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Meeting Agenda

Meeting Agenda. Announcements Portfolio Update Market Update Lecture: Pitch Terminology Pitch: ACC Important Dates. Announcements. Announcements. Announcements. Free Wall Street Journal digital access for paid members Contact treasurer@usiteam.org to receive login information.

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Meeting Agenda

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  1. Meeting Agenda Announcements Portfolio Update Market Update Lecture: Pitch Terminology Pitch: ACC Important Dates
  2. Announcements
  3. Announcements
  4. Announcements Free Wall Street Journal digital access for paid members Contact treasurer@usiteam.org to receive login information
  5. Announcements Fall Portfolio Challenge Build and manage your own virtual portfolio Compete with other McCombs students Top three winners receive prizes in January $5 entry fee Register at usiteam.org/events
  6. First USIT Social Ultimate Frisbee When: Tonight, 8:30 pm Where: South Mall Cost: Free!
  7. Announcements The Suggestion Box
  8. Announcements Workshops Every Thursday 7-8PM SAC2.120 Topic this week: Cash Flow Modeling
  9. Portfolio Update
  10. Portfolio Update
  11. Market Update
  12. Twitter-Based WMD’s
  13. Market Update Why would TV providers be willing to allow a direct competitor steal away face-time for the commercials they sell?
  14. Market Update
  15. Market Update
  16. Pitch Terminology Competitive Advantage
  17. Competitive Advantage What gives the company an sustainable edge over its competitors? Cost Advantages Differentiation Advantages
  18. Cost Advantages What creates a cost advantage? Economies of Scale (Walmart) Superior Technology/Process (Toyota & Dell)
  19. Differentiation Advantage What creates a differentiation advantage? Similar Product with Key Differentiation (Apple) Entirely Unique Product
  20. Competitive Advantage Not all competitive advantages fall into one of the two categories: Reputation Strategic Assets Brand Popularity Switching Costs Barriers to Entry Flexibility
  21. Competitive Advantage How does this relate to pitches? Good Investment = Quality Company + Good Price Quality Company = Survival Potential + Outperformance
  22. Competitive Advantage Can you invest in companies without a competitive advantage? Good Investment = Quality Company + Good Price Not every investment is built upon a “company will outperform” thesis and focus more on price.
  23. October 15, 2013 University Securities Investment Team American Campus Communities (NYSE: ACC) Manideep Ravi Tyler Menk Ann Cai Zach Sunderland
  24. Company Overview Largest student housing company 1st publicly traded student housing REIT Real Estate Investment Trust Distribute 90% of income as dividends Does not pay corporate income tax $4.2 billion worth of developments Partners with universities to build both on and off campus properties Headquartered in Austin
  25. Investment Thesis Highly experienced management Strong Revenue Growth Expanding Market
  26. Industry Overview: Student Housing REIT
  27. Market Overview Near-campus housing for college students More independence Lower Costs Full kitchen units Increasingly cash-strapped universities contract private developers for housing Students paying for housing with student loans
  28. Risks & Mitigating Factors
  29. Management William C. BaylessJr., President & CEO Owns 20% of the company Began student housing career in 1984 President of ACC since October 2003 Jonathan A Graf, Executive VP, CFO, Treasurer and Secretary Owns 8% of the company Extensive background in accounting R.D. Burck, Chairman of the Board Former Chancellor of UT Austin Former VP of ESPN
  30. Competitors
  31. Valuation
  32. Conclusion
  33. Pitch Team Sign-Ups www.usiteam.org/membership
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