Capitalism Essays - Economic Ideologies, Socialism,

Private enterprise Private enterprise A type of monetary request described by private responsibility for methods for creation and the opportunity of private proprietors to utilize, purchase and sell their property or benefits available at deliberately concurred costs and terms, with just negligible impedance with such exchanges by the state or other legitimate outsiders. Socialism 1.Any belief system dependent on the mutual responsibility for property and a tactless social structure, with monetary creation and dispersion to be coordinated and controlled by methods for a legitimate monetary arrangement that probably encapsulates the interests of the network all in all. Karl Marx is today the most celebrated early theoretician of socialism, however he didn't concoct the term or the essential social standards, which he for the most part obtained and adjusted from the less orderly hypotheses of prior French idealistic communists - uniting these onto a philosophical structure Marx got from the German rationalists Hegel and Feuerbach, while including various financial speculations got from his reevaluation of the works of such early political market analysts, for example, Adam Smith, Thomas Malthus, and David Ricardo. In many forms of the socialist ideal world, everybody would be relied upon to co-work excitedly during the time spent creation, yet the individual resident's equivalent privileges of access to shopper merchandise would be totally unaffected by his/her own individual commitment to creation - subsequently Karl Marx's well known motto From each as per his capacity; to each as indicated by his need. The Marxian and other nineteenth century socialist utopias likewise were required to forgo such relics of the past as exchanging, cash, costs, compensation, benefits, premium, land-lease, counts of benefit furthermore, misfortune, contracts, banking, protection, claims, and so on. It was normal that such a radical reordering of the monetary circle of life would likewise pretty much quickly lead to the end of all other significant social issues, for example, class strife, political persecution, racial segregation, the imbalance of the genders, strict bias, and social backwardness - just as shut down such more mental types of enduring as distance, anomie, and sentiments of frailty. 2.The explicitly Marxist-Leninist variation of communism which accentuates that a really socialist society can be accomplished distinctly through the savage oust of private enterprise and the foundation of a fascism of the working class that is to set up the route for the future admired society of socialism under the tyrant direction of a progressive and trained Communist Party. 3.A overall progressive political development enlivened by the October Transformation (Red Oktober) in Russia in 1917 and supporting the foundation wherever of political, financial, and social organizations and approaches displayed on those of the Soviet Union (or, in some later forms, China or Albania) as a implies for in the long run accomplishing a socialist society. Communism A class of philosophies preferring a monetary framework wherein all or generally gainful assets are the property of the legislature, wherein the creation and appropriation of merchandise and ventures are controlled principally by the legislature instead of by private venture, and in which any staying private creation and appropriation (communists vary on the amount of this is middle of the road) is intensely managed by the administration instead of by showcase forms. Both vote based and non-popularity based communists demand that the administration they imagine as running the economy should on a basic level be one that genuinely mirrors the desire of the majority of the populace (or possibly their actual best interests), obviously they vary impressively in their thoughts regarding what sorts of political establishments and practices are required to guarantee this will be so. By and by, communist monetary standards might be joined with an incredibly wide scope of perspectives toward individual flexibility, common freedoms, mass political cooperation, administration and political rivalry, extending from Western European fair communism to the more tyrant communisms of numerous third world systems to the authoritarian abundances of Soviet-style communism or socialism.

Retail Industry AR and VR Technologies †MyAssignmenthelp.com

Question: Examine about the Retail Industry AR and VR Technologies. Answer: Diagram of Startup and Retail Industry: The startup association will be an online retail stage obliging dress and cosmetics items to the clients. It will focus on the experts who dont get time to go to the store on continuous premise but then need to attempt the apparel and cosmetics looks before submitting a request. This can be enlarged by utilizing the present innovations, for example, Augmented Reality (AR) or Virtual Reality (VR). Australia is venturing into a steady retail industry with the flood of different global retail marks making a passage due to the countrys land nearness close to Asia, expanding request of the customers, and suitable financial conditions (Nikki Baird, 2017). Retail media arent dynamic right now but have iterative effect on the development. In a general sense it is changing the view how customers attract with retailer. Before it influences the innovation, retailers must know the effect of utilizing retail media arrange on their business (Roy Morgan Research, 2016). Existing innovation examination and patterns: The Australian retail industry is under-performing and is utilizing advanced cells or the business advances as it were. The AR and VR advancements have not been being used as client driven and are generally being utilized for promoting purposes just (Roy Morgan Research, 2016). AR and VR: VR interfaces with purchaser by making mimicked world utilizing advancements like handset or electronic hardware.For model, a defensive top with a screen inside or gloves fitted with sensors. In examination, AR covers virtual segments onto this current reality as saw through a phone or tablet (Nikki Baird, 2017). Not at all like VR, AR doesn't discourage the point of view of ones condition, rather, builds this current reality with pictures, content, video, delineations, etc. This element propels AR to wide-scale, particularly in retail. Also, while VR has completely flabbergasted news sources; AR has found a solid equalization in the retail business. Associations can give a degree of relationship between their things and clients by lowering them in an absolutely new condition with use of AR(Dan McKone, Robert Haslehurst, and Maria Steingoltz, 2016). Issue Statement and Benefits of AR and VR: The beginning up necessities to give a stroll in retail understanding to target clients with their online stage from the solace of clients home. VRand ARhave for the most part been utilized as advertising instruments offering people opportunity to change how they shop. One customer may endeavor on shirt without going to the store. The applications using development center around the customer comfort giving redid customer counter (Dan McKone, Robert Haslehurst, and Maria Steingoltz, 2016). The compelling joining of VR and AR into retail models will inconceivably change the manner in which retailers are thinking about stores without limits. Suggestion Conclusion The examples that will most impact the business' future;Autonomous Retail Service Robot (ARSR) innovation can advance and increase in-store office and preparing. Clients can view robots 3D scanner by demonstrating a thing, they genuine need (Euromonitor International, 2016). The retail condition is as novel today as it has ever been. Contention is expanding and moving to new fields, and clients are rapidly propelling their approach to manage purchase decisions. A chance to act is directly. Retailers that do will be the champs when the accompanying piece of retailing history is made (Dan McKone, Robert Haslehurst, and Maria Steingoltz, 2016). References Nikki Baird (2017). In Retail, AR is for customers and VR is for Business, Forbes [online]. Accessible from: https://www.forbes.com/locales/nikkibaird/2017/04/26/in-retail-ar-is-for-customers and-vr-is-for-business/[Accessed 7 August 2017] Euromonitor International (2016). Computer generated Reality and Augmented Reality in Retail-Fad or Future. Accessible from: https://www.euromonitor.com/computer generated reality-and-increased reality-in-retail-craze or-future-/report [Accessed 7 August 2017] Dan McKone, Robert Haslehurst, and Maria Steingoltz (2016). Virtual and Augmented Reality will reshape Retail. Harvard Business Review. Accessible from: https://hbr.org/2016/09/virtual-and-increased reality-will-reshape-retail [Accessed 7 August 2017] Roy Morgan Research 2016. Australian Retail Industry pioneers are sub-par on innovation appropriation. Article No. 7056. Accessible from: https://www.roymorgan.com/discoveries/7056-innovation appropriation among-retail-industry-chiefs june-2016-201611181225 [Accessed 7 August 2017]

Can I Get Him to Stop Watching TV

Can I Get Him to Stop Watching TV A reader, Michelle, wrote to us seeking our advice: Im working on creating a minimalist lifestyle for my family, but Ive hit a roadblock and I hope you can helpâ€"specifically from the male perspective. In our house we watch TVâ€"always have. I despise the TV because my husband spends so much time watching sports, because it’s often used as a babysitter for our kids when I am not home, because it costs us money (granted, the cable doesn’t cost that much), and because, most of all, it sucks up our time! What, if any, suggestions do you have to get this time sucker out of my house without causing a war with my husband? He is embracing minimalismâ€"at least in theoryâ€"because while we didn’t have tons of stuff, we got rid of lots of junk and he likes the feeling of more spaceâ€"but I mention his beloved TV and it’s a whole different ballgame. Our recommendations: Start with yourself. Before you can convince anyone to change, you must first change yourself. Reduce. How many TVs do you have? If it’s more than one, reduce them by half initially. Get down to one TV over time. Bedroom. Whatever you do, get the TV out of the bedroom. There are better means of entertainment in the bedroom. Schedule. Schedule your viewing. Don’t watch TV  unless you scheduled your viewing at least 24 hours in advance. Ask your husband to attempt this with you for ten days (an experiment of sorts). Limit. Limit yourself to X hours per week. Track your viewing. Do this together for ten days. Friends. Invite friends over to watch TV with you during your scheduled viewing, then discuss what you watched afterward: this will strengthen your relationships. Replace. Replace TV with other activities. Just jettisoning TV is boring: what else can you do together instead of watching television? Once you do these things, your husband will likely follow. There’s nothing wrong with owning a TV: it’s when we spend too much time watching television that it has a negative effect on our lives. If you find value in The Minimalists, consider donating a dollar.

Statistical Analyses And Its Effect On The Quality Of The...

Statistical Analyses The following physiological measures were assessed for statistical significance: RMSSD, HF power, SBP, DBP and HR. A natural log transformation was applied to HRV measures prior to the analysis. Each measure was analyzed using a one-way repeated measures ANOVA across each experimental condition: baseline, stressor, recovery. The application of repeated measures ANOVA calls for the assumption that the dependent variables follow a normal distribution. In the context of this study, normal distribution cannot be demonstrated given the small sample size. However, the present study serves as a pilot study and thus normality will be overlooked in favor of obtaining a sense of the quality of the physiological data. As such, the presence of a normal distribution will be assumed for subsequent statistical analyses. Additionally, the assumption of Mauchly’s Test of Sphericity was assumed to be violated in each case, and the Greehouse-Geisser correction was used in th e resulting analyses. Post hoc tests with Bonferroni’s correction were conducted to assess statistical significance between each experimental condition with one another. An ÃŽ ± level of .05 was used, therefore probability values .05 were determined to be significant. Results Table 1 summarizes the means and standard deviations obtained from descriptive statistics. A repeated measures ANOVA with a Greenhouse-Geisser correction determined that RMSSD values differed significantly across experimentalShow MoreRelatedEssay On Cam1470 Words   |  6 Pagesoptimization of CAMs clinical critical-time components (e.g., set-up, time-in-task). 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Researchers can decide the type of research they want to carry out according to which methods would suit their research (Johnson,.et al. 2007) Research involves inductive and deductive methods (Babbie, 1998). Inductive methods analyse the observed phenomenon and identify the general principles, structures, or processes underlying the phenomenon observed; deductive methods verify the hypothesized principles through observations. The purposes are different: one is to develop explanationsRead MoreOral Health Related Quality Of Life1900 Words   |  8 Pagesdisability and handicap (WHO 2001), characterized by the lack of ability to perform daily tasks, such as eating and speaking, and the reduction of social contact, because of the impaired esthetics. This disability has important adverse effects on different aspects of quality of life. When evaluating treatment options, variables such as survival rate and longevity, and frequency of complications have been regarded as the most important outcomes for clinicians; however, the social and psychological impactsRead MoreA Study On The Genome Wide Association Mapping Has Become A Po pular Way Of Quantitative Trait Locus1338 Words   |  6 Pagesyield gap between drought prone areas and ideal production regions for most crops, including wheat. Drought tolerance is a complex quantitative trait controlled by multiple genes (Mir et al., 2012). It is also complicated by the fact that drought effects on plants rely on timing, period and severity of drought, and different traits may be required for different styles of drought (Passioura , 2012). Genetic improvement for drought tolerance requires identifying sources of traits correlated withRead MoreFactors That Affect The Nervous System ( Sns ) And Hypothalamic Pituitary Adrenal ( Hpa )8211 Words   |  33 PagesAbstract Adverse early life experience affects physiological and behavioral development, leading to differences in life-history outcomes. One key component is the relationship between the developing sympathetic nervous system (SNS) and hypothalamic-pituitary-adrenal (HPA) axis. Recent studies have suggested an association between early life adversity (ELA) and asymmetry in cortisol (a measure of HPA axis activation) and salivary alpha-amylase (a correlate of SNS activation) responses to stress

Crucial To Understanding The Appeal Of A Multi-National

Crucial to understanding the appeal of a multi-national economic deal is understanding the theoretical outcomes of such deals. In many cases, the most appealing feature of these institutions is their long-term benefits. Free trade’s opponents focus their criticism on the deals’ short-term consequences, such as ephemeral job loss in the state with higher labor costs. A temporary decline in employment does not outweigh the long term benefit of an economic deal such as NAFTA, which had the potential to refocus billions of dollars on goods which American industry is more efficient at producing in a process known as creative destruction. Using international relations concepts, I will explain why the formation of the North Atlantic Free Trade†¦show more content†¦Bartra explains that not all citizens were willing to sacrifice their cultural identity for economic gain, writing â€Å"[proletariat subculture] has surfaced on the backward periphery, where the pains of a deferred industrial revolution are made more acute by the consequences of colonial and imperial oppression† (34). Published in 1992, Bartra’s essay refers to the time frame in which North American diplomats hurried to draft and rally support for NAFTA. Mexico’s economy was in the process of industrializing, with a large boost to come yet again after North American leaders ratified NAFTA. In the eyes of Bartra and many others, the inevitable increase of American cultural influence represented a form of oppression. The United States would bring its manufacturing industries to Mexico in search of cheap labor. In return, Mexico would gain jobs and an increased standard of living as American-owned factories paid more than many existing jobs for unskilled Mexican laborers. With the increase in American investment in Mexico, citizens of the two nations cooperated to optimize manufacturing outputs, increasing cohesion between the two groups. Trade-offs play a significa nt role in every economic agreement. It is impossible for each nation to produce a sufficient amount of each good necessary to maintain its population, making trade an integral part of societal function. In theory, specialization leads toShow MoreRelatedthe worst hard time1139 Words   |  5 Pageson the significance of these differences. Do the accounts share the same purpose and audience? How do the messages vary? Analyze how the different medium and genre—a historical book vs. a documentary film—employ similar or differing strategies to appeal to the audience and carry out their message. 4. As noted at the end of the book, in the section on â€Å"Notes and Sources,† Egan conducted the research for the book using multiple methods and by compiling various types of data. Besides consulting publicRead MoreAnalysis Of The Competing Forms For Bsnl1369 Words   |  6 Pagesvindicated as the employee costs of BSNL’s cousin MTNL is staggering in comparison to others. The private players maintain a comparatively healthier structure than their Govt owned counterparts. A look at the Financial Ratios gives an even better understanding of how the costs play a major role in the financial composition of the Telecom Players: RATIO ANALYSIS M T N L Tata Comm Bharti Airtel Idea Cellular Rel. Comm. Debt-Equity Ratio 11.52 .11 .20 1.09 1.02 Long Term Debt-Equity Ratio 6.67 0.05 0Read MoreHas Immigration Impacted Relations? Europe Since The Second World War?1720 Words   |  7 Pageshaven. Immediately after World War Two, the appeal for workers in Europe was desperate. With war torn countries such as Germany, France Poland having been the main ‘battlefields’ in the war, emergency workers were drafted in from Eastern Europe and Turkey to kick start these nations back on their feet, with incentives for immigrants to live and establish themselves in a different society. In addition, countries like Germany Austria had their national boundaries reduced, with other countries integratingRead MoreThe European Union : The New Era Of Integration1744 Words   |  7 Pagescultural experiences, and immersed in ancient history. European integration has produced the almighty EU that is considered to be one of the most respected, notarized, stable and secure intergovernmental and supranational bodies in the world. The appeal of Europe has reached an all time high as increasing global instability rises in neighboring countries surrounding the EU. Immigrants, migrants, a sylum seekers, and refugees are fleeing to Europe at unprecedented speed and abundance causing politicalRead More Struggle Between Hindu and Secular Nationalisms in India Essay examples4524 Words   |  19 Pagesexperience important for Americans concerned with these issues. India faces growing action of governing which invites the use of violence to achieve political objectives. In spite of Indias size and importance, it is hard for an American to gain an understanding of the issues and conflicts which have set the stage for the most recent revival of Hindu nationalism. The central feature of this new reform in Indian federal politics is the clash between Hindu and secular nationalists. The overview of thisRead MoreImpacts On Corporate Strategy For The St. Joe Company1536 Words   |  7 Pagesdemographic changes, consumer attitudes, and product demand (Albright, 2004). 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An Experience of a life time Free Essays

â€Å"Get to bed, Dharam,† my mother shouted. The excitement, the adrenaline pumping in me, kept me awake all night. I was trying to imagine myself in India, wondering what it was going to be like: the people, the country, the weather, I couldn’t keep the energy inside of me; I just wanted to get there and see it for myself. We will write a custom essay sample on An Experience of a life time or any similar topic only for you Order Now The following morning, I gave my love and best wishes to my family and departed from Manchester International Airport. I then found myself on air India Flight heading to my destination Delhi. It was 5:00 am when we arrived in India. The smell hit me straight in the face, the heat firing at 36’Celsius came gushing at me; the people were rushing around like ants on a summer’s day! I was in the fourth dimension it was nothing like I had imagined. The hooters and revving engine of the cars that cluttered the busy streets merged in a great cacophony of sound. There were people begging for money, there were people making food on stoves on streets having lived in England it was a sight I was not familiar with. Music came from all directions not just of songs it was the engines of cars and there hooters. I was amazed how different it was compared to England; it was hot, sticky, and noisy and overpopulated. Although I was extremely tired, I was also excited because this was a different atmosphere from what I had seen before, it wasn’t just another holiday; it was my first time out of the country. At that time I didn’t really think about England, I was too concerned about what my dad’s family were going to think about me because this was the first time I had seen them in my life. Then questions started to come into my mind like will they like me? Will I like them? What do they look like? Would I fit in with them? As I got out of the airport I heard someone shout my dads name I didn’t have a clue who it was but I realized it was someone from my dad’s family I didn’t ask who it was because I was too concerned about what was going on, but one thing I noticed straight away was that the people and animals were walking on the roads without a care in the world. My first reaction was, â€Å"God, where have you bought me†? That was the first time I missed home but as my journey progressed I was then fascinated with the way the country was. As the week ended I had settled in and got used to the environment. In one hot week I visited most of New Delhi and all the temples in New Delhi, but as the week ended my heart started to pound just as it was when I arrived at the airport. I knew the time had come to visit my other relatives. As I sat on the train staring out of the window, the sun was hitting me straight in my face. I started to think what I going to say to them. As the train stopped at Kurukshetra, we caught a taxi to my aunt’s house. I took a deep breath and went in. There were my cousins sitting down watching cricket; they got up and greeted me. I felt like I had met them before, I got a warm feeling from them. My cousins introduced me to all their friends and showed me one of the biggest zoos in India where you could a touch baby lion. At first I didn’t touch it because I thought to myself that it was a lion. But my cousin finally persuaded me too. My two days in Kurukahetra went so fast but I knew that I would return. My next stop was at Patiala in the northwest in the state of Punjab, to see my dad’s grandmother. This time I wasn’t as nervous as I was before. As I came off the bus I felt different. I was used to the road and cars everywhere. Patiala was different from Delhi and Kurukshetra, it was cleaner and there were no animals running around there was also no pollution. I stayed in Patiala for a week because I found it clean compared to the other cities. I visited my Dad old school and saw where he had worked. As he was showing me I could see that he felt very emotional leaving his home country. After a week in Patiala, I headed back for Delhi to visit my mum’s parents who were visiting from England I couldn’t wait to see them because I new they could speak the same language as me. Two days later we went to Agra to see the TajMahal; I was so amazed to see how magnificent the marble brickwork was and by the stunning architecture. There were people visiting from all over the world. As we went inside the TajMahal, it was dark the guide with a torch came over and told the story behind the TajMahal. He told us that Shah Jahan made this for his beautiful wife as a memorial; Shah Jahan chopped the hands off his workers after the building was completed so that they couldn’t make another building like the TajMahal. I was beginning to realize why Shah was so obsessed with the TajMahal and why he didn’t want it duplicated. As I went to my hotel I then thought to myself, â€Å"Now I can understand why so many people visit the TajMahal† Before, I’d thought it was just another building. I was now my third week in India time had passed by very quickly. As I was looking out of the window I was thinking about England, thinking, â€Å"What are they doing back at home? † I was missing my bed and fish and chips also the toilets, the Indian toilets were just like a whole in the ground. In that week I didn’t want to stay in India, I was home sick, I was fed up looking at people with no legs or no arms and families with children who were only five or four years old asking for money, the poverty was too great, I just wanted to go home. As the week ended my dad and I decided to go back to Kurukshetra where my cousins lived. I stayed there for two weeks and went to the golden temples in Amritsar. As we got to Amritsar it was dusty and had animals all over. As we walked in side the golden temples it was amazing and peaceful, you could not hear any of the noises from outside. I felt like I was in heaven I was amazed with the beauty I hadn’t seen anything better before in my life this also made be proud to be a Sikh. My dad woke me up at five o’clock in the morning to have a Shannon (which is a bath). It is said to purify you of your sins. We stayed there for two days and went to Patiala. As we got to Patiala it was holy this was a festival of colours happens once a year on March 3. As I was new, the town people decided to get me, to show how they play hoily. One man came from behind and threw a bucket full of colours. After 12 o’clock hoily was finished so I decided to have a bath. As I went in no water came I then started too appreciate that I was from a richer country, they told me the water comes on at five o’clock. As time went on the colours started to dry and crumble, it made me feel itchy and irritable. As the week ended there were two weeks left for me to go home. I knew time was coming up to go back. One part inside of my wanted to stay and the other didn’t. 48 hours! The clock was ticking. I looked at the calendar and my emotions ran I had the feeling that someone was taking pieces of my heart away. Will I ever come back? Will I ever see these people again? I felt depressed. I didn’t want to go home, well not yet. I enjoyed myself so much that I didn’t want to leave. I sat in the room where I slept and looked at all four walls of the room and said,† Dharam you’re going home to your family. † I checked again to see if I was missing anything. I then went out and spent the rest of the day with my friends also enjoyed the Indian food. I bought some gifts for my family and got ready for my journey to Delhi airport. I said my final farewells and realized the adventure was over and I was returning back to reality, back to England. When I got into the aeroplane, my tears ran down my face as I looked out of the window all I could manage was a wave. How to cite An Experience of a life time, Essays

Legal Environment Professional Cycling

Question: Discuss about theLegal Environment for Professional Cycling. Answer: Introduction The firm that has been used for this stock valuation task is Woolworths Limited which deals with organised retail business with the predominant format being that of supermarkets. The company enjoys a healthy share of around 40% and together with Coles form a virtual duopoly which in the recent years has been challenged to some extent by the entrance of German discount retailers like Aldi. The company besides being present in the grocery and liquor business also has major presence in fuel retailing (in association with Caltex), runs discount department stores, has presence in the home improvement segment besides hotels. The major market served by the company is Australia which accounts for more than 85% of the revenue generated. The company has presence in wide parts of Australia with estimated store strength of about 975 stores and is steadily increasing its presence and market share in the New Zealand market. The company also has limited presence in selective verticals in South Afri ca, Hong Kong, India and UK (Woolworths, 2016). The current market capitalisation of the firm is $ 30.77 billion. The given report aims to conduct a quantitative and qualitative analysis of the company taking into consideration the last five year financial statements so as to opine on whether investment should be made in the stock or not. Recent Stock Movement The stock price movement of Woolworths during the last one year is captured in the graph shown below (Yahoo Finance, 2016). It is apparent from the above that in the last one year, the stock has delivered negative returns and has underperformed the ASX 200 index. Further, it is also apparent that there is a range bound movement of the stock with support coming in at lower levels and resistance at the higher value of the stock as investors book profits (Geurard, 2013). Considering the competitive nature of the industry and the current macroeconomic conditions that are not ideal for the industry, such kinds of sideways movements are not unexpected. Further, even though the fundamentals of the company remain in place, it seems that the stock is poised to underperform the broader markets primarily on account of industry dynamics, lower fuel prices and lacklustre trading environment (Petty et, al., 2015). Quantitative Factors The impact of various quantitative factors include the trend analysis with regards to the major items in the financial statements namely the income statement and balance sheet along with analysis of selected ratios so as to comment on the financial performance of the firm. The concerned period of interest is from FY2012 FY2016 which constitutes a period of five years. Income Statement Items Revenue The revenue growth for the company has been impressive in FY2013 as compared to FY2012 on the back of improved trading environment coupled with rising consumer confidence and increased prices of fuel. After a uptrend from FY2012 to FY2014, there has been a negative growth or de-growth witnessed in the revenue in FY2015 and FY2016. The negative growth in these years may be attributed to namely two years i.e. increased competition especially with the entry of international German discount retailers which have increased their market share coupled with sharp decrease in the fuel prices which has adversely impacted the fuel sales. Further, in FY2015, there has been decrease in the number of Caltex outlets which have been added to the revenues and hence the revenue has been lower (Woolworths, 2012; 2014; 2016). Gross Profit From FY2012 to FY2014, there is an increasing trend in the gross profit which has increased from $ 14.46 billion to $ 16.48 billion. The encouraging trend in this regard is the improvement of gross profit margins by 54 bps and 17 bps in FY2013 and FY2014 respectively. The improvement is primarily driven by expanding margins in the Australian food and liquor business coupled with Hotels. Besides, in FY2014, the gross profits were negatively impacted by the decreasing margins in the general merchandise business. However, during FY2015 and FY2016, there have been shrinking gross profit margins which are attributable to the lower prices of fuel coupled with higher competition in the food and liquor segment which is stalling price increases and thus in order to stem the falling market share, the margins have fallen (Woolworths, 2012; 2014; 2016). Net Financing Costs With regards to financing costs, there has been an increase trend in this regard from FY2012 to FY2016 which has been briefly interrupted in FY2014 as there has been a slight decrease in the finance costs on the back of stellar performance in FY2013 on the basis of which there has been a reduction in the outstanding debt and hence leading to the decreased expense in the form of finance costs. Additionally, some part of the total interest costs in the various years is also capitalised which influences the overall financing costs (Woolworths, 2012; 2014; 2016). Net Profit With regards to net profit, there has been an increasing trend from FY2012 to FY2014 but the same has been reversed in the subsequent years and infact in FY2016 the company has reported a loss. While the decrease in FY2015 net profit may be explained on account of lower gross profit margins coupled with increased operational costs, but the losses made in FY2016 can be explained on the basis of loss to the extent of $ 3.1 billion on account of discontinued business (Hydrox Holdings Pty Ltd). Further, there has been a steep rise in the administrative expense by about 21% on a y-o-y basis which has led to steep fall in the operating margins of the continued business operations (Woolworths, 2012; 2014; 2016). Balance Sheet Items Cash From FY2012 to FY2015, there is an uptrend with relation to the cash balance which has come down only in FY2016. While during FY2012 to FY2014, there has not been much change in cash balance, however the FY2015 cash balance is significantly greater than FY2014 corresponding figure which is caused due to lower cash flow on amount of investing due to a weak trading environment persisting in Australia. However, the lower cash balance in FY2016 is primarily attributed to the lower cash flow from operations which have led to decrease in the overall cash balance (Woolworths, 2012; 2014; 2016). Intangible Assets With regards to intangible assets, there has been an increasing trend from FY2012 to FY2014 which has then reversed into a declining trend over the period FY2015 FY2016. While, the decline in FY2015 is only marginal and caused due to discontinued business, the decline in FY2016 is comparatively more significant and prompted by the decline in goodwill to the tune of $350.9 million and this decrease has been witnessed in relation to the continued operations only(Woolworths, 2012; 2014; 2016). Trade and Other Payables There is an increasing trend in the trade and other payables which is witnessed during the given period i.e. FY2012 FY2016. This is apparent from the fact that trade and other payables have increased from $ 5.24 billion as on June 30, 2012 to $ 6.26 billion as on June 30, 2016. It is apparent that the increase of trade payables reflects towards a greater credit period for the company which to an extent may be driven by the difficult conditions in the retail industry and hence the company would want to minimise the working capital requirements (Woolworths, 2012; 2014; 2016). Non-Current Borrowings In relation to the non-current borrowings, there is a declining trend from FY2012 to FY2015 but has increased only in FY2016. The increase in FY2016 is primarily on account of increase in long term bank loan to the tune of $ 853.2 million. The decrease in the long term borrowings augers well for the company and ensure that the company has less leverage and therefore could raise more debt to withstand the competitive environment using deep financial pockets (Woolworths, 2012; 2014; 2016). Shareholders Equity There is an increased equity trend from FY2012 to FY2015 primarily due to increase in issued capital and higher retained earnings on the basis of the profitable operations of the company. The issued capital has seen an incline in every year of the given period including FY2016. As a result of this, the issued share capital has increased from $ 4.37 billion at the end of FY2012 to $ 5.35 billion at the end of FY2016. This highlights that during the period under assessment incremental shares to the tune of $ 0.98 billion have been issued by the company. However, the major increase in equity is on account of increased retained earnings. The decline in equity as on June 30, 2016 could be explained on the basis of sizable reduction in the retained earnings due to loss of $ 3.1 billion incurred due to discontinued business as explained above (Woolworths, 2012; 2014; 2016). The selective ratios for the company for the given time period are computed as follows (Woolworths, 2012; 2014; 2016). Particulars 2012 2013 2014 2015 2016 Return on total assets 8.42% 10.15% 10.13% 8.47% -5.25% Net profit margin 3.29% 3.85% 4.02% 3.64% -2.12% Inventory Turnover 11.0 10.2 9.5 8.8 9.4 Current ratio 0.9 0.9 0.9 0.8 0.8 Price earnings ratio 17.93 18.05 18.01 15.83 -21.38 Debt ratio 0.61 0.58 0.57 0.56 0.63 The explanation with regards to the above ratios is offered below. ROA or Return on Total Assets The ROA has jumped from 8.42% in FY2012 to 10.15% in FY2013 primarily on account of higher percentage increase in net profits as compared to the total asset increase. However, there was a marginal decline in ROA in FY2014 over the previous year as the profit increase was marginal and not able to match the percentage increase in total assets. But the real worry is the decline in FY2015 and FY2016. There is a drop in ROA in FY2015 due to the drop in profitability of business operations caused to falling margins of fuel retailing besides higher competition experienced in the food and liquor segment leading to negative growth in revenues. Besides, in FY2016, the company incurs a loss due to discontinued operations which leads to a negative ROA (Woolworths, 2012; 2014; 2016). Net Profit Margin There has been a positive trend in the net profit margin during the period FY2012-FY2014 on the back of growing margins in the food and liquor segment coupled with hotels business. This is the result of various initiatives undertaken by the company to streamline the operations and cut down on the overheads costs so as to ensure that the company stays competitive in a market highly sensitive to prices. However, the net profit margins have taken a dip in FY2015 primarily on the back of lower gross profit margins as the competition level increased coupled with higher operational expenses. The decline in margins in FY2016 from continued businesses is on account almost 21% increase in the administrative costs over the corresponding values in FY2014. Further, the discontinued business loss to the tune of $ 3.1 billion has resulted in the PAT turning negative (Woolworths, 2012; 2014; 2016). Inventory Turnover There is a declining trend in the inventory turnover from FY2012 to FY2015 which hints at higher cash cycle and is not in the best interest of the company or the shareholders. This may be attributed to the continuously rising inventory levels from $ 3.7 billion as on June 30, 2012 to $ 4.87 billion as on June 30, 2015. This may be reflective of the muted sales of the company which may not be in accordance with the expectations of the company. However, at the end of FY2016, there is a decline in the inventory level and hence an improvement in the inventory turnover (Woolworths, 2012; 2014; 2016). Current Ratio The current ratio for the company has shown very slight variation as from FY2012 to FY2014, the current ratio remains almost constant at 0.9. This may be attributed to proportionate changes in both current assets and current liabilities. However, in FY2015, there is a decrease in the current ratio fuelled by the higher percentage increase in the current liabilities caused due to increased amount of current borrowing in FY2015 as compared to the previous year. In FY2016, even though there is a decrease in current borrowing by almost $ 1.1 billion, but to some extent this is balanced by increase in $ 0.8 billion on account of provisions, the net result of which is that the current ratio has not improved (Woolworths, 2012; 2014; 2016). Price earnings ratio With regards to P/E ratio, there is a slight improvement from FY2012 to FY2013 which may be on account on better financial performance by the company. However, for FY2014, the P/E ratio remained almost static. Then, in FY2015, due to increased competition and falling margins especially on fuel retailing, the P/E ratio was adversely impacted particularly on concerns with regards to growth especially in the short term. The concern continued in FY2016 as earnings became negative on the back of loss to the tune of $ 3.1 billion arising from discontinued business (Woolworths, 2012; 2014; 2016). Debt Ratio The debt ratio has shown a marginal declining trend from FY2012 to FY2015 but there has been a reversal in the trend in FY2016. The declining value of debt ratio was favourable for the company implying that the liability as a percentage of debt was on the decline. The increase of the debt ratio in FY2016 is primarily on account of the decrease in total assets brought about mainly in decrease of PPE from $ 10.06 billion as on June 30, 2015 to $ 8.26 billion as on June 30, 2016. This has been brought about due to the discontinued business (Woolworths, 2012; 2014; 2016). Industry Comparison and Recommendation Strengths of the company The ROA of the company for all the given years (on basis on continuing operations) is greater than the industry average of 1.88%. The current ratio of the company is marginally better than the industry average of 0.88 for FY2012 to FY2014. The net profit margin and debt ratio of the company is also superior to the level of the industry. Position of being market leader with a sizable market share. Weakness of the company The company needs to improve with regards to short term liquidity particularly considering the competitive landscape of the industry. The overall competitive nature of organised retail industry in Australia. The e-retailing segment of the company lacks strength. The macroeconomic conditions associated are not favourable at the present. From the above, it is apparent that the company in the long run would deliver returns as the business fundamentals remain sound. But in the near to medium term, the stock is expected to be range bound only as the margins made witness more pressure and thus have a downward bias. Clearly, it is best to avoid the retail industry stocks and instead look at companies in other industry segments which offer much better value and growth upside. Hence, taking above factors into consideration, it may be recommended that investment should not be done in the companys stock (Parrino Kidwell, 2011). Stock Valuation Exercise Dividend paid by Woolworths in FY2016 ($ per share) = $ 1.65717 Perpetual dividend growth rate (given) = 4% p.a. Expected return on Woolworths stock = 9% p.a. Hence, expected dividend in FY2017($ per share) = 1.6517*1.04 = $ 1.72345 Thus, by applying the Gordon Dividend Discount Model, we get (Northington, 2011) Fair price of the stock = 1.72345/(0.09-0.04) = $ 34.47 Thus, at current price, the stocks seem to be underpriced. However, it is imperative to note that market dynamics tend to function differently from theoretical prices and it may take a long time before this aberration is corrected as the markets may not be efficient (Kane Marcus, 2013). 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