Critical Response Essay Free Essays

In the article â€Å"Pandemic or Panic† (2010) by Brian Molloy and the article â€Å"Hindsight is easy† (2010) by Erica Grove, the two of them examine the way WHO reaction to the episode of H1N1 flu and they present alternate points of view on how the cash was spent on and how the asset was circulated. Molloy is nonpartisan about the WHO’s reaction of H1N1 flu flare-up, while Molloy is profoundly incredulous. To begin with, Molloy contends that WHO send everybody into a frenzy about H1N1, however it isn't the danger individuals imaged it to be. We will compose a custom exposition test on Basic Response Essay or then again any comparative subject just for you Request Now Forest, in any case, expresses that it is essential for the WHO and the legislature to takeâ the danger of H1N1 truly. Next, Molloy claims that British government spend a ton of cash on antibody which makes two significant pharmaceutical organizations procure billions from pig influenza, and there is an irreconcilable situation between the administration and medication makes. He accepts that this cash ought to be spent on a correct circumstance like crippling as opposed to rewarding influenza. Forest additionally accepts that there is a botch of the circulation of immunization. Conversation: Molloy claims that the WHO and the legislature spends monstrous use on portions of immunization, while the passing rateâ for H1N1 is far low than for normal flu. He scrutinizes the reports of H1N1 cases are overstated which send individuals into a frenzy about H1N1. On the other hand, Grove expresses that the WHO didn't blow up to the emergency. Or maybe, she feels appreciative that the specialists paid attention to the danger of a pandemic. She likewise calls attention to that everything is in every case preferred to overprepare over to underprepare. Molloy seems to have ignored that the incredible of infection can be. Actually, there are two or three variables like infectivity, seriousness and lethality which would all be able to influence the quality of an infection. Transmission is likewise a key factor to decide how the infection spread and be distinguished. As Molloy specifies that the demise rate for H1N1 is moderately low than for conventional pandemic, it doesn't imply that H1N1 is a frail flu. Maybe the low demise rate is because of early follow the source, contaminated individuals are very much separated from the remainder of the network so as to control the spread of H1N1, or amalgamation of another antibody by researchers in a brief timeframe. These could be one reason of why the demise rate for H1N1 is low. In this sense, Molloy neglect to see that. The most effective method to refer to Critical Response Essay, Essays

Pollution of environment during, petroleum and gas synthesis Essay

Contamination of condition during, oil and gas amalgamation - Essay Example As indicated by Obadina (2007), oil creation in Canada rose from 1.8 million barrels to 3.1 million barrels for each day somewhere in the range of 1984 and 2003. Valuing the broad worldwide utilization of oil and gas items, this paper tries to plot the ecological contamination coming about because of the union of oil and gas, giving suggestions on anticipation draws near. Natural contamination would be acknowledged as the procedure of man bringing vitality or substances into the condition that could make dangers the wellbeing of individuals, hurt biological frameworks and living assets and meddle with or harm the real utilization of the earth (Walker et al. 2006). The oil business envelops different exercises in investigation, creation and transportation of about 3.5 billion tons and 2.5 giga m3 of raw petroleum and flammable gas separately and different subordinates the world over every year (Walker et al. 2006). After the investigation procedure distinguishes an industrially suitab le hold, the extraction of oil and gas would be brought out through penetrating by utilization of exceptional innovations (Vidal 2012). The extricated hydrocarbon item would then be isolated into gas and fluids and dried out to dispose of overabundance water. This would then be part into different oil and gas items. ... The blend procedure includes investigation and creation of the results of gaseous petrol and unrefined petroleum. It envelops the investigation and readiness of well destinations, penetrating, creation of raw petroleum and gas and on location preparing. The amalgamation of oil and petroleum gas items as saw by Kaiser and Pulsipher (2007) begins with the bringing to over the ground unrefined petroleum and flammable gas which would thus be prepared to different items for dispersion to customers. All the while, the industry adds to air, water and soil contamination with the parts of the assets being prepared and the ensuing results and items, the last being the key toxins. Petroleum gas would basically contain methane with water and carbon dioxide as debasements. Rough oils differ generally in thickness and shading yet concentrates by Kaiser and Pulsipher (2007) show 79.5% to 87.3%, 10.4% to 14.8%, 0 to 8%, 0 to 2%, 0 to 0.1% and 0 to 0.005% carbon, hydrogen , sulfur, oxygen, nitrogen a nd metals structure separately. The primary constituents are hydrocarbons of changed sorts and sub-atomic masses with somewhere in the range of 1 and 60 carbon iotas. The amalgamation of gas includes preparing flammable gas by dewatering and evacuating its corrosive parts, for example, hydrogen sulfide followed by inevitable expulsion of carbon dioxide. In spite of playing it safe against natural contamination, Obadina (2007) acknowledges that mishaps happen intermittently throughout creating oil and gas. Air contamination during the time spent oil and gas union happens through burning outflows, outlaw discharges, process emanations, optional emanations and from dealing with and capacity of oil fluids

A day in Admissions COLUMBIA UNIVERSITY - SIPA Admissions Blog

A day in Admissions COLUMBIA UNIVERSITY - SIPA Admissions Blog 9am: [large] coffee in hand, I was ready to conquer the applications I left sitting on my desk the night before then the day got started 9:30am: followed up on some emails.   counted days left before majority of the admission decisions are released in March panic. 10am: Fellowship Committee Meeting reevaluating how funds are dispersed for 1st and 2nd year students. 11am: crunched some application numbers approximately 90% of applications submitted are complete.   If you havent sent in your missing documents you know who you are please send them in. 12pm: MIA/MPA information Session today   Thank you for joining us! 2pm 5pm: I blocked a couple of hours today to read files but with the multiple interruptions throughout the day from conversations about Disneyland and peanut MMs (an office favorite) to calming over anxious callers to mandatory computer software updates I was only able to live vicariously through a few applicants as they talked about their commitment to public service and their exploration of the world and of themselves Unfortunately, by the end of the day the stack did not get much shorter not a very productive reading day. 5pm:   take a break to recap the day on the Admissions Blog, which I have dreadfully neglected for weeks. 6pm:   somehow more files have found their way into my office.   Guess I will have some interesting reading this weekend (while my babies nap).

The Proposition Of Stereotyping Consumer Lifestyles

Twitchlell’s Psychographic Factors In this reading, I will be discussing the different categories in which advertisers have placed consumers to distinguish them from one another using their values, attitudes, and life-style. According to the writer of American culture and advertisement James B. Twitchell, â€Å"the object of much consumer research is not to try to twist their feathers so that they will flock to your product, but to position your product in such a place that they will have to fly by it and perhaps stop to roost. After roosting, they will eventually think that this is part of their flyway and return to it again and again† (p. 178). The proposition of stereotyping consumer lifestyles is a very effective way of marketing goods and services. The VALS2 strategy of marketing segment, target, and position used by advertisers is based on research; which means, marketers know more about consumer behaviors than what we think. This is an important issue because it’s necessary to raise awareness in s ociety about the advantages and disadvantages that this can bring. After having evaluated all given points; this article is an eye opener for those who have any doubts about what consumers mean to large companies and advertisers. In the present, the majority of companies are aware that they can’t serve optimally to all potential customers that exist in a given market. This situation is mainly due to the variety of preferences people and organizations have. However; advertisersShow MoreRelatedImportant Celebrity Attributes5815 Words   |  24 Pagesattribute. A person well-known in a society can have greater impact than a celebrity of a different world. If the endorser and receiver have similar needs, goals, interests and lifestyles, the position advocated by the brand communication is better understood and received. Similarity is also used to create a situation where the consumer feels empathy for the person shown in the commercial. The bond of similarity between the endorser and the receiver increases the level of persuasiveness. \ Apart from thatRead MoreCustomer Driven Marketing Strategy: Creating Value for Target Customers7966 Words   |  32 Pages193 Skill: Concept Objective: 7-2 6) Pendergraff Pet Supplies divides the pet market according to the owners race, occupation, income, and family life cycle. What type of segmentation does Pendergraff use? A) geographic B) behavioral C) lifestyle D) demographic E) psychographic Answer: D Diff: 1 Page Ref: 194 Skill: Concept Objective: 7-2 7) Through talking to numerous competitors at a regional trade show, you learn that most of them use the most popular base for segmenting marketsRead MoreCá »â€˜tmer8950 Words   |  36 Pages191 Skill: Concept Objective: 7-2 5) Pendergraff Pet Supplies divides the pet market according to the owners race, occupation, income, and family life cycle. What type of segmentation does Pendergraff use? A) geographic B) behavioral C) lifestyle D) demographic E) psychographic Answer: D Diff: 1 Page Ref: 191 AACSB: Multicultural and Diversity Understanding Skill: Concept Objective: 7-2 6) Which of the following is the most popular method for segmenting markets? A) demographic Read MoreUnderstanding the People Who Work at and Patronize Build-a-Bear Workshop8790 Words   |  36 Pagesand ethics. 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There are two critical stages that mark children’s capacity to understand important qualities of television commercials:Read MoreMarketing Management130471 Words   |  522 Pagesmanagement Brand management Pricing Channel design and management Retailing and Wholesaling Integrated Marketing Communication Advertising management Sales promotion Personal selling Public relations Understanding individual consumer behaviour Understanding industrial consumer behaviour Customer satisfaction Customer relationship management Marketing of services Rural marketing Types of marketing research Process of marketing research Tool s and Techniques of marketing research Applications of marketingRead MoreFamily Tree19118 Words   |  77 Pagespresents a chronological evolution and comparison of approaches and findings. The goal of this report is to clarify the understandings and the uses of the most influential theories, strategies, and techniques. Theory refers to sets of concepts and propositions that articulate relations among variables to explain and predict situations and results. Theories explain the nature and causes of a given problem and provide guidelines for practical interventions. Diagnoses of problems translate into strategiesRead MoreHsc Level 5 Unit 534 Essay14626 Words   |  59 Pagesbe called a disability is large and while the basics of needs are all the same for everyone (such as needing to eat, to pay expenses, to keep themselves and their environment clean, safe and healthy etc), the different variations of ability and lifestyle needs is entirely individual, so there simply is no one-si ze-fits-all method to improve quality of life. It is best to discern their needs from spending time with them, as well as talking to them about their needs which are really the only accurateRead MoreManagement Course: Mba−10 General Management215330 Words   |  862 Pagesinitiatives. Rapidly increasing numbers of new offerings—from Web-oriented modules to credit cards—are being commoditized in months or even weeks instead of the periods of years on which companies had counted for cash flow. Increasingly demanding consumer and industrial buyers are basing their purchasing decisions on the quality of products and services, and this requires manufacturers to be vastly more effective and to strengthen the way they manage customer relationships. The sellers are now deeplyRead MoreStephen P. Robbins Timothy A. Judge (2011) Organizational Behaviour 15th Edition New Jersey: Prentice Hall393164 Words   |  1573 Pagesthe Disposable Worker?) Chapter 2: Diversity in Organizations †¢ Entirely new Opening Vignette (The Rise and Fall of Erin Callan) †¢ New feature: glOBalization! †¢ New Myth or Science? (â€Å"Dual-Career Couples Divorce Less†) †¢ Enhanced coverage of stereotyping and discrimination research †¢ Revised content regarding age discrimination and implications of an aging workforce †¢ Updates to discussion of disability in the workplace †¢ Expanded coverage of sexual orientation discrimination †¢ New material and

Fast Indian Ethnic Fashion Of The Young College Girls

INTRODUCTION MARKET Ethnic wear was initially a category that was largely restricted to the older age segment. However, it is now finding acceptance even among younger consumers, especially women. The young college going girl teams her Indian kurta with either a pair of denims or leggings that represent a fusion of ethnic wear with western wear. This has led to brands focusing on ethnic fusion wear product offerings, in western styles and prints, in order to capture the opportunity. With an interesting interplay of woven, knits and other fashion brands, these brands have completely redefined ethnic wear for consumers. The women’s ethnic segment currently accounts for an 87% of the total ethnic wear market at INR 54,425 crore (USD†¦show more content†¦Karishma Nath, a fashion stylist who was being encouraged by her mother, Shivani Nath, started the Brand in April 2013, October. Karishma Nath, owner of the brand, graduated in fashion styling and image designing, from the Pearl Academy of F ashion (2010-14). First exhibition, with respect to the brand was organized at her residence in Chattarpur, in South Delhi. The first exhibition was successful, and the brand sold well in the market. On being persuaded by family, friends and the success of the first collection, exhibitions were organized every 3 months. The brand exhibited its collection at exhibitions in New Delhi, and surrounding cities such as Ludhiana, Chandigarh and Agra where one could buy stalls. One of the exhibitions the brand participated in. Karishma Nath, the brand, deals in Indian women wear which includes, both formal and informal ethnic suits. The brand also deals in resort wear and has a small collection in the stall for a certain kind of clientele. The competitive advantage of the brand is that it offers wide variety of services to its customers in terms of the good quality, low price, quick services and fit on the basis of diverse Indian silhouette. The brand also offers free styling services and maintains good customer service. Even though it is a relatively new brand it manages to sell at a affordable price lower than of its competitors. The gota patti embroidered work on the suits is fromShow MoreRelatedImpact of Socio-Economic and Cultural Changes on the Personality Development of Adolescents8858 Words   |  36 PagesAND CULTURAL CHANGES ON THE PERSONALITY DEVELOPMENT OF ADOLESCENTS INTRODUCTION 1. The enormous socio-economic and cultural changes coupled with technological revolution have unfolded an urgency to address issues pertaining to grooming up of young personalities beyond the usual concerns of discipline and education in Bangladesh. 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Lbo Model Free Essays

Leveraged Buyout Model (LBO) Copyright 2009 Investment Banking Institute www. ibtraining. com Table of Contents I. We will write a custom essay sample on Lbo Model or any similar topic only for you Order Now Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 2 Uses for an LBO Model on the Buy-Side A Leveraged Buyout Model (â€Å"LBO Model†) is a key analysis used by private equity firms / financial sponsors to evaluate a potential acquisition The goal of an LBO is to acquire a company by financing the purchase with as much debt as the cash flows of the business and the debt markets will support The more debt a financial sponsor is able to obtain to finance an acquisition, the less of an equity investment the financial sponsor has to make The higher the leverage levels, the higher the expected Internal Rate of Return (â€Å"IRR†) is for the financial sponsor / private equity firm The goal of an LBO model is to establish expected internal rates of return (â€Å"IRR†) for the acquisition using a financial model that reflects the following: Purchase price assumptions and the necessary cash needed to finance the acquisition (uses of cash) Capitalization assumptions: leverage (amount of debt), different debt tranches, equity investment amounts (sources of cash) Base case financial projections for the income statement, balance sheet and cash flow based upon the purchase price and capitalization assumptions The LBO model should be built with the ability to run sensitivities for a range of purchase prices, capitalization structures, operating assumptions, etc. 3 Uses for an LBO Model on the Buy-Side Private Equity Firms / Financial Sponsors usually have a required rate of return hurdle f the expected IRR range for a potential acquisition does not meet or exceed the hurdle rate, often the PE firm / financial sponsor does not move forward with the acquisition PE firms required rates of return usually range from 15% on the low-side to 30% on the high-side, with the typical range targeted at 18% – 25% The IRR analysis is strongly driven by the amount of leverage With higher leverage levels, the financial sponsor has to invest less equity, and therefore has a higher IRR Therefore, often the goal is to leverage up the Company as much as the cash flow of the business and the debt markets will permit More leverage makes the business inherently riskier, as more of the cash flows generated by the business will be used to pay interest expense and debt service The amount of leverage is largely determined by the state of the debt markets 4 Uses for an LBO Model on the Buy-Side The amount of leverage is largely determined by the state of the debt markets For the last several years, the debt markets have been experiencing excess liquidity Because of the excess liquidity, lenders have been allowing higher leverage levels Depending on the industry and business, transactions over the last several years have been leveraged at between 4. 0x – 6. 0x recent EBITDA These higher leverage levels allow the financial sponsor to pay more for the company and still attain its required IRR The leverage level of 4. 0x – 6. x recent EBITDA is comprised of some combination of senior secured loans and junior loans (second lien, third lien, unsecured loan, hybrid debt / equity securities) Lenders may require the financial sponsor to have a minimum equity investment as % of total capitalization Minimum equity contribution is typically around 20% â₠¬â€œ 25%, depending on industry and purchase price 5 Uses for an LBO Model on the Buy-Side The LBO Model is also used for the Lenders’ perspectives Lenders like to see expected leverage and coverage ratios based upon the Company’s projected income statement, balance sheet, cash flow, and capitalization Typical ratios that lenders like to see are: Leverage Ratios Total Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA – Capex / Net Interest Expense EBITDA – Capex / Cash Interest Expense EBITDA – Capex – ? W/C / Net Interest Expense EBITDA – Capex – ? W/C / Cash Interest Expense EBITDA – Capex – ? W/C – Taxes/ Net Interest Expense EBITDA – Capex – ? W/C – Taxes/ Cash Interest Expense 6 Uses for an LBO Model on the Sell-Side Investment Bankers often construct LBO models to: Provide this service to a financial sponsor client that is interested in pursuing an acquisition Provide this service to a Company client where the company is being sold – Illustrates the range of purchase prices financial buyers could pay and still attain their required IRR – Uses the current debt markets conditions as assumptions for the capitalization As a â€Å"gut-check† for other valuation methodologies (DCF, Public comparable company multiples, acquisition multiples) 7 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 8 Construction of LBO Model Structure and Assumptions Worksheet Build upon the Financial Model template, and modify accordingly Add a worksheet for the LBO Model Structure and Assumptions The LBO Assumptions tab will have drivers for Purchase price assumptions Uses: Cash required to acquire the company and pay associated fees Sources: Cash available to acquire the company (debt, equity) USES = SOURCES Capitalization assumptions IRR Analyses 9 Purchase Price Calculation and Considerations The determination of the purchase price is complicated and typically involves a full-scale valuation (DCF, public company multiples and transaction multiples) as well as extensive due diligence on Company’s operations, financial condition, management team, customers, suppliers, assets, etc. If the Company has publicly traded equity, then typically a purchase price would be calculated much as TEV is calculated: (Offer price per share * fully diluted shares) + debt + minority interest + preferred interest – cash For the purposes of this model, we are assuming the LBO of a private company, and therefore using the most recent 12 month EBITDA and EBITDA multiple as the drivers of purchase price Purchase price = EBITDA * EBITDA multiple We are assuming the transaction closes on December 31, 2008 LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 2008 EBITDA $60. 0 EBITDA Multiple 6. 0x Transaction (Enterprise) Value $360. 0 Less: Existing Debt ($190. 8) Plus: Cash $0. 0 Implied Equity Purchase Price $169. 2 10 Sources and Uses Total Uses is the amount of cash necessary to complete the transaction Usually equals the purchase price plus transaction fees and any other cash payment required as part of the transaction – For the LBO of a publicly traded company, purchase price is calculated as (offer price per share * shares outstanding ) + debt + minority interest + preferred equity – cash, and cash on target’s balance sheet is used as a source Other required cash payments could be payments to certain parties that kick-in with a change of control (e. g. anagement payments, premiums to outstanding notes, etc. ) Total Sources illustrates the sources of capital to complete the transaction Usually equals debt + equity + any other cash available Total Uses = Total Sources LBO of Company A ($ in millions) TRANSACTION ASSUMPTIONS Closing Date 31-Dec-08 200 8 EBITDA $60. 0 EBITDA Multiple 6. 0x Transaction (Enterprise) Value $360. 0 Less: Existing Debt ($190. 8) Plus: Cash $0. 0 Implied Equity Purchase Price $169. 2 TOTAL USES Uses Equity Purchase Price Paydown Existing Debt Financing Fees Investment Banking Fees Legal Fees Other Fees and Expenses $169. 2 $190. 8 8. 0 4. 0 1. 0 1. 0 Total Uses $374. 0 TOTAL SOURCES Amount EBITDA of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 270. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% Capitalization Cash Revolver Term Loan Senior Bonds Unsecured Notes with Warrants Total Debt Sponsor Equity Total Sources 11 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted Equity na na na 5. 0% Capital Structure Alternatives The Total Sources Side is comprised of the capitalization assumptions The financial sponsor typically wants to leverage the transaction as much as the business’s cash flow and the lenders will allow Depending on the conditions of the debt markets and lenders’ requirements, financial sponsors would typically provide approximately 20% – 30% of the capitalization as an equity investment The debt is comprised of different securities usually provided by different lenders Revolver / Term loan (senior secured loans) are usually provided by typical commercial banks such as Citigroup, JPMorganChase, GE Commercial Finance, etc. , and have lower interest rates Junior loans such as second and third lien pieces and unsecured loans can be provided by public markets (high yield issue) and private placements (hedge funds, junior loan providers, investment bank providing balance sheet financing, etc. ) Often, the most junior piece on the capital structure will have equity warrants attached; the most junior lender will require a much higher rate of return than the more senior lenders The financial sponsors want to attain as much of the lower-priced debt as possible; in this example, we have assumed that total senior leverage (revolver + term loan) = 2. 0x EBITDA The example shows a 4. 5x EBITDA leverage ratio, and 1. 7x EBITDA equity ratio (LTM EBITDA is $60 million in this case) Capitalization Cash Revolver Term Loan Senior Bonds Unsecured Notes with Warrants Total Debt Sponsor Equity Total Sources TOTAL SOURCES Amount EBITDA % of Funded Multiple Capitalization $0. 0 0. 0x 0. 0% 0. 0 0. 0x 0. 0% 120. 0 2. 0x 32. 1% 90. 0 1. 5x 24. 1% 60. 0 1. 0x 16. 0% 70. 0 4. 5x 72. 2% 104. 0 27. 8% $374. 0 100. 0% 12 Interest Rate Cash Pay PIK 7. 0% 7. 5% 9. 5% 0. 0% 0. 0% 0. 0% 0. 0% 10. 0% % of Fully Diluted Equity na na na 5. 0% Creation of Proforma Balance Sheet Proforma Balance Sheet ($ in millions) Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets Historical Dec. 31 2008 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 Financing/ Transaction Adjustments $0. 0 0. 0 0. 0 0. 0 $0. 0 Proforma Dec. 31 2008 $0. 0 16. 0 10. 0 1. 0 $27. 0 Gross PPE Cumulative Depreciation Net PPE $323. 2 $45. 0 $278. 2 $0. 0 0. 0 $0. 0 $323. 2 45. 0 $278. 2 Amortizable Intangibles Goodwill Total Assets $0. 0 5. 0 $310. 2 $8. 0 65. 2 $73. 2 $8. 0 70. 2 $383. 4 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $0. 0 0. 0 0. 0 $0. 0 $11. 0 $2. 4 0. 0 $13. 4 Existing Debt Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 New Debt Revolving Credit Facility Term Loan Second Lien Unsecured Debt $0. 0 0. 0 0. 0 0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $0. 0 $120. 0 $90. 0 $60. 0 Other Liabilities Total Liabilities $2. 0 $206. 2 $0. 0 $79. 2 $2. 0 $285. 4 Shareholders Equity Retained Earnings Common Stock Total Shareholders Equity $94. 0 10. 0 $104. ($100. 0) $94. 0 ($6. 0) Total Liabilities and Equity Check $310. 2 $0. 0 $73. 2 $0. 0 ($40. 8) ($100. 0) ($50. 0) $0. 0 $0. 0 $0. 0 ($6. 0) 104. 0 $98. 0 $383. 4 $0. 0 13 Creating a proforma balance sheet on a new worksheet allows for the integration of the new capital structure / sources into the existing financial model In the purchase of a private company, the seller typically sweeps all of the cash on the balance sheet at closing In the LBO of a publicly traded company, cash would not typically be swept as it is part of the offer price per share There may be a writeup or writedown of the value of the AR, Inventory and PPE; this has an mpact on the tax basis All financing fees incurred in the transaction can still be capitalized and amortized The Goodwill is Purchase Price + MA Fees – New Debt – Old Book Value of Equity; this amount can no longer be amortized In the purchase of a public company, goodwill is calculated as equity value of purchase – book value of equity The buyer typically assumes all of the normalcourse short term liabilities The â€Å"old debt† is eliminated (as the seller typically uses proceeds from the sale to pay all existing debt) In the purchase of a public company, often the existing debt of the acquired company remains outstanding, and is â€Å"assumed† by the acquirer The â€Å"new debt† is fed from the Total Sources cells Shareholders’ Equity may require a plug to allow for the Total Assets to equal Total Liabilities + Shareholders’ Equity Creation of Proforma Balance Sheet ($ in millions) PROJECTED FINANCIAL STATEMENTS Fiscal Year Ending December 31, 2009P 2010P 2011P 2012P 2013P 2008A Pro Forma 2008P Balance Sheet Assets Cash Accounts Receivable Inventory Other Current Assets Total Current Assets $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $16. 0 $10. 0 $1. 0 $27. 0 $0. 0 $17. 5 $10. 5 $1. 0 $29. 0 $0. 0 $18. 4 $11. 0 $1. 0 $30. 4 $1. 9 $19. 3 $11. 6 $1. 0 $33. 8 $7. 5 $20. 3 $12. 2 $1. 0 $40. 9 $0. 0 $21. 3 $12. 8 $1. 0 $35. 0 Gross PPE Cumulative Depreciation Net PPE $323. 2 $45. 0 $278. 2 $323. 2 $45. 0 $278. 2 $337. 9 $51. 8 $286. 1 $353. 3 $58. 8 $294. 5 $369. 5 $66. 2 $303. 3 $386. 6 $73. 9 $312. 6 $404. 4 $82. 0 $322. 4 Amortizable Intangibles Goodwill Total Assets $0. 0 $5. 0 $310. 2 $8. 0 $70. 2 $383. 4 $6. 4 $70. 2 $391. 7 $4. 8 $70. 2 $399. 9 $3. 2 $70. 2 $410. 5 $1. 6 $70. 2 $425. 4 $0. 0 $70. 2 $427. 6 Liabilities Accounts Payable Accrued Liabilities Other Current Liabilities Total Current Liabilities $11. 0 $2. 4 $0. 0 $13. 4 $11. 0 $2. 4 $0. 0 $13. 4 $11. 7 $2. 5 $1. 0 $15. 2 $12. 3 $2. 6 $1. 0 $15. 9 $12. 9 $2. 8 $1. 0 $16. 6 $13. 5 $2. 9 $1. 0 $17. 4 $14. 2 $3. 1 1. 0 $18. 2 Existing Debt: Revolving Credit Facility Term Loan Unsecured Debt $40. 8 $100. 0 $50. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 New Debt Revolving Credit Facility Term Loan Senior Bonds Unsecured Debt $0. 0 $0. 0 $0. 0 $0. 0 $0. 0 $120. 0 $90. 0 $60. 0 $1. 5 $100 . 0 $90. 0 $66. 0 $1. 0 $80. 0 $90. 0 $72. 6 $0. 0 $60. 0 $90. 0 $79. 9 $0. 0 $40. 0 $90. 0 $87. 8 $3. 8 $0. 0 $90. 0 $96. 6 Other Liabilities Total Liabilities $2. 0 $206. 2 $2. 0 $285. 4 $2. 0 $274. 7 $2. 0 $261. 5 $2. 0 $248. 5 $2. 0 $237. 3 $2. 0 $210. 7 Shareholders Equity Retained Earnings Common Stock Total Shareholders Equity $94. 0 $10. 0 $104. 0 ($6. 0) $104. 0 $98. 0 $13. 1 $104. 0 $117. 1 $34. 4 $104. 0 $138. 4 $58. 0 $104. 0 $162. 0 $84. 1 $104. 0 $188. 1 $112. 9 $104. 0 $216. 9 Total Liabilities and Equity Check $310. 2 $0. 0 $383. 4 $0. 0 $391. 7 $0. 0 $399. 9 $0. 0 $410. 5 $0. 0 $425. 4 $0. 0 $427. 6 $0. 0 14 The Proforma Balance Sheet is then fed into the existing model’s balance sheet, and integrated appropriately into the cash flow and income statement We are assuming the transaction occurs on Dec. 31, 2008 Be careful when you are integrating to NOT CHANGE the income statement, balance sheet and cash flow statement for the period right efore the transaction date The income statement and cash flows for 2008 will not change because of the acquisition (as it occurs on Dec. 31, 2008, after the 2008 period has ended) Only the 2009 and onward income statement and cash flows will reflect the impact of the new capital structure / balance sheet Income Statement, Balance Sheet and Cash Flow Projections Integration The remainder of the projection model is completed as we discussed in the last class Construction of a debt and interest schedule and revolver model allows the integration of the income statement, balance sheet and cash flow projections Be careful to make sure that the cash flow for the period irectly following the transaction closing is being calculated as the changes in the proforma balance sheet and that period directly following the transaction 15 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 16 IRR Analysis for Financial Sponso rs The financial sponsor’s IRR analysis accounts for all cash flows coming from the financial sponsor for or to the Company, as well as all cash flows from the Company to the financial sponsor during the period from closing the acquisition to the sale of the company (other than management fees) Often, the company pays the financial sponsor â€Å"management fees† in exchange for the financial sponsor’s ongoing support, management and advice provided to the management team as well as covering the financial sponsor’s direct expenses and overhead allocation Management fees are expensed as an SGA expense on the company’s income statement and range greatly, depending on company’s size Typically financial sponsors do not include the payment of management fees in the IRR analysis 17 IRR Analysis for Financial Sponsors Amounts that the financial sponsor pays for or to the company are counted as cash outflows; examples include Initial equity investment Any additional equity investments made into the company during the holding period Any amount received by the financial sponsor from or by the company are counted as cash inflows (other than management fees); examples include: Proceeds from sale of the company Common or preferred dividends paid to financial sponsor Proceeds from a recapitalization 18 IRR Analysis for Financial Sponsors Calculate the sale of the business, assuming it is sold on December 31, 2013 Use the 2013 projected EBITDA, and the same EBITDA multiple assumption used for the purchase of the Company in 2008 Calculate the proceeds to the financial sponsor, taking into account any equity dilution that may result from warrants, management stock plan, transaction fees, etc. SALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less: Total Debt Plus: Cash Balance $76. 6 6. 0x $459. 5 (190. 5) 0. 0 Less: Transaction Fees (1) Equity Value % Equity to Sponsor Equity to Sponsor (6. 6) $262. 4 95. 0% $249. 3 % Equity to Unsecured Lender Equity to Unsecured Lender 5. 0% 13. 1 (1) Assumes 1% of Purchase Price for Investment Banking Fees, plus $2 million in legal and other expenses. 19 IRR Analysis for Financial Sponsors The following table illustrates the categories to calculate the IRR to the financial sponsor Any cash flow from the financial sponsor for or to the com pany is negative Any cash flow from or for the company to the financial sponsor is positive In general there is no closed-form solution for IRR, particularly with variable cash flows for each year; however, excel can easily calculate the IRR using the following formula: = IRR (total cash flows over period, estimated IRR) From Total Sources table SALE OF COMPANY A IN 2013 Closing Date 31-Dec-13 2012 EBITDA EBITDA Multiple Transaction Value Less: Total Debt Plus: Cash Balance Less: Transaction Fees Equity Value % Equity to Sponsor Equity to Sponsor $76. 6 6. 0x $459. 5 (190. 5) 0. 0 (1) % Equity to Unsecured Lender Equity to Unsecured Lender IRR to Financial Sponsor Initial Equity Investment Dividends Proceeds at Sale Total Cash Flows to Sponsor IRR Calculation 12/31/08 ($104. 0) 0. 0 0. 0 ($104. 0) 19. 1% 12/31/09 $0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 $0. 0 12/31/12 $0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 249. 3 $249. 3 (6. 6) $262. 4 95. 0% $249. 3 5. 0% $13. 1 IRR = IRR (Total Cash flows to sponsor 2009 – 2013, estimated IRR) 20 IRR for Hybrid Securities Holder The following table illustrates the categories to calculate the IRR to the Unsecured Lender Recall from the sources and uses, that the unsecured lender loaned an amount of $60 million at a 10% PIK interest rate, with equity warrants equal to 5% of the fully-diluted equity of the company upon a sale Any cash flow from the lender to the company is negative (initial loan) Any cash flow from the company to the lender is positive (includes any cash interest received during the period, the payment of the principal balance plus any accrued interest at maturity, and equity to the unsecured lender at a sale) In certain cases, the exercise of the warrants would require the payment by the warrant holders to the Company of an exercise price; the proceeds from the warrant exercise would be a source of cash for the seller This is very transaction-specific and would be extensively negotiated in the agreement between the company and the lenders From Total Sources table IRR to Unsecured Lender Initial Loan Cash Interest Received Principal Repayment at Sale Equity from Warrants at Sale Total Cash Flows to Lender IRR Calculation From Debt and Interest Schedule – Cash Interest only 12/31/08 ($60. 0) 0. 0 0. 0 0. 0 ($60. 0) 12. 8% 12/31/09 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/10 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/11 $0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/12 0. 0 0. 0 0. 0 0. 0 $0. 0 12/31/13 $0. 0 0. 0 96. 6 13. 1 $109. 8 From Balance Sheet IRR = IRR (Total Cash flows to lender 2006 – 2010, estimated IRR) 21 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO M odel Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 22 Sensitivities on Financial Model Running sensitivities on your LBO assumptions is a good check to make sure the model is running properly as well as being able to show how a change in one variable will impact the whole model Sensitivity tables illustrate the impact on the model for a range of variable changes, and this LBO model has the flexibility to run sensitivities on the LBO assumptions (purchase price, capital structure, etc. ) and the business’s operations (growth rates, margins, etc) to see the impact on the expected IRRs of the financial sponsor and unsecured lender Setting up a sensitivity table: Input a range of variables on the x-axis of the chart Input a second range of variables on the y-axis of the chart link the intersection cell on the left hand corner of the chart to the cell that has the proper formula Highlight the data sensitivity table Go to â€Å"Data† toolbar, select â€Å"Table†; a box pops up that has Row Input Cell and Column Input Cell – – For Row Input Cell, click on the cell that has the driver / assumption input for the x axis variable For the Column Input Cell, click on the cell that has the driver / assumption input for the y axis variable 23 Table of Contents I. Uses for An LBO Model on Sell-side and Buy-side Construction of LBO Model Structure and Assumptions Worksheet Purchase price calculation and considerations Sources and Uses II. Capital Structure Alternatives Integration of Proforma Balance Sheet into Financial Model Income Statement, Balance Sheet and Cash Flow Projections Integration III. IRR Analysis for Financial Sponsor and Hybrid Debt Lender IV. Sensitivity Tables V. Credit Ratios 24 Credit Ratios In determining how much money to lend to companies / financial sponsors for an acquisition, lenders analyze the amount of coverage they will have on their loans Lenders typically look at the following projected credit ratios, based on the base case scenarios, and then will run stress tests on the model to look at the impact on these ratios in the event the company takes a turn for the worse Leverage Ratios Total Debt / EBITDA Net Debt / EBITDA Secured Debt / EBITDA EBITDA / Net Interest Expense EBITDA / Cash Interest Expense 4. 1x 4. 1x 3. 0x 2. 8x 3. 7x 3. 7x 3. 7x 2. 6x 3. 0x 4. 3x 3. x 3. 3x 2. 2x 3. 3x 5. 0x 3. 0x 2. 9x 1. 8x 3. 6x 5. 9x 2. 5x 2. 5x 1. 2x 4. 1x 7. 5x Interest Coverage Statistics EBITDA / Net Interest Expense EBITDA / Cash Interest EBITDA – Capex / Net Interest Expense EBITDA – Capex / Cash Interest Expense EBITDA – Capex – ? W/C / Net Interest Expense EBITDA – Capex – ? W/C / Cash Interest Expense EBITDA – Capex – ? W/C – Taxes/ Net Interest Expense EBITDA – Capex – ? W/C – Taxes/ Cash Interest Expense 2. 8x 3. 7x 2. 1x 2. 9x 2. 1x 2. 9x 1. 6x 2. 1x 3. 0x 4. 3x 2. 3x 3. 3x 2. 3x 3. 3x 1. 7x 2. 4x 3. 3x 5. 0x 2. 5x 3. 8x 2. 6x 3. 9x 1. 8x 2. 8x 3. 6x 5. 9x 2. 8x 4. 5x 2. 8x 4. 6x 2. 0x 3. 2x 4. 1x 7. 5x 3. x 5. 8x 3. 2x 5. 8x 2. 1x 4. 0x 25 Build an LBO Model from Scratch Build an LBO Model for Company B, using the historic financial statements (available electronically) Use the assumptions you feel are appropriate for projecting the Income Statement, balance sheet, and cash flow Use the following assumptions for the acquisition and financing: Acquisition – Closing date is December 31, 2008 – Purchase price is 7. 0x 2008 EBITDA Multiple Uses – Financing Fees are equal to 3% of purchase price – Investment banking fees a re equal to 1% of purchase price – Legal fees are equal to $1 million – Other fees and expenses are equal to $1 million Sources Equity must equal 20% of total uses / sources – Revolver availability is $20 million, with total amount funded equal to 75% of Inventory and 65% of Accounts Receivable at a 5% cash pay interest rate – Term Loan is equal to 2. 5x 2008 EBITDA, to be amortized over 7 years, at a 5% cash pay interest rate – Second Lien debt is equal to 1. 5x 2008 EBITDA, with a 10% cash pay interest rate – Unsecured Notes with Warrants fill the balance of the capital structure; 10% PIK rate with warrants equal to 15% of fully diluted equity upon sale of company Annual management fees to financial sponsor of $1 mm starting in 2007 Amortize fees over 5 year period Sale of Business in 2012 – Sold at 7. 0x 2012 multiple – Transaction fee equal to 1% of purchase price for investment banking fees plus $2 million in legal and other expenses Calculate the IRR to the financial sponsor Calculate the IRR to the unsecured lender with warrants Calculate sensitivity tables for the following: – IRR to financial sponsor for range of multiples paid and equity investment as % of total capital – IRR to unsecured lender for range of multiples paid and equity investment as % of total capital – Maximum revolver drawn for range of multiples paid and equity investment as % of total capital Add summary and credit ratios tables 26 How to cite Lbo Model, Essay examples

Examples of Whistleblowing in Business †Myassignmenthelp.com

Question: Discuss about the Examples of Whistleblowing in Business System. Answer: Introduction In the course of undertaking our daily activities, we are bound to abide by some guidelines, work according to set rules and relate based on some laws(El). Inasmuch as these rules, guidelines, conditions and/or laws may be clear, defiance is society is inevitable; illegal activities, fraud, mismanagement of funds, or general wrong doing still exists in our work environment; a state that gives birth to whistleblowers(GAP). A whistleblower is a person who gives information to law enforcement body or an agency that regulates operation of a certain industry or group of people or even a person concerning an illegal activity; exposing an offender.(GAP). The word itself is not new, since time immemorial we have been having whistleblowers. For examples include Edward Snowden, who openly admitted to have leaked the information to National Security Agency; where he works. Others include Frank Serpico, Jeffrey Wigand and Coleen Rowley(Fastenberg, 2013). Why whistleblowers? Whistleblowers mainly exists to give intelligence information, especially to the government. Governments agencies all over the world rely on the intelligence information to track wrongdoing and prevent occurrence of risks such as terrorism activities(Public Accounts Committee, 2014). The absence of whistleblowers can make the intelligence departments of businesses and governments unproductive. Margaret Hodge, one of the members of parliament had this to say about whistleblowing, Whistleblowing is a crucial source of intelligence to help government identify wrongdoing and risks to public service delivery.(Public Accounts Committee, 2014) Thus in brevity, whistleblowing should exist to track down the evil and harmful activities that are continually skyrocketing in our environment; especially in the terrorism activities. Should they be protected from retaliation? Due to the sensitivity and risky nature of whistleblowing profession, the government and concerned agencies should ensure protection of the whistleblowers. Should not only involve safety and security but also welfare because the whistleblowers welfare should be looked into; most of the time, whistleblowers have to separate themselves from their beloved ones to seek asylum(Public Accounts Committee, 2014). Margaret Hodge notes, Departments must ensure that whistleblowers are protected, supported and have their welfare monitored. There should be timely reporting back to whistleblowers on how their concerns have been addressed. Compromise agreements should not be used to buy silence from whistleblowers and instead should be subject to approval by the Cabinet Office. The government of Australia has recognized the need for whistleblower protection. Australian Securities and Investment Commission has defined and classified who a whistleblower is and sworn to protect any person who lies under the classification giving information to them(ASIC). Conclusion The concept of whistleblowing is important to our contemporary society. However, besides the myriads of benefits, whistleblowers are continuously being exposed to danger making those willing to blow the whistle to back off. Thus it is important for stakeholders to come up with right modalities to strengthen and reinvigorate the activities of whistleblowers. References ASIC. (n.d.). Guidance for whistleblowers. Retrieved from Australian Security and Investment Commission: https://asic.gov.au/about-asic/asic-investigations-and-enforcement/whistleblowing/guidance-for-whistleblowers/ El, B. (n.d.). Examples of Whistleblowing in Business. Retrieved from Chron: https://smallbusiness.chron.com/examples-whistleblowing-business-2651.html Fastenberg, D. (2013, June 12). 9 Famous Whistle-Blowers: Where Are They Now? Retrieved from Business Insider: https://www.businessinsider.com/9-famous-whistle-blowers-2013-6?IR=T GAP. (n.d.). What is a Whistleblower? Retrieved from Government Accountability Project: https://www.whistleblower.org/what-whistleblower Public Accounts Committee. (2014, August 1). Whistleblowing is important source of intelligence. Retrieved from Parliament of UK: https://www.parliament.uk/business/committees/committees-a-z/commons-select/public-accounts-committee/news/report-whistleblowing-policy/