Ust Finance - 1054 Words

1) Frame the issue. Briefly describe that UST is planning to reverse a long-standing conservative financial policy. Issues: a) UST had seven pending health related lawsuits at the end of 1998. P.66 b) There’s previous uncertainty is enhanced by a lawsuit that alleged that UST had violated antitrust and advertising laws and participated in anti-competitive conduct. The industry agreed in November to settle state Medicaid lawsuits with a $206 billion settlement and bans on advertising and promotions that appeal to youth. P.66 c) UST is a dominant player of most smokeless tobacco, or most sniff, controlling approximately 77%. Also, UST expanded the category and continued to rise prices, smaller players eroded UST’s market share†¦show more content†¦P.67 f)There is chance that hard to expand the tobacco to international market due to cultural issues tobacco, which limited the future industry development in the future. Even though the company face lots of litigation and product diversification risk, the overall business risk is still low based on the price elasticity, inelastic consumer demand of the product. Also, the UST has introduced products in the price value market and sale their products in high price, which raise the value and demand in the market. Since the company has a steady demand and dominant market position and brand name with regard to their core business, the UST has a low business risk. 3) Discuss UST’s very profitable past financial performance. Is the past performance expected to continue in the future? Income statement 5-Yr CAGR 10-Yr CAGR Net Sales 5% 9% EBIT 6% 11% EPS 9% 13% GPM 79.7% 77.3% NPM 32.7% 31.3% ROE 122.8% 89.1% Div Payout 61.6% 51.4% - From the Summary Financial information for UST Inc. Exhibit 3 showed that the compound annual growth per year has been decreeing in the past five years when comparing with the past ten years of Net Sales, EBIT and EPS. This due to the lawsuit, decrease consumer demand, increase inShow MoreRelatedWalnut Ventures1524 Words   |  7 PagesInterview the management team to understand their motive for the investment, proof/track record in the industry | Ability to continue funding | Review the angel’s past/prior investment portfolio and finances | Depth in functional areas (marketing, sales, product development, communications, finance) | Understand the competencies of the angel and/or management team/personnel | Ability to negotiate key contacts for strategic relationships | Interview the angel on specific questions as to how theyRead MoreFin 44131963 Words   |  8 PagesFinance 725 Spring 2006 J. E. Hodder Corporation Finance Course Schedule Tuesday, January 17: Introduction Thursday, January 19: Clarkson Lumber Company Reading: Note on Financial Analysis a. How is the company s financial performance? (Examine  appropriate financial ratios.) b. Why has Clarkson Lumber borrowed increasing amounts despite its consistent profitability? c. How has Mr. Clarkson met the financingRead MoreShadow Banking29874 Words   |  120 Pagesbanks are financial intermediaries that conduct maturity, credit, and liquidity transformation without access to central bank liquidity or public sector credit guarantees. Examples of shadow banks include finance companies, asset-backed commercial paper (ABCP) conduits, limited-purpose finance companies, structured investment vehicles, credit hedge funds, money market mutual funds, securities lenders, and government-sponsored enterprises. Shadow banks are interconnected along a vertically integratedRead MoreUst Case Study2113 Words   |  9 Pages| Group Assignment 1 | UST Case Study | 2/19/2013 | | | | Question 1: In order to calculate the impact of the leverage recapitalization on UST’s value, we used the WACC and APV methods to calculate its value before and after the recapitalization. WACC Method Using the WACC method, we first derived UST’s return on assets (rA). Since we are given the firm’s market capitalization, debt and cash, we calculated the current Enterprive Value of UST. We were then able to deriveRead MoreA1 Syllabus FIN 423 SPRING 2015 Financial Analysis And Management Capstone 1 4552 Words   |  19 PagesMonday 11 May, 1:00pm-3:00pm COURSE DESCRIPTION This four-credit course is for students who major in finance. By the end of this course, students will understand the practice of financial management through attending lectures, assignments, cases and exam preparation. This is an applied course where you learn how to apply the theory to real world cases. A solid understanding of principles in ï ¬ nance, accounting and probability/statistics is a prerequisite for this course; Fin 325, Acctg 326 and FinRead MoreMerger and Acquisition: Current Issues115629 Words   |  463 Pagesassisted in the selection of articles for this book. GNG KLN xi This page intentionally left blank Notes on the Contributors The Editors Greg N. Gregoriou is Professor of Finance in the School of Business and Economics at State University of New York (Plattsburgh), USA. He obtained his joint PhD in Finance from the University of Quebec at Montreal, which pools the resources, with Montreal’s three major universities (McGill University, Concordia University and Hautes-Etudes (Commerciales)Read MoreFinancial Literacy Involves The Choices1983 Words   |  8 Pagesyour credit. †¢ Recognizing a scam o https://www.consumer.ftc.gov/articles/0058-credit-repair-how-help-yourself †¢ Picking a credit counselor o The Department of Justice has a list of approved credit counselors by state: o https://www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111 †¢ There are three credit bureaus that measure your choices and they assign you a score. ïÆ' ¼ Experian ïÆ' ¼ TransUnion ïÆ' ¼ Exquifax Free Credit Report You are allowed to one get a free credit reportRead MoreFinancial Industry1865 Words   |  8 PagesDebt Policy at UST Case Questions Group members: Wei-Ting Liao; Cong Ren; Gerald Nyiti; Beidan Wang 1- ) Give a brief summary of the company background UST Inc. is a smokeless tobacco company which enjoyed a long tradition and a recognizable brand name. It is the leading producer of moist smokeless tobacco products and widely known for its conservative debt policy and uninterrupted cash dividend payout since 1912. The company is the major player in U.S. smokeless tobacco market. For example,Read MoreMerger Integration At Bo The Trust Web Project909 Words   |  4 Pagesworkplace. The basic reason to sort out above impacts is to provide support to the front level associates. Change at a project level is enough to constantly manage/ demonstrate the general management skills in all areas in which include: management, finance, operation at a technological department, and other technical negotiations. To make correct decision at the right time, effective management practice and detail evaluation of risk is possible after applying the transition process. 2: Identify andRead MoreYear Self-Assessment. 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The true protagonists of Sir Gawain and the green knight...

The true protagonists of Sir Gawain and the green knight What is the most representative element to the stories of King Arthur and his knights of rounds? Most of people may say that courtly love and chivalry of the knights. The story of Sir Gawain and the green knight may not be different with other stories. The reason can be the story also ended with praising the chivalry of Gawain. The heroic protagonist face with the antic villain with magic and finally, he survive from that trouble. It can be just read into the typical heroic story. However, when looking in deeply, there are some vague points that this story theme can be just chivalry of the knights. Though the pride of Gawain was broken so much, the story just ended with praise the†¦show more content†¦But, the definite solution of this panic was the King Arthur’s word to Guinevere, â€Å"Dear lady, don’t be daunted by this deed today,/ it’s in keeping that such strangeness should occur at Christmas/ between sessions of banter and seasonal song,/ amid th e lively pastimes of ladies and lords† (470-73). The king Arthur’s single comment for relaxing Guinevere also relaxes the whole atmosphere of the court. Though Guinevere is described as weak character, but she was the very important character for symbolize the great stability of King Arthur’s court. On the other hand, interestingly, the description of the lady of lord Bertilak is almost same with Guinevere, â€Å"tapestries from Toulouse and Turkistan/ were fixed against walls and fitted underfoot† (858-59). The same tapestries that Guinevere had been hang in Gawain’s room and tempted by the lady described as, â€Å"more glorious than Guinevere† (945). Even some critic says, â€Å"Lady is in fact a second Guinevere, albeit in the guise of the false Guinevere† (Heng 502). That may signs that the lady also has the role that symbols the nobility of Bertilak’s court. Furthermore, she was much more active woman than Guinevere. When s he faced with Gawain, â€Å"She who desired to see this stranger/ came from her closet with her sisterly crew†(941-42). In the ordinary stories about courtly romance, a knight’s interest to a lady was described. But, in this case, the way for description is reversed.Show MoreRelatedThe Metrics Of English Literature4721 Words   |  19 Pagesprovides structure and order while creativity invokes discovery and development of new meaning of the English language. Fred: Well Joseph, what is your opinion on this? Joseph: In much respect to this artistic opinion, the development of the English language is more than simply creative writing. History has integrated itself into the language, not to mention the most influential factor in shaping language: society itself. It is to be expected that an everyday language changes throughout history. I mean

Coastal Managment Free Essays

A coastal environment (Small/Regional Scale) the processes affecting this coast, Its landforms and Its management Key Questions from the GEESE syllabus: Key Questions from the GEESE syllabus: Why do coastal processes need to be managed? How are coastlines managed? Why does coastal management create controversy? The Forth-Hymnals coastline Is an area currently undergoing a major change In the way It Is managed. Your task is to find out: 1. A description of the location of this stretch of coastline 2. We will write a custom essay sample on Coastal Managment or any similar topic only for you Order Now What coastal features are found along this stretch of coastline 3. What management strategies are being developed 4. Why they are being developed 5. Collect a set of specific facts about the management strategies 6. Who will benefit from the new strategies 7. Who will be disadvantaged by the new strategies Your research must have all of this information, as the exam board may ask a case study question on any of the above aspects of this case study. You will be writing a timed Case Study answer following this work, which will only use part of your research information: For a named area of coastline, describe the management strategies being used and explain how different groups of people will be affected. Your work will be assessed using the case study Mark scheme My Hymnals Coastal management Case Study 1) A description of the location of this stretch of coastline Site Location – The site location on the beach on the seaward side of lower forth village Hymnals is located In Wales 8 miles (1 3 km) north of Abernathy and It Is 1. 5 miles north of forth. The Hymnals coast line stretches over 2 miles and Is located In the county of Correction . Hymnals is situated right next to a number of small towns and is unconnected to the main road the AAA. ) What coastal features are found along this stretch of coastline To the north of this coast lies a large estuary with a embryonic split occurring towards the mouth of the estuary. A spit is formed from alongshore drift moving material along the beaches and the material is deposited and overtime the spit forms a right angle shape 4. Waves cannot get past a spit, which creates a extends about km from the southern side of the defy estuary. T he main line of the spit is formed by gravels that are exposed at high water level along the southern part f the spit. 3) What management strategies are being developed? Work began early autumn 2010. The aim of Correction council is to protect the beaches from erosion and flooding and the surrounding communities. On cardigan bay there are around 1500 homes and about 7000 to protect from the natural elements of living near to and visiting the coast. Forth village has developed on a mobile shingle beach with many properties built on the beach, this means it is more vulnerable to flooding. Wooden Grosses Grosses protect against alongshore drift and backwash which means the beach will be fee from erosion and the beach material being washed downer by alongshore drift. In the ass’s Correction county council built some wooden grosses and breastwork defenses however they have recently been deemed as coming to the end of their life and there then was a further need for protection of the km frontage. Rock Grosses Constructed near the Craig y Delay cliffs to the south of forth. Grosses do not add extra material to a beach, but merely retain some of the existing sediment on the updraft side of the grosses At the southern end Another strategy to protect against erosion from the waves the council built a series of onshore rock breakwater grosses. The grosses are mm long each Greene is followed by a breakwater. The rock grosses are made of rock obviously and commonly are basalt. â€Å"Two rock grosses and two rock breakwaters will be placed at intervals along the beach, and these will retain the shingle, in much the same way as the timber grosses do now. † – Correction council The present coastal defenses were designed in the sass, and the timber grosses and breastworks directly fronting the village were constructed in stages urine the early sass’s, with the grosses reducing the alongshore drift of sediment, and the breastwork providing a back stop to protect the shingle bank on which so much of Forth has been founded. The Multi-Purpose Reef The multi-purpose reef is located mm offshore which will be unobstructed and only to be seen when the shore is out. The idea is that the waves brake over the reef which will reduce the energy in the waves so they arrive at the beach with less force therefore reducing the amount of erosion and to encourage the development of a broader beach inshore. The reef has been created to protect the shingle beach from erosion however it has created a better surfing facility and so encouraging surfers to the area. Beach Nourishment â€Å"Sand and shingle will be placed on the beach to increase its width. This will provide Forth Village with more protection from incoming waves, as waves will be breaking further offshore and they will therefore have a wider beach over which their energy is released. † – Correction council Beach nourishment took place along all of the lower forth village frontage. The shingle was imported and placed along the village frontage to create a stable beach. Along the village frontage , the aim was to create and sustain a shingle beer with a minimum crest width of mm. Multipurpose reef – The reasons behind the construction of the multipurpose reef is to encourage the waves to brake on the reef and so losing their energy out offshore so when they reach the beach they have little energy therefore minimizing the chance of erosion by hydrophilic action. Another benefit of the reef is that it provides a very good surfing facility as it acts to focus and shape the waves to improve curability. The final aim of the reef was to encourage a wider beach inshore which is nether coast protection component. Beach Rock Grosses and Rock Breakwaters They placed to rock Grosses and two break waters in intervals along the beach which will stop long shore drift and protect the shingle beach the same as the timber ones but obviously much more durable. Beach Nourishment Sand and shingles will be bought by Correction council and deposited on the beach to extend its width. This therefore will increase the protection of Forth village from the incoming waves as they will be breaking further offshore and also have more beach for the waves to break their energy down on. 5. Collect a set of specific facts about the management strategies See within questions three and four 6. Who will benefit from the new strategies There are many people who will benefit for example The Locals It has become evident throughout my research that there is a main concern concerning this locals and the protection of their homes and businesses. All the protection elements of the scheme aim to protect against the erosion of the beaches which would eventually get further inland and destroy their homes. Tourists The beach nourishment means that there is a wider beach therefore making it deter for tourists as there will be more room for more people and the beach will be more appealing to them. Also the construction of the multi purpose reef means there is a better surf facility for surfer visiting the forth coastline. Entrepreneurs of Forth and Hymnals Inevitably the Attraction of tourists to the beaches will benefit the local shop owners and restaurant owners and also holiday makers as there will be more people interested in visiting forth and hymnals because of the better coast conditions and so therefore more people to spend money in the local businesses How to cite Coastal Managment, Papers

Phyletic Gradualism free essay sample

Colorado Technical university| Sci210-1104B-11| Phase 2 – Individual Project| | Deanna Filkins| 11/27/2011| | Phyletic gradualism is the theory that one species changes to another by combining the better genetic features of the species and these genetics mutate and result in an entirely different species. This change is slow and gradual and most often occurs in small populations. The species changes a little at a time over a certain period until it no longer has any traits of its ancestors. Thus, it becomes a new species. There are gaps in the fossil record which have raised many questions to the validity of this theory. One example believed to be a result of phyletic gradualism is the foraminiferans. This tiny marine species remained the same from 10 million to 6 million years ago. They then began a gradual change which lasted approximately 600,000 years. At this point they were a totally different species from their ancestors. (Dictionary, 2009) Another example is found in rocks that dated at approximately 370 million years old, only sea creatures are found. We will write a custom essay sample on Phyletic Gradualism or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page However, in 1998, scientists found a fossilized fin that had 8 digits and the appearance was similar to the fingers on a human hand. This fossilized fin was determined to be 370 million years old. The Biologos Foundation, 2011). There is no doubt the fin was that of a sea creature, but the fossil is strong evidence of a gradually changing form. These examples are few and far between. There is very little evidence which supports phyletic gradualism due to no intermediate species being found in the fossil record. Punctuated equilibrium is a theory that evolution is characterized by long periods of stability in the characteristics of an organism and short periods of rapid change during which new forms appear, especially from small subpopulations of the ancestral form in restricted parts of its geographic ange. (Merrium-Webster, 1978). Tribolites, ancient arthropods, lived on this planet for over 300 million years. During this time, they took many forms—size ranged from less than a centimeter to two feet long. Due to the abundance of these creatures, scientists have a complete fossil record. In 1933, a German Jewish scientist, Rudolf Kaufman, noted that the evolution of tribolites was slow for long periods of time—then changed dramatically and quickly. This major change was punctuated. Punctuated equilibrium predicts the sudden appearance of new species in the fossil record. Changes occur in small regions and populations; therefore, there is little probability of finding intermediate species. Presumably, major environmental changes in predation pressure, food supply and climate caused rapid periods of change. Likely, triggers for rapid evolution were severe droughts, major volcanic eruptions and the beginning and ending of the ice ages. Fossils are the best evidence of life history that we have today. They include such things as shells, seeds, skeletons, DNA and traces of organisms from long ago. The fossil record reveals evidence of when life began, what kinds of organisms existed and the length of their existence. It provides information about how organisms evolved. Scientists can even determine what type of climate was in an area and how it changed. Due to many natural factors; such as decay—many organisms have not been preserved. The result is an incomplete fossil record. We will never know the complete record of most organisms that have existed on this planet. Over time, organisms have notably changed. http://www. merriam-webster. com/dictionary/punctuated%20equilibrium http://www. biology-online. org/dictionary/Phyletic_gradualism http://biologos. org/questions/fossil-record Lienhard