Garmin (GRMN) Recommendation - Free Essay 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)

Impact of Religion on American History to 1877 - 934 Words

Evidence throughout American history confirms religion has significantly contributed to the evolution of our culture. Multiple events have contributed, including politics, people and weather. Politics and people are widely impacted by religion. Religion is the primary cause of most wars in countries across the world. Many historians believe America was formed on the basis of religion. In this research paper, I will illustrate the impact religion had on American History to 1877. Specifically, it will examine: 1) Major events impacting traditional religious beliefs in America, 2) Religious disputes which impacted land development, and 3) The impact religion had on slavery. Religion is closely tied to events like the Protestant†¦show more content†¦Protestants and Catholics believed religious unity was a critical component to societal existence. The Great Awakening was a precursor to the American Revolution, which ultimately aligned the Republicans and Protestants. Combined into one movement for illustration, it was one of the most significant events in the development of land and politics in the United States (Kerber, 1990). It began in the 1730’s and 1740’s. Pastor Jonathan Edwards, from Massachusetts, started the Great Awakening by affirming the need for God’s grace. He emphasized the need for dependence on grace instead of works alone. Edwards’ doctrine was further expanded by the exuberant preaching of George Whitehead. He led numerous revivals proclaiming God’s divine omnipotence. Their works during the movement revitalized religion in America forever. It removed boundaries between some denominations and created numerous others (Cengage Learning, 2013). Another event significantly impacted by religion in the United States was slavery. Religious freedom was a luxury in Colonial America. Many religions believed slavery was an act of charity. Owning a slave was an extension of their faith. 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Benefits of the Placebo Effect - 918 Words

What if there was a new drug that’s making you high, but is just a sugar pill? What if you can get drunk with non-alcoholic drinks? What if there was a pill that can cure all your physical and emotional problems? This is known as the placebo effect. The placebo effect is a phenomenon in which some people experience a type of benefit after the use of a placebo. A placebo is any substance with no known medical effects; such as sterile water, saline solution, or a sugar pill. (About.com Psychology) Although it doesn’t have known effects, people exposed to the placebo effect often gets the effect on what it’s supposed to do. A placebo is a substance or other kind of treatment that looks like a regular treatment or medicine, but it is really not. It is actually a treatment or substance that is inactive; this means that it is not a real medicine. The person who is getting a placebo does not know that the treatment is not real. Sometimes the placebo is in the form of a â€Å"sugar pill,† but a placebo can also be an injection, a liquid, a procedure, or any other type of therapy that doesn’t directly affect the illness being treated. Even though placebos do not act directly on the disease, it affects about 30% of people who experienced it.(Tulsa Brain Tumor Clinic.) People taking placebos have experienced reduced pain, healed ulcers, eased nausea, and many other illnesses.(ScienceDaily.) As many people suggest, the placebo is actually an expectancy effect; when people already know whatShow MoreRelatedHow Placebos Can Be Effective Method Of Treatment1268 Words   |  6 PagesKnowing that placeb os can be an effective method of treatment, Espay et al. (2015) wanted to see if the price of a placebo would alter its effectiveness. The researchers conducted a double-blind study with twelve patients with moderate to severe Parkinson’s disease. 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Cultural Intelligence and Diversity-Free-Samples for Students

Question: Discuss about the Emotional Intelligence, Cultural Intelligence and Diversity. Answer: Critically comparing results with those of the two people who was evaluated by use of Johari Window Johari Window is one of the communication models that actually help in improving understanding between individuals (Wagner and Hollenbeck 2014). It is for this reason why Johari Window Model had been selected for the present survey as the survey needs to evaluate between two people. This model had been developed so that individuals can build sense of trust between themselves in a way where they can disclose the information about themselves in the most appropriate way. By using the model, people can learn about themselves as well as can work with team and discuss their personal issues by taking feedback from others. Figure: Johari Window (Source: Tran, B., 2016) From the above figure, it is understood that the model is the ultimate way to understand others personality traits. The first person selected from the above results is actually a person who is fun-going and people get to know about him in short span of time. The personality trait that was appropriate for the selected person is Arena or open self areas. This person actually belongs to this quadrant. This is the person who belongs to this category and his peers feels that his personality traits are both known to him as well as others (Saxena 2015). The other person that was selected from the survey result is that a person who actually knows herself but unknown to others and falls under the quadrant Hidden area. There are several personality traits that are known to oneself but not to others. These traits can only be revealed if that person wants to disclose the information according to her will. The selected person belongs to this category where information is known to oneself but not to others (Pinder 2014). The other quadrant is named as Blind spot means selected person is known by his peers but not by himself. This means the information indicate something that is not being known to those persons at any point of time. The last quadrant is named as Unknown area or unknown self where neither the person knows his own personality traits or others (Berland and Berland 2017). After evaluating, it can be understood that the main aim in groups is to develop arena for each person. This particular area helps in enhancing individuality as well as team effectiveness and productivity at the same time. It is the space where actually god communication and cooperation takes place (Bolino et al. 2013). Analyzing strengths and weakness based on the survey results and discussing possible improvements The two person selected from the survey belong to different categories in the Johari Window. The person belonging to Arena phase actually needs to attempt self-disclosure as it is the best process for expanding the Arena vertically (Miner 2015). The key positive point in this category is the feedback part as it is the process by which people expand the area horizontally. In order to build strong and effective team, the person should be encouraging healthy self-disclosure as well as ready to take sensitive feedback at the same time. The advantage of using Johari Window is simple to grab as well as flexible result. It is all about the method that actually catalyses open information sharing. In addition, the model or method actually helps in creating shared reference point (Hogg and Terry 2014). Like every other models, this model too have some limitations, some things are not well-communicated in the model such as mental health problems as well as any other large-scale behaviors. Some people may just pass on the facts that they had received. It even can happen that some people react negatively after knowing certain personality traits. Using the model cannot be linked to activities that eventually reinforce positive behavior or correcting those negative behaviors by any chance (Greenberg 2013). The two people selected from the survey results belong to categories that need improvement at the same time. By using this model, it will be easier to understand as well as improve the person interpersonal communication and relationships in the most appropriate way. It is one of the models that can help to improve understanding between individuals who are working in a team or in a group setting (as the case may be). Reflecting on own competencies where development is required for functioning as a global citizen Level of competency can be judged after using Johari Window as it help in gaining proper understanding of ones personality traits (DuBrin 2013). In order to function as a global citizen, it is important for us to known in which category we fall into and then evaluate it by use of Johari window model. For example By using Johari Window, I know myself now and can improve open self area. In that way, if I have open self area, I can now help me in developing healthy relationships and win in todays competitive environment. The below diagram shows how my relationship with my colleague was on joining the first day of my job After few months and with the help of Johari window, it looks like this, I used to have hidden self personality that was not known to me. I was scared to share my thoughts as well as ideas to other person. After evaluating, I understood that I have so many good qualities in me. As one of the people belong to Arena category, it is important to understand that in the beginning of the communication, when we meet someone, the size of the arena quadrant is not very much large. The reason being that there has been little time as well as chance for exchange of facts. The main aim of person belonging to this category is to expand the Arena to become the leading window. It is only possible by self-disclosure as well as feedback solicitation. I would like to recommend something that will be useful in the case, taking feedback from others is the most important and essential way to know someone. Once the ice is broken and your levels of self-assurance and self-worth rises, it becomes far easier to invite others for remark on persons blind spots. I would recommend that active as well as empathic listening skills are the best for this area. I would recommend individuals who are experiencing the process should carry on further for creating positive expansion plans for one. Practical survey or example by use of Johari Window Individuals are given a list of 55 adjectives and need to pick five or six personality traits that they feel explain their own personality. Below is the list contains adjectives such as: The exercise is to select personality traits and then link it with the quadrant that is present in the Johari Window. This is an interesting task that I feel will be enjoyed by all. On analysis, the survey result selected two people where one belongs to Arena category and other Hidden area. In order to become a perfect global citizen, it is important to know all the facts on own personality traits so that we can try to bring changes that are negative and needs urgent improvements. Reference List Berland, A. and Berland, A., 2017. Using the Johari Window to explore patient and provider perspectives.International Journal of Health Governance,22(1), pp.47-51. Bolino, M.C., Klotz, A.C., Turnley, W.H. and Harvey, J., 2013. Exploring the dark side of organizational citizenship behavior.Journal of Organizational Behavior,34(4), pp.542-559. DuBrin, A.J., 2013.Fundamentals of organizational behavior: An applied perspective. Elsevier. Greenberg, J. ed., 2013.Organizational behavior: The state of the science. Routledge. Hogg, M.A. and Terry, D.J. eds., 2014.Social identity processes in organizational contexts. Psychology Press. Miner, J.B., 2015.Organizational behavior 1: Essential theories of motivation and leadership. Routledge. Pinder, C.C., 2014.Work motivation in organizational behavior. Psychology Press. Saxena, P., 2015. JOHARI WINDOW: An Effective Model for Improving Interpersonal Communication and Managerial Effectiveness.SIT Journal of Management,5(2), pp.134-146. Tran, B., 2016. Communication: The Role of the Johari Window on.Handbook of Research on Effective Communication, Leadership, and Conflict Resolution, p.405. Wagner III, J.A. and Hollenbeck, J.R., 2014.Organizational behavior: Securing competitive advantage. Routledge.