Method Of Calculating Shareholder Value Analysis Finance Essay

Method Of Calculating Shareholder Value Analysis Finance Essay This study illustrates the theory, model and method of calculating Shareholder Value Analysis using Alfred Rappaports SVA model. The literature review is the critical relevant work on capital structure. The literature review is focused bonds as a debt instrument. SHAREHOLDER VALUE ANALYSIS (SVA) AstraZeneca Plc. Alfred Rappaport in 1986 coined the term Shareholder Value Analysis. The concept of shareholder value analysis revolves around another concept called Value based management. The procedure for calculating Shareholder Value Analysis is to calculate the present value of the estimated cash flows with the cost of capital. As per Rappaport : Corporate Value = Shareholder value + Debt Shareholder value=Corporate Value- Debt To calculate the shareholder value, the corporate value needs to be calculated first. Corporate value of an entity can be calculated: Present value of cashflows during forecast period + present value of cashflows beyond forecast period To make the answers more precise and reliable, market value of marketable securities and other investments should be included The process of calculating SVA can be graphically depicted as in Figure 1 C17NF006 Figure : Faisal Ahhamad Seven value drivers of shareholder value as described by Rappaport are given below:- Sales growth: Sales is a percentage, based on the trends of previous years, by which sales are expected to increase every year . In the case of AstraZeneca, the sales growth calculated on the basis of the past 5 years from 2006-2010, comes out to be 7%. Thus sales are expected to grow by 7% during the planning horizon. Operating profit margin: Operating margin is the percentage of the selling price which denotes profit. Thus profit margin denotes the percentage of revenues left after deducting all essential costs and overheads. Profit margin for AstraZeneca based on the trend of previous 5 years is 31%. Thus 31% of sales represents profit of the company. Tax: Tax rate is the percentage of your profits which is deducted as tax. HM Revenue and customs shows the tax rate for the year 2011 to be 28%. Based on the average of past trend, I calculated the same figure, ie. 28%. Incremental working capital investment: Incremental working capital represents the increase in the working capital based on the change in the sales. It is represented as percentage of change in sales. For Astra Zeneca the rate of incremental working capital investment is 102% of sales. Incremental Capital Investment: Incremental Capital Investment represents the increase in the fixed assets of the company based on the increase in sales. The ICI is represented as a percentage of sales. For Astra Zeneca the ICI percentage was calculated based on the trend of previous five years. The value of ICI is 1.12 of sales. Required Rate of Return: Required Rate of Return calculated for AstraZeneca is 7.15%. It is the Weighted Average Cost of Capital for AstraZeneca. It is based on the AstraZenecas beta as per the London Business School Risk Management Service Book which was .57 and the current Risk free rate 4.25%. The current Market premium has been taken to be 6% from Glen Arnold. The Require rate of return was calculated using CAPM. Planning Horizon: Planning horizon for the calculation has been taken to be 6 years. The SVA calculated for AstraZeneca =  £37.902 Billion. The real market capitalisation on the day of calculation was  £40.643 Billion The market is overvalued as the SVA of the company is coming to  £37.902 Billion. Critique of the SVA model Shareholder value model like any other model has been criticized for various reasons. SVA is a relatively simple model yet precise in its approach. The major criticism for SVA is that it takes assumptions regarding the trends. For say it assumes that the sales would increase at a constant rate for all years in planning horizon. More over it neglects ICI and IWCI when the values are negative. Therefore the calculation of the SVA cannot be said to be entirely correct. Literature Review of Capital Structure Focussing on Bonds as a source of finance Capital structure in the simplest terms can be described as a combination of various sources of finance that an enterprise uses for acquiring capital. Firms can acquire capital in various forms such as equity and debt. As these can be used in various proportions thus several various combinations or capital structures can exist. Capital structure as an area of academic study gained attention with the work of Modigliani Miller (1958) which concluded that capital structure was irrelevant to the value of a company. This conclusion was constructed on some key assumptions such as a perfect market with perfect knowledge, no taxes and no costs of transaction and that individuals had the capability to borrow at the same rate as big corporations, thus it assumed a high level of uniformity(see Arnold, 2005: pp.958). In 1963 Modigliani and Miller reviewed the conclusion and altered the no-tax assumption, thus changing the conclusion altogether. The new MM theorem suggested that when taxes were taken into consideration, the shareholder value maximization objective would be served with the highest level of gearing. This theorem served as the starting point for most post- 1960 work on capital structure. MM theorem was followed by two more central theories of capital structure known as the Pecking order theory and static trade off theory of capital structure. The earliest version of the Static theory of capital structure is attributed to Kraus and Litzenberger(1973). It suggests that companies choose their gearing levels based on the balance between costs of bankruptcy and the tax benefits derived from such gearing. Thus this theory suggested an optimal level of gearing where transactional and bankruptcy costs would be traded off by tax benefits and no more. Pecking order theory, propounded by Myers and Majluf (1984), on the other hand suggests that companies have a tendency to choose internally generated funds before exercising any other options of financing, followed by external debt leaving equity to be their last resort. Research by Almeida and Campello (2010) suggests a negative relationship between existence of internal funds and tendency to use external funding from debt. The actual prevalence of any of these theories in the real world is still a matter of debate and being tested constantly (Frank and Goyal, 2005; Jong et al, 2011) While the debate about a suitable level of gearing continues, one fact that has gained acceptance that gearing can increase shareholder value and if appropriately used can be a worthy financial tool for companies. This has provided companies with more options to acquire the necessary capital. Debt as an option is now being used by more and more companies as a means of raising finance through public and private placements (Buckley et al, 1998). Companies can acquire debt through various kinds of publicly traded bond instruments or from institutional lenders through term loans and private placements (Berk and DeMarzo, 2011). With the increasing number of options to raise capital, the dilemma of the firm is no more between equity and debt alone but also between what form of debt to use. Issuing of public debt involves high costs, especially fixed costs. Such costs are called floatation costs and are a major factor considered when deciding to raise debt from public (Blackwell and Kidwell, 1998). Smaller firms therefore find the it beyond their resources to carry out such an expensive issue. Thus bigger firms have the size and resources to raise public debt(Krishnaswami et al, 1999; Dennis and Mihov, 2003). Lack of appropriate information is also another major factor considered by investors. Thus any firm information about which is not readily available or verifiable would be subject to suspicion by the investors (Jensen and Meckling, 1976). Taking into consideration the perceived risk when lending to such a firm, the investors would desire a higher rate of return, unless and until they have greater control of and better supervision of the activities of the business. As individual debt holders from the public cannot exercise such close control, they prefer to settle for higher returns. To avoid paying higher interests some companies prefer to borrow from institutional lenders as they have the capability to closely supervise the activities of the firm. Institutional lenders such as banks achieve this by imposing Restrictive Covenants (Diamond, 1984). Such restrictive covenants cannot be imposed by individual owners of public debt instruments. Several different researches have shown that smaller firms, when opting for external debt financing prefer to opt for loans rather than bonds while bigger firms tend to use bonds as the preferred debt instrument(e.g. Krishnaswami et al, 1999; Dennis and Mihov, 2003). Dennis and Mihov(2003) suggest that larger companies with a highly debt geared capital structure may use their leveraging as an indicator of credibility and reputation, thus using it to raise debt from public. This statement is countered by Chemmanur and Fulghieris earlier(1994) statement that high leveraging may be seen as a sign of financial distress and debt renegotiations may become a complication in case debt is raised through public sources. Rao and Edmunds (2001) with regard to restrictive covenants and floating interest rates, state that firms do their shareholders a Disservice by taking private placed debt which comes along with floating interest rates and restrictive covenants. The floating interest rates make the future cash-flows of the firm unstable and the restrictive covenants restrict the growth of the firm, and thus shareholder value, by tying the hands of the management and owners. Smith and Warner(1979) suggest that restrictive covenants involved in privately raised debt may not be worth cost as it the restrictions imposed may discourage management from entering into projects which could have been potentially profitable. Such restrictive covenants and floating rates are usually part and parcel of institutional loans and privately raised debt. Rao and Edmunds(2001) favour bonds which give the firms freedom to operate in favour of the shareholders and to expect stability in their cashflows due to stable intere st rates.Bonds are a preferable form of raising debt publicly as it allows the firm to retain greater flexibility in operations and may turn out to be cheaper than traditional bank or institutional loans. Absolute lack of restrictive covenants can also be abused by the bond issuer at times. Certain situations are discussed as below:- Myers (1977) suggests underinvestment is a major issue for levered high growth business as being highly levered, management in such businesses may let go of positive NPV projects assuming that the returns would not suffice for distribution between the bondholders and stockholders. Myers(1977) further suggests that this problem can be taken care of with dividend covenants which cap the maximum amount of dividend distributable by a company to ensure that free cash flows are not distributed to shareholders, rather they are invested in worthy projects. As levered firms might have a higher tendency to let go of positive NPV projects, putting debt restrictions or debt covenants would help ensure that the firm does not take on more than a certain extent of debt and thus there will be no conflict of interests. Nash et al(2003) describe another situation, where covenants can be of benefit for bond holders, in which the bond issuer can dilute the claim of the bond holders by issuing another taking on more debt and issuing another claim of a higher priority. Under such circumstances the bond holders would be bearing more risk but would still get the interest rate fixed before more debt was acquired by the bond issuer. Certain covenants, which restrict acquisition of more debt or restrict issuing of claims which hold priority over the previous bond holders, can help reduce chances of such claim dilution. Fama and Miller(1972) call such rules as me-first rules. Nash et al(2003) further describes certain situations where the restrictive covenants would turn out to be detrimental for the bond holders themselves. One major drawback of restrictive covenants is the reduction in the flexibility of the management and stockholders. Thus due to restrictive covenants the management and stock holders might decide not to invest in high return projects just to avoid any risk. Such circumstances would lead to sacrifice of growth and thus the firms survival may itself be at stake. Another situation describe by Nash et al(2003) is the scenario where the bond issuing firm may be facing financial distress. Due to lack of operational flexibility and financially restrictive covenants the firm would not be able to generate ample cash flow or arrange external funding and thus would face bankruptcy. Nash et al(2003) and others have suggested certain ways around to cope with the drawbacks of restrictive covenants and to use them constructively. The first such option is the convertibility option. The bond holders should have the option to convert bonds into shares. Mayers(1998) contended that it would allow a level of flexibility to the management of the firm while discouraging the management to transfer any value from the debt holders to the shareholders as such transferred value would be recaptured on conversion of bonds to shares. Next option is to secure the debt with assets. Securing the bonds with tangible assets would provide a sense of security to the bondholders as they would have knowledge of their claim to a specific asset in case of default. Debt priority is another option given by Nash et al(2003) and supported by Fama and Millers(1972) as per their Me first rules. This arrangement would ensure that there is an existing agreement among all claimholders that the bond holders have priority over other claimants and that during the tenure of the bonds no new claimants would be given priority over them. In the end it can be concluded that bonds have certain advantages over other forms of debt like institutional loans and private placements . Such advantages should be capitalised on when considering the option of increasing the debt gearing in the capital structure. That would ensure availability of cheaper finance, increased flexibility and increase in shareholder value.

All Quite on the Western Front

HIST 234 March 21 All Quiet on the Western Front All Quiet on the Western Front is narrated by Paul Baumer. Paul was only a nineteen year old fighting in the German army on the French front with some of his classmates: Albert Kropp, the clearest thinker among them; Muller, a physics-inclined academic; and Leer, who wears full beard and lusty nature for girls. Their friends include Tjaden, a skinny 19-year-old locksmith who love to eat; Haie Westhus a large peat-digger, also 19; Deterring, a married peasant; and Stannislaus Katczinsky their wise and crafty 40-year-old leader.Page 3 they all joined the army voluntarily after listening to the stirring patriotic speeches from their teacher, Kantorek. But after experiencing ten weeks of brutal training at the hands of the petty, cruel Corporal Himmelstoss and the unimaginable brutality of life on the front, Paul and his friends have realized that the ideals of nationalism and patriotism for which they enlisted are simply empty line. They no longer believe that war is glorious or honorable, because they live in constant physical terror.At the very beginning of the book Erich Maria Remarque says â€Å"This book is to be neither an accusation nor a confession, and least of all an adventure, for death is not an adventure to those who stand face to face with it. It will try simply to tell of a generation of men who, even though they may have escaped shells, were destroyed by the war. † Page 0 This novel does not focus on daring stories of bravery, but rather gives a view of the conditions in which the soldiers find themselves. According to the writer â€Å"no one has the vaguest idea what we are in for. The wisest were just poor and simple people.They knew the war to be a misfortune. † page 11 The monotony between battles, the constant threat of artillery fire and bombardments, the young soldiers struggle to find food and the lack of training of young recruits meaning lower chances of survival. In the novel the author writes â€Å"our early life is cut off from the moment we came here and that without our lifting a hand† page 19. The young soldiers would often look back and try to find explanation but never quite succeed, since they consider themselves young and extraordinary vague because they were in the 20’s they only had their parents and maybe a girl, hich was not consider too much influences. Whereas older men have a strong background that cannot be destroy, they linked to various life for example they had a family, wife, children, occupations, interest and a background which was strong, which means that war cannot destroy their memory of family. During the war soldiers spent their time on the front line, in an infantryman and in front line trenches. The working conditions became very predictable since it was spent mostly in the trenches. Soldiers recall the boredom of life in the dreary, lice-ridden, diseases spreading, muddy and dusty trenches.The writer describe s the unsanitary conditions of life at the front as Tjaden, tired of killing lice one by one, scrapes them off his skin into a boot-polish tin. He kills them by heating the tin with a flame. Haie’s lice have red crosses on their heads, and he jokes that he got them at a hospital where they attended the surgeon general. Paul remembers he and his friends were embarrassed to use the general latrines when they were recruits but now they find them a luxury. With Behm’s death, Paul and his classmates lost their innocent trust in authority figures such as Kantorek.Kantorek writes a letter to them filled with the empty phrases of patriotic fervor, calling them â€Å"Iron Youth† and glorifying their heroism. The men reflect that they once idolized Kantorek but now despise him; they blame him for pushing them into the army and exposing them to the horror of war. They would wake up middle of the night by hearing loud booms. According to Paul he believed that they â€Å"ha ve lost their senses of other consideration because they are artificial since only the facts are real and important to them.Page 21 As Paul sits with Kemmerich who knew his leg has been amputated, he tries to cheer him up, but Kemmerich is convinced he will die, Paul has seen friends die before, but growing up with Kemmerich makes life harder, the orderlies were not helpful, and when they return, Kemmerich has died. Paul collects his things and they remove the body to free up the bed for more wounded. As younger soldiers arrived, Paul and his friends feel like mature veterans. Paul believes every company has one or two resourceful people, but Kat, a cobbler by trade, is the smartest he knows. Page 37.Paul is glad to be his friend, and tells a story to illustrate his strength as a leader. For example Kat, bunking in a small, ravaged factory one night, Kat finding straw for the men to sleep on, and when they are hungry with no food, Kat goes off again and returns with bread and horse- flesh without providing an explanation. page 37 It was assumed that Kat's sixth sense help locating food and his special talent. As men return from the fronts, they see the shells shattered and coffins pilled by the dozens, however they made jokes in order to distance themselves from the unpleasant knowledge that coffin are made for them.Their first front was completely demolished by a direct hit and the second only to discover it has been buried. Captured Russian soldiers, who are reduced to picking through the German soldiers’ garbage for food, which means there might not be any food in the garbage. Food is so scarce that everything is eaten. Looking at the Russian soldiers, Paul can scarcely believe that these men with honest peasant faces are the enemy. Since nothing about them suggests that he is fundamentally different from them or that he should have any reason to want to kill them.Many of the Russians are slowly starving, and they are stricken with dysentery in large numbers. But most people simply ignore the prisoners begging, and a few even kick them. When Paul returns to the front, he finds Kat, Muller, Tjaden, and Kropp still alive and uninjured. He shares his potato cakes with them. There is excitement among the ranks: the Kaiser, the emperor of Germany, is coming to see the army. In preparation for his visit, everything is cleaned thoroughly, and all the soldiers are given new clothes.But when the Kaiser arrives, Paul and the others are disappointed to see that he is not a very remarkable man. After he leaves, the new clothes are taken away. Paul and his friends muse that if a certain thirty people in the world had said â€Å"no† to the war, it would not have happened. They conclude that wars are useful only for leaders who want to be in history books. During the Great War millions men lost their lives in one of the greatest acts of barbarity the world has ever seen. The heroism and sacrifice of troops in the trenches is probably wi thout parallel.The pretexts for execution for British soldiers had a common theme: many were suffering shell shock or now recognized as Post Traumatic Stress Disorder. Most of those men were young, defenseless and vulnerable teenagers who had volunteered for duty. Millions of men lost their lives fighting for war and millions of men came home without a leg, an arm, or blind, or deaf, or mentally broken due to the things they had to live through in the trenches. Others had their lives cut short through the effects of poison gas, and injuries due to blast, with collapsed lungs.While others came home whole in body, appearing normal, but with such serious nervous and mental conditions that they could not work, and were confined to mental hospitals for the rest of their lives. It should be noted that most, especially on the Allied side, later believed the war to have been worthless. Technological and military innovations such as poison gas, the machine gun, and trench warfare revolutioni zed combat during World War I, and Remarque effectively dramatizes how these innovations made the war bloodier, longer, and more costly.In almost every case, military innovations make the soldiers’ lives more dangerous, while medical innovations lag increasingly far behind. Kemmerich, for instance, dies from complications from a relatively light wound. Glory and patriotism cease to be rational ideals in the conflict because advanced technology limits the effect that an individual soldier can have on the conflict and alienates him from the consequences of his actions. Life and death thus become meaningless.

Inmate Tattoos - 2493 Words

Police Corruption The law enforcement role has authority and power in any society, and often that power is combined with the ability to make discretionary decisions that may profoundly affect the lives of the people in the community. With abundant power and authority, the temptation for corruption occurs. Police corruption is one major type of police misconduct, and has been known throughout history. According to Pollock (2012), â€Å"police corruption does not occur just in the United States (p. 175). It is well known that in Mexico many officers are corrupt. In Mexico, police officers are induced and even coerced to collaborate with different drug dealers throughout the country (Pollock, 2012). This paper†¦show more content†¦On the other hand, the streets are much safer and accidents can be avoided if the law is strictly and fairly forced. Graft Graft occurs when officers exploit their role by accepting bribes or money in exchange for protection (Pollock, 2012). Corrupt officers, for example, may use their uniformed authority to ask for money from business owners or gangsters, with the implied threat of enforcement or difficulty in conducting business as usual. Another police corruption pattern occurs when some police officers engage criminal activities during their daily tasks until they change their career positions from police to criminal cops (Pollock, 2012). On-Duty Use Alcohol and Drugs and Sexual Misconduct It is no secret that some officers use alcohol and drugs while on duty. Although undercover officers are more likely to use alcohol and drugs on duty, the on-duty use of drugs and alcohol may be found in the deviant behavior of regular patrol officers. Addiction to drugs and alcohol are potential sources of law enforcement misconduct and corruption. It sets a bad example for public relations. It will certainly affect judgment, and possibly lead to a greater likelihood of use of deadly force or officer-involved traffic accidents. Sexual misconduct occurs when officers use their authority as a means to receive sexual acts from citizens or society. For example, a male officer pulls a beautiful motorist woman over and offers to forego issuing a citationShow MoreRelatedThe Wolf: A Short Narrative Essay1133 Words   |  5 PagesI stood near the bottom of the stairs of 5A and 5B. We shook down inmates as they came back from mainline. In mates walked in single file, behind a 3 ft rail when returning to Super Max. A few feet to my left Wolf pat searched inmate *Nick Bender. A short man, in his 30s, with a beard, Bender was the leader of the Aryan Brotherhood gang in Super Max. If Bender gave an order, his soldiers obeyed it. He was the most powerful inmate in Super Max. I turned, just as Bender stuck his finger in Wolfs faceRead MoreWhat Determines The Perception Of Tattoos?1443 Words   |  6 Pages What determines the perception of tattoos? 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Connie Is Amidst An Immature Disobedience - 1270 Words

The fifteen year old protagonist of the story, Connie is amidst an immature disobedience. She contends with her mom and sister, June, and dismisses family life for investigating young men at the neighborhood eatery. She tries to seem more established and shrewder than she is, and her head is loaded with fantasies and prevalent music that sustain her thoughts of sentiment and affection. At the point when Arnold Friend touches base at Connie’s home, she should face the cruel substances of adulthood, which look to some extent like her dreams. Connie rejects the part of being a little girl, sister and ‘pleasant’ young lady to develop her sexual persona, which prospers just when she is far from her home and family. She ridicules her unattractive more established sister, June, and is in consistent clash with her family. Her worries are normally pre-adult: she fixates on her looks, listens to music, hangs out with her companions, flirts with young men, and investigates h er sexuality. She enjoys the way that younger and even older men find her appealing. Connie has developed a specific way of dressing, walking, and laughing that make her sexually engaging, in spite of the fact that these idiosyncrasies are just brief affectations. She acts one way in her home and a completely different way when she is somewhere else. â€Å"Everything about her had two sides to it, one for home and one for anywhere that was not home: her walk, which could be childlike and bobbing, or languid enough to