...European Equity Research UK – Food & Drugs Retailers Madrid, October 6, 2010 TESCO Better International Should Help Re-rating RECOMMENDATION UPGRADED TO BUY FROM HOLD TARGET PRICE RAISED TO GBP490 FROM GBP450 BUY CURRENT PRICE: GBP430 TARGET PRICE: GBP490 Jaime Vázquez (+34) 91 289 5436 javazquez@gruposantander.com Borja Olcese (34) 91 289 1853 fdolcese@gruposantander.com We upgrade Tesco from Hold to Buy and raise our Dec-11 TP from GBp450 to GBp490. The two key highlights from the 1H11 results are the better than expected international LFLs in 2Q and the increased confidence in the US. Management provided more detail than usual at the presentation, which we believe denotes confidence. International LFL: 4.1% in 2Q after 0% in 1Q. We believe LFL is the key driver of CROI and not scale via openings. With better LFLs, the ‘maturing effect’ looks more credible to us. In the four most mature countries, the CROI of the mature assets (>4 years) is 220bp higher than the CROI of all assets. US to break even in 2012E/13E: the improvement in LFLs and other underlying metrics show that the key components of a profitable model are coming together. The worsening of overall losses in 1H from US$132mn to US$143mn is explained by the adverse leverage from new space and the acquisition of two supplier factories (US$10-15mn loss). This is a highly operationally geared business and improving LFLs is therefore key. UK: we agree with management that LFLs (Tesco’s and the industry’s)...
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...Corporation Community Building Responsibility: The analysis of how Cadbury balance the interests between interior and exterior stakeholders Being one of the global confectionery magnates, Cadbury operates a business incorporating production and promotion of sugary food in a worldwide scale. The flagship brands Cadbury Dairy Milk, Trident, Halls, Dentyne and Clorets underpin the leading position throughout the world for the corporation, with a significant market share of 10.1%. The renowned name ‘Cadbury’ and symbolic purple are manifestation of high-quality sweetmeat according to mindset of the consumers. However, a high profile in taking on the social responsibilities is gradually a necessity for this globalization era, as the emergence and lucidity of the social contract between the businesses and the society. Despite the provision of prevailing goods and services for consumption under a legitimate circumstance, the corporations are supposed to practice in a scope where the beneficial organizations can be achieved in a broader width. The trend for interests of stakeholders to be on the company’s agenda becomes one aspect of this invisible contractual relationship, rather than narrow down its mission for profits maximizaion for present and potential shareholders. This article aims at analysing and evaluating the balancing extent of the fulfillment between interests of shareholders and stakeholders outside the corporation by Cadbury Schweppes PLC. Enterprises, with an entitlement...
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...OBJECTIVE TO KNOW THE CUSTOMER PREFERENCE TOWARD THE CADBURY’S CHOCOLATES. TO KNOW THAT THE CONSUMERS ARE FULLY AWARE ABOUT THE CADBURY’S CHOCOLATES. Introduction The Cadbury’s Inc has taken the opportunity to offer us a broader view of chocolate category. The Cadbury India’s no.1 Chocolate is able to share with their market insights based upon unparalleled breath of chocolate experience. Cadbury has grown from strength to strength with new technologies being introduced to make the Cadbury confectionary business, one of the most efficient in the world. The merge in 1969 with Schweppes and the subsequent development of the business have led to Cadbury Schweppes taking the led in both, the confectionary and soft drink market in tech UK and becoming a major force in the international market. Cadbury Schweppes today manufactures product in 60 countries and a trade in staggering 120. The Cadbury story is a fascinating story of a family business that grew in one of the biggest, most loved chocolate brand in the world. A story that you will remember as the story of “The taste of life”. Milk chocolate for eating was first made by Cadbury in 1897 by adding milk powder paste to the dark...
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...Cadbury is a chocolate confectionary market that was started in 1824 by John Cadbury in Birmingham. He started with a shop selling coffee, tea, drinking chocolate and cocoa. This was started because he believed that alcohol was the main cause of poverty in the society. Therefore he thought chocolate drinks could be an alternative for alcohol. John was already selling 11 kinds of cocoa and 16 kinds of chocolate drinks by 1842. Benjamin, John’s brother also joined him in his company to form Cadbury Brothers of Birmingham. From there, their sons George and Richard carried out the business, expanding it and making lots of profits. The business was run by many generations till now by the Cadbury family. Now Roger Cadbury runs Cadbury since 1996.Currently Cadbury has operations in more than 50 countries around the world, including the United Kingdom, Ireland, Unites States, Australia, New Zealand and India. Cadbury has also involved itself in commitments such as the Cocoa sourcing commitments, Environmental commitments and The Cadbury Foundation. In 1905, Cadbury launched its Dairy Milk bar, with a higher proportion of milk than previous chocolate bars, and it became the company's best selling product by 1913. Fruit and Nut was introduced as part of the Dairy Milk line in 1928, soon followed by Whole Nut in 1933. By this point, Cadbury was the brand leader in the United Kingdom. Several other products accompanied these: Flake, Cream-filled eggs, Crunchie and Roses. Cadbury's Milk...
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...CADBURY V-5 9/8/05 1:38 PM Page 1 Extending the Product Life cycle through Repositioning Overview This study looks: ◗ The Cadbury Snack range ◗ The product life cycle ◗ Repositioning as a strategy for maturity introduction Cadbury Ireland is a subsidiary of Cadbury-Schweppes plc, a global leader in the manufacture of confectionery and beverage products. Cadbury Ireland was set up in 1932 and today has three production plants, in Coolock and Dun Laoghaire in Dublin and Rathmore, Co. Kerry. More than 200 products are exported from Ireland to 30 countries around the world, contributing over €110m to Irish trade. The distinctive taste of Cadbury Ireland’s products is due to the use of local ingredients and the company is one of the largest users of indigenous Irish materials. The Product Life Cycle concept The product life cycle model helps marketers identify the different stages that the sales and profits of a product go through during the course of its lifetime. There are five stages to the product life cycle: introduction, growth, maturity, saturation and decline. Cadbury Snack The Cadbury Snack range was launched in the 1950s in Ireland. The range consists of three main products: ◗ ◗ ◗ Snack Wafer in distinctive pink packaging Snack Shortcake in distinctive yellow packaging Snack Sandwich in distinctive purple packaging The Snack range is the third biggest confectionery brand in Ireland accounting for over €22m of Cadbury...
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...Corporate social responsibility (CSR) isn't just about doing the right thing. It means behaving responsibly, and also dealing with suppliers who do the same. It also offers direct business benefits. See the page in this guide on how to benefit from corporate social responsibility. Building a reputation as a responsible business sets you apart. Companies often favour suppliers who demonstrate responsible policies, as this can have a positive impact on how they are perceived by customers. Some customers don't just prefer to deal with responsible companies, but insist on it. The Co-operative Group, for instance, place a strong emphasis on its corporate social responsibility and publishes detailed 'warts and all' reports on its performance on a wide range of criteria - from animal welfare to salt levels in its pizzas. Find out about The Co-operative Group's approach to CSR on the Co-operative Group website - Opens in a new window. Reducing resource use, waste and emissions doesn't just help the environment - it saves you money too. It's not difficult to cut utility bills and waste disposal costs and you can bring immediate cash benefits. For more information read our guide on how to save money by reducing, reusing and recycling waste. There are other benefits too: - A good reputation makes it easier to recruit employees. - Employees may stay longer, reducing the costs and disruption of recruitment and retraining. - Employees are better motivated and more productive. - CSR...
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...Co-operative society, its expansion and future possibilities in context of Bangladesh Co-operative Society: A Co-operative society is essentially an association of persons who joined together in a voluntary basis for the further once of their common economic interests. Short Overview on Co-operative Society: The co-operative movement began in Europe in the 19th century, primarily in England and France, although The Shore Porters’ Society claims to be one of the world's first co-operatives, being established in Aberdeen in 1498. The industrial revolution and the increasing mechanization of the economy transformed society and threatened the livelihoods of many workers. The concurrent labor and social movements and the issues they attempted to address describe the climate at the time. The first co-operative may have been founded on March 14, 1761, in a barely-furnished cottage in Fenwick, East Ayrshire, when local weavers manhandled a sack of oatmeal into John Walker's whitewashed front room and began selling the contents at a discount, forming the Fenwick Weavers' Society. In the decades that followed, several co-operatives or co-operative societies formed including Lennoxtown Friendly Victualling Society, founded in 1812. The early attempts at forming co-operatives met with varying degrees of success, and it was not until 1844 when the Rochdale Society of Equitable Pioneers established the 'Rochdale Principles' on which they ran their co-operative, that the basis for development...
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...1. What is the possible meaning of the changes in stock price for Berkshire Hathaway and Scottish Power plc on the day of the acquisition announcement? Specifically, what does the $2.17 billion gain in Berkshire’s market value of equity imply about the intrinsic value of PacifiCorp? a. The possible meaning of the changes in stock price is due to the fact that the deal created value for both buyers and sellers; Berkshire was more diversified after the acquisition. The significant change in stock prices for Berkshire Hathaway and Scottish Power plc is partially due to the wide variety of products produced under these names. The approval of these investments and products are indicated by the overall market because they are creating value for both the buyer and the seller. Berkshire Hathaway is responsible for eight different types of product ranging from insurance and financial products to retail including wholesale distributing and apparel along with an array of smaller businesses. b. The $2.17 billion gain in Berkshire’s market value of equity implied that the intrinsic value of PacifiCorp was good because it fell within the range of competitors based on the following calculations: $2.17 billion / 312.18 million = $6.95 – Berkshire is willing to pay this premium for each share of PacifiCorp 5.1 billion / 312.18 million = $16.30 per share of PacifiCorp $6.95 + 16.30 = 23.25$ (see Exhibit 9) 2. Based on the multiples for...
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...boy band"; although noted the song was not as "crazy catchy" as their previous songs.[1] Lauren Wheeler of TheCelebrityCafe.com gave the song 5 out of 5 stars noting that the lyrics were "reflective" and "much deeper than some of their bigger hits." Wheeler added that the song showed that One Direction "not only have range, but also have matured through their music."[5] Chart performance[edit] On 31 October 2013, the song debuted at number one on the Irish Singles Chart, becoming One Direction's fourth number-one single in Ireland.[6] The song also debuted at number one in New Zealand, becoming both their second number-one debut and single on the New Zealand Singles Chart.[7] The single has been unsuccessful in reaching number one in the UK on three occasions, firstly by debuting at number four, then climbing to three, and finally by stalling at...
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...Context Page 1.0 Introduction------------------------------------------------------------------------ Page 3 2.0 The history of the Co-operative Group--------------------------------------- Page 3 3.0 The strategies and reason for the growth in Co-operative---------------- Page 3 4.0 Finding 4.1 The definition of PESTLE Analysis-------------------------------------- Page 4 4.2 Political factor --------------------------------------------------------------- Page 4 4.3 Economic factor ------------------------------------------------------------- Page 5 4.4 Socio-logical factor --------------------------------------------------------- Page 5 4.5 Technology factor ----------------------------------------------------------- Page 6 4.6 Legal factor ------------------------------------------------------------------- Page 6 4.7 Environment factor --------------------------------------------------------- Page 7 5.0 Conclusion ---------------------------------------------------------------------Page7 6.0 References List----------------------------------------------------------------Page7 1.0 Introduction This report will focus on the Co-operative Group and seek to identify the main areas of business environment such as the strategies of Co-operative Group which helped it to grown into such a big company, the definition of PESTEL analyses, and use the PESTLE analysis tools to scrutiny how six factors of external environment affected Co-operative...
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...In 2010, five boys beat hundred of thousands others to get the coveted spots in the seventh series "The X Factor". Niall Horan, Zayn Malik, Liam Payne, Harry Styles and Louis Tomlinson did not know each other before the audition of the British talent show but they were grouped together by fate and later achieved fame in one direction. The members applied as solo candidates but they did not qualify as "Boys" category, thus judge Nicole Scherzinger suggested them to form a group so that they would qualify as "Groups". One Direction began toppling their competition one by one although they remained the only group in its category. With Simon Cowell as their mentor, One Direction managed to finish third behind runner-up Rebecca Ferguson and winner Matt Cardle. But One Direction were the quickest to break through the charts in United Kingdom and United States. Their supposed winning song "Forever Young" was leaked online after the "X Factor" final. The group signed a recording deal with Syco Records and they went on the annual contestants tour through April 2011. Meanwhile, work on their debut album was also moving fast. "What Makes You Beautiful" was released as the first U.K. Single in September 2011. The song successfully landed at number on U.K. Singles chart. "Gotta Be You" was released as one last bullet before the album "Up All Night" was released in November 2011 and took the second spot of U.K. Albums chart by selling more than 138,000 copies in the first week....
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...will be discussing each of the stakeholders and their influences. Stakeholder | Tesco | Cancer Research UK | Customers | Customers of Tesco are people who shop in the business, whether it is in stores or online. They are the ones putting money in the business which emphasises their status as key stakeholders. The customers want high quality products for reasonable prices and they like to see offers and deals which helps create better value for money. | The customers of Cancer Research UK are either those affected by Cancer or those who donate money to the charity. Those who donate expect their money to be put to good use. These are known as stakeholders because they contain a big proportion of the charity’s donations. This means they expect the charity to provide the best treatment and care possible for those suffering from the disease. | Employees | These are the people who work for Tesco. They are known as stakeholders because they rely on the business doing well in order to secure their employment. These employees often look to gain promotions by taking the best opportunities available. Also, these employees may feel privileged that they represent Tesco. | Many of the people working for Cancer Research UK are volunteers. They are offering their free time to the business to do whatever they can in order to help them. These are stakeholders to Cancer Research UK because they are relying on the businesses to make use of their free time they are offering. The employees...
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...Lyrics of Call Me Maybe – Carly Rae Jepsen I threw a wish in the well Don’t ask me, I’ll never tell I looked to you as it fell And now you’re in my way I trade my soul for a wish Pennies and dimes for a kiss I wasn’t looking for this But now you’re in my way Your stare was holdin’ Ripped jeans, skin was showin’ Hot night, wind was blowin’ Where you think you’re going, baby? Hey, I just met you and this is crazy, But here’s my number so call me maybe It’s hard to look right at you baby, But here’s my number so call me maybe Hey, I just met you, and this is crazy, But here’s my number, so call me maybe And all the other boys, try to chase me, But here’s my number so call me maybe You took your time with the call I took no time with the fall You gave me nothing at all, but still you’re in my way I beg and borrow and steal Have foresight and it’s real I didn’t know I would feel it, but it’s in my way Your stare was holdin’, Ripped jeans, Skin was showin’ Hot night, wind was blowin’ Where you think you’re going, baby? Hey I just met you And this is crazy But here’s my number So call me maybe It’s hard to look right, at you baby, But here’s my number so call me maybe Hey, I just met you, and this is crazy But here’s my number so call me maybe And all the other boys, try to chase me, But here’s my number so call me maybe Before you came into my life I missed you so bad I missed you so bad I missed you so, so bad Before you came into my life I...
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...his life situation. The third part is also a flashback where Ishraqi is getting sent back to Iran and Max came home to his mother. The story has an open end. Max is a 16-years old boy who lives in Groydon, London with his mother nearby the UK Border Agency Centre. A place which becomes the central setting in the story. Max father left the family a year ago and went to Thailand. Max has a bad relationship with his mother and he hates his father for has left them. He goes to Brit school, which is a school for performing arts and technology. His mother says that his mind is twisted, with basically means that he cannot goes to a normal school. He doesn’t appreciate that he is a student at the school. He hates English and Math and he often bunks from those classes. At the beginning of the story, we hear Max have a conversation with the bus driver. Max has planned that jump of the bus, because of a math test at school. The bus driver says to Max ‘’you’re lucky to have a place at the Brit – and you’re just wasting it’’ (L. 32 P. 8), which says a lot about Max and the main theme of the story. Max has all opportunities in the world. Max decides to hang out and smoke a cigarette, near the UK Borders Agency Centre. The building of the UK Border Agency is made of concrete, which also makes the atmosphere at the building a sad and grey environment. ‘’There was the usual bunch og people milling round outside the vast concrete and glass block looming up into the sky’’ (L. 38 P. 9)...
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...First Born When I was 19 I became pregnant with my first child. I was at work when I became sick. I went to the doctor the next day. They gave me two different types of pregnancy test and both came back positive. The moment the doctor walked in I knew that’s what she was going to tell me. In that moment my whole life changed. I did not know what was going to happen to me, my family, or my relationship. I was going to school and working full time, was I just supposed to stop all that for a kid? I went home to tell my boyfriend and soon after my parents. Travis took the news very well. He hoped for a boy as all males do, but secretly I wanted it to be a boy as well. Travis was very supportive in my decision to keep the baby and he promised to stay with me all the way. My parents loved the idea of having a grandbaby. They weren’t too fond of my age but they soon came over it. They began buying things for the baby even though we didn’t know the sex yet. It was such a great thing to see and feel all their support for me and Travis. The day arrived for us to find out the sex and it was also Travis’ first time going to an ultrasound. The second we walked in Travis began to become uncomfortable and paced around the waiting room. The doctor called us back, and we sat there in that below freezing room with no means of escape. Here we are about to see our baby with no idea how we’re going to do this. The doctor placed the gel then the wand on my belly. She looked around a moment then...
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