American Foreign Policy In The Middle East

American Foreign Policy In The Middle East In spite of long distance between Middle East and United States, U.S. has influenced and has connections in the every country in the region. Strategic interests have forced the US to build the relations with Middle East including the competition with the Soviet Union U.S. has been provoked by the Soviet Union for its interventions from diplomatic overtures of war and friendship. Americans have interests to access the Middle Eastern oil. In this regard they have motivated their presidents and lawmakers to intervene the region. In addition cultural ties bind Arab Americans, Iranian Americans and Turkish Americans. These American groups want to make the voices heard in the U.S. foreign policy arena. The aim of this paper is to discuss the United States ideological and physical presence in the region of the Middle East. The paper has mainly focused on the points of the foreign policies of U.S towards the Middle East and the crisis which need special attention of America. Discussion The Cold War ended with the Soviet withdrawal from the Third World in general, leaving the United States unchallenged at a regional level, for an uncertain period of time. Sudden collapse of the Cold War rival, disintegration of the Soviet Union, brought the super military and economic power in need to readjust from one attuned to the global activities and ambitions of Soviet Union to one with new definitions of security and political interests. The year 1989 proved to be a very important watershed in the world politics with regard to its reflection and influence on the political history. The Cold war period was an idiosyncratic with its governing rules. U.S. and the Soviet Union reflected its spirit on all levels of the interactions among all actors of the system. This had also been observed in the interaction between the superpowers and one particular sub-region, one of the most problematic artificial regions of recent times- the Middle East. After subjecting to a certain level of limitation, factors that had shaped the U.S. Middle East policies during the Cold War did emerge as preventing the expansion of Communism by the Soviet Union, securing the free-flow of the Middle Eastern oil to Western industry, and providing the security of newly formed state of Israel and other pro-Western states. The Cold War ended with the collapse of the Soviet Union that resulted in the emergence of new independent states, which became the pawns of the new rivalry between big powers to fill the power vacuum after the Soviets to utilize from their natural resources. But for the sake of the aim of the paper, after a brief look at global developments, the study will focus on the U.S. and Middle Eastern relations in more detail. Color of the new period started to become obvious with immediate signs provided by Iraqi invasion of Kuwait, civil war in Somalia, etc. These have been contributions to the demands and claims of the U.S. by the regional states. `Uncivilized` parts of the world invited the saviors to bring peace and happiness, but on tanks, through mistreating their neighbors and citizens. Egypt and U.S. relationships have been under the distrustful condition due to nationalization of Suez Canal. During this time Egypt turned towards the Eastern block and Soviet Union and relations suffered with U.S. until the Soviet Advisor was not ousted. After that Egypt began to orient its economic and foreign policies towards the West especially U.S. Iraq invasion by the U.S. has resulted the distrust and dispersal in Middle East. However U.S kept eyes on the wells of the Iraq, and was forced to withdraw its troops from the region. New president of U.S Obama has committed to withdraw its troops and launch a very comprehensive regional and international diplomatic relations with the brokers to settle the Iraqi people. Obama would withdraw most of the troops from the region and emphasized that troop would be in Kuwait rather than in Iraq itself. Iran is under the pressure of the U.S. Irans nuclear program has created concern for the Israel in the region. It is clear that American foreign policies revolve around the benefits of the Israel. Irans nuclear program is hurdle in the ways of Israel invasion in the Palestinian territory. However Obama has criticized the Senator Clinton bellicose Kyl-Lieberman amendment targeting Iran. He has preferred to negotiate with Iran directly. Sustained and aggressive diplomacy combined with tough sanctions should be our primary means to prevent Iran from building nuclear weapons. (Obama U.S. President). This raises the question why the Obama has not called for aggressive diplomacy and tough sanctions against the Israel, India and Pakistan for their existing nuclear weapons, so no less than Iran is also making violations of UN security resolutions. Although in the case of the Palestine, in start of his regime he has called for balance of power in Palestinian territory with support of the Israeli peace camp and its supporters. He was hopeful to settle the conflict according to the line of Geneva Initiative and also similar efforts by Israeli and Palestinians. However past two years Obama has changed the mind and has insisted to help the Israel with full funding the military assistance. In the presence of the international condemnation the Obama has claimed that Hezbollah was the responsible for these killings of innocent citizens. However the Human Right Watch has found that there was no involvement of the Hezbollah and it was the massive killings of innocent people by the Israeli tro ops. Obamas senators always condemn the attacks against the Israeli civilians by Arabs and have never condemned the killings of Pedestrians by the Israeli troops. Syria is the country of the region and lies in the part of the Middle East from where U.S. can get its goals in the Middle East. American has not established a confidant policy towards the Syria. Conclusions This paper has examined the points of American foreign policies in Middle East. This paper provides a brief evaluation of the American foreign policy and measures taken to make the region very peaceful for the Obama Administration. We have started from the Cold war pre-circumstances and presently prevailing conditions of the Middle East with perspective of the America foreign policy. This paper ends with a discussion of the potential for a return to liberalism in foreign policy towards the Middle East during the present Obama administration. A very moderate and realistic approach is recommended in specific instances. A foreign policy based on the true realistic approaches is required to be fully reconsidered.

Americans Eat More Than Required

According to The Journal Of the American Medical Association JAM), † More than one-third of adults and 17% of youth in the United States are obese†¦ † (Ogden, Carroll, Kit, and Flea) So why do we as Americans eat more than the usual human being? From personal opinion I believe it is all the resources and opportunities we have to constantly eat. There are vending machines everywhere, food vendors every†here, restaurants everywhere, food trucks everywhere, it is almost if our world revolved around eating.On top of that we like to get out moneys worth, so it constantly pushes restaurants to serve more food. Know when eat I usually eat what is on my late whether its a lot or a little, tend to finish. Working in the restaurant industry I see the same. Our portions tend to be about 8 ounces of meat and another 10-12 ounces worth of sides. That is a lot of food to put down in one sitting. Most people do it though. Very few people ever ask for a take out box. This pape r is not about how all Americans are obese, but instead to inform the reader that we should not be eating as much.We should be eating smaller portions and more frequently. In today's industry all the restaurants are offering healthier alternatives. McDonald's is getting ready to rebind itself and lean more in a healthy way. That itself should show America that we need to observe what we eat. The JAM article states, â€Å"Overall, there have been no significant changes in obesity prevalence in youth or adults between 2003-2004 and 2011-2012. Obesity prevalence remains high and thus It is important to continue surveillance. (Ogden, Carroll, Kit, and Flea) It is something that if we instill in the children of America they will understand it at a young age and begin their habits right instead of overeating from a young age, † Obesity and childhood obesity, in particular, are the focus of many public health efforts in the United States. (Ogden, Carroll, Kit, and Gall) To conclude I would like to say that I am not the â€Å"ideal† in shape American, but I also do not fall into the 17% of the youth that is obese.

The Undeniable Truth About Space and Place Essay Samples That No One Is Telling You

The Undeniable Truth About Space and Place Essay Samples That No One Is Telling You Such a reading is referred to as scanning. Naturally, you'll want to assess the night prior to a test. Just take a couple of minutes at the conclusion of class to check over your test to be certain you have answered all questions and your answers make sense. Just take a couple of minutes to look over the test, then answer all the questions that you understand first. For some individuals, it is a dream that isn't quite simple to reach. Harvey's idea of time-space compression on the opposite hand touches upon the simple fact that with a globalising world, people who dwell in rather distant places can go through the exact same things at precisely the same time. Thus, in a minumum of one method that the huge expansespace was put to good use. It's about sharing the attractiveness of a place that the majority of people aren't conscious of. The Number One Question You Must Ask for Space and Place Essay Samples Thus, you are going to complete everything with a terrific amount of precision. The art of concentration is to eliminate any potential distractions and totally concentrate on the job at hand. The significant disadvantage of space research is that a massive quantity of money is necessary for building a spacecraft. Thus, it's important to ask whether such waste of space at such a substantial scale is essential or not. The point is that if you're speaking about an area, folks know what it is since there is a particular means of defining that location. You might want to label it so there is absolutely no confusion as to its objective. A lot of people aren't very good at writing. As soon as an examiner checks your answer, there are only a few things he or she mainly marks you on. Getting the Best Space and Place Essay Samples You are able to use distinctive voices, verbs and other grammatical devices like conditional modals. However, we're in a position to see an d hear it. Listen to music for a couple minutes. Most important in selecting a study location is finding a place that's relatively free from distractions. In many instances, a few of the beaches operate both evening and day hence this is quite flexible to me especially during the holidays once we want to relax our minds. Besides just schooling at Greenfields, it's the place I was brought up. Facts, Fiction and Space and Place Essay Samples Mobility of human also changes the way an individual gets easily acquainted with his surroundings and space particularly. It's argued this expenditure ought to be spent on other essential things in place of on space exploration. There's no notion of hominess rather it's the feeling of relationship of belonging of a human to a specific space. With the emergence of the electronic digital space, we have made a dimension which we can't touch or smell. All available evidence points to how the Universe is open and it's ceaselessly expanding. Illustrations of what's being meant is commonly the best way to understand an idea. Space on the opposite hand is more straightforward for people to perceive. It's definitely my favourite place on Earth. The reader should receive the thought of the entire essay from the introduction. You may receive all the information that you desire. The author describes the different characteristics of the location for the reader to come up with a mental picture of the way the place resembles. Our site has become the most advantageous location for a totally free essay download. Travel essays might be written for different factors. This provides you with a superior breakdown of the info. Descriptive Narrative Essay Example may be used mainly to recreate an occasion. Space and Place Essay Samples - Dead or Alive? Finally, we'd reap the most benefits if we took initiatives to make sure that we embrace the absolute most ethically appealing parking habits. This is an enormous benefit. Advanced space technologies can definitely be put to fruitful uses like solving the fundamental problems of man and society. Urban planning is a technical procedure for designing of any urban environment, and it's the most important feature of any orderly development of both the settlements together with the growth of any kind of communities dwelling in an urban surrounding. The trick is to keep all you need in there, prepared to go. Applicants who select this option will want to ensure they are presenting their chosen location effectively. The whole procedure for visiti ng the office needs to be described. Urban public place is a significant facet of any urban planning procedure.

Nike Organizational Context Of Nike - 1441 Words

Nike Organizational Context Nike is a well-known brand that is the top seller in athletic footwear across the globe (Nike, 2015). Nike is known for its athletic footwear but also sells top athletic gear and apparel. According to Nike, the company operates globally in as many as 155 different countries including the United Sates where its head-quarters is located. Nike is a goods based company with a target market of athletes, sports fans, and people who wear athletic apparel. Nike is broken down in to many sub divisional departments that all have similar responsibilities but in different fields of the company. For example, there are multiple â€Å"teams† that are responsible for departments such as men’s, women’s, young athletes, and eventually they are broken down by different sport categories (Nike). Also there are different departments for each region. Since 2010 when Nike’s chief executive officer announced that Nike will be operating in all seven continents, separate sub divisions would be created to track each different regions productivity. There are many ways that this has an effect on Nike’s accounting, financial, and business decisions. When there are separate reports and statements for different departments and categories, it allows Nike to see its strength and weakness as far revenue stream for each region. This allows business decisions to be implemented whether it is to eliminate a specific non profitable region or target a region with specific productsShow MoreRelatedNike s Sustainable Business And Innovation Strategy Essay1669 Words   |  7 PagesCompany Overview NIKE, Inc. (Nike) is a publicly traded American multinational company in the sportswear and apparel industry. In 2016 Nike Brand sales covered 47% of total revenue in the U.S. market and 53% of the market internationally. 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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. 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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.