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thesis proposal exampleWriting your thesis proposal is a very difficult task and one that you have to work diligently on if you want to complete it to the required standard. Your thesis proposal will form the basis for your entire thesis and will map out your work for the coming months, done right it will make conducting your research so much easier, done incorrectly it will cause you to have many problems.

One way to help you write is to study a thesis proposal example. A good example of thesis proposal can give you an idea of what should be included within your proposal and the style in which you should write.

How to Use an Example of Thesis Proposal

You will find many examples of thesis proposals online and I am sure that your tutors will also provide you with an example of thesis proposal that will fit the requirements of your specific program. The important things to consider when you review a thesis proposal example is that each one will be unique, and they will also likely be in slightly different formats as each school and course tends to specify their own formats and requirements for the structure of your proposal. If you want to use an example of a thesis proposal as a template for your own work ensure that you download one that is the correct format for your proposal.

A report example page is below showing the sort of content that you would expect to see within your proposal:

Air Europa Financial Analysis

Executive Summary

This report seeks to point out to the respective sufficient financial analysis required to enable Air Europa to purchase shares at the Aer Lingus, such that it is able to present an appropriate price per share for the shares of Aer Lingus. Subsequently, the report shall highlight the various justifications to the adopted for the share prices in order to ensure that they are neither higher than the anticipated market rates nor lower than would be expected; hence, turning out to be unprofitable to the purchasing company (Air Europa). Additionally, the report shall study the key areas to be studied when bidding for the company, in relation to the aspects that may go wrong during the acquisition process. This shall be discussed paying attention to the aspects of the difficulties that are inherent in the acquisition and merger processes, and the various approaches that can be used by the firm in valuing and validating the quality of the shares, and their prices, before ultimately making a final purchase of the same.

Overview of the Airlines

Air Europa is a Hungarian-based airline company that was established by the Globalia Tourism Group in 1986 with the main aim of operating and coordinating air travels between European countries, particularly Spain. It is the second largest Spanish airline that is committed to the highest quality and safety standards, environment, and the state-of-the-art technology. In this regard, the company can be regarded as rapidly expanding in its operations, key among them the development and sustenance of mergers with, and acquisition of other firms in the same industry having similar operational goals (Fridson & Alvarez 2011). One such agreement that is being arranged is between Air Europa and Aer Lingus to which Air Europa seeks to make a bid on the shares of Aer Lingus. In addition, the company has in various occasions been recognized for the contributions made in handling various aspects of management and operation.
For instance, the airline is the one considered to have engaged in the Federal Aviation Administration’s (AIRE) Program that was intended at enhancing the attainment of greater savings in the consumption of energy by the airlines. Subsequently, the company was able to gain public recognition locally and internationally for having been at the forefront for the reduction of gas emissions by airlines.

History of Aer Lingus and its Share Price

Aer Lingus Group Plc, is an Ireland national carrier headquartered at Dublin Airport, and operates a fleet of Airbus aircraft across various parts of the world including Europe, North America, North Africa and Turkey. It was founded in 1936, and since then it has majored in the serving of domestic passengers move between London Heathrow and Aberdeen airports. It also moves passengers and limited cargo goods between the cities of Manchester and Edinburgh. It has been performing these services on behalf of the Virgin Atlantic Airways Limited.

At its incorporation, the airline’s main primary mission was to connect Ireland to the rest of the world through its airline and cargo services, to which it currently operates approximately 47 fleets of modern Airbus aircrafts. This it aimed to provide at very competitive market rates so as to attract customers. However, due to several managerial factors, the company has not been able to meet these objectives; hence, it has lagged back in its operations and, as a result, there has been a witnessed decline in the number of flights that it commissions (Shim & Siegel 2007). As a result, the company’s revenues have overtime declined significantly and steadily, having a direct effect on its share prices in the share market where the same was listed. The implication of this is that investors and most of the shareholders have not been pleased by the performance of the company so far; hence, are contemplating taking out on the investments that they made on the company’s shares (Damodaran 2012).

However, investors and subscribers to the shares of Aer Lingus have had to deal with a great sense of change in the share prices of the company. A massive pullout of the investors from the firm may not be productive to the firm in the sense that it has affected its operations and significantly lowered the worth of its shares in the market. However, this unfortunate turn of events does not necessarily imply that the company has been unable to meet up to its objective; except that it is in the verge of being declared bankrupt by the government. In such a scenario, an acquisition or merger with other established firms is the only viable option that the company’s management has, for it to be able to survive the harsh economic conditions in the environment in which it lives (Mckinney 2004). In this manner, it will still be able to carry out its operations, but under new management and probably, identity/name.

It is in this manner that the management of Air Europa, a well-established airline firm seeks to gain consent for an acquisition of the Aer Lingus Company through the purchase of a portion of its shares. This pressure for sale of shares by the company has been in place since the directive that was given to Ryanair that holds 29.8% stake in the company, by the UK’s Competition Commission to sell a mandatory rate of 5% of the stake in order to save the company.  This was because the commission perceived that Ryanair had interfered with the interests of other airlines to purchase the shares (Brigham & Ehrhardt 2013). Therefore, it has been the desire by Air Europa to gain an opportunity to purchase the shares, and in this manner, it shall be able to define the share price to use in order to gain access to the firm’s list of shareholders.

This decision to purchase the shares of the company can be backed by the firm’s desire to be inclusive of the market share given the insurgence into the European market by the Middle Eastern Airline companies such as Emirates, Qatar, and Etihad. Air Europa hopes that through this, it shall be able to take advantage of the newly designed hubs at the Dubai and other regional airports; hence, continue in its expansion programs.

Share-prices determination and justifications

For Air Europa to be able to gain access to the market share of Aer Lingus, it needs to determine an appropriate rate of Pounds or Euros per share that will be acceptable to both companies without the compromising of the profit attainments by Air Europa. Subsequently, the share price chosen by Air Europa should be strategically determined in that it would enable the ease in the determination of the prices that are likely to be set by the other firms that have also shown a great interest in acquiring the Aer Lingus Company and its airline operations.

Aer Lingus has its shares listed both in the London Stock Exchange and the Irish Stock Exchange. According to data obtained from the two stock exchange markets, the current share prices as at 6th February, 2015 was €2.23. A study into the trend of the firm’s share prices has revealed that it has had unstable share prices with certain times the shares prices dropping to levels as low as €1.6 per share and at other times, the level rising to highs of €4.43. The understanding of this trend in the share prices is essential to Air Europa in that it would define the set share price that would be accepted by both parties.

The variations in the share prices of Aer Lingus are eminent from the previous market operations in which the market was closed at a higher price of €2.26, which is higher than the close price for today by €0.3. Subsequently, the bid price and ask price varied marginally by €0.01. As such, should Air Europa seek to set the share purchase price at this moment, it may need to consider a value that lies between the ask and bid prices of the share for the day. This is because the market of shares is influenced by the forces of demand and supply that defines the quantity of shares that are ultimately traded (Seidner, Zietlow & Hankin 2013). Therefore, with a consensus in the price, the company will be able to outweigh other bidders in the market for the same shares. In this case, the most appropriate share price given the above information would be €2.235. Besides this value being in the middle of the bid and ask price for the shares for the current trading day, it would not result in a loss to Air Europa, since, it shall have not paid the entire price of €2.24 that was asked for by Aer Lingus. The current volume of the shares that were traded were 23,682 shares. This would be essential to the company to acquire in that it would have given it an upper hand in the acquisition process and attainment of a controlling factor of the company and its airline operations.

The share/stock prices in any given stock market are mainly affected by certain factors such as market sentiment, the growth expectations of the buying company, the valuation of the shares, the share’s momentum in the market and the market activities as determined by the Central/Federal Bank. In consideration of these factors, Air Europa should take into consideration the fact that in the case of the Central Bank’s activities, should it decide to make changes to the rate of interest, there would be a significant change in the market share prices. The result would be for firms to raise their share prices in order to factor in the variation caused by the increased interest rates. In another context, Air Europa needs to monitor the momentum gained by the shares of Aer Lingus in the market since the day it was listed or for an extended period of time, approximately one year. This would give it a clue as to whether the shares are moving in the market and the frequency at which that is being performed.

In considering the valuation for the shares, the company needs to consider that it values the share prices not based on historical data alone, but on future market activities that may have an effect on the share prices. The valuation should be based on the Profits/Earnings ratio that would reveal the expected earnings from that particular share (Brigham & Ehrhardt 2008). A higher P/E ratio would be an indication of low returns on the share in the future. The growth expectations of the shares also influence their prices; hence, needs to be taken into consideration by the management of Air Europa since this would allow it to assess the economic factors in the respective market of operation that might affect the share prices of the stocks of Aer Lingus in the future. Finally, considering the daily operations of the share in the market, it would be possible for Air Europa to determine the share prices. This aspect would also enable it to determine the allocations it does to the portfolio of the stocks.

Difficulties inherent in the acquisition or merger

Various companies, including the parent firms of Aer Lingus, have sought several times to acquire or merge with the firm, but have at some point failed in their bids. In most of the occasions, the failure has been as a result of the denial by Aer Lingus’ management to sell the company shares to the buyer or merger companies. In other instances, the failure in the acquisitions/mergers has been attributed to the industry factors that are in place to hinder the firm or buyer firms from getting an acquisition of the firm’s shares (Wessels, Amp, Koller & Goedhart 2013).

Key among the inherent difficulties that have been associated with the acquisition and takeover plans of Aer Lingus Company has been in relation to the industry consolidation in which it has been perceived to be slow and painful. Therefore, it is essential for firms hoping to acquire Aer Lingus, particularly Air Europa to make certain that they are not affected by the strategic disadvantages that are associated with the process (Damodaran 2012). This is in relation to the share price being offered that should be enough to win the support and confidence of the Irish Government and Ryanair that own 25 percent and 30 percent of the company’s shares respectively. This is the greatest challenge to be anticipated by Air Europa given that the key stockholders of the firm have also wanted to fully acquire the shares of the company and failed. As such, the main concern to the Air Europa shall be in relation to the winning the support of these key stockholders of the firm in order to buy their shares or a part of the remaining 45 percent being held by the Aer Lingus.

Another difficulty inherent with the purchase of the share of Aer Lingus by Air Europa is in relation to the required maintenance that would be required out of the same. According to this aspect, the acquiring company will be required to perform a turnaround of the Aer Lingus’ operations through a complete restructuring and downsizing of the human resources in order to enhance the revenue generation capacity of the firm.

It is also essential to attract and win customers back to a business such as Aer Lingus that has had its clients abandon it for other airlines for several managerial faults. As such, it would be required that the consolidation issue be sorted out by the airlines so as to rectify the issue of elusive customers running to other low-cost rival airlines in the region.

Additionally, the acquisition process may be hindered by problems of dealing with the large firms that have also shown interest in buying the firm’s shares. As such, in case of a stiff competition from these firms and the offering of relatively high share prices, Air Europa may lose to these firms and miss on the opportunity to strategically position itself in the airlines industry. Subsequently, the acquisition or merger with the airline may pose a threat in the sense that the firm may fail to realize huge operational differences by addition of the firm to its activities (Hayes 2009). This aspect can be largely attributed to the fact that there will be a reduction in the level of concentration of Air Europa to the key aspects of management; hence, failing to realize the anticipated change in the landscape of airline management.

There is a possibility failure in the major operations of the services of Air Europa should Aer Lingus growth prospects continue to deteriorate. In this manner, it becomes essential that the acquisition is keenly monitored and verified so as to enable the company not to incur losses by having to lower its charges after the acquisition in a bid to keep up with Aer Lingus’ low performance. As a result, Air Europa will be required to make greater considerations for capital consolidations.

Key issues impacting Aer Lingus Different approaches to valuation

The main issue affecting the approaches to valuation of the shares of Aer Lingus is in relation to the capital consolidations required by the firm. This is imperative in that it has a direct impact on the business of the airline, financially. Another issue that is facing the airline and likely to influence its valuation processes is the issue of policies related to the firm’s connectivity to other airlines. This is in consideration of the fact that the sale will be required to take into consideration the future air services offered by the airline out of Ireland.

Subsequently, the airline’s main shareholder firms such as Ryanair are currently being faced with tough decisions to make owing to the stiff competition facing them towards the acquisition of Aer Lingus. In this manner, Aer Lingus finds difficulty in the valuation of its shares, as it needs to get the authorization from the Administration and Ryanair, both of which are key stockholders. However, the main issue now comes when it is noted that Ryanair having failed to acquire the firm is faced with decisions of either selling the shares, holding on to them or saying no to the sale. This makes it hard to value the shares and present them for purchase to prospective firms such as Air Europa.

The valuation of the shares are also affected by the time period taken to value and ultimately sell them. The market of stock is quite volatile and is prone to dynamic changes, most of which are prompted by demand and supply forces that makes it hard for Aer Lingus to exactly determine the actual price to quote for its shares. Furthermore, as indicated by its current share prices, analysts perceive this to decline at any point in time to lows of €1.96 per share. If this becomes the case, the sale of the shares by the firm will imply that it goes at a loss by allocating a large number of shares to one firm at a considerable low price.

Based on the rules set out by the Stock Exchange depart, it is not allowed to sell most of the shares to one shareholder. As such, it would be significant for Aer Lingus to take this aspect into consideration when making its valuation of the shares. This makes sure that the factor of connectivity is not destroyed; thus, leaving the government helpless. The plans to develop the airline’s services out of Ireland would also greatly affect it valuation processes as it would be required that the company make sale to a firm that would continue with the provision of the carrier services to Ireland (Damodaran 2012).

Conclusion and Recommendation

Aer Lingus Company, being concerned with its transfer of ownership to other firms seeks to ensure that it gets the value for its shares. However, to firms such as Ryanair and Air Europa that seek for acquisition of the company and its operations, the determination and setting of the shares at the lowest price possible would greatly benefit them (Hayes 2009). Air Europa seeks to acquire Aer Lingus in order for it to increase its global services, as well as make it to be strategic in its carrier service provisions in the region.

In this study, the main concern has been the highlighting of the aspects pertaining to the acquisition process targeted by Air Europa over the shares of Aer Lingus, in which the report has indicated that based on the current share price of Aer Lingus, it would be essential to set a price that is slightly lower than the market price (Damodaran 2012). This price setting is done taking into consideration the market effects that have taken place due to the involvement of Aer Lingus into other acquisition deals with other companies that have ended up failing. Furthermore, Air Europa needs to take great care before purchasing the shares given that the decline in the operations and customer base of Aer Lingus may trickle down to the services of Air Europa for a certain period immediately after acquisition. As such, it is required that the firm keeps in check the operations of Aer Lingus for it to be able to assess any variable change in the share prices that might be an indicator of future failure of the shares in the stock Exchange market (Wessels, Amp, Koller & Goedhart 2013).

On the contrary, it would be recommended that Air Europa proceed with the purchase of the shares and subsequent acquisition or takeover of the firm, as this will improve its strategic positioning in the Ireland market; hence, lead to increased revenues for the firm. However, this needs to be undertaken with caution given the failure of the takeover to the firm that have been witnessed in the past, especially with the interference of the government. This interference is prompted by the government having 25% stake in the company; hence, Air Europa needs to accept to adhere to the terms of the government at all times.

References

Brigham, E & Ehrhardt, M 2008, Financial management: theory & practice. Mason, Ohio, Thomson Business and Economics.
Brigham, E & Ehrhardt, M 2013, Financial management: theory and practice. Mason, Ohio, South-Western.
Damodaran, A 2012, Investment valuation: tools and techniques for determining the value of any asset. Investment Valuation. Hoboken, N.J., Wiley.
Fridson, M & Alvarez, F 2011, Financial statement analysis a practitioner’s guide, fourth edition. Hoboken, N.J., John Wiley & Sons. http://www.123library.org/book_details/?id=50992.
Hayes, G 2009, A practical guide to business valuations for SMEs. Sydney, N.S.W., CCH Australia Limited.
Mckinney, J 2004, Effective financial management in public and nonprofit agencies. Westport, CT, Praeger.
Seidner, A, Zietlow, J & Hankin, J 2013, Financial management for nonprofit organizations policies and practices. Hoboken, N.J., Wiley. http://rbdigital.oneclickdigital.com.
Shim, J & Siegel, J 2007, Handbook of financial analysis, forecasting, and modeling. Chicago, IL, Wolters Kluwer/CCH.
Wessels, D & Amp, M, Koller, T & Goedhart, M 2013, Valuation measuring and managing the value of companies. Hoboken, N.J., Wiley. http://rbdigital.oneclickdigital.com

This example thesis proposal page will give you some ideas as to what should be included within your proposal. However you should ensure that you follow the guidance supplied by your tutor and the exact format that they have supplied you with so that your proposal is exactly right. Use a thesis proposal example for ideas as to what to write and the style to use but never copy anything directly from a thesis proposal example or you will soon find your academic career ended.

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Tips for Writing Your Thesis Proposal

Being able to submit a thesis proposal that is not going to be rejected is vital if you want to continue on with your research. The following are some simple tips that you should follow to make sure that your proposal will have the greatest chance of success:

  • Select your research topic with great care. It must be suitable for both research at your level and through the institution you wish to study with. It must also be of importance to your field of study and must be able to maintain your interest for the duration of your research.
  • Ensure that your research questions or thesis are defined clearly. If they are not then your proposal will lack the focus that it requires.
  • Understand the academic style that your thesis proposal needs to be written in right from the start; mistakes in your formatting or structure can easily see a proposal rejected even if your research ideas are sound.
  • Create a formal plan with clear milestones for your research and writing before you start. The better that you plan the more likely you are to get things done on time. Submitting your work late can almost certainly mean that your proposal will be denied.
  • Outline your proposal carefully before you start writing. This will let you see exactly how everything fits together and will prevent a lot of rewriting later. A good outline will also show you where you have holes in your ideas and what is required for your proposal.
  • Do writing in a place that is free of all distraction and turn off your phone and all forms of social media on your computer. Get into a routine to get your work done by studying and writing at the same time each and every day.
  • Review your writing very carefully to make sure that your work is written in an engaging and persuasive manner.
  • Proofread to ensure that there are no errors within your writing and formatting. If possible have another work through your writing and never simply trust your computer to find all issues.

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