The Economist Essay Example | Topics and Well Written Essays - 2000 words

The Economist - Essay Example The principle productions and administrations offered by the Economist incorporate The Economist paper, The Economist on the web, Economist insight unit, Economist Conferences, Economist Corporate Network, The World In and Intelligent Life; alongside numerous other government and money related brands, a very much spoke to impression of the way that this paper had just 6,000 duplicates circled in 1920, has extended its activities broadly by staying aware of the requests of the cutting edge times (The Economist Group, Our Brands). In contrast to huge numbers of its companions, who endured tremendously by the worldwide downturn of 2008/09, The Economist has had the option to report a consistent development consistently. In the year 2011, the Economist has detailed an expansion of 10% in its benefits though its income developed by 9% when contrasted with the most recent year. Such an expansion in benefit has prompted the 10% increment in the profit s to the investors in the year 2011 whe n contrasted with that of a year ago and the credit has been given to their promoting recuperation alongside expanded interests in their brands, which prompted an increment in their print just as e-flows (The Economist Group, Press Releases 2011). ... The Economist consistently had pride in focusing on the keen and the effective of the parcel as their objective market and it was fruitful as well, The Economist was and is constantly considered as a superficial point of interest for the separate objective market however in July 2009, the Economist propelled an entirely different way to deal with its promoting techniques by focusing on the savvy and effective perusers as well as the perusers of the inquisitive kind. The unexpected change in the general way to deal with the magazine’s target showcase has demonstrated to be exceptionally valuable for the organization as the magazine business develops progressively serious. It has helped the organization in a reliable ascent in the gainfulness and guaranteeing a positive profit for the shareholder’s ventures. As indicated by the Porter’s Five Forces model, there are five principle factors that contribute in deciding the general intensity of the magazine business (Hi ll et al, 2010). Each factor will be examined independently: Risk of section by potential contenders: The magazine ‘The Economist’ contends both on the degrees of print media and electronic media likewise with the progression of time the entire business has moved to progressively electronic adaptations of dispersion. In spite of the fact that the web media makes both energy and suspicion at The Economist, still the magazine has been attempting to keep up its singularity on the web. Each article on the web is in every case some way or another identified with some other article on the web, hence a similar independence that the magazine relates on the print media has demonstrated to some degree testing. The magazine has presented numerous new highlights on the web yet to state that they haven’t arrived at their maximum capacity won't be unjustified, while new rising magazines are using

The Techniques Involved In Financially Valuating A Company Finance Essay - Free Essay Example

In the past thirty years, mergers and acquisitions of companies have seen a constant rise. Companies seem to feel that the fastest and the most effective way to rapidly expand is by acquiring other companies. Even in India, the merger and acquisition business deals amounted to $40 billion during the initial 2 months in the year 2007. The total estimated value of mergers and acquisitions in India for 2007 was greater than $100 billion, which doubles the amount of mergers and acquisitions in 2006. Some of the most popular acquisitions in the recent past have been that of acquisition of Legendary British car brands Jaguar and Land Rover by Tata Group at the cost of 4.2 billion dollars. Any form of acquisition or merger can occur via three ways. It can be a pure cash deal or a pure stares deal or a hybrid deal (partial cash and partial stares). Whichever be the case, the correct valuation of the company being acquired plays a major role in determining the success or failure of the deal. While evaluating any company, not only its monitory value, but also its synergy value is considered to be of utmost importance. Synergy refers to the potential additional value from combining two firms, either from operational or financial sources. Operating Synergy can come from higher growth or lower costs Financial Syne rgy can come from tax savings, increased debt capacity or cash slack. Correct calculation of the synergy value is the most important part of valuation for any acquisition. This value can be different for different company bidding for the same company. Having a correct estimation of the synergy value and the physical value of the company prevents the acquiring company from overpricing, thereby saving the companys resources, both financial and other. Statement of the problem In this paper, I would like to discuss problem of choosing the method to evaluate the company accurately. There are several methods to estimate different aspects of value for the same company, the combinations of these would tend to give an estimate of the value of the company which will be in accordance with the objective of the company going for the acquisition. Purpose of the study Any company opting for a merger or acquisition is taking a very calculated risk. Apart from the fact that significant resources accompany any acquisition, there are various internal and external factors involved with any acquisition. Hence, it is important to create fail safes. From this, it can be said that any merger or acquisition involves a continuous thought process and innovation at any required. Even after doing so, most of the acquisitions fail to deliver. There can be a lot of factors involved and responsible for the failure of any acquisition. But 90% of acquisitions fail because the company paid too much. It could have been that in the heat of a hostile takeover, the company overpriced its offer. But there can also be a second possibility that the company was not valuated properly. Hence from this study, I would like to: Understand the techniques involved in financially valuating a company Analyse each of the techniques for the advantages and their limitation s Conclude on my findings about the effectiveness of the current practices for valuation. Review of Literature Sources of Value To create any organisation is to actually create value. This value can be of several types. Employees, office, even the furniture are a source of value for the company. These sources can be divided into four main categories (Fig 1). Physical Capital- this forms the base of the pyramid. For any organisation be too formed, it first need to have a basic infrastructure in place. Its assets like building, land, machinery, etc. are the physical capital which is required to start building value for the company. Working capital- value is also created by the revenue generated by the organisation. The working capital mainly constitutes for the revenue and also the inventory turnover ratio of the company. It comes above the physical capital and is of vital importance since the main objective of any organisation is to make profit. Human Capital- to make any organisation work, employees are needed. And a significant investment is required to procure and train employees to align them wi th their work and also the main objectives of the organisation. They tend to become a source of value for the company. Although their worth is not physical in nature, it is an important constituents while calculating the synergy value of the organisation for an acquisition. Brand capital- this form of value can be a major profit generator for a company. Brand value is the value of the company products in the mind of the customer. If the brand value is high, customer surplus increases thereby increasing the value of the organisation. To create such a value for an organisation, significant resources are required. Value of a Company Although the company can be evaluated from its four sources of income, any company goes through the procedure of differentiating them into several sections and also considering the stakeholders opinion while valuating a company. There are several parts to assessment of the value of a company (fig 2). They are as follows: Intrinsic Value: This is the most basic value of a company. It is the future forecast of its cash flow and increase in revenue if the company continued to run under the same management without being acquired. In a nut shell, it can be said that the intrinsic value of a company is its present value on the expected future cash flow without any acquisition. Market Value: It is also commonly referred to as current market capitalisation. For an acquisition to be successful, sometimes the company have to pay a premium over the actual value so as to outbid their competitors. The market value is hence determined by the value in the minds of the competitors. Here, the company must determine the highest value of the competitor and compare its own assessment of value and make a decision. Purchase Price: Also known as the anticipated takeout value, it is the anticipated by the bidder for a company which will also be accepted by the target shareholders. While acquiring any company, it is important to consider the implications for the shareholders of the company since their approval is also necessary. It is therefore necessary to consider the value of the company in the shareholders mind, and how they should be compensated for the acquitition. Synergy Value: the most important and the most difficult to predict is the synergy value of the company. It is different for different bidders. Synergy value of a company depends upon the objective of acquisition. It is net present value of the cash flow that will result from the improvements made when the companies are combined. Most mergers fail because companies are not able to correctly anticipate thi s value and tend to overbid. Value Gap: It is the difference between the intrinsic value of the company and its purchase price. Usually in todays market, companies have to pay a premium to acquire another company, sometimes in a hostile takeover the bidding companies tend to pay more, here is where the value gap comes into play. This gap should therefore always be kept in mind while quoting a price for acquiring a company. Methods of Corporate Evaluation Asset-Based Methods: It starts with the calculation of total book value of the companys equity. It is the total value of company assets minus its debts. Equity is something which a company has which includes both tangible and intangible assets. Tangible assets are the cash, building, machinery, etc. and the intangible assets are the companys brand value, management, etc. The Balance Sheet: Cash Working Capital The process of evaluating a company by asset based methods starts by looking at a companys cash and equivalents and short-term investments. Divide it by the total number of outstanding shares and this will give the percentage of cash in the current share value of the company. Acquiring companies with excess cash can be very profitable in terms of acquiring capital for new product development and the capital needed to be infused to set up a new facility. Companies which are forecasted to have a bad future can also improvise and improve tremendously after having good cash at hand. The ratio of working capital to the capitalisation can also give a fair assessment of the company. Working capital is the difference between current assets and the current liabilities. market capitalisation can also be called the capital structure Working capital represents the funds that a company has ready access to for use in conducting its everyday business. If you buy a company for close to its w orking capital, you have essentially bought a dollar of assets for a dollar of stock price, not a bad deal, either. Shareholders Equity Book Value: Shareholders equity  is the actual book value of the company. It includes everything that a firm has on its books of accounts from its liquid assets like cash, office, real estate assets, its retained earnings to everything. It is the measure of the degree of liquidity which a company has if all of its assets were to be sold off. To calculate book value per share, take a companys shareholders equity and divide it by the current number of shares outstanding. This can then be used for the calculation of price to book ratio. Book value is a simple and a straightforward concept and it is considered to be better when the cost incurred for the acquisition is closer to the book value of the company. The shareholders equity can also be used to find the return on equity. Return on equity is a measure of earnings a company generates in four quarters compared to its shareholders equity. It is measured as a percentage. ROE can be used by companies to find whether profit s are possible with little capital investment. Coca Cola, for instance, does not require constant spending to upgrade equipment the syrup-making process does not regularly move ahead by technological leaps and bounds. In fact, high ROE companies are so attractive to some investors that they will take the ROE and average it with the expected earnings growth in order to figure out a fair multiple. This is why a pharmaceutical company like Merck can grow at 10% or so every year but consistently trade at 20 times earnings or more. Intangibles Intangibles are assets of a company like brand, which although not quantifiable form a very important part of the organisation. IBM Balance Sheet Assets $Mil Cash 5,216.6 Other Current Assets 32,099.4 Long-Term Assets 46,640.0 Total 83,956.0  Liabilities and Equity $Mil Current Liabilities 30,239.0 Long-Term Liabilities 31,625.0 Shareholders Equity 22,092.0 Total 83,956.0 The Piecemeal Company Finally, a company can sometimes be worth more divided up rather than all in one piece. This can happen because there is a hidden asset that most people are not aware of, like land purchased in the 1980s that has been kept on the books at cost despite dramatic appreciation of the land around it, or simply because a diversified company does not produce any synergies. Sears, Dean Witter Discover and Allstate are all worth a heck of a lot more broken apart as separate companies than they ever were when they were all together. Keeping an eye out for a company that can be broken into parts worth more than the whole makes sense, especially in this day and age when so many conglomerates are crumbling into their component parts. Using Comparables The most common way to value a company is to use its earnings. Earnings, also called net income or net profit, is the money that is left over after a company pays all of its bills. To allow for apples-to-apples comparisons, most people who look at earnings measure them according to  earnings per share (EPS). You arrive at the earnings per share by simply dividing the dollar amount of the earnings a company reports by the number of shares it currently has outstanding. Thus, if XYZ Corp. has one million shares outstanding and has earned one million dollars in the past 12 months, it has a trailing EPS of $1.00. (The reason it is called a trailing EPS is because it looks at the last four quarters reported the quarters that trail behind the most recent quarter reported. $1,000,000 = $1.00 in earnings per share (EPS) 1,000,000 shares The earnings per share alone means absolutely nothing, though. To look at a companys earnings relative to its price, most investors employ the  price/earnings (P/E) ratio. The P/E ratio takes the stock price and divides it by the last four quarters worth of earnings. For instance, if, in our example above, XYZ Corp. was currently trading at $15 a share, i t would have a P/E of 15. $15 share price = 15 P/E $1.00 in trailing EPS Is the P/E the Holy Grail? There is a large population of individual investors who stop their entire analysis of a company after they figure out the trailing P/E ratio. With no regard to any other form of valuation, this group of unFoolish investors blindly plunge ahead armed with this one ratio, purposefully ignoring the vagaries of equity analysis. Popularized by Ben Graham (who used a number of other techniques as well as low P/E to isolate value), the P/E has been oversimplified by those who only look at this number. Such investors look for low P/E stocks. These are companies that have a very low price relative to their trailing earnings. Also called a multiple, the P/E is most often used in comparison with the current rate of growth in earnings per share. The Foolish assumption is that for a growth company, in a fairly valued situation the price/earnings ratio is about equal to the rate of EPS growth. In our example of XYZ Corp., for instance, we find out that XYZ Corp. grew its earnings per share at a 13% over the past year, suggesting that at a P/E of 15 the company is pretty fairly valued. Fools believe that P/E only makes sense for growth companies relative to the earnings growth. If a company has lost money in the past year or has suffered a decrease in earnings per share over the past twelve months, the P/E becomes less useful than other valuation methods we will talk about later in this series. In the end, P/E has to be viewed in the context of growth and cannot be simply isolated without taking on some significant potential for error. Are Low P/E Stocks Really a Bargain? With the advent of computerized screening of stock databases, low P/E stocks that have been mispriced have become more and more rare. When Ben Graham formulated many of his principles for investing, one had to search manually through pages of stock tables in order to ferret out companies that had extremely low P/Es. Today, all you have to do is punch a few buttons on an online database and you have a list as long as your arm. This screening has added efficiency to the market. When you see a low P/E stock these days, more often than not it deserves to have a low P/E because of its questionable future prospects. As intelligent investors value companies based on future prospects and not past performance, stocks with low P/Es often have dark clouds looming in the months ahead. This is not to say that you cannot still find some great low P/E stocks that for some reason the market has simple overlooked you still can and it happens all the time. Rather, you need to confirm the va lue in these companies by applying some other valuation techniques. The Price-to-Sales Ratio Every time a company sells a customer something, it is generating revenues. Revenues are the sales generated by a company for peddling goods or services. Whether or not a company has made money in the last year, there are always revenues. Even companies that may be temporarily losing money, have earnings depressed due to short-term circumstances (like product development or higher taxes), or are relatively new in a high-growth industry are often valued off of their revenues and not their earnings. Revenue-based valuations are achieved using the price/sales ratio, often simply abbreviated PSR. The price/sales ratio takes the current market capitalization of a company and divides it by the last 12 months trailing revenues. The market capitalization is the current market value of a company, arrived at by multiplying the current share price times the shares outstanding. This is the current price at which the market is valuing the company. For instance, if our example company XY Z Corp. has ten million shares outstanding, priced at $10 a share, then the market capitalization is $100 million. Some investors are even more conservative and add the current long-term debt of the company to the total current market value of its stock to get the market capitalization. The logic here is that if you were to acquire the company, you would acquire its debt as well, effectively paying that much more. This avoids comparing PSRs between two companies where one has taken out enormous debt that it has used to boast sales and one that has lower sales but has not added any nasty debt either. Market Capitalization = (Shares Outstanding * Current Share Price) + Current Long-term Debt The next step in calculating the PSR is to add up the revenues from the last four quarters and divide this number into the market capitalization. Say XYZ Corp. had $200 million in sales over the last four quarters and currently has no long-term debt. The PSR would be: (10,000,000 shares * $10/share) + $0 debt PSR = = 0.5 $200 million revenues The PSR is a measurement that companies often consider when making an acquisition. If you have ever heard of a deal being done based on a certain multiple of sales, you have seen the PSR in use. As this is a perfectly legitimate way for a company to value an acquisition, many simply expropriate it for the stock market and use it to value a company as an ongoing concern. Uses of the PSR The PSR is often used when a company has not made money in the last year. Unless the corporation is going out of business, the PSR can tell you whether or not the concerns sales are being valued at a discount to its peers. If XYZ Corp. lost money in the past year, but has a PSR of 0.50 when many companies in the same industry have PSRs of 2.0 or higher, you can assume that, if it can turn itself around and start making money again, it will have a substantial upside as it increases that PSR to be more in line with its peers. There are some years during recessions, for example, when none of the auto companies make money. Does this mean they are all worthless and there is no way to compare them? Nope, not at all. You just need to use the PSR instead of the P/E to measure how much you are paying for a dollar of sales instead of a dollar of earnings. Another common use of the PSR is to compare companies in the same line of business with each other, using the PSR in conjunction w ith the P/E in order to confirm value. If a company has a low P/E but a high PSR, it can warn an investor that there are potentially some one-time gains in the last four quarters that are pumping up earnings per share. Finally, new companies in hot industries are often priced based on multiples of revenues and not multiples of earnings. What Level of the Multiple is Right? Multiples may be helpful for comparing two compnies, but which multiples is right? Many look at estimated earnings and estimate what fair multiple someone might pay for the stock. For example, if XYZ Corp. has historically traded at about 10 times earnings and is currently down to 7 times earnings because it missed estimates one quarter, it would be reasonable to buy the stock with the expectation that it will return to its historic 10 times multiple if the missed quarter was only a short-term anomaly. When you project fair multiples for a company based on forward earnings estimates, you start to make a heck of a lot of assumptions about what is going to happen in the future. Although one can do enough research to make the risk of being wrong as marginal as possible, it will always still exist. Should one of your assumptions turn out to be incorrect, the stock will probably not go where you expect it to go. That said, most of the other investors and companies out there are using this same approach, making their own assumptions as well, so, in the worst-case scenario, at least you wont be alone. A modification to the multiple approach is to determine the relationship between the companys P/E and the average P/E of the SP 500. If XYZ Corp. has historically traded at 150% of the SP 500 and the SP is currently at 10, many investors believe that XYZ Corp. should eventually hit a fair P/E of 15, assuming that nothing changes. The trouble is, things do change. Key Valuation Ratios for IBM (April 2003)   Price Ratios   Company   Industry   SP 500 Current P/E Ratio 38.2 116.7 34.9 P/E Ratio 5-Year High 61.4 184.5 64.2 P/E Ratio 5-Year Low 14.5 9.6 25.7 Price/Sales Ratio 1.67 1.28 1.29 Price/Book Value 5.95 2.83 2.67 Price/Cash Free Cash Flows Methods Despite the fact that most individual investors are completely ignorant of  cash flow, it is probably the most common measurement for valuing public and private companies used by investment bankers. Cash flow is literally the cash that flows through a company during the course of a quarter or the year after taking out all fixed expenses. Cash flow is normally defined as  earnings before interest, taxes, depreciation and amortization (EBITDA). Why look at earnings before interest, taxes, depreciation and amortization? Interest income and expense, as well as taxes, are all tossed aside because cash flow is designed to focus on the operating business and not secondary costs or profits. Taxe s especially depend on the vagaries of the laws in a given year and actually can cause dramatic fluctuations in earnings power. For instance, Cyberoptics enjoyed a 15% tax rate in 1996, but in 1997 that rate more than doubled. This situation overstates CyberOptics current earnings and understates its forward earnings, masking the companys real operating situation. Thus, a canny analyst would use the growth rate of  earnings before interest and taxes (EBIT)instead of net income in order to evaluate the companys growth. EBIT is also adjusted for any one-time charges or benefits. As for  depreciation  and  amortization, these are called  non-cash charges, as the company is not actually spending any money on them. Rather, depreciation is an accounting convention for tax purposes that allows companies to get a break on capital expenditures as plant and equipment ages and becomes less useful. Amortization normally comes in when a company acquires another company at a premium to its shareholders equity a number that it account for on its balance sheet as goodwill and is forced to amortize over a set period of time, according to generally accepted accounting principles (GAAP). When looking at a companys operating cash flow, it makes sense to toss aside accounting conventions that might mask cash strength. In a private or public market acquisition, the price-to-cash flow multiple is normally in the 6.0 to 7.0 range. When this multiple reaches the 8.0 to 9.0 range, the acquisition is normally considered to be expensive. Some counsel selling companies when their cash flow multiple extends beyond 10.0. In a leveraged buyout (LBO), the buyer normally tries not to pay more than 5.0 times cash flow because so much of the acquisition is funded by debt. A LBO also looks to pay back all the cash used for the buyout within six years, have an EBITDA of 2.0 or more times the interest payments, and have total debt of only 4.5 to 5.0 ti mes the EBITDA. IBMs Income Statement Annual Income Statement (Values in Millions) 12/2002 12/2001 Sales 81,186.0 85,866.0 Cost of Sales 46,523.0 49,264.0 Gross Operating Profit 34,663.0 36,602.0 Selling, General Admin. Expense 23,488.0 22,487.0 Other Taxes 0.0 0.0 EBITDA 11,175.0 14,115.0 Depreciation Amortization 4,379.0 4,820.0 EBIT 6,796.0 9,295.0 Other Income, Net 873.0 1,896.0 Total Income Avail for Interest Exp. 7,669.0 11,191.0 Interest Expense 145.0 238.0 Pre-tax Income 7,524.0 10,953.0 Income Taxes 2,190.0 3,230.0 Total Net Income 3,579.0 7,723.0 Free Cash Flow  goes one step further. A company cannot drain all its cash flow to survive and grow is must invest in capital and hold enough inventory and receivables to support its customers. So after adding back in the non-cash items, we subtract out new capital expenditures and additions to working capital. A bare-bones view of IBMs free cash flows is given below. IBM: Free Cash Flows Fiscal year-end: December TTM = Trailing 12 Months  1999 2000 2001 TTM Operating Cash Flow 10,111 9,274 14,265 14,615 Capital Spending 5,959 5,616 5,660 5,083 = Free Cash Flow 4,152 3,658 8,605 9,532 How to Use Cash Flow Cash flow is the only method that makes sense in many situations. For example, it is commonly used to value industries that involve tremendous up-front capital expenditures and companies that have large amortization burdens. Cable TV companies like Time-Warner Cable and TeleCommunications have reported negative earnings for years due to the huge capital expense of building their cable networks, even though their cash flow has actually grown. This is because huge depreciation and amortization charges have masked their ability to generate cash. Sophisticated buyers of these properties use cash flow as one way of pricing an acquisition, thus it makes sense for investors to use it as well. It is also commonly used method in venture capital financings because it focuses on what the venture investor is actually buying, a piece of the future operations of the company. Its focus on future cash flows also coincides nicely with a critical concern of all venture investors, the companys abilit y to sustain its future operations through internally generated cash flow. The premise of the discounted free cash flow method is that company value can be estimated by forecasting future performance of the business and measuring the surplus cash flow generated by the company. The surplus cash flows and cash flow shortfalls are discounted back to a present value and added together to arrive at a valuation. The discount factor used is adjusted for the financial risk of investing in the company. The mechanics of the method focus investors on the internal operations of the company and its future. The discounted cash flow method can be applied in six distinct steps. Since the method is based on forecasts, a good understanding of the business, its market and its past operations is a must. The steps in the discounted cash flow method are as follows: Develop debt free projections of the companys future operations. This is clearly the critical element in the valuation. The more clo sely the projections reflect a good understanding of the business and its realistic prospects, the more confident investors will be with the valuation its supports. Quantify positive and negative cash flow in each year of the projections. The cash flow being measured is the surplus cash generated by the business each year. In years when the company does not generate surplus cash, the cash shortfall is measured. So that borrowings will not distort the valuation, cash flow is calculated as if the company had no debt. In other words, interest charges are backed out of the projections before cash flows are measured. Estimate a terminal value for the last year of the projections. Since it is impractical to project company operations out beyond three to five years in most cases, some assumptions must be made to estimate how much value will be contributed to the company by the cash flows generated after the last year in the projections. Without making such assumptions, the value gene rated by the discounted cash flow method would approximate the value of the company as if it ceased operations at the end of the projection period. One common and conservative assumption is the perpetuity assumption. This assumption assumes that the cash flow of the last projected year will continue forever and then discounts that cash flow back to the last year of the projections. Determine the discount factor to be applied to the cash flows. One of the key elements affecting the valuation generated by this method is the discount factor chosen. The larger the factor is, the lower the valuation it will generate. This discount factor should reflect the business and investment risk involved. The less likely the company is to meet its projections, the higher the factor should be. Discount factors used most often are a compromise between the cost of borrowing and the cost of equity investment. If the cost of borrowed money is 10% and equity investors want 30% for their funds, the dis count factor would be somewhere in between in fact, the weighted-average cost of capital. Apply the discount factor to the cash flow surplus and shortfall of each year and to the terminal value. The amount generated by each of these calculations will estimate the present value contribution of each years future cash flow. Adding these values together estimates the companys present value assuming it is debt free. Subtract present long term and short term borrowings from the present value of future cash flows to estimate the companys present value. The following table illustrates the computations made in the discounted cash flow method. The chart assumes a discount factor of 13% (IBMs estimated weighted-average cost of capital) and uses the growing perpetuity assumption to generate a residual value for the cash flows after the fifth year. Valuation for IBM 2-stage growth model Stage 1 10%   growth Stage 2 5.7%   growth End of year 2002 2003 2004 2005 2006 2007 2008 Revenue 81.2 89.32 98.252 108.0772 118.8849 130.7734 138.2275 -Expenses -67.99 -74.789 -82.2679 -90.4947 -99.5442 -109.499 -115.74 -Depreciation -4.95 -5.445 -5.9895 -6.58845 -7.2473 -7.97202 -6.9413 EBIT 8.26 9.086 9.9946 10.99406 12.09347 13.30281 15.5462 EBIT(1-t) 5.9 6.49 7.139 7.8529 8.63819 9.502009 11.10443 +Depreciation 4.95 5.445 5.9895 6.58845 7.247295 7.972025 6.941298 -CapEx -4.31 -4.741 -5.2151 -5.73661 -6.31027 -6.9413 -6.9413 -Change in WC -0.9 -0.99 -1.089 -1.1979 -1.31769 -1.44946 -1.53208 FCFF 5.64 6.204 6.8244 7.50684 8.257524 9.083276 9.572354 235.2537 Total 6.204 6.8244 7.50684 8.257524 2 44.3369 PV 5.651872 5.663768 5.67569 5.687636 153.3175 Total PV 175.9964 less debt -61.864 billion Equity value 114.1324 billion divided by 1.69 gives 67.53397 per share Option-Based Methods Executives continue to grapple with issues of risk and uncertainty in evaluating investments and acquisitions. Despite the use of net present value (NPV) and other valuation techniques, executives are often forced to rely on instinct when finalizing risky investment decisions. Given the shortcomings of NPV, real options analysis has been suggested as an alternative approach, one that considers the risks associated with an investment while recognizing the ability of corporations to defer an investment until a later period or to make a partial investment instead. In short, investment decisions are often made in a way that leaves some options open.  The simple NPV rule does not give the correct conclusion if uncertainty can be ma naged. In acquisitions and other business decisions, flexibility is essential more so the more volatile the environment and the value of flexibility can be taken into account explicitly, by using the real-options approach. Financial options are extensively used for risk management in banks and firms. Real or embedded options are analogs of these financial options and can be used for evaluating investment decisions made under significant uncertainty. Real options can be identified in the form of opportunity to invest in a currently available innovative project with an additional consideration of the strategic value associated with the possibility of future and follow-up investments due to emergence of another related innovation in future, or the possibility of abandoning the project. The option is worth something because the future value of the asset is uncertain. Uncertainty increases the value of the option, because if the uncertainty is interpreted as the variance, there a re possibilities to higher profits. The loss on the option is equal to the cost of acquiring it. If the project turns out to be non-profitable, you always have the choice of non-exercising. More and more, the real options approach is finding its place in corporate valuation. Assignment: Special Applications What adjustments to the valuation approaches discussed above would have to me made in the following special situations? Valuation in an MA context Valuation of a company in distress Valuation of a company facing corporate financial restructuring.

Conflict of Laws - Analysis of the Case of Re Midleton...

MATRIC NO: 060601109 COURSE TITLE: CONFLICT OF LAWS COURSE CODE: JIL 421 LECTURER: MRS. AJIBADE GROUP: 2 TOPIC: CHOICE OF LAW RULES RELATING TO PROPERTY IN CONFLICT OF LAWS WITH AN EMPHASIS ON THE CASE OF RE MIDLETON’S SETTLEMENT INTRODUCTION Conflict of laws involves situations when there is a foreign element in a case. There are three main questions which arise for determination in conflict of laws: choice of jurisdiction, choice of law, and recognition and enforcement of foreign judgment. This work relates to choice of law rules in conflict of laws as regards property with a special emphasis on the case of Re Midleton’s Settlement. Before delving into the principles†¦show more content†¦PRINCIPLES DERIVABLE FROM THE CASE - The law of the place were the property is situated (Lex situs) determines the characterization of property when problems arise, if things that are physically movable are moved from a jurisdiction which regards them as legally immovable to a jurisdiction which regards him as legally movable. The new lex situs determines their character as held in the case of Re Hoyles. - Shares and securities are deemed to be situated in the place where between the shareholder and the company, they can be effectively dealt with according to the law under which the company was incorporated as held in R v WILLIAMS and BRASSARD v SMITH. - For equitable conversion to apply based on the principle of equity, which regards as done that which ought to be done, there must be an obligation or a direction for sale as regards sale of land. - No country takes notice of the revenue laws of another. HOLMAN v JOHNSON per Lord Mansfield and as stated in the case of MUNICIPAL CITY COUNCIL v BULL and GOVERNMENT OF INDIA v TAYLOR by the House of Lords. This principle is applicable on the basis that the settled Land Act 1882, section 22(5) applicable in Ireland by virtue of the Irish free state constitution is only applicable in Ireland and cannot be extended to apply to matters relating to English revenue that is English shares securities, which are to be governed by English revenue law,

A Tale of Terror - 1087 Words

Peculiar characters, eerie settings, and strange events leading up to a horrifying ending are all effective ways in which authors present their readers with a terrifying tale to remember. William Faulkner’s â€Å"A Rose for Emily,† a short story about the odd Emily Grierson, a once well-respected woman in a small southern town, takes readers into a whirlwind of a story leading up to a horrifying discovery about Miss Emily’s secretive demeanor. Through his characterization of Miss Emily, his descriptions of the setting, and his use of foreshadowing, Faulkner effectively develops â€Å"A Rose for Emily† into a horrific tale. The first way that Faulkner organizes â€Å"A Rose for Emily† is in his characterization of Miss Emily, which sets the scene for a terrifying story. Most commonly found in horror stories are characters that behave in odd fashion, leaving readers to become suspicious. In much the same way, Miss Emily often has these tendencies. For example, after the townspeople agree to sprinkle lime across Miss Emily’s backyard when a repulsive, mysterious smell arises around her home, Miss Emily appears suddenly as the men are spreading the lime. â€Å"A window that had been dark was lighted and Miss Emily sat in it, the light behind her, and her upright torso motionless as that of an idol† (Faulkner, 222). Faulkner’s description of Miss Emily’s unexpected and eerie presence accurately depicts her character as bizarre and chilling, leaving readers to believe Miss Emily somehow knows sheShow MoreRelatedEdgar Allen Poe s Tales Of Terror And The Raven Essay1434 Words   |  6 PagesEdgar Allen Poe s Tales of Terror and The Raven The film of chosen I decided upon was Edgar Allen Poe s Tales of Terror, and the reading I choose was Edgar Allen Poe s famous The Raven. Both the film and the writing included a common theme of death and tragedy. 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Should the west help spread democracy Essay Example For Students

Should the west help spread democracy? Essay These points illustrate that whilst there are a great many potential benefits from a democratised world, there exist some potential issues that must be successfully addressed for the citizens of both newly democratised and Western states to benefit. It is both inevitable and important to question the morality of one state intervening in the internal affairs of another. The morality of any venture is determined both by the principles it creates or destroys and by the contingencies of circumstances. 7 There are three moral issues concerning the promotion of democracy in undemocratic states. Firstly, one of the key principles in justifying intervention in another states internal affairs is that it must be in the interest of the citizens of that state, not in the self-interest of the intervener. Adequately satisfying such a criteria is extremely difficult but critical for the long-term success of any global campaign for the promotion of democracy. Secondly, as democracy promotion inevitably involves intervention in the domestic affairs of another state on some level, important moral questions regarding the international system in which such intervention takes place arise. Thirdly, promoting and in some cases imposing a political system on a society of different, if not unknown, cultural and societal values has many moral implications on a more specific, domestic level. For a state to have any claim to legitimately intervening in the internal affairs of another state, it must prove that it is not motivated by self-interest. However, to quote Thompson no social action can be completely free of the taint of egotism which claims for the actor more than is his due. 8 Marx similarly concluded that all values camouflage underlying interests. 9In reality, Stewart summarises the work of Cox, Ikenberry and Inogouchy by writing that US policy is not driven by moral impulse but by economic imperatives of transnational capitalists who seek to reconsolidate their hegemony over the global economy. The most effective way for the West to demonstrate a genuine benevolence in promoting democracy would be to maintain consistency in its policies. This is to say that the West cannot intervene in an authoritarian state under which its interests are threatened whilst ignoring the one that promotes them. However, it is widely held that democracies are unable to maintain consistent foreign policies. Waltz cites four key reasons for this; democracies prefer easy solutions with immediate benefits, foreign policy is decided by internal pressures unrelated to the international system, legislative attention to foreign policy is sporadic and disruptive and finally foreign policy is dominated by unpredictable and uniformed public opinion, often over-riding experienced decision makers. 10 The resulting inconsistencies damage not only moral legitimacy but also the practical abilities of the West to promote democracy. A second and important part of maintaining consistency of the Wests democratic message would be the democratisation of certain international institutions such as the IMF and World Bank. Such institutions potentially hold a very important role in the democratisation of authoritarian states but until they are seen to not solely represent Western interests, their moral standing, as well as chances of practical success will be damaged. In an international political system founded on equality between independent sovereign states, any state that intervenes in the internal affairs of another subverts the legal and institutional framework from which its own survival depends. Similarly, when intervention on the behalf of democracy by the West involves some kind of duress (physical, political or economic), it is often neither legal nor democratic in its execution. Therefore, there must be more fundamental reasoning by the West than the simple assertion that democracy is best for everyone because it works for us because, as the historian Dicey put it, men come easily to believe that arrangements agreeable to themselves are beneficial others. 11 This requires some fundamental change in the conception of international society that in turn requires a consensus among states and people to gain legitimacy. To quote Bull, demands for world justice are therefore demands for the transformation of the system and society of states, and are inherently revolutionary. 12 Whilst there is no universal morality regarding international relations a more popular consensus is emerging regarding fundamental human rights. It is indeed the growing inability of many weaker states to provide or protect such rights that is put forward as a legitimate justification for international intervention on behalf of democracy and has, since the early 1990s, started winning the battle against sovereignty as the sacred fundamental of international society. 13 Essentially, Western promotion of democracy would force a shift in the emphasis of international relations from order to justice, justice being the realisation of universal human liberty. As there is no consensus as to what constitutes justice, conflict will arise between the pursuit of such justice and international order. However, calls for justice the promotion of democracy and the preservation of international order do not have to be mutually exclusive. Bull writes, there is overwhelming evidence of a consensus in international society as a whole in favour of a change held to be just, especially if the consensus embraces all great powers, the change may take place without causing other than a local and temporary disorder. 14 Such a consensus does not exist. Authoritarian states will not agree to the removal of their power. Furthemore, although it is argued that the world is currently uni-polar, and that the only superpower, the US, certainly supports the promotion of democracy (at least publicly), other major powers such as China and Russia would not agree to the required change in international order. There is not even uniform consensus within states that publicly support the promotion of democracy. Realists argue that foreign policy cannot be founded on values; the West should not promote democracy as a matter of principle, but policy must instead be dictated solely by interests. Theorists such as Niebuhr and Schlesinger argue that a foreign policy based on morality is inadvisable for two reasons. Firstly, they argue that the state cannot be bound by the same moral rules as the individual. As Schlesinger writes governments are not individuals. They are not principles but agents. They are trustees for the happiness and interests of others, and so to risk any entity held for others is negligent. 15 The second reason, articulated by Niebuhr argues that any moral basis will be resented by others; We are not a sanctified nation and must not assume that all our actions are dictated by considerations of disinterested justice. If we fall into this error the natural resentments against our power will be compounded with resentments against our pretensions of superior virtue. 16 Other realists such as Kennan simply believe that a foreign policy based on moral values does not represent the interests (principally security) of any nation, particularly the West, and so should not be pursued. Therefore, it can be said that realists do not believe the West should promote democracy as they do not believe in a foreign policy based on moral principles. Democracy promotion does not represent Western interests. Criticism of such an outlook lies in the realist view of interest being primarily that of security. As discussed before, the democratic peace theory offers the possibility of increased security for all nations in a democratised world. Realists also overlook the other long-run economic and cultural benefits of democracy in considering Western interests. Democracy In Athens EssayThe less control the state has over the economy, the greater the ability of private economic enterprises to restrain the state. The third area identified by Youngs is what he terms the good governance agenda. This refers to increasing the efficiency, transparency and accountability of the state in order to combat corruption and clientelism. Such reforms would, by their own success, promote a strengthened legal framework and modernised administration. 26 Doyle and Art hold similar views in what Doyle sees as necessary expansionist democracy promotion. Doyle holds that democracy is best promoted through inspiration, instigation and intervention. Inspiration is the encouraging of local populations to struggle for their liberty, using such methods as the promotion of a cosmopolitan civil society. Instigation involves institutional and economic reform. Intervention, Doyle writes, is legitimate when widespread dissatisfaction with an authoritarian regime is demonstrated by a population or when human rights are being systematically violated. 27 This last point is important when, as discussed above, force was ruled out as a method of democracy promotion. Force cannot be used to promote democracy in itself. However, it is the view of many writers that when force is necessary for other reasons, it is legitimate and astute to promote and build democracy through non-violent means on the back of violent conflict with an authoritarian state. One final point is that in promoting democracy, the promoter must recognise a wide range of political systems, all based on democracy, but tailored to the cultural, economic and popular needs of each individual state. This requires the recognition of social democracy as well as liberal democracy as a legitimate form of government. George W. Bush paid at least lip service to this demand in his inauguration speech of 20th January 2005, the institutions that arise may reflect customs and traditions very different from our own. America will not impose our own style of government on the unwilling. Our goal instead is to help others find their own voice, attain their own freedom, and make their own way. 28 To quote Machiavelli, There is nothing more difficult than to take the lead in the introduction of a new order of things. 29 Democracy is the most appropriate form of government for a majority of people, societies and cultures. Inevitably, certain groups or individuals will spurn it and some will even fight against it and its imposition. International society, should such a thing exist, is likely to benefit from a more peaceful and ordered environment, where the respect for human, political and economic rights is more widespread. In addition, the spread of democracy should stimulate extra growth in the global economy. For these reasons democracy is a political system that should be encouraged and actively promoted by existing democracies, notably the West. However, advocating Western promotion of democracy requires strict qualification because, as Art writes, the aim of spreading democracy around the globe can too easily become a licence for indiscriminate and unending US military interventions in the internal affairs of others. 30 Firstly, the actions and message of the West must be consistent and carried out with humility. This means promoting democracy in all authoritarian states with equal vigour, regardless of Western interests in and relationships with such states and the democratic reform of international institutions biased towards Western economic or political power. Secondly, democracy must not be promoted through punitive measures. The use of punitive measures undermines democracies moral appeal but is above all counter-productive violence, covert interference and economic punishment all work against the successful establishment of democratic will and institutions in a state. The West most also accept that different states require different political systems social democracy must be considered equally with liberal democracy. Democracy and freedom are desirable ends for humanity. However, as values they are not alone and until every state is democratic they will compete against others such as peace, security and stability. Therefore, in the promotion of democracy, the West must ensure that the means must be morally justifiable regardless of the ends and proportionate to the benefits gained by their employment. Bibliography Alden E. H. , Schurmann F. , Why We Need Ideologies in American Foreign Policy: Democratic Politics and World Order, Institute of International Affairs, University of California, Berkeley, 1990 Bayliss J. , Smith S. , The Globalization of World Politics, (2nd Ed. ), Oxford University Press, Oxford, 2001 Bull H. , The Anarchical Society, (3rd Ed. ), Palgrave, London, 2002 Halperin M. , Siegle J. , Weinstein M. , Why Democracies Excel, Foreign Affairs: Sep/Oct 2004, Vol. 83, Issue 5, p57-72 Holmes K. R. , American Internationalism: Promoting Freedom, Democracy and Development, US Foreign Policy Agenda: Volume 9, No. 1, August 2003, p. 5-7 Houngnikpo M. C. , Pax Democratica: The Gospel According to St. Democracy, Australian Journal of Politics and History: Volume 49, No. 2, 2003, p. 197-210 Meernik J. , United States Military Intervention and the Promotion of Democracy, Journal of Peace Research, Vol. 33, No. 4 (Nov. , 1996), p. 391-402 Muravchik J. , Exporting Democracy, The AEI Press, Washington D. C. , 1991 Patrick S. , More Power to You: Strategic Restraint, Democracy Promotion, and American Primacy, Blackwell Publishing, Oxford, 2002 Thompson K. W. (editor), Moral Dimensions of American Foreign Policy, Transaction Books, New Brunswick, 1984 Youngs R. , The European Union and the Promotion of Democracy, Oxford University Press, Oxford, 2001 References Art R. , A Defensible Defence, International Security: Vol. 15, No. 4, Spring 1991, p. 5-53 Hall J. A. , Paul T. V. , International Order and the Future of World Politics, Oxford University Press, Oxford, 1999 1 Holmes, American Internationalism; Promoting Freedom, Democracy and Development, p. 1 2 In 1941 Britain declared war on Finland. Both were democracies but Churchill did so under pressure from Stalin in the context of WWII, not because of any British grievance with Finland itself. See Muravchik, Exporting Democracy, p. 8-9 3 Kant, ed. Reiss, Kants Political Writings, p. 100 4 Halperin, Siegle, Weinstein, Why Democracies Excel, p. 57 5 Ibid. , p. 3 6 Youngs, The European Union and the Promotion of Democracy, p. 10 7 Halpern, ed. Thompson, Moral Dimensions of American Foreign Policy, p. 75 8 Thompson, Moral Dimensions of American Foreign Policy, p. 8 9 Alden, Schurmann, Why We Need Ideologies in American Foreign Policy, p. 13 10 Ibid. , p. 6 11 Thompson, opcit.. , p. 2 12 Bull, The Anarchical Society, p. 84 13 Bayliss, Smith, The Globalisation of World Politics, p. I DONT KNOW LOOK UP 14 Bull, opcit. , p. 91 15 Muravchick, opcit. ,, p. 22 16 Ibid. , p. 20 17 Ibid. , p. 22 18 Youngs, opcit. ,, p. 9 19 Muravchik, opcit.. , p. 34 20 Thompson, opcit.. , p. 11 21 Muravchik, opcit.. , p. 82 22 Meernik, United States Military Intervention and the Promotion of Democracy, p. 393-400 23 Youngs, opcit. , p. 23 24 Muravchik, opcit.. , p. 65 25 Youngs, opcit.. , p. 15 26 Ibid. , p. 17 27 Doyle, in Paul, Hall, International Order and the Future of World Politics, p. 41-66 28 Inaugural Speech for the second term of President George W. Bush. See http://www. whitehouse. gov/news/releases/2005/01/20050120-1. html 29 Machiavelli, in Stewart, More Power to You: Strategic Restraint, Democracy Promotion, and American Primacy, p. 1 30 Art, in Meernik, United States Military Intervention and the Promotion of Democracy, p. 393

Sample of How to Start a College Essay

Sample of How to Start a College EssayBefore you go to the computer to search for samples of how to start a college essay, what's the first thing you should know? First and foremost, the college essay is not the same as an online portfolio. College students make portfolios to show off their writings, and while those are excellent means of showcasing their abilities, it's not a good idea to use samples of how to start a college essay as your portfolio.Most college essays are written for a variety of reasons. They may be due at school, they might be due at an employment agency, or they may even be required for college credit. By incorporating samples of how to start a college essay into your composition, you'll be giving yourself the opportunity to prove what you've been showing to potential employers, as well as help prove that you have something to say.In addition to the fact that the samples of how to start a college essay can also be used to answer any questions you might have, the re are also several other benefits to including samples of how to start a college essay in your curriculum. Let's take a look at some of these benefits.o It enables you to build upon what you've already started. It might be difficult to have to do a different version of your essay if you've already begun to write your work. By using samples of how to start a college essay, however, you'll be able to build upon the content you've already written, rather than starting from scratch.o Your essay will be built upon the success you've experienced by following the examples of how to start a college essay. The essays that you use as examples will tell you what kind of things to avoid, and what kinds of things to include, which is something that you can't discover on your own.o Some college essays will be accompanied by sample articles. Using samples of how to start a college essay as your project will enable you to build upon the material you've already written, rather than starting from sc ratch. This will prove a better way to go because you won't have to worry about finding sample articles to use, or things to avoid, instead you'll already know what you need to do.o A sample of how to start a college essay will help give you the ability to know when you've created your content too much for your readers to follow and will help you to determine whether or not you need to reduce the amount of information you include. Once you know how to begin writing your final essay, you'll have a better idea of whether or not you need to trim back on the amount of words you choose to include.o It's great to get a jump on getting your essay out there before others have had a chance to make corrections or add new ideas. By using samples of how to start a college essay you will already have the knowledge necessary to make a strong statement about your thoughts on a particular topic, rather than having to learn the information beforehand.

Essay Topics - Make Sure That Your Essay Topics Are Free

Essay Topics - Make Sure That Your Essay Topics Are FreeThe essay can be either logical or non-logical, but the essay must address these two things. If you are writing an essay to get into a college, then you need to make sure that your essay will be approved by the colleges. You also need to make sure that your essay will pass the college's application requirements.Writing an essay requires you to use your logical reasoning skills. You must have logical thinking skills and the ability to think on your feet. For this you need to spend time on brainstorming ideas. This is where you will come up with some ideas about how you will provide for your family and yourself as you enter college.As you read through essays, you will come across some essay topics that are really difficult to follow. These essay topics include your childhood, your siblings, your parents, your grandparents, your childhood environment, your school days, your relatives, your job and employment history, your hobbies, and your social groups. Each of these essay topics will make it more difficult for you to write the essay and more time consuming as well. You need to use the time wisely in order to accomplish your goal.To get the most out of your essay, you need to use the most workable words that you have. It is good to stick to the facts, but you must not just do this. You must know what you are looking for, as well as what is important to make sure that your essay passes.You must think logically when it comes to your essay. If you do not, you might end up writing something that is very confusing and not convincing at all. You must be able to find the most appropriate word to express your ideas. You cannot just jump on the next sentence to express your thoughts. You have to think in order to express yourself in the best way possible.You need to present evidence to support your logical argument in your essay. This can be any form of evidence you want it to be, including just a simple explanation of how things can be explained. It is better to keep it short and to the point and to present as much information as you can.Free online resources are your friend when it comes to helping you with your essay. These online resources include; knowledge sheets, mind maps, examples, textbooks, blogs, and many more. Use these resources to make your essay better. Also make sure that you take the time to really understand the topics that you are writing about.