1. What’s your assessment of the attractiveness of the shipping/delivery industry? What are the competitive strengths of UPS and FEDEX, respectively? 2. How was UPS performing relative to FEDEX? Back up your assessment with your financial ratio analysis. (In other words, what ratios do we look at to examine the relative financial performance of the firms from an investor’s perspective?) What factors in your opinion are causing the differences in performance between the firms? 3. Does it make sense for UPS to carry out an IPO? What are the cost and benefits to going public for the firm? 4. FEDEX uses more operating leases, while UPS relies on capital leases for their planes. How does the choice between operating leases and capital leases impact the Leverage ratio and the Net Long-Term Assets to Sales ratio?