Smoking Cigarettes Should Be Banned - 927 Words

Many people who smoke don’t realize how harmful it truly is to themselves and the ones around them. How is it so bad for someone who isn’t smoking, but is around a smoker? Why are cigarettes so damaging to a person’s body? Why do some people get so bent out of shape when a person smokes in a public place? What is so wrong with smoking in the car with children? What is so wrong with smoking an electronic cigarette? Smoking cigarettes and electronic cigarettes are very harmful to your body, but when you smoke in a public place or around other people you are also posing a threat to their health not just yourself. According to Caroline White, â€Å"long term exposure to environmental tobacco smoke increases the risk of dying from the disease by 20-30% in non-smokers, accounting for severalhundred extra deaths from lung cancer in the UK every year† (White, Smoking in public should be restricted.). There are a lot of people who can’t handle cigarette smoke, not just because they dislike them, but for someone who has a disease such as cystic fibrosis, which is a very serious disease that affects the lungs and other organs. This disease you often can’t even tell a person has it, but its very serious and smoke can trigger them to choke up and not be able to breathe. â€Å"A group of people conducted multiple experiments both in humans and in laboratory-grown cells testing the effe cts of cigarette smoke on the function of a protein that helps the lungs stay hydrated, called CFTR. They foundShow MoreRelatedShould Cigarette Smoking Be Banned?1376 Words   |  6 PagesSurgeon General’s report stated that cigarette smoking is the major single cause of cancer death in the United States. This statement is so true today. Smoking a cigarette is an acquired behavior and that makes it the most preventable cause of death in our society. Cigarettes contain nicotine, tar, and carbon monoxide, as well as formaldehyde, ammonia, hydrogen cyanide, arsenic, and DDT. The main ingredient in cigarettes is tobacco. The nicotine in cigarettes is very addictive and when smoke containingRead MoreShould Cigarette Smoking Be Banned?1365 Words   |  6 PagesShould Cigarette Smoking be banned? The United States Surgeon General’s report stated that cigarette smoking is the major single cause of cancer death in the United States. This statement is so true today. Smoking a cigarette is an acquired behavior and that makes it the most preventable cause of death in our society. Cigarettes contain nicotine, tar, and carbon monoxide, as well as formaldehyde, ammonia, hydrogen cyanide, arsenic, and DDT. The main ingredient in cigarettes is tobacco. The nicotineRead MoreShould cigarette smoking be banned?700 Words   |  3 Pages Should cigarette smoking be banned? Smoking is an expensive habit. People who smoke cigarettes can spend as much as $2,500 a year on them (Singletary). Smoking is a practice in which a substance, most commonly tobacco or cannabis, is burned and the smoke is tasted or inhaled. The most common method of smoking today is through cigarettes. Cigarettes remain primarily industrially manufactured, but they can be hand-rolled from loose tobacco and paper. Today we are more aware on how bad smoking is forRead MoreShould Cigarette Smoking Be Banned?899 Words   |  4 Pages Should Cigarette Smoking Be Banned Whether or not cigarette smoking should be banned completely, has become an object of controversy in many countries. Should cigarette smoking be banned for everyone in the United States? Smoking tobacco products have been around for decades and in many different forms. According to the Centers of Disease Control and Prevention (CDC), cigarette smoking is the leading preventable cause of death in the United States. Cigarette smoking causes more than 480,000 deathsRead MoreCigarette Smoking Should Not Be Banned1528 Words   |  7 PagesShould cigarette smoking be banned for everyone in the United States? Why? Why not? Should those who chose their time smoking to relieve stress, personal enjoyment, or simply just because, have to lose their right to what makes them happy? Smoking tobacco products has been around for decades and in many different forms. Should personal rights be pushed aside to please those around us that disagree with the so called â€Å"disgusting habit†? In t he paper The Washington Times an article caught my interestRead MoreShould Smoking Cigarettes Be Banned?988 Words   |  4 Pages Isabella Zannettino Smoking is an addictive practice which entails inhaling and exhaling smoke from burning tobacco leaves. In the last 15 years extensive research and shocking statistics have demonstrated the adverse effects smoking can have on pregnant mothers and their babies. Currently, smoking cigarettes is the No. 1 cause of adverse outcomes for babies† (WebMed.com, 2013). Banning cigarettes may seem the most effective way of stopping pregnant mothers from smoking; however, doing this wouldRead MoreShould Cigarette Smoking Be Banned?925 Words   |  4 PagesProfessor Fuentes English 1003 April 22, 2015 Ban smoking in the United States Tobacco use is the single largest preventable cause of diseases and premature death in the United States (U.S.), yet more than 45 million Americans still smoke cigarettes. The health threat posed by tobacco has been accepted by scientists since the 17th century. In 1928, studies linked smoking to cancer. In 1964, the first Surgeon General’s report on cigarette smoking summarized the evidence that tobacco poses seriousRead MoreShould Cigarette Smoking Be Banned?1137 Words   |  5 PagesBiology 101 Should Cigarette Smoking Be Banned? Should there be a ban on cigarette smoking in the United States? Since cigarettes were introduced to Americans, questions have been raised concerning the legality of smoking and if it should be allowed everyone, in public places, or not at all. Recently, with the increase knowledge in cost and healthcare, the controversy with cigarette smoking has significantly risen. Across the country, states have banned smoking in public areas and inside buildingsRead MoreShould Cigarette Smoking Be Banned?824 Words   |  3 Pages Introduction: Tobacco Humans have been using tobacco in one way or the other since ancient times. Use of doesn’t always imply smoking it, but it can be chewed or used in different forms such as Tobacco chewing, dipping tobacco, etc. History: There is no fix time for the start of the use of tobacco in humans but it has been in human use since very ancient times. Locals were using before the arrival of Europeans to Americas. Las Casas brilliantly describes in his journal what the scouts who firstRead MoreCigarette Smoking Should Be Banned1768 Words   |  8 PagesCigarette Smoking Should be banned in United States Cigarette Smoking should be banned in the United States because it causes significant health problems. Tobacco is responsible for nearly one in five deaths in the whole country; also the smoke contains monoxide that reduces oxygen- carrying ability of red blood cells. The origins of tobacco go way back when; but how it was manufactured is a question asked constantly. How it had started was On November twenty third, 1998, forty-six states, as

Egyptian Art Sakhmet Free Essays

The archaeologist came to this conclusion based on hieroglyph samples at Gaza, which showed clear and deep cuts in diorite and granite. Sesames is an Egyptian, African sun goddess whose name meaner â€Å"The Powerful One†. Sesames reigned over Egypt from 1390- 1352 B. We will write a custom essay sample on Egyptian Art: Sakhmet or any similar topic only for you Order Now C. E. It’s said she was known to have always been draped in red garments hence another one of her many nicknames was â€Å"Red Lady’. The symbolism of her red garments, were from the blood of her conquered enemies. Her name is derived from the Egyptian word â€Å"Seem† (which meaner â€Å"power† or â€Å"might†) and is often translated as the â€Å"Powerful One†. She is depicted as a lion-headed woman, sometimes with the addition of a sun disc on her head. Her seated statues show her holding the ankh of life, but when she is shown striding or standing she usually holds a scepter formed from papyrus (the symbol of northern or Lower Egypt) suggesting that she was associated primarily with the north. However, some scholars argue that the deity was introduced from Sudan (south of Egypt) where lions are more plentiful. It was said that her breath formed the desert. She was seen as the protector of the harass and led them in warfare. Sesames was associated with the goddesses given the title â€Å"Eye of Re† she wore a sun-disk and cobra on her brow, identifying her as the daughter of the sun god Re. According to myth, Ra became angry because mankind was not following his laws and preserving Matt Justice or balance). He decided to punish mankind by sending an aspect of his daughter, the â€Å"Eye of Ra†. He plucked Hath from Areas on his brow, and sent her to earth in the form of a lion. She became Scheme, the â€Å"Eye of Re† and began her rampage. The fields ran with human load. However, Re was not a cruel deity, and the sight of the carnage caused him to repent. He ordered her to stop, but she was in a blood lust and would not listen. So Re poured 7,000 Jugs of beer and pomegranate Juice (which stained the beer blood red) in her path. She gorged on the â€Å"blood† and became so drunk she slept for three days. When she awoke, her blood lust had dissipated, and humanity was saved. In another version of the myth, Path is the first thing she sees on awaking and she instantly fell in love with him. Their union (creation and destruction) created Unfetter (healing) and so re-established Matt. The saving of mankind was commemorated every year on the feast day of Hath/Scheme. Everyone drank beer stained with pomegranate Juice and worshipped â€Å"the Mistress and lady of the tomb, gracious one, destroyer of rebellion, mighty one of enchantments†. A statue of Scheme was dressed in red facing west, while Bass was dressed in green and faced east. Bass was sometimes considered to be Sesames ‘s counterpart (or twin depending on the legend), and in the festival of Hath they embodied the duality central to Egyptian mythology. Scheme represented Upper Egypt while Bass represented Lower Egypt. In her role as the eye of Re, Sesames was dispatched abroad to destroy Egypt enemies. Sesames became angered when she discovered Re set another goddess in her place while she was away. The Eye refused to return and protect Egypt, until pacified by wine, music, and dance. The Egyptians explained the sun’s annual motion toward the south and then back to Egypt as the Eye’s departure and return. In other myth’s, Re’s Eye symbolized natural phenomena, such as the Niles flood and the Egyptian new year. Although Kismet’s true form was believed to be hidden, this bust’s lioness face refers to her power and fierce nature, which could either defend or destroy. The goddess’s benevolence and protection were deemed particularly necessary at times of transition, such as the new day or year. Amputated Ill commissioned two or more Sesames statues for each day in the year, compelling the goddess’s favor and protection. Many statues of Sesames were found in the precinct of Mute Kara. Since Kismet’s actions were primarily destructive while Mute represented protection, the two goddesses were sometimes insider as the positive and negative aspects of one deity. In conclusion, my trip to the Brooklyn Museum of art was not my first, nor will it be my last, but it was the most entertaining and informative trip. Next time I go I will definitely bring some friends along so they can enjoy the rich Egyptian culture as much as I did. This is a statue of Sesames. Medium: Grandiosity Place Found: Thebes, Egypt Dates: ca. 1390-1352 B. C. E. Dynasty: XVIII Dynasty Period: New Kingdom Dimensions: 39 x 19 7/8 x 15 9/16 TN. (99 x 50. 5 x 39. 5 CM) How to cite Egyptian Art: Sakhmet, Papers

Analysis of Boral Limited Company ASXBTL

Question: Describe about the Prospective analysis, valuation and application of the Boral Limited company ASX:BTL? Answer: 1. Prospective Analysis This prospective analysis of Boral Limited can be divided into two sections. These sections are forecasting and valuation. Initial forecasting analysis of the Borals performance will be based upon the past and current financial performance of the company. After initial analysis, four valuation models which are Dividend Discount model, Discounted Abnormal Earnings model, Discounted Abnormal Operating Earning model and Discounted Cash Flow model are used for assessing the companys value. 1.1 Forecasting sales growth rate Through analyzing the current and future macroeconomic conditions as well as Borals competitive strategy it is predicted that sales will increase by 2% in FY15 and FY16, 3% in FY17, 4% in FY18 and 6% in FY19. As the company invests in the Joint venture, it sales will gradually increase in upcoming years. At present the sales growth rate for last five years is a mixed one. The sales of company showed increasing trend except for the year ended 2013, which showed a decline. However the construction industry is developing one and Boral is having strong position in this industry thus a good sales growth in future can be expected. 1.2 Forecasting asset turnover It may be noted that the changes in revenue and net operating asset (NOA) directly affect the movement of ATO(Bragg 2012). In the case of Boral, NOA is expected to keep stable. Recently Boral has restructured its business, it has established joint venture. Now the company is focusing on managing the costs and expenses. Hence it is not expected that there will be noticeable growth in NOA in coming future, though some small projects may be initiated. Thus the ATO of Boral is expected to constant at 0.80. 1.3 Forecasting profit margin It can be safely assumed that profit margin will remain constant at 3.5% which is relatively low but in line with the average profit of building material industry(Yahoo 2015). In the next five years sales revenue of the company will increase as it has set up joint venture and Boral is merging its brick business with CSR(AFR 2014). However the cost of raw material will also increased and there is not much scope in the building material industry to boost the profit ratio beyond a limit. Thus the profit margin is taken as constant at 3.88%. 1.4 Forecasting dividend payout ratio A constant dividend payout ratio of 33% has been forecasted for the next 5 years, based on Borals current dividend policy. It has been little lower in the past five years but as now Boral has restructured most of its business it is expected that the directors will be able to maintain at least this dividend payout ratio. 1.5 Forecasting cost of debt after tax Boral has paid a major portion of tis debt in the year 2013. Hence the cost of debt after tax is expected to be slightly diminishable. As a result, cost of debt after tax of Boral for the next 5 years is predicted around 4%. 2. Valuation 2.1Dividend Discount Model (DDM) There are several valuation models; however for the purpose of this assignment focus will be made only for few major models. Dividend discount model is one of such model. Under this method the valuation part is done of by forecasting the net dividends and than discounting the stream of dividends(Brigham Ehhardt 2010). It is assumed that after restructuring of the business Boral limited will be able to pay a fixed series of dividends in coming years, thus this model is used. Forecasts Value Forecast Forecast Forecast Forecast Forecast 1.Forecast net dividend pay-out $ 58.15 $ 59.31 $ 61.09 $ 63.53 $ 67.35 2. estimate cost of capital for equity 10% 1.1 1.210 1.331 1.464 1.611 3. Calculate forecast dividend growth patterns 2% 3% 4% 6% Estimate TV method - perpetuity with growth of 6% 4. Calculate TV (div from next year / cost capital - growth) $ 1,122 5. Discount dividend stream to TV year $ 53 $ 49 $ 46 $ 43 $ 42 Discount TV $ 697 Total value = $ 930 Number of shares 583 Share price $ 1.60 2.2 Discounted Abnormal Earnings (DAE) The second valuation model used to value a company and its stock is DAE model. This DAE model is basically a theoretical framework for valuation of equity shares, which is based on the information extracted from the financial reports(Palepu 2013). This model heavily relies upon the accounting information. The accounting information can be manipulated by the management, thus this model may not give accurate valuation which reflects market expectation. Cost of capital (firm) 9% Cost of capital (equity) 10% Growth 2% Number of shares outstanding (million) 779 Year 2014 2015 2016 2017 2018 2019 NOA $ 5,559 $ 5,670 $ 5,784 $ 5,957 $ 6,195 $ 6,567 NFO $ 886 $ 21 $ 15 $ 65 $ 177 $ 419 BV $ 4,673 $ 5,649 $ 5,768 $ 5,892 $ 6,018 $ 6,148 CSP $ 159 $ 175 $ 179 $ 185 $ 190 $ 197 Residual earnings = CSP1 - (CSE0*CoC(e)) $ 159 $ 161 $ 167 $ 172 $ 178 Growth patterns 1.30% 3.16% 2.82% 3.68% Terminal value (growth rate 3%) $ 4,847 Discounted terminal value $ 3,009 Discounted residual earnings $ 145 $ 133 $ 125 $ 117 $ 111 Present value of residual earnings $ 3,641 NOA $ 5,559 Intrinsic value of the firm $ 9,200 NFO $ 886 Intrinsic value of equity $ 8,314 Price per share $ 10.67 2.3 Discounted Abnormal Operating Income (DAOI) The third valuation method used is discounted abnormal operating earnings (DAOE). This model can be seen as an alternative model for the valuation of the stock prices of the Boral Limited. Cost of capital (equity) 10% Cost of capital (firm) 11% Number of shares outstanding 779 Year 2014 2015 2016 2017 2018 2019 NOA $ 5,559 $ 5,670 $ 5,784 $ 5,957 $ 6,195 $ 6,567 Free cash flow $ 930 $ 65 $ 66 $ 12 -$ 46 -$ 168 change in NOA -$ 757 $ 111 $ 113 $ 174 $ 238 $ 372 NOPAT = FCF + NOA $ 173 $ 176 $ 180 $ 185 $ 193 $ 204 AOI = NOPAT1 - (NOA0*CoC(f)) $ 157 $ 160 $ 165 $ 172 $ 183 Growth patterns 1.96% 3.03% 3.96% 5.87% Terminal value (growth rate 4%) 4575 Discounted terminal value 2715 Discounted abnormal operating income $ 142 $ 130 $ 121 $ 113 $ 109 Present value of AOI $ 3,330 NOA $ 5,559 Intrinsic value of the firm $ 8,889 NFO $ 886 Intrinsic value of equity $ 8,003 Price per share $ 10.27 2.4 Discounted Cash Flow (DCF) Under discounted cash flow model, the future free cash flows are discounted to the present value. (Coyle 1999). Thus first of all the FCF of the Boral limited are calculated and there after these cash flows are discounted by taking an appropriate discounting factor. The disadvantage of this model is that not every companys shares can be valued by predicting the FCFs. Through this method, Borals share price is coming negative; this may be due to the reason that Boral has used most of its cash flows in restructuring business activities. Cost of Capital (firm) 11% Shares Year 2014 2015 2016 2017 2018 2019 1. Forecast FCF $ 65 $ 66 $ 12 -$ 46 -$ 168 2. Estimation of cost of capital for the firm 1.11 1.23 1.37 1.52 1.69 3. Calculation of forecast FCF growth patterns 0.02 -0.82 -4.89 2.67 4. Calculate TV (negative growth) 0 5. Discount fcf to TV year $ 59 $ 54 $ 9 -$ 30 -$ 99 Discount TV 0 Intrinsic value of the firm -$ 8 less NFO $ 886 Equity -$ 894 shares outstanding 779 share price -$ 1.15 2.5 Comparison The market price of the share of Boral Limited as on 30th June 2014 is $ 5.25(Boral 2014). The share price as per various models is very different from the market price of the share, or in other words the actual share prices it with just an approximate average of various models. The price of the share can be listed as under- Model Estimated Share Price Actual Market Price Deviation from Actual market price Dividend Discount Model (DDM) $ 1.60 $ 5.25 $ -3.65 Discounted Abnormal Earnings (DAE) $ 10.67 $ 5.42 Discounted Abnormal Operating Income (DAOI) $ 10.27 $ 5.02 Discounted Cash Flow (DCF) $ -1.15 $ -6.40 As the dividend discount model provides most nearest value to the market price, sensitivity analysis will be applied to this model. 2.6 Sensitivity Analysis Dividend discount model PM % in PM Price Per Share % in Price Div as % of NOPAT % in Div Price Per Share % in Price 4.66% 20% $ 1.43 19.79% 39.58% 20% $ 1.43 19.79% 4.27% 10% $ 1.31 9.74% 36.28% 10% $ 1.31 9.74% 3.88% 0% $ 1.19 0.00% 33% 0% $ 1.19 0.00% 3.49% -10% $ 1.07 -10.37% 29.68% -10% $ 1.07 -10.37% 3.10% -20% $ 0.95 -20.42% 26.38% -20% $ 0.95 -20.42% Cost of Debt % in Cost of Debt Price Per Share % in Price Cost of equity % in Cost of Equity Price Per Share % in Price 6.00% 20% $ 1.19 -0.31% 12.00% 20% $ 1.10 -7.85% 5.50% 10% $ 1.19 -0.31% 11.00% 10% $ 1.15 -3.66% 5.00% 0% $ 1.19 0.00% 10.00% 0% $ 1.19 0.00% 4.50% -10% $ 1.19 -0.31% 9.00% -10% $ 1.24 3.88% 4.00% -20% $ 1.19 -0.31% 8.00% -20% $ 1.30 8.90% The sensitivity analysis states that the key drivers of share price under DDM model are profit margin and dividend payout ratio, followed by cost of equity and cost of debt. Under this valuation model, cost of debt has no effect on share price. 3. Application 3.1 Opportunities for improvement Boral limited is in a phase of restructuring. It has set up joint venture, merging its brick business with another entity; it has sold its land fill business to another entity. Boral has paid a huge amount of debts in the last year, due to strong cash generation. Thus it is in a position to launch it to a paced business growth. For this it has to control its administrative cost and various other costs. The reduction is cost is possible due to business restructuring. In fact the company has already save $130 million of overhead and contractor cost due to this restructuring(Boral 2014). The construction markets have picked up and this can result in increased sales. Thus reduction in cost and increased sales will lead to increased profit. Company is having a strong balance sheet and the management can benefit from the improving housing conditions in Australia, USA and other markets. Another option which is seen as an opportunity for the company is the expansion of business of the company to markets outside the country. Boral can achieve this goal by becoming a partner of local companies at Asian markets such as China or India. This will help the company in increasing stability and Boral can improve their sale and profit margin. Furthermore, if the company runs business internationally, few more markets will be opened and thus sale growth rate will be expect to increase and ultimately results in the increase for Borals value in the future. 3.2 Challenges The performance of the company is improving, yet all is not well for the company. Some of the business units of the Boral limited are still delivering low returns. Company needs to improve the position of these units. The management is in the process of restructuring which has worked for the company and more benefits will accrue in future. The USA business division has remained challenging for Boral Limited. The USA housing business has collapsed since the global financial crisis of year 2008. Boral has to focus on US business also in order to survive at global level. Company has also recruited new CFO, which has to take more efforts on cutting cost. There is a heightened possibility of Borals management using accounting policies to achieve the accounting strategies of a newly appointed CEO because Borals current CEO, Mike Kane, has only been in his position for two years (since October 2012). Empirical accounting research has found that firms with a newly appointed CEO are more likely to implement accounting strategies that involve exercising greater scrutiny over the value of assets, that change the strategic focus of the firm or that place the blame for poor acquisitions on previous management Besides that the company is facing certain issues over the injuries at work places. Boral is also facing certain issues from the labour unions. Boral is operating in an environment characterised by legal disputes with unions over access to construction sites (e.g. the dispute between Boral and the CFMEU over access to construction sites in Victoria). This has impacted on Borals current business and will likely impact on its future performance. The construction industry does not have a high margin. The Australian brick business has shown a declining trend. A recent report by PWC has both highlighted that the construction industry is a perennial underperformer from a productivity perspective and that technology can be a driver of future productivity. [Reference: PWC Report]. The report recommends that there be significant improvements in the technologies used to produce and distribute construction materials [Reference: PWC Report]. Therefore, if Boral can improve its technological processes, future profits will be positively impacted. The first target point of the Boral should be development of business process. As most of units of the company have been closed, may be due to the reason of poor business processes. The company should focus on the developing standard process of doing particular things. Company is expecting growth in revenue in coming years and it is able to control the cost and improve the process than it can earn good profit. The second target point of the company should be quality products. As the focus of the company on controlling cost, this aspect may hurt the quality of the products. Boral should pay special attention towards the quality of the products, which should not be suffered due to cost cutting and business restructuring. Bibliography AFR 2014, ACCC approves merger of Boral, CSR brick units, viewed 17 January 2015, https://www.afr.com/p/business/companies/accc_approves_merger_of_boral_csr_kXZ1uX9Qk3RF9Ip0440urM. Boral 2014, 'Annual Report 2014', Annural Report, Boral, Boral, Boral, Australia. Bragg, S 2012, Business Ratios and Formulas: A Comprehensive Guide, John Wiley $ Sons, NY. Brigham, EF Ehhardt, MC 2010, Financial Management Theory and Practice, Cengage Learning, NY. Coyle, B 1999, Cash Flow Control, Global Professional Publishi, UK. Palepu, KHPABV 2013, Business Analysis and Valuation using Financial Statements, 5th edn, Southwestern, Canada. Yahoo 2015, Industry: General Building Materials, viewed 19 January 2015, https://au.finance.yahoo.com/q/in?s=BLD.AX.

Microeconomics Project free essay sample

For instance, will buyers or sellers pay a larger portion of the tax per unit? Explain. Alike the weight on buyers’ tax accepted by them is more for goods that have inelastic demand. Based on the elasticity classifications their effect on tax revenue, and tax incidence, which goods would the government prefer to tax? The Government tax goods with inelastic demand like meats, bread, soft drinks as people will devour for these items in the face of the change in price Part 2: Research the effect of changes in cigarette taxes on tax revenue for a state. Does this change indicate cigarettes have an elastic or inelastic demand in that state? Support your answer I have chosen Indiana where I am and Illinois and Michigan which are close to Indiana. State and local tobacco tax revenue select years 2008 to 2010 thousand of dollars Indiana 519,871-2008, 510,585-2009, 484,686-2010, Illinois 827,484-2008, 770,648-2009, 746,953-2010, Michigan 1,076,087-2008, 1,043,532-2009, 1,057,495-2010 What is showed is that cigarettes have an inelastic a decrease in price reduces revenue the increase in quantity demanded is proportionally smaller than the decrease in price. We will write a custom essay sample on Microeconomics Project or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page