Garmin (GRMN) Recommendation - Free Essay Example

Sample details Pages: 11 Words: 3439 Downloads: 3 Date added: 2017/09/17 Category Analytics Essay Type Analytical essay Did you like this example? Garmin (GRMN) Recommendation: Buy Industry: Communication Equipment Recent Price $59. 37 Analyst: Jennifer Traynor Target Price $60. 76 Report Date: 5/2/2007 Highlights †¢ Large-cap growth stock with a market cap of $11. 68 billion. †¢ Garmin has the number one GPS market share of 50% in the U. S. and the number two GPS market share in Europe of 16. 7% †¢ Consumer demand for GPS products will continue to increase as technology improves and produces new and innovative products. †¢ High historical ROIC, ranging from 39. 4% to 47%, which is significantly higher than its 11% WACC. Garmin’s revenue is likely to grow 35% per year for the next five years. †¢ Target price of $60. 76, is based on a P/E multiple valuation using a P/E of 19. 6. †¢ The major risks that could cause Garmin not continue on it positive trajectory are: decreasing profit margin, sustainable revenue growth and increasing competition. Key Statistics and Ratios Garmin has been consistently outperforming the communication equipment industry and the SP 500 in ROA, ROE, sales growth, gross margin, and net profit margin in the past five years. Ratios ROE 5Yr. Avg. ROA 5Yr. Avg. Sales 5Yr. Growth Rate Gross Margin 5Yr. Avg. Net Profit Margin 5Yr. Avg. P/E Ratio EPS 5Yr. Growth Rate Dividend Yield 5Yr. Avg. Garmin 30. 38% 25. 71% 35. 04% 52. 46% 29. 39 23. 06 35. 04% 0. 01% Industry 6. 00% 2. 99% 19. 82% 45. 71% 4. 59 25. 25 37. 33% 0. 41% SP 500 18. 21% 6. 84% 13. 29% 44. 32% 12. 31 20. 65 22. 21% 1. 85% Company Overview Garmin Ltd. designs, manufactures and markets portable, fix-mount and hand held Global Positioning Systems (GPS) devices. The company’s stock is currently trading on the NASDAQ. It operates in four segments: mobile/automotive, marine, aviation, and recreational. Products include automotive navigation systems with map information, GPS enabled sonar depth finders for recreational boating and fishing, aviation systems, and GP S enabled cellular phone software. Garmin has the number one GPS market share of 50% in the U. S and the number two GPS market share of 16. 7% in Europe and is currently attempting to increase their market share in Asia by opening two manufacturing plants, both over 230,000 square feet. Garmin products sell in approximately 100 countries and re distributed through a network of about three thousand independent dealers. According to an SP 500 report, Garmin’s top management believes that its marine, automotive, recreational, and aviation product lines will continue to drive their sales and revenue in the future. Garmin has partnered with companies such as Honda, XM Satellite Radio, and MSN Direct to offer innovative and competitive products. In November 2006, Garmin acquired Dynastream Innovations, a Canadian company specializing in the field of personal monitoring technology. In January, Garmin acquired Digital Cyclone, Inc. which provides personalized weather intelligence for wireless devices, and EME TecSat, which is a third-party map developing company that uses Garmin’s technology. Also, Garmin recently announced that it will be sponsoring a NASCAR team, has made agreements with many rental car companies to use Garmin products, entered into an agreement with Honda Europe to begin using Garmin products, and aired its first ever Super Bowl commercial this year. Industry Analysis The demand for consumer electronics is going to be driven by advances in GPS technology. According to research report released April 9 by the Consumer Electronics Association, consumer interest in GPS technology is increasing dramatically. Consumers are wanting the latest and greatest technology that is available. As GPS technology improves each year, providing new and improved products, consumers are going to be demanding these products. GPS devices will continue to gain popularity as old technologies fade and new technologies enter the market. The CEA report also st ates that only 18 percent of online consumers own GPS devices. However, nearly 24 percent of online consumers are expected to purchase a GPS device within the next year, spending on average $410. This means that sales could reach $4. 1 billion in 2007. Assuming Garmin maintains its number one GPS market share in the United States of 50%, the company will possibly see an increase of $2 billion in sales. Valuation Using a DCF model, Garmin’s current per share intrinsic value is $71. 42, which is $12. 05above the current price of $59. 37. This price was forecasted assuming 35% sales growth for the first five years, tapering down to 17% in 2016 and implementing a 7% horizon value growth rate. The model includes a WACC of 11% (SP 500 reports). The assumptions underlying the DCF model are intended to be modest. First, analysts five year sales growth forecast is 36. 9%, 1. 9% higher than the growth rate used in the model. Second, the COGS was set slightly above the previous fi ve year average to account for the possibility of Garmin experiencing a reduction in profit margins. Garmin’s target price of $60. 76 is based on a P/E multiple valuation using a P/E of 19. 6, which are lower than the industry average. I defaulted to the P/E multiples valuation as the final target price as it was the more conservative valuation estimate (compared to the DCF estimate). Financial Health Garmin has experienced strong growth over the last five years. Last year alone, Garmin’s sales grew 72. 6% and I have forecasted them to have a growth rate of 35% for the next five years. This growth rate has been drawn on the assumption that Garmin’s penetration into the market and the new innovative products that it produces will continue to drive up sales. Garmin also has a strong ROIC. Historically, it has ranged from 36. % to 47% which is significantly higher than the 11% WACC. Based on the assumptions that Garmin will continue to have high sales growth tha t contributes to tangible free cash flows, this trend is forecasted to continue for as long as the next ten years. ROIC is forecasted to be 40% and above for the next six years. After that, it will taper down to 28. 2% in 2016. Garmin has outperformed the industry and the SP 500 in sales growth on average over the last five years. Garmin’s five year sales growth average of 35. 04% is 19. 2% higher than the industry average and 23. 6% higher than the SP. Below is Garmin compared to the SP 500, Cobra, and Motorola. Source: BigCharts. com Garmin has also outperformed the industry and the SP in net profit margin. Garmin’s five year net profit margin of 29. 39% is 24. 8% higher than the industry average and 17. 08% higher than the SP. Using the assumptions made in the DCF model, Garmin’s forecasted P/E ratios for the next five years are: 20. 72, 17. 01, 13. 88, 11. 24, and 9. 43. Garmin has said that they expect revenue to exceed $2. 5 billion and EPS to exceed $2 . 70 in 2007. Garmin has also been steadily increasing EPS over the last five years by an average of 39. % each year and is forecasted to continue this growth. Profitability and Cash Flows Garmin’s revenue can be broken down into three geography areas and four product segments. As you can see, Garmin has increased its market share of GPS devices in both Europe and Asia. The decrease in the U. S. market it not considered too threatening to the company’s profitability because the still have a much higher percentage of the GPS market than any of its competitors. 100% 80% 60% 40% 20% 0% 2004 2005 2006 4% 26% 5% 31% 5% 33% Asia Europe North America 70% 64% 62% Revenue by geography Garmin has been steadily increasing its revenues in the auto/mobile segment. The other segments have decreased slightly. However, with the new products that Garmin has currently brought to the market, it is hoping to regain popularity in those segments again. According to a news release on Febr uary 14, 2007 by Garmin, top management anticipates aviation revenue to increase by 20%, marine revenues to increase 20%, recreational to increase 20%, and auto/mobile to increase 50% in 2007. 70 60 50 40 30 20 10 0 2004 2005 2006 Auto/Mobile Recreational Aviation Marine Revenue by segment Garmin’s five year gross margin average is 52. 46%, 6. 75% above the industry five year average. Garmin has increased free cash flows three out of the last four years from $39 million in 2003 to $212 million years in 2006. Garmin is forecasted to continue this trend, with FCF reaching as high as $1,243 million in 2016 (if all model assumptions hold – see spreadsheet analysis included at the end of this report). Garmin’s MVA in 2006 was $13,992. 7 million with an EVA of $366 million. Assuming Garmin’s ability to continue to produce a high ROIC above the WACC, MVA is forecasted to increase for the next three years to $15,150. 2 million and taper down to $2,188. 63 mill ion in 2016. EVA is forecasted to increase each year for the next ten years from $513 million to $3,582 million in 2016. If Garmin is able to achieve these numbers, they will be consistently creating wealth for the company which would increase shareholder’s equity. Products Garmin developed over 70 new products and brought them to the market during 2006. The GPSMAP 496 is an aviation GPS product that offers airport diagrams, navigation, traffic, weather, terrain, preloaded maps, and entertainment information. The Edge 305 with cadence and heart rate is one of the products geared toward athletes and fitness devotees. The Edge 305 includes a self-calibrating wireless speed/cadence sensor, a wireless heart rate monitor, plus a barometric altimeter. The Garmin nuvi 680 is the first portable GPS navigation device to incorporate MSN Direct services. These services include local traffic reports, local gas prices, current weather conditions and forecasts, and local movie times. Th ese new products will be able to be sold at a higher margin because they are the first of their kind to the market. If demand is high, as predicted by the top management in the Feb. 14 news release, Garmin will realize a large profit and will increase sales growth. Garmin is currently working on the GRC 10 which a handheld remote designed specifically for the GDL 69A, a remote sensor that receives broadcasting from XM weather and satellite radio. The company also currently announced the additions to the nuvi product line. Nuvi 200, nuvi 250, and nuvi 270 are all entry level GPS navigation devices designed for you vehicle that offer the benefits of a top of the line in-dash system at a lower cost. Recently Released Products uvi 680 GPSMAP 496 Edge 305 Products in the Pipeline Released to the market in early 2007 Released to the market in December 2006 Released to the market in June 2006 GRC 10 nuvi 200, 250, 270 Anticipated to be released in June 2007 Anticipated to be released la ter in April 2007 Research and Development Garmin spent $113. 31M to Research and Development (RD) in 2006 and is forecasted to allocate 7. 3% of their sales to RD compared to 2% by TomTom, one of its leading competitors. This is where Garmin earns its competitive edge. By focusing on RD, Garmin was able to penetrate the market with 70 products in 2006. They have designed the first portable GPS navigation device to incorporate MSN Direct, a cellular phone software application that delivers an array of tools and health tips to the consumer, and the world’s first aviation GPS receivers to be fully certified to FAA TSO-C129, Class A1 standards. To get this certification by the Federal Aviation Administration, Garmin had to have the minimal standards of an en route, terminal, and non-precision approach (except localizer, localizer directional aid (LDA), and simplified directional facility (SDF)) navigation capability. Risks Garmin’s does face some risks that may caus e them to under perform. One is competition. As GPS devices gain in popularity, other companies have entered that market to share in the profitability. These companies are also offering their products at prices much lower than Garmin. However, Garmin has been anticipating this competition and has worked on offering products at a lower price by reducing costs associated with production. Also, they bring new products with the newest technology to the market as quickly as possible. According to James Peters, CFA, this is where Garmin has a competitive advantage because the engineering and manufacturing process are vertically integrated which reduces product introduction lead times. By lowering costs to stay competitive with the market, there is a risk that Garmin will see a decline in margins. Garmin plans on facing this problem mainly by obtaining yield improvements and cost reductions in manufacturing of current products and incorporating innovative features in their new products that can be sold at a higher price. Management Garmin’s top management all have held multiple positions within the company. Many worked their way up to the positions that they hold now. They are dedicated to the company and this is reflected in the success Garmin is experiencing. The experience of the management team in the GPS market is a strong positive factor in Garmins success. Garmin Management Min H. Kao Chairman of the Board Aug. 05 Chief Executive Officer Aug. 02 President Jan. 99 Kevin S. Rauchman Chief Financial Officer Aug. 00 Treasurer of Garmin Ltd. Aug. 00 Director of Finance of Garmin Int. Jan. 99 Andrew R. Etkind General Counsil Aug. 00 Secretary of Garmin Ltd. Aug. 00 General Counsel of Garmin Int. Feb. 98 Clifton A. Pemble Director of Garmin Ltd. Aug. 04 Director of Dynastream Inn. Dec. 06 Director of Engineering 03-05 Gary V. Kelley Vice President of Marketing 05 Director of Marketing 92-05 Director of Garmin Ltd. 93-04 Brian J. Pokorny Vice President of Operations 05 Director of Operations 97-05 Production Planning Manager 95-97 Recommendation I am rating Garmin a BUY, based on a target price of $60. 76 FY07, above average sales growth, sustainable ROIC above the WACC, and new and innovative technology. Also, based on the DCF model and the P/E multiples valuation model, Garmin is currently undervalued at a price of $59. 7. According to analysts, interest in GPS technology is expected to increase. Consumers are going to keep coming back to buy the latest and greatest technology. Garmin has been able to sustain the number one GPS market share despite increasing competition. Revenues have been increasing for the past five years and Garmin is looking to increase revenues in Europe and Asia. GRMN values in millions (expect for per share items) Historical Income Statements 2002 2003 2004 Total revenue 465 573 763 Cost of goods sold 210 242 351 Gross profit 255 331 411 SGA expenses 45 60 79 Research Development 32 44 62 Depreciati on/Amortization 0 0 0 Interest expense (income), operating 0 0 0 Non-recurring expenses 0 0 0 Other operating expenses 0 0 0 Operating Income 177 227 271 Interest income (expense), non-operating 5 10 9 Gain (loss) on sale of assets 0 0 0 Other income, net 0 (8) (25) Income before taxes 183 229 255 Income tax 40 47 50 Income after taxes 143 182 206 Minority interest 0 0 0 Equity in affiliates 0 0 0 U. S. GAAP adjustments 0 0 0 Net income before extaordinary items 143 182 206 Extraordinary items, total 0 0 0 Net income 143 182 206 Total adjustments to net income 0. 0. 0 0. 0 Basic weighted average shares 215. 6 216. 0 216. 3 Basic EPS excluding extraordinary items 0. 66 0. 83 0. 95 Basic EPS including extraordinary items 0. 66 0. 83 0. 95 Diluted weighted average shares 216. 40 217. 80 218. 06 0. 66 0. 82 0. 94 Diluted EPS excluding extraordinary items Diluted EPS including extraordinary items 0. 66 0. 82 0. 94 Dividend per share common stock 0. 00 0. 25 0. 25 Gross dividends common stock 0. 0 54. 0 54. 1 Retained earnings 142. 8 127. 6 151. 6 2005 1,028 493 535 122 75 0 0 6 0 333 20 0 15 367 61 306 0 0 0 306 0 306 0. 0 216. 3 1. 44 1. 4 218. 24 1. 43 1. 43 0. 25 54. 0 251. 7 2006 1,774 892 882 215 113 0 0 0 0 555 0 0 40 595 80 514 0 0 0 514 0 514 0. 0 216. 4 2. 38 2. 38 218. 85 2. 35 2. 35 0. 50 0. 0 514. 1 2002 Reveun Growth COGS % of Sales SGA % of Sales RD % of Sales DA % of Sales Int. Exp. Oper. Exp. Non-rec Other expenses Int. inc. non-oper. Gain (loss) assets sales Other income, net. Tax Rate Minority interest Equity in affiliates U. S. GAAP adjust. Extrodinary items Adjusteds to NI Share growth Basic EPS before extraordinary items Diluted share growth 45. 2% 9. 8% 6. 9% 0. 0% 0. 0% 0. 0% 0. 0% 1. 1% 0. 0% 0. % 21. 9% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 2003 23. 2% 42. 3% 10. 4% 7. 6% 0. 0% 0. 0% 0. 0% 0. 0% 1. 7% 0. 0% -1. 4% 20. 7% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 2% 25. 8% 0. 6% 2004 33. 1% 46. 1% 10. 4% 8. 1% 0. 0% 0. 0% 0. 0% 0. 0% 1. 2% 0. 0% -3. 3% 19. 4% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 1% 14. 5% 0. 1% 2005 34. 8% 47. 9% 11. 9% 7. 3% 0. 0% 0. 0% 0. 5% 0. 0% 1. 9% 0. 0% 1. 4% 16. 7% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 51. 6% 0. 1% 2006 Average Manual 72. 6% 40. 9% 50. 3% 46. 3% 48% 12. 1% 6. 4% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 2. 3% 13. 5% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 1% 65. 3% 0. % 10. 9% 7. 3% 0. 0% 0. 0% 0. 1% 0. 0% 1. 2% 0. 0% -0. 2% 18. 4% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 1% 39. 3% 0. 3% -2% 0. 00% Dividend growth 100. 00% 0. 11% -0. 24% 0. 00% 24. 97% Year-by-year growth revenue year Total revenue Cost of goods sold Gross profit SGA Research Development Depreciation/Amortization Interest expense (income), operating Non-recurring expenses Other operating expenses Operating Income Interest icome (expense), non-operating Gain (loss) on sale of assets Other income, net Income before tax Income tax Income after tax Minority Interest Equity in affiliates U. S. GAAP adjustment Net income before extraordinary items Extra ordinary items, total Net income after extraordinary items Total adustments to net income Basic weighted average shares Basic EPS excluding extraordinary items Basic EPS including extraordinary items Diluted weighted average shares Diluted EPS exlcuding extraordinary items Diluted EPS including extraordinary items Dividends per share common stock Gross dividends Retained Earnings 35% 2007 2,394. 9 1,149. 6 1,245. 3 261. 2 173. 8 0. 0 0. 0 0. 0 0. 0 810. 3 28. 6 0. 0 (4. 4) 834. 5 153. 8 680. 7 0. 0 0. 0 0. 0 680. 7 0. 0 680. 7 0. 0 216. 7 3. 3. 1 214. 5 3. 2 3. 2 0. 0 680. 7 35% 35% 35% 35. 00% Forecasted Income Statements 10 Years 2008 2009 2010 2011 3,233. 1 4,364. 7 5,892. 4 7,954. 7 1,551. 9 2,095. 1 2,828. 3 3,818. 2 1,681. 2 2,269. 6 3,064. 0 4,136. 4 352. 7 476. 1 642. 7 867. 7 234. 7 316. 8 427. 7 577. 4 0. 0 0. 0 0. 0 0. 0 0. 1 0. 1 0. 2 0. 2 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 1,093. 8 1,476. 7 1,993. 4 2,691. 3 38. 6 52. 1 70. 4 95. 0 0. 0 0. 0 0. 0 0. 0 (5. 9) (8. 0) (10. 8) (14. 6) 1,126. 5 1,520. 9 2,053. 0 2,771. 7 207. 6 280. 3 378. 4 510. 9 918. 8 1,240. 5 1,674. 6 2,260. 8 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0. 0 0. 0 0. 0 918. 8 1,240. 5 1,674. 6 2,260. 8 0. 0 0. 0 0. 0 0. 0 918. 8 1,240. 5 1,674. 6 2,260. 8 0. 0 0. 0 0. 0 0. 0 216. 9 217. 1 217. 3 217. 5 4. 2 5. 7 7. 7 10. 4 4. 2 5. 7 7. 7 10. 4 210. 2 206. 0 201. 9 197. 8 4. 4 6. 0 8. 3 11. 4 4. 4 6. 0 8. 3 11. 4 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 0. 0 918. 8 1,240. 5 1,674. 6 2,260. 8 30. 00% 2012 10,341. 1 4,963. 7 5,377. 4 1,128. 0 750. 6 0. 0 0. 0 0. 0 0. 0 3,498. 8 123. 5 0. 0 (18. 9) 3,603. 4 664. 2 2,939. 2 0. 0 0. 0 0. 0 2,939. 2 0. 0 2,939. 2 0. 0 217. 8 13. 5 13. 5 193. 9 15. 2 15. 2 0. 0 0. 0 2,939. 2 25. 00% 2013 12,926. 3 6,204. 6 6,721. 1,409. 9 938. 2 0. 0 0. 2 0. 0 0. 0 4,373. 4 154. 4 0. 0 (23. 7) 4,504. 1 830. 2 3,673. 9 0. 0 0. 0 0. 0 3,673. 9 0. 0 3,673. 9 0. 0 218. 0 16. 9 16. 9 190. 0 19. 3 19. 3 0. 0 0. 0 3,673. 9 20. 00% 2014 15,511. 6 7,445. 6 8,066. 0 1,691. 9 1,125. 9 0. 0 0. 2 0. 0 0. 0 5,248. 0 185. 3 0. 0 (28. 4) 5,404. 9 996. 3 4,408. 6 0. 0 0. 0 0. 0 4,408. 6 0. 0 4,408. 6 0. 0 218. 2 20. 2 20. 2 186. 2 23. 7 23. 7 0. 0 0. 0 4,408. 6 18. 00% 2015 18,303. 7 8,785. 8 9,517. 9 1,996. 5 1,328. 5 0. 0 0. 4 0. 0 0. 0 6,192. 6 218. 7 0. 0 (33. 5) 6,377. 7 1,175. 6 5,202. 1 0. 0 0. 0 0. 0 5,202. 1 0. 0 5,202. 1 0. 0 218. 23. 8 23. 8 182. 5 28. 5 28. 5 0. 0 0. 0 5,202. 1 17. 00% 2016 21,415. 3 10,279. 4 11,136. 0 2,335. 9 1,554. 4 0. 0 0. 1 0. 0 0. 0 7,245. 7 255. 8 0. 0 (39. 2) 7,462. 3 1,375. 5 6,086. 8 0. 0 0. 0 0. 0 6,086. 8 0. 0 6,086. 8 0. 0 218. 6 27. 8 27. 8 178. 8 34. 0 34. 0 0. 0 0. 0 6,086. 8 GRMN values in millions (except per share items) Historical Balance Sheets 2002 2003 2004 217 113 58 58 4 23 473 74 0 24 132 0 2 0 706 32 0 23 0 0 26 81 20 2 0 0 103 0 0 1. 08 129 508 0 0 0 638 742 216. 4 0 274 53 83 97 6 27 540 105 0 42 168 0 2 0 857 41 0 25 0 0 39 104 0 3 0 0 107 0 0 1. 08 104 635 0 0 0 741 848 217. 0 250 64 110 1 55 19 39 637 172 0 49 258 0 1 0 1,117 54 0 52 0 0 71 176 0 5 0 0 182 0 0 1. 08 109 787 0 0 0 897 1,079 218. 1 0 year Assets 2005 334 32 171 200 34 30 801 179 0 36 345 0 1 0 1,362 77 0 56 0 0 63 195 0 9 0 0 205 0 0 1. 08 96 1,039 0 0 0 1,136 1,341 218. 2 0 2006 337 73 404 271 28 56 1,169 251 0 0 408 0 69 0 1,897 88 0 155 0 0 95 338 0 1 0 0 339 0 0 1. 08 83 1,553 0 0 0 1,637 1,977 218. 9 0 Cash % of Sales ST. Invest. % of Sales Receivables % of Sales Inventory % of Sales Pre. Exp. % of Sales Other CA % of Sales Net PPE % of Sales Goodwill % of Sales Intangibles % of Sales LV Invest. of Sales Notes Rec. % of Sales Other LT. ass. % Sales Other assets % of Sales 2002 46. 6% 24. 4% 12. 5% 12. 4% 1. 0% 4. 9% 16. 0% 0. 0% 5. 3% 28. 5% 0. 0% 0. 3% 0. 0% 2003 47. 9% 9. 3% 14. 4% 16. 9% 1. 1% 4. 7% 18. 3% 0. 0% 7. 4% 29. 4% 0. 0% 0. 3% 0. 0% 2004 32. 8% 8. 4% 14. 4% 20. 3% 2. 5% 5. 1% 22. 5% 0. 0% 6. 5% 33. 8% 0. 0% 0. 2% 0. 0% 2005 32. 5% 3. 1% 16. 6% 19. 4% 3. 3% 2. 9% 17. 4% 0. 0% 3. 5% 33. 5% 0. 0% 0. 1% 0. 0% 2006 19. 0% 4. 1% 22. 7% 15. 3% 1. 6% 3. 2% 14. 1% 0. 0% 0. 0% 23. 0% 0. 0% 3. 9% 0. 0% Average 35. 8% 9. 9% 16. 2% 16. 9% 1. 9% 4. 1% 17. 7% 0. 0% 4. 5% 29. 6% 0. 0% 1. 0% 0. 0% Manual Cash equivalents Short term investments Receivable, total Inventory, total Prepaid expenses Other current assets, total Total Current Assets Property, plant and equipment (net) Goodwill Intangilbles Long term investments Notes receivable long term Other long term assets, total Other assets, total Total Assets Liabilities and Shareholders Equity Accounts payable Payable/accrued Accrued Expenses Notes payable/short term debt Current portion of LT debt/Capital leases Other current liabilities Total Current Liabilities Long term debt, total Deferred income tax Minority Interest Other liabilities, total Total Liabilities Preferred stock (redeemable) Preferred stock (unredeemable) Common Stock Additional paid-in captial Retained earnings (accumulate deficit) Treasury stock commo n ESOP debt gaurantee Other equity, total Total Shareholders Equity Total Liabilities and Shareholders Equity Diluted weighted average shares Total preferred shares outstanding 7. 00% Acc. Payable % of Sales Pay/accured % of Sales Acc. Exp. % of Sales Notes payable % of Sales Curr. Debt % of Sales Other curr liab % of Sales LT debt % of Sales Def. inc. tax % Sales Min. Int. % of Sales Other liab. % of Sales 7. 0% 0. 0% 4. 9% 0. 0% 0. 0% 5. 6% 7. 1% 0. 0% 4. 3% 0. 0% 0. 0% 6. 8% 7. 0% 0. 0% 6. 8% 0. 0% 0. 0% 9. 3% 7. 4% 0. 0% 5. 4% 0. 0% 0. 0% 6. 1% 5. 0% 0. 0% 8. 7% 0. 0% 0. 0% 5. 3% 6. 7% 0. 0% 6. 0% 0. 0% 0. 0% 6. 6% 0. 5% 0. 0% 0. 0% LT debt is manually adjusted for AFN in the pro formas 0. 5% 0. 7% 0. 9% 0. 1% 0. 5% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% 0. 0% ear Assets Cash equivalents Short term investments Receivable, total Inventory, total Prepaid expenses Other current assets, total Total Current Assets Property, pand and equipment (net) Goodwill Intangible Long term investments Notes receivable long term Other long term assets, total Other assets, total Total Assets Liabilites and Shareholders Equity Accounts Payable Payable/accrued Accrued expenses Notes payable/short term debt Current portion of LT debt/Capital leases Other current liabilities Total Current Liabilities Long term debt, total Deferred income tax Minority interest Other liabilities, total Total Liabilities Preferred stock (redeemable) Preferred stock (unredeemable) Common Stock Additional paid-in-capital Retained earnings (accumulated deficit) Treasury Stock ESOP Debt Guarantee Other equity, total Total Shareholders Equity Total Liabilties and Shareholders Equity 2007 Foreasted Balance Sheets 10 Years 2008 2009 2010 2011 540 226 522 545 61 133 2,028 571 0 146 146 958 31 0 3,882 217 0 195 0 0 214 626 2 17 0 0 645 0 0 1 83 3,152 0 0 0 3,595 3,882 835 306 705 736 83 180 2,844 771 0 198 198 1,293 42 0 5,347 293 0 263 0 0 289 845 1 23 0 0 869 0 0 1 83 4,393 0 0 0 4,86 6 5,347 1,236 412 952 993 112 243 3,949 1,042 0 267 267 1,746 57 0 7,327 395 0 356 0 0 391 1,141 2 31 0 0 1,175 0 0 1 83 6,068 0 0 0 6,571 7,327 1,775 557 1,285 1,341 151 328 5,437 1,406 0 360 360 2,357 77 0 9,998 534 0 480 0 0 527 1,541 2 42 0 0 1,585 0 0 1 83 8,328 0 0 0 8,861 9,998 2012 2,721 724 1,671 1,744 196 427 7,482 1,828 0 468 468 3,065 100 0 13,410 694 0 624 0 0 685 2,003 1 55 0 0 2,058 0 0 1 83 11,268 0 0 0 11,831 13,410 2013 4,876 905 2,089 2,179 245 533 10,827 2,285 0 585 585 3,831 125 0 18,238 867 0 780 0 0 857 2,504 2 68 0 0 2,574 0 0 1 83 14,941 0 0 0 15,549 17,600 2014 6,490 1,086 2,506 2,615 294 640 13,631 2,742 0 702 702 4,597 150 0 22,524 1,041 0 936 0 0 1,028 3,005 3 82 0 0 3,090 0 0 1 83 19,350 0 0 0 19,983 22,524 2015 9,363 1,281 2,958 3,086 347 755 17,790 3,235 0 828 828 5,424 177 0 28,283 1,228 0 1,105 0 0 1,213 3,545 4 97 0 0 3,647 0 0 1 83 24,552 0 0 0 25,224 28,283 016 12,849 1,499 3,460 3,611 405 884 22,708 3,785 0 969 969 6,346 207 0 34,986 1,437 0 1,2 92 0 0 1,419 4,148 1 113 0 0 4,262 0 0 1 83 30,639 0 0 0 31,374 34,986 428 168 387 404 45 99 1,531 423 0 0 108 710 23 0 2,795 161 0 145 0 0 159 464 0 13 0 0 477 0 0 1 83 2,234 0 0 0 2,648 2,795 Total common shares (diluted) Total preferred shares outstanding AFN (interactive with 3 items below) Adjustment to LT Debt Buy Back Common Stock to Fund AFN Set Balance Sheet Cash Lower to Fund AFN 214 0 0 0 330 428 210 0 0 1 358 540 206 0 (0) (1) 388 835 202 0 (0) 1 419 1,236 198 0 0 (0) 448 1,775 194 0 0 (1) 478 2,721 190 0 0 1 523 4,876 186 0 0 1 549 6,490 182 0 (0) 1 588 9,363 179 0 0 (4) 651 12,849 ear Liquidity Current Quick Net Working Captial to Total Assets Asset Management Days Sales Outstanding Inventory Turnover Fixed Asset Turnover Total Asset Turnover Debt Management Long-Term Debt to Equity Total Debt to Total Asset Times Interest Earned Profitability Gross Profit Margin Operating Profit Margin Net After-Tax Profit Margin Total Assets Turnover Return on Assets Equity Multiplie r Return on Equity GRMN values in millions (except per share items) Historical Ratios and Valuation Model 2002 2003 2004 5. 83 5. 12 0. 56 45. 73 8. 09 6. 25 0. 66 0. 0 0. 0 N/A 54. 8% 38. 1% 30. 7% 0. 66 20. 2% 1. 11 22. 4% N/A 57. 7% 39. 6% 31. 7% 0. 67 21. 2% 1. 16 24. 5% 5. 17 4. 24 0. 51 52. 69 5. 92 5. 47 0. 67 0. 0 0. 0 N/A 53. 9% 35. 5% 27. 0% 0. 68 18. 4% 1. 5 22. 9% 3. 61 2. 73 0. 41 52. 71 4. 92 4. 44 0. 68 0. 0 0. 0 2005 4. 10 3. 08 0. 44 60. 73 5. 14 5. 74 0. 75 0. 0 0. 0 N/A 52. 1% 32. 4% 29. 7% 0. 75 22. 4% 1. 20 26. 9% 2006 3. 46 2. 66 0. 44 83. 02 6. 55 7. 07 0. 94 0. 0 0. 0 N/A 49. 7% 31. 3% 29. 0% 0. 94 27. 1% 1. 16 31. 4% 2007 3. 30 2. 43 0. 38 58. 98 5. 93 5. 66 0. 86 0. 0 0. 0 2008 3. 24 2. 37 0. 36 58. 98 5. 93 5. 66 0. 83 0. 0 0. 0 2009 Forecasted Ratios nd Valuation Model 10 Years 2010 2011 2012 2013 3. 46 2. 59 0. 38 58. 98 5. 93 5. 66 0. 80 0. 0 0. 0 3. 53 2. 66 0. 39 58. 98 5. 93 5. 66 0. 80 0. 0 0. 0 3. 74 2. 86 0. 41 58. 98 5. 93 5. 66 0. 77 0. 0 0. 0 4. 32 3. 45 0. 46 58. 8 5. 93 5. 66 0. 71 0. 0 0. 0 2014 4. 54 3. 67 0. 47 58. 98 5. 93 5. 66 0. 69 0. 0 0. 0 2015 5. 02 4. 15 0. 50 58. 98 5. 93 5. 66 0. 65 0. 0 0. 0 2016 5. 47 4. 60 0. 53 58. 98 5. 93 5. 66 0. 61 0. 0 0. 0 3. 36 2. 49 0. 37 58. 98 5. 93 5. 66 0. 82 0. 0 0. 0 52. 0% 33. 8% 28. 4% 0. 86 24. 4% 1. 06 25. 7% 3. 17 52. 0% 33. 8% 28. 4% 0. 83 23. 7% 1. 08 25. 6% 4. 37 52. 0% 33. 8% 28. 4% 0. 82 23. 2% 1. 10 25. 5% 6. 02 52. 0% 33. 8% 28. 4% 0. 80 22. 9% 1. 12 25. 5% 8. 30 52. 0% 33. 8% 28. 4% 0. 80 22. 6% 1. 13 25. 5% 11. 43 52. 0% 33. 8% 28. 4% 0. 77 21. 9% 1. 13 24. 8% 15. 16 52. 0% 33. 8% 28. 4% 0. 71 20. 1% 1. 17 23. 6% 19. 34 52. 0% 33. 8% 28. 4% 0. 9 19. 6% 1. 13 22. 1% 23. 68 52. 0% 33. 8% 28. 4% 0. 65 18. 4% 1. 12 20. 6% 28. 51 52. 0% 33. 8% 28. 4% 0. 61 17. 4% 1. 12 19. 4% 34. 04 EPS (using diluted shares and excluding extraordinary itmes) 0. 66 0. 83 0. 94 1. 40 2. 35 DPS (dividends per share) 0. 00 0. 25 0. 25 0. 25 0. 00 A B C D E F Valuation Metrics Trend Analysis (NOPAT, EVA, MVA, FCF and Captial in millions 2002 2003 2004 2005 2006 NOPAT (net operating profit after tax) 139 180 218 277 480 ROIC (return on invested capital) 39. 4% 36. 5% 37. 5% 36. 8% 47. 0% EVA (economic value added) 100 125 154 194 366 FCF (free cash flow) N/A 39 130 106 212 Weighted Average Cost of Capital 11. % Net Operating Working Capital (NOWC) 277 388 410 573 769 Operating Long Term Assets 74 105 172 179 251 Total Operating Capital 352 493 581 752 1,020 Valuation (in millions where appropriate) through year 2016 2006 Long-term Horizon Growth Rate (user-supplied) 7. 00% PV of forecasted FCF, discounted at 11. 1% $ 15,630 Value of Non-Operating Assets $ 410 Total Intrinsic Value of the Firm $ 16,041 Intrinsic Market Value of the Equity $ 16,021 Per Share Intrinsic Value of the Firm $ 71. 42 MVA (market value added) $ 13,992. 71 Weighted Average Cost of Capital Calulation Item Value Percent Cost Weight Cost ST Debt (from most recent balance sheet) 0 0. 00% 7. 00% 0. 0% LT Debt (from most recent balance sheet) 0 0. 00% 8. 50% 0. 00% MV Equity 191,420 100. 00% 11. 00% 11. 00% Weighted Average Cost of Capital 11. 00% Capital Asset Pricing Model Risk Free Rate 4. 80% Beta 1. 17 Market Risk Prem. 7. 00% Cost of Equity 12. 99% 2007 661 49. 4% 513 344 11. 1% 914 423 1,337 2007 $ 17,021 $ 596 $ 17,617 $ 17,617 $ 79. 36 $ 14,373. 15 2008 892 50. 5% 696 462 11. 1% 1,196 571 1,767 2008 $ 18,449 $ 766 $ 19,215 $ 19,213 $ 87. 77 $ 14,853. 99 2009 1,205 48. 3% 928 480 11. 1% 1,720 771 2,491 2009 $ 20,016 $ 1,141 $ 21,157 $ 21,156 $ 97. 18 $ 15,150. 82 Forecasted Valuation Metrics 10 Years 2010 2011 2012 1,626 2,195 2,854 46. 8% 45. 8% 42. % 1241 1663 2116 645 873 1002 11. 1% 11. 1% 11. 1% 2,431 3,388 4,818 1,042 1,406 1,828 3,472 4,794 6,646 2010 $ 21,593 $ 1,648 $ 23,241 $ 23,239 $ 106. 97 $ 15,022. 23 2011 $ 23,116 $ 2,332 $ 25,448 $ 25,446 $ 116. 85 $ 14,255. 21 2012 $ 24,680 $ 3,445 $ 28,125 $ 28,124 $ 127. 30 $ 12,849. 45 2013 3,567 36. 5% 2481 431 11. 1% 7,497 2,285 9,782 2013 $ 26,988 $ 5,781 $ 32,769 $ 32,767 $ 142. 05 $ 11,439. 21 2014 4,281 34. 6% 2907 1685 11. 1% 9,635 2,742 12,377 2014 $ 28,299 $ 7,576 $ 35,874 $ 35,872 $ 151. 99 $ 8,315. 41 2015 5,051 31. 0% 3241 1118 11. 1% 13,074 3,235 16,310 2015 $ 30,321 $ 10,644 $ 40,966 $ 40,961 $ 166. 18 $ 5,096. 78 2016 5,910 28. 2% 3582 1243 11. % 17,191 3,785 20,976 2016 $ 33,563 $ 14,348 $ 47,911 $ 47,910 $ 188 $ 2,188. 63 Historical ROIC: Decomposition and Drivers Firm Ticker: GRMN Gross Margin 2002 54. 80% 49. 70% 2006 Operating Margin 2002 28. 10% 31. 30% 2006 SGA/Revenues 2002 9. 67% 12. 12% 2006 Depreciation/Revenues 2002 0% 0% 2006 Oper. Working Captial/Revenues 2002 59. 57% 43. 35% 2006 Fixed Assets/Revenues 2002 50. 11% 41. 04% 2006 ROIC 2002 39. 4% 47% 2006 Pre-Tax ROIC 2002 50. 28% 54. 41% 2006 Cash Tax Rate 2002 21. 90% 13. 50% 2006 Average Capital Returns 2002 0. 91 1. 18 2006 Forecasted ROIC: Decomposition and Drivers Firm Ticker: GRMN Gross Margin 2007 52. 00% 52. 00% 2016 Operating Margin 2007 33. 80% 33. 0% 2016 SGA/Revenues 2007 10. 90% 10. 91% 2016 Depreciation/Revenues 2007 0% 0% 2016 Oper. Working Captial/Revenues 2007 38. 16% 80. 27% 2016 Fixed Assets/Revenues 2007 52. 78% 57. 33% 2016 ROIC 2007 49. 4% 28. 2% 2016 Pre-Tax ROIC 2007 60. 61% 34. 54% 2016 Cash Tax Rate 2007 18. 40% 18. 40% 2016 Average Capital Returns 2002 1. 1 0. 72 2006 GRMN Piotroskis Financial Fitness Evaluator Value 514 212 1. 43 1. 08 5. 59 -0. 64 0. 28% -2. 40% 1. 49 0. 61 0. 61 Score 1 1 1 1 1 0 1 0 1 1 1 9 Rationale Score 1 point for positive net income. Score 1 point for positive free cash flow. Score 1 point if % increase in NI % increase in total assets. Score 1 point if EBIT ; NI Score 1 point if % increase in TA ; % increase in TL Award 1 point if Current Ratio at least is as large as last year. Award 1 point if total dilluted shares incrased by less than 2%. Award 1 point if gross margin increased last year. Award 1 point if sales increased fast er than total assets Award 1 point if ratio is less 5. 0. Award 1 point if ratio is less than 4. 0. Net Income Free Cash Flow ROA (% change NI/%change TA) Earnings Quality (EBIT/NI) Total Assets to Total Liabilities Working Capital (Current Ratio) % Change Shares Outstanding (Diluted) Gross Margin Asset Turnover (% change sales/%change assets) Total Liabilities to EBITDA Total Liabilities to Operating Cash Flow (EBIT) Total Score (11 = maximum) Don’t waste time! Our writers will create an original "Garmin (GRMN) Recommendation" essay for you Create order

A Success Plan for Your University Math Course - 684 Words

Getting accepted into a University is one of the most exciting experinces that someone can have. However, along with much joy one is often over come with fear and anxiety. Being a college student comes with many obligations, all of which revolve around getting good grades. One of the most anxiety provoking classes that a student can take is math. Although, if you hold yourself to some strict guidelines and plan for success, by having good time management skills, always taking notes, and keeping your self confidence up when your confused. These will make mastering math much easier and you will give you a higher success rate. At times College can seem like a juggling act; between going to classes, studying for tests and doing homework. All it really comes down to is being effective at time management. It is difficult to figure out your heiracry of commitments and alotting the appropriate amount of time to each task. 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The intermittent conflict over political authority and taxation, enhanced by American agitators and British bungling, gradually moved Americans from asserting rights within the British Empire to open warfare with the mother country. Chapter summary The American War of Independence was a military conflict fought from 1775 to 1 783, but the American Revolution was a deeper transformation of thought and loyalty that began when the first settlers arrived in America and finally led to the colonies political separation from Britain. One source of long-term conflict was the tension between the considerable redeem and self-government the colonists enjoyed in the American wilderness and their participation in the British Empires mercantile system. While British mercantilism actually provided economic benefits to the colonies along with certain liabilities, its limits on freedom and patronizing goal of keeping America in a state of perpetual economic adolescence stirred growing resentment. The short-term movement toward the War of Independence began with British attempts to impose higher taxes and tighter imperial controls after the French and Indian War. To the British these were reasonable measures, ender which the colonists would simply bear a fair share of the costs of the empire. To the colonists, however, the measures constituted attacks on fundamental rights. Through well-orchestrated agitation and boycotts, the colonists forced repeal of the Stamp Act of 1 765 as well as the Townsend Acts that replaced it, except for a symbolic tax on tea. A temporary lull in conflict between 1770 and 1 773 ended With the Boston Tea Party. This radical action was instigated by a network of Boston agitators who refused to bow to the stubborn Massachusetts governors attempt to enforce a law that benefited primarily he British East India Company monopoly. In response to the Tea Party, the British imposed the harsh Intolerable Acts, and coincidentally passed the Quebec Act that roused deep fears Of religious as well as political tyranny. These twin actions stirred ferocious American resistance throughout the colonies, and led directly to the calling of the First Continental Congress and the clash of arms at Lexington and Concord.As the two sides headed into war, the British enjoyed the advantages of a larger population, a professionally trained militia, and much greater economic strength. American rebels had advantages of territory and leadership, but their greatest asset was the fervent commitment of that minority of Patriots who were ready to sacrifice everything for their rights. Developing the chapter: suggested lectur e or discussion topics Explain how the colonists had gradually developed very strong ideas of rights and liberty that differed considerably from the meaning of those terms within the context of the eighteenth-century British Empire.Show how, as a result, actions that the British considered moderate and reasonable were seen by the colonists as evidence of a vast conspiracy by a corrupt aristocracy to deprive them of their basic freedoms. Reference: Bernard Bailey, Ideological Origins of the American Revolution (1967). Examine the crucial issues in the conflict, perhaps focusing on the colonial cry of No taxation without representation. Point out that this slogan actually revealed how strong a sense of self-government the colonists had already developed, since they did not really want representation in the British Parliament (even had it been offered).The same goes for the tricky distinction between internal and external taxation. Preference: Robert Middlemans, The Glorious Cause: The American Revolution, 1763-1789 (1982). Explain more fully how patriotic groups like the Sons and Daughters Of Liberty used boycotts, agitation, propaganda, and sometimes violence or near- violence to keep the Revolutionary movement alive, even in periods of seemingly improved relations. The focus might be on the constant spiral of action and reaction that gradually moved the conflict from an ideological and political debate to open vio lence and warfare. Preferences: Pauline Maier, From Resistance to Revolution (1 972); Edward Countryman, The American Revolution (1987). Develop an appreciation of the relative strengths and weaknesses of the two sides by focusing on their typical military representatives: the British redcoats and the American minutemen (militia). Point out how the professional British army came to be seen as a hostile occupying force (for example, in the Boston Massacre), while the strong American preference for the citizen-soldier militia reflected a love of liberty and dislike of powerful authority. Preferences: Robert Gross, The Minutemen and Their World (1 976); John Sly, Toward Lexington: The Role of the British Army in the Coming of the American Revolution (1965). For further interest: additional class topics Focus on the question of the inevitability of the War of Independence by asking whether independence might have come without a war. Use Canada as a counterexample to show that British colonies in America d id not have to revolt but might have developed autonomy (and eventually independence) peacefully within the empire.Examine the issue of whether the Revolution was a true revolution in the political and social order or whether it was instead a conservative movement, in the sense of defending a status quo Americans had long ago accepted as heir natural birthright. A good way to sharpen this question is to discuss whether the Revolution should be viewed primarily as a change from monarchy to republic, as a fight to preserve colonial rights, or as the separation of the colonies from England. Focus on one of the dramatic episodes of the early Revolutionary struggle: The Stamp Act crisis, the Boston Massacre, the Boston Tea Party, or Lexington and Concord.Discuss how the particulars of the event (for example, rock throwing at British soldiers, dumping the tea) fit into the larger political context of the movement toward Revolution. Discuss the role of African-Americans and Indians in the Revolution, both in support of the Patriot cause and as Loyalists drawn to back the British. Consider the tensions and contradictions in the Patriots language of rights and liberty in relation to their treatment Of slaves and others whom they did not consider part of their communities.Reexamine the conditions and events leading up to the Revolution from a British perspective, including the system of mercantilism and the imposition of taxes. Discuss why the British might have thought they were being quite onerous to the colonists (for example, in defending them from France almost for free) while seeing the Americans as ungrateful and hostile to all authority. Character sketches Samuel Adams (1722-1803) Samuel Adams was the principal political activist for American liberty and rebellion in the early asses.As organizer of the committees of correspondence, he strongly influenced the movement toward American independence. Adams came from a moderately well off and ambitious clan that included his second cousin, John Adams. Samuel failed badly after taking over his fathers brewery and ended up deeply in debt. But he turned out to be as good at politics as he was bad at business. By 1763 he was the leader of the Whipping post Club, a political group that had a strong local influence. Adams took the democratic side against royal Governor Thomas Hutchinson and his wealthy political allies. While Adams never endorsed mob violence, he proved a master at turning popular passions to the advantage of the radical cause. When the tea crisis began, Adams organized the rousing public meetings at Baneful Hall that culminated in the Boston Tea Party. Although he served in both Continental Congresses, Adams possessed the kills of an agitator, not a legislator, and he rapidly lost influence once the war began. His later career was confined to Massachusetts (where he served as governor from 1794 to 1 797), and he remained deeply suspicious of all forms of centralized power.Quote: Driven from every other corner of the earth, freedom of thought and the right of private judgment in matters of conscience direct their course to this happy country as their last asylum. (1776) reference: Pauline Maier, The Old Revolutionaries: Political Lives in the Age of Samuel Adams (1 980); Dennis Afraid, Samuel Adams: The Father of American independence (1998). Abigail Adams (1744-1818) Abigail Adams was one of the most thoughtful and articulate American women of the Revolutionary era and an early advocate of a larger public role for women. The daughter of a well-known Massachusetts family, she received almost no formal education, like many women Of the time, but she taught herself a good deal by reading on her own, including French and English literature. After marrying John Adams at age twenty (he was twenty-nine), she bore five children between 1765 and 1772. During the ten years of revolutionary upheaval (1773 to 1783), she and her husband, though mostly apart, maintained a constant correspondence that shows Abigail to have been astute and strong-minded.During Johns absence she also managed the family businesses, including their farm in Brainteaser, Massachusetts. After the war, when her husband became president, she defended his policies so actively that some of Dames political opponents sarcastically called her Mrs.. President. Quote: Remember the ladies, and be more generous and favorable to them than your ancestors. DO not put such unlimited power in the hands Of the husbands. Remember all men would be tyrants if they could.If particular care ND attention is not paid to the ladies, we are determined to foment a rebellion, and will not hold ourselves bound by any laws in which we have not had voice or representation. (Letter to John Adams at the Second Continental congress, 1776) reference: Lynn Withed, Dearest Friend: A Life of Abigail Adams (1981). Gilbert du Metier, Marquis De Lafayette (1757-1834) Lafayette was the French nobleman who joined the American Revolution and promoted the Franco-American alliance.His strong sympathy for the Revolution made him an international liberal hero, while in America he has homebodies Franco-American friendship and devotion to freedom. His youthful decision to join the American cause was made partly because he was genuinely stirred by the Revolutionary appeal to liberty but also because the American war offered heroic adventure. In his first combat, at Brandywine, the teenage general Lafayette was shot in the leg. He also commanded one of the divisions at Valley Forge.After persuading the French government to make a substantial commitment to the American cause, he played a crucial role as a commander of the Continental army in Virginia in the months preceding Cornwallis surrender. A leader of the early phase of the French Revolution of 1789, Lafayette lost power when the Revolution turned more radical, and he ended up in prison. His status as an honorary American citizen was used to gain his release. In 1824 he returned to America for a triumphant tour, during which huge crowds turned out everywhere and greeted him warmly. Quote: The moment I heard of America I loved her.The moment I knew she was fighting for freedom, I burned with a desire of bleeding for her; and the moment I shall be able to serve her, at any time or in any part Of the world, will be the happiest one of my life. Reference: Harrow Giles Anger, Lafayette (2002). Paul Revere (1735-1818) Paul Revere, remembered especially for his midnight ride in April 1775 to warn that the British are coming, was a notable American artisan and prominent Bostonian as well as an active patriot in the Revolutionary cause. Reveres father was a French Houghton refugee, and Paul took up his fathers trade as a highly skilled silversmith.Revere fought in the French and Indian War, and afterward became active in many patriotic groups such as the Sons of Liberty and the North End caucus. He became well known for his anti- British cartoons and engravings, including one Of the Boston Massacre. He was also one of the leaders of the Indians who carried out the Boston Tea Party. On their famous ride, Revere and his less well-remembered compatriot William Dates successfully roused the colonial militia and alerted John Hancock and Samuel Adams to go into hiding to avoid arrest.Revere and Dates were finally halted and detained by British patrols before they got to Concord, but were released. Revere later designed and printed the first Continental money, and achieved the rank of lieutenant colonel in the Revolutionary army. Quote: (To a British officer) Youre too late. Ive alarmed the country all the way up. We should have five hundred men at Lexington soon. reference: JoAnn Grotto, Paul Revere: American Patriot (2000); David Hackett Fischer, Paul Reveres Ride (1994). Questions for class discussion 1. Was the American Revolution inevitable?Could America have gradually and peacefully developed independence within the British Commonwealth, as Canada later did, rather than engaging in a violent revolt? 2. Were all the American grievances really justified, or were the British actually being more reasonable than most Americans have traditionally leveled? 3. What was the Revolutionary movement at its core really all about? The amount of taxation? The right of Parliament to tax? The political corruption of Britain and the virtue of America? The right of a king to govern America? The colonies growing sense of national identity apart from Britain?Was the Revolution truly a radical overturning of government and society-?the usual definition of a revolution-?or something far more limited or even conservative in its defense Of traditional rights? 4. In 1775 which side would a neutral observer have expected to win-?Britain or the colonies? Why? Suggested Student Exercises Examine the biographies of some of the better-known Loyalists, and consider why they remained loyal to Britain while others in similar positions did not. Governor Thomas Hutchinson of Massachusetts and Benjamin Franklins son William, governor of New Jersey, are good examples. Even General Benedict Arnold came to be considered a belated Loyalist) Trace the history and continuing influence of the Loyalists who migrated to Canada after the Revolution. Examine their impact on subsequent Canadian history and political theory. Expanding the varying viewpoints Carl L. Becker, Beginnings of the American People (1915). A progressive view of the Revolution as the product of social conflict among colonial groups: It was the opposition of interests in America that chiefly made men extremists on either side .Those men who wished to take a safe middle ground, who wished neither to renounce their country nor to mark themselves as rebels, could no longer hold together. Bernard Bailey, The Ideological Origins of the American Revolution (1967). An ideological view of the Revolution as resulting from the colonists ideas about liberty and power: The colonists believed they saw emerging from the welter of events during the decade after the Stamp Act a pattern whose meaning was unmistakable.

The Beauty of the Black Widow Essay Example

The Beauty of the Black Widow Essay He shows inspiration, fascination, respect and love for widows. He furthers his purpose by using rhetorical strategies throughout his text. Graces uses imagery, metaphors, similes, personification, tone, figurative language and repetition. Graces uses imagery and simile to further the purpose of the black widow. A few of the females had eaten enough to molt; they had the beginning of their blackness. That tangle of broken web clung to my forearms. They felt Like tricking water in my arms hair. (177) In this quote he explains to the audience how he felt hen these widows were in his arms by using simile and imagery. The simile helps the author to compare one thing to another. And the imagery where he uses descriptive details to make the audience visualize the incident. He didnt feel bad when these widows where in his arms he feels them like trickling water, so here he shows his love for them, because he wasnt scare of them. I walked out onto the open alarm and raised my arms Into the stiff wind. The widows answered the wind with new strands of web and drifted away, their bodies gold in the late sun. (177) Here Graces uses personification where he says the widows uses answer the wind. Here he compares widows to humans and this helps the author to humans and helps the author get the audience attention and to further his purpose, because he could say it in a different way and by not comparing It to humans, but also this shows Graces love fascination for widows. The widow comes down and, with the bicycling of the hind pair of legs, throws gummy silk onto this new pray (177) Here Graces uses metaphor, imagery, and personification. He uses imagery and personification so that the audience can naming how this widow comes down from the web with a bicycling hind pair of legs, like If Is a person riding a bicycle coming down from a mountain. This helps the author further his purpose, but also helps the audience understand, comprehend and visualized the point of the author. I have come across such black pearls wrapped in silk and, upon peeling off the skin, seen the pearls unfold their legs and rush away. (179) In this passage Graces uses metaphor to compare black widows to pearls. Here in this quote he Is informing the audience that widows are black pearls for him. We will write a custom essay sample on The Beauty of the Black Widow specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Beauty of the Black Widow specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Beauty of the Black Widow specifically for you FOR ONLY $16.38 $13.9/page Hire Writer He feels Inspiration, Attestation, respect Ana love Tort wows Tanat en compares teen to sun expensive precious and exquisite Jewels. He also shows the audience that we should feel the same for widows that instead of been afraid ad kill widows, we should take care of them, gave them love as if they were humans. In this passage he also uses tone because in the way he talks about widows by comparing them to precious things, so the audience can feel the way he feels for widows, which is respect, awe, and love. My mother smashed the widows onto the stick and carried it up into the light. It was still kicking its remaining legs. Mom scraped it against the sidewalk, grinding it to a paste. Then she returned for the white marble- the widows egg sack. This too came to and abrasive end. (180) In this quote Graces uses imagery by providing interesting clarifications and details to further the purpose of his essay. Graces uses metaphor by comparing the marbles to the widows egg sack, and by comparing that, he demonstrates the passion, admiration and love that he feels for the black widows. Finally, rhetorical strategies can help authors do many things in their way. Like furthering their purpose, and convincing the audience about their perspective. Imagery can also help the audience to visualize the essay. The tone of the author can get the audience attention to see his or her perspective toward the subject and also what are their feelings to certain points. Tone can make a text sound good or bad. Repetition can help the author emphasize a certain point that the author is trying to make the audience comprehend. Similes and metaphors help the author to further their purpose by comparing one thing to another, so that the audience can understand.