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An FC earns revenue by creating financial products called secondary securities: such as life insurance policies, savings and checking ac-
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counts, annuity products, and pension products, and by selling those products to consumers. The FC uses the revenue raised from the sale of the secondary securities to purchase higher-yielding assets called primary securities, such as mortgages, loans, bonds, and stocks. The interest, dividends, principal, and gains from the primary securities, along with the other assets of the FC, pay the cash flows associated with the secondary securities the monthly pension checks, or the claims under a casualty policy, or the life insurance payment whatever products the FC has created. The activities underlying most FCs are based upon buying and selling claims to different streams of money. Buying and selling money is a very competitive business, which should temper assumptions of outrageous growth in these industries. Here are the adjustments that we make when we value a financial company. 1. Calculation of Operating Income. For financial companies, operating revenue includes all normal revenue items plus interest income, dividends received, and other investment income. Operating expense includes all normal expense items plus interest expense. The calculation of operating income is more inclusive for a financial company than for an industrial or high-tech company. 2. The Discounting Rate. Since interest expense for an FC is included in operating expenses, when we calculate operating income, it does not matter if the interest expense is attributable to a short-term liability or to a long-term debt. Because interest expense is included in calculating operating income, all of the cash flow of an FC after payment of taxes belongs to the preferred and common shareholders. This effectively makes the discounting rate of a financial company equal to its cost of equity capital. To accommodate this adjustment for the ValuePro 2002 software, we include the long-term debt of the company we re valuing in the short-term liability category. The placement of debt in short-term liabilities effectively makes the calculation of the WACC equal to the cost of common and preferred equity. 3. Investment and Depreciation Rates. Property, plant, and equipment expenditures and depreciation charges are significantly lower for financial companies than for other companies. However, capital expenditures for FCs often include the purchase of
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businesses to fuel growth. If that is the case, the cost of buying businesses should be included in capital expenditures, and in the calculation of the investment rate. 4. Balance Sheet Adjustments. The balance sheet of most FCs does not separate assets and liabilities into current and long-term categories. Therefore, when we calculate the company s short-term assets, we take total assets and subtract goodwill and intangible assets, subtract any other asset with questionable value, and also subtract long-term assets such as PP&E from total assets. 5. Incremental Working Capital. Because there is no differentiation between current and long-term assets and liabilities for an FC, we adjust working capital charges to zero. A financial company generally invests all of its funds in other financial assets, most of which have the characteristics of current assets rather than PP&E. For an FC, working capital isn t a sidelight that supports a business, such as for a manufacturer or a service company. Working capital is the business of many FCs. Let s get started by looking at one of the preeminent financial institutions in the United States and the world Citigroup.
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Price-$37.13, Value-$47.13 to $88.03, Strong Buy General Description of Citigroup a Global Finance Holding Company
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Incorporated in 1988, Citigroup (C: www.citigroup.com/ ) is a diversified global finance holding company that services almost 200 million customer accounts and employs 268,000 employees in over 100 countries. Citigroup is the world s largest financial institution. It conducts its activities through subsidiaries that are leaders in their respective fields: Citibank in commercial banking, Salomon Smith Barney in investment banking and brokerage activities, Travelers Property Casualty Corp. in property and casualty insurance, and the Travelers Insurance Company in life insurance and annuity products. Citigroup divides its operations and businesses into several groups: Global Consumer, Global Corporate, Global Investment Management and Private Banking, and Investment Activities.
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