Wednesday, January 29, 2020
Valuing Wal-Mart Essay Example for Free
Valuing Wal-Mart Essay In early February 2010, Sabrina Gupta, an investment advisor with a major brokerage firm, was examining Wal-Mart Stores, Inc. (Wal-Mart) stock and its valuation. Gupta wondered whether to recommend the stock to any of her new clients or to existing clients who did not currently have Wal-Mart in their portfolios. BACKGROUND OF WAL-MART STORES, INC. Based in Bentonville, Arkansas, and founded by the legendary Sam Walton, Wal-Mart was the worldââ¬â¢s largest retailer, operating more than 8,400 stores worldwide, including stores in all 50 states; international stores in Argentina, Brazil, Canada, Germany, Mexico, Puerto Rico, South Korea, the United Kingdom; joint venture agreements in China and a stake in a leading Japanese retail chain. Worldwide, Wal-Mart had 2.1 million employees (known as ââ¬Å"associatesâ⬠), who served more than 200 million customers each week. During the fiscal year ended January 31, 2010, Wal-Martââ¬â¢s net sales were more than US$405 billion. Exhibit 1 presents a summary of Wal-Martââ¬â¢s 2009à and 2010 financial statements. Wal-Martââ¬â¢s strategy was to provide a broad assortment of quality merchandise and services at ââ¬Å"everyday low prices.â⬠It was best known for its discount stores, which offered merchandise such as apparel, small appliances, housewares, electronics and hardware, but also ran combined discount and grocery stores (Wal-Mart Supercenters), membership-only warehouse stores (SAMââ¬â¢S Club) and smaller grocery stores (Neighborhood Markets). In the general merchandise area, Wal-Martââ¬â¢s competitors included Sears and Target. In terms of specialty retailers, its competitors included Gap and Limited. Department store competitors included Dillardââ¬â¢s, Macyââ¬â¢s and J.C. Penney. Grocery store competitors included Kroger, Supervalu and Safeway. The major membership-only warehouse competitor was Costco Wholesale. Wal-Mart became a publicly traded firm in 1970 with an initial stock price of $16.50 per share and subsequently, in March 1974, declared its first cash dividend of $0.05 per share (after two two-for-one 1 This case has been written on the basis of published sources only. Consequently, the interpretation and perspectives presented in this case are not necessarily those of Wal-Mart Stores, Inc. or any of its employees. Analysts generally believed that Wal-Mart would continue to be successful in consistently increasing profits, resulting in the consensus annual earnings growth forecast of 10.40 per cent for the next five years. As of February 2010, according to Bloomberg L. P., Wal-Mart shares were ranked as ââ¬Å"buysâ⬠in the coming six to 12 months by 20 analysts, ââ¬Å"holdsâ⬠by 7 analysts andà ââ¬Å"sellsâ⬠by none of the analysts. These rankings (which amounted to an average of 4.41 on a five-point scale) currently exceeded the average buy/hold/sell mix among Standard Poor (SP) 500 firms (at 3.94) and among the hypermarkets and supercenters subindustry (at 4.23). Analystsââ¬â¢ consensus projected Wal-Martââ¬â¢s target price was $60.50 per share, relative to a recent closing price of $53.48 per share. Over the 2010 fiscal year, Wal-Mart shareholders had generated a total return (including dividends) of 9.69 per cent, and the consensus stock price forecast ranking (as measured by buys/holds/sells) was above that of the overall market. Wal-Martââ¬â¢s 52-week high stock price was $55.01 per share and the 52-week low was $46.42 per share. Gupta noticed that Wal-Mart shares had a price-to-trailing earnings (P/E) ratio of 14.40 times (based on the last four quarters of earnings) and an indicated dividend yield (based on the current 2010 quarterly dividend and current stock price) of 2.0 per cent. Exhibit 2 presents a graph of Wal-Martââ¬â¢s stock price for 10 years, and Exhibit 3 provides historical dividend data. In determining whether Wal-Mart was fairly valued, Gupta decided to focus on valuation concepts she had been introduced to in her university business courses and in one of her firmââ¬â¢s training courses: the dividend discount model, the capital asset pricing model (C APM) and price/earnings multiples. DIVIDEND DISCOUNT MODELS Dividends in Perpetuity According to the dividend discount model (DDM), the current stock price of Wal-Mart represents the present value of all expected future dividends, discounted at an investorââ¬â¢s required (or expected) rate of return. Under this approach, a share is valued by forecasting dividends in perpetuity, which is not an easy task. To simplify the daunting task of estimating all future dividends, a growth trend of the dividends can be used in a much simpler version of the model, which is known as the constant growth dividend discount model. According to the constant growth DDM, the current value of a firmââ¬â¢s stock price (P0) is equal to next yearââ¬â¢s (expected) dividend (D1) divided by an investorââ¬â¢sà required rate of return (Ke) minus the expected perpetual dividend growth rate (g). P0 = D1/ (Ke ââ¬â g) Alternatively, by rearranging the model, the required return can be decomposed into two parts: the expected dividend yield (i.e., the dividends anticipated over the next four quarters divided by the current stock price) plus the expected future growth in dividends. Ke = D1/P0 + g In other words, the required return can be thought of as both a dividend portion and a growth portion that are reflected in future capital gains. Authorized for use only by robert lamour in Finanical Analysis at California State University East Bay from Jun 01, 2014 to Aug 29, 2014. Use outside these parameters is a copyright violation. stock splits). It had undergone 11 two-for-one stock splits, and thus, an original lot of 100 Wal-Mart shares had grown to 204,800 shares after the most recent split in April 1999. 9B11N004 Anticipated dividend growth (g) is often estimated in a variety of ways. First, observed historical dividend growth can be assumed to continue in a perpetual fashion. Second, future dividend growth can be estimated on the basis of recent estimates of analysts. Gupta noted that the consensus annual Wal-Mart dividend for fiscal year 2011 was $1.21, and one respected analyst had estimated the expected constant dividend growth (in perpetuity) at approximately 5.0 per cent. When a firm achieves its steady state (i.e., when the annual return on equity is just equal to its cost of equity capital), the sole determinant of the growth in dividends is the annual dividend payout ratio. If all dividends are paid out, the firmââ¬â¢s assets do not increase and therefore the dividend stream will not grow.
Monday, January 20, 2020
The Physics of a Diesel Engine Essay -- Energy Automobiles Essays
The Physics of a Diesel Engine The world we live in is surrounded by diesel engines. They are on the freeways, railways, airways, and are one of the leading electricity producers in the world. They are also becoming more popular in automobiles. These engines are efficient and reliable and they are getting very sophisticated. However, the physics behind these engines has not changed. By way of definition, courtesy of Diesel Engine Engineering: [a] diesel engine is an internal combustion engine in which the chemical energy of fuel is transformed into thermal energy of the cylinder charge, in consequence of the self-ignition and combustion of fuel in the engine cylinder after compression of the air charge in the cylinder (p1 Makartchouk). There are basically two types of diesel engines, two-stroke and four-stroke. In a two-stroke engine the piston is forced from the top of the cylinder by the expanding air fuel mixture. Before the piston reaches the bottom of the cylinder the used mixture, (called exhaust), is forced out of the cylinder by the incoming fresh air. The fresh air relies upon a blower, air induction system, to propel it into the combustion chamber. During this time period the piston begins to travel to the top of the cylinder and compress the fresh air sufficient to raise the temperature in the combustion chamber, (area between the top of the cylinder and the cylinder head at top dead center), to 1000-1200 degrees Fahrenheit (p12 Dagel). The fuel is then injected under pressure into the combustion chamber, the air ignites the fuel and the gases begin to expand finishing one cycle. A four-stroke engine begins the same way as the two-stroke with the expanding gases pushing the piston downward, called the ... ...n chamber rises dramatically. The combined fuel and air molecules bounce off one another and since the path of least resistance is the piston, the piston moves downward creating mechanical work. Applying physics to something in everyday use creates a new appreciation for what actually happens when you step on the accelerator pedal or see a truck pulling 40,000 plus pounds up a steep incline. With even a basic study of physics my worldview has changed. I now look at that cold piece of cast iron sitting in an engine compartment on a molecular level. Works Cited Dagel, John F., and Robert N. Brady. Diesel Engine and Fuel System Repair. Ohio: Prentice Hall, 2002. Kirkpatrick, Larry D., and Gerald F. Wheeler. Physics A World View. Florida: Harcourt College Publishers, 2001. Makartchouk, Andrei. Diesel Engine Engineering. New York: Marcel Dekker, Inc., 2002.
Sunday, January 12, 2020
Leadership Career Management And Personal Development Education Essay
Personal effectivity ( Parker & A ; Stone, 2003 ) means the ways of self-development aiming to better 1s personal, societal and other contexts of calling. This study has made for sketching the chief factors of brooding pattern and its consequence on uninterrupted personal development. This thought may assist anyone to happen out his or her strengths and failings of daily life ; it may assist to categorise one ââ¬Ës personality and can assist to pull off many environmental factors. Improvement of behavioral competences ( accomplishments ) ensures personal effectivity. Persons ( Parker & A ; Stone, 2003 ) with the accomplishments of good apprehension, effectual communicating and accurate hearing and leading quality can easy do difference by taking them towards success. For developing self-understanding, it is compulsory to concentrate on personal individuality. Knowing thyself helps to place major strengths and failings that will take anyone to take the right determination for their hereafter. Beliefs and values help to develop personal foundation. Positive beliefs will assist persons to take the right determinations for their hereafter and negative believes will take them towards confusion. Harmonizing to Robbins ( 1986 ) , to organize persons ââ¬Ë personalities, foundation beliefs and values play an of import function. Furthermore, harmonizing to some theoreticians, one of the most of import and powerful beginnings is the belief and this powerful beginning can be influenced by some factors like instruction, faith, imposts and civilization. It has besides influenced by person ââ¬Ës experiences. There are two types of beliefs and these are positive and negative. Behaviour and public presentation can be influenced by these beliefs. Performance can be severely affected by negative beliefs and the antonym can be done by positive beliefs. The positive beliefs aid to increase assurance. In a survey, Kolb cited by Burt ( 1995 ) mentioned that past experiences can assist to organize the hereafter program and besides can assist to better persons. For personal development I do n't analyze merely the successes but largely analyse the failures more and it helps me to pull off my effectivity. David Kolb explained a learning rhythm with four related factors which is really effectual in experimental acquisition. Harmonizing to Kolb, proper analysis and use of past experiences helps to make on personal effectivity. Lack of success can assist to increase experiences. These experiences can play an of import function of be aftering for the following state of affairs and besides aid to better the person. David A. Kolb with Roger Fry ( Mintzberg, 1977 ) emphasizes effectual communicating, which can incarnate cognition and accomplishments and is helpful for self-development. Team spirit and higher public presentation are encouraged by good communications. Facts, emotions and demands are the cardinal elements of communicating. The encephalons logic and sentiments are the basic of facts. The non-logical and non-rational activities are emotions. Fundamental development demands are logical. Assorted types of communications help anybody to better personal development. To better personal development verbal, non-verbal and the written communications play of import function. Tone of voice and organic structure linguistic communication besides listening are the chief characteristics of active communicating and effectual for personal development. By following Kolb ââ¬Ës experimental acquisition, commanding emotions is the cardinal factors for me to take the right determinations at right times . In my sentiment and experiences, theories do non precisely supply a solution for every contingency. To use any theory I think fast on my pess. Theory gives me the footing of understanding techniques to use this to pattern more expeditiously. Past experiences and achieved accomplishments assist me to foreground farther countries for preparation and development. King and Kitchener ( 1987 ) province that, ââ¬Ëthe brooding model theoretical accounts aid anybody to better some accomplishments, helps to believe for future activities, helps anybody in fast and busy state of affairss ; contemplation helps larning new things accurately, helps to organize new constructs and assist to recognize new thoughts ââ¬Ë . At the really beginning of this study I thought that it was really complicated but after sometimes I knew that it was a affair of believing. Alternatively of basking the study I became resentful because its meddlesomeness. Schon ( 1987 ) emphasizes on betterment of professional cognition. The ââ¬Ëreflection in action ââ¬Ë and the ââ¬Ëthe contemplation on action ââ¬Ë are the contemplations of Schon. Harmonizing to King and Kitchener contemplation has developed my cognitive ability and for this ground I have learnt more about contemplation and about myself. I besides think that everybody should use the experiences drawn during contemplation Gibbs ( 1988 ) represented a brooding theoretical account which deals with the straightforward affair and it besides expresses the state of affairs clearly. This theoretical account is related to feelings analysis and experiences rating. Johns ( Platzer et. al. , 1997 ) represented a structured contemplation theoretical account. This structured contemplation theoretical account of acquisition can be used to understand the analysis of critical incident. It is by and large used in more complex affairs of determination Reflective ( Robert, 1974 ) pattern helps me to larn self-development and it besides helps me to develop my communicating accomplishments in many ways which is really critical for my individuality. The personal individuality and realistic communicating system assist me to take any organisation in any environment. Brooding pattern helps to organize leading, which influences the ideas and behaviors of assorted people. The place of the leader may be formal or informal. Brooding patterns help to reexamine, program, proctors and to measure the advancement of persons. I am now able to supply some techniques which can assist anybody in some plans. For the uninterrupted personal development I can take some stairss, like: Bettering a monolithic and logical vision. Form an active and acute direction squad and take the squad with the aid of achieved experient and accomplishments. Leading any organisation or any squad accurately and harmonizing to squad direction regulations. I can develop the verbal and body linguistic communication accomplishments which may impact communications positively. I can supply constructive feedback for pull offing people and besides can assist to pull off single ââ¬Ës personalities. I can assist to develop interfacing accomplishments across any concern organisation and besides can assist to take assorted obstructions for the peculiar squad. I may accept unfavorable judgment, supply feedback and can take any positive input from learned persons. Using the Gibbs theoretical account I can go really clear about any state of affairss and can take farther stairss for improvement. From John ââ¬Ës theoretical account I have learnt how to critically analyse any affair.Portfolio.2My disbursement clip in the pupil concern conference was excessively effectual that it has made great impact on my accomplishments and larning new things. This first professional betterment conference was an unwritten presentation in forepart of all of our pupils. The presentation in forepart of our pupils was an exciting affair for the first clip and taking portion in this conference I found that it was direct and really related and consecutive to the point. Participating in the conference and showing my work in the personal and professional development seminar my assurance improved a batch to show my plants to others and larn many things new like how body linguistic communication helps to show emotions and thoughts what I could non thought earlier. At first clip I could non understand many systems related to conference and thought that it was merely exercising which may open the appeal of the participant and we knew better every one from the conference. One of the presenters emphasizes on the presentation manner and about the demands of presentation which was rather hard affairs. The presenter showed how to show the study, what is the basic construction of the study and besides showed the attitudes related to presentation. From this seminar cubic decimeter learnt presentation manners and formats easy which are much needed in the professional life particularly in the concern sector to depict new merchandises and publicities. None the less I think that it is a good manner to pass on through to other pupils and lectures if it were used by other pupils. Roll uping information has been indispensable to the class all the work that I have presented even the study that I ââ¬Ëm composing now. The conference is a great manner of meeting for me with the professionals. From the pupil concern conference I have learnt the procedure of informations aggregation and besides the manner of informations presentation which was presented by some professionals. I learnt from the seminar that garnering information from assorted beginnings and use it in exact sector is a critical affair for any professionals. After achieving the conference I have changed my working manner in any class study and seeking to follow the professional manners. Now I am doing the notes of any of import information related to my class work to use it for the current and future mentions. Now I am utilizing direct and clear informations presentation sy stem. I have non faced any major jobs during my acquisition in the conference. I felt that I was able plenty to get the better of any unexpected state of affairss and I could larn in faster manner. In the seminar some subjects related to creativeness and communications were discussed which was irrelevant to our class. If I expanse this subject it can be easy observed that I have improved some of my presentation accomplishments and this advancement happened because of the effectual conferences. This conference is a great chance for me to larn new and necessary things. From this conference I learnt how to pull audiences by assorted speaking and utilizing proper organic structure linguistic communication, how to undertake audiences inquiries etc. For the hereafter I am be aftering to make my work in the more organized ways which will salvage my clip and will assist me in my professional life. After the conference I am seeking to better my presentation accomplishments and manners. Following the instructions of the erudite presenter I am making better in this sector twenty-four hours by twenty-four hours. Now a twenty-four hours I do n't hotfoot any of my professional activities. Because of the contemplation it can develop the grad which I am acquiring. Now I am satisfied with the activities those I have performed until now.Portfolio.3By ( Weber, 1947 ) the choice leading people may act upon really easy and this quality may command many hard things in many unexpected state of affairss. This leading may be designated from dependable authorization or can be dependent on owns ability. The Greenwich MBA plan helps to better the leading in many effectual ways in some practical sectors. This system holds some indispensable elements. As a good professional it is really indispensable to be cognizant of assorted format and demands environing them. Detecting the different signifiers of leading and besides its utility and bad consequence professional should develop the failing points. The class Leadership taught me how to work in a squad as a leader and as a member to accomplish squad aims. Transformational leading is the best manner of leading that I have learnt from this topic. Transformational leader motivated his follower to travel beyond bound. Good leader encourages, listen to followings and tried to acquire involved to the whole procedure and accomplish results. So from now I ever try to pattern these leading accomplishments. Now I ever listen to my squad member ââ¬Ës sentiment, doing any determination democratically, resolve any job with unfastened treatment. I have learned some utile concern tools like SWOT, FIVE FORCES, PESTLE from scheme and transmutation class that will assist me to understand the external and internal environment that are related to concern. In add-on how should I use chances by utilizing my strength? Besides prevent any approaching menace through extinguishing my failing. It will assist me to understand the state of affairs and take the determination about right clip and topographic point. I have learnt scheme to take the concern make profitable and to avoid losingss. So, I will detect both the internal and external environment related to my company and will seek to better it ; I will contrive some newer schemes to pull the of import stakeholders of my company. As money is the chief factor for any concern and utilizing the fiscal direction cognition, I have learned how to take investing determination, how to pull off financess, more over importance of liquidness. Pull offing hazard throughout the undertaking, cost volume net income analysis helped me to take determination which one will be profitable for me. Besides assist me to do a fiscal planning for organisation, now I will see the gross growing with attention ; I will take stairss to maintain the monetary value of the merchandise sensible ; I will do a good relation with quality and cost ; I will pay attending on a specific concern country ; I will take the best measure against the chief rivals Besides Human resource direction helped to larn enrolling procedure, behavior preparation and development that employer required for their organisation. It taught me to larn conflict declaration between squads and single. For new staffs choice I will seek to avoid enlisting bureaus. For the feasibleness and significant part of clients I will contrive a strategic architecture for my company. For the company ââ¬Ës improvement I will seek to rewrite the policies and regulations of my company, I will contrive the newer competitory infinite ; For better chances I will implement unfastened ended and dateless testing system. I will seek to abandon disused thoughts for my company. To do my company successful I will non merely add value but will reinvent it. I will construct a good relation among providers, clients, concern spouses and stakeholders of my company that I have learned from my concern context and international concern environment. More over utilizing Information direction scheme in my concern I will be able to makes its sole, efficient, and cost-efficient.Mentions:Burt, C. ( 1995 ) . The grounds for the construct of intelligence, British Journal of Educational psychological science. 25 ( 2 ) . In: Broadfield, A. et Al. ( 1998 ) . Organizational Behaviour and Analysis: An Integrated Approach. 1st erectile dysfunction. Harlow, Essex: Pearson Education Limited, pp.158-77. Gibbs, G. ( 1988 ) . Learning by making: A usher to instruction and larning methods. Oxford, England: Further Education Unit, Oxford Polytechnic. Mintzberg, H. ( 1977 ) . ââ¬ËThe director ââ¬Ës occupation: folklore and fact ââ¬Ë , Harvard Business Review, vol.55, no.4, July- August, pp. 49-61. In: Buchanan, D, and Huczynski, A. ( 200 ) . Organizational Behavior: An introductory Text. 5th erectile dysfunction. Harlow, England: Pearson Education Limited, pp.494. King, P. , and Kitchener, K.S. ( 1994 ) . Developing brooding opinion: apprehension and advancing rational growing and critical thought in striplings and grownups. San Francisco: Jossey-Bass. Parker, S. , & A ; Stone, B. ( 2003 ) . Developing Management Skills for Leadership. 2nd erectile dysfunction. published UK, Prentice Hall. pp.32-39. Platzer, H. , et Al. ( 1997 ) Promoting brooding practicians in nursing: a reappraisal of theoretical theoretical accounts and research into the usage of journals and diaries to ease contemplation, Teaching in Higher Education, Vol.2, No.2, pp. 103-121. Robert, K. ( 1974 ) . Skills of an Effective Administrator, Harvard Business Review, September-October, pp. 90-101. Robbins, A. ( 1986 ) . Unlimited Power, published in UK, Simon & A ; Schuster. 2nd erectile dysfunction. pp. 231-232. Schon, D. ( 1987 ) . Educating the Reflective Practitioner. San Francisco: Jossey Bass. pp. 57-62. Weber, M. ( 1947 ) . The Theory of Social and Economic Organization, trans. and ed. A.M. Henderson and T. Parsons, Oxford University Press: Oxford. In: Buchanan, D, and Huczynski, A. ( 2004 ) . Organizational Behavior: An introductory Text. 5th erectile dysfunction. Harlow England: Pearson Education Limited, pp.770.
Saturday, January 4, 2020
The Great Gatsby By F. Scott Fitzgerald - 1046 Words
In the 1920ââ¬â¢s a plethora of things shaped the society. There were so many drastic changes and differences. occurring this time from people s, homes, cars, and money the 20ââ¬â¢s encountered some complex times. As Fitzgerald wrote The Great Gatsby he focused on different things like the stock market, homes, and cars. The 1920ââ¬â¢s America was in a time of prosperity and economic growth. Fashion, innovation and business, architecture was thriving more than ever before. Citizens were giving a chance to live the American Dream. Until one day the country faced a drastic crash in the stock market. On October 29, 1929 billions of dollars were lost leaving many broke and living on little to nothing. Prior to this the stock market underwent rapid expansion. People viewed the stock market as a short term investment. I believe the stock market had a huge effect on Fitzgeraldââ¬â¢s writing of the character Jay Gatsby. Gatsby was a poor boy of obscure origins who rises to pres tige and wealth. Life in the 20ââ¬â¢s is often referred to as a shadow as was Gatsby. In addition with their being such drastic differences in every person s income and wealth and the time their became different social classes in which people were segregated into based on their wealth. Their was the upper class they were living the American Dream at a time when business standards were booming. Many of these people were considered snobby, selfish and materialistic. This is the class in which Gatsby was in in The GreatShow MoreRelatedThe Great Gatsby by F. Scott Fitzgerald1393 Words à |à 6 PagesF. Scott Fitzgerald was the model of the American image in the nineteen twenties. He had wealth, fame, a beautiful wife, and an adorable daughter; all seemed perfect. 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