Project Boeing Company

本文书一篇关于波音公司项目的预测评估的essay范文：Project Boeing Company。文中主要描述的波音公司主要作为美国跨国公司设计,制造和销售固定翼飞机,旋翼飞机、火箭和卫星，具有长远的历史。同时通过各方面的评估预算，波音公司会在未来将有一个令人印象深刻的发展。

As an American multinational corporation that designs, manufactures and sells fixed-wing aircraft, rotorcraft, rockets and satellites, Boeing Company was founded in Seattle, Washington and has a long history about 100years.

Boeing is among the largest global aircraft manufacturers. It is the second-largest aerospace & defense contractor in the world based on 2012 revenue and is the largest exporter in the United States by dollar value. Boeing is organized into five primary divisions: Boeing Commercial Airplanes (BCA); Boeing Defense, Space & Security (BDS); Engineering, Operations & Technology; Boeing Capital; and Boeing Shared Services Group. In 2013, Boeing recorded $86.623 billion in sales, ranked 30th on the Fortune magazine "Fortune 500" list (2013), ranked 95th on the "Fortune Global 500" list (2013), and ranked 26th on the "World's Most Admired Companies" list (2013).
After analyzing various documents and financial reports, I hold a positive attitude towards Boeing Company’s performance in the future. It can continue its success in the coming years due to both external and internal factors. From the external environment, political and financial, the rise of new airline business models and rapid growth of air travel in the world’s emerging economies are stabilizing worldwide demand for airplane. Second, there is a surge in the US defense spending. From 2011 to 2012, the budget for the department of defense has a 3.4% increase. It is predicted that defense budget will continue increasing. Third, from the internal perspective, Boeing Company has made great efforts to enlarge its business and earn more revenues. It focuses on research and development activities, such as innovative technologies, improved processes and the creation of new products. All these give Boeing Company a competitive advantage when compared with other aircraft companies. Finally, based on the annual report of 2008 to 2013, I make the financial forecast of Boeing Company. The data in balance sheet, income statement and cash flow make me feel more confident about the company’s future. All in all, Boeing Company will have an impressive development in the future. 
Forecast: 
I observed the data in balance sheet, income statement and the statement of cash flow, and then I look for their change track. From the income statement, the net sales have a continuous increase from 2008 to 2013 with a slight decrease in 2010. Then, I calculate the average growth rate of net sales and use it to get net sales of 2014 and 2015. Because Boeing Company has launched many strategies to enlarge its business, I forecast a bigger increase for its revenues. Utilizing this method, I get all future date.
Assumption
A.Sales growth rate:
Firstly, I get the difference of 2009and 2008’s net sales and divide the result by 2008’s net sales. This result is the growth rate in 2009. Using this method, I get all growth rates from 2009 to 2013 and calculate the average growth rate. After researching the data and the potential trend, I predict a similar growth rate in 2014. Boeing Company will enact the same business strategies to expend its global market. In addition, in 2014 and 2015, Obama administration is still in office. Therefore, the national defense plan will not have dramatic change. So, I predict 2014’s sales growth rate will be 8.5%. I will be 9.4% and 10.5% in 2015 and 2016.
B. Tax Rate: I get the tax rate from 2008 to 2013 by using income taxes on operating income divided by EBIT. After observing the previous tax rate and data in the income statement, I find that the tax rate is not stable with just a little float. So, I assumed it is 18.6% in 2014, 17.5% in 2015, 16.7% in 2016 and 15.6% in 2017.
C. Interest rate/ short-term rate and Interest rate/ Long-term rate:
 I found different interest rate for long-term and short-term from 2008 to 2013 by reading annual reports. After observing the changing trend, I assume that all interest rates, both short and long term, would rise constantly in future. So, I assumed it is 2.8% in 2014, 3.0% in 2015, 3.3% in 2016 and 3.5% in 2017. But as for interest rate of long term, it will have little fluctuation because in the short term the saving policy will not change a lot. Therefore, I assumed the rate would be 12.5% in 2014, 13.6% in 2015, 20.2% in 2016 and 14.2% in 2017.
D. Dividend payout rate: the dividend payout ration measures the percentage of a company’s net income that is given to shareholders in the form of dividends. I found the dividend payout ratio of P&G from 2008 to 2013 online and found that the numbers are constantly increasing, So, I assumed the dividend payout rate will constantly increase from 2014 to 2017. That is 11.2% in 2014, 12.6% in 2015, 13.7% in 2016 and 14.5% in 2017.

Based on the specific analysis about external environment, business strategies and financial statements, I come to the conclusion that Boeing Company will gain more income in the future and purchasing the company is a profitable plan for buyers. All in all, my recommendation is buying Boeing Company. 

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