Analysis of Rio Tinto Mining Company

Analysis of Rio Tinto Mining Company   Industry: Rio Tinto Rio Tinto is a leading global mining company that focuses on finding, mining, processing and marketing the Earths mineral resources [1]. Its mining operation operates globally ranging from Copper assets in America, coal in South Africa to Iron in Australia. Its current revenue in GBP sits at  £27.22bn operating at a net income of  £3.72bn. Year on year Rio Tinto grew net income at 433%. Since January 2016 share prices have risen from  £1700, to  £3600, as the mining sector has exploded. Its no great surprise, with the costs of iron ores rising, the manufacturing sector exploding, and the demand for commodities having gone through the roof. Its main competitors are also mining companies; Anglo American plc, Glencore PLC and BHP to name a few. They have followed similar trends to Rio Tinto and have seen their share prices soar in the most recent months. Table 1.0 shows the comparison in debt and equity between the four companies. 2015 Debt (mil USD) Equity (mil USD) RIO:LSE 23,300 37,349 AAL:LSE 17,967 16,569 GLEN:LSE 48,980 41,254 BLT:LSE 31,170 64,768 In 2016 Rio Tinto has managed to cut its debt to $18,372mil and grew its equity to $39,290mi. 2) By just looking at figure 2.2 we can determine how volatile the RIO share price has been especially since the winter of 2015. It seems every other month (since Nov 15), has either been strongly positive or strongly negative. Before these months, the share price followed a similar trend to that of the FTALLSH with a few exceptions (early 2013). The overall monthly mean return sits at 0.4%, 0.5% lower than the average mean return of FTALLSH. The standard deviation (risk) is also considerably higher at 8.31% (compared to 3.04% FTALLSH). As an investor, I would want my average return to be higher as the risk became higher. In this instance, this is not the case. FTALLSH has a higher return but a much lower risk, and as an investor, this would be my preferred choice. We must take into account that if as an investor we took a long position with RIO at JAN 16, our share value has doubled. Annual mean return data is calculated by: When looking at annual data (October of each year), we can see the mean return has significantly increased on both the FTALLSH and the RIO. The slope of the line through a portfolio is given by the Sharpe ratio (figure 2.4). The risk free interest rate per annum is 1%. FTALLSH has higher annual returns than the risk free interest rate, but RIO has much lower returns. As an investor, you want better returns for higher risk. If the return is less than that of a risk free investment, the investment in RIO is not worth undertaking. 3) Correlation measures the degree in which two markets move in relation with each other. The correlation value ranges from -1 to +1. If the correlation is 0, the markets do not move in relation at all. Both the annual and monthly data has a mediocre correlation against the FTALLSH. This is probably mainly affected by the last 6 months data shown in figure 2.1, with how volatile the RIO market has been. Covariance is also measured by how changes in one market are associated with changes in the other market. It doesnt really give the strength of the relationship between the two markets as well as correlation does. This is why it isnt used to determine the relationship but it is vital in finding the Beta of the portfolio. Expected return = Volatility = Annual, Monthly, Annually, the Beta of the RIO market vs the FTALLSH, is 0.75, to be expected, as the correlation is mediocre, and the mean return is also high. The Beta of the market should be exactly 1. Therefore, the asset is defensive. The expected excess return is linked to its risk. As the market has a Beta of 1, and the Beta of RIO is .75, the RIO beta is 25% less volatile. Monthly, the beta is above 1 and is 44% more volatile. If the market rises or falls by  £1, the RIO return will rise or fall by  £1.44. The Capital Asset Pricing Model allows the investor to identify the best portfolio of risky assets without knowing the expected return on each of securities [3]. The CAPM equation (annual return) implies a positive result. As the annual return suggested by the CAPM is only 8.5%, and the annual return computed for RIO is 1.24%, the market is under-performing, and investors are being under-compensated for bearing the market risk. Monthly return is slightly positive. As the monthly return for RIO is 0.40%, and the monthly CAPM is 0.09%, Rio is outperforming the return suggested by the CAPM. Therefore, investors are being over-compensated for bearing the market-risk. The CAPM also implies that the annual return has a higher risk but worse return, and the monthly return has a lower risk but higher return [6]. Limitations Monthly risk free rate will not be exactly 1% every single month Return on the market. The market return at any given time can be negative. CAPM is a backwards looking model. Anything can happen (environmentally, politically, etc.) that can change the market FTALLSH is a limitation and is not the true market portfolio. Annually Beta = 0.75. If the market rose by 5%, the return would rise by If the market fell by 10% Monthly Beta = 1.44. If the market rose by 5%, the return would rise by If the market fell by 10% The monthly return has higher chance of greater returns, (the Beta is higher), however it also has a higher chance of bigger losses. If the markets rose by 5%, annually the investor would make a 4% return, vs 6.8% return on monthly data. Annual Return This means short selling RIO Tintos shares, and buying excess shares of market x. If the portfolio returns are uncorrelated, this gives a correlation of 0. As we know à Ã‚  = 0, the equation becomes Working out the portfolios Beta 4) CAPM Return = 8.5% To work out the PV of the project the company is considering, the discount factor is needed to be known. Assuming the companys required rate of return is given by the expected return on its equity, i.e. the CAPM return. As the CAPM equation has computed the expected returns, this is therefore the discount rate. The present value is worth more than the initial value of  £554,509.46> £500,000 so its a good deal for the company. This project could be set up for a multitude of reasons, which may affect its markets price in a positive way, such as new jobs for a local area, which in turn will boost the company politically which may also contribute to the success of the company. It is also important to note that even though the present value of the cost of this project is better than the contract being offered, RIO Tinto wont be positive in net return until the 9th year. The NPV is positive as expected, so the benefits outweigh the costs [3]. If the company wanted to just make cash money on  £500,000 they could just invest (risk-free) receiving,  £569,046 in 13 years time. 5) The method of comparables, values a firms cash flows directly, based on other firms (usually in a similar industry), that have similar cash flows or are expected to generate similar cash flows. The Law of One Price states that, If equivalent investment opportunities trade simultaneously in different competitive markets, then they must trade for the same price in both markets [3]. Using the Law of One Price we can use a company to measure (estimate) the valuation of a very similar company. As everyone knows, identical companies do not exist, but companies such as RIO, can have very similar competitors that prices can be judged by. The price/earnings ratio (share price / earnings per share), is the most commonly used ratio to measure the companys valuation. The more comparables there are, the better the reduced influence of any given company, making the overall result more trustworthy. When choosing the correct comparables to match against RIO, they all should have similar growth rates, similar required rate of returns and similar retention of earnings. I have chosen the three other mining companies, (Anglo American plc, Glencore plc, BHP) to compare against RIO. To value a companys current price using multiples: Using three other similar mining companies, to work out an average forward P/E ratio. According to Thomson Banker [9], the average P/E ratio of the three other companies (19.00) is much higher than the actual 10.98 RIO value (+73.04%). The Last Price Close of RIO on the 20/02/2017 was 36.46. The value we calculated is much higher than the actual value. Therefore, we have overvalued the share price, and should be bought. The P/E multiple is high for companies that have higher growth rates. The current P/E ratios are high across the board, with AAL, the only company estimating to grow its P/E next year. All three others are expecting to stop growing, with BHP (BLT), to step back massively. The companies compared above, are all mining companies, having spectacular performance in the markets, but realistically quite different. From figure 1.1, we know the difference in Equity and Debt values are similar, but RIO has much higher earnings per share (2.84), than any of the other three companies. Other than the Forward P/E ratio, RIO has the best values for all the metrics. We know that when we average the other three companies out, that the multiples based analysis will generally undervalue RIO. The differences are due to differences in expected risk, growth rate, etc. Multiples based valuation should ignore major anomalies, (e.g. GLENs 33.12 forward P/E ratio. Using the two other ratios gives an average of 11.98 which is much closer to the actual value of RIO). The set of comparables that were chosen (bar AAL), were not the best choice to match against RIO, as many of the metrics were so far apart. Q6) Arbitrage opportunities occur when a companys price across two markets is different, and will always have a positive Net Present Value. An investor, (who is known to be greedy and want any possible risk free return), will immediately attempt to buy the lower priced share on one market, and sell the same share on the higher priced market, instantly making him/her a no risk return. Everyone will attempt to trade using this method quickly, therefore, the lower priced market will rise and the higher priced market will fall, both eventually ending up at the same price. All markets aim to have an absence of arbitrage to stop any greedy investors from exploiting risk free returns. If equivalent investment opportunities trade simultaneously in different competitive markets, then they must trade for the same price in both markets [3]. If the Law of One Price is being applied correctly, there will be in absence of arbitrage across all markets. Bond Prices and interest rates also need to follow the Law of One Price. If a bond of a certain market gave a higher return than the risk free rate, they both need to follow the Law of One Price. The risk-free interest rate must equal the return from the investment of the risk-free bond. American Depository Receipts are quick and easy ways for investors in the US, to trade with foreign companies [10]. US banks will buy foreign shares and reissue them on US markets. However, each share does not equal the same amount as the original market. US banks will often group shares together, and reissue them separately on their markets. ADRs exist because foreign companies dont want the expense or hassle of listing their stocks on the foreign to them US market [10]. To invest in an ADR, brokers will need to buy foreign shares of said company, on their respective markets. He/she will then deliver these shares to a Custodian bank. Another bank, the Depositary bank issues receipts, on the basis those shares held by Custodian banks. Those receipts can then be traded freely across US markets, with payments, dividends etc., being paid in US dollars. ADRs save money by reducing foreign taxes and administration costs, and also because they give the company exposure. There are many risks involved with ADRs. Like normal market shares, there are political risks, inflationary risks etc. However, with ADRs, there are exchange rate risks. Using Tesco as the example [8], as the exchange rate of USD: GBP continues to improve for the US market, many investors will be looking to buy into British companies as its cheaper for them to do so. As the British and US markets trade at different hours, the closing prices of the Tesco share will be different, but in the normal market, the price of Tesco will be the same across all of the three different exchanges, (the Law of One Price), relative to that of their respective growth rates. Every Tesco ADR share represents 3 normal shares [8]. The current value of Tescos is 189.77p, and the value of its ADR = $7.19 [7]. If we divide the ADR value by 3. Using the current exchange rate of  £1 = $1.25512 [4]  £1.91 is slightly higher than the actual value of Tesco ( £1.90), but this is not taking into consideration the costs of administration, and exchange fees. The above is showing how the Law of One Price is applied across two different markets. Bibliography [1] FT. (2017) Rio Tinto PLC, RIO: LSE summary FT.com. Available at: https://markets.ft.com/data/equities/tearsheet/summary?s=RIO:LSE (Accessed: 24 February 2017). [2] About us (2017) Available at: http://www.riotinto.com/about-us-108.aspx (Accessed: 24 February 2017). [3] Berk, J. and DeMarzo, P. (2013) Corporate finance. 3rd edn. Harlow: Pearson/Education. [4] GBP British pound (no date) Available at: http://www.xe.com/currencyconverter/convert/?From=GBPTo=USD (Accessed: 24 February 2017). [5] MINING (2011) Market data metal prices and world mining markets. Available at: http://www.mining.com/market-data/ (Accessed: 24 February 2017). [6] Payne, R. (no date) Foundations of Finance. Available at: http://moodle.city.ac.uk/course/view.php?id=22726#section-0 (Accessed: 24 February 2017). [7] Tesco PLC (ADR): OTCMKTS: TSCDY quotes news Google finance (2017) Available at: https://www.google.co.uk/finance?cid=664658 (Accessed: 24 February 2017). [8] Tescoplc (2016) ADR information. Available at: https://www.tescoplc.com/investors/shareholder-centre/adr-information/ (Accessed: 24 February 2017). [9] Thomson ONE banker (no date) Available at: http://banker.thomsonib.com (Accessed: 24 February 2017). [10] Staff, I. (2003) American depositary receipt ADR, in Available at: http://www.investopedia.com/terms/a/adr.asp (Accessed: 24 February 2017).

Monopoly Questions and Answers

QUESTIONS RELATED TO MONOPOLY: 1-What is the characteristic of the monopoly? 1 – The existence of a single product of the commodity 2 – characterized by prices, rising prices prevailing 3 – the relative stability of prices 4 – There are barriers to enter the industry monopolist 5 – not necessary to advertise Another Monopoly properties. Price control. In a monopoly, and at the expense of supply in the market one entity to control and demand, and the degree of the price offered and the control exercised by the institution or individual is greater. Predatory pricing. This feature of the advantages of a monopoly consumers.These are short term market gains when prices dropped to meet the demand of rare product. Suppliers and consumers directly benefit from an attempt to monopolize the company to increase the sale of business marketing. Price flexibility With regard to the demand for the product or service offered by the company monopoly or individual, a nd is dictated by the price elasticity of the ratio of the absolute value of the increase in prices and demand in the market. Lack of creativity At the expense of absolute control of the market, and monopolies display a tendency to lose efficiency over a period of time.With one product lifetime, and innovative design and marketing techniques rear seat. Lack of competition. When the market was designed to serve the monopoly and the lack of commercial competition or the lack of goods and viable products shrinking the scope of â€Å"perfect competition. † 2-How monopoly arises Monopoly arises in a variety of circumstances: there are types of goods and a service does not accept by its nature, or not in the public interest to multiple producers, it's called natural monopolies, for example: to provide the city with water, electricity, or the trains running between two countries.Often assume the state or municipal authorities to manage these services, or to grant a concession to a p rivate company, subject to strict control. Monopoly may arise in an industry, the growth of a project, and it seized on other projects. Or as a result of grab or merge of small projects in the large-scale project, Monopoly May arise due to agreement between the projects owners in a particular industry to determine the price, or divide markets among themselves, known as (cartel), and in this case there are a number of producers, such agreement among them makes them a monopoly power.Most of the countries have been working on the subject of monopolies control. 3-How we can regulate the monopoly Pricing at marginal cost Economists have for many decades argued the benefits of setting public utility tariffs on the basis of marginal cost. This view is expressed in many classic economic texts on regulation. Price discrimination One common objection to marginal-cost pricing is that, in the presence of economies of scale, a simple linear price equal to marginal cost would not llow the regulat ed firm to recover sufficient revenue to cover its total costs. Ramsey pricing In those cases where the regulator is unable to set the marginal price for each service equal to its marginal cost, economic theory still places central emphasis on reducing the deadweight loss. Incremental cost The deadweight-loss hypothesis has a hard time explaining why regulators fail to pursue policies which are efficient under the conventional economic theory, such as Ramsey pricing. Price / service stabilityAnother puzzle for the conventional economic approach to regulation is the heavy emphasis on price stability. There is a sizeable amount of evidence that price and service stability is one of the primary concerns of regulators. Alternative regulation †¢ To encourage the productive efficiency of the monopolist. †¢ To eliminate the incentive to waste resources seeking to obtain a position of monopoly. †¢ To protect the sunk investment of the monopolist 4-Give some examples of monopo ly type of monopolyThe main characteristicexamplesNaturalAccess to rare and not easily reproducible elements of productionMonopolies operating in the sphere of production is mineral deposits of strategic importance for the national economy technologicalFeature production: in this technology is not enough consumer demand to support many competitive firmsEnterprise for the production of specific goods, such as infrastructure for the operation of natural monopolies GeographicCompetition due to the non-rationality of the territorial limited due to the effect of geographic barriersPublic ransport companies infrastructureInfrastructure network – a network that supply products between distant from each other (both in space and in time), economic agentsBackbone enterprises in energy, rail transport , heat, gas and water supply patentUsing a unique patented technologyNatural monopolies are producing high-tech products, such as medicine StateMarkets related to the exclusive jurisdictio n of the stateDefense, aeronautics administrative commandOperating in a command systemNatural monopolies in the administrative-command system

Generational Differences in the Workplace Essay - 2022 Words

Generational Differences in the Workplace Composition II—Eng 102 Generational Differences in the Workplace The workplace of today involves interactions among people from four different generations often causing much conflict for leaders and organizations. Each generation represented has its own set of different values and beliefs. These differences can easily lead to conflicting barriers within the workplace. This can pose a significant problem for those in leadership. In order to combat this issue, leaders and organizations can effectively deal with these issues by offering different programs such as executive mentoring, town hall meetings, and leadership seminars for those in leadership. The†¦show more content†¦Kyles (2005) defines them as competitive, political, hardworking, and nonconformists. â€Å"Known for their workaholic ethic, Boomers will do whatever it takes to get the job done and get ahead, and they expect to be rewarded. They outnumber all generations and hold a majority of management-level positions. They are also approa ching retirement and are heavily concerned with financial and job security† (Kyles, 2005, p. 54). This group is very hard working and also offers a lot of wisdom that can be beneficial to those of the younger generations. The third generation represented is often referred to as â€Å"Generation X.† Members of this group are born between 1965 and 1979. Kyles (2005) defines them as individualistic, disloyal, techno literate, and one of the most challenging groups to manage. This can be attributed to the fact that this group grew up in the rebellious years of the sixties and seventies. Marshall (2004) states, â€Å"The employer has to provide an opportunity to work and grow, or they are going to leave† (p. 18). This says a lot about the influence of culture on this generation. The last and final generation represented is referred to as â€Å"Generation Y.† This group is typically born between 1980 and 1999. Kyles (2005) states, â€Å"Generation Y is coming of age during a time of technological sophistication, extreme economic swings, individual prosperity, terrorism, andShow MoreRelatedManaging Generational Differences Of The Workplace Essay1544 Words   |  7 PagesManaging Generational Differences Introduction Workforces are diverse, not only with respect to gender, racio-ethnicity, culture and work styles, but also with respect to age. Workplaces have always had numerous generations working together. There s the bright-eyed and bushy-tailed younger generation of newcomers, the established middle generation that holds most of the management roles and the older generation of senior executives who are 30 or 40 years of valuable experience. 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Globalization Maquiladoras and Their Negative Impact Upon...

Globalization: Maquiladoras and Their Negative Impact upon the Environment and Women in Mexico As firms increased commerce by expanding their business into markets located in different countries, numerous trade barriers and international restrictions have been progressively disabled. This cross-border trading has changed the once historically distinct and separate national markets into a global marketplace. Now the economies of countries throughout the world have become interpedently linked. This process of global integration is called globalization. However, the impact of globalization expands further than economic transformation and unification. In the Hispanic country of Mexico, globalization has given rise to maquiladoras. The†¦show more content†¦These workers left their homes with the hope of earning a higher income to provide a better life for themselves and their families. 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