The Chain Of Art Essays (653 words) - Art Movements, Modern Art

The Chain of Art Cubism was one of the strongest art movements in the 20th century that gave birth to many other movements such as futurism and suprematism. The Forefathers of this revolutionary way of painting were Pablo Picasso and George Braque. Although it may have seemed to be abstract and geometrical to an untrained eye, cubist art do depict real objects. The shapes are flattened onto canvas so that different sides of each shape can be shown simultaneously from many angles. This new style gave a 3 dimensional look on the canvas. The cubist movement gave rise to an extraordinary reassessment of the interaction between form and space changing the course of western art forever. The groundbreaking Demoiselles d'Avignon was controversial not only for the way the women looked but also for the positions of the women. Although Picasso did not emphasize on detail, he ?saw that the rational, often geometric breakdown if the human head and body employed by so many African artists could provide him with the starting point for his own re-appraisal of his subjects?(Cubism 53). ?The naked women become inextricably bound up in a flux of shapes or planes which tip backwards and forwards from the two-dimensional surface to produce much the same sensation as an elaborate sculpture(Cubism 54). Futurism was an art movement, which was influenced by cubist art. Cubism showed no motion it was futurism that was fascinated with machinery, transport and communications. In paintings and sculpture, angular forms and powerful lines were used to convey a sense of activity, this was a Futurist's way of showing motion and speed. One of it's innovator's was Umberto Boccioni who said ?We want represent not the optical or analytical impression but the physical and total experience? (Futurism 101). ?They now pinned less faith on the power of new subject matter and strove to complement their colour divisionism with fragmentation of the cubist sort? (Futurism 101). Suprematism was influenced by cubism because of it geometric shapes but ?suprematism was not so much a movement in art as it is an attitude (Suprematism 138). This non-movement was created by Kasmir Malevich's , ?His elemental forms were designed both to break the artist's conditioned responses to his environment and create new realities ?no less significant then the realities of nature herself'? (Suprematism 138). A suprematist work, banishes every trace of subject, it used color and form and there interaction to form a subject. While cubism had definite subject it was also the interaction of color and shape that made the subject. Constructivism was influenced by suprematism, this movement swept away traditional notions about art, believing that it should imitate the forms and processes of modern technology. ?Often constructivism was overtly propagandist in nature: sometimes by the placement of simple geometric forms in the kind of literary context which turns such forms into representations (Constructivism 161). De Stijl was mostly influenced by painters Piet Mondrian, Theo Van Doesburg and architect Gerrit Rietveld. These men believed that art should strive towards complete harmony, order clarity in a constant process of refinement. The works in this movement were of course geometrical, using mainly square forms. The movement's forms were deeply philosophical and were rooted in the idea that art should in some way reflect order. All of these movements progressed from cubism (hence my title); they developed from shapes into other worldly meanings. They all branched out to their own ways and fell to their feelings and desirers. All of these movements developed from geometrical objects to seem as a true form such as a body or face then turn into a geometrical form. All of these innovators thought differently, they wanted to change everyone else's state of mind and with their unlikely way of thinking they have. But we have become so accustomed to it that we do not recognize it and take these powerful shapes and colors for granted.

7 Top Tips for Saving Money on SAT and ACT Prep

7 Top Tips for Saving Money on SAT and ACT Prep SAT / ACT Prep Online Guides and Tips Getting into college is a great feeling - but having to spend money on SAT/ACT test prep? Not so great. Let’s be honest: most people would rather put their ACT or SAT money toward something a little more exciting. But the good news is, you don’t need to spend all of your cash on test prep, as long as you know which resources to use and how to spend your money wisely.In this guide, we give you 12 tips and resources that are guaranteed to help you save money on test prep. How to Save Money on SAT/ACT Test Prep: 7 Key Tips First off, let's go over theseven key principles you should know in order to maximize the amount of money you save on SAT/ACT test prep. Tip 1: Get Serious About the Exam By studying diligently and maintaining a serious attitude toward test prep, you’ll save yourself money in the long run. Why? Becausethe fewer times you take the exam, the less money you’ll spend on registration fees (and, by extension, test-prep materials). Now, this doesn't mean you shouldn'ttake the SAT or ACT more than once(in fact, we recommend taking your chosen test at least twice!). But by approaching your test prep seriously and having a willingness to put in the necessary time and effort, you won't end up taking the ACT or SAT more times than you really need to. So make sure you set a goal score and are actively working toward it with a foolproof study plan. Do this, and you shouldn't need to take your test more than two or three times, max. Tip 2: Customize Your Test Prep Customizing your test prep allows you to focus on the most difficultcontent areas for you andspend money only on the resources you actually need.By tailoring your study sessions, you'll have less trouble tackling challenging concepts on test day and won't waste precious time reviewing topics you're already strong at. To pinpoint your weaknesses, take an official ACT or SAT practice test andtime yourself using the same restrictions on the actual exam. Once finished, calculate your section scores, as well as yoursubscores,to see which areas you'll need to review before test day. These are the content areas you'll want to consider spending your ACT or SAT money on. For example, if you’re a pro at reading comprehension but struggle with math, don't bother forking out hundreds of dollars for a general ACT class. Instead, narrow your prepso that you're opting primarily for math-heavy resources, such as an ACT math book or a tutor who specializes in ACT math. Tip 3: Decide on a Budget Ahead of Time A penny saved is a penny earned, which is why you should make a budget ahead of time and stick with it.This way you won't be tempted to spend more than you can afford on test prep. So for instance, if you're looking to spend upwards of $25 on SAT study materials, you could buy a comprehensive prep book, a couple of SAT apps, or even a short stint with an SAT tutor. What you purchase ultimately depends on the specific skills you want to strengthen (see Tip 2). Just remember that your budget is a maximum,not a minimum, so don't feel pressured to blow all of your SAT money on resources you're not certain you'll actually need. In fact, you may end up needing to spend only a tiny fraction of your budget to get the guidance you're looking for! Tip 4: Take Advantage of Free and Official Resources Both the College Board and ACT, Inc., offer loads offree and official resourcesyou can integrate into your studies. Because these materials come from the actual makers of the SAT and ACT, they are far and away your best bets for getting the content review and test-taking practice you need at the price you want. You can look for resources online at the official College Board and ACT websites. Most free SAT/ACT study materials are available as PDFs in the form of practice questions and full-length tests. We'll explain more about the types of official resources you can use in the following section. These books aren't just old - they're ancient! Tip 5: Opt for Used Over New High-quality prep books are usually worth the money. But to avoid overpaying, I strongly suggest opting for used over new.Used books are almost always cheaper and can still give you the same content and overall benefits of a new book. The only major downside is that used books are often filled with previous owners' notes and markings, making them difficult to read and use properly. On a related note, you can also look for previous editions of used books.In general, these are even cheaper than used, recently released books. Again, though, there's a caveat:older books are far more likely to contain outdated information, particularly if you're planning to take the SAT. With SAT prep books from 2015 and earlier, it's imperative you understand how the SAT’s format has changed before cracking open your book to study. Used prep books are typically available on websites such as Amazon and eBay; you can also search for them at local bookstores and libraries (as we'll discuss more in the following section). Additionally, it might be helpful to ask friends and family members who’ve taken the SAT or ACT whether they have any old prep books you can borrow. In this case, you may be able to snag a book for free! Tip 6: Participate in School-Day Testing (If Available) Some states and districts offer students the chance to take the ACT or SATduring the school day at their schools. (In some states, testing is actually mandatory for all students.) This is called school-day testing, and what's great about it is that this test is usually free for students! But that's not the only benefit. With school-day testing, you'llalso save money by not having to arrange your schedule to make room for a Saturday test day.So if you normally work a part-time job on Saturdays, for example, you won’t need to miss work in order to take the ACT or SAT. Likewise, you won’t need to spend money on public transportation or gas to get you to a testing center. There are a couple of non-monetary advantages as well. First, you don’t need to spend an entire Saturday taking the test. Second, you get to work in a familiar environment and with people you know, which can ultimately increase your confidence on test day. Tip 7: Listen to Your Gut When it comes down to it, you're the only person who truly knows what you'll need to help you prepare efficiently for test day. So always go with your instincts. If you believe a certain resource will be worth the investment, listen to your gut and buy it. Likewise,if you're not sure about a certain prep book's credibility or its likelihood of getting you the score you want, it's probably best to just walk away. What's better than free hugs? Free test prep! Just kidding, it's actually Legos. Definitely Legos. (clement127/Flickr, resized from original) Free ACT SAT Resources That'll Save You Money The easiest way to spend less of your ACT and SAT money is to take advantage offree, high-quality resources.Here are five excellent options for test prep that won't burn a hole in your pocket. Online Guides, Questions, Practice Tests The internet is home to a plethora of free prep materials that can help you hone your test-taking skills as well as strengthen your strategic approaches and content weaknesses on the ACT and SAT.As I mentioned above, the best online resources are, undoubtedly,official SAT/ACT guides, practice tests, and questions. You can accessall official SAT practice testsin our guide.On the College Board website, you can view the entirety ofThe Official SAT Study Guideas a collection of downloadable PDFs; you can alsopractice withan array of sample questions, which include: 24 Reading questions 22 Writing and Language questions 18 Math No Calculator questions 30 Math Calculator questions 2 Essay prompts As for the ACT, we've gatheredall official ACT practice tests here. Like the College Board, ACT, Inc., maintains a ton offree practice questionsonline, including: 75 English questions 60 Math questions 48 Reading questions 40 Science questions 1 Writing prompt Unofficial tests and questions, too, can be helpful.Unfortunately, most free test-prep websites for the ACT and SAT are relatively low quality and lack realistic questions and content, so it's best to stick with official resources whenever possible.That said, if you're craving a bigger collection of questions, our guides tofree online ACT and SATpractice testscan tell you which tests are worth using- and which ones you're better off avoiding. Khan Academy Through a partnership with the College Board, Khan Academy offers thousands of free, official SAT practice questions, complete with in-depth explanations and robust content review. With this website, you can learn about new topics through video lessons, take quizzes, and even import your PSAT/NMSQT scores to tailor your SAT study plan to your weaknesses. You must make an account to save your progress, but it's free and definitely worth it for the gigantic stockpile of SAT-style questions alone. Although Khan Academy doesn’t offer an ACT program or ACT-style questions, you can still use its SAT program and subject-based courses toget a rundown of basic math, reading, and English conceptsfound on the ACT. Get ready 'cause we're about to toot our own horn! #hatersgonnahate PrepScholar Blog If you haven't explored our website already,our PrepScholar SAT/ACT blog offers hundreds of free articles and guides(just like the one you’re reading right now!) you can use to prepare yourself for the SAT or ACT. Our best and most comprehensive resources include the following: SAT The Ultimate Study Guide for SAT Reading: Strategies, Tips, and Practice The Complete Prep Guide for SAT Writing: Grammar, Strategies, and Practice The Ultimate SAT Math Prep Guide: Tips, Formulas, and Practice The Ultimate SAT Essay Study Guide: Tips and Review The 21 SAT Tips and Tricks You Must Use How to Get a Perfect 1600 SAT Score, by a 2400 Expert Full Scorer ACT The Ultimate Study Guide for ACT English: Tips, Rules, Practice, and Strategies The Ultimate ACT Math Prep Guide: Strategies, Topics, and Tips The Ultimate Prep Guide to ACT Reading: Strategies, Tips, and Practice The Ultimate Study Guide for ACT Science: Tips, Practice, and Strategies The Ultimate ACT Writing Study Guide: Tips, Strategies, and Practice 15 ACT Tips and Tricks to Improve Your Score How to Get a Perfect ACT Score, by a 36 Full Scorer We also encourage you to browse our blogby searching for any ACT or SAT keywords or concepts you want to learn more about. Chances are, we’ve got an article about it! SAT and ACT Apps Test-prep apps are excellent resources forsupplementary SAT/ACT practice.And since many highly rated ACT and SAT apps are free (or available as free trial versions), there's no need to worry about paying a hefty sum for a resource you're not sure you'll actually use. Some of the best SAT apps you can download for free include Daily Practice for the New SAT- the College Board's official SAT prep app - and Ready4 SAT, which comes packed with more than 1,000 practice questions. There are also manygreat ACT appsthat won't cost you a cent. These include Ready4 ACT, which contains 1,000+ high-quality practice questions, and Varsity Tutors’ ACT Prep, which offers a combination of practice tests and skill-specific diagnostic tests. Most test-prep apps are available for both iPhone and Android, and you can find more by searching for "SAT" or "ACT" in the iTunes and Google Play stores. As a reminder, apps should never be your primary test-prep resources. Nonetheless, they can be extremely helpful if used appropriately. I strongly recommend using apps for on-the-go practice and as warm-ups before study sessions. Local Library In this digital age, we often forget libraries still exist - but they do, and they likely have a ton of ACT and SAT prep books you can use at no cost to you! If you're planning to take the ACT, I suggest first browsing your library for The Official ACT Prep Guide, as this official guide will be the best resource you can use for official practice questions, quizzes, and content review. (Remember, The Official SAT Study Guide is available for free online, so there's no point in looking for it at your library!) You should also spend time searching forhighly reviewed, unofficialACT and SATprep books. If possible, try to stick with recently published books. For the SAT especially, you'll want to look for newer (2016 and later) prep books, asthe SAT underwent significant changesin early 2016. By contrast, most ACT prep books should still be relevant to today's version of the exam (though the Writing section changed format in 2015). In the end,you can still use older prep books, but it's important to know that not all of their content will apply directly to your upcoming test. If you can't find any quality prep books at your library, ask a librarian whether you can request a specific ACT or SAT prep book to be sent to your library. The final rule of saving money: no matter how delicious it looks, don't eat it. Recap: Spending Less on SAT/ACT Test Prep Many students believe that to do well on the ACT or SAT, you must have access to the best possible test-prep resources available - many of which cost a pretty penny. But in reality, you don’t need to throw all of your money at exhaustive study materials, courses, and tutoring sessions to help you get the score you want on test day. Rather, you just need to knowwhat resources will help you the most and are therefore worth spending your ACT or SAT money on. Here are the main ideas to taking away from this article: Tailor your prep.Knowing your weaknesses is a key step toward saving money. By investing in only the study materials you actually need to do well on the exam, you'll not only save yourself cash but also raise your chance of attaining your goal score. Official is best - and often free. In terms of authenticity, the absolute best resources you can get are those created by the College Board and ACT, Inc. Luckily, both companies offer a variety of free online materials, from individual practice questions to full-length quizzes and tests. Start with free.The two best resources for free official and unofficial test prep are the internet and libraries. So if you’re trying to save money, make sure you exhaust both of these optionsbefore making any purchases. If you do decide to buy something, ... Be smart with your money. Don’t purchase any resources you don't need or that are way over your budget. And if you've found something you like, see whether you can get it used since an older copy will be cheaper than a newer one. As with any major purchases, always go with your gut and only buy what you ultimately feel is worth buying! What’s Next? Looking for more ways to save money?Learn how to get excellent prices on SAT/ACT tutoringand get a rundown of the costs associated with the SAT and ACT. Not sure you can afford to take a college-admission test?See whether you qualify for an SAT or ACT fee waivertoday. Worried about your finances once you start college?Our guide will teach you everything you need to know about saving money as a college student. Want to improve your SAT score by 160 points or your ACT score by 4 points?We've written a guide for each test about the top 5 strategies you must be using to have a shot at improving your score. Download it for free now:

Racial Equality in Employment Coursework Example | Topics and Well Written Essays - 5500 words

Racial Equality in Employment - Coursework Example By 11th century the Normans became the rulers of England for many years. Hence, indeed, there is a Norman element in Britain. After the Normans stopped ruling England no other ethnic groups made significant inroads to Britain (Trevelyan). are spread over many countries in all the continents now. This is indeed a colonial legacy. Another colonial legacy is the influx of races from former colonies to Britain. While the Britons were in the colonies they were the ruling class and the Africans, Asians and the Caribbeans their subjects. However after the dismantling of the colonial empire, back in the country of their former masters, they became citizens. Citizenship meant a perception of legitimate right for equal rights with the fellow whites. This is the background to the tensions between the ethnic minorities in UK and the whites. The attitude expressed in the ditty, is not typical to the Anglo-Saxons, it was somewhat universal. The Jews generally believed that their special relation with Jehovah made them the superior. However they did not try to establish their biological superiority. But the Victorian Anglo-Saxons believed that they are racially superior, and qualities like literary taste, creativity and even honesty were inherited by them by virtue of bei... Page 3 were inherited by them by virtue of being born in that race. The deeply ingrained racial prejudices find expression in Shakespeare's, Othello and The Merchant of Venice, way back in the 16th century. The dark colour in popular Christian piety is associated with evil and the colour of Othello, the Moor, is the symbol of the evil in him while the white complexion of Desdemona is the epitome of guileless innocence. Shylock, the Jew, is the embodiment of evil of the race that killed Christ. While the Fatherhood of God and the brotherhood of all men were central to Christian faith (The New Revised Standard Version, Lk.11.2) only a minority seems to have understood. In Europe most people believed that nonwhite people lacked the qualities of intellect, mind and heart, which the white so abundantly possessed. This notion in Britain and North America focused more on the Anglo-Saxons as the best of the whites. Did this attitude of the whites to other races in the subliminal level determine the ir conduct to other races What is Equal Opportunity Arriving at the precise and generally accepted definition of equal opportunity is a formidable task. However, over Page 4 the years, the concept is achieving greater clarity and some kind of convergence is in the offing. Equal opportunity is a descriptive term for an attitude attempting to provide equal access to a milieu or benefits, like education and training, job opportunities, medical care and access to social welfare assistance. This attitude underlies a genuine desire to empower groups that have, over the years, bore the brunt of discrimination. The groups who need to be uplifted are identified on the basis

Tesco Customer Experience Case Study Example | Topics and Well Written Essays - 1000 words

Tesco Customer Experience - Case Study Example People believe that they the company can use its size and success to be a force for good. This challenge is indeed accepted by Tesco with enthusiasm and commitment. Consumers identify a brand's distinctive capabilities based on their perceptions that have themselves been created by the marketers over a period of time. A genuine brand is "the internalized sum of all the impressions received by the customers and consumers resulting in a distinctive position in their mind's eye based on perceived emotional and functional benefits" (Knapp). A brand, in general, conveys certain aspects like attributes, benefits, values, culture, personality and user. According to a recent study, Tesco is believed to have the strongest brand image online and this fact is clearly visible from its official website. Tesco implemented the Club card rewards program to gather necessary customer information, which it then used to cater to specific customer needs and potential wants. When shoppers signed up for the card, they automatically submitted their age, gender, and income. Tesco was able to segment their shoppers based on these factors. As soon as the shopper used the card when shopping online or in-store, purchased product information was automatically uploaded into Tesco database. Product information was used to cross-sell additional products and services such as grocery delivery services. This way, Tesco strives continuously to keep all its customers satisfied and ensure quality shopping every time they visit the store or the website. A new strength that has been adopted among the staff at Tesco stores is called future, instead of having criteria to meet every store, the strengths, weaknesses, opportunities and threats are discussed with staff in each store and problem are sorted out, making each stores SWOT that little bit different, although the main goals are not ignored. Another ploy on Tesco's behalf to win the customers loyalty it that of vouchers for schools a scheme where one voucher I given for every five pounds that is spent in store, not only does this encourage adults to help their children but will make the children encourage the adults to shop at Tesco's to help their school. Tesco as a company uses clear values to underpin what they do. Their core purpose is based on "Creating value for our customers to earn their life time loyalty. Tesco has invested one billion pounds. Tesco believes in one important thing, i.e. they offer the best quality on a broad range of products and believe that they offer the best value. They have invested one billion pounds since 1996 on the campaign to reduce prices to customers and that continues to build as they go in to 2004. They offer outstanding customer service; every customer is offered help at the checkout. Location and convenience is another reason to choose Tesco, they have introduced a staggering 200 in the last two years that stay open 24 hours a day and they plan another 1540 new express stores, which are Tesco mini stores linked on to esso garages and forecourts. Another key

Corporate Social Responsibility (CSR) Report Analysis Research Paper

Corporate Social Responsibility (CSR) Report Analysis - Research Paper Example It is knowledge-based and aims at leveraging its core capabilities or skills so that they may broaden the understanding of the global trends in CSR. Hershey’s strategy, which is founded on the company’s value, is open to changes and focuses on partnerships that are in alignment with their culture, helps the company in advancing their growing global businesses. Hershey’s has also partnered with several companies in the solving issues arising from climate change, resource scarcity and human rights. The company’s management has realized there is a need for them to proactively comprehend and address their neighbor’s issues when doing business with them. Hershey’s has also been making noteworthy progress in the achievement of their CSR goals while building sustainable platforms for ensuring the company’s growth. This has been achieved through the foundation of strong beliefs in the company’s values and distinct heritage. The fundamen tal principles that guide the company’s CSR strategy to success are founded on talent or resource management and responsible sourcing. In managing the company’s CSR strategy, they use talented or experienced teams, an aware or engaged workforce, revitalized business strategies and confectionery products that are world-class. Hershey’s has made an impact on seventy countries in Asia, America and South America through the use of effective marketing, sale, distribution along with manufacturing operations. Finally, the company’s CSR strategies focus on their marketplaces, the environment, workplaces and the community (The Hershey Company, 2011). B. Brief Summary of the Report, Noting Significant Achievements, Actions and Goals. The report provides information on the company’s profile and the strategies of achieving their CSR objectives. It also provides their CSR’s towards the marketplaces, environment, workplaces and the community. The report p rovides that the company’s goals include producing high-quality products or selling them at fair prices and providing work that is meaningful while offering fair wages to their employees. Its other goals include giving back to the communities in their areas of operation and being good stewards of land and the resources obtained from it. The report indicates that the company has been able to launch factories in America, Asia and Latin America to enable them to handle their markets more effectively. They have also achieved success in other operations in the nonmanufacturing sector by opening up administrative offices in other parts of the globe which include Japan, Singapore, Dubai and the Philippines. The company report stipulates that it has also managed to expand their source for raw materials to countries like Nicaragua, Cameroon, Cote d’ivoire, Indonesia and Jamaica. Its reports indicate that the company has been able to gain their customers trust and have also incr eased their research efforts in order to satisfy their customer’s needs more appropriately. In addition, it indicates that the company has been able to satisfy their employees thereby improving on their productivity while providing suitable returns to the investors. These achievements have in turn enabled Hershey’s to closely collaborate with its business partners in finding solutions to the problems that the different

Using Industry Average Multiples For Valuation Finance Essay

Using Industry Average Multiples For Valuation Finance Essay Valuation of equity shares of a company is an important exercise and is performed on multiple occasions, be it investment decision in a particular company, merger, acquisition, restructuring, public issue, etc. Using industry average multiple is a common practice, especially when an unlisted security is to be valued. The study looks at eight industries and attempts to derive (a) which is the most stable industry average multiple by using the statistical tool coefficient of variation and (b) which would be the most important financial performance parameter, which could be driving multiple of a particular security within the industry by using statistical tool of coefficient of correlation. Executive Summary A company will get valued/re-valued on multiple occasions such as raising capital, sale of business, swap of shares, issue of stock options, etc. Valuation of publicly traded securities is quite straightforward and often regulated for different events, while valuation of thinly traded or un-traded securities requires some special approaches. There are three main approaches to security valuation such as discounted cash flows, asset based valuation and comparables. Comparables are regarded as one of the most useful and practical method. Ideal approach within comparables is to find out a publicly traded company which is exactly like the company being valued and adopt an appropriate multiple as valuation metric. Finding such a company is a challenge. Even if a company is financially alike, many non-financial factors such as general market reputation, stock liquidity, etc. could be influenced its valuation of a particular stock. Experts often use industry average multiples to counter this anomaly. They could be used on a stand-alone basis or along-with a set of exact comparables. The articles analyses the concept of industry multiples in eight industries: Private sector banks, Public sector banks, General food processing, Agri Inputs, Edible Oil, Rice, Sugar, Plantations (tea, coffee, flowers) and Auto-components and tries to answer two questions: Which is the most appropriate industry average multiple? The criterion used is co-efficient of variation. Multiples used are Market Capitalisation (MCap) / Profit After Tax, Enterprise Value (EV) / Earnings Before Interest Taxes Depreciation and Ammortisation (EBITDA), MCap/Book Value, MCap/Sales Which factor is the major driver of a multiple in a particular industry? The author has calculated co-efficient of correlation between different multiples and factors like revenues, 5 year revenue growth, margins, total assets, provisions, Return on Equity (ROE), Net worth. EV/EBITDA was the most stable multiple followed by Mcap/PAT (similar to P/E ratio). Revenue, net-worth and margins were important drivers. Keywords: Industry average multiple, valuation, market capitalization, book value, coefficient of variation/correlation Background There are many situations wherein a company will get valued/re-valued such as raising capital, sale of business, swap of shares, issue of stock options, etc. While, valuation is easy and fairly regulated (SEBI, the regulator in India has defined how a security is to be valued for different purposes) for a publicly traded company, valuation of a thinly traded or un-traded securities requires some special approaches. At times, analysts also value a well-traded company to determine whether it is value fair or if there is any possible up-side. Different approaches to valuation are as described below: Comparables Asset Value EBITDA PAT Book Value Sales, etc. Equity Value DCF Figure 1 Different valuation methods Asset Value: Asset based approaches such as book value (asset less liabilities as reflected in books of accounts) and realizable value (market value of asset less liabilities) are more relevant when the company/vehicle is wound-up or dissolved in any manner. Discounted Cash Flow (Discounted Cash Flow to the Firm): Discounted cash flow is, theoretically, the best valuation method. The company calculates its projected financial performance. These projections and their assumptions are vetted against market factors, expert opinions. Once the parties are confident with projections, cash flows of the company (called Cash Flow to the Firm) are calculated as follows: EBIT X (1-Tax Rate) Less Working Capital Changes Less Capital Expenditure Add Depreciation. An important component of DCF based valuation is the Terminal Value. Last year in the projection period is capitalized as: Cash flow in terminal year X (1+ perennial growth rate) / (WACC perennial growth rate). This is again discounted to calculate present value of terminal cash flow. This approach is well recognized, but is not widely used due to the following limitations: The model involves a number of assumptions (i) Entire set of assumptions going into calculation of financial projections, (ii) Market risk premium, (iii) Long term growth rate, etc. which makes it very subjective. The method does not work with firms which have un-utilised assets, are in the process of re-structuring, which do not have positive operating cash flows, etc. Comparables: One of the most preferred methods of valuing a company is comparing it with a publicly traded company of similar nature called relative valuation. It is also the most intuitive method we practice it in pricing almost everything real estate, items of daily usage, etc. In relative valuation, the value of an asset is derived from the pricing of comparable assets, standardized using a common variable such as earnings, cash flows, book value or revenues. (Damodaran on Valuation: Security Analysis for Investment and Corporate Finance, by Ashwath Damodaran, Wiley Finance) A publicly traded peer is identified and compared to the company under consideration in terms of various valuation parameters like Price to Earnings, Price to Book, Price to Sales, Enterprise Value / EBITDA which ever is applicable and accordingly the value of the company/security under consideration can be calculated, e.g. If a comparable company is traded at 15 times its earnings, the earnings of the company under consideration are multiplied by 15 to calculate its value. The approach is fairly simple, however, the challenge lies in finding an exact comparable. There can be many differentiating factors, and some of them could be quite stark. The pricing of the publicly traded peer would also be influenced by many non-objective factors like: general market perception, promoter reputation, adverse market rumors, low liquidity in specific stock, low level of public holding, etc. In light of these, many analysts and industry experts use industry-average multiples, on a stand-alone basis as well as to moderate/rationalize multiples of an individual or group of comparables. This brings us to the questions which the article intends to ponder over: Which bench-mark should be used? Every industry has two or three popular benchmarks, which appropriately capture financial and operative strengths, such as the tea gardens are valued at certain times of their sales, so are football clubs. Manufacturing industries are valued at certain time of their EBITDA or PAT as the case may be. However, if an industry average is to be used, high degree of variability in the multiple will compromise its reliability. Another question is what drives a companys valuation. The range in multiples in many industries tends to be quite high. Some tangible financial factor could be an important driver/differentiator for a company. Which would be the driver in a particular industry? The article attempts to answer these questions via an exercise on 214 companies in 8 different industries. The author has: Chosen 8 industries based on his past work experience Selected different publicly listed companies in each industry Derived their multiples and financial parameters from various databases Checked the variability of industry averages of multiples by using the statistical tool co-efficient of variation to answer the first question (most reliable benchmark) Run correlation between a particular industry relevant bench-mark such as 5 year growth, margins, etc. and the multiple e.g. correlation between P/E ratios and book size in banking industry to answer the second question. The breakup of companies across industries is as follows: Table 1 Sectors and number of companies used in analysis Industry No of companies Private sector banks 14 Public sector banks 23 General food processing 16 Agri Inputs 8 Edible Oil 17 Rice 7 Sugar 17 Plantations (tea, coffee, flowers) 17 Auto-components 85 Total 214 The following multiples were used: Market Capitalisation (MCap) / Profit After Tax, Enterprise Value (EV) / Earnings Before Interest Taxes Depreciation and Ammortisation (EBITDA), MCap/Book Value, MCap/Sales. Mcap/PAT is similar to more commonly used Price to Earnings per share (P/E), and Mcap/Book Value is similar to Price to Book value per share (P/B). The following financial performance parameters were selected for analysis: Revenues of latest available financial year, 5 year revenue growth, margins (PAT margin for banks and EBITDA margins for others), total assets, provisions, Return on Equity (ROE), Net worth Analysis Private Sector Banks The following banks were analysed within private sector banks: HDFC Bank Ltd., ICICI Bank Limited, Axis Bank Limited, IndusInd Bank Limited, Yes Bank Ltd, Federal Bank Limited, ING Vysya Bank Limited, The Jammu Kashmir Bank Limited, Karur Vysya Bank Ltd., South Indian Bank Limited, City Union Bank Ltd., Karnataka Bank Ltd, Development Credit Bank Ltd., Lakshmi Vilas Bank Limited. Table 2 Results of private sector banks Banks (private) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 8.40 0.09 0.88 1.19 StdEv 5.43 0.08 0.82 0.93 Coeff of Variation 0.65 0.99 0.93 0.78 Correlation between multiple parameter Revenue 0.10 0.08 0.09 0.09 Past 5 year growth 0.20 0.34 0.36 0.48 Margin 0.32 0.59 0.61 0.63 Total Assets 0.07 0.06 0.06 0.07 Provisions -0.05 -0.10 -0.09 -0.07 ROE 0.01 0.32 0.34 0.43 Net Worth 0.18 0.18 0.18 0.16 MCap/PAT, similar to Price to Earnings showed maximum stability. Margin (calculated as PAT/Revenue) showed maximum correlation with MCap/PAT, followed by high growth rate. The MCap/Book value Price to Book in popular parlance and Return On Equity showed the maximum correlation across all multiples and parameters. Margin and ROE showed maximum correlation with MCap/PAT. Public Sector Banks Public sector banks tend to have different operating objectives and are often valued differently compared to private sector banks. Mcap/PAT of public sector banks is 5.41 v/s 8.40 as observed in private sector banks. The following public sector banks were analysed: Indian Overseas Bank, Andhra Bank, Corporation Bank, Central Bank Of India, UCO Bank, Dena Bank, Bank of Maharashtra, State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Mysore, United Bank of India, Punjab Sind Bank. Table 3 Results of public sector banks Banks (public) Multiple Parameter Mcap/PAT Mcap/Assets Mcap/Sales Mcap/Book Value Mean 5.41 0.04 0.45 0.69 StdEv 1.36 0.01 0.15 0.16 Coeff of Variation 0.25 0.29 0.32 0.23 Correlation between multiple parameter Revenue 0.34 0.61 0.65 0.60 Past 5 year growth -0.05 0.12 0.13 0.07 Margin -0.46 0.79 0.81 0.76 Total Assets 0.31 0.62 0.70 0.63 Provisions 0.44 0.51 0.50 0.46 ROE -0.64 0.57 0.57 0.69 Net Worth 0.29 0.70 0.75 0.65 Public sector banks showed a different trend in variability of multiples. The book value multiple seems to show the least variation around mean as compared to Mcap/PAT observed in private banks. Within the book value multiple, margins show the highest correlation of 0.76 followed by ROE, 0.69. Food processing Food processing falls into manufacturing domain. EV/EBITDA multiple is introduced in place of the Total Assets multiple is relevant to the banking and NBFC company wherein income is primarily driven by book size. EV/EBITDA is one of the most popular multiples in manufacturing sector. It captures the operating strength of a company (EBITDA) v/s Enterprise Value. Enterprise value is a debt and cash neutral metric, calculated by Market Capitalisation + Debt Cash. Table 4 Results of food processing (general) Food Processing Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 18.50 9.39 0.97 4.21 StdEv 14.09 6.64 1.61 7.36 Coeff of Variation 0.76 0.71 1.65 1.75 Correlation between multiple parameter Revenue 0.39 0.64 0.49 0.75 Past 5 year growth -0.34 -0.27 -0.17 -0.14 EBITDA Margin 0.02 0.20 0.57 0.26 ROE 0.50 0.80 0.75 0.90 Net Worth 0.06 0.31 0.34 0.34 EV/EBITDA shows the lowest variation around mean (0.71). ROE is the most important driver for this multiple (0.8 correlation), followed by revenue. The following companies were considered for analysis in food processing: Hatson Agro Products REI Agro, Heritage Foods, KSE Limited, Nestle India Ltd., Glaxo SmithKline, Britannia Industries, Zydus Wellness, DFM Foods Ltd., Vadilal Industries, Himalya International, ADF Foods, Anik Industries, Srinivasa Hatcheries, Flex Foods, Bambino Agro, Foods and Inns, Tasty Bite Eatables, Freshtrop Fruits, Temptation Foods, Chordia Food Products. Vadilal Enterprises, Sita Shree Food Products, Simran Farms, Venkys (India), Waterbase. The companies belonged to multiple sub-sectors like dairy, poultry, consumer goods, ice creams, frozen food, etc . Agri Inputs Agri inputs included seed, special fertilizers and some special input companies in food processing industries. The larger fertilizer companies, which fall more into chemicals domain were not considered. The following companies were anlysed: Sukhjit Starch Chemicals, Narmada Gelatines, Sakuma Exports, Vidhi Dyestuffs, Saboo Sodium Chloro, Kaveri Seed, Advanta India, Basant Agro Tech. In agri inputs also, EV/EBITDA showed maximum stability, followed by MCap/PAT. EBITDA margin showed highest correlation with EV/EBITDA. Table 5 Results of specialised agri inputs Agri Input Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.27 8.53 0.98 1.68 StdEv 9.64 5.11 1.28 1.87 Coeff of Variation 0.86 0.60 1.30 1.11 Correlation between multiple parameter Revenue -0.36 0.25 0.04 0.11 Past 5 year growth -0.18 0.25 0.26 0.40 EBITDA Margin -0.88 -0.08 0.71 0.11 ROE 0.02 -0.03 0.40 0.48 Net Worth 0.33 0.66 0.48 0.53 Edible Oil: Edible oil is a special segment within food processing. The sector is characterized by high level of imports, benchmarking with international prices, low regulations compared to commodities like rice and pulses, etc. The following companies were anlysed: Ruchi Soya Industries, Sanwaria Agro Oils, Rasoya Proteins, Gujarat Ambuja Exports, Jayant Agro-Organics, JVL Agro Industries, Vippy Industries Limited, Vimal Oil Foods, Raj Oil Mills, BCL Industries, Hind Industries, Kriti Nutrients, Vijay Solvex, Sam Industries, Modi Naturals, Natraj Proteins, Poona Dal Oil Industries Table 6 Results of edible oil Edible Oil Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 11.10 6.43 0.21 1.53 StdEv 9.77 4.18 0.27 2.20 Coeff of Variation 0.88 0.65 1.31 1.44 Correlation between multiple parameter Revenue 0.43 -0.12 -0.12 -0.03 Past 5 year growth -0.28 -0.36 0.99 -0.20 EBITDA Margin -0.01 -0.03 0.51 0.16 ROE -0.20 -0.12 0.58 0.61 Net Worth 0.38 -0.14 -0.11 -0.04 EV/EBITDA showed the maximum stability, however, none of the parameters showed any reasonable correlation with the parameter. EV/EBITDA was followed by Mcap/PAT with 0.88 coefficient of variation. This factor showed relatively higher correlation with revenue followed by Net Worth. Rice Rice is also a typical sector within food processing. Most of the publicly traded rice companies have focused on basmati rice. Basmati is a famous variety of aromatic rice and has large export market in the middle east, Europe and US. The following companies were analysed: Khushi Ram Behari La, Usher Agro, LT Food, Lakshmi Energy and Foods, Emmsons International, Chaman Lal Setia Exports, GRM Overseas. The sector showed better stability of Mcap/PAT followed by Mcap/Book Value. Within Mcap/PAT EBITDA margin showed the highest correlation at 0.86. Table 7 Results of rice Rice Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 6.12 7.94 0.16 0.68 StdEv 2.27 3.95 0.13 0.30 Coeff of Variation 0.37 0.50 0.83 0.44 Correlation between multiple parameter Revenue 0.42 0.68 0.16 0.17 Past 5 year growth -0.70 0.47 -0.92 -0.98 EBITDA Margin 0.86 -0.60 0.59 -0.25 ROE -0.77 0.12 0.11 0.73 Net Worth 1.00 -0.17 0.55 -0.30 Sugar: Sugar is one of the largest organized sectors in agri processing. The sector has many large companies like Renuka Sugars, Bajaj Hindustan, etc. The sector also has some typical features like minimum procurement price, cyclical production, concentrated production in Asia and South America, etc. The following companies were analysed: E.I.D. Parry, Bajaj Hindusthan, Bannari Amman Sugars, Triveni Engineering, Andhra Sugars, Dhampur Sugar Mills, KCP Sugar, Ponni Sugars (Erode), Ugar Sugar Works, Dalmia Bharat Sugar, Thiru Arooran Sugars, Sri Chamundeswari, Piccadily Agro, Vishnu Sugar Mills, Kesar Enterprises, Piccadily Sugars, Indian Sucrose EV/EBITDA showed lowest co-efficient of variation (0.44). The multiple showed highest correlation with net worth, followed by revenue. Table 8 Results of sugar Sugar Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 14.38 6.90 0.35 0.80 StdEv 14.79 3.07 0.20 0.39 Coeff of Variation 1.03 0.44 0.56 0.48 Correlation between multiple parameter Revenue -0.01 0.20 0.00 0.19 Past 5 year growth -0.26 -0.04 -0.42 0.23 EBITDA Margin -0.51 -0.43 0.49 0.18 ROE -0.65 -0.69 0.44 0.61 Net Worth -0.01 0.44 0.08 0.01 Plantations Tea and Coffee are another specialized area in agri and food industries. The sector has stakes of many large FMCG companies like Tata Tea, Unilever, etc. This sector also has special policies, farming conditions, competitive factors. For the purpose of this analysis, flowers have also been analysed together with tea and coffee. The following companies for part of this analysis: Karuturi Global, Neha International, Pochiraju Industries, Tata Global Beverage, McLeod Russel India, Tata Coffee, CCL Products India, Warren Tea, Dhunseri Petrochem, Goodricke Group, Jayshree Tea, Assam Company India, Harrisons Malayalam, Russell India, United Nilgiri Tea, Joonktollee Tea, Diana Tea. Here also, EV/EBITDA showed minimum coefficient of variation, followed by Mcap/Sales. Revenue and net worth showed the highest correlation with EV/EBITDA. Table 9 Results of plantation (tea, coffee, flowers) Plantation (tea, coffee flowers) Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 15.17 9.60 1.09 1.13 StdEv 13.19 5.70 0.81 0.87 Coeff of Variation 0.87 0.59 0.75 0.76 Correlation between multiple parameter Revenue 0.22 0.33 0.09 0.27 Past 5 year growth -0.47 -0.38 -0.19 -0.43 EBITDA Margin -0.34 -0.42 0.20 -0.11 ROE -0.37 -0.27 0.20 0.54 Net Worth 0.18 0.29 0.16 0.21 Auto components Auto components industry comprises of a large number of specialized players focusing on different segments of auto industry. Major segments and their composition in total industry size are: Engine parts 31% Drive transmission and steering parts 19% Body and Chassis 12% Suspension and braking parts 12% Equipments 10% Electrical parts 9% Miscellaneous 7% The industry is estimated at USD 43.5 billion in FY 2011-12. (Auto Components Manufacturers Association of India) The following companies were anlaysed in the industry: Bosch, Cummins India, Exide Industries, Motherson Sumi Systems, WABCO, Amtek India, Kirloskar, Amtek Auto Limited, Federal-Mogul, Sundram Fasteners, Wheels India, Shanthi Gears, NRB Bearings, Automotive Axles, Mahindra Forgings, Commercial Engineers, Banco Products, Jamna Auto Industries, Fairfield Atlas, Gabriel India, Lumax Industries, Sundaram-Clayton, India Motor Parts, Saint-Gobain, Steel Strips Wheels, Setco Automotive, Minda Industries, Suprajit Engineering, Rane Holdings, ZF Steering Gear, Munjal Showa, Sona Koyo Steering, Munjal Auto, Lumax Auto Technology, Autoline Industries, India Nippon, FIEM Industries, L. G. Balakrishnan, Subros, Pricol, Hindustan Composites, Ucal Fuel Systems, Rane Madras, Rico Auto Industries, Jay Bharat Maruti, Shivam Autotech, Omax Autos, IST, Bimetal Bearings, Rane Engine Valves, REIL Electricals, Rane Brake Lining, Precision Pipes, Automotive Stampings, Harita Seating, JMT Auto, Alicon Castalloy, JBM Auto, Bharat Gears, Menon Pistons, Talbros Automotive, Triton Valves, Aunde India, Clutch Auto, Pix Transmissions, Bharat Seats, Lakshmi Precision, Menon Bearings, Simmonds Marshall, Kar Mobiles, IP Rings, Jay Ushin, Gujarat Automotive, Competent Automobile, Lumax Automotive Systems, Autolite India, ANG Industries, Hindustan Hardy, Raunaq Automotive, Remsons Industries, Porwall Auto Components, Spectra Industries, Kew Industries, Jagan Lamps, Coventry Coil-O Matic. In this industry again, EV/EBITDA is the most stable multiple. EV/EBITDA shows maximum correlation with revenue and net-worth. Table 10 Results of auto-components Auto Components Multiple Parameter Mcap/PAT EV/EBITDA Mcap/Sales Mcap/Book Value Mean 12.47 6.04 0.67 1.62 StdEv 13.09 4.65 0.93 1.67 Coeff of Variation 1.05 0.77 1.40 1.03 Correlation between multiple parameter Revenue 0.19 0.35 0.18 0.31 Past 5 year growth -0.04 0.05 -0.05 0.09 EBITDA Margin 0.03 0.06 0.47 0.12 ROE -0.31 0.04 0.21 0.45 Net Worth 0.13 0.35 0.30 0.24 Inferences: The most stable multiples across different industries and their respective coefficients of correlations with different financial parameters were as follows: Table 11 Summary of trends Coefficient of variation Correlation Industry Co-efficient of Variation Multiple Highest Correlation Second highest Correlation Private sector banks 0.65 MCAP/PAT Margin 0.32 Past 5 year growth 0.20 Public sector banks 0.23 P/B Margin 0.76 ROE 0.69 General food processing 0.71 EV/EBITDA ROE 0.80 Revenue 0.64 Agri Inputs 0.60 EV/EBITDA Net worth 0.66 Revenue 0.25 Edible Oil 0.88 MCAP/PAT Revenue 0.43 Net worth 0.38 Rice 0.37 MCAP/PAT Net worth 1.00 EBITDA margin 0.86 Sugar 0.44 EV/EBITDA Net worth 0.44 Revenue 0.20 Plantations (tea, coffee, flowers) 0.59 EV/EBITDA Revenue 0.33 Revenue 0.29 Auto-components 0.77 EV/EBITDA Revenue 0.35 Revenue 0.35 *In edible oil, lower coefficient was observed in EV/EBITDA. P/E was chosen because EV/EBITDA showed no correlation with any of the parameters studied. Co-efficient of variation was minimum in public sector banks and highest in auto-components. Industry multiple of public sector banks, hence, stands as the most reliable industry multiple among the industries observed. The co-efficient would be high if there is considerable heterogeneity within the industry in terms of size, profitability, product portfolio, promoter background, etc. Earnings based multiples EV/EBITDA and P/E showed minimum coefficient of variation in all industries, except public sector banks, which showed Mcap to Book Value as the most stable multiple. Considering the correlations observed with the most stable multiple, we can infer that: net margins are the main drivers of multiples in banks (both public and private) among the parameters observed, ROE was most influential in food processing and edible oil plantations and auto-components seem to be driven by revenue vis-Ã  -vis other parameters observed and agri inputs, rice and sugar were influenced by net-worth of respective companies. The following table shows the maximum correlation observed in a particular industry. Table 12 Maximum correlations across industries Industry Maximum Correlation Relationships Private sector banks 0.63 ROE and Mcap/Book Value Public sector banks 0.81 PAT Margin and Mcap/Book Value General food processing 0.90 ROE and Mcap/Book Value Agri Inputs 0.71 EBITDA margin and Mcap/Sales Edible Oil 0.99 5 year growth and Mcap/Sales Rice 1.00 Net-worth and Mcap/PAT Sugar 0.61 ROE and Mcap/Book Value Plantations (tea, coffee, flowers) 0.54 ROE and Mcap/Book Value Auto-components 0.47 EBITDA margin and Mcap/Sales ROE and Mcap/Book Value showed highest correlation in four out of nine industries, followed by EBITDA margin and Mcap/Sales. The results were quite intuitive a company generating higher returns on invested capital (ROE), or a company operating at a higher margin should be valued more than its peers. Table 13 Results of general correlation analysis Parameter Mcap/PAT

Child Labor and Sweatshops are a Current Problem in the Fashion Industr

Child Labor and Sweatshops are a Current Problem in the Fashion Industry   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Many societies face the much overlooked problem of child labor and sweatshops in the fashion industry. Recently, Americans were stunned to learn that their apple pie sweetheart, Kathie Lee Gifford was associated with the exploitation of underage workers in Honduras. Gifford's story began the resurgence of knowledge of the growing problem of sweatshops in today's society. Contrary to popular belief, sweatshops still exist across the world in both third world countries and super powers such as America. Sweatshops incorporate the inhumane exploitation of workers, many of whom are underage, by providing extremely low wages as well as expecting unrealistic time commitments. In addition, the workers lack benefits and very few sweatshops abide by the required health codes. Sweatshops are obviously a growing problem that will not disappear with out change. Although the United States government has begun to take steps to alleviate the problem, there must be an increase in both awareness and legislation.   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The belief that the archaic-like prisons known as sweatshops have been abolished, has been proven false. They do, in fact, exist in not only foreign countries but also in America. The abuse of human rights is demonstrated as more than half the 22, 000 garment contractors in the United States don't pay workers minimum wage, according to the Labor Department, and working conditions are deplorable...Americans were horrified to learn last August of 72 Thai laborers imprisoned in El Monte, Near Los Angeles, who were forced to work up to 22 hours a day, seven days a week at $1.60 an hour" (Yeh).   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   More evidence is uprooted daily which... ...stry and Codes of Conduct. Online. HTML. Internet. 25 April 1997. Johnson, Paul. American Government. Boston: Houghton Mifflin, 1994. Knoebel, Edgar. The Modern World. Orlando: Harcourt Brace Jovanovich, 1988. Nifong, Christina. 'No Sweat' Pact to Cut Garment Worker Abuse. The Christian Science Monitor Online. HTML. Internet. 14 April 1997. Reuter. Clinton Unveils Clothing Sweatshop Pact. Online. HTML. Internet. 16 April 1997. Wendel, Melissa. Fashion Majors, Don't Sweat It. Online. HTML. Internet. 14 April 1997. Wilson, David. Apparel Task Force Fiasco. Online. HTML. Internet. 25 April 1997. Wilson, David. Fashion Industry Forum. Online. HTML. Internet. 25 April 1997. Yeh, Emerald and McMurray, Christine. Sweatshop Bargains: A Shopper's Dilemma. Online. HTML. Internet. 14 April 1997. 1 Labor Alerts is a service campaign for labor rights.