take a few minutes. One refreshtrick if you’ve noticed that your report is taking longer than you’d like is to hit the Refresh Listing link, which will manually refresh the menu rather than waiting for it to auto-refresh. Then you’ll be able to view/download the report, in both PDF and .csv formats.

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And for more about political advertising, including how to find an archive of the ads and their creative content, use our Business FAQ: “How can I track political ads and spending?

What’s it worth to you? Company Valuation Resources

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Contributors:  Cynthia L. Cronin-Kardon and Mia Wells

Valuation is used in business to determine the price participants are willing to pay or receive to buy or sell a business. Needless to say, the seller is looking to make as much profit on the deal as possible while the buyer hopes to pay as little as possible. Various resources can help determine the best price for the transaction. Listed below are some Lippincott Library resources to help students with assignments for a number of Wharton courses including FNCE207/728 – Corporate Valuation (which also has a course guide); FNCE250/750 – Venture Capital & the Finance of Innovation; and FNCE251/751 – Finance of Buyouts & Acquisitions.


 

Comparable Deals
You’ll want to search for precedent transactions in the industry of the company you are valuing. Several sources allow you to search for comps by industry (SIC code, NAICS code, or alphabetically by name).

BizComps is a database of business sale statistics which are based on small business sales transaction data. After searching by SIC or NAICS code, you’ll be presented with a list of recent deals. Select those of interest and you can run a “Transaction Analysis,” which will give summary statistics/multiples on the deals you’ve chosen. Ask to be logged in by a librarian at our Reference Desk.bizcompsborder

 

Business Valuations by Industry is a print source available at Lippincott Library ReferenceBusValIndusMerged Desk (call number HG4028.V3 B78). It includes detailed studies of actual mergers and acquisitions, including deal “tearsheets”. This source is arranged by industry and includes actual transactions from 2007 through 2009. Profiles of buyers are included as well as some some foreign transactions and deal terminations. This is a great resource when you want to profile selected, covered deals.

 

 

 

Betas
Beta measure the volatility of an industry or company within the market as a whole. Betas help to calculate the risk of an investment.

Industry BetasFor industry betas, use the Ibbotson SBBI Valuation Yearbook, a print guide held at our Reference Desk (call number HG4028.V3 S86).

 

companybetaCompany betas are in Bloomberg, available in the Yablon Financial Resources Lab here in Lippincott, or the Forum level of Huntsman Hall. Search for a company of interest and run the Beta function by typing BETA <Go>.

 

 

Best practices
It’s always smart to look to the experts for advice – these sources will give you tips and tricks when performing a valuation for a company within a certain industry.

BusRefGuidemerge
Business Reference Guide is a print source located at Lippincott Library Reference Desk (HD1393.25 .B87). This source provides several types of information which can be used for pricing businesses and franchises.  It is organized by industry and includes industry statistics from IBISWorld, “rules of thumb” by industry analysts, pricing tips, benchmarks, commentary, expenses as a percentage of annual sales and industry costs.

 

 

Standard & Poor’s Net Advantage provides industry surveys. One unique feature of this source the section included for every industry on “How to Analyze a Company in this

S&PIndustry”. To access this, click on Industries, select the survey of interest. Next scroll to the chapter titled, “How to Analyze a(n) […] Company,” which also contains a section on Equity Valuation as well as a glossary of industry terminology.

 

 

 

Company multiples
To track multiples of a company over time, use the sources listed below. This will help you price out the company itself or help you to compare it against a similar firm.

Multiples_VinceS&P Capital IQ provides lots of financial data including multiples. MBAs can access CapIQ via MBA Career Management, while Wharton undergraduates can come to the Yablon Financial Resources Lab and ask to be logged in by a librarian. Search for a public company of interest and look for Financials/Valuation in the left menu. You can change the date range to see multiples over time, as well.

 

BloomFA

Bloomberg is available in the Yablon Financial Resources Lab or the Forum level of Huntsman Hall. Search for a company of interest and run the Financial Analysis function by typing FA <Go>. Look for the Enterprise Value tab.

 

Past M&A deal tearsheets
You may find it helpful to look for past deals to get a sense of how many deals a company has done in the past, what were the specifics of a deal or how active the M&A market is in a certain industry.

Thomson ONE – note that this resource only loads with full functionality when using Internet Explorer. Once inside, scroll over Screening & Analysis, then Deals & League Tables, then M&A to select either a Quick Search or Advanced Search.

Zephyr – select Zephyr Advanced. Pick the variables to define your search. Below is a screenshot of a list of deals. You can click on any of these to get a detailed summary of the deal.Zephyr

This post may have additional information – What’s the Deal? Researching Specific M&A Deals