Free Essays on Times Anguish

change. The sculpture of Ozymandias in Shelley’s sonnet speaks to the flimsiness and obliteration of everything after some time. Though, the Urn in Keats sonnet speaks to the conservation of minutes and the capacity of a particular work of art to rise above time. Keats plans to scrutinize the attractive quality of agelessness in light of the fact that to rise above time one must forfeit arousing joys. Despite the fact that the urn delineates history through its photos, it stays unaltered after some time. This wonder is conceivable in light of the fact that dissimilar to other works of art, the urn isn't limited by time. Music and verse are both reliant on an ideal opportunity to decipher and comprehend their structures. In any case, one can take as the figure in a solitary moment. This is on the grounds that the urn is spatial as opposed to worldly. The quietness of the urn empowers its feeling of agelessness. In spite of the fact that â€Å"heard tunes are sweet . . . those unheard are sweeter† (l. 11, 12). This is on the grounds that when tunes are not limited by time yet rather are in one’s creative mind they can keep going forever. Nonetheless, the quietness that accentuates the immortality of the urn likewise infers the brutality of the urn. For in its feeling of immortality, the urn prods man with the possibility of everlasting magnificence, which may not exist . Keats is dubious of t... Free Essays on Time's Anguish Free Essays on Time's Anguish Time’s Anguish John Keats and Percy Bysshe Shelley both utilize a material article as a similitude in their sonnets to show the capacity or failure of anything to persevere through fleeting change. While Keats’ â€Å"Ode on a Grecian Urn† is a contemplation of the agelessness of a Urn, Shelley’s utilizes a sculpture to speak to the disappointment of anything to suffer after some time in his sonnet â€Å"Ozymandias.† Keats’ Grecian urn, went down through innumerable hundreds of years to the hour of the speaker's review, exists outside of time in the human sense; it doesn't age nor kick the bucket. Nonetheless, for Shelley, similarly as the sculpture of Ozymandias is broken and transformed from its proposed structure, so too does the implications of words change. The sculpture of Ozymandias in Shelley’s sonnet speaks to the flimsiness and devastation of everything after some time. While, the Urn in Keats sonnet speaks to the protection of minutes and the capa city of a particular artistic expression to rise above time. Keats means to scrutinize the attractive quality of immortality on the grounds that to rise above time one must forfeit sexy delights. Despite the fact that the urn portrays history through its photos, it stays unaltered after some time. This wonder is conceivable on the grounds that not at all like other artistic expressions, the urn isn't limited by time. Music and verse are both subject to time to decipher and comprehend their structures. In any case, one can take as the model in a solitary moment. This is on the grounds that the urn is spatial instead of transient. The quietness of the urn empowers its feeling of immortality. In spite of the fact that â€Å"heard songs are sweet . . . those unheard are sweeter† (l. 11, 12). This is on the grounds that when tunes are not limited by time but instead are in one’s creative mind they can keep going forever. In any case, the quietness that underlines the agelessness of the urn likewise infers the brutality of the urn. For in its feeling of immortality, the urn prods man with the possibility of everlasting magnificence, which may not exist. Keats is quest ionable of t...

Literature Essay Example | Topics and Well Written Essays - 1500 words

Writing - Essay Example In different stories, especially children’s books, setting scarcely assumes any job whatsoever. The setting of three short stories †Ernest Hemingway's Soldier's Home, Colette's The Handâ and Katherine Mansfield's Miss Brillâ †will be talked about in this article. I will take a gander at people in general and private parts of each setting to show that in any event, when setting isn't necessary to the plot, it can uncover significant facts about the characters.              Soldier's Home, from its very title, makes us aware of the setting of the story (Meyer). In any case, it isn't so much the physical situating of the story that the title alludes to as a certifiable philosophical inquiry, which can be asked of anybody whose movements permanently transform them, war or no war: when an individual changes, by what method can their home despite everything be acceptable enough? The Hand, on the other hand, is one of those accounts refer enced above in which the setting is practically unimportant, as the activity is as a rule interior, remotely limited to the couple's bed. In Miss Brill, the hero centers around and is captivated by the setting. The three creators saturate their setting with various degrees of significance: the ocean side park includes as a position of pleasure in Miss Brill's everyday practice, and her essence there straightforwardly causes the peak of the plot. Krebs' home in Soldier's Homeâ exacerbates his inclination of depression without really causing it; Colette's hero stays uninformed of her physical environmental factors as she centers only around her new spouse's â€Å"monstrous† hand (reference). In every story there is an open setting and a private setting. This paper will characterize these settings for every story before differentiating the manners by which this scholarly gadget is utilized.              In 1925, Ernest Hemingway distributed an as sortment of short stories called In Our Time, one story of which was Soldier's Home. This story highlights Krebs, a youngster who comes back to America from World War I in 1919, a year after the war has finished and long after other neighborhood troopers have get back. He â€Å"did not have any desire to leave Germany† (Hemingway), and now feels like an untouchable. People in general and private division of settings in Soldier's Homeâ is muddled, on the grounds that Krebs encounters degrees of security: in his room, he admits to himself that â€Å"he didn't generally require a girl†; when on the entryway patio, he â€Å"liked to take a gander at them† however when around, â€Å"their claim to him was not very strong† (Hemingway). In the security of his room and the pool room, Krebs can get away from the progressions and simplyâ be, neglectfully. In the open regions of his home and the nearby town, he mustâ come up close and personal with indicati ons ofâ how the war transformed him.              In the settings past his private room, Krebs can't deal with others, their necessities and characters. He can't partake in a sentimental relationship since he â€Å"did not need any consequences† †the German and French young ladies, conceivably whores, with whom he associated in Europe portray â€Å"simple† connections (Hemingway). This emergency runs so profoundly inside him that, in the kitchen, he tells his mom that he doesn't adore her, by which he implies he can't cherish anybody. The war has taken such a large amount of him that he can't manage others. Â

A Man For All Seasons Essay -- English Literature

A Man For All Seasons In A Man For All Seasons Robert Bolt utilizes a great deal of imagery to tell the story. The principle character Sir Thomas More wears plain Gray garments which are straightforward, not in vogue/up-to-date. This represents he is not conspicuous, just thinks about God and not people groups assessments and not bombastic. Cardinal Wolsey wears brilliant, smooth garments that appears he is significant and rich so he can bear the cost of these garments. Garments speak to your status. At the point when Cardinal Wolsey kicks the bucket his garments are loaded on the center of the floor and the steward just excursions them into a container with no regard at this represents they have no which means any longer and are outright, customary garments. The king’s garments are gold which shows that this individual is the most significant. Just the lord wears gold garments and the most extravagant things. The duke is wearing green to simply speak to what his identity is to each resident around him. For the administrator’s dark and pinstripe suits are worn once again to show status. Instances of directors are Rich and Cromwell. This imagery of garments shows a clothing standard for all various kinds of individuals there are E.G destitute individuals will wear messy clothes which may be torn and worn. Where as rich individuals like the ruler, duke, and so forth will wear silk, gold and silver. The language utilized in the play is additionally imagery as when somebody addresses the lord they continuously state â€Å"your grace† this speaks to the ruler is significant and must be tended to appropriately. At the point when destitute individuals converse with Cromwell, More, the Duke and the Cardinal they are constantly tended to as â€Å"Sir† and once again speaks to the significance of this individual. The normal man puts on the cap and coat; this shows the estrangement impact. The crowd has se... ... on the off chance that Cromwell is telling him that he isn't doing an awful thing. Cromwell realizes that he did no off-base thus will go to paradise. The normal man currently has a way of life as the headsman. At the point when Cromwell takes the veil from his sleeve the entire crowd can see him doing it and so again it breaks the authenticity even at an extreme second. This break as a general rule would get the crowd to consider the ethical quality of what is occurring to More and whether they believe that he should pass on or not, this is actually what Bolt needed, the crowd to think about the hypothesis. In Act two we are told the specific stage settings, Bars, rack and confine flown quickly upwards This happens all before the crowd so the thought demonstrating the crowd that it isn't genuine is done here, they can see the difference in landscape so it currently is difficult to accept that what they see is genuine.

Reporting on Equity Evaluation of major airlines in the industry - Free Essay Example

This report is based on the equity evaluation of an airline Ryanair which is a European leading low fare Airline belongs to Ireland with its headquarter in Dublin. One of its biggest operational bases is at London Stansted Airport in UK. It is one of the key players with in the market, and perhaps the most profitable air line. Ryanair is Worlds favourite airline that operates in 41 bases and more than 1100 low fare routes across 26 countries and connecting 153 destinations. Ryanair has fleet of 232 new Boeing 737-800 aircraft with orders of additional 82 new aircraft that are expected to deliver over the next 2.5 years. Ryanair currently has employees of more than 7,000 and carry approximately 73 million passengers in the fiscal year 2010/11. Business Environment Every business has to set its own characteristics and profiles their competitors. For this every business establish its own unique mission and vision statements and the key objectives in order to satisfy their goals. Moreover, they usually set their mission, vision and objectives to serve the society as well as benefitting the community throughout their business cycle. When we talk about the airlines, the determination of the demands, preferences and taste of people is still valid. The suggestions of every people around the organization are also essential to create a just and comprehensive strategy. Mission of Ryanair It is the main mission of every airline to deliver the safety of their passenger, but how did the Ryanair attract the tourists and other individuals to travel is because of their undertaking to make air travel inexpensive, simple, convenient form of transportation in the world. The idea of low cost airlines are based on the probably demands of the people to fly more often when it is inexpensive or affordable to fly by aeroplane. Ryanair is the most suggested airlines when it comes to low- cost marketing. Vision Ryanair has a vision of a world where the fare could lower to reduce rates to bring the steady traffic of business people and tourists to their region. Its concept is not new in every airlines and their vision only underpins their mission. The broader vision in building an effective business and push on the tourism is more applicable (2003). Its a major challenge for the Ryanair to sustain their mission and yet with accordance of their vision in promoting tourism. Corporate Strategy Ryanairs objective is to maintain itself as the leading European low-fares scheduled passenger airline through continued implementation of cost reductions, operating efficiencies and offerings of its low fares service. Ryanair objective is to offer low fares that create increased passenger traffic while continuously focus on cost-containment and operating efficiencies. The key essentials of Ryanairs strategy include the following Low Operating Costs Safety and Quality Maintenance Development of Operating Results through Ancillary Services Focused Criteria for Growth Taking Advantage of the Internet Porter Generic Strategy Ryanair focuses on the cost cutting strategy according to the porters generic strategy model to position itself in the marketplace. Cost leadership strategy is based upon business organizing and controls its value-adding activities to be the lowest cost producer of a product with an industry. The company provides the reduced cost of fare than its competitors in the airline. On the other hand Ryanair has also become focuser as it is concentrated on an narrow customer segment that consist of Irish and UK business people who could not afford to fly major airlines. Nature of Industry with Reference to Strategic Grouping Ryanair is competing in high competitive environment where the competitors are competing to pull market share from their rivals. One of the reason for high competitive rivalry is boom of travel industry and also the European Union regulations. These regulations are intended to improve quality and prices of airline industry. If we consider the last decade we come to know that the air travel grew by 7% per year. Both business and leisure purposes travel grew worldwide. The scheduled airlines have carried more than 1.5 billion passengers last year. In case of the leisure market, the availability of large aircraft like Boeing 747 has made it suitable and reasonable for people to travel further to new and exotic destinations. Developing countries governments realized the benefits of tourism to their national economies and urged the development of resorts and infrastructure to allure tourists from the prosperous countries in Western Europe and North America. As the economies of develo ping countries are growing, their own citizens are becoming the new international tourists of the future. Strategic Grouping of European Airline Industry Price/ Quality Limited Market Coverage Local Area 1. Train Up Market 1. British Airways 2. American Airways 3. Lufthansa Discounter 1. Ryanair 2. Easy Jet Big 4 Virgin Atlantic According to this classification the Ryanair comes in the low cost segment or discounters. Airline Industry Life Cycle Same like living creatures, industry also has its circle of life. The stages of industry lifecycle include fragmentation, shake out, maturity an decline (Kotler 2003).The industry life cycle can be represented by having a look of the following figure: Product (Industry) Life Cycle Stages The first countries in Europe to grip air transport were France, Germany and the Netherlands. In 1919 KLM was established, still the oldest carrier. The first flight was from London to Schiphol, Amsterdam transported two English people in 1920. Major European airlines of the time like KLMs initial growth mainly depended to service routes with far-flung colonial possessions (Dutch Indies).The loss of the Dutch Empire was the only reason that KLM found itself based at a small country with small potential passengers, which relying mostly on transfer traffic, and was first to introduce the hub-system to assist easy connections. France started an airmail service to Morocco in 1919 which was sold i n 1927, renamed Aeropostale, and with more capital invested become a major international carrier. Aeropostale went bankrupt in 1933. It became nationalized and merged with many other airlines to become Air France. In 1926 the German airline industry started with Lufthansa and became a major investor in airlines outside of Europe, founding Varig and Avianca. Junkers, Dornier, and Fokker built the most advanced German airlines in the world at the time. German air travel got peak in the mid-1930s, when Nazi propaganda ministers approved the launch of commercial zeppelin service, the big airships but it was fact that they used flammable hydrogen gas which raised safety concerns that terminated with the Hindenburg disaster of 1937. Imperial Airways was United Kingdoms flag carrier which became BOAC (British Overseas Airlines Co.) in 1939. Imperial Airways made use of huge Handley-Page biplanes for routes between London, Middle East and India. Imperial aircrafts image in the middle of the Rubal Khali was being maintained by Bedouins and was among the most famous pictures from the heyday of the British Empire The deregulation of the European Union airspace in the early 1990s has had substantial effect on structure of the industry there. The shift towards budget airlines on shorter routes has been significant. Airlines such asÂÂ  EasyJetÂÂ  andÂÂ  RyanairÂÂ  got growth at the expense of the traditional national airlines. The trend has been there for these national airlines themselves to be privatized such as have occurred forÂÂ  AerLingusÂÂ  andÂÂ  British Airways. Other national airlines, including ItalysÂÂ  Alitalia, have faced chiefly with the rapid increase of oil prices in early 2008. Industry Profitability In View of Porter 5 Forces Model From a strategic management perspective it is useful for organisations to understand the competitive forces in their industry or sector since these will conclude the prettiness of that industry and the likely success and failure of particular organisations within it. The porter five core elements/forces are: Competitive Rivalry Threat of new entrants Threat of substitutes The Bargaining power of buyer The Bargaining power of suppliers Porters Five Forces Model Rivalry among Existing Competitors (Intense Rivalry) There is very tough competition among the competitors of European airline industry especially that lie in the same tier such as Easy Jet, Ryanair and Aer Lingus. The services level is same for all players in the third quadrant are the same with either low or no differentiation. The market in which the Ryanair is operating is saturated with Ryanair is holding the biggest chunk of customers and is the dominating player. Threat of Entrant (Low) Threat of new entrant is low because it requires quite high capital investment to enter in this industry. It is also hard to find suitable airports. Even with capital investment it is very hard for new entrants to challenge incumbent players like Ryanair that has experience of years and solid name in the market. Threat of Substitutes (High) Threat of substitutes for a short haul airline can be in the form of land travels and if we talk about indirect substitutes then it is video conferencing which may reduce the need for air travel. The most important point to mention here is that in both of the above mentioned cases there is no switching cost for the customers so they will not feel any hesitation to choose in between these. Bargaining Power of Buyers (High) Bargaining power of buyers is high as people are well informed of prices and deals via different resources and internet is one of them. Now most of airlines they are trying to reach this market segment where they can acquire more market share by providing lowest fares. The customers are price sensitive and they will switch to any other airline which will give them lowest fares. Bargaining power of Suppliers (High) The supplier power is medium to high, because the airplane providers are the ones with good amount of power in their hand while ancillary suppliers being the ones with low power hence balancing out the supplier power of the industry. Regulators and airport authorities have medium power and this has been balanced out by more use of regional airports rather than the main or national airports. Competitive Strategy and Three Generic Strategies Ryanair has been following mix cost based focus strategies according to competitive strategies. Cutting costs have been focused and Ryanair is delivering this benefit to their customers. The company not only focuses on techniques that save them money rather it is implemented in their system from top to bottom everywhere. Segmentation Strategy Differentiation Strategy Cost Leadership Narrow Market Scope Broad Market Scope Uniqueness Competency Low Cost Comptency Forecast of the Performance of the Firm of Choice Common Size Statements Balance Sheet 2004-2005 2004 CS 2004 2005 CS 2005 Fixes Assets Intangible Assets 44499 2% 30449 1% Tangible Assets 1576526 54% 2092283 55% Total Fixed Assets 1621025 55% 2122732 56% Current Assets Cash Liquid Resources 1257350 43% 1613643 42% Accounts Recievable 14932 1% 20644 1% Other Assets 19251 1% 24612 1% Inventories 26440 1% 28069 1% Total Current Assets 1317973 45% 1686968 44% Total Assets 2938998 100% 3809700 100% Current Liabilities Accounts Payable 67936 2% 92118 2% Accrued Expenses Other Liabilities 338208 12% 436187 11% Current Maturities of Long Term Debts 80337 3% 120997 3% Short term Borrowings 345 0% 7938 0% Total Current Liabilities 486826 17% 657240 17% Non Current Liabilities Provisions for Liabilities and Charges 94192 3% 112745 3% Other Cre ditors 30047 1% 18444 0% Long Term Debts 872645 30% 1293860 34% Total Other Liabilities 996884 34% 1425049 37% Shareholders funds equity Called Up Share capital 9643 0% 9675 0% Share Premium account 560406 19% 565756 15% Profit Loss account 885239 30% 1511980 40% Share Holders equity 1455288 50% 1727411 45% Total libilities Shareholders equity 2938998 100% 3809700 100% Balance Sheet 2006-2009 2006 CS 2006 2007 CS 2007 2008 CS 2008 2009 CS 2009 Non Current Assets Property Plant Equipment 2532988 55% 2884053 51% 3582126 57% 3644824 57% Intangible assets 46841 1% 46841 1% 46841 1% 46841 1% Available For Sale Financial Assets 406075 7% 311462 5% 93150 1% Derivative Financial Instruments 763 0% 59970 1% Total Non-Current Assets 2580592 56% 336969 6% 3940429 62% 3940429 62% Current Assets Inventories 3422 0% 2420 0% 1997 0% 2075 0% Other Assets 29453 1% 77707 1% 169580 3% 91053 1% Current Tax 1585 0% Trade Receivables 29909 1% 23412 0% 34178 1% 41791 1% Derivative Financial Instruments 18872 0% 52736 1% 10228 0% 129962 2% Restricted Cash 204040 4% 258808 5% 292431 5% 291601 5% Financial Ass ets Cash 3 months 328927 7% 592774 10% 406247 6% 403401 6% Cash Cash Equivalents 1439004 31% 1346419 24% 1470849 23% 1583194 25% Total Current Assets 2053627 44% 2354276 41% 2387122 38% 2543077 40% Total Assets 4634219 100% 5691245 100% 6327551 100% 6387862 100% Current Liabilities Trade Payables 79283 2% 54801 1% 129289 2% 132971 2% Accrued Expenses Other Liabilities 570614 12% 807136 14% 919349 15% 905715 14% Current Maturities of Debt 153311 3% 178918 3% 366801 6% 202941 3% Derivative Financial Instruments 27417 1% 56053 1% 141711 2% 137439 2% Current Tax 15247 0% 20822 0% 425 0% Total Current Liabilities 845872 18% 1117730 20% 1557150 25% 1379191 22% Non Current Liabilities Provisions 16772 0% 28719 1% 44810 1% 71964 1% Derivative Financial Instruments 81897 2% 58666 1% 75685 1% 54074 1% Deferred Income Tax Liability 127260 3% 151032 3% 148088 2% 155524 2% Other creditors 46066 1% 112177 2% 99930 2% 106549 2% Non Current Maturities of Debt 1524417 33% 1683148 30% 1899694 30% 2195499 34% Total Non Current Liabilities 1796362 39% 2033742 36% 2268207 36% 2583610 40% Shareholders funds equity Issued Share Capital 9790 0% 9822 0% 9465 0% 9354 0% Share Premium Account 596231 13% 607433 11% 615815 10% 617426 10% Cash Redemption Reserve 378 0% 493 0% Retained Earnings 1467623 32% 1905211 33% 2000422 32% 1777727 28% Other Reserves -81659 -2% 17307 0% -123886 -2% 20061 0% Share Holders equity 1991985 43% 25397 73 45% 2502194 40% 2425061 38% Total liabilities Shareholders equity 4634219 100% 5691245 100% 6327551 100% 6387862 100% Income Statement 2004-2006 2004 CS 2004 2005 CS 2005 2006 CS 2006 Operating Revenue Scheduled Revenues 924566 1128116 1433377 Ancilinary revenues 149658 208470 259153 Total Operating revenues 1074224 1336586 1692530 Operating Expenses Staff Costs -123624 -12% -140997 -11% -171412 -10% Depreciation Amortization -101391 -9% -98703 -7% -124405 -7% Fuel Oil -462466 -27% Maintenance, Materials Repairs -37417 -2% Marketing Distribution Costs -13912 -1% Aircraft Rentals -47376 -3% Route Charges -164577 -10% Airport Handling Charges -216301 -13% Other Operating Expenses -597922 -56% -767397 -57% -79618 -5% Total operating Expenses Excluding Good Will -822937 -77% -1007097 -75% -1317484 -78% Operating Profit 251287 23% 329489 25% 375046 22% Amortization of Goodwill -2342 0% -2125 0% Operating profit 248945 23% 327364 24% Other expenses Foreign Ex change Loss/Gain 3217 0% -2323 0% -1234 0% Gain/Loss on Disposal of Assets -9 0% 47 0% 815 0% Interest Receivable Similar Income 23891 2% 28342 2% 38219 2% Interest Payable Similar Charge -47564 -4% -57499 -4% -73958 -4% Total Other Expenses -20465 -2% -31433 -2% -36158 -2% Profit on Ordinary Activities before Tax 228480 21% 295931 22% 338888 20% Tax On Profit On Ordinary activities -21869 -2% -29190 -2% -32176 -2% Profit/Loss For The Financial Year 206611 19% 266741 20% 306712 18% Income Statement 2007-2009 2007 CS 2007 2008 CS 2008 2009 CS 2009 Operating Revenue Scheduled Revenues 1874791 225692 2343868 Ancilinary revenues 362104 488130 598097 Total Operating revenues 2236895 2713822 2941965 Operating Expenses Staff Costs -226580 -10% -285343 -11% -309296 -11% Depreciation Amortization -143503 -6% -175949 -6% -256117 -9% Fuel Oil -693331 -31% -791327 -29% -1257062 -43% Maintenance, Materials Repairs -42046 -2% -56709 -2% -66811 -2% Marketing Distribution Costs -23795 -1% -17168 -1% -12753 0% Aircraft Rentals -58183 -3% -72670 -3% -78209 -3% Route Charges -199240 -9% -259280 -10% -286559 -10% Airport Handling Charges -273613 -12% -396326 -15% -443387 -15% Other Operating Expenses -104859 -5% -121970 -4% -139140 -5% Total operating Expenses Excluding Good Will -1765150 -79% -2176742 -80% -2849334 -97 % Operating Profit 471745 21% 537080 20% 92631 3% Amortization of Goodwill Operating profit Other expenses Foreign Exchange Loss/Gain -906 0% -5606 0% 4441 0% Gain/Loss on Disposal of Assets 91 0% 12153 0% Interest Receivable Similar Income 62983 3% 83957 3% 75552 3% Interest Payable Similar Charge -82876 -4% -97088 -4% -130544 -4% Total Other Expenses -208708 -9% -98153 -4% 273118 9% Profit on Ordinary Activities before Tax 451037 20% 438927 16% -180487 -6% Tax On Profit On Ordinary activities -15437 -1% -48219 -2% 11314 0% Profit/Loss For The Financial Year 435600 19% 390708 14% -169173 -6% Appropriate Absolute Valuation Models Dividend Discount Model A dividend discount model is a financial model that values shares at the discounted value of future dividend payments. A share is worth the present value of all future dividends. As the values shares on the actual cash flows received by investors, it is theoretically the most correct valuation model. Dividend Discount Valuation A dividend discount model would specifically be a discounted cash flow (DCF) that uses dividend forecasts over several stages. If it is a case that there are any dividends which have been announced but the share has not yet gone ex- dividend for that then these are recognized amounts in the near future and it does not require forecasts. It is possibility for forecasts that based on detailed financial modelsÂÂ  for the near future. Beyond that the forecasts are based on less detailed models (e.g. assuming a slow reduction in profit growth and a fix payout ratios may be used Assume a fixed growth rate beyond some point (e.g. after five or ten years) provides a terminal valueÂÂ  to be intended at that point If you sum up the interest series we get, This p is then adjusted by various factors e.g the size of company Where k is expected return which is equal =yield + expected growth. Where D1= D0 (1+g) Then P0 = D1/k-g Free Cash Flow Approach Free cash flow (FCF) determines how much money a company gets after take away maintenance Capex. It is significant because it provides valuation of the existing business without harder to measure value of investment in growth and new ventures. The last should be value more than the money that is being invested in them. The free cash flow would be resulted same what the dividends would be when a company decided to pay out as much as it could in dividends exclusive of either running down its operations or rising debt. Free cash flow (FCF) is often used in discounted cash flow valuations. Free Cash Flow to Firm (FCFF) A free cash flow to firm is a measure of financial performance which indicates the net amount of cash generated for the firm, consisting of expenses, taxes and changes in net working capital and investments. Free cash flow (FCF) is calculated using the formula FCFF = NI + NCC + Int(1-T) FCinv Wcinv A positive value depicts that the firm has left with cash after expenses. A negative value represents that the firm has not made enough revenue to cover its investment actions and its costs. In this situation, an investor should look deeper to assess why it is happening. It would be either the major investment activities or company is facing deeper problems. Free Cash Flow to Equity (FCFE) This is the measure of how much cash can be paid to the equity shareholders of the company after expenditures, reinvestment, and debt repayment. The cash flow to equity is calculated by using this formula: FCFE =ÂÂ  NetÂÂ  Income Net Capital Expenditure Change in Net Working Capital + New Debt Debt Repayment. FCFE= NI Int(1-t) + net borrowings This alternative valuation method gained popularity as the dividend discount models usefulness became increasingly questionable. Residual Income A residual income model use to values securities using a combination of book value of the company (i.e. its NAV), and a present value based on accounting profits. The value of the company is the sum of 1) the NAV at valuation time and 2) the residual income present value: profits are expected to surpass the required rate of return on equity. The residual return is calculated as: (R-r) * B where B = NAV R = the return on accounting profits and owners equity r = required rate of return on equity. It can also be expressed as net proft- (r*B) The importance of the extra profit in excess of the required rate of return is measure of the wealth that the company creates for shareholders. The company sums to the value of its assets and justifies a company being value greater than the value of its assets. The value of a company therefore should be the sum of this and its assets. The NAV will differ from year to year affects the computation of the returns. The change in the net profit minus dividends and other returns to shareholders, plus capital increased. Valuation on wealth creation is abstractly similar to EVA. The Residual income models are suited to securities valuation where EVA is principally useful to management. The residual income models advantage is that it is based on accounting measures of profit and value of assets. The main objection of residual income is that as it is relied on accounting numbers which often fail to imitate the true economic value of assets and cash flows. Asset Based Models Asset- based models compute the value of a firm as the sum of the market values for the individual components of the firm, less the market value of the liabilities. This can be expressed as: Value of firm= Market value of assets- Market value of liabilities Asset based models are useful to estimate minimum value. They are easy to use and understand. Moreover they are also useful for comparing firms of similar size and nature. The disadvantage is that the book value is an asset based model is based on historical cost. The firms value is largely derived from its assets, whose value is dependent on management choice of accounting principles. Asset based models ignore future growth potential of the firm. Actual Valuation Reporting The value of the firm is calculated using the following models The Value of Firm Using Dividend Discount Model We cant apply the dividend discount model as Ryanair has never given dividends till yet but there are plans to give dividends from 2013 onwards. The Value of Firm Using Dividend Discount Model We will calculate the free cash flow to firm using the formula: Free cash flow to firm (FCFF) = Net Income + Amortization Changes in Working Capital -Capital Expenditure Where, Change in working capital = Cash + Accounts Receivable + Inventory Accounts Payable Accrued Liability Capital Expenditure = (Changes in assets current year previous year) (Changes in Liability current year previous year) Note: The values have been taken from the income statement and balance sheet of Ryanair available at: https://www.ryanair.com/en/investor/investor-relations-news Changes in Working Capital = 588374 Capital Expenditure = -77133 Free Cash Flow to Firm = 424297000 Value of Firm Using FCFF = Free cash flow from firm / WACC Beta Value Ryanair = 1.03 Cost of equity = (Market Risk Premium * Equity Beta) + Risk Free Rate Where, Market Risk Premium = Expected Rate of return Risk Free Rate Risk Free Rate UK 2009 = 4.55% Expected Rate of Return = 9.99% Cost of Equity = 10.15% Cost of Debt = 5.6% Ryanair Tax rate = 11% WACC = 15% Value of Firm Using FCFF = Free cash flow from firm / WACC = 2803008000 Euros The value of Firm using Free Cash Flow to Equity Model Free Cash Flow to Equity = FCFF + Net Borrowings Interest (1-t) Free Cash Flow to Equity = 301189 Euros Value of Firm Using Cash Flow to Equity = FCFE/Ke where Ke is cost of equity. Note: FCFE is calculated in excel (excel file attached) Value of Firm Using Free Cash Flow to Equity = 2967379000 Euros 4.0 Value of Firm using Residual Income Residual Income= NI (Net Income) (Cost of Equity* Value of Equity) Residual Income= -415317000 Note: Value of firm using residual income cant be calculated as the company does not provide dividends as we need to have value of g for calculating firms value. 5.0 Value of Firm Using Asset Based Model Asset based model for finding value of firm are used when the firm possess the natural resources like oil, gas, etc. As Ryanair does not possess any sort of natural resources, so we cant use this model to find the value of the firm.

The French Revolution and the Concept of Nation and...

The French revolution occurred between the years 1789 and 1799 and it was characterized by a period of radical political and social upheavals, whose impacts were felt both in France and the entire continent of Europe. Groups such as the political activists, peasants in the country side and the masses on the streets continually led a sustained assault against what had become the aristocratic and religious privileges orchestrated by the ruling monarchy. It is argued in some quarters that the French Revolution introduced the world to new concepts of nationhood and liberty (Baker, Boyer, and Kirshner 303). Nationalism The French Revolution was an occurrence whose aftermath was the generation of an idea of nationalism. Nationalism can be†¦show more content†¦This was intended to get rid of the marginalization and divisions orchestrated by the government through separation of the constituencies. The issuance of the â€Å"Declaration of the Rights of Man and Citizen† by the National Assembly on 26th August 1789, led the affirmation of the principles that recognized equal citizenship to individuals together with a united people’s sovereignty. During the 1790s, which was the height of the French Revolution, the French army was engaged in war with other European states. Because of the spirit of nationalism that was revitalized by the revolution, the army strengthened their persistence and commitment. They felt more patriotic than ever before and acted like they were fighting for their own cause. This strength, determination and will, ultimately acted in their favor (Censer and Hunt 127). Strong demands for uncompromising loyalty to the state occurred with the rise of secularization of the state. This was for the purposes of sustaining the revolution spirit. The emblem of the guard that was mandated to look after Bastille was combined to make the French national flag in Paris. The unveiling of the national flag thus contributed to the rise in the spirit of nationalism. The French Revolution played a major role in rewriting the history of both France and the whole of Europe. It perpetuated the transformations in culture, psychology and intellects of the people across the continent. On account of thisShow MoreRelatedImpact Of The French Revolution1428 Words   |  6 Pages The French Revolution became an exceedingly prominent aspect of the way the citizens of France viewed their ruling powers and helped aid the shift on how the government distinctly ruled over the people of the country. This empowering Revolution used the ideologies of the Enlightenment Era to help fuel their reasons for rebellion. In contribution to the Enlightenment and the various ideas that were created throughout its spread were the concepts that were formed by English philosopher John LockeRead MoreWays in Which the French Revolution had a Lasting Impact on France853 Words   |  4 Pages‘Libertà ©, à ©galità ©, fraternità ©Ã¢â‚¬â„¢: the motto that France uses to th is day and first came about as a result of the French Revolution. This in itself shows that the revolution had a major impact on France. It played a significant role in changing France through, for example, the new definition of nationalism, the abolition of the monarchy and the abolition of feudalism. Whether these changes succeeded in modernising France or resulted in something that was not any better than pre-revolutionary times isRead MoreIndustrial Revolution Essay1731 Words   |  7 PagesThe forces that have affected change in nations around the world have always brought about something good and negative. 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These conditions included dissatisfaction amongRead MoreThe Rise of the Sovereignty of the People Essay1743 Words   |  7 Pagesprinciples of absolutism, a form of government in which the monarchs had the exclusive right to make laws. These philosophes formed new ideas of liberty and progress, which were distributed across Europe and the Americas. Even though some European thinkers defended the traditional system of absolutism, the Age of Enlightenment led to a series of revolutions in Europe and Euro-America that promoted the notion of autonomy and influenced the creation of new governmental systems, challenging and ultimatelyRead MoreEffects Of Nationalism In The French R evolution1501 Words   |  7 Pagesis considered as a very powerful force in creating many nations in the world. Nationalism can bring brings people together and feel themselves as belong to one nation. Fundamentally, when people belongs to common culture, language, history and same geographical land, are living together and, they create a nation. According to Otto, Dann, â€Å"nation in the old Latin sense, meant people of the same origin, the most common criteria for a nation were shared a language and history†. In case of France, theRead MoreThe Rise of the Sovereignty of the Peoples of Europe and the Americas1758 Words   |  7 Pagesquestioned the principles of absolutism, a form of government in which the monarchs had the exclusive right to make laws, and formed new ideas of liberty and progress, which were distributed across Europe and the Americas. Even though some European thinkers defended the traditional system of absolutism, the Age of Enlightenment lead to a s eries of revolutions in Europe and Euro-America that promoted the notion of selfdom and influenced the creation of new governmental systems, challenging and ultimatelyRead MoreThe Unprecedented Success Of Revolution1594 Words   |  7 PagesCivilization HU-103 May 7, 2017 The Unprecedented Success of Revolution No one has ever changed the world by doing what the world has told them to do. In fact, many of our recent inventions, rights, political systems, and comforts have come into existence through the sweats and tears of revolution, an often chaotic and transformative event that attempts to change a nation, society, or world. And though it can be argued that revolution results in the bloodshed of masses, it is imperative to understandRead MoreNationalism And Nationalism1197 Words   |  5 PagesThe first source begins with a quote from Voltaire, more specifically an French Enlightenment philosopher. The quote puts forth the idea that in order for a nation to succeed or to be powerful they must do harm to all of those around them. The era of Enlightenment was a key portion of the worlds history in regards to nationalism. Some could say that the very conception of nationalism occurred during this era. The philosophers from this time wished to promote the idea of a government ruled by the Read MoreAge of Revolutions Essay1523 Words   |  7 Pages) What do you think was the most important outcome of the Age of Revolutions? There have been several vital products of the Age of Revolutions but most importantly was the introduction of post-colonial attitudes with the need of self-governess away from empires overseas. This was achieved through the democracy and constitutions which still are the most important legacy existing in the modern world. It this outcome that societies were able to create influential pieces of works and change how societies

Psychology A Profession And A Science - 1525 Words

Psychology is both a profession and a science. As a profession, it is concerned with foreseeing how individuals will act, helping individuals to modify their behaviour and helping associations, groups and societies change. Then again as a science psychology is the investigation of how individuals see (Super Super, 2009). A percentage of the psychological professions include clinical psychology, counseling psychology, health psychology, forensic psychology, social psychology etc. (Keether Morgan, 2013). I have decided to pursue with MSc. forensic psychology after my undergraduate degree. Forensic psychology is that piece of psychiatry, which manages patients and issues at the interface of the legitimate and psychiatric frameworks (Towl, Farrington, Crighton Hughes, 2008). The vast majority of the psychology professions fall into the chartered areas. Chartered refers to an evaluation of membership of the British psychological society (BPS). The general public is approved to give that title by its royal charter. It is conceded to psychologists who have attained and maintained proficient capabilities and experience, which have been reviewed by the general public. Enlistment by the HPC (Health Professions Council) and chartered membership of the BPS obliges that the psychologist have proper capabilities and experience; the psychologist is in dynamic work on as indicated by the current expert gauges and has attempted suitable consistent expert improvement (National CenterShow MoreRelate dPsychology Is Alive And Well883 Words   |  4 Pages When people hear that you are majoring in psychology, there are some negative connotations that come with it. As a science, psychology isn’t taken seriously, and is only thought of as a pseudoscience. Of course, this isn’t the case. As a student of psychology I know how arduous it can be and I believe that psychology deserves a lot more respect than it gets. 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Medieval Warfare free essay sample

In Medieval battles, hand to hand combat weapons were deadly, and were common throughout all ranks in an army. During the Middle ages, â€Å"Swords and Daggers were the most common weapons in hand-to-hand combat† (â€Å"Weapons†). These weapons of death could easily smite an opponent with a few blows. Swords were used as cut-and-thrust weapons, with blades over two feet (â€Å"Weapons†). A soldier had to go through extensive training in order to be able to wield a sword. Another deadly combat weapon was the club. Clubs were, â€Å"used as a close contact weapon, which could batter a knight’s armor† (Alchin). With pure blunt force, a man could cave-in armor, and could easily injure an opponent. According to Will Fowler, author of â€Å"Ancient Weapons†, â€Å"Most clubs were made from heavy animal bones or thick wood,† explaining why the club was effective. With metal spikes at the end, a club could be turned into a dangerous mace. We will write a custom essay sample on Medieval Warfare or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The battle axe was another baleful weapon that was only used by higher ranked soldiers. Knights during Medieval battles, â€Å"often rode into battle armed with a heavy battle axe. This had a sharp edge and a spike† (Fowler 8). Battle axes were brutal weapons that could give the wielder an immediate advantage against an opponent. Swords, clubs, and battle axes were all examples of how effective hand-to-hand combat was. Another style of warfare was ranged combat, which ranged from bows to cannons. According to Linda Alchin, â€Å"Lower classes and foot soldiers mostly used ranged shooting weapons. † Bows were very effective weapons and could take down an approaching line of soldiers from a distance. Medieval bows â€Å"were constructed in two parts, with firm wood that could withstand the tension of 4 men pulling back with all their strength† (Alchin). With all the tension they could withstand, a man could send an arrow flying with enough momentum to pierce the outer chest plate of a knight. The weapon was so effective, â€Å"By 1252 AD, all men able to carry a bow were required to wield one† (Alchin). Another great weapon that was similar to the bow was the crossbow. These weapons were mechanical and all an operator had to do was load, aim and fire. The crossbow could send an arrow at a far greater velocity than a normal bow could, and could now pierce a knight’s armor. This weapon was quite dangerous compared to other weaponry at the time, and many unsuccessful attempts were made to ban the weapon (Weapons). One of the most powerful ranged weapons during the Medieval Ages was the cannon. By the 1400s, cannons could fire cannonballs weighing 800 pounds, which was brought the downfall of Constantinople (â€Å"Weapons†). Ranged weapons such as bows, crossbows, and cannon brought great military advantages in battles. One of the most important combat types was siege warfare, which was effective in many situations, but was risky at the same time. Sieges were usually laid on large villages or towns, and would often cut of the supply of food and water into the city. As the city weakened, â€Å"attackers would try to get over the walls using ladders, siege towers and grapples† (McDonald). In order to prevent this from happening, â€Å"arrow slits, concealed doors for sallies and deep water wells were integral for resisting siege† (McDonald). The only way a siege could be prevented was to stop it before it happened, which was hard. Attackers would try to undermine the walls, and would sometimes succeed, but the mines would most likely collapse (Alchin). Sometimes the mines would not be able to stand the weight of the walls. The enemies then turned to more direct methods and would try to ram the door down with a battering ram (Alchin). It was essential to cover siege towers, ladders, and battering rams with wet animal skins. Since they were all made out of wood, they could easily be set on fire by an enemy (Fowler 8). However, when stone started to be used, this was not needed. After the enemies got through the walls and in the city, they would be able to conquer it. Siege warfare was quite effective, but it was a multi-step process that could go wrong anywhere. However, if it was done properly, would give satisfying results, which was why Sieges were one of the most significant types of warfare during the Middle Ages. Siege, Combat, and Ranged weapons were all effective during the Middle Ages, but were deadly and formidable. Siege warfare was devastating to the opponent, but required many different components to be done properly. Ranged and projectile weapons gave the user a great benefit when facing an opponent. Combat weapons were popular throughout all kingdoms, but could still cause devastating damage for an enemy. Medieval warfare was significant to the development of these 3 groups of weapons, and it inspired many of the weapons that would eventually be invented in the future.