Financial Management Midland Energy Resources Finance Essay

Financial Management Midland Energy Resources Finance Essay In the Midland Energy Resources case study we see that it has its operations divided amongst three separate divisions. All these three divisions have different functions and need a separate discount rate to evaluate its projects. Midland uses its cost of capital for many different ways. In order to discount Midlands cash flows we use the weighted average cost of capital. Here the cost of debt is easier to calculate by taking the bond yield plus risk premium approach. The Capital Asset Pricing Model is used to calculate the cost of equity. In case of CAPM, the calculation of beta requires significant judgment. We use the industry data to calculate the beta. Solution 1 Mortensens estimates are used for the following In case of asset appraisals for capital budgeting and financial accounting In case of MA proposals In case of assessment of performances In case of stock repurchase decisions at different divisions and business unit levels. Solution 2 Calculating rD In this case Mortensen computed the cost of debt for each of the three divisions by adding a premium over the US treasury securities of a similar maturity. In order to find rD, we do not use CAPM but we use the interest rate that we are currently paying on the new loans. Here we see that the consolidated spread to treasury is given as 1.62% Thus, rD = 30 year yields to U.S Treasury bonds + Overall Consolidated Spread to Treasury rD = 4.98% + 1.62% rD = 6.60% Calculating the Tax rate The tax rate is calculated on the basis on the Exhibit 1 as average over the years 2004, 2005 and 2006. Therefore the tax rate come out to be (Midlands Income Taxes / Midlands Income Before Taxes and the Average across 2004, 2005, 2006)= 39% Calculating EMRP Based on the exhibit in this case, we see that the traditional data showed is approximately 6.0% EMRP and the surveys show lower EMRP (2.5% to 4.7%) based on a research over the industry with the help from outsiders who have broader industry knowledge, which would result in a better and up-to-date EMRP. Researches in consultation with its professional advisors, bankers and investors, as well as Wall Street analysts covering the industry agreed on the current estimate of 5.0%. As the analysts on the industry, bankers and investors have broader information from different companies and executives, it can be concluded that the approach of outside consulting and the result of 5.0% estimate is appropriate. Â  Calculating rE Here we use 5.0% as its Equity Market Risk Premium. The corporate ÃŽÂ ² is publicly available, and as it represents corporate level ÃŽÂ ², well use 1.25 as it is for Overall Corporate WACC calculation. rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.25 (5%) = 11.23% Calculating WACC Given + Calculated information: rE 11.23%, rD 6.60%, tax rate 39%, D/E 59.3%, E= 100units, D =59.3units, V=159.3units, E/V= 0.62774639, D/V=0.37225361 Using the formula we get, WACC =rE(E/V) + rD(D/V) (1-t)= 8.548% Solution 3 The company here, Midland, is a large enterprise and has diverse business units with different risks. In the case here we see that the Equity Beta represents the risk factor of those divisions. (Exhibit 5). We also see here that the risk profiles and different here as per the division and the hurdle rates for those divisions should also be different and calculated based on the ÃŽÂ ² of the division In this case Midland should not use single corporate hurdle rate as this will mislead evaluation of the investments, and will result on Midland invest on risky projects and will become risky a corporate by time But on the other hand if Midland invests on corporate level using the corporate level WACC. Solution 4 Calculating EP rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.15 (5%) = 10.73% rD = rf + EP Spread to Treasury rD = 4.98% + 1.60% = 6.58% rE =10.73% rD =6.58% tax rate= 39% D/E= 39.8% E=100units D=39.8units V=139.8units E/V =0.715308 D/V= 0.284692 WACC for EP= 8.818% Calculating RM rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.20 (5%) = 10.98% rD = rf + RM Spread to Treasury rD = 4.98% + 1.80% = 6.78% rE= 10.98% rD= 6.78% Tax rate= 39% D/E= 20.3% E= 100units D= 20.3units V= 120.3units E/V =0.831255 D/V= 0.168745 The value of WACC = 9.825% The business units all these industries of Midland operate on are different and thus they have different risk profiles and ÃŽÂ ²s and also different credit ratings. Also as a result the EP and RM have different WACC values. Solution 5 In order to calculate the cost of capital in case of Petrochemical, we would search for the couple of companies which focus only on Petrochemical industry and then use their fact sheet in order to get an average on their ÃŽÂ ² and D/E ratio. By taking into account the data available to us (exhibit 5) and using the arithmetic averages on D/E ratio and ÃŽÂ ² we can calculate cost of capital for Petrochemical division. Corporate ÃŽÂ ² = Average (EP ÃŽÂ ², RM ÃŽÂ ², Petrochemical ÃŽÂ ²) 1.25 = Average (1.15, 1.20, Petrochemical ÃŽÂ ²) Petrochemical ÃŽÂ ² = 1.40 rE = rf + ÃŽÂ ²(EMRP) rE = 4.98% + 1.40 (5%) = 11.98% rD = rf +Petrochemical Spread to Treasury rD = 4.98% + 1.35% = 6.33% Corporate D/E = Average ( EP D/E, RM D/E, Petrochemical D/E) 59.3% = Average (39.8%, 20.3%, Petrochemical D/E) Petrochemical D/E = 117.8% rE= 11.98% rD= 6.33% Tax rate= 39% D/E= 117.8% E= 100 units D= 117.8 units V= 217.8 units E/V= 0.459137 D/V= 0.540863 The value of WACC = 7.589%

Antioxidants and Skin Care Essay -- Dermatology Beauty Health Essays

Antioxidants and Skin Care Aging is a natural process of life. However, retailers today are publicizing that their products can reduce or even eliminate the signs of aging. Many cosmetic companies advertise age-defying makeup, which they claim will erase the wrinkles on the skin and produce a newer, fresher look. The most recent age-defying product on the market is antioxidants. Claiming that their products will diminish the signs of aging, companies sell volumes of antioxidants to consumers. Their claims offer the controversial questions: Can a drug stop the effects of aging? How many capsules does it take to eliminate facial wrinkles? Are these pills simply placebos? Outline Antioxidants and free radicals How Do Antioxidants Work? Claims about Antioxidant Products The Scientific Foundation of Antioxidants Antioxidants - The Real Hype What Should You Do? Advice for the Consumer References Antioxidants and Free Radicals What are Antioxidants? Antioxidants are chemicals that protect cells by neutralizing external forces (such as damage from the sun, pollution, wind, and temperature) and internal factors (for example, emotions, metabolism, and the presence of excess oxygen). Common antioxidants are Vitamins A, C, E, and beta carotene. These special chemicals assist in skin repair and the strengthening of blood vessels. Why do we need them? Antioxidants are necessary because they combat free radicals. Free radicals are byproducts that are formed when oxygen is used by the body (http://ificinfo.health.org/antidox.htm) . Free radicals start a chain reaction under the skin's surface, and outlined below is the process of destruction. They have an unpaired electron in their outer orbital... ...ll, B. (1994) Antioxidants in nutrition, health, and disease. 120- 124. Halliwell, B. (1996). Vitamin C: Antioxidant or Pro-oxidant in vivo? Free Radical Research, 25, 439-454. Mares-Perlman, J., Klein, R., Klein, B., Greger, J., Brady, W., Palta, M., Ritter, L. (1996). Association of zinc and antioxidant nutrients with age-related maculopathy. Archives of Ophthalmolgy, 114, 991-997. Rice - Evans, C., Burdon, R. (1994). Free radical damage and its control. 14-19. Shear, N., Malkiewicz, I., Klein, D., Koren, G., Randor, S., Neuman, M. (1995). Acetaminophen-induced toxicity to human epidermoid cell line A431 is diminished by silymarin. Skin Pharmacology, 8, 279-291. Takema, Y., Yorimoto, Y., Kawai, M., Imokawa, G. (1994). Age-related changes in the elastic properties and thickness of human facial skin. British Journal of Dermatology, 131, 641-648. Antioxidants and Skin Care Essay -- Dermatology Beauty Health Essays Antioxidants and Skin Care Aging is a natural process of life. However, retailers today are publicizing that their products can reduce or even eliminate the signs of aging. Many cosmetic companies advertise age-defying makeup, which they claim will erase the wrinkles on the skin and produce a newer, fresher look. The most recent age-defying product on the market is antioxidants. Claiming that their products will diminish the signs of aging, companies sell volumes of antioxidants to consumers. Their claims offer the controversial questions: Can a drug stop the effects of aging? How many capsules does it take to eliminate facial wrinkles? Are these pills simply placebos? Outline Antioxidants and free radicals How Do Antioxidants Work? Claims about Antioxidant Products The Scientific Foundation of Antioxidants Antioxidants - The Real Hype What Should You Do? Advice for the Consumer References Antioxidants and Free Radicals What are Antioxidants? Antioxidants are chemicals that protect cells by neutralizing external forces (such as damage from the sun, pollution, wind, and temperature) and internal factors (for example, emotions, metabolism, and the presence of excess oxygen). Common antioxidants are Vitamins A, C, E, and beta carotene. These special chemicals assist in skin repair and the strengthening of blood vessels. Why do we need them? Antioxidants are necessary because they combat free radicals. Free radicals are byproducts that are formed when oxygen is used by the body (http://ificinfo.health.org/antidox.htm) . Free radicals start a chain reaction under the skin's surface, and outlined below is the process of destruction. They have an unpaired electron in their outer orbital... ...ll, B. (1994) Antioxidants in nutrition, health, and disease. 120- 124. Halliwell, B. (1996). Vitamin C: Antioxidant or Pro-oxidant in vivo? Free Radical Research, 25, 439-454. Mares-Perlman, J., Klein, R., Klein, B., Greger, J., Brady, W., Palta, M., Ritter, L. (1996). Association of zinc and antioxidant nutrients with age-related maculopathy. Archives of Ophthalmolgy, 114, 991-997. Rice - Evans, C., Burdon, R. (1994). Free radical damage and its control. 14-19. Shear, N., Malkiewicz, I., Klein, D., Koren, G., Randor, S., Neuman, M. (1995). Acetaminophen-induced toxicity to human epidermoid cell line A431 is diminished by silymarin. Skin Pharmacology, 8, 279-291. Takema, Y., Yorimoto, Y., Kawai, M., Imokawa, G. (1994). Age-related changes in the elastic properties and thickness of human facial skin. British Journal of Dermatology, 131, 641-648.

Post Graduate Essay

In addition, the study group had encouraged her to illustrate her tentative answers with numerical illustrations using case data. Prior Knowledge Kim understood from the background readings assigned for her accounting course that Generally Accepted Accounting Principles (GAAP) defined liabilities as â€Å"Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events. † Kim also knew under International Financial Reporting Standards (IFRS) that liabilities were recognized on the balance sheet when â€Å"It is probable that an outflow of resources embodying economic benefits will result from the settlement of a present obligation and the amount at which the settlement will take place can be measured reliably. † Further, Kim understood from her readings that there was a special set of accounting rules covering contingent liability recognition and disclosure. Under GAAP, a contingency is an existing condition involving uncertainty as to possible gain or loss.

Use of Electronic Medical Records - 1800 Words

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Jean Piaget Essay - 1593 Words

Jean Piaget was a major contributor to the world of psychology and sociology that we know today. His works and discoveries still help sociologist determine and figure out ways people in society interact and develop throughout time. Piaget was born on August 9, 1896 and was raised in Neuchà ¢tel, Switzerland (Boeree n.d.). His family was very influential to his success. His father was a historian that authored many writings on the medieval times, and his mother was very intellectual and kind, however, she had a mental health problem that pushed Piaget to become interested in psychology (Presnell 1999). He became an enthused and determined scholar at a young age. Piaget’s early interests were of zoology (Jean Piaget n.d.). At age eleven, he†¦show more content†¦Piaget worked in a psychiatric lab in Zurich for a year where he studied the thoughts of Jung and Freud. Piaget also started teaching psychology in 1919 in Paris. This is where he started doing studies of intell igence testing with Simon-Benet Fame. Piaget felt that the â€Å"right-wrong† ways of intelligence testing was an unreliable source; instead he started interviewing school boys. He used psychiatric techniques to learn about adolescence reasoning (Boeree n.d.). Piaget researched in many places, such as, the Jean-Jacques Rousseau Institute of Geneva in 1921 where he studied the mental capabilities of an infant in the first two years of life. This is where he would write and publish his first works on children phycology. During this time he met his soon to be wife, Valentine Chatenay. After his success of his first five books, in 1925 Piaget started teaching psychology at Neuchatel University (Presnell 1999). During this time he would become a father of two daughters and a son. He would use them as observational studies as they grew up (Boeree n.d.). 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The Code Of Ethics And The Law Of The Public Health,...

Engineering is a vastly renowned and studied field, stemming from the rise of empires. This field has such a wide area of study that there is no one engineer in the same, all are professionals in their own field. In each one of these fields, there is a certain code of ethics that must be lived and maintained, by the engineer themselves. There are lists of the different ethics models, but to list a few: there is Rule-Based Utilitarianism, Duty Ethics, Rights Ethics, Virtue Ethics, and the NCEES ethical code. All of these individual codes clearly states, and sets guidelines for the engineers to follow and live by. These ethics set the standard and obligations that engineers and their partners have to their clients, society, and themselves. According to the National Society of Professional Engineers, â€Å" the services provided by engineers require honesty, impartiality, fairness, and equity, and must be dedicated to the protection of the public health, safety, and welfare† (NSPE, 2015). This means that engineers need to work towards providing all customers, including society as a whole, the best work and proficient product they possibly can. To ensure that each project they work on is working correctly, they must properly test and design said product, to shed light on any future issues they may encounter. Essentially, these different ethical codes help to ensure that the quality of work engineers output is up to par, and in the best interest of everyoneShow MoreRelatedThe Ethics Of A Civil Engineer795 Words   |  4 Pagesto the public as they should in any other places .so a person who can be swayed by political corruption and bribery, shouldn t be involved with any activates, Now if ASCE prepare to the r eport card, the ratings given could be changed to reflect the need of the economic situation. In case lower rating will be more jobs available to workforce .If rating are higher few jobs will be needed for infrastructure development. 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There are a few exceptions to this obligation such as: an increase need to protect the patient and other parties or mandatory laws that protect public health (Nursing world, 2012).          The dilemma disclosed in the article

History of IKEA free essay sample

IKEA was founded by Ingvar Kamprad in 1943 as a mostly mail-order sales business. It began to sell furniture five years later. The first Mà ¶bel-IKÉA store was opened in Älmhult, Smà ¥land, in 1958 (Mà ¶bel means furniture in Swedish). How It Was Expanded? The first stores outside Sweden were opened in Norway (1963) and Denmark (1969). The stores spread to other parts of Europe in the 1970s, with the first store outside Scandinavia opening in Switzerland (1973), followed by West Germany (1974).Amid a high level of success, the companys West German executives accidentally opened a store in Konstanz in 1973 instead of Koblenz. Later that decade, stores opened in other parts of the world, such as Japan (1974), Australia, Canada, Hong Kong (1975), and Singapore (1978). IKEA further expanded in the 1980s, opening stores in countries such as France and Spain (1981), Belgium (1984) the United States (1985), the United Kingdom (1987), and Italy (1989). The company later expanded into more countries in the 1990s and 2000s. We will write a custom essay sample on History of IKEA or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Germany, with 50 stores, is IKEAs biggest market, followed by the United States, with 46 stores. At the end of the 2009 financial year, the IKEA group operated 267 stores in 25 countries. The first IKEA store in Latin America opened on 17 February 2010 in Santo Domingo, Dominican Republic. As of July 2013, the companys presence in developing countries remains minimal. The worlds five largest IKEA stores are:1. Gwangmyeong, Gyeonggi, South Korea:2. Stockholm Kungens Kurva, Sweden:3. Shanghai Baoshan, China:4. Goyang, Gyeonggi, South Korea:5. Shanghai Pudong Beicai, China: List of countries with IKEA stores IKEA has 400 stores around the world. Among the countries that have double-digit IKEA stores are:†¢ Canada†¢ China†¢ Australia†¢ France†¢ Germany†¢ Italy†¢ Netherlands†¢ Russia†¢ Saudi Arabia†¢ Spain†¢ Sweden†¢ United Kingdom†¢ United States†¢ Romania(Source: www.Ikea.com) What it sells? †¢ IKEA is a privately-held, international home products retailer.†¢ It sells low-price products, including furniture, bathrooms and kitchen accessories.†¢ The customer has to assemble many of the products.†¢ 355 stores in 29 IKEA group countries (mostly Europe) only 30 stores are run by franchisees outside of the Ingka Holding.†¢ Ikea website contains about 12000 products in 2006 there were 260 million visitors to its website†¢ Employs 104,000 people (2006).