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Boston and Paul

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BOULTON & PAUL LIMITED- INVESTMENT REPORT
By (Student’s Name)

Course
Instructor
Institution
City, State
Date

1. Introduction
Boulton & Paul has been an icon in the world of metallic and wood manufacturing all over the world from its inception in the 19th century. Having began as an ironmonger’s shop by William Moore in 1797 in Norwich, the firm has grown steadily to become one of the greatest steel manufacturers of all times with numerous products that have been exported throughout the world (Holmes, 2009). The firm’s products included stoves, building steel structures, fire buckets, metallic machinery, aircraft, and industrial machinery. The company was highly regarded in Britain and was contracted during World War I to build military aircraft for the Royal Air force. Its notable aircraft models included P.3 Bobolink, P.7 Bourges fighter-bomber, and Sopwith Camel. The company also specialized in developing innovative wood products including a wooden fridge which, however, did not penetrate the market.
Boulton and Paul had built in excess of 2,500 aircraft by the end of the First World War, in addition to flying boat hulls, a number of hangers, and large sheds for aircrafts (Holmes, 2009). The company was the first firm to build an all-metal framed aircraft, which was first displayed in the 1919 Paris Aero Show. During the 1920s financial crisis, all of the company’s workers took a pay cut and the company survived the period. Thereafter, it expanded to Australia and Birmingham where it began manufacturing giant air ships.
Significant changes occurred in 1936 when the company was bought by Jean Tresfon and the company went into massive manufacturing of wooden fuselages for gliders and aeroplanes. However, the company was attacked during the Second World War and its production was briefly disrupted as it lost some of its workers in the attack. After the war, Boulton and Paul was a vibrant company producing numerous products such as the automatic drilling machine and holiday camp pedalos. Up to the end of the century, the company has been producing a wide range of innovative products that have been sold throughout the world.
2. Industry Overview
Boulton & Paul Limited has engaged in the manufacture of a wide range of products and has faced a number of competitors including other aircraft builders in the Euro-zone region (Brick, 2014). Favorable metal and wood price movements and heavy investment in the infrastructure and construction sector, by the Government of Britain, has supported the equipment and tools industry to grow consistently. This support from the government has translated the equipment and tools prices in Britain to be lowest in the world.
Due to the lower cost of production, it is expected that, Britain will be able to pull up big contracts from the local construction projects and on the other hand it makes it easier for British equipment and tools Companies to become a leading exporter in the world (Jan, 2013). The equipment and tools industry will keep on growing in the upcoming years due to the latest techniques and cutting edge technologies implemented in the manufacturing and construction sector. Equipment and tools are manufactured from wood and metal, which are extracted obtained for the surrounding or purchased from suppliers.
3. Macroeconomic Factors Affecting Boulton & Paul Limited
The macroeconomic factors through history contributing in the growth of Boulton & Paul Limited were increased demand for metallic equipment and kitchenware in the world market that resulted in increased demand for the company’s products that were highly rated by the market (Holmes, 2009). Other macroeconomic factors that fueled up the growth of different equipment and tools industry of Britain was speculation of general investor which translated into increased stock prices, commercial value and high income levels (Mathias, and McKenna, n.d.). Moreover, industrial sector growth also contributed to the growth of equipment and tools industry of Britain due to gas initiatives and petrochemical diversification. The net exports of the equipment and tools industry companies of Britain got hit due to increasing transportation costs and lower selling price for export equipment. The equipment and tools industry is naturally exposed to the risk of negative fluctuations in fuel and energy costs as these represent 50% to 60% of the total production cost of equipment and tools (Mirabile, M., Sangare, C., and Schmerler, C., 2014). However, the equipment and tools companies in Britain benefit from the low cost of production primarily due to subsidized fuel provision from Ministry of Petroleum. Moreover the Government also took initiative to import the unsubsidized equipment and tools for meeting the demand for equipment and tools in Britain. The government also provides the subsidies to the equipment and tools producing companies to cover any extra cost associated with the imports. The domestic demand for equipment and tools has been rising due to heavy investment in infrastructure and increasing demand for residential projects. According to recent reports, the demand for equipment and tools stood at 55700 kilo tons in 2013 and is anticipated to touch the mark of 78258 kilo tons by 2020 i.e. growth of 5.4% during 2013 to 2020 (Frank, Smith and Smith, 2003). The heavy construction demand is mostly confined to the Euro-zone as these are considered as the prime manufacturing areas. Economic development and urbanization is being experienced in the central and western region of Britain in the upcoming years.
3.1 Key Performance Indicators
The key performance indicators for equipment and tools industry can be compiled in many ways. Some main key performance indicators can be a plant’s clinker, equipment and tools manufacturing capacity.
3.2 Competitive Structure
The main competitors of the equipment and tools industry in Britain have increased from 8 to 13 (Brick, 2014). There are ten listed companies operating in equipment and tools industry in Britain while four are privately operated. 4. Analysis
From a financial analysis, the following were determined. The plant in Great Yarmouth was built in the late 1800s and has been idly sitting on the firm’s books for a while. The plant was fully depreciated on the firm’s books except for the estimated purchase cost of the land (in 1948 after the ramping down of aircraft manufacturing orders from the Royal Air Force) of £10,000.
The land now appears to be a valuable piece of real estate due to its proximity to a reasonably high end shorefront development area. Based on your initial enquiries, you estimate that the land on which the plant stands could be sold, immediately or in the near future, for £600,000.
Refurbishing the plant in order to manufacture the complex optical components would involve an initial investment of £500,000. This investment would be depreciated for tax purposes on a 5-year straight line schedule. Assume a corporate tax rate level of 35%.
The new machinery needed for the refurbished plant would cost £1 million. This investment too would need to be depreciated using a 5-year straight line depreciation schedule.
Both the refurbished plant and machinery could possibly be useful for several years after the five year contract production period. However, the market for the specialist high-tech optical equipment is extremely limited with only a handful of possible buyers in the world. Therefore, it is unclear what additional orders could be obtained once the ESA contract is finished. The refurbishment and machinery would need to be custom-designed to produce the optical components with the exact specifications needed. Hence the second hand value of the plant and machinery would probably be zero.
4.1 Net Profit Value and Cost of Capital
Foregoing an opportunity to invest implies losing the returns that would have come with the investment. To attract investment, a financial institution should ensure minimum returns equivalent to the forgone returns by an investor. This means the capital they attract has a cost attached to it (Srbu, 2007).The cost of capital is therefore the smallest profit margin expected from a venture, required by financial service providers for capital given. The venture could be a project, a strategic unit, an asset or an entire company. Cost of capital involves the financial aspect of investment. It represents the capital structure used to finance the venture, and will most likely include debt and the cost of equity.
For Bouston & Paul, the cost of capital is the invested amount of money including any debts that the company may have. This gives;
Invested amount ₤ 500.000
Equipment cost = ₤ 1,000.000
Therefore, cost of Capital = ₤ 1,500,000
Net Profit Value is the ₤ 200, 000. This represents the net expected income
4.2 Weight Average Cost of Capital
WACC incorporates the shared capital, equity, and the cost of debt. All these factors are weighted according to their financial source. It represents the overall cost of capital for an entity (Herbohn and Harrison, n.d.). WACC is arrived at by using models to calculate the cost of each financial source. Generally some assumption is made in these models that the required rate of return is interrelated with the shareholder’s future financial performance expectations, which is given as a portion of the investment (Brick, 2014).
Weighted cost of capital for Bouston & Paul = ₤ 1,200,000
5. Discussion 5.1 Cost of Capital and its Implication in financial Analysis
Cost of capital could have numerous implications in a world where the return of a venture that has already used up funds is uncertain (Anon., 2014). Moreover, the means by which the funds were obtained are numerous, including equity issues, and loan facilities. This puts the investor in a position where they have limited control of the course of their investment, and this adds to the complexities already present (Srbu, 2007). The search for effective solutions to these issues has been the key focus of researchers in economics. Three classes of research have been conducted on the subject.
The economic theorist has made effort to look at options to evade the cost of capital problem (Herbohn and Harrison, n.d.). One methodology is to regard bonds and other physical assets as streams whose yield is known, rather than uncertainties. With this assumption, the cost of capital becomes to a business entity, just a rate of interest on bonds. The theorists have consequently inferred that the firm will rationally try to increase on investments in a bid to reach a point where the market rate of interest corresponds and is equal to the physical asset’s marginal returns.
This proposition that relates cost of capital to the rate of interest on bonds was derived from two key decision-making criteria. These two criteria are profit maximization, and market value maximization. Both have equal significance. From the first criterion, the net worthiness of an asset is determined by its ability to increase the profits of its owners. The net profit, however only increases if the projected rate interests is less than the projected rate of returns. The second criterion, on the other hand, places the worthiness of a venture or asset to its ability to add to the owner’s market value. The assets add value measureable by the asset’s returns at the market’s rate of interest. Where the rate of an asset’s returns goes above the rate of interest, the asset’s value exceeds the asset’s cost. In both cases, and irrespective of the asset’s financing method, the cost of capital will be the same, and in most cases it equals the bond’s rate of interest.
6. Conclusion
In light of the evaluated cost of capital of investing in the venture is ₤ 1,500,000. In view of the market conditions, the company still has a competitive edge over its competitors and is expected to get a big share of the market. This means that the company has the strength to establish well in the market and sustain a steady customer base. Historically, the company has demonstrated the ability to capture the market and gain rapid expansion even in the face of stiff competition. Thus, the company has demonstrated a clear leadership in the market, which indicates organizational maturity and steady growth. As such, the company is capable to maintain the same competitive edge over its competitors as it strives to expand and engage in new production. As such, the company should place a bid for the venture and should price it at ₤ 2,200,000. This investment would ensure that the company has the necessary cushion to keep it in the event of harsh economic conditions. The company also has the capability to expand more into newer territory to maintain a competitive edge over its competitors.

References
Anon., 2014. Capital and Revenue Expenditure. [Online]
Available at: http://accounting-simplified.com/financial/fixed-assets/capital-and-revenue-expenditure.html
Brick, A., 2014. Strategies for Reducing Operating Costs. [Online]
Available at: http://www.minnesotanonprofits.org/nonprofit-resources/financial-management/budgeting/strategies-for-reducing-operating-costs
Frank kerins, Richard Smith & Janet Smith, 2003. Opportunity Cost of Capital for Venture Capital Investors and Entreprenuers, Washington: Washington State University.
Herbohn, J., and Harrison, S., n.d. Introduction to financial Cashflow Analysis and Financial Funstions in Excel, s.l.: s.n.
Holmes, B., 2009. Final chapter in Boulton & Paul story. [Online]
Available at: http://www.lowestoftjournal.co.uk/news/final_chapter_in_boulton_paul_story_1_515425
[Accessed 9 November 2015].
Jan, I., 2013. Operating Margin Ratio. [Online]
Available at: http://accountingexplained.com/financial/ratios/operating-margin
John H. Mathias, Jr. and Edward P. McKenna, n.d. The Financial Crisis and AIG: What Now?. [Online]
Available at: http://www.kantakji.com/fiqh/files/markets/p121.pdf
M. Mirabile, C. Sangare and C. Schmerler, 2014. Using financial instruments to mobilise private investment for development, s.l.: OECD.
Srbu, P., 2007. Chapter12:The cost of capital , s.l.: Qualcomm strategic finance group.…...

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...The Boston University Tanglewood Institute (BUTI) is recognized internationally as the premiere summer training program for aspiring high school-age musicians and is the only program of its kind associated with one of the world’s great symphony orchestras. Under the guidance of distinguished professionals and in the presence of the Boston Symphony Orchestra (BSO), young people devote themselves to an artistic experience without parallel. The high artistic standards, rich culture of learning, and diverse programs make BUTI a unique opportunity for young artists, a starting point on the path to a future in classical music. While they differ in content and length, all BUTI programs share a common element:  excellence. From the moment students step onto the grounds, they are immersed in fine music making. Tanglewood is a magical blend of the formal and informal, of joy and hard work. No one who spends a summer at Tanglewood leaves untouched by the experience. Lkdjfsagggggsfjkfgddskl;gdsfl;dfgorofkfvoidkdlfcodklvoskjcflkfkfkgkiedjfjkgsksljkadlfjlajadflajlfaldjdafljasfljflajflajdljfaldjflajfdlajfldjflajflajfladjflkajflkadjflajflkajflsakdfjlkjdflajflklajkdflakfjlkadfjlkasfjldfjajfjafjalkjfldkafjlafdkjlajadjfajfjafjafjfjafjaldfjldskfjasfdkjadfjfjlkkkdoeoidkfkfjgldloekgkjfkgkdklfldldldl The Boston University Tanglewood Institute (BUTI) is recognized internationally as the premiere summer training program for aspiring high school-age musicians and is the only program of its kind......

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