American Greeting’s Case Study

 

” American Greetings”.
1. What multiple of EBITDA do you think is justified? What is the implied share price that corresponds to that multiple?

2. Please model cash flows for American Greetings for fiscal years 2012 through 2015 based on the two sets of ratios in case Exhibit 8. Based on the discounted cash flows associated with the forecast, what is the implied enterprise value of American Greetings and the corresponding share price?

3. What are the key drivers of value in your model?

4. What do you believe to be the value of American Greetings shares? Do you recommend repurchasing shares?

Sample Solution

Barthes (1964) defines the Syntagm as an elongated mixture of signs. Within semantic analyses, this would be something like a sentence, where each is interwined to the other terms within the phrase. The Syntagm is likened to the system, which means other words within the mind, as in the case of the relations between “learning” and “internship” (Barthes, 1964, p. 58). Barthes goes further upon these minds by connecting them Semiologically to different systems, e.g. food. In food system, the systematic level becomes the various bags within a particular level (i.e. types of desserts), whereas the syntagmatic level becomes the menu choices selected for a full meal (Barthes, 1964).

Denotation and Connotation
The words denotation and connotation were used by Barthes for investigating the correlation between systems. Semiological system can be thought of as consisting of an expression, a plane of content and a relation between the two (Barthes, 1964). A connotation then unravels how one system can act as a signifier of this first relation, most especially how it represents the expression within the first system (Barthes, 1964). These elements were importantly useful for unravelling relations among systems of symbols, instead of just relations between elements.
SEMIOLOGY AND ADVERTISEMENT
The major common concepts in a highly distinctive market always comprise of marketing, advertising and communication. Especially, advertisements mainly bring the language, photo graphics, colours and other symbols for its own usage to make a product known and its grandeur on the customers and outside. In the current world, advertising is a large scale business and is a cogent part of the national economy in several sovereign countries.
By definition, advertising refers to a form of communication, whose author or sponsor sends information to a recipient with the denotative intention to sell an idea to the prospective customer. This process has its specialness and it is connected to both propagandistic model of communication defined by McQuail and persuasive concept of communication put forward by the Semiotician Jarmila Doubravová (Doubbravova, 2002). A popular linguist Guy Cook, (2001) examines advertising as a “parasite discourse”, because it takes over the contents, forms, authors as well as recipients of other discourses (similarly as the literary criticism depends on literature and the Sport News – on sport) (Cook, 2001). In fact, Judith Williamson indirectly builds on the idea of “parasite discourse” by Dyer’s characterization of advertising importance as something that uses the elements of real life and aims to create “new world and new language”. “The main purpose of advertising is not to create a new meaning, but to transform signs of the system that is have already known”, writes Williamson (Williamson, 2010).
Visual portrayals are able to communicate considerably more messages than w

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