- Bank of America held its 2007 BASics/Industrials Conference, presenting on Avery Dennison's portfolio, strategies, and financial outlook
- Avery Dennison's portfolio includes pressure-sensitive materials, office and consumer products, and retail information services, with an acquisition of Paxar expected to enhance growth in retail information services
- The company aims to grow organically 4-6% annually and expand operating margins through productivity initiatives, with a long-term target of doubling EPS by 2009
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @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
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
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
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.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...
2007_BASicsIndustrialsConference_FINAL5807
1. Bank of America 2007
BASics/Industrials Conference
Dean A. Scarborough
President and Chief Executive Officer
May 9, 2007
1
2. Forward-Looking Statements
Certain information provided in this presentation may constitute “forward-looking” statements. These statements and financial
or other business targets are subject to certain risks and uncertainties. Actual results and trends may differ materially from
historical or expected results depending on a variety of factors, including but not limited to fluctuations in cost and availability of
raw materials; ability of the Company to achieve and sustain targeted cost reductions; foreign currency exchange rates;
worldwide and local economic conditions; impact of competitive products and pricing; selling prices; impact of legal
proceedings, including the Canadian Department of Justice and the Australian Competition and Consumer Commission
investigations into industry competitive practices, and any related proceedings or lawsuits pertaining to these investigations or
to the subject matter thereof or of the concluded investigations by the U.S. Department of Justice (“DOJ”) and the European
Commission (including purported class actions seeking treble damages for alleged unlawful competitive practices, and a
purported class action related to alleged disclosure and fiduciary duty violations pertaining to alleged unlawful competitive
practices, which were filed after the announcement of the DOJ investigation), as well as the impact of potential violations of the
U.S. Foreign Corrupt Practices Act based on issues in China; impact of epidemiological events on the economy and the
Company’s customers and suppliers; successful integration of acquisitions; financial condition and inventory strategies of
customers; timely development and market acceptance of new products; fluctuations in demand affecting sales to customers;
and other matters referred to in the Company’s SEC filings.
Forward looking statements pertaining to Avery Dennison’s pending acquisition and integration of Paxar include statements
relating to expected synergies, cost savings, timing, and execution of integration plans. Risks, uncertainties and assumptions
pertaining to the transaction include the possibility that the market for and development of certain products and services may
not proceed as expected; that the Paxar acquisition does not close or that the companies may be required to modify aspects of
the transaction to achieve regulatory approval; that prior to the closing of the proposed acquisition, the businesses of the
companies suffer due to uncertainty or diversion of management attention; that the parties are unable to successfully execute
their integration strategies, or achieve planned synergies and cost reductions, in the time and at the cost anticipated or at all;
acquisition of unknown liabilities; effects of increased leverage; and other matters that are referred to in the parties’ SEC filings.
The Company believes that the most significant risk factors that could affect its ability to achieve its stated financial
expectations in the near-term include (1) the impact of economic conditions on underlying demand for the Company’s products;
(2) the impact of competitors’ actions, including expansion in key markets, product offerings and pricing; (3) potential adverse
developments in legal proceedings and/or investigations regarding competitive activities, including possible fines, penalties,
judgments or settlements; and (4) the ability of the Company to achieve and sustain targeted productivity initiatives.
Use of Non-GAAP Financial Measures
This presentation contains certain non-GAAP measures as defined by SEC rules. As required by these rules, we have
provided a reconciliation of non-GAAP measures to the most directly comparable GAAP measures, included in the Appendix
section of this presentation.
3. Overview of Today’s Portfolio
Revenue by Segment
(after intercompany eliminations)
2006 Actual Proforma, With Paxar
Other Specialty
Other Specialty
Converting
Converting
Retail
Information
Retail
Services
Information
Services
Pressure- Pressure-
sensitive
Office and sensitive
Materials
Consumer Materials
Products
Office and
Consumer
Products
2006 Net Sales = $5.6 billion
3
4. Overview of Today’s Portfolio
2006 Revenue by Region
(before intergeographic eliminations)
Other*
Latin
America
Asia
U.S.
Eastern
Europe
Western
Europe
* “Other” includes Canada, Australia, and South Africa
4
5.
6. Snapshot of Pressure-sensitive Materials
Adj. Organic Sales Growth(1) Operating Margin(2)
2006 2005 2004 2006 2005
2006 Sales 2004
$3.2 B + 3.6% + 3.1% + 9.6% 9.6% 9.0% 8.6%
Excluding currency, acquisitions, and divestitures – see Appendix for detail
(1)
Excluding restructuring charges and other items – see Appendix for detail
(2)
6
7. PSM Strategy and Outlook
• Leverage global and regional scale advantages;
backward integration in films and adhesives
• Expand in faster-growing international markets
– International sales nearly 65% of segment sales*
– Emerging markets 25% of segment sales*, growing
15%+ annually
• Drive increased PS penetration of food and beverage
segments (shift from glue-applied labels) through
product innovation and marketing
• Recapture share in North America
Targeting 5-7% organic top-line growth;
10-12% operating margin
* Before intergeographic eliminations
7
8. Strategy for Mature Markets
• Growth Priorities:
– Enhance customer value:
• Competitive differentiators – breadth of product offerings (films, paper,
various adhesives) and innovation… combined with superior service
and quality
• “Contract for Value” and Fasson Optimum Performance
– Pursue aggressive marketing / new product
development efforts:
• Food and beverage applications
• Low end durable applications
• New, affordable films (i.e. GCX)
• State of the art R&D facility in Mentor, Ohio
• Re-align supply chain in North America
• Addition of new films coater allows us to refocus our “bulk” assets
• Optimize production of “fighting core” products (already underway)
• Consolidate manufacturing, as needed (strategic option)
8
9. Snapshot of Office and Consumer Products
Adj. Organic Sales Growth(1) Operating Margin(2)
2006 2005 2004 2006 2005
2006 Sales 2004
$1.1 B - 0.4% - 0.6% - 5.1% 16.5% 16.7% 15.9%
Excluding currency, acquisitions, and divestitures – see Appendix for detail
(1)
Excluding restructuring charges and other items – see Appendix for detail
(2)
9
10. OCP Strategy and Outlook
• Grow Printable Media categories
– Under-penetrated categories
– Share recapture through feature differentiation
• Manage other categories for margin
• Expand operating margin:
– Mix improvement
– Ongoing restructuring and productivity improvement
Targeting ~ flat organic top-line growth;
18-20% operating margin
10
11. Snapshot of Retail Information Services
Adj. Organic Sales Growth(1) Operating Margin(2)
2006 2005 2004 2006 2005
2006 Sales 2004
$0.7 B + 4.8% + 3.1% + 9.8% 8.4% 7.2% 7.4%
Excluding currency, acquisitions, and divestitures – see Appendix for detail
(1)
Excluding restructuring charges and other items – see Appendix for detail
(2)
11
12. RIS Strategy and Outlook
• Industry consolidation driving share gain for global
providers… customers want global quality (data
integrity, color consistency) and speed
• Labels and tags are low cost / high value to retailers
• Rapid growth in Asia (China, India, other countries in
region) – proximity to manufacturers is key to success
• Paxar acquisition – a perfect fit
Targeting 6-8% organic top-line growth;
10-12% operating margin
12
13. Acquisition... Value Drivers:
• Enhances top-line growth potential
– Increases our presence (more than doubles RIS sales) in
the expanding, highly fragmented, retail information and
brand identification market
– Combines complementary strengths… broadens our range
of product and service capabilities
– Improves ability to meet customer demands for product
innovation and improved quality and speed of service
– Facilitates expansion into new product and geographic
segments
• $90 to $100 mil. of cost synergies
– Similar infrastructure – areas of overlap include SG&A
(e.g., corporate overhead, back office support) and
production
– Proven track record with acquisition integration on global
scale… high degree of confidence in ability to quickly
achieve the savings (within 24 months of close)
13
14. Revenue growth target of 4-6% is achievable
over the medium to long-term
Adjusted Organic Sales Growth*
5.9%
Target =
4.9% 4% to
6%
2.8%
2.5%
2.5%
2002 2003 2004 2005 2006 Target
* Excluding currency, acquisitions, divestitures, and other issues of comparability
(extra week in 2004, exited business, etc.) – see Appendix for detail
14
15. Strong pipeline of growth opportunities for the
medium to long-term…
Organic Sources of Change in Sales
2009 vs. Today
Target =
4% - 6%
organic
growth
$5,576M
2006 Emerging Markets Horizon Two Mature Market Growth Exited Business 2009
(before H2) / Roll NA Share
Gain
15
16. … and we target substantial margin expansion
over the medium-term
Sources of Change in Operating Margin, Ex-RFID
2008 vs. Today
11.0%
9.8%
2006 Volume and Restructuring Elim. of LIFO / IT Investments Segment Mix Other 2008
Productivity (Net of Other
Inflation)
16
17. Earnings Outlook (ex- acquisition impact)
Pro-forma Earnings Per Share, Fully Diluted*
4 year CAGR ~ 12%
$4.05 - $4.30
2007 guidance includes
estimated $25 to $30 mil. net $3.77
loss related to development
$3.44
of RFID business
$3.04
$2.70
2003 2004 2005 2006 2007 Guidance
Target: double-digit EPS growth post ‘07
* Excludes restructuring charges, gains on sale of assets, and other items – see Appendix for detail.
17
20. Paxar Acquisition: Transaction Overview
• $30.50 per Paxar share
• $1.34 billion Enterprise Value, including $5 million of debt (net
of cash)
– 14.2x adjusted 2006 EBITDA* before cost synergies
– 6.9 - 7.3x adjusted 2006 EBITDA* after cost synergies
• EPS-accretive (excluding integration-related charges) within 12
months following close
• EVA-positive (excluding integration-related charges) within 24
months following close
• Principal conditions to closing:
– Paxar shareholder approval
– Regulatory clearances outside U.S.
* 2006 Adjusted EBITDA excludes gain on lawsuit settlement and integration/restructuring and
other costs – see Slide 22
20
21. Paxar Acquisition: Financial Summary
• Key factors underlying financial targets:
– $90 to $100 mil. in annualized cost synergies realized within 24 months
following close of transaction
– Estimated $70 to $80 mil. of incremental annual interest expense during first
36 months following close
– Estimated $15 mil. incremental annual expense related to amortization of
intangibles (included in EPS projections)
– Modestly negative impact on Company’s tax rate
• Anticipated EPS Impact:
– Modest EPS dilution (less than $0.05) for the first twelve months, before
transaction and integration-related costs
– EPS accretive (ex-integration-related costs) before the end of first twelve
months
– $0.60 to $0.70 of annual EPS accretion 24 months following close
• Financing:
– Transaction to be financed with debt; structure determined prior to close
– Company is committed to retaining a strong investment grade credit rating,
and returning financial ratios to pre-transaction levels
21
21
22. 2006 Adjusted Paxar EBITDA
($ in millions, except as noted)
Operating income, as reported* $88.9
Non-GAAP adjustments:
Gain on lawsuit settlement* (39.4)
Integration/restructuring and other costs* 10.0
Adjusted non-GAAP operating income 59.5
Depreciation and amortization* 34.6
Adjusted non-GAAP EBITDA 94.1
Annualized cost synergies 90 - 100
Enterprise Value (EV) $1.338B
EV/EBITDA before cost synergies 14.2x
EV/EBITDA after cost synergies 6.9x - 7.3x
* Per Paxar 2006 10-K
22
27. Organic Sales Growth by Segment: 2006
Pressure Office and Retail Other Specialty
Sensitive Consumer Information Converting
Materials Products Services Businesses
2005 GAAP Sales* $3,114.5 $1,136.1 $630.4 $592.5
Impact of 2006 Currency Changes $15.4 $1.2 $3.4 $0.6
2005 Adjusted Non-GAAP Sales $3,129.9 $1,137.3 $633.8 $593.1
2006 GAAP Sales $3,236.3 $1,072.0 $667.7 $599.9
Est. Impact of Acq.& Divestitures $0.0 ($51.0) $3.2 ($6.6)
Other Comparability Adjustments ($5.0) ($10.2) $0.0 $0.0
2006 Adjusted Non-GAAP Sales $3,241.3 $1,133.2 $664.5 $606.5
GAAP Sales Growth 3.9% -5.6% 5.9% 1.2%
Adj. Organic Sales Growth 3.6% -0.4% 4.8% 2.3%
* 2005 GAAP sales have been re-stated for Business Media reporting change from RIS to Other Specialty Converting.
27
28. Total Company Operating Margin
FY 2003 FY 2004 FY 2005 FY 2006
($ in millions, except as noted)
Net Sales 4,736.8 5,317.0 5,473.5 5,575.9
Operating income, as reported 397.1 434.0 424.7 481.1
Operating margin, as reported (GAAP) 8.4% 8.2% 7.8% 8.6%
Non-GAAP adjustments:
Restructuring costs, asset impairment, lease
cancellation costs, and environmental
remediation, net of gains on asset sales 30.5 35.2 63.6 36.2
Adjusted non-GAAP operating income 427.6 469.2 488.3 517.3
Adjusted non-GAAP operating margin 9.0% 8.8% 8.9% 9.3%
28
29. OPERATING MARGIN BY SEGMENT
FY 2004 FY 2005 FY 2006
($ in millions, except as noted)
Pressure Sensitive Materials
Net Sales 2,984.8 3,114.5 3,236.3
Operating income, as reported 221.4 258.1 301.2
Operating margin, as reported 7.4% 8.3% 9.3%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 34.4 23.0 9.3
Adjusted non-GAAP operating income 255.8 281.1 310.5
Adjusted non-GAAP operating margin 8.6% 9.0% 9.6%
Office and Consumer Products
Net Sales 1,172.5 1,136.1 1,072.0
Operating income, as reported 186.4 168.0 179.0
Operating margin, as reported 15.9% 14.8% 16.7%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 0.5 21.8 (2.3)
Adjusted non-GAAP operating income 186.9 189.8 176.7
Adjusted non-GAAP operating margin 15.9% 16.7% 16.5%
29
30. OPERATING MARGIN BY SEGMENT
FY 2004 FY 2005 FY 2006
($ in millions, except as noted)
Retail Information Services
Net Sales 592.7 630.4 667.7
Operating income, as reported 43.4 37.7 45.0
Operating margin, as reported 7.3% 6.0% 6.7%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 0.3 7.5 11.2
Adjusted non-GAAP operating income 43.7 45.2 56.2
Adjusted non-GAAP operating margin 7.4% 7.2% 8.4%
Other Specialty Converting Businesses
Net Sales 567.0 592.5 599.9
Operating income, as reported 39.9 14.1 17.2
Operating margin, as reported 7.0% 2.4% 2.9%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 0.0 6.2 3.7
Adjusted non-GAAP operating income 39.9 20.3 20.9
Adjusted non-GAAP operating margin 7.0% 3.4% 3.5%
30
31. Historical Earnings Per Share, GAAP vs. Pro-Forma
2003 2004 2005 2006
2.68 2.78 2.25 3.66
GAAP EPS
Restructuring & asset impairment, increase
0.26 0.26 1.07 0.33
to environmental reserve
Gains on sale of business/assets, legal
(0.24) - (0.02) (0.22)
settlements, and other items
- - 0.14 -
Tax Expense on Repatriated Earnings
2.70 3.04 3.44 3.77
Pro-forma EPS
Note: Historical figures have NOT been adjusted to remove the contribution from businesses
subsequently divested or discontinued.
31
32. 2007 Earnings and Free Cash Flow Guidance
(excludes acquisition impact)
2007
Guidance
(updated 4/24/07)
Reported (GAAP) Earnings Per Share $3.95 - $4.25
Add Back:
Estimated Restructuring and Asset Impairment Charges* $0.05 - $0.10
Adjusted (non-GAAP) Earnings Per Share $4.05 to $4.30
Capital Expenditures & Investments in Software $210 to $225 mil.
Free Cash Flow (before acquisitions and share repurchase) $350 to $400 mil.
* Subject to upward revision as plans are finalized
32