Qatar Petroleum Essay Example for Free

Qatar Petroleum Essay Qatar Petroleum aims at maintaining high level of safety by trying to reach a zero level of people and environmental harm. The company uses Electronic Document Management System (EDMS) to maintain its daily operations. The methods helps them to save their documents in an organized format, retrieve them for future use share and use them. They also have a team which holds regular surveys of the whole petroleum plant especially of the pipelines. A record of all their daily activities is kept using the EDMS system as mentioned above. A report on the organizations activities can be obtained from their website as well as a book written by P. Tuson Records of Qatar: primary documents, 1820-1960; ed. P. Tuson. Archive edns, 1991. (8v) . Since any oil company poses numerous threats , benchmarks have been set to avoid them or reduce their occurance. Limitations have been set on their expansion, to share mproved ideas and information , maintain an unbreachable security checks and register them regularly. Workers undergo regular physical check-ups and their protective suits are also regularly scrutinized for emission penetration. There are also regular checks held by the government to ensure all the safety activities are being followed regularly. Qatar Petroleum is however not free from threats. Any oil company , Qatar being the biggest is susceptible to terrorist attack as the destruction caused will be massive , eading to a high death rate and heavy financial losses. Avoiding intrusion will be difficult as these companies are located by the sea and remote areas. The attack can be on refineries, distribution system, maritime transport , developmental and exploration sites. Oil companies pose their own threat too as any fault in the whole plant, being of the minutest nature, can lead to the same type of damage as would be caused by any terrorist attack.

Sony Music Entertainment SWOT Analysis

Sony Music Entertainment SWOT Analysis Sony Music Entertainment Sony Music Entertainment, also known as Sony Music is controlled by Sony Corporation of America. Sony Music is one of the biggest four record companies, ranked as the second biggest global record music companies. Sony has managed to reach at the level of being one the biggest music companies in the world and remain at this stage. Sony Music has collaborated with numerous of artists and others more to come. Sony Music Entertainment contains the music labels: Columbia, Columbia Nashville, Epic, Jive, RCA, Legacy Recordings, Victor Records, Masterworks, Arista, Arista Nashville, Bluebird Jazz, BNA Records Label, Burgundy Records, J Records, LaFace Records, Provident Label Group, U.S Latin, Verity Records and Windham Hill. Porters five forces Porters five forces are the rivalry among competitors, the threat of potential entry, the bargaining power of suppliers, the bargaining powers of buyers and the threat of substitutes. The most competitive force between Porters five forces is the rivalry between producers and sellers in the music industry. The music record industry constitutes 4 significant segments: * Major recording studios: Major companies are firms that have large numbers of artists under contracts with different types of music, such as hip-hop, rock, jazz, country, etc. Major companies may be EMI, Sony Music, Columbia and work internationally. * Independent labels: Independent labels are companies that have fewer artists under contracts, recording one or two music styles and mostly work regionally. * Micro labels: Micro labels have an amount of about 10 artists and focus on a particular music style. * Vanity labels: Vanity labels are companies that focus on independent artists. It is the last segment of the music industry that struggles to become one of the other segments. Rivalry among competitors Sony Music has 3 biggest competitors: EMI, Warner Music Group and Universal Music Group. The competition of these four companies depends on the popularity of the artist and their songs. On this case, if the artist is very popular and promises reassured sales, then the price doesnt play a significant role. On the other hand, if the artists are not known enough then the price is at the same stage of importance as the competition. Furthermore, the rivalry between the competitors is affected by the advertisement and promotion of the songs. There are a large number of competitors that are similar in size, consumer offerings, market and growth. Threat of potential entry The threat of is the weakest force. Even if a new music recording company enters the market, its very difficult to reach the levels of the existing company. In the music industry there are millions of music record firms globally but still the top four remain unbeatable. Bargaining power of suppliers The power of suppliers depends on the popularity of artists. Sony specializes on already famous artists, therefore is difficult to compete, except the other three big organizations. Bargaining power of Buyers * In August 2005 Sony Music was accounted as 32.8% out of 71.7% of retail music sales. (http://en.wikipedia.org/wiki/Music_industry) * Due to economic crisis, people have difficulties on buying CDs Threat of substitutes People prefer listening songs through Internet (YouTube), on radio, on TV channels and other rather than buying the CD. Internet has become a substitute of CD records, through piracy and downloads. This is very an important matter in music record industry, even if they try to fight it, there will always be this competition. SWOT Strengths The second biggest major music company Globally known and recognized A portfolio of successful artists An organized and clear website Channels of distribution: radio, TV, Internet, music record shops Weaknesses Global music piracy (its the biggest issue that worries all music record companies) Opportunities Future successful CD releases with existing artists Releasing MP3 songs Threats The music pirates will drive music record companies to a decrease of their sales Nowadays, music is fashion-obsessed. A wrong selection of an album release may result badly to the company Physical sales are decreasing due to digital music. People are more attracted to download a song rather than buy the whole album. The music record industry has lost  £180m last year in UK. The 95% of music on the Internet is downloaded illegally. (IFPI) Conclusion According to statistics, Sony Music Entertainment is one of the most successful companies in the music record industry. Despite the music piracy that arises in the present time, Sony Music strives to handle this matter legally and commercially by persuading the people especially young to stop and avoid piracy. This is a big threat to the music record industry and it has to be dealt with strategic manner. Companies such as iTunes (Apple) have reduced music piracy, since in order to download a song it has to be bought first. In order to stop this crime, so that the music record companies can function properly and get back on their feet with their sales increasing, some services (Kazaa, Limewire, Bearshare) has to be shut down. The 45% of users of such services has dropped after all US and international legal actions have taken place. References 1. Music Industry [online]. Wikipedia. Last accessed on 10 December 2009 at: http://en.wikipedia.org/wiki/Music_industry 2. EMI SWOT, Music Piracy [online]. Bridgewell. Last accessed on 12 December 2009 at: http://miranda.hemscott.com/ir/sgp/pdf/INI_Music_downloading_September_6th_2004.pdf 3. Sony Music Entertainment [online]. Wikipedia. Last accessed on 12 December 2009 at: http://en.wikipedia.org/wiki/Sony_Music_Entertainment 4. Facts and Figures [online]. Sony Music. Last accessed on 13 December 2009 at: http://www.sonymusic.com/ 5. CCM Music Recording Company [online]. Last accessed on 11 December 2009 at: http://www.personal-writer.com/sample/marketing-essay/ccm-music-recording-company-step-analysis-swot-analysis-five-forces 6. ITunes claims to be stopping teen music piracy [online]. Gadgetell. Last accessed on 12 December 2009 at: http://www.gadgetell.com/tech/comment/itunes-claims-to-be-stopping-teen-music-piracy/ 7. Internet Piracy: The facts [online]. International Federation of the Phonographic Industry (IFPI). Last accessed on 12 December 2009 at: http://www.ifpi.org/content/section_news/20050412c.html 8. Online Piracy [online] Guardian. Last accessed on 11 December 2009 at: http://www.guardian.co.uk/music/2009/jan/17/music-piracy

Examining Intergroup Relations from different angles

Examining Intergroup Relations from different angles Intergroup relations started to take form in understanding individual characteristics from the beginning of the twentieth century. The theory of intergroup relations for individual, group, intergroup, and organizational relations defines boundaries, power, cognition, and leadership behaviors. Intergroup relations can be examined from so many different angles. There is even a wide variety of areas of study that have theories into a multitude of issues concerning intergroup relations. However, with the array of research into intergroup relations, narrowing down the topic of research to social psychology, and studying the characteristic, and behavior will be sufficient enough to have a wide range of understanding into group and individual behavior. Certain perceptions can be developed toward a group member or members  involving negative or positive intergroup relations, such as: social categorization, stereotypes, intergroup bias, motivations, prejudices, and the functional relationsh ip process within a group. INTRODUCTION TO INTERGROUP RELATIONS What is the meaning behind intergroup relations? Why is it so widely studied in social psychology? These are questions that are asked when analyzing the meaning of intergroup relations. To better understand intergroup relations you first have to dive into where it all began and how the term was discovered. In the 1960s and 1970s social psychologists began studying individuals and social interaction. The study of group dynamics proved to be unsuccessful and expensive, so they decided to research the dynamic on a smaller scale by breaking down individuals rather than placing them in larger social structures for their research. However, this setting failed and the setting became inaccurate. As time went on though, investigation of group dynamics was not a dead topic. The research into intergroup relations was yet again opened up for study in the 1980s and 1990s, but this time investigation into human behavior in a group setting (Johnson Johnson, 2009). The numbers of issues found were: cooperation, conflict resolution, distributive justice, intergroup relations, and cross cultural interactions. This was a major step in research for group and individual behavior among a group setting. It was then a doorway to other fields for research that ultimately became one of the most dominated areas of study on group dynamics. Intergroup relations in simpler terms can be described as feelings, evaluations, beliefs and behaviors that groups and members may have toward one another. It can have both positive and negative impacts among those individuals that are among the group or outside their group. The psychological process that is associated with intergroup relations among many is social categorization. This can be described as the personalities, motivations of group members, observations, and the practical relationship between groups and those outside groups. SOCIAL CATEGORIZATION Social Categorization is a fundamental part of intergroup relations. It involves identifying people that are within your group and those that our outside of your group members. The theory behind social categorization arises from the earlier work of Tajfel of social identity theory. By evaluating an individuals self-image for which they perceive him or herself; these aspects can also contribute positively or negatively as well when defining their group identity with we or us as one would with me or I. Social categorization is social perception that involves relating to those within your group and discriminating against those that are not in your group. This can cause conflict when one relates with their individual self image to their own group and then having to work with others that are outside of your group members. When relating yourself characteristic and building a trusting relationship with those within your group, members tend to view others more negatively when others from the outside are brought into your group; even if those from the outside have similar characteristics of your own. Once group membership has been established people distinguish individuals who are members as the in-group and those who are members of other group as the out-group (Dovidio, April 21, 1990). When intergroup boundaries between out-group and in-group have been pronounced people tend to discriminate against the out-group than those in their in-group. People then attribute more strongly to their in-group, and then in turn favor and contribute more toward their group. This is because ones self-esteem is more enhanced in their own group than in different group memberships. When different groups are not interdependent and group memberships are thrown together; intergroup biases are produced. INTERGROUP BIAS Intergroup bias generally defines the members (the in-group) to be more favorable to their own group than to the non-members (the out-group). Bias can cause such behavior such as: discrimination, stereo-typing, and prejudice. This essentially means that trust is turned over to the in-group and not given to the out-group. Individuals tend to give more to their own group than relinquishing those rewards to members of other groups. When social identity is developed among members in a group, it is hard for those members to be able to reach out and identify with outside group members. Once a trust line has been established it is difficult to create non derogation towards the out-group (Dovidio, April 21, 1990). In order to decrease intergroup bias is to make group members aware of the consequences that surround this behavior. Or by placing groups with other groups on more of a daily basis in order to establish less competition and less trust issues among others. By taking out the element that can cause intergroup bias can help those participating in a group environment to see that each member, whether in their group or others, are key factors to being successful. Being able to observe others culture, style and individual character without discriminating from the beginning will help each member find balance in their group and others they become involved in. No one group is better than the other. Each has separate tools that can make the ease of intergroup relations work victoriously. GROUP CULTURE When evaluating group dynamics in intergroup relations one benefit, as stated, is the culture and style that each individual will bring such as: the history and common ancestry, as well as cultural characteristics. But when viewing culture as it relates to intergroup bias, groups that are involved in intercultural encounters tend to run into conflicts due to sociocultural adaptation. The more different the languages, family structures, religion, standard of living and values of the two groups, the more cultural distance there will be between these groups. With these cultural characteristics and cultural distance that is placed in groups it can have a tendency to take shape as ethnocentrism where one ethnic group views their culture as better than another. When ethnocentrism is present we measure our culture based on others of different ethnicity. This is derived from the cultural conditioning that each individual has encountered as children. Children are typically raised to fit into particular cultures and sometimes when individuals are conditioned we see others ethnic background in a more negative light than positive (Messick Mackie, 1989). Groups tend to place distance between those that are of different in cultural background because they perceive them with dissimilarity to their own culture. Sometimes, it is difficult for groups to adapt to those with greater cultural dissimilarities. It is important for those placed in groups to be able to learn more about each individuals own interaction styles, and be able to set structure within those group to have a higher success rate in their groups. When structuring a groups interaction styles and applying everyones cultural differences; you can take those differences and use them to benefit a higher success rate. Being able to learn and understand others cultural beliefs and backgrounds can truly add benefit to each group established (Spielberger, 2004). GROUP BEHAVIOR AND MEMBERSHIP A group is a social system that involves interaction among members and a common group identity. When discussing group dynamics and how it correlates with intergroup relations, evaluating the conflicts, social categorization, and cultural differences; it is also important to evaluate the fundamental behaviors of group processes as a whole. Groups have a sense of we-ness that helps them to identify themselves as belonging to a certain entity. A group is an important part of sociological concept since it plays such a complex part in everyday life. Group membership is part of an individuals social identity. It is a key element of social control over individuals social pressures towards having to conform. Especially when they can deviate risking their membership as a result of that risk. However, social consequences help establish an important understanding of social life as a whole. We live in a very physical and cognitive world and when discussing group membership and the social pressures, understanding the social influence and group behavior in group memberships is one of the most important keys to everyday life (Messick Mackie, 1989). There are several types of group environments that we encounter in a life time; from sports, school, work, family and peers. Every type of group contact comes with social influence and behaviors from each individual involved in the group setting. Individuals affect one another in several different ways depending on their experiences. Experiences that each individual has encountered in their lifetime; is the key tool in intergroup relations. It is what makes group behavior an important asset when discussing the theory behind intergroup contact and how they all in the end relate to one another. Ultimately, the individuals experiences, needs, social influences and relationships are what make up how individuals approach group membership. SUMMARY Intergroup relations are essentially determined by how people relate to one another as well as how they categorize others. Perceptions is what shapes individuals personal needs and values, and by the behavior between groups. This process intermingles and works in sync with each other. With this categorization of people in groups it can sometimes cause the intergroup bias and conflict among the group members or members outside of the group (Dovidio, April 21, 1990). However, with conflict and social categorization come goals to help implement positive group membership. Different groups and culture can help organize and produce efforts to achieve a mutually desired outcome; as long as conditions and discipline is applied. Being able to work together and understand everyones individual needs and goals will help establish a positive intergroup dynamic. Certain perceptions are developed toward a group member or members that are  involved in a negative or positive intergroup relation. Social categorization, stereotypes, intergroup bias, motivations, prejudices, and the functional relationship process within a group. These basic processes are the fundamental interpretations of intergroup relations and the dynamics that in turn produce a group membership that can successfully be achieved with hard work, understanding and the basic desires to work as a group and overcome the biasness that can take place.

Social Work Essay -- Papers

Social Work Social work is located within some of the most complex problems and perplexing areas of human experience, and for this reason, social work is, and has to be, a highly skilled activity.† (Trevithick, 2000,p.1) Explain the meaning of this statement, and consider whether it is an adequate definition of the nature of social work. The aim of this assignment is to discuss the interpretation of the statement given above, to analyse this definition and compare it to others that are available and to conclude by discussing whether this is an adequate definition in relation to the nature of social work. In order to fully discuss the statement given by Trevithick it is important to be aware of the history of social work and to observe the changes that have occurred over the centuries. Social work was developed in the late 19th century with the implementation of the Poor Law Report; this led to the Poor Law Amendment Act of 1934. Prior to this date, Charitable Organisations looked after people who were unable to care for themselves, in partnership with the Christian church. It is questionable whether these organisations offered help and support to people in need, or whether they just hid away societies most vulnerable people to take the problem away from the public eye. In a similar way to the 19th century, social work in the 21st century offers support and guidance to vulnerable people. Whereas, the methods used have been developed and improved upon to ensure that the service user is receiving as high a quality of service as poss... ...rs†. Because social work covers such a diverse range of the population and uses such a wide variety of methods this will make it problematic to construct a brief definition that covers all areas involved, as it also has to portray the complexity that is involved with the profession on a day to day basis. This may be why there is such a diverse range of definitions available in relation to the nature of social work. Social work is a profession that changes constantly because there is a great deal of continuous learning involved. Ideas and perspectives change all the time and although the implementation of the new degree will ensure that all social workers deliver a service to as high a standard as possible this is only achievable because of the change in standards put in place by the General Social Care Council.

Ancient Greece Essay -- Ancient Greece Essays

Ancient Greece GEOGRAPHICAL LOCATION The Ancient Greek civilization was located on today’s Greek land, Ionian Islands, Asia Minor, South Italy, and Sicily. It is surrounded by mountains and in the north by water. The Ionian and the Aegean seas, together with natural islands and bays, gave the Greeks the opportunety to develop their maritime commerce and their rich culture. The mountains, which surrounded Greece, gave us the picture of its political character. From early times, the Greeks lived in independet settlements, and they were isolated from one another. Later, this settelments grew up into â€Å"poles† or city-states. The Mediteranien Sea moderates Greeks climate  ­ cooling air in summer and warmth in winter period. Summers are generaly hot and dry, and winters are mild and rainy in costal regions. In mountain region winters are stronger. GREEK’S HISTORY The Greek civilization has made great contributions in many areas to western society. Greeks scientists made revolutionary discoveries in medicine, mathematics, physics and astronomy. They also developed the expression of individuality. Those are only some reasons why the Greek civilization was and still is one of the most important civilizations in the world. TIME PERIODS 1. PROTOGEOMETRIC STYLE (1100-900 BC) The protogeometric period is time of economic and cultural depression. The depths of this depression occurred from circa 1100 to 1050 BC. This period is also known as the Sub  ­ Mycenean period on the Greek mainland, and Minoan period on the island of Crete. Contribution made by the Minoan and Mycenean Empire to the creation of the Greek civilization, helped them to develop their own Empire. The use of iron and the cremation of the dead became the greatest progress in Greek civilization. The urns for the ashes are among the most characteristic vessels of that period. 2. THE GEOMETRIC PERIOD (900-700 BC) This period, the Geometric period, is well known by many transformations and startling innovation in Greek architecture and sculpture. The population has increased, and people have moved from the isolated settlements to the city  ­ states. The Greeks also moved to the new teritories to the east, and to the west. In that, new-concured teritories, the Greeks founded commercial trading posts and colonies. Also in this period, new script was adopted  ­ the Semtic alpha... ... of workers, usually slaves or free people who were very poor. Those activities required a broad range of skills - the stone, clay and metal trades, sculptures, potters, painters; the clothing industry; the leather trade, tanners and cobblers; construction, stone cutters, carpenters; maritime transport, ship building, food production and many others. RELIGION The ancient Greeks were very religious people. They were poligamics, and they believed that a certain god shows up in a human form. In the Greek art, especially on the vases, many scenes with gods were illustrated. For people of the ancient Grrek, many gods usually had the affair with the usual man. This is even written in some myths, and the result of that event was that many demi-gods appeared. Sarcifices were the gifts for their gods. There were two types of sarcifices  ­ the bloodless (roots, cereal grains, fruits, cheese), and blood-offerings (animals, birds and fish). The Greeks housed their gods in temples, which were often enclosed by the walls. In the inside of the temples, big statues of their gods were exposed. When the ceremony took place, those statues were even bathed, clothed and symbolicayy fed. Ancient Greece Essay -- Ancient Greece Essays Ancient Greece GEOGRAPHICAL LOCATION The Ancient Greek civilization was located on today’s Greek land, Ionian Islands, Asia Minor, South Italy, and Sicily. It is surrounded by mountains and in the north by water. The Ionian and the Aegean seas, together with natural islands and bays, gave the Greeks the opportunety to develop their maritime commerce and their rich culture. The mountains, which surrounded Greece, gave us the picture of its political character. From early times, the Greeks lived in independet settlements, and they were isolated from one another. Later, this settelments grew up into â€Å"poles† or city-states. The Mediteranien Sea moderates Greeks climate  ­ cooling air in summer and warmth in winter period. Summers are generaly hot and dry, and winters are mild and rainy in costal regions. In mountain region winters are stronger. GREEK’S HISTORY The Greek civilization has made great contributions in many areas to western society. Greeks scientists made revolutionary discoveries in medicine, mathematics, physics and astronomy. They also developed the expression of individuality. Those are only some reasons why the Greek civilization was and still is one of the most important civilizations in the world. TIME PERIODS 1. PROTOGEOMETRIC STYLE (1100-900 BC) The protogeometric period is time of economic and cultural depression. The depths of this depression occurred from circa 1100 to 1050 BC. This period is also known as the Sub  ­ Mycenean period on the Greek mainland, and Minoan period on the island of Crete. Contribution made by the Minoan and Mycenean Empire to the creation of the Greek civilization, helped them to develop their own Empire. The use of iron and the cremation of the dead became the greatest progress in Greek civilization. The urns for the ashes are among the most characteristic vessels of that period. 2. THE GEOMETRIC PERIOD (900-700 BC) This period, the Geometric period, is well known by many transformations and startling innovation in Greek architecture and sculpture. The population has increased, and people have moved from the isolated settlements to the city  ­ states. The Greeks also moved to the new teritories to the east, and to the west. In that, new-concured teritories, the Greeks founded commercial trading posts and colonies. Also in this period, new script was adopted  ­ the Semtic alpha... ... of workers, usually slaves or free people who were very poor. Those activities required a broad range of skills - the stone, clay and metal trades, sculptures, potters, painters; the clothing industry; the leather trade, tanners and cobblers; construction, stone cutters, carpenters; maritime transport, ship building, food production and many others. RELIGION The ancient Greeks were very religious people. They were poligamics, and they believed that a certain god shows up in a human form. In the Greek art, especially on the vases, many scenes with gods were illustrated. For people of the ancient Grrek, many gods usually had the affair with the usual man. This is even written in some myths, and the result of that event was that many demi-gods appeared. Sarcifices were the gifts for their gods. There were two types of sarcifices  ­ the bloodless (roots, cereal grains, fruits, cheese), and blood-offerings (animals, birds and fish). The Greeks housed their gods in temples, which were often enclosed by the walls. In the inside of the temples, big statues of their gods were exposed. When the ceremony took place, those statues were even bathed, clothed and symbolicayy fed.

Valuing Wal-Mart

Assessment of Wal-Mart valuation using different methods To test the assumption of a discount rate of 7% as given in the outline of the case, we calculated the required rate of return for the Wal-Mart stock using CAPM . Using rWalMart = Rf + ? WalMart [E(RM) – RF], we find the required rate of return to be 7. 01% and in line with the information given in the case outline. Perpetual dividend growth model: The standard method of calculating a stock price using the perpetual dividend growth model is done by assessing a company’s dividend one year into the future adding the future expected growth rate.The Cardiovascular SystemThe formula is written as: P0 = D1/(Ke ? g), where Ke is the investor required return, D1 is next year’s dividend and g is the expected growth rate of the dividend. The standard method can however be rearranged if the company analyzed is consider in â€Å"steady state†. A steady state implies that the annual return on equity equals the co st of equity capital providing the rational that the dividend payout ratio is the sole determinant of the dividend growth. It requires some complexity to determine if a company has reached steady state.To investigate and analyze if Wal-Mart is in steady state, we would employ the following definition: Steady state value = free cash flow / discount rate . After careful consideration we have reached the conclusion that we find it fair and realistic to label Wal-Mart as such. This is further underlined by the maturity and stable performance of the company, which is illustrated in the stable revenue growth (exhibit 1), stable financial market stock data and relative stable dividend distribution (exhibit 3).Further, we are comfortable using the simplified steady state formula given the foreseeable forecasting period as we are only forecasting the stock price a few years in the future and not conduction long-term multiyear forecasting where the underlying assumptions of the model and the competitive landscape can dramatically change. We find evidence that the forecast period is essential in the selection of method in the INSEAD article â€Å"Selecting an accounting-based Valuation Model† of May 2011. If we were to forecast long-term price levels, we would opt for the conventional formula of P0 = D1/(Ke-g).Given the steady state nature of Wal-Mart we use the adjusted dividend growth model of: P0 = (E1 ? p)/ (Ke ? g), where g = (1-p)*Ke and where E1 is the earnings 1 year into the future and p is the payout ratio or the percentage of earnings paid in dividends. Using this method, P0 = (E1 ? p)/ (Ke – ((1-p)* Ke)), we estimate the stock price to be $58. 56 . For reference and to provide validation to our estimates, we have in addition estimated the stock price using the conventional dividend discount model of P0= (D1/(Ke-g). Using the conventional model we estimate the stock price to be $59. 8. We conclude that the estimated price of the stock is higher t han the current market price of $53. 48 , which means we believe there is unrealized intrinsic value, hence the stock is undervalued and should we be analyzing the stock on this basis only, our recommendation would therefore be buy. Forecasted Dividend for the next 3 years plus future sale of the stock: Instead of valuing the stock with infinite dividend approach, we use a set number of years (3) plus we included the value of selling the stock after the set number of years.The selling of the stock is represented in the model as a terminal value. The terminal value is the value of the company’s expected cash-flow beyond the forecast period. We estimate the terminal value by using the perpetuity method mentioned above and be employing the formula of Terminal Value (TV) = FCFt+1 / WACC . We used the approximation that WACC equals the required rate of return as found using CAPM (7. 01%, appendix 1). This also corresponds with the given discount rate of 7%.As we are asked to find to price by forecasting dividends for the next three years plus the selling of the stock after year three, we have extrapolate our findings from the perpetuity method using the earnings per share with the given earnings per share growth and the required rate of return. By calculating the dividend per share until D=3 and employing: P0 = D1/(1+Ke)^1 + D2/(1+Ke)^2 + D3/(1+Ke)^3+TV/(1+Ke)^3, where TV is the terminal value we calculate the present day intrinsic value of the Wal-Mart stock to be $62. 15 hence the market value is consider low compared to our forecasted value.This method replicates the basic foundation of the Discount Cash flow Model (DCF), which in our opinion is the preferred method in valuation studies. Three-Stage Approach: There are no questions about this approach in the outline of the assignment, so the following comments should be considered â€Å"back of an envelope† considerations. In general the three-stage approach allows us to add complexity to the stand ard dividend discount models by enabling changing growth scenarios throughout the forecasting period: an initial period of higher than normal growth, a transition/consolidation period of declining growth and final a period of stable growth.The main assumptions are that the company on which we conduct the calculation study currently is in extraordinary strong growth phase. The time period with the extraordinary strong growth must be strictly defined and eventually be replaced with the declining growth assumption. Lastly, Capital Expenditures and Depreciation are expected to grow at the same rate as revenues. . Analyzing exhibit 4 we see a theoretical stock price of $120. 37. Using the excel template and by entering the calculated discount rate and the data given in the case, we find the theoretic value to be $95. 68.We recognize the calculated theoretical value is considerable higher than the market value of the Wal-Mart stock, which could provide a strong indication for investing. H owever, we also recognize the weakness of the three-stage model thus we are careful to draw too decisive conclusion. We are especially concerned about the sensitivity and impact on the end theoretical price when making just marginal changes in the input factor. Valuation models in general are sensitive to the input factors, but we believe the extra complexity in the three-stage model amplifies even small forecast errors.We understand that the three-stage model can be very useful for companies approaching the transition phase between growth phase and consolidation, but Wal-Mart does in our opinion not fulfill this characteristic. Thus, leading us to conclude the three-stage model isn’t particularly applicable to valuation studies of Wal-Mart. Price/Earnings multiple approach: The debate on whether to use trailing or projected price/earnings multiple is ongoing. We have found evidence in literature that there is no clear preference on which method to use as both have advantages and disadvantages .We have no strong view or preference generally speaking, but in the case of Wal-Mart we believe there is a case for use trialing data rather than projected data. For reference we have calculated both using P0 = EPS * P/E . We see the range of estimates is very wide, which is due to the sensitivity of the input factors i. e. even small changes in the P/E-data will have significant influence on the estimated value at P0. We prefer to use the P/E multiple to assess how Wal-Mart is perceived and valuated against peers. In addition we use S&P500 as reference index and benchmark.Using the data in exhibit 6, we have identified Wal-mart, Target, The Gap and Costco to be peers. We have concluded this after examining key financial data of all the companies provided in the exhibit. We realize that Wal-Mart is not directly comparable with the peers mentioned given the much larger market capitalization and turn-over, but knowing this a comparability study still adds value in our opinion. Detailed data of the comparison is brought in appendix 5. Looking at the graphical representation we see a clear trend in the peer group of declining P/E-ratios.The trend is confirmed by further lower P/E-projections for the coming year. We are not overly concerned with the declining P/E ratios as it seems to be an industry wide trend and not isolated to Wal-Mart. Hence when assessing relative attractiveness of the grocery industry players, we do not see Wal-Mart having worse financial performance than the peers. As argued in the beginning of this paper in the section when discussing the steady state phase of Wal-Mart, we believe we can make a rough estimation of whether the P/E-ratio reflects a fair value of the stock or not. The method e employ is a rewritten method of the DDM. By arguing steady state we can also defend arguing Wal-Mart to be a zero growth company by assuming the company pays out all of its earnings in dividends. As we know from the data provided, thi s is not entirely reflecting the real scenario, however we still believe it adds value to the overall assessment of the value of the Wal-Mart stock. The rule of thumb argues that the P/E-ratio using the zero growth company assumption is fair when it equals the 1/r, where r is the discount rate meaning when Projected P/E = 1/r the P/E ratio is fair and reflects a fair value of the company.Based on the research in this section we have found no red flags in the financial performance or when analyzing with peers. The historical P/E-ratio of Wal-Mart has been higher than the industry average so the decline over the time period can at first glance look dramatic. However, we believe the declining P/E-ratio is an industry wide tendency and not isolated to Wal-Mart. Further, given the strong P/E-growth in the early part of the data sample the Wal-Mart P/E-ratio is also subject to a strong base effect.When applying the zero growth company fair value estimates, we see the projections made by t he analysts are lower than the 1/r which we for this purpose consider a fair P/E, which can be seen as a supportive factor for the overall valuation of the Wal-Mart stock. Conclusion and recommendation: As indicated in the text above we have the most confidence in the first two methods in the paper. Taking a simple average of our findings we estimate the Wal-Mart stock price – or fair value – to be $60. 16 (58. 56; 59. 78; 62. 5), which is higher than the current stock price of $53. 48 hence we believe the Wal-Mart stock is $6. 68 or 12. 49% undervalued. Further, we find our estimates to be in line with the general analyst consensus target price of $60. 50. Given our findings and research we will recommend Gupta to buy the Wal-Mart stock. However, we recommend Gupta to employ a margin of safety. We recognize that our calculated price estimates have considerable projection risk given the future value is calculated based on estimates.It is out of scope for this paper to evaluate the quality of the projections and forecasts, so we recommend Gupta to be conservative in communicating the price target. We suggest communicating the buy recommendation with an initial price target of $57. 75, which is +8% from the current market price. When the $57. 75 price is achieved we recommend running the models again to get validation on the $60. 16 price target. We recommend this step-by-step approach as margin of safety for projection inaccuracies. Given the time and year of the research done, we find further evidence that employing a margin of safety is a solid strategy.This is especially due to the distressed situation of the financial markets after the collapse of the financial system starting in 2008. Given the unusual market situation any investments in stock or other financial instruments are subject to considerable risk from external factors, hereunder risk appetite, liquidity and macroeconomic developments, which currently are not properly factored in our price estimates. However, we are encouraged to invest in Wal-Mart given the defensive characteristics of the stock compared to the S&P500 benchmark given ?

Good vs evil in Shakespeare’s Macbeth Essay

The play ‘Macbeth’ is a very tragic one. It is about the downfall of a hero who is led by temptation to mass murder and cruelty. Shakespeare uses various styles and techniques to display very evidently how Macbeth’s character develops as the story progresses, and thus we see how Macbeth turns from good to evil, from a â€Å"valiant cousin† and â€Å"worthy gentleman† to a â€Å"bloody butcher.† The play tells the story of how a noble warrior, Macbeth, descends into evil after meeting with three witches – supernatural beings who prophesy Macbeth’s destiny. He is told he will become King of Scotland, and this idea of gaining power leads him to murder the king, take his throne and then continue his ‘murder spree’ on seemingly whoever he feels like. Eventually Macbeth is slain and order is restored in Scotland. From the very start we have progressively come to abhor Macbeth, however, we cannot help but feel a certain admiration for him. But much more we have a sense of irony and waste: irony because some sterling qualities have been put to such evil use, waste because Macbeth was a potentially great man who was lost. . Macbeth is a play concerned wholly with the battle between good and evil – throughout the play we continually see signs of a supernatural struggle between the two, with evil ‘winning’ over good when Macbeth murders the king, but then good finally defeating evil when Macbeth is slain. In fact, in the very opening scene we see signs of supernatural happenings and evil – the witches: â€Å"Fair is foul and foul is fair; Hover through the fog and filthy air† Here we see that, to the witches, what is evil is good (â€Å"foul is fair†) and what is good they find repulsive (â€Å"fair is foul†). This seems to be their attitude to life, but it could also be a warning to the audience that things to follow are not what they might seem. The first we hear of Macbeth is with praises to his name. He is called ‘brave Macbeth’, ‘valiant cousin’ and ‘worthy gentleman,’ fighting a war for God, king and country. â€Å"For brave Macbeth – well he deserves that name – Disdaining fortune, with his brandished steel, Which smoked with bloody execution†¦Ã¢â‚¬  However, it is in scene III that good and evil collide, when Macbeth meets with the witches. Some say that this is the beginning of Macbeth’s downfall, as in his first  soliloquy he has already thought of the idea of murdering his king. This small seed planted in his mind will soon sprout and he will indeed commit treason. Already, the audience loses their adoration for Macbeth as we see his mental frailty and evil intention. The question at hand is what Macbeth should do; is he determined on evil intent or is divine intervention the answer? He contemplates this, and decides that it is not worthwhile to throw everything away for one guilty conscience, instead the solution is murder. We are soon introduced to Lady Macbeth, and it becomes clear that she is the ambition, the ‘driving force’, behind her husband. To Lady Macbeth, her husband is brave, loving, ambitious yet he is too noble to fulfil the third prophesy. Lady Macbeth then calls upon evil spirits to make her ruthless so she can kill Duncan. â€Å"Come you spirits, That tend on mortal thoughts, unsex me here, And fill me from the crown to the top toe-full Of direst cruelty; make thick my blood.† After reading the letter, she already has a plan brewing. However, she fears Macbeth’s nature. ‘yet I do fear thy nature, it is too full o’th’milk of human kindness’, ‘Thou wouldst be great, Art not without ambition, but without the illness should attend it’, ‘What thou wouldst highly, that wouldst thou holily; wouldst not play false, And yet wouldst wrongly win.’ The planning of the murder of Duncan is one of the most important sections of this tragedy. Here we see a conflict in Macbeth’s character, one side wants him to commit the murder, while the other wants to let fate take its course. In a way it is due to his wife that Macbeth is finally persuaded into committing treason. This shows one of the flaws in his character, which Shakespeare exposes. A while after Macbeth has certain misgivings about the affair. In his mind he argues out the advantages and disadvantages. The good side of him says that ‘he’s here in double trust’ ‘I am his kinsman and subject’, ‘as his host who should against his murderers shut the door, not bear the knife myself.’ The more cunning party says that ‘ his virtues will plead like angels trumpet-tongued against the deep-damnation of his taking off’, ‘but only vaulting ambition, which o’erleaps itself and falls on the other’,’twere  well it were done quickly’, ‘but this blow might be and the end all here’, ‘bloody instructions, which being taught, return to plague th’ inventor.’ Yet he cannot maintain this spark of morality as, under the influence of his wife he commits treachery. After the murder Macbeth experienced remorse, guilt and regret, still revealing his nobility. â€Å"I am afraid to think what I have done† he says. He is troubled by his conscience, he realizes that he is cut off from heaven. He is in fact so hampered in his actions by the conflict between his knowledge that he has committed the crime and his abhorrence of it, that he becomes immobile. Macbeth’s evil is so great that he cannot even say amen to his prayer â€Å",I could not say amen.† By now he realizes he is too deep into his acts of violence to turn back. Macbeth has confused the values of good and evil. That is, he has confused fair and foul, which confusion has all along been the devil’s aim. Macbeth has completely committed himself to evil. Macbeth still thinks of himself as a man, and as such would rather die than suffer the indignity of being ‘baited with the rabble’s curse.’ This feeling in him reminds us of the worthy Macbeth at the beginning of the play. We also see that he still has the courage to act on his convictions, desperate though that courage may be. For he knows now that he must die. He fights as a man. Macduff and Macbeth fight which signifies the ever on-going battle between good and evil. Eventually Macbeth is slain and the evil has been stopped in Scotland – good has triumphed, as Malcom is crowned the new King.