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Task: 1) How does Target’s business model differ from that of Walmart?
2) Explain the importance of financial ratio analysis, including the
importance or relevance of different ratio categories. Are some ratio
categories more important than others, and if so, why?
3) How are the business model differences reflected in Target’s and
Walmart’s financial performance? How would you evaluate Target’s
relative financial performance to Walmart? What are the key metrics
most useful to understanding their relative performance?
4) Why do you think some retailers have different rates of return on
equity, leverage and PE ratios?
5) Do you think Ackman’s demands for changes at Target are justified,
given Target’s strategy and its financial track record?
6) If you were an investor, would you have sided with Target’s current
board or Ackman’s proposed slate?
7) Could Target’s board have done anything differently to avoid the
public conflict with a large activist shareholder like Ackman?
Optional bonus question:
8) If adopted, how will Bill Ackman’s recommendations affect Target’s
financial performance? Should Target adopt any of these
recommendations?
