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This case study will allow students to understand and analyse the process for conducting equity valuation by building a three-statement financial model, to understand and apply the workings of discounted cash flow (DCF) valuation methodology and its components, to apply the concepts related to the calculation of the weighted average cost of capital in the determination of discounting rate, to understand the terminal value calculation and assumptions thereof and to analyse the intrinsic valuation for the target company using the traditional multi-stage DCF model for investment decision-making.

In July 2019, Kapil Agarwal, an equity analyst operating out of Mumbai, India, was carefully looking over the financials of Asian Paints, a leading paints company in India. As an equity analyst, Kapil was constantly on the lookout for fundamentally strong but undervalued companies that could create long-term wealth for his equity fund. To decide upon the right valuation of Asian Paints, Kapil conducted fundamental analysis using the DCF method on the basis of available financial information. This case study puts students in an investment analyst role wherein they forecast financial statements and conduct DCF valuation for Asian Paints to discover potentially undervalued stocks for investment decision-making.

This case study is designed for use in an undergraduate or postgraduate programme in business management, particularly in a course on business valuation or investment management or security analysis.

Teaching notes are available for educators only.

CSS 1: Accounting and Finance.

After completion of the case study, students will be able to understand the putty industry, consumer behaviour for putty, comparative advantage of putty to different industries and within industry and market entry strategy for newly introduced product.

Putty market in India grew at a compound annual growth rate of 15% over the period FY07–FY20. Many organized and unorganized players entered the putty market since its introduction. Putty was invented by cement companies to increase offtake of cement which otherwise declined owing to reduced use of marble. Painters are purchasing putty to be used before the paint to improve the texture of the walls and to fill cracks. Therefore, to take advantage of distribution channels and dealers’ network, paint companies introduced putty. Consumers, who use putty to improve aesthetics of their home, have very less knowledge about putty. They depend on painter or contractor for it. XYZ colourant company wanted to enter the white putty market to use the market opportunity along with coloured putty for economic project where cost is the constraint. This case study culminates with the probing question about the peculiarity of industry where two different industries are involved for the same product. This case study is designed to understand the target consumers’ behaviour and the entry decisions of the company to the growing market.

This case study is designed for use in second-year management programmes, especially for the students of strategic management and marketing strategy courses.

Teaching notes are available for educators only.

CSS 11: Strategy.

The case’s resolution will inspire students to engage in critical analysis of the hurdles encountered by Madhubani Paints amid the pandemic. It will prompt them to dissect cause-and-effect chains stemming from decisions made during this period, fostering a mindset of critical thinking and problem-solving. Additionally, it aims to cultivate a profound comprehension of the Indian entrepreneurial landscape, highlighting the pivotal role of micro-enterprises and women entrepreneurship. Furthermore, it will task students with brainstorming inventive solutions to the specific challenges faced by Madhubani Paints, particularly focusing on differentiation strategies and enhancing customer engagement in the online marketplace. The case highlights the strategic utilization of digital avenues for business expansion, showcasing how Madhubani Paints not only persevered through a challenging pandemic but excelled, securing 35% of its revenue through digital channels.

Madhubani Paints was a micro-enterprise in the small town of Darbhanga (India) that traded hand-painted products. The protagonist had a strong interest in Madhubani painting, and her enthusiasm led her to establish her own micro-enterprise. This case study highlights the protagonist’s journey towards entrepreneurship and what were the challenges faced during the COVID-19 pandemic. Additionally, the case study showcases how micro-enterprises leverage digital technologies to improve their business performance. Through this case study, students will be able to learn what the contribution of an entrepreneur is to the development of our society and will understand the fundamental concept of marketing and entrepreneurship.

The case study can be used in management for the course of marketing and entrepreneurship and is appropriate for post-graduate students. Discussion would be the most appropriate method for teaching this case study. The students would need to understand the concept of marketing mix, segmentation and targeting and the basics of marketing strategy to ensure effective learning.

Teaching notes are available for educators only.

CSS3: Entrepreneurship.

Titanium dioxide (TiO₂) has high opacity, high brightness and whiteness, owing to its high refractive index value. It is mainly used in the coating industry and continuous efforts have been made to replace some of the TiO₂ in paint with new pigments. This study aims to replace part of TiO₂ pigment with various percentages of BaSO₄, CaCO₃ and kaolin in styrene butyl acrylate-based paint formulations, without changing the properties of paints using only titanium dioxide.

To determine the optimum use rate of new pigment mixing, opacity, gloss, scrub resistance and weather resistance properties have been investigated in the water-based paint formulation. The morphological properties of these samples were examined by scanning electron microscopy analysis.

In the total color change (ΔE) measurements, it was observed that the sample coded 85Ti/15Ba produced extremely similar results to the situation when TiO₂ was used alone. It was seen that the best results were obtained when 85Ti/15Ba was used instead of TiO₂.

Comparison research on the impact of replacing TiO₂ with BaSO₄, CaCO₃ and kaolin on the performance characteristics of water-based styrene butyl acrylate-based paint formulations has not been done in the literature, according to the literature search.

This work aims to establish the relationship between painting art and sustainability, which allows for highlighting implications likely to improve sustainability for humanity's welfare.

To achieve this objective, painting art is measured by a composite index aggregating the quantity and quality represented by the market value. As for sustainable development, it is represented by a composite index comprising three variables: the climate change performance index (ecological dimension), the wage index reflecting distributive justice (social dimension) and the gross domestic product (economic dimension). The composite indices were determined through adjusted data envelopment analysis. In addition, two other methods are used in this work: correlation analysis and a neural network method. These methods are applied to data from 2007 to 2021 across the world.

The correlation method highlighted a perfect positive correlation between painting art and sustainability. As for the neural network method, it revealed that the quality of painting has the greatest impact on sustainability. The neural network method also showed that the most positively impacted variable of sustainability by painting art is the social variable, with a pseudo-probability of 0.90.

The relationship between painting art and sustainability is underexplored, in particular in terms of statistical analysis. Therefore, this research intends to fill this gap. Moreover, analysis of the relationship between both using composite indices computed via an original method (adjusted data envelopment analysis) and a neural network method is nonexistent, which constitutes the novelty of this work.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-01-2023-0006

The purpose of this study is to reduce the application of petroleum in automobile paint industry by replacing it with bio-based castor oil along with nano fillers to synthesize automobile base coat (BC).

Bio-based polyurethane (PU) coating applicable in automobile BC was synthesized by using modified castor oil incorporated with nano silica (NS) and titanium-based pigment particles. The influential characteristics of the coating was studied by carrying out cross-cut tape test, abrasion resistance, pencil hardness, lap-shear, thermo gravimetric analysis, differential scanning calorimetry, dynamic mechanical analysis and acid, alkali and oil resistance tests.

Incorporation of NS particles, along with titanium-based pigment particles in optimized ratio into the paint matrix, increases the mechanical, chemical and oil resistance properties and hydrophobicity of the BC, and the findings are compared with the petro-based commercial BC.

There is no significant improvement in thermal properties of the paint matrix, and it is less thermally stable than the commercial BC.

The paint developed through this study provides a simple and practical solution to reduce the petro-based feed-stock in automobile paint industry.

The current work which reports the use of ecofriendly PU BC for automobile paint applications is novel and findings of this study are original.

This study aims to investigate profoundly the protection of oil painting from deterioration using molybdenum trisulphide quantum dots (MoS3 QDs) against microbe, dirt accumulation and ultraviolet (UV) degradation.

The protection of painting against different deterioration factors necessitates the sustainable methods and advanced techniques. Scanning electron microscopy and transmission electron microscopy have been used to investigate the morphological structure of the painting and MoS3 QDs, respectively, and optical microscopy was used to examine antibacterial activity of MoS3 QDs towards different types of bacteria. To investigate the protection of painting against deterioration, the Fourier transform IR spectroscopy (FTIR) was used to investigate the paintings left in open air for a year. Chemical composition and crystal structure of MoS3 QDs have been studied using X-ray diffraction and X-ray photoelectron spectroscopy analysis, respectively.

The addition of MoS3 nanoparticles into painted coatings enhances the durability of linseed oil-based paintings toward UV ageing regarding the change in colour which confirmed by FTIR analysis. The protection of oil painting opposed to various deterioration factors was developed by involving of MoS3 QDs in the coating of the painting. Antibacterial effect of MoS3 QDs was tested against different types of bacteria such as Pseudomonas aeruginosa confirming that the MoS3 QDs involved in the coatings of oil paintings produces a high protection layer for the paintings against several microbial attacks. In addition, coatings containing MoS3 QDs reduce the accumulation of dirt on oil paintings when subjected to open air for a year.

The novel MoS3 QDs was used to form a protective and transparent coating layer for the oil painting to overcome the deterioration, displays the promising protection and can be applied for different oil paintings.

In this paper, we focus on how and when organizations adopt different types of ambidexterity to facilitate projects that operate with fundamentally different time scales compared with the dominant functions of the organization.

Using a comparative case study design, four case studies were conducted of long-term projects in two similar manufacturing plants within the same organization.

We found organizations first use structural and sequential ambidexterity in change efforts, during which new process knowledge is developed. When structural and sequential ambidexterity are not viable, change agents use this developed knowledge to support contextual ambidexterity. This contextual ambidexterity allows change agents to move between distinct time conceptions of event time and clock time.

One of the limitations of this study was that it only focused on two plants within one organization in order to control for variation. Future studies should look at a wider range of companies, technologies and industries.

While structurally and temporally decoupling change efforts help with differentiation of new technological change, there are limitations with these efforts. It is important to build an organization’s contextual ambidexterity as well as organizational supports to facilitate switching between clock time and event time.

This paper helps explain how and when organizations use different types of ambidexterity in resolving temporal conflicts when implementing longer-term technological change in fast-paced manufacturing settings.

This paper aims to assess the efficiency of emulsified essential oils in glycerol as eco-friendly antimicrobial and plasticized agents added to the biopolymer of gelatin for lining historical oil paintings on canvases.

Cedar oil, cinnamon oil and their mixtures were emulsified in glycerol and incorporated into gelatin adhesive as green biocides and plasticizers. Physical, biological, chemical and mechanical tests were conducted on experimental mock-ups to assess the gelatin-based adhesive formulations for the reinforcement of canvas supports. Scanning electron microscope, colorimetric measurements, antimicrobial activity test, attenuated total reflection-Fourier transform infrared spectroscopy, tensile strength and elongation tests were carried out on the mock-ups before and after the artificial aging.

The formulations of gelatin-based adhesive with cinnamon and cinnamon-cedar mixture emulsified in glycerol proved their efficiency on the antimicrobial activity test, chemically delaying the decomposition of gelatin and accordingly providing compatible mechanical properties. Gelatin-based adhesive with emulsified cinnamon oil showed a slight yellowing that was quite improved with the mixture of the cinnamon-cedar-based adhesive formulation.

This study promotes a green approach to lining historical oil paintings by developing green formulations from bio-based origins that minimize the shrinkage and microbial infection of gelatin for lining paintings.

This research aims to create a methodology that integrates optimization techniques into preliminary cost estimates and predicts the impacts of design alternatives of steel pedestrian bridges (SPBs). The cost estimation process uses two main parameters, but the main goal is to create a cost estimation model.

This study explores a flexible model design that uses computing capabilities for decision-making. Using cost optimization techniques, the model can select an optimal pedestrian bridge system based on multiple criteria that may change independently. This research focuses on four types of SPB systems prevalent in Egypt and worldwide. The study also suggests developing a computerized cost and weight optimization model that enables decision-makers to select the optimal system for SPBs in keeping up with the criteria established for that system.

In this paper, the authors developed an optimization model for cost estimates of SPBs. The model considers two main parameters: weight and cost. The main contribution of this study based on a parametric study is to propose an approach that enables structural engineers and designers to select the optimum system for SPBs.

The implications of this research from a practical perspective are that the study outlines a feasible approach to develop a computerized model that utilizes the capabilities of computing for quick cost optimization that enables decision-makers to select the optimal system for four common SPBs based on multiple criteria that may change independently and in concert with cost optimization during the preliminary design stage.

The model can choose an optimal system for SPBs based on multiple criteria that may change independently and in concert with cost optimization. The resulting optimization model can forecast the optimum cost of the SPBs for different structural spans and road spans based on local unit costs of materials cost of steel structures, fabrication, erection and painting works.

The authors developed a computerized model that uses spreadsheet software's capabilities for cost optimization, enabling decision-makers to select the optimal system for SPBs meeting the criteria established for such a system. Based on structural characteristics and material unit costs, this study shows that using the optimization model for estimating the total direct cost of SPB systems, the project cost can be accurately predicted based on the conceptual design status, and positive prediction outcomes are achieved.