Elizabeth Blackwell Essay - 1610 Words

Elizabeth Blackwell Dr. Elizabeth Blackwell, the first female physician in America, struggled with sexual prejudice to earn her place in history. She was born in Bristol, England on February 3, 1821 to a liberal and wealthy family. She was the third daughter in a family of nine children. Her father, Samuel Blackwell, believed in the value of education and knowledge and hired a governess for the girls, even though many girls were not educated in those days. In 1832, the family sugar cane plantation went bankrupt, forcing the family to move to America. As a young lady, Elizabeth Blackwell was similar to other women her age. She had an emotional and passionate nature and had many romantic pursuits. However, in 1838, she moved†¦show more content†¦Her abolitionist leanings made her unpopular in her new community, as did her extreme stands on womens rights. She was very vocal about what she felt about women, saying in a speech once if society will not admit of womens free development, then society must be remodeled. After a couple of years in Kentucky, she was more than ready for a change. That change came as a suggestion from the lips of a woman dying of cancer. Mary Donaldson, a long-time friend of Elizabeth Blackwell, suggested that a female doctor would have eased her pain and torment during her battle with cancer. Elizabeth took this suggestion to heart, and actively began a rebellion against unjust societal prejudices. The challenges of her new task fascinated her, as did the eventual opportunities of the medical field to escape societies sexual restrictions. With a single-minded determinedness, she clamped down on her dislike of ugly things to study medicine to improve the conditions for women in the future. In order to achieve thisShow MoreRelatedEssay on Elizabeth Blackwell3031 Words   |  13 Pagesalways receive equal pay for equal work as their male co-workers. That was true in the 1840’s when Elizabeth Blackwell became the first woman to earn a medical degree in the United States. That shows amounts of moral courage that many of us could n ever achieve. Elizabeth Blackwell was born on Feb. 3, 1821, in Bristol, England. She was the third of nine children born to Samuel and Hannah Blackwell. They were known to be considerate people. Samuel owned a sugar refinery business and taught allRead More Elizabeth Blackwell Essay661 Words   |  3 Pages Elizabeth Blackwell amp;#9;Elizabeth Blackwell was a great woman. She was the first woman to receive a Medical degree in America. She opened an Infirmary for women and children in New York.Elizabeth Blackwell was born on February 3 1821 in Bristol, England. But was raised differently then most children at this time. See women were treated differently than men. Women were given little education and were not allowed to hold important positions. They were not allowed to be doctors, bankers, or lawyersRead More Elizabeth Blackwell Essay examples458 Words   |  2 Pages When Elizabeth Blackwell graduated from Geneva Medical School in 1849, she became the first woman doctor in the United States. When she enrolled in the Medical Register of the United Kingdom, this made her Europe’s first modern woman doctor. Elizabeth Blackwell was born in 1821 in Bristol, England. She was one of nine children and her father was a very prosperous sugar refiner. Her family immigrated to New York City in 1832. Her family was very active in the abolitionist movement in New YorkRead MoreElizabeth Blackwell s First Woman Physician1187 Words   |  5 PagesElizabeth Blackwell No woman, man, or child would have guessed that the female child born on February, 3rd, 1821 in Bristol, England would later become the world s first woman physician. Elizabeth Blackwell’s early and later life involves more accomplishments than most other women in the world. Her influence on others has made ordinary women become extraordinary physicians. Elizabeth’s journey to become a physician all started when she was 24 years old. Even from a young age Elizabeth was alwaysRead MoreWomen s Education : Emma Willard And Elizabeth Blackwell809 Words   |  4 PagesJordan Gold US History 8 Ms. Saunders December 6, 2014 Women’s Education: Emma Willard and Elizabeth Blackwell In the early 1800s, both boys and girls attended public schools, but girls and women had fewer educational opportunities than males. Girls were not usually encouraged to go to high school unless they planned on being school teachers. They were also not encouraged to study subjects such as history, mathematics, or science, as these were considered male subjects. Most people believedRead MoreAn Annotated Bibliography Of Jane Austen s Pride And Prejudice 1561 Words   |  7 Pagesand Prejudice: An Annotated Bibliography Thesis: Throughout the text of Pride and Prejudice, Jane Austen challenges gender and social norms in the Georgian Era through the development of Elizabeth Bennet as she interacts with characters in the novel. Greenfield, Susan C. THE ABSENT-MINDED HEROINE: OR, ELIZABETH BENNET HAS †¦Ã¢â‚¬ ¦A THOUGHT. Eighteenth - Century Studies, vol. 39, no. 3, 2006, pp. 337-350,419-420, †¦Ã¢â‚¬ ¦Arts Humanities Database, †¦Ã¢â‚¬ ¦.http://nclive.org/cgibin/nclsm?url=http://search.proquestRead MoreEssay Olive Kitteridge1471 Words   |  6 PagesElizabeth Strout’s novel, Olive Kitteridge, is filled with stories about the lives of regular people in Crosby, Maine. Throughout the stories, different characters are faced with adversity they are forced to deal with. While some handle their problems well and are able to cope with their hardships, others, even those with good intensions, do not find a happy ending. The story â€Å"Tulips† encapsulates the a recurring theme of the book; life is uncertain and takes us down roads upon which we had neverRead MoreThe American Revolution: The Changing Role of Women Essay1079 Words   |  5 Pagesspoke out against the â€Å"domest ic bondage† of women. Sojourner Truth, a former slave herself, spoke out against both slavery and the restrictions placed on women. Soon, a women’s rights convention was held in New York in 1848. Lucretia Mott and Elizabeth Cady Stanton were two female delegates that went to the World Anti-Slavery Convention in London in 1840. However, because they were women, they were denied full participation at the convention. Upon their return to the US, they organized the firstRead MoreWomen s Rights Of Women1477 Words   |  6 Pagescitizens. The nineteenth amendment is a turning point in history because it granted women the power to vote by prohibiting any United States citizen to be denied the right to vote based on sex (PBS). The Seneca Falls convection in July 1848 led by Elizabeth Cady Stanton, Susan B. Anthony, and Lucretia Mott, was the first women s rights convention in American history. Men and women from all over joined the three ladies in Seneca Falls, New York to protest the mistreatment of women in social, economicRead MoreEssay on The Women770 Words   |  4 Pagesinstance, Alice Paul organized a parade through Washington D.C. on inauguration day, which supported womens suffrage and also picketed the White House for 18 months. Paul was put in jail for that and started a hunger strike. Susan B Anthony and Elizabeth Cady Shanton supported the womens suffrage for fifty years later. Neither of them lived to see the 19th amendment ratified on August 26, 1920. The amendment was ratified under Wodrow Wilson as the President of the United States. Now with the 19th

The Myth Of Im Bad At Math - 898 Words

Today’s expectations are higher than when our parents were in school. Calculus, for example, was considered a college class. Today, colleges expect students to have finished calculus before they apply to college with intent to prove that they can handle higher level classes. http://qz.com/139453/theres-one-key-difference-between-kids-who-excel-at-math-and-those-who-dont/ Intelligence is Malleable http://www.theatlantic.com/education/archive/2013/10/the-myth-of-im-bad-at-math/280914/ Purdue University psychologist Patricia Linehan writes: A body of research on conceptions of ability has shown two orientations toward ability. Students with an Incremental orientation believe ability (intelligence) to be malleable, a quality that increases with effort. Students with an Entity orientation believe ability to be nonmalleable, a fixed quality of self that does not increase with effort. 1 Richard Nisbett reports in his book Intelligence and How to Get It, that they were able to convince academic struggling high school students that intelligence is malleable, it can be changed by hard work ,and that they are in charge of changing how they learn. The results were pleasantly surprising, these students worked harder and earned higher grades. 2 Ability through hard work http://www.theatlantic.com/education/archive/2013/10/the-myth-of-im-bad-at-math/280914/2/ use this reference instead Intelligence and How to Get It: Why Schools and Cultures Count Richard E. Nisbett W. W.Show MoreRelatedImportance of Calculators1742 Words   |  7 PagesThe use of them plays a big part in excelling in math. With extensive availability, a full range of sizes and styles, and a price range for just about any budget, there really shouldnt be any excuse for not owning a one. There also shouldnt be any restrictions, as far as Im concerned, for the use of calculators in classrooms. I agree with this rule only when the level of math is above learning the four basic operations. Its not about the tedious math involved thats important, its about learning theRead MoreMetamorphoses Within Frankenstein14861 Words   |  60 Pagesien ce that is larger and mor e diverse than that of almo st any oth er work of liter atur e in Eng lish : Mary Shelley’s Franken stein is famously reinterpretable. It can be a late v ersion of th e Faust my th, or an ear ly version of the mo dern myth of the mad scientist; the id on the ramp age, th e proletariat running amok, or what happens when a man tries to h ave a b aby without a woman. Mary Shelley invites speculation, and in the last g eneration 1 has been rew arded w ith a great dRead MoreChildrens Literature13219 Words   |  53 Pagesin Book VI of The Republic. Though he holds rather liberal views on education and directly states that children’s lessons should â€Å"take the form of play,† Plato held less liberal views of stories. He would have censored legends and myths which he thought encouraged bad behavior and instead he would â€Å"employ storytellers and poets† who are severe rather than amusing (Townsend 1996). After some centuries, manuscripts for religious education and courtesy books intended to teach rules of conduct were circulatedRead MoreEssay on Change Analysis Chart Postclassical (600-1450 C.E.)8730 Words   |  35 Pageslost fertility-gt; built terraces to get silt from rivers -many settlements in areas suitable for agriculture Culture -priests developed written work -built upon Olmecs -studied math and astronomy -sophisticated calendars(eclipses of sun and moon) and system of writing -invented 0: combine math and astronomy to calculate 365 days in a year -Calendar:solar year(365 days: agricultural cycles), ritual year(260 days -position of day on both calendars predicted what would happen thatRead MoreStephen P. Robbins Timothy A. 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Turner 97 JNM: Morality and the Rule of Law in the Foreign Policy of the Democracies 100 Notes on DA Koplow: assignment 12 104 CHAPTER 1: National Security Law and the Role of Tipson 1NATIONALRead MoreManaging Information Technology (7th Edition)239873 Words   |  960 PagesIris Vessey, Hugh Watson, Taylor Wells, Bradley Wheeler, Michael Williams, and Barbara Wixom. We have also benefited from several sources of support for our research that have led to the development of case studies for this textbook—including the IM Affiliates program at the Kelley School of Business at Indiana University, the EDS Corporation, British American Tobacco, SAP-America, Teradata Corporation, the Center for Information Systems Research at MIT’s Sloan School of Management, and theRead MoreDeveloping Management Skills404131 Words   |  1617 Pagesfosters financial distress. Successful organizations have managers with well-developed people management skills. In surveys of CEOs, executives, and business owners, results consistently show that the factor most responsible for business failure is â€Å"bad management† and the best way to ensure business success is to â€Å"provide better management.† Moreover, the data are clear, management skills are more important than industry, environment, competition, and economic factors combined. Surprisingly, however

Shakespeare challenges the notion of conventional marriage in Much Ado About Nothing using the characters of Beatrice and Benedick Essay Example For Students

Shakespeare challenges the notion of conventional marriage in Much Ado About Nothing using the characters of Beatrice and Benedick Essay Shakespeare wrote many of his plays to discuss and criticise the society he lived in and the strict regulations that were attached to it. Much Ado About Nothing is a romantic comedy. Without detracting from the obvious frivolity that the audience can see on stage, the play invokes many issues about courtship and marriage and Shakespeare deals with them, Shakespeare uses love and relationships to closely examine and comment on how relationships developed in the society he lived in. Love is the prevalent theme through the play, with the younger characters all in love. The title of the play, Much Ado About Nothing, suggests that love is a major theme, because, at the time, the word Nothing was a slang word for female genitalia. The three couples in the play, Claudio and Hero, Beatrice and Benedick, together with the relationship between the more minor characters of Borachio and Margaret, comments on how relationships does not only affect the couple involved but affects everyone who is close to them. It also discusses the link between the motive of a union and the products that arise from it. The different characters all have conflicting motives. Hero and Claudios relationship is founded mainly on an aesthetic basis and the playwright makes sure that their relationship is tested greatly. Where in one instance, under the strain of a slanderous accusation, Claudio listens to the notorious liar and scoundrel, Don John, over the pleas of his future wife. This breaks their relationship and Claudio jilts Hero at the altar. Margaret and Borachios relationship, symbolises the Upper Classes view of the relationships that the lower classes partook in. This purely physical and animal relationship is a destructive force within the play, as it is their sexual embrace at Heros window that almost destroys the marriage of Hero and Claudio. The only relationship that seems to run into very little problems is the unconventional partnership of Beatrice and Benedick. Despite the fact that the relationship between Beatrice and Benedick seems to be the most unconventional, Shakespeare seems to prefer them. As well as giving the relationship no real obstacles, he elevates their language by putting it into prose, a style of writing which at the time was reserved for holy scriptures, learned arguments and legal documents. No doubt, the church would have been outraged to hear that an unconventional relationship was being put into the same category as the Holy Scriptures. If we compare the language given to Beatrice and Benedick, to the verse used in speech between Claudio and Hero, we can see the elevation of Beatrice and Benedicks relationship and more importantly, the denigration of the relationship of Hero and Claudio. With the criticism of the relationship of Claudio and Hero, Shakespeare is denouncing conventional Elizabethan thought on love and marriage At first the relationship between Claudio and Hero appears to be idyllic. Claudio seems to be attracted to Hero, In mine eye, she is the sweetest lady I have ever looked upon, but within the same conversation Claudio already shows an ulterior motive for a future union, Hath Leonato any son my lord? Claudio asks Don Pedro whether Leonato has any heirs to his fortune. If Leonato had any other heirs, the prospect of marrying Hero would be slightly less inviting, as Hero would not inherit Leonatos estate. Although modern audiences balk at this open show of shallowness, Shakespearean audiences would have found this quite the norm. In relation to Hero herself, Claudio is only interested in the physical attributes of Hero, since he makes no mention of her other possible virtues and attributes. Claudio also does not seem to know much about Hero, thus explaining why he is asking Benedick about her, yet he is willing to marry her. tempmagic Magic in Shakespeare's The Tempest Tempe EssayThroughout the ages, clothing and appearance has been an important aspect in wooing a partner. The changes of appearance of Claudio and Benedick when they are wooing their respective lovers, adheres to the convention at the time. Claudio seems to be taking the convention as if it was gospel, Benedick sees this as slightly hysterical, What fashion will you wear the garland of? about your neck, like an usurers chain? or under your arm, like a lieutenants scarf? You must wear it one way, for the prince hath got your Hero. When in love with Beatrice, Benedick does try and change his appearance, however Beatrice is not impressed. She has already showed her disdain for a man changing his appearance when in love, He who hath a beard is more than a youth: and he that hath no is less than a man: and he that is more than a youth, is not for me, and he who is less than a man, I am not for him The play also deals with the impact on the way women were treated by their male relatives at the time on their relationships. Elizabethan women were merely the possession of their male relatives, however, the steadiest relationship in the play contains two equal partners and Benedick show respect to Beatrice. This is also coupled with the fact that, in part, been initiated by men and women working together. Beatrice fell in love with Benedick due to Hero and Margaret, together with Beatrices involvement in creating Hero and Claudios second relationship. The fear of a change in the way women in society were perceived that was so redolent in Elizabethan times is criticised in Much Ado About Nothing. It appears that Shakespeare is making a damning observation of Elizabethan society. During the dramatic denunciation scene, only Friar Francis, Beatrice and Benedict are even inclined to consider Heros innocence. Friar Francis states this clearly: by noting of the lady. I have marked/A thousand blushing apparitions trust not my age, /My reverence, calling nor divinity, /If this sweet lady/lie not guiltless here, /Under some biting error. A supposedly wise and rational man, Leonato, however, cannot even perceive the innocence of his own daughter. He immediately sides with the male characters, Claudio and Don Pedro and notes that they would not lie: Would the two princes lie, and Claudio lie, Who loved her so, that speaking of her foulness, Washed it with tears? Hence from her, let her die. The misguided perceptions of the male characters were reflective of the views of women at the time. This meant that marriage did not involve the emotions of the woman; she was just a bargaining chip, in the merger between two families. Shakespeare is vehemently attacking this dismissive attitude of time that women being nothing more than possessions, in the play. In the play, only when the man respects hi s woman does the relationship work. Through the magnificent power of Shakespeares hand, a simple story that is truly Much Ado About Nothing, becomes a commentary on the idea of love. True love becomes illuminated through its reflection in its own foil the ideals of courtly love. As William Kittredge said that courtly love must involve a love that is extremely idealised and superficial, with the vassal or servant-like suitor, who is often a valiant knight, devoting himself completely to an ideal woman who is often the daughter of a powerful man. The true relationship of Beatrice and Benedick compared to the relationship of Claudio and Hero, gives the reader not only a better understanding of the power of the literary foil, but also a foil into which that reader can reflect and better understand himself.

McDonalds Financial analysis free essay sample

Liability?Business Strategy Analysis: McDonald’s Corporation is the world’s largest fast-food chain in the restaurant industry, serving on average 69 million customers a day. Their stores are corporate or franchised owned, with franchising being highly beneficial to their success by producing 32% of their total revenue1. McDonald’s is in a highly competitive industry with market saturation because of low barriers to enter. The industry competes on price, quality, and service. McDonald’s faces competition with full-service restaurants and fast-food restaurants in the area. Their main competitors are Burger King, YUM! Brands, and Wendy’s International. The industry has faced scrutiny on the quality of their products because of a more health concise society. McDonald’s strategy for success is based off of cost efficiency, product development, and marketing and promotions. These factors help form the strong brand that McDonald’s is today. Since their establishment with Ray Kroc, they have focused on driving their success from the 3-legged stool principal representing: McDonald’s employees, the owner/operators, and their suppliers2. We will write a custom essay sample on McDonalds Financial analysis or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The stool needs all three to have a good balance in order to function, without either one of the legs success cannot be achieved. All three of them work together to create new products, to reduce costs, and to achieve outstanding customer service. There is commitment in helping all three legs of the stool to succeed. The suppliers play a key role by providing high quality products and forming trusted relationships with them. The franchiser represents McDonald’s by being in control of own operations. They are highly beneficial because they allow McDonald’s to grow at a much faster rater and in new markets to create a global brand. Also, economies of scale can be obtained by offering their products at a lower cost since it is a large scale. McDonald’s has implemented Plan to Win, which features five elements: People, Products, Place, Price, and Promotion, focused on the customer3. The five P’s actions make up McDonald’s brand and provide a framework for prioritizing goals. For People, they looked to their customers and understood patterns have changed with more snacking and drive-thru, thus they responded with products like Snack wraps, and a reconfigured drive-thru. The restaurants were renovated or rebuilt, also price and promotion through the dollar menu4. The Plan to Win is made of three pillars, menu innovation, store renovation, and an upgrade of the ordering experience, which help McDonald’s remain sustainable with their profits. McDonald’s responds to customer’s demands by changing their product line accordingly. When first founded in 1955, they focused on the quality of their products with a limited menu of burgers, fires, and beverages. McDonald’s has shifted this strategy by broadening their product portfolio, with the adaptation of salads and chicken5. Additionally, to compete with Starbucks and local coffee shops, they have launched McCafe, which features high quality coffee drinks. As well as, invest in their current stores of operations to make a more relaxed environment. They need to maintain a modern environment and stay relevant with food trends. The last pillar is to upgrade the ordering experience, which can be accomplished through technological advances with the drive thru and front counter. They can sustain profitable by following the three-legged stool idea, with all three forces working together and implementing the Plan to Win. As long as, McDonald’s continues to follow their successful strategy of a Plan to Win and the three legged stool their return on equity will not revert to its cost of capital. Accounting Analysis: The accounting method of McDonald’s is in compliance with GAAP and its financial statements are easily comparable to other firms with similar accounting policies. From McDonald’s financial statements, the key accounting policies include consolidation, revenue recognition, advertising costs, property and equipment, goodwill, and long-lived assets. The consolidated financial statements include company and subsidiaries, and the consolidation is under equity method. A significant part of McDonald’s operating income is generated outside the U.   S, and foreign currency earned by subsidiary is translated to US dollars. McDonald’s revenue recognition consists of sales by Company-operated restaurants and fees from franchised restaurants. The revenue from Company-operated restaurants is recognized on a cash basis. Advertising costs are included in operating expenses and increased steadily from 2010 to 2012. Property and equipment accounts for a large amount in total asset and are depreciated over straight-line basis. McDonalds goodwill primarily results from purchases of restaurants from franchisees and ownership increases in subsidiaries or affiliates. Impairment tests are conducted for long-lived asset (include goodwill) every year. 6 Generally speaking, McDonald’s accounting methods reflect the firm’s business reality fairly. However, there is still some degree of accounting flexibility in McDonald’s accounting methods. First of all, property and equipment are depreciated or amortized on a straight-line basis over the estimated useful life. Property and equipment is McDonald’s largest asset (24,677. 2 million out of total asset 35,386. 5 million for 2012), and McDonald’s could vastly overstate or understate income by using a different depreciation method. Secondly, the impairment practices of long-lived asset also have some flexibility. The amount of goodwill (2804 million for 2012) is substantial. Sometimes the goodwill will become impaired, and the impairment tests McDonald’s adopts will be very important. The company’s depreciation methods and goodwill impairment tests are very important in its financial statements for the numbers are so substantial. Thirdly, McDonald’s also has a lot of flexibility in terms of accounting estimates. McDonald’s adopts GAAP, which requires management to make various assumptions and estimates in different situations. Since estimation usually involves experience and judgment, the accounting methods could lead to some degrees of difference of estimated numbers and actual results. 7 To sum up, McDonald’s adopts accounting methods that are typical of the fast food service industry. The disclosure explains the accounting choices and estimates in detail, and the footnotes are very understandable. We do not find any skeptical information that was not reasonably explained in McDonald’s disclosures so it is not necessary to undo any distortions or restate the financial statements. There was no reason to undo any accounting distortions because we did not find any skeptical information that was not explained in their disclosures. Industry Analysis:There are about 200,000 restaurants in the fast-food industry. Generally speaking, this industry is highly labor-intensive and very fragmented. The top 50 fast food companies account for 25% of total sales. Quick-service restaurants operate through different channels such as national and regional chains, franchises, and independent operators. Besides, most quick-service restaurants use a point of sale system to take orders from drive-thru and registers. Due to the sluggish economic recovery, customers have been cautious about eating at restaurants. To attract more consumers, McDonald’s has to compete with other restaurants through the food quality, variety and customer service. Even though most fast-food restaurants specialize in a few main dishes, they still have to provide customers with a vast variety of products and healthier options to better build their brand images. In the meantime, the fast food industry needs to be convenient and fast to accommodate the fast pace of American lifestyles. 8 Five Forces Analysis: 1. Rivalry among Firms: As one of the leading companies in the industry, McDonald’s has a lot of competitors such as Wendy’s International, Burger King, Yum Brands Inc. , and Harvey’s. The competition in the quick service food quick-service restaurant is very intense. Even under economic recessions, the market will not shrink as much as other high end restaurants so the fast food industry is growing rapidly. 2. Threat of New Entrants: The threat of new entrants in the fast food industry is high because the barrier to create a quick service restaurant is low. In addition, franchise options make it easier to enter the market. The accessible distributions are essential among all companies in the industry, but they are not difficult for new entrants to attain. 3. Threat of Substitute Products: Firms among the fast food industry are competition with similar products such as hamburgers, French fries and chicken wings so the threat of substitute products is relatively high. The industry has tried various product differentiation strategies to make their products stand out in the market. For example, McDonald’ has its classic Big Mac, Chicken Nuggets and Happy Meal to differentiate its brand from other fast food restaurants. Bargaining Power of Customers:Since the switching cost for customers is nearly zero, the firms in the fast food industry have to conform to the society’s needs to retain consumers. For instance, McDonald’s is focusing more on the healthier menu choice to conform to the changing tastes of society. 5. Bargaining Power of Suppliers: The switching cost for fast food restaurants to change suppliers is very low. There are thousands of suppliers in the market for firms to choose from. McDonald’s has a huge bargaining power because it can make up a large portion of the supplier’s revenue. The barging power of suppliers is very limited. Financial Analysis: McDonald’s has been increasing their revenue and income, however there net profit percentage has been decreasing from 21% in 2010 to 19. 8% in 2012, which shows there expenses are increasing as well. Attached exhibit 1 has all of the numbers and ratios in more detail. Although, the net profit percentage has decreased it is still well above the S P’s average of 8. 9%. Their large profit percentage can be contributed to the strong relationships with suppliers, by buying products at a lower cost since the quantity is so large. Over the past five years for McDonald’s they have been issuing a high dividend that started off in 2008 at $1. 63 and in 2012 is at $2. 87, showing that they are a mature company. It is reasonable to assume that people would invest in McDonald’s based off of a dividend of this caliber. 9 The strength of McDonald’s compared to the S P average is strong, as seen with sales of $27,567 million to the S P average of $19,937. McDonald’s has high earnings per share at $5. 36 with the average at $3. 19, the different is contributed to the high net profit McDonald’s has. Additionally, the beta for McDonald’s is low at 0. 38 with the S P average of 1. 18. This is reasonable considering the industry and brand of the company because they have strong clientele and the food service industry is a need for customers. They have not been successful in all areas of operation. For example, McDonald’s main competitor is Yum! Brands, Inc. who operates franchise, such as KFC and Taco Bell. They have exceeded McDonald’s market share in China. However, Yum! does have a higher beta at 0. 78 compared to McDonald’s of 0. 38, which results in more risk for the company10. The other competitors for McDonald’s are Wendy’s and Burger King, which still are not comparable in size, as seen in exhibit 3. Wendy’s had sales of $2,505 in 2012 and Burger King had sales of $1,966 in 2012, this shows how much of a larger corporation McDonald’s is in volume. 11 Wendy’s has an extremely high PE ratio of 430. 5, which is attributed to a low EPS of $0. 02. 12 Lastly with regards to McDonald’s financial statements it is important to note their statement of cash flow. As seen in exhibit 4, they have positive operating cash flow, which means they are self-financed. This has remained consistent throughout the past three years with the most significant changes in their liabilities. They have increased their investing activity from ($3,167,300) in 2012 to ($2,570,900) in 2011. This is associated to the large renovations and new technology that McDonald’s has been implementing in their stores. Also, in the financing section they have continued to be paying a large dividend. Forecasting:We based our forecasts on two principle models; the eVal DataMaker by Lundholm and Sloan, exhibit 5 13 and three condensed models based on those described by Palepu and Healy in â€Å"Business Analysis Valuation† exhibit 6.14 The first condensed model used FY 2012 as a starting point; the second one adjusted for recent trends and the third model used average performance rates from 200 8 to 2012. Data was collected from Morningstar. com and occasionally from McDonald’s financial statements. Several assumptions were made for the expanded forecast, as shown in exhibit 7. The most important being the steady 2-3% annual growth in sales and the flat continuation of the CGS and effective tax growth rates. This ensured a very small but steady growth pattern on the Income Statement. On the Balance Sheet, working capital is assumed to continue growing at the same rate through 2016 and finally the dividend payout ratio is expected to decrease annually. Similarly modest assumptions were made to the three condensed models with the exception of the model based on trends. Past and current trends were more important for the forecasts than comparisons with other firms. While Burger King, Wendy’s, and Yum brands are all competitors, they have significantly different business models. McDonalds is a much larger firm, it has a greater international presence and it also invests heavily in real estate. Positive trends affecting the company include; the company’s shift towards healthier foods which should help expand the product line and attract new consumers, and its advances in technology. McDonalds is currently in the test phase for outsourcing drive-thru’s, which should accelerate service and reduce mistakes. The company is also looking to create remote call centers for customer service. 15 Potential negative trends include; international economic stagnation, an increase in local competitors, and negative publicity towards the fast-food industry. In the U. S. , McDonalds has also faced recent backlash for opposing minimum wage increases. The SP analysts also predict moderate growth for McDonalds but are slightly more optimistic for 2013 and 2014. They estimate total revenues will increase 2. 4% in 2013 but 5. 1% in 2014. Similarly, they predict growth in the U. S. will be affected by rising employment payrolls. They felt stagnation would not be global but limited to China and other Asian markets. There was also concern for rising food costs and fluctuating international currency rates, which would negatively impact McDonald’s international sales. 16 Other analysts predict 2013 revenue increases of 3. 7%17 and 2. 8%18 and 2014 increases of 7% and 5.3%. Overall, the key strategic drivers are business line expansions and macroeconomic trends and the most important changing metric is future sales. The forecasts and â€Å"hold† stock recommendations suggest McDonalds should consider adjusting its’ business strategy. As a company that has the ability to expand/contract rapidly and as a company that inv ests heavily in real estate, one suggestion might be to focus on building in developing economies. These areas would have rapidly appreciating real estate, access to a relatively cheap workforce, and social environments that might be more amenable to fast food. In countries, which have embraced health food trends, McDonalds could look at partnering with local farms and use its large economies of scale to offer cheaper local, healthy product options. Valuation: Based on the opinion of SP, the fair value of McDonald’s is $88. 40. In that way, McDonald’s is slightly overvalued by $8. 97 or 9. 2%. In order to better evaluate the McDonald’s, we use two different valuation models to come up with the value: Discounted Cash Flow and Residual Income Valuation Model. Discounted Cash Flow: The discounted free cash flows model uses WACC to figure out the value. Our WACC for McDonald’s is 0. 07. The sensitivity analysis indicates that if the growth rate of WACC is changed, the estimate of the price will also change substantially. Under the DCF model, McDonald’s is valued at $69. 2, which indicates that the company is overvalued. Residual Income Valuation Model: The residual income value model sums up the current book value, forecasted residual income for the next 10 years, and the present value of residual income for next 10 years. The present value of the firm was calculated by using our forecasted earnings and dividends. According to the residual income model, McDonald’s is valued at $66. 11 so it is overvalued.