HI, I am having trouble finding the percentage change that must occur to the NUMERATOR value AND the DENOMINATOR value of each forecasted ratio in order to achieve the improvement required by the bank in 2014. Please see attached file with the question asked the question is on page 3 letter (d). The ratios need to be updated on the FORECASTED RATIO WORKSHEET column H and I. I have attached a pdf file with the question and excel spreadsheet.
BADM 620 - FALL 2014 Instructions For Case Study Part #2 TOTAL VALUE: 100 points DUE DATE: Friday, October 17,2014 INSTRUCTIONS: Contained in this second part of the CASE STUDY for BADM 620 is your assignment to prepare a Pro Forma Income Statement and Balance Sheet for Blue Ridge Industries for the year 2014 and its estimated 2014 stock price. You will complete all parts of this case study asked below. After you have completed these questions then you will submit your spreadsheet in Blackboard under the Case Study Part 2 listing. You will need to save this data as it will be used again for other parts of this semester's Case Study. Blue Ridge Industries, Inc. The CEO of Blue Ridge Industries has just been told by the bank that a credit crisis is expected next year and the bank will be unable to maintain Blue Ridge Industries' credit position it had in 2013. Therefore the Bank will impose stricter target standards on all of its customers next year. If Blue Ridge cannot meet these targets the bank will be forced to call in all of its loans and cancel its line of credit. This would bankrupt the company, so your task is to help the CEO prepare the forecasted (Pro Forma) Income Statement and Balance Sheet for Blue Ridge Industries for 2014. These Pro Forma Statements will represent the firm's target values on these two statements for the managing the firm's improvement in 2014. The Board of Directors has agreed that new Common Stock can be repurchased or sold as necessary to adjust common equity on the balance sheet, if necessary. Listed on the spreadsheet \"Case Study Part 2 (SPREADSHEET)(FALL 2014).xlsx\" shaded in light purple are the 2012 and 2013 financial statements and important information and ratios you will need from Case Study Part #1. IMPORTANT FILE FORMAT: This assignment MUST be submitted in Excel spreadsheet format (.xls or .xlsx file extensions only). The course syllabus clearly states that three things are required for this course: Textbook, Connect Plus, and Microsoft Excel. CALCULATIONS: All calculations requested in this Case Study spreadsheet must be in cell reference format (e.g., = C32*G54), any number values included in your cells or formulas will be counted incorrect (e.g., = 150215*G54). However, you are allowed to enter number values into the cells for the BETTER RATIO VALUES in Step #1. FILE SUBMISSION: You MUST be sure to submit the spreadsheet file you want me to grade for this assignment. I will grade the file you submit and I will not request another file from you. So be sure to double check that you are submitting your Microsoft Excel file that is your final and complete spreadsheet file before you hit the \"SUBMIT\" button. Page 1 of 6 REQUIRED ANALYSIS FOR CASE STUDY PART #2: A. Calculate Forecasted Information for the 2014 Pro Forma Statements: Kim needs you to do all the calculations required to prepare a Pro Forma Income Statement and Pro Forma Balance Sheet for 2014 based on the firm making the necessary improvements to correct its weaknesses and maintain its strengths you discovered from Case Study Part #1. B. The Sales & Marketing Department expects SALES for 2014 to increase by sales are expected to be credit sales. 12.4% and all of these C. The bank has given the CFO the target values that it wants the firm to achieve for 2014. These are different than the Benchmark Firm's ratios for 2013. Be sure to use these values for your forecast, these new bank target ratios are provided on the FORECAST WORKSHEET. D. The bank has also alerted the CFO that the up-coming credit crisis will cause the firm's interest rates to increase in 2014. Short-term interest rates are expected to increase to 8.0% and long-term interest rates are expected to increase to 7.3% in 2014. Be sure to use these interest rates in your calculation of Interest Expense for 2014. E. The Board of Directors plans to maintain the Dividend Payout Ratio in 2014 at 33.0%. This will be reflected in the Dividend paid calculation on your 2014 Pro Forma Income Statement. F. With this case study you are provided two very detailed guide sheets, \"GUIDE SHEET for Financial Statement Forecasting\" and \"GUIDE SHEET For Estimating 2014 Stock Price\" to help you develop each one of the required calculations necessary to complete the Case Study Part #2 (SPREADSHEET)(FALL 2014).xlsx discussed below. FORECAST WORKSHEET G. Complete the FORECAST WORKSHEET provided. On this worksheet you have SEVEN different required calculation steps. Be sure to use the \"GUIDE SHEET for Forecasting Financial Statements\" to complete each step. You must enter all of the calculations requested for each cell highlighted in YELLOW for each of these SEVEN different steps: Step a.1 You will select the better ratio value between 2013 Blue Ridge Industries ratios and the Bank's Target ratios for 2014 as your TARGET RATIOS for 2014. These target ratios will be the standard that the Bank is requiring your firm's compliance by the end of 2014. The bank does not want you to give up any of your strengths in 2014. Step a.2 Develop the formulas necessary to calculate forecasted sales, related operating expenses, and operating profit (EBITDA and EBIT) for 2014. Step a.3 Develop the formulas necessary to calculate the forecasted value of Net Fixed Assets for 2014. Step a.4 Develop the formulas necessary to calculate Accounts Receivable and Inventory for 2014 based on the forecasted Sales and the appropriate Target Ratios for 2014. Step a.5 Develop the formulas necessary to calculate Interest-Bearing Debt for 2014 (Notes Payable and Long-Term Debt). Step a.6 Develop the formulas necessary to calculate Notes Payable Interest Expense for 2014, Long-Term Debt Interest Expense for 2014 and Total Interest Expense for 2014. Step a.7 Develop the formulas necessary to calculate the target levels of Common Equity, Retained Earnings, Common Stock for 2014 and the number of shares of common stock outstanding at the end of 2014 necessary to achieve these target levels. Step a.8 The Pro Forma Income Statement and Balance Sheet will be automatically filled in for you based on information you have calculated in STEPS 1 - 7. 2 FORECASTED RATIOS WORKSHEET H. Complete the FORECASTED RATIOS WORKSHEET provided. On this worksheet you will complete the following calculations and analysis: a) Develop the formulas necessary to calculate the major financial ratios based on the 2014 Pro Forma Income Statement and 2014 Pro Balance Sheet you developed on the FORECAST WORKSHEET. b) Compare the Forecasted Ratios of the Firm in 2014 to the Bank's Target Ratios for 2014 to determine if the firm's 2014 Forecasted Ratios are BETTER than, SAME as, or WORSE than the Bank's Target Ratios. This type of analysis will let you know which areas you will be in compliance and out of compliance with the Bank's requirements. c) Compare the Forecasted Ratios of the Firm in 2014 to Ratios of the Firm in 2013 to determine if the firm's ratios have IMPROVED, stayed the SAME, or gotten WORSE than the ratios in 2013. This type of analysis will tell you the specific areas that they firm must make improvements and point specific areas that must be corrected in the coming year to avoid bankruptcy. d) Enter the percentage change that must occur to the NUMERATOR value and the DENOMINATOR value of each Forecasted Ratio in order to achieve the improvement required by the Bank in 2014? You will find the percentage change for each item on the 2014 Pro Forma Statements located in the lower portion of the FORECAST WORKSHEET. EXAMPLE: e) Describe the specific changes the firm must make to achieve the percentage change required of the NUMERATOR value of each Forecasted Ratio in 2014. I expect you to use the following format when you describe the specific changes the firm must make to achieve the required percentage change of the NUMERATOR value for each Forecasted Ratio in 2014: 1) Name the financial statement item in the NUMERATOR (e.g., Earnings Before Interest & Taxes (EBIT), Net Income, Total Liabilities, etc.) 2) State the percentage change in the NUMERATOR value that is required for 2014. (e.g., EBIT must increase by xx%) 3) What type of management action will be required to bring about this % change in the Numerator value? a. If it is a Profitability Ratio, the management will have to reduce expenses that effect that particular profitability measure (EXAMPLE: For EBIT: the firm must reduce Total Operating Expenses, for Net Income it will require the changes need for EBIT and a reduction in Interest expense.) b. If it is an Asset Management ratio most of these ratios have Sales as the NUMERATOR so that percentage change is given and no discussion is required. You see that these items are blacked out on the worksheet. c. If it is a Liquidity ratio or Financial Leverage ratio, management will have to take action that directly affect the NUMERATOR values c.i. Current Ratio: The NUMERATOR is Current Assets, so you would discuss specific ways to change Cash, Accounts Receivable, and/or Inventory. Page 3 of 6 c.ii. Total Debt Ratio: The NUMERATOR is Total Liabilities, so you would discuss specific ways to decrease Total Liabilities, specifically reducing interest bearing debt (notes payable and long-term debt). SOME EXAMPLE ANSWERS: Operating Margins: The NUMERATOR is EBIT. In order to increase EBIT by xx% the firm must reduce operating costs (e.g., Cost of Goods Sold, Other operating expenses, etc.). In order to reduce these expenses management will have to review its production process and try to find ways to reduce labor costs, material's cost, travel costs, etc. Total Debt Ratio: The NUMERATOR is Total Liabilities (total debt). In order to reduce the firm's total debt by xx% the firm needs to decrease its assets requirement (see the specific requirements discussed in the Denominator analysis of the Asset Utilization ratios) and pay off some of its interest bearing debt. In order to have the cash available to pay off some of the interest bearing debt the firm will need to increase its common equity by either improving addition to retained earnings and/or sell new common stock. f) Describe specific changes the firm must make to achieve the percentage change required of the DENOMINATOR value of each of the Forecasted Ratio for 2014. SEE EXAMPLES BELOW OF THE TYPE OF ANSWERS I AM EXPECTING. Format for describing the specific changes the firm must make to achieve the percentage change required of the DENOMINATOR value of each Forecasted Ratio in 2014 is as follows: 1) Name the financial statement item in the DENOMINATOR (e.g., Total Assets, Total Equity, Accounts Receivable, Inventory, Total Liabilities, etc.) 2) State the percentage change in the DENOMINATOR value that is required for 2014. (e.g., Total Asset must increase by only xx%) 3) What type of management action will be required to bring about this % change in the Numerator value? a. If it is a Profitability Ratio and Sales is the DENOMINATOR no discussion is required. You see that these items are blacked out on the worksheet. b. If it is a Profitability Ratio and Sales is NOT the DENOMINATOR then management will have to take action to change the DENOMINATOR value (e.g. For Total Assets: the firm must reduce Total Assets by collecting Accounts Receivable (A/R) sooner and reducing production to decrease Inventory, etc.) c. If it is an Asset Management ratio you will describe specific things the firm should do to change specific asset categories (e.g., the firm must revise its credit and collections policy in order to collect its A/R sooner). d. If it is a Liquidity ratio or Financial Leverage ratio, management will have to take action that directly affect the DENOMINATOR values: d.i. Current Ratio: The DENOMINATOR is Current Liabilities, so you would discuss specific ways to decrease Accounts Payable, Accruals, and most importantly Notes Payable since it is interest bearing debt. d.ii. Total Debt Ratio: The DENOMINATOR is Total Assets, here you could refer to any changes required under the Asset Management ratios. SOME EXAMPLE ANSWERS: Return on Assets: The DENOMINATOR is Total Assets. In order to increase Total Assets by only xx % the firm must increase its A/R, Inventory, and Fixed Assets at much smaller rates than Sales 4 which is xx%. For more specific changes for each of these asset categories see the discussion of the change in the DENOMINATOR for the Asset Utilization ratios. Receivables Turnover: The DENOMINATOR for this ratio is Accounts Receivable. Accounts Receivable can only increase xx% if the firm is to meet the Bank's target ratio for 2014. This will mean that the firm will have to review its credit policy and determine if any customers who take too long to pay their invoices should be put on a cash only basis. The firm should also increase its efforts to collect its A/R sooner by contacting delinquent customer more often about when payment will be received or possibly offering discounts to customers if they pay their invoices in 10 days. STOCK PRICE WORKSHEET I. After you have completed the FORECAST WORKSHEET and the FORECASTED RATIOS WORKSHEET the CEO needs you to complete the calculations required to estimate the end-of-year stock price for 2014 based on the firm making all of the necessary improvements to achieve the bank's targets ratios set out in the Pro Forma Income Statement and Balance Sheet for 2014. (Be sure to use the \"GUIDE SHEET For Estimating 2014 Stock Price\"). You will complete the calculations and analysis requested for each cell highlighted in YELLOW for the three steps shown on the STOCK PRICE WORKSHEET as follows: Step 1 Develop the formulas necessary to calculate the major components of the 2013 and 2014 stock price and their respective Percent Change from the 2013 values indicated in the cells highlighted in YELLOW. Step 2 Develop the formulas necessary to calculate the 2014 Pro Forma Market Value Ratios and their Percent Change from the 2013 ratios indicated in the cells highlighted in YELLOW. Step 3 Discuss how specific planned improvements to the Pro Forma Income Statement and Balance Sheet for 2014 will change the different elements used in the calculation of the 2014 stock price (P 2014). Specifically how will these improvements change the Dividends per share (D1), and the Constant Growth Rate (g)? SOME EXAMPLE ANSWERS: 1.a.a. Improvements in Net Income for 2014: This allows the firm to pay more Dividends in 2014. This expected improvement will increase the numerator value (D1) in the Stock Price formula P0 = D1 / (rs - g) therefore increasing the price of the common stock (P0). 1.a.b. Improvement in the Dividend Payout Ratio: An increase in Dividend Payout Ratio will cause the percentage of Net Income that is paid to stockholder as dividends to increase. This will increase Dividends in 2014 (D1) even if Net Income does not increase. If Net Income also increases this will increase Dividends in 2014 (D1) even more. 1.a.c. Improvement in Return on Equity for 2014: If the firm improves its Net Income a greater percentage than it increases Total Common Equity this will increase its Return on Equity (ROE) and in turn increase the constant growth rate (g) based on the Constant Growth formula g = ROE x Retention Rate. 1.a.d. Decrease in Return on Equity for 2014: If the firm improves its Net Income a smaller percentage than it increases Total Common Equity this will decrease its Return on Equity (ROE) and in turn decrease the constant growth rate (g). 1.a.e. Improvements in Interest Expense: As a result of decreasing the firm's debt levels, especially its interest bearing debt (notes payable and long-term debt), the interest expense will decline and Net Income will improve. Higher Net Income increases the firm's ability to pay dividends (discussed in part i above) as well as improves the firm's Addition to Retained Earnings which expands the firm's Retained Earnings (equity financing) and allows the firm to use even less debt financing. BEFORE YOU SUBMIT YOUR SPREADSHEET If you follow the step-by-step instruction provided in the two GUIDE SHEETS I think you will learn a lot about how to develop a corrective forecast that will help management make strategic financial plans for future years and help you see how these improvements can influence the firm's stock price. When you have completed all parts of this assignment in the worksheet \"Case Study Part #2 (SPREADSHEET)(FALL 2014).xlsx\" submit the entire spreadsheet in Blackboard under the Case Study Part #2 heading. Please be sure to follow these simple rules: 1. FILE FORMAT: This assignment MUST be submitted in Excel spreadsheet format (.xls or .xlsx file Page 5 of 6 extensions only). 2. FILE NAME: It would be helpful if you would include your name in the filename of your submitted Case Study Part 3 worksheet. For example: Your filename would be: CASE STUDY PART #2 - Your Name Here.xlsx 3. FILE SUBMISSION: You MUST be sure to submit the spreadsheet file you want me to grade for this assignment. I will grade the file you submit and I will not request another file from you. So be sure to double check that you are submitting your Microsoft Excel file that is your final and complete spreadsheet file before you hit the \"SUBMIT\" button. PLEASE NOTE I will be more than happy to answer any questions you may have about anything you do not understand, but I will not review your spreadsheet prior to you submitting this assignment to tell you if you are on the right track (that would be pre-grading your assignment). This assignment is no different than your chapter quizzes or you final exam and I do not double check your spreadsheets to see if they are correct before you submit your answers on the chapter quizzes or final exam for grading. Any questions you have should be specific and you must provide specific enough information about what you are having trouble with for me to be able to help you. Do not ask things like: \"I don't understand how to calculate --------?\" without sending me your calculation process, so I can help you. If you don't tell me how you attempted to work out a calculation, I will send you a response asking you to send me your calculations which will slow down your progress. Don't make me guess at what you want to know by asking vague, generic type questions. 6 Select the BETTER RATIO VALUE as your TARGET RATIOS for 2014. Select the BETTER RATIO VALUE as your TARGET RATIOS for 2014. 2013 Blue Ridge RATIOS 2013 Blue Ridge RATIOS BANK'S Target Ratios 2014BANK'S Target Ratios 2014 THE BETTER RATIO VALUESELECT THE BETTER RATIO VALUE Receivables Turnover 7.6 7.4 7.6 Inventory Turnover (times/yr.) 2.5 2.7 2.7 Fixed Asset Turnover (times/yr.) 2.9 2.7 2.9 Total Asset Turnover (times/yr.) 1.3 1.3 1.3 Current Ratio 2.2 2.4 2.4 Quick ratio 0.8 1.0 1.0 Ratio Data From Case Study Part #1 Assets Management Ratios SELECT Liquidity Ratios Profitability Ratios Operating Margin 10.7% 20.4% 20.4% Profit Margin 5.7% 11.5% 11.5% Return On Assets 7.3% 15.4% 15.4% Return On Equity 13.2% 23.5% 23.5% 30.0% Debt Management Ratios Debt Ratio 44.8% 30.0% Debt-Equity Ratio 0.8 0.5 0.5 Times Interest Earned 6.0 16.6 16.6 Cash Coverage Ratio 7.3 18.9 18.9 SALES & EXPENSES: Develop the formulas necessary to calculate all of the values highlighted in YELLOW below: 12.4% Expected Percentage Increase in Sales 2014 (This value is provided for you.) Expected Sales 2014 ($) $95,785,976 Earnings Before Interest & Taxes (EBIT) 2014 ($) $19,540,339 Depreciation Expense 2014 ($) $2,326,470 Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) 2014 ($) $21,866,809 Total Operating Expense (TOE) 2014 ($) $73,919,167 Cost of Goods Sold (CGS) 2014 ($) $57,076,793 Operating & Admin Expense 2014 ($) $16,842,374 NET FIXED ASSETS: Develop the formulas necessary to calculate the forecasted value of Net Fixed Assets for 2014. Expected Sales 2014 (This value will be entered for you) $95,785,976 Sales @ 100% of Capacity of Fixed Assets for 2013 ($) $93,647,077 Excess Sales 2014 (This will be calculated for you) $2,138,899 Target Fixed Assets to Sales Ratio (%) 31.8% Additional Fixed Assets 2014 ($) $681,238 Net Fixed Assets 2014 ($) $30,507,778 Develop the formulas necessary to calculate the Accounts Receivable and Inventory for 2014 based on the forecasted Sales and the appropriate Target Ratios for 2014 determined above. Accounts Receivable 2014 ($) $12,603,418 Inventories 2014 ($) $21,139,553 INTEREST BEARING DEBT: Develop the formulas necessary to calculate all of the values highlighted in YELLOW below: $67,124,300 Total Assets 2014 (This will be calculated for you) Target Debt Ratio (%) 30.0% Target Level of Total Liabilities 2014 ($) $20,137,290 Accounts Payable & Accruals 2014 (This will be calculated for you) $9,138,794 Interest Bearing Debt 2014 ($) $8,699,533 Long-Term Debt as a % of Interest Bearing-Debt 58.49% Long-Term Debt 2014 ($) $5,088,497 Notes Payable 2014 ($) $3,611,036 INTEREST EXPENSE: Develop the formulas necessary to calculate Notes Payable Interest Expense 2014, Long-Term Debt Interest Expense 2014 and Total Interest Expense 2014. Notes Payable Interest Expense 2014 ($) Short-Term Rate 8.00% $288,883 Long-Term Bonds Interest Expense 2014 ($) Long-Term Rate 7.30% $371,460 Total Interest Expense 2014 ($) $660,343 COMMON EQUITY: Develop the formulas necessary to calculate all of the values highlighted in YELLOW below: Target Level of Total Equity 2014 (This will be calculated for you) $46,987,010 Retained Earnings 2014 ($) $42,860,717 Target Level of Common Stock 2014 ($) $4,126,293 Change in Common Stock 2014 ($) $1,966,293 Change in Number of Shares 2014 (# shares) 64,300 Common Shares Outstanding 2014 (# shares) 1,814,300 Parts Pro Forma Ratios (a) (d) (e) What specific changes must the firm make to achieve the % change in the NUMERATOR value of each ratio? (NOTE: All ratios with SALES in the NUMERATOR have been blacked out because sales is a given value in this analysis) 2014 Blue Ridge FORECASTED RATIOS % Change in Numerator Value Asset Management Ratios (d) (f) What specific changes must the firm make to achieve the % change in the DENOMINATOR value of each ratio? (NOTE: All ratios with SALES in the DENOMINATOR have been blacked out because sales is a given value in this analysis) % Change in Denominator Value Receivables Turnover 7.6 0.0% THE SALES INCREASE IS GIVEN AS 12.4% 0.0% Inventory turnover 2.7 0.0% Fixed Assets Turnover 3.1 0.0% THE SALES INCREASE IS GIVEN AS 12.4% 0.0% Total assets turnover 1.4 0.0% THE SALES INCREASE IS GIVEN AS 12.4% 0.0% 2.9 0.0% 0.0% Operating Margin 20.4% 0.0% 0.0% THE SALES INCREASE IS GIVEN AS 12.4% Profit margin 12.6% 0.0% 0.0% THE SALES INCREASE IS GIVEN AS 12.4% Return on assets (ROA) 18.0% 0.0% 0.0% Return on equity (ROE) 24.5% 0.0% 0.0% 26.6% 0.0% 0.0% Debt-Equity Ratio 0.4 0.0% 0.0% Times Interest Earned 29.6 0.0% 0.0% Cash Coverage Ratio 33.1 0.0% 0.0% 0.0% Liquidity Ratios Current Ratio Profitability Ratios Debt Management Ratios Total Debt Ratio Part (I) CASE STUDY PART #2: ESTIMATE OF STOCK PRICE & MARKET VALUE RATIOS FOR 2014 After you have completed the FORECAST WORKSHEET and the FORECASTED RATIOS WORKSHEET the CEO needs you to complete the calculations required to estimate the end-of-year stock price for 2014 based on the firm making all of the necessary improvements to achieve the bank's targets ratios set out in the Pro Forma Income Statement and Balance Sheet for 2014. (Be sure to use the \"GUIDE SHEET For Estimating 2014 Stock Price\"). You will complete the calculations and analysis requested for each cell highlighted in YELLOW for the three steps shown on the STOCK PRICE WORKSHEET as follows: ALSO BE SURE TO REFER TO EXAMPLES PROVIDED IN THE CASE STUDY PART #2 INSTRUCTIONS!!! STEP #1 Develop the formulas necessary to calculate the major components of the 2013 and 2014 stock price and their respective Percent Change from the 2013 values indicated in the cells highlighted in YELLOW below. 2013 Blue Ridge ESTIMATED 2014 STOCK PRICE Dividend Payout Ratio 2014 Blue Ridge Forecasted 33% 33% $0.000 $0.000 #DIV/0! Return on Equity (ROE) 0.0% 0.0% #DIV/0! Retention Rate 0.0% 0.0% #DIV/0! 0.00% 0.00% #DIV/0! Dividend Per Share Growth Rate (g) Estimated Dividend 2014 (D(est.)2014 (Before Improvements) $0.000 Estimated Dividend 2015 (D(est.)2015 (After Improvements) $0.000 Required Rate of Return (Rs) ESTIMATED 2014 MARKET VALUE RATIOS 19.2% 19.2% STOCK PRICE STEP #2 $0.00 $0.00 #DIV/0! Develop the formulas necessary to calculate the 2014 Pro Forma Market Value Ratios and their Percent Change from the 2013 ratios indicated in the cells highlighted in YELLOW. 2013 Blue Ridge RATIOS 2014 Blue Ridge PRO FORMA RATIOS Earnings Per Share (EPS) $2.78 $0.00 -100.0% Price/Earnings ratio(P/E) 11.0 0.0 -100.0% Market/Book ratio (M/B) 1.4 0.0 -100.0% $82,368,740 $0 -100.0% 7.4 0.0 -100.0% Enterprise Value (EV) EV Multiple STEP #3 Percent Change from 2013 Percent Change from 2013 Discuss how specific planned improvements for 2014 will change the different elements used in the calculation of the 2014 stock price (P2014). Specifically how will these improvements change the Dividends per share (D 1), and the Constant Growth Rate (g). If you want to start a new paragraph in the YELLOW highlighted space below just use the "ALT" and "ENTER" keys together. CHANGE DIVIDENDS PER SHARE What specific planned changes for 2014 will directly CHANGE the Dividends per share (D 1) at the end of 2014? CHANGE CONSTANT GROWTH RATE (g) What specific planned changes for 2014 will directly CHANGE the constant growth rate (g) for 2014
