Fincor- Sociedade Corretora, S.A. provides brokerage services including receiving, executing, and transmitting orders. The document does not constitute investment advice or a recommendation and Fincor will not accept responsibility for any use of or effects from the content.
Investment appraisal & company valuation for beginnersAntonio Alcocer
Investment appraisal and company valuation methods for beginners.
Concepts such as time value of money, simple interest, compound interest, CARG, cash-flows, WACC, inflation, discounting and capitalizing cash-flows are covered; in order to analyse and determine the economic feasibility of a project and what is the intrinsic or fair value of a company introducing discounted cash-flow techniques and multiples valuation
Concepts such as time value of money, simple interest, compound interest, CARG, inflation, discounting and capitalizing cash-flows are covered; in order to establish the foundations to analyse and determine the economic feasibility of a project and what is the intrinsic or fair value of a company introducing discounted cash-flow techniques and multiples valuation.
Principais destaques:
Semana Passada:
-“O Euro é Irreversível” – Nova política monetária do banco Central Europeu;
-Zona Euro vai continuar a contrair;
-“Grécia: Vais ser expulsa da Zona Euro?”;
-“Espanha: Não tens alternativas”;
Estimativa Europa, não apresentam melhorias;
Estimativa EUA, “Quantitative Easing 3 (QE3), cada vez mais perto”;
Perspectivas para esta semana:
Europa:
Tribunal Constitucional Alemão decide sobre ESM;
Eleições Legislativas Holanda;
Decisão da Troika sobre a Grécia;
Pedido de resgate (cada vez + próximo) por parte de Espanha?
EUA:
Reunião do FED (5ª feira);
Anúncio do “Quantitative Easing 3 (QE3);
Dados macroeconómicos (Inflação, Vendas a retalho, Produção Industrial e Confiança do consumidor);
China:
Dados macroeconómicos Import/Export (indicam abrandamento);
Investment appraisal & company valuation for beginnersAntonio Alcocer
Investment appraisal and company valuation methods for beginners.
Concepts such as time value of money, simple interest, compound interest, CARG, cash-flows, WACC, inflation, discounting and capitalizing cash-flows are covered; in order to analyse and determine the economic feasibility of a project and what is the intrinsic or fair value of a company introducing discounted cash-flow techniques and multiples valuation
Concepts such as time value of money, simple interest, compound interest, CARG, inflation, discounting and capitalizing cash-flows are covered; in order to establish the foundations to analyse and determine the economic feasibility of a project and what is the intrinsic or fair value of a company introducing discounted cash-flow techniques and multiples valuation.
Principais destaques:
Semana Passada:
-“O Euro é Irreversível” – Nova política monetária do banco Central Europeu;
-Zona Euro vai continuar a contrair;
-“Grécia: Vais ser expulsa da Zona Euro?”;
-“Espanha: Não tens alternativas”;
Estimativa Europa, não apresentam melhorias;
Estimativa EUA, “Quantitative Easing 3 (QE3), cada vez mais perto”;
Perspectivas para esta semana:
Europa:
Tribunal Constitucional Alemão decide sobre ESM;
Eleições Legislativas Holanda;
Decisão da Troika sobre a Grécia;
Pedido de resgate (cada vez + próximo) por parte de Espanha?
EUA:
Reunião do FED (5ª feira);
Anúncio do “Quantitative Easing 3 (QE3);
Dados macroeconómicos (Inflação, Vendas a retalho, Produção Industrial e Confiança do consumidor);
China:
Dados macroeconómicos Import/Export (indicam abrandamento);
Consequences of Abenomics on the Economy and Financial Markets, Ryutaro Kono,...Asia Matters
Ryutaro Kono, Chief Economist, BNP Paribas speaks at Asia Matters' Fifth EU Asia Top Economist Round Table in Japan, looking at the consequences of Abenomics:
Why is private consumption slow in recovering?
Is weak aggregate demand the reason economic growth does not accelerate?
Has the trend growth rate dropped into negative territory?
Why are exports still slow in reviving despite the yen’s weak tone?
Despite the advantages posed by the yen’s marked depreciation in real terms, why don’t manufacturers beef up domestic production capacity?
Will inflation accelerate?
Does Japan have any domestic savings left to finance its net domestic investment?
Can financial repression be avoided?
Can a hard landing be avoided?
Para se preparar para as mudanças de comportamento do consumidor e as novas restrições sanitárias que devem surgir no pós-pandemia, os players do mercado de aviação têm trabalhado com múltiplos cenários e avaliam que a retomada deve começar no contexto doméstico. Confira o material preparado pelos nossos sócios na apresentação do webinar "Os possíveis cenários da indústria de aviação".
Agcapita February 2012 Briefing - Spare a Moment for the Real EconomyVeripath Partners
“According to the Mercer Pension Health Index, the decline in longterm interest rates over the past six months has brought the funded status of Canadian pension funds near the all-time low reached in 2008 (Chart 20). This index declined from 71 per cent in the second quarter of 2011 to 64 per cent at the end of October, indicating that a representative pension plan faces a higher risk of being unable to fully meet its financial obligations.”
How Could Arab Oil Exporters Respond to the New Global Oil Order: Graduate t...Economic Research Forum
Ibrahim Ahmed Elbadawi - Economic Research Forum
ERF Conference on “Arab Oil Exporters: Coping with a New Global Oil Order”
How Could Arab Oil Exporters Respond to the New Global Oil Order: Graduate to Rule-based Macroeconomic Institutions
Kuwait, November 26-27, 2017
www.erf.org.eg
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
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what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how can I transfer pi coins to someone in a different country.DOT TECH
The answer is yes.
You can easily transfer pi network coins to any user in any country. All the receiver needs is the kyc verified and mainnet approved wallet to recieve the coins.
How to sell pi coins?
If you are looking forward to sell. I will leave the telegram contact of my personal pi vendor:
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
when officially can i withdraw my pi Network coins.DOT TECH
When will I be able to sell my Pi coins?
Pi open mainnet is in 3years time that is 2026. So if you can't wait till then you can still sell your pi coins to Chinese investors looking forward to hold massive amounts of pi coins before mainnet launch in 2026.
You can't meet the investors directly you have to go through their vendors.
A pi vendor is someone who buys pi coins from miners and resell them to investors.
I have a vendor I sell pi coins to and I and my friends have sold more than 10k coins to him.feel free to telegram him if you want to sell.
@Pi_vendor_247
#pi network
#sell pi coins
#money
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Yes. Selling pi coins in Indonesia is the same as selling pi coins in any other country. Because there is only one way selling pi coins is possible. And this is through pi vendors or merchants
Who is a pi vendor.
A pi vendor is someone who buys and sell pi coins to investors looking forward to hold pi till mainnet launch.
I will leave the whatsapp contact of my personal pi vendor here, highly recommendable
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
2. Weekly
September 17th, 2012
.
Fincor- Sociedade Corretora, S.A. provides services of reception, execution, and transmission of orders. The contents mentioned in this document do not
constitute (nor should they be interpreted as to form) any kind of counseling, or investment recommendation, or a record of our trading prices, or an
offer or solicitation to trade in any financial instrument. Fincor- Sociedade Corretora, S.A. will not accept any responsibility resulting from any use referring to
said content or about any resulting effect that could have occurred.
3. Germany’s Constitutional Commitment – a word missing
Court the Greek dictionary
-The Court approved the participation of the -Greece needs to implement additional austerity
country on the funding of ESM, with a limit of measures of €11.5B. The Troika is evaluating its
€190B. efforts and policies. Without its approval, Greece
won’t receive the next aid.
-For a bigger amount, it will have to approved on
the Parliament. -Negotiations aren’t over about the measures to
take, as the Hellenic Government wants to smooth
them.
4. Spain – a Bailout will be A Banking Union in Europe?
needed to the Public Sector Guess who is opposing…
-A previous bailout was asked for its Banking -The Finance Ministers of the Regions met in
System. Now, Spain is expecting the results of the Nicosia, where the issue was discussed. The main
audits to the Banks. divergences comes from France VS Germany –
where the first intends to give permission to the
-For the public sector the Government hasn’t took a Bailout Funds to rescue banks.
decision. The Government is trying to gain time
while the costs of funding are falling, due to the
announcement of the OMT by the ECB.
2Y Bond Yields: Spain
7,00%
6,64%
6,00%
5,00%
4,00%
3,00%
2,00%
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12
5. QE3 – I’m back!
-The FED announced that its Committee
approved QE3 in an 11-1 vote.
-$40B of Mortgage Backed Securities (MBS) will
be bought monthly and on indefinitely period,
until the economy starts giving signs of
recovering.
-FED’s Mandates are price stability and
maximum employment. Due to that it will
follow closely the latter. More boost measures
can be applied if the economy continues
growing at a slow pace.
-Interest Rates will be maintained at these low
levels until at least 2015. TWIST operation will
continue at the same time of MBS.
6. US – Mixed economic data from the country
U. Michigan Consumer Confidence Industrial Production MoM
85 0,86% 0,82%
0,59% 0,68%
80 0,48% 0,54%
74,3 0,21% 0,19% 0,14%
75 0,03%
70
65
60 -0,60%
55
-1,16%
50
7. Innovation = Apple
-The company launched last Wednesday in San Francisco the iPhone 5. A taller, thinner, with a faster chip
then the previous. Better features on your camera, a longer battery life and a 4G LTE will increase the data
functioning of the phone. Will this launch be enough to sustain new rises on the stock’s price.
8. Rest of the world- Geopolitical tensions are rising
-In the Arab World protests are growing against
the US. The ambassador of the country in Libya
was assassinate.
-Israel Prime Minister said Iran’s efforts to
develop a nuclear weapon is now at a “Red
Zone”.
-Territorial dispute over the Senkaku Islands is
increasing tensions between China and Japan.
9. Portugal
Troika Mission in the country was concluded:
- Real GDP remains in line with projections. Real GDP should decline 3% in 2012 and 1% in 2013.
- Exports are performing better than expected.
- The deficit targets were revised to 5% of GDP (2012), 4,5% of GDP (2013) and 2,5% of GDP (2014), in
order to ease the economic and social cost of fiscal adjustment.
- Additional consolidation efforts are required
The Government presented new austerity measures. Some of them were:
- Employees' social security contributions will increase from 11% to 18%.
- An increase in corporate taxes for large corporations and on the tax burden for wealthy individuals (No
details).
- An increase in the taxation over capital gains, from 25% to 26,5%.
BCP Rights Issue:
- The Rights started trading last Friday, and will continue until September 24th.
10. Weekly Preview
Europe From Europe we should continue be focused
on the sovereign crisis in the region. We are
still waiting for a report from Troika about
Greece while it is negotiating measures of
€11,5B. Spain is another important issue,
while we markets expect that the country will
have to ask for a bailout and we wait for the
Audit Results to the Banking Sector. In
Germany will be published the ZEW and PMI
Manufacturing.
US We should follow closely the Markets
performance after the QE3. S&P500 is S&P500
already at levels unseen since 2007. Will this 1800
program bring any consequences to the 1600
Financial Markets? Manufacturing and real- 1400
1200
estate data will be published during the
1000
week.
800
600
Rest of From China, we are still expecting new
400
the stimulus measures for the economy. We 200
should follow closely the disputes between
World 0
J-92
J-93
J-94
J-95
J-96
J-97
J-98
J-99
J-00
J-01
J-02
J-03
J-04
J-05
J-06
J-07
J-08
J-09
J-10
J-11
J-12
the country and Japan and the Middle East.
11. Weekly Preview
Market view
ECB and FED actions reduced market risk premium, we remain positive for risk asset. Altough central banks
are doing their jobs, there are still several risks for the markets that can prompt risk assets to fall. As PIMCO’s
El-Erian said, a Geopolitical conflict, the Fiscal Cliff in US, the sovereign crisis from Europe and an economic
slowdown from China are the major risks.
Vicious Cycle of Europe. We are currently on level 2.
Put Call Ratio CBOE 2Y Government Bond Yields
1,2 7,00%
1 6,00%
5,00%
0,8
4,00%
0,6 Spread of
3,00%
Spain over
0,4 Germany
2,00%
0,2
1,00%
0
1-3-12 2-3-12 3-3-12 4-3-12 5-3-12 6-3-12 7-3-12 8-3-12 9-3-12
12. Weekly Preview
i) Ideas for the week: Portugal
BES vs BCP: Reasons to buy:
-Operations: BCP is the bank with the biggest retail operations in Portugal. As the Government presents new
austerity measures and the outlook of the economy continues to deteriorate, the Bank should continue to
be pressed by the NPLs increase.
Balance Sheet Ratios
BCP BES
Q1 2012 Q2 2012 Q1 2012 Q2 2012
NPL / Total Loans 9,3% 10,9% 6,8% 7,5%
Source: Bloomberg
-In a multiple valuation, BES continues to be more attractive then BCP, having an estimate Price-to-Book of
0,3 for 2013 while BCP has 0,52.
-Technical’s gives us a buy signal for BES and a sell for BCP.
-Capital Increase: BES was the only Portuguese Bank that didn’t have to resort to a capital injection from the
state. There is the risk in BCP of the State becoming a reference Shareholder on the back of the capital
increase (less likely) or CoCos (more likely). There is a lot of uncertainty in BCP regarding the current
shareholder structure and who is going to the capital increase. We think that it will be needed a strong
investment from retail s or eventually new reference shareholders to fulfill the capital increase, which will
place a downward pressure over the rights price.
13. Disclaimer
Disclaimer
A Fincor—Sociedade Corretora, S.A. fornece somente serviços de recepção,
transmissão e execução de ordens. Os conteúdos mencionados não constitui (e
não será concebido de forma a constituir) qualquer espécie de aconselhamento,
ou recomendação de investimento, ou um registo dos nossos preços de
negociação, ou uma oferta ou solicitação para a transacção de qualquer
instrumento financeiro. A Fincor—Sociedade Corretora, S.A. não aceitará
qualquer responsabilidade em consequência de qualquer uso que possa ser dado
ao referido conteúdo ou sobre qualquer efeito que daí advenha.