Simulation discounted cash flow valuation for internet companies

Discounted cash flow (DCF) is the most accepted approach for company valuation. It is well grounded in theory and practice. However, the DCF approach, which is commonly used for traditional companies valuation, presents a number of serious weaknesses within the Internet companies’ context. One of these weaknesses is tackling the uncertainty that characterize future cash flows of these companies. Specifically DCF assumes that future cash flow streams are highly predictable. The effects of uncertainty are therefore tackled implicitly by discounting the expected value of the cash flows at a risk-adjusted interest rate. However, under uncertainty, future cash flows of these companies can no longer be characterized by a single value but rather by a range of values of its possible consequences. This paper looks at the way in which uncertainty can be incorporated into the traditional DCF approach so that the latter, which is otherwise conceptually sound, becomes relevant. This is done by recognizing that the DCF input variables are uncertain and will have a probability distribution pertaining to each of them. Thus by utilizing a probability-based valuation model (using Monte Carlo Simulation) it is possible to incorporate uncertainty into the analysis and address the shortcomings of the current model. The MC simulation assigns a range of values in order to cope with uncertainty underlies each key cash flow variable. The process leads to a probability distribution of the valuation criterion used, giving investors a quantitative measure of risk involved

Fasciite nodulaire de la cavite buccale

Introduction: Nodular fasciitis is a benign tumour-like lesion characterized by fibroblastic proliferation. It is common in subcutaneous fascia, usually of the upper extremity but it's very rare in the oral cavity. Frequently misdiagnosed as sarcoma due to its rapid growth, rich cellularity and mitotic activity.Patients and Methods: One patient with an oral nodular fasciitis and a review of literature are reported in order to describe the diagnostic and therapeutic management of this tumour.Case presentation: A 50-year-old female with an intraorally swelling that had been growing progressively over one month. There was no history of trauma. Clinical examination revealed a firm mass palpable measuring approximately 4 cm in diameter. She had an excisional biopsy under local anaesthetic with histopathological analysis. The lesion was surgicalremoved under general anaesthesia through an intraoral approach. One year after excision of the tumour, the oral cavity was free of tumour.Conclusion: Nodular fasciitis is an entity characterized by rapid growth, rich cellularity and mitotic activity, although it is not malignant. It can only be diagnosed by histopathological examination of a biopsy with immunohistochemical staining.The treatment of choice is the complete surgical excision.Keywords: Nodular fasciitis, Oral cavity, Surgical treatment

Code-to-Code Comparison, and Material Response Modeling of Stardust and MSL using PATO and FIAT

This report provides a code-to-code comparison between PATO, a recently developed high fidelity material response code, and FIAT, NASA's legacy code for ablation response modeling. The goal is to demonstrates that FIAT and PATO generate the same results when using the same models. Test cases of increasing complexity are used, from both arc-jet testing and flight experiment. When using the exact same physical models, material properties and boundary conditions, the two codes give results that are within 2% of errors. The minor discrepancy is attributed to the inclusion of the gas phase heat capacity (cp) in the energy equation in PATO, and not in FIAT

Effect of combined treatment with cryotherapy plus chemo- radiotherapy versus chemo- radiotherapy alone in a non-small-cell lung cancer

Background:In end-stage patients when all management options have been used, will often develop compromise of their airways as the cancer continues to progress. Endobronchial therapy options may help to relieve some of their symptoms, allowing improvement in their shortness of breath as they go home in combination with other palliative therapies. Objective: To compare the safety; efficacy; and clinical outcome of endobronchialcryotherapy combined with chemotherapy and/ or radiotherapy versus chemo-radiotherapy alone on patients with Non-small cell lung cancer. Patients and method(s): A prospective randomized clinical trial was carried out on 60 patients, diagnosed as bronchogenic carcinoma non-small cell lung cancer type (NSCLC). The patients attended the hospital in the chest department, Qena Faculty of Medicine, South Valley University. Assessment of the patients was done and randomly assigned into two groups.Group1, Include 30 patients subjected to chemotherapy, radiotherapy and endobronchialcryotherapy.Group2 ,Include include 30 patients subjected to chemotherapy and radiotherapy alone. Result(s): There was significant response meat in symptomatology in Group (1) cryotherapy with regard to cough (P value .000) , dyspnea (P value .000) and haemoptysis (P value .000) . Also, from the functional point of view, in group 1 there were significant improvement to cryotherapy was achieved in FVC(P value .000) , FEV1 (P value .000) , PEFR (P value .000) , and 6MWT (P value .000) . However, there were no significant difference in group 2 between the incidence of improvement in FVC , FEV1 , PEFR , and 6MWT. Conclusion:There wasbenifical effect of combination of endobronchialcryotherapy to patients with lung cancer plus chemo and/ or radiotherapy in the form of improved symptoms and lung functions

Forecasting Tunisian type 2 diabetes prevalence to 2027: validation of a simple model.

BACKGROUND: Most projections of type 2 diabetes (T2D) prevalence are simply based on demographic change (i.e. ageing). We developed a model to predict future trends in T2D prevalence in Tunisia, explicitly taking into account trends in major risk factors (obesity and smoking). This could improve assessment of policy options for prevention and health service planning. METHODS: The IMPACT T2D model uses a Markov approach to integrate population, obesity and smoking trends to estimate future T2D prevalence. We developed a model for the Tunisian population from 1997 to 2027, and validated the model outputs by comparing with a subsequent T2D prevalence survey conducted in 2005. RESULTS: The model estimated that the prevalence of T2D among Tunisians aged over 25 years was 12.0% in 1997 (95% confidence intervals 9.6%-14.4%), increasing to 15.1% (12.5%-17.4%) in 2005. Between 1997 and 2005, observed prevalence in men increased from 13.5% to 16.1% and in women from 12.9% to 14.1%. The model forecast for a dramatic rise in prevalence by 2027 (26.6% overall, 28.6% in men and 24.7% in women). However, if obesity prevalence declined by 20% in the 10 years from 2013, and if smoking decreased by 20% over 10 years from 2009, a 3.3% reduction in T2D prevalence could be achieved in 2027 (2.5% in men and 4.1% in women). CONCLUSIONS: This innovative model provides a reasonably close estimate of T2D prevalence for Tunisia over the 1997-2027 period. Diabetes burden is now a significant public health challenge. Our model predicts that this burden will increase significantly in the next two decades. Tackling obesity, smoking and other T2D risk factors thus needs urgent action. Tunisian decision makers have therefore defined two strategies: obesity reduction and tobacco control. Responses will be evaluated in future population surveys

Effects of electrical stimulation of dorsal raphe nucleus on neuronal response properties of barrel cortex layer IV neurons following long-term sensory deprivation

Abstract: Objective To evaluate the effect of electrical stimulation of dorsal raphe nucleus (DRN) on response properties of layer IV barrel cortex neurons following long-term sensory deprivation. Methods: Male Wistar rats were divided into sensory-deprived (SD) and control (unplucked) groups. In SD group, all vibrissae except the D2 vibrissa were plucked on postnatal day one, and kept plucked for a period of 60 d. After that, whisker regrowth was allowed for 8-10 d. The D2 principal whisker (PW) and the D1 adjacent whisker (AW) were either deflected singly or both deflected in a serial order that the AW was deflected 20 ms before PW deflection for assessing lateral inhibition, and neuronal responses were recorded from layer IV of the D2 barrel cortex. DRN was electrically stimulated at inter-stimulus intervals (ISIs) ranging from 0 to 800 ms before whisker deflection. Results: PW-evoked responses increased in the SD group with DRN electrical stimulation at ISIs of 50 ms and 100 ms, whereas AW-evoked responses increased at ISI of 800 ms in both groups. Whisker plucking before DRN stimulation could enhance the responsiveness of barrel cortex neurons to PW deflection and decrease the responsiveness to AW deflection. DRN electrical stimulation significantly reduced this difference only in PW-evoked responses between groups. Besides, no DRN stimulation-related changes in response latency were observed following PW or AW deflection in either group. Moreover, condition test (CT) ratio increased in SD rats, while DRN stimulation did not affect the CT ratio in either group. There was no obvious change in 5-HT2A receptor protein density in barrel cortex between SD and control groups. Conclusion: These results suggest that DRN electrical stimulation can modulate information processing in the SD barrel cortex

Cellular and humoral immune responses and protection against schistosomes induced by a radiation-attenuated vaccine in chimpanzees

The radiation-attenuated Schistosoma mansoni vaccine is highly effective in rodents and primates but has never been tested in humans, primarily for safety reasons. To strengthen its status as a paradigm for a human recombinant antigen vaccine, we have undertaken a small-scale vaccination and challenge experiment in chimpanzees (Pan troglodytes). Immunological, clinical, and parasitological parameters were measured in three animals after multiple vaccinations, together with three controls, during the acute and chronic stages of challenge infection up to chemotherapeutic cure. Vaccination induced a strong in vitro proliferative response and early gamma interferon production, but type 2 cytokines were dominant by the time of challenge. The controls showed little response to challenge infection before the acute stage of the disease, initiated by egg deposition. In contrast, the responses of vaccinated animals were muted throughout the challenge period. Vaccination also induced parasite-specific immunoglobulin M (IgM) and IgG, which reached high levels at the time of challenge, while in control animals levels did not rise markedly before egg deposition. The protective effects of vaccination were manifested as an amelioration of acute disease and overall morbidity, revealed by differences in gamma-glutamyl transferase level, leukocytosis, eosinophilia, and hematocrit. Moreover, vaccinated chimpanzees had a 46% lower level of circulating cathodic antigen and a 38% reduction in fecal egg output, compared to controls, during the chronic phase of infection

Hepatocellular Carcinoma in Oman: An analysis of 284 cases

Objectives: Hepatocellular carcinoma (HCC) is the most common type of primary liver tumour worldwide and is increasing in incidence. This study aimed to describe the clinical characteristics of HCC among Omani patients, along with its major risk factors, outcomes and the role of surveillance. Methods: This retrospective case-series study was conducted between January 2008 and December 2015 at the three main tertiary care hospitals in Oman. All adult Omani patients diagnosed with HCC and visited these hospitals during the study period were included. Relevant data were collected from the patients’ electronic medical records. Results: A total of 284 HCC patients were included in the analysis. The mean age was 61.02 ± 11.41 years and 67.6% were male. The majority had liver cirrhosis (79.9%), with the most common aetiologies being chronic hepatitis C (46.5%) and B (43.2%). Only 13.7% of cases were detected by the HCC surveillance programme. Approximately half of the patients (48.5%) had a single liver lesion and 31.9% had a liver tumour of >5 cm in size. Approximately half (49.2%) had alpha-fetoprotein levels of ≥200 ng/mL. The majority (72.5%) were diagnosed using multiphase computed tomography alone. Less than half of the patients (48.9%) were offered one or more HCC treatment modalities. Conclusion: The majority of Omani HCC patients were male and had cirrhosis due to viral hepatitis. In addition, few patients were identified by the national surveillance programme and presented with advanced disease precluding therapeutic or even palliative treatment.Keywords: Hepatocellular Carcinoma; Liver Cirrhosis; Human Viral Hepatitis; Public Health Surveillance; Early Detection of Cancer; Alpha-Fetoprotein; Oman

Trypsin-based diet for the growth indices of Spanish mackerel

To protect the sustainability of the aquaculture industry, fishmeal is being replaced with alternative feed ingredients such as plant-based protein components. However, most plant-based feedstuffs contain a wide array of anti-nutritional factors. These factors can potentially hinder nutrient consumption, which in turn can interfere with fish health and performance. Protease enzyme supplements can reverse the impacts of anti-nutritional factors and enhance fish growth. This study aimed to incorporate the trypsin enzyme into the food of Spanish mackerel and explore its effects on growth factors, body composition, and blood biochemical parameters. This study was a fully-randomized experiment with three treatments and three replications. This experiment was carried out as a completely randomized design with three treatments and three replications, and the trypsin enzyme was added to the fish diet at different levels: 0%, 0.015%, and 0.025%. For a timeframe of 60 days, the fish were given experimental diets. The growth indices considered were: specific growth rate (SGR), protein efficiency ratio (PER), condition factor (CF), feed conversion ratio (FCR), weight gain percentage (WGP), and hepatic steatosis index (HSI). The results showed that FCR, PER, SGR, and WGP at enzyme levels of 0.015% and 0.025% were substantially different from the control group

A cost effectiveness analysis of salt reduction policies to reduce coronary heart disease in four Eastern Mediterranean countries.

BACKGROUND: Coronary Heart Disease (CHD) is rising in middle income countries. Population based strategies to reduce specific CHD risk factors have an important role to play in reducing overall CHD mortality. Reducing dietary salt consumption is a potentially cost-effective way to reduce CHD events. This paper presents an economic evaluation of population based salt reduction policies in Tunisia, Syria, Palestine and Turkey. METHODS AND FINDINGS: Three policies to reduce dietary salt intake were evaluated: a health promotion campaign, labelling of food packaging and mandatory reformulation of salt content in processed food. These were evaluated separately and in combination. Estimates of the effectiveness of salt reduction on blood pressure were based on a literature review. The reduction in mortality was estimated using the IMPACT CHD model specific to that country. Cumulative population health effects were quantified as life years gained (LYG) over a 10 year time frame. The costs of each policy were estimated using evidence from comparable policies and expert opinion including public sector costs and costs to the food industry. Health care costs associated with CHDs were estimated using standardized unit costs. The total cost of implementing each policy was compared against the current baseline (no policy). All costs were calculated using 2010 PPP exchange rates. In all four countries most policies were cost saving compared with the baseline. The combination of all three policies (reducing salt consumption by 30%) resulted in estimated cost savings of $235,000,000 and 6455 LYG in Tunisia;$39,000,000 and 31674 LYG in Syria; $6,000,000 and 2682 LYG in Palestine and$1,3000,000,000 and 378439 LYG in Turkey. CONCLUSION: Decreasing dietary salt intake will reduce coronary heart disease deaths in the four countries. A comprehensive strategy of health education and food industry actions to label and reduce salt content would save both money and lives