Take advantage of green tax planning opportunitiespquimby
Legislation over the last several years has greatly expanded the universe of energy tax incentives available to ordinary businesses. The bulk of these incentives are geared toward conservation, energy efficiency, and alternative and renewable fuels. Businesses can also take advantage of many of the energy tax incentives meant for consumers or the energy industry.
Take advantage of green tax planning opportunitiespquimby
Legislation over the last several years has greatly expanded the universe of energy tax incentives available to ordinary businesses. The bulk of these incentives are geared toward conservation, energy efficiency, and alternative and renewable fuels. Businesses can also take advantage of many of the energy tax incentives meant for consumers or the energy industry.
Energy Efficiency: Meeting the Challenge & Fueling A Better Built EnvironmentAlliance To Save Energy
More than 40 leaders in industry, finance, research, and policy convened at La Costa Resort in Carlsbad, Calif., to discuss critical issues and opportunities for the HVAC&R industry, including climate change, energy efficiency, refrigerants and pending federal legislation.
Beharry, Lyndon Mw: Oyu Tolgoi article appears on page 251 (247 in the PDF file)
International Minerals Processing Conference Ulaanbaatar Mongolia 2016
Lancaster Colony Corporation is one of my favorite equities: Stable, stable, stable.
Lancaster Colony is my *GoTo* example for teaching Corporate Finance. In my limited estimation, Lancaster is one of the few, most visible publicly-traded American companies boasting clean financials, little or no debt, excellent corporate governance, and a balanced executive pay schedule. You cannot get more wholesome than Lancaster. The very name suggests Amish lifestyle, thrift and savings, and quality home-spun products. I've been following Lancaster since I was an MBA candidate in 1995.
I updated my Excel Monte Carlo valuation workbook with Lancaster financials since 2018 to provide a more current Equity Value range. But this conservative analysis propels the firm's pro-forma at a mere 0.00% growth rate in revenue - so it is a low-ball estimate based on the close of books June 30, 2021. I expect LANC will release its 2022 10K late in the week beginning Monday 22 August 2022. Once I review the more current financials, I will complete a valuation with an alternative growth schedule.
Lancaster Colony is based in Ohio, a state with poison pill legislation within the State Code. Lancaster is also closely held and thinly traded. Hence, LANC is virtually immune from hostile takeover.
2022-07-28
I present the final draft of my professional valuation of Lockheed Martin Corporation Equity per Share. I spent some hours cleaning up the prose (mostly light editing). I checked the citations, added "C-5" to Lockheed's notable creations, and worked to tighten up the grammar. As always, subsequent readings will inevitably reveal typographical and grammatical errors, but in general, this report is complete.
I welcome any suggestions or complaints. Feedback always helps me improve my writing and my analysis.
(I will be transitioning to work on a write-up on Gilead Sciences starting next week. From time to time I like to brush up on my biochemistry, molecular biology, and Phase Trial Studies.)
I present the second draft of my professional valuation of Lockheed Martin Corporation Equity per Share. I am satisfied with the variables, the cashflow projections, and the discounting; so this item does carry my estimate of LMT's present valuation.
I worked on the History (p. 2) and the WACC calculations (did some Excel coding after I found a slight Drop down menu / VLookup error) and I finalized the recommendations pp. 6, 7, & 10.
I hope my readers enjoy it as much as I am enjoying producing it!
I am eager to share this report on Lockheed's Monte Carlo Equity Valuation. I have been working on this write-up for Lockheed Martin and I think I am in striking range of completion, so I am sharing the first draft. I hope to round out the PESTLE and Porter Analysis this week and clean up the text, so look forward to a final draft during the first or second week of August.
This Monte Carlo multi-iteration DCF Model returns a fair value for Kraft Heinz: $35.496 . The static Model returns a valuation of $34.388 . These models are conservative estimates projecting zero growth forward using cost factors pulled from the mean of the prior 15 years with a coefficient of variability of the cost factors equal to 10%. Kraft Heinz Company pays a dividend yield of 4.20% ay July 22, 2022.
KHC: Kraft Heinz Company came up on the screen I had completed earlier in the week on Tuesday, and it has been one of my favorites for many years (from before the divestiture of certain assets to Mondelez. Kraft is a textbook example of a stable U.S. entity which made a successful transition to multinational operations through purposefully introducing itself to various foreign markets, and also through astute trades and/or investments into food companies abroad. Kraft has significant presence in Europe, Asia, and Latin America; and a growing presence in Africa.
The Kraft Heinz Company, together with its subsidiaries, manufactures and markets food and beverage products in the United States, Canada, the United Kingdom, and internationally. Its products include condiments and sauces, cheese and dairy products, meals, meats, refreshment beverages, coffee, and other grocery products. The company also offers dressings, healthy snacks, and other categories; and spices and other seasonings. It sells its products through its own sales organizations, as well as through independent brokers, agents, and distributors to chain, wholesale, cooperative and independent grocery accounts, convenience stores, drug stores, value stores, bakeries, pharmacies, mass merchants, club stores, and foodservice distributors and institutions, including hotels, restaurants, hospitals, health care facilities, and government agencies; and online through various e-commerce platforms and retailers. The company was formerly known as H.J. Heinz Holding Corporation and changed its name to The Kraft Heinz Company in July 2015. The Kraft Heinz Company was founded in 1869 and is headquartered in Pittsburgh, Pennsylvania. (FY: 2021-12-25)
GILD 2021 10K: Gilead Sciences, Inc. is a biopharmaceutical company that has pursued and achieved breakthroughs in medicine for more than three decades. In 2021, the firm's primary revenue drivers originate with medications designed to combat HIV, AIDs and its symptoms. Gilead has also produced medications for combatting coronavirus disease 2019 (“COVID-19”). The firm also researches and manufactures medications treating liver disease. The firm serves the international market and has a vibrant and active pipeline of R&D, and potential offerings in various stages of testing and/or awaiting regulatory approval. (FY: 2021-12-31)
These Monte Carlo DCF and Static DCF analyses hold revenue growth to 0.00% (no growth) while modeling the income statement cost components following 15-year historic means and a coefficient of variability of 10%. (Many analysts are forecasting retracting revenue of between 1.0% and 2.5% for the foreseeable years.) Even at no growth of revenue, Monte Carlo analysis returns excellent and stable valuations for Gilead with a lower bound of approximately $43.70 and an upper bound of about $96.80 . In addition Gilead pays a healthy dividend yielding 4.66% at its current trading price of $66.
This analyst will expend some additional effort reviewing the firm's Phase Trial Clinical studies and pipeline for FDA and/or EU approval. Those qualitative reports will follow in the coming month.
I spent the morning updating BBBY: Bed Bath and Beyond. Crazy SGA volatility coupled with Covid quarantines to cripple this long-time Brick & Mortar household goods brand. The firm has some culture *problems*. Notably, stores were traditionally free to run themselves, carrying product lines local management surmised the local community cherished. Hence, there were never any true scale economies in purchasing inventory. Other problems include over-reliance on brick and mortar stores to the detriment of internet marketing; an *early/long-time* history of coupons which never expired; *early/long-time* history of "free" shipping; and other things.
On the plus side, BBBY owns much of its real property and has long-term leases on other holdings. These valuable items are still booked at acquisition costs (c. 1970s-80s real property values) and would generate substantial returns if the firm would transition to a more robust online presence and lease out much of its brick and mortar network. Only time will tell; if, that is, the firm is able to weather the next likely terrible 24 months of horrendous sales...
Monte Carlo DCF projections reflect HUGE volatility. At 0.00% revenue growth, the model returns a range of valuation from a low of -$260.02 (yes, that is a negative number) and up to a maximum of +$256. I had reviewed BBBY way back in 2019, and I think that SWOT analysis is still useful, so I tacked it onto this quantitative analytical summary.
Bed Bath & Beyond Inc., together with its subsidiaries, operates a chain of retail stores. It sells a range of domestics merchandise, including bed linens and related items, bath items, and kitchen textiles; and home furnishings, such as kitchen and tabletop items, fine tabletop, basic housewares, general home furnishings, consumables, and various juvenile products. As of February 26, 2022, the company had 953 stores, which included 771 Bed Bath & Beyond stores in 50 states, the District of Columbia, Puerto Rico, and Canada; 130 buybuy BABY stores in 37 states and Canada; and 52 stores in 6 states under the names Harmon, Harmon Face Values or Face Values. It also offers products through various Websites and applications comprising bedbathandbeyond.com, bedbathandbeyond.ca, harmondiscount.com, facevalues.com, buybuybaby.com, buybuybaby.ca, and decorist.com. In addition, the company operates Decorist, an online interior design platform that provides personalized home design services. Bed Bath & Beyond Inc. was incorporated in 1971 and is headquartered in Union, New Jersey.
Post 2000s, Oil and Gas company valuations are particularly problematic. On the one hand, they still service the bulk of humanity's energy demands. In fact, it is oil, gas, shale, and coal which provide the bulk of the energy used to manufacture Green Energy infrastructure (turbines, solar, hydro, and even geo-thermal) - and fossil fuels will continue to dominate the energy produced for the manufacture of Green Energy technology for decades to come.
But on the other hand, we all know that humanity must move away from fossil fuels and Developed World nation-states all have varying degrees of regulations requiring phasing out fossil fuel use and technology within this century. Less Developed Countries (LDCs) are beginning to leap-frog, totally bypassing fossil fuel energy infrastructure and directly embracing Green Energy production (infrastructure constructed in Developed World and BRIC (mainly China) using fossil fuel energy).
Furthermore, shale oil (fracking) has empowered U.S. and Canada with enough surplus to become net exporters of oil, and this plays havoc with world oil pricing (notwithstanding the current situation of high prices with the ongoing war in Ukraine). So ... revenue growth rates, Capital Expenditures, even Depreciation Schedules all become difficult to model.
This analysis uses a modest forward 12.50% revenue growth rate (normal distribution; coefficient of variability 10%), with cost structure parameters taking the mean of 15-Yr historic patterns (high standard deviations, though); and a U.S. tax loading of 17% accommodating U.S. federal subsidies and favoritism to American Petroleum Institute lobby.
Bear in mind, though, that the Revenue Growth rate could go negative on a dime, as it had done in the 2010s, when oil and gas retracted and spent next to nothing on Capital Expenditure and discovery.
So, yeah. Fossil Fuel producers: oil and gas (not so much coal) are very difficult to value in this climate.
These variables produce a low range of potential value for Devon Energy Corporation. The obvious workaround would be to broaden the coefficient of variability for the Revenue growth rate and cost parameters. But this option is not attractive because, while more accurately mimicking true-to-life historical volatility in asset pricing, it would produce too broad a range of scenario valuation as to be of any practical use. So this instant valuation produces a rather low valuation estimate, indeed.
3M is interesting. It is a multinational conglomerate with production and sales ranging from household goods to medical devices. The numerical analysis is straightforward. But the trick AND the excitement of valuing these types of companies is that it forces the analyst to learn about the various production methods and markets for disparate ranges of products and look at the company as a true portfolio of cash-generating assets - the various productions - while analyzing and rating the risks of all of those different markets.
I first looked at 3M back in 2016, and then - apparently I have never looked at it since, because the Excel file in my Equity Valuation folders has not been revised in five or six years.
Well, it got some treatment today.
This is an econometrics analysis of quantitative data for 3M. I will review some qualitative data in the coming weeks, but based on the numbers, it looks really good. I included 10 iterations of the 1 Million steps to the Monte Carlo DCF. Enjoy.
I valued Biogen back in 2014 for an old friend, and I have looked in on it sporadically over the years. I did not like it back in the 2010s because it had too many competing therapies for multiple schlerosis (from my 2014 report here https://www.slideshare.net/LMBeharry/biib-reportlmbenterprises-59573190):
"• Several of the product offerings address multiple sclerosis, and these pharma products will likely begin cannibalizing each other within the intermediate term. The analyst believes that this cannibalization will curtail growth within the MS product line within the next 18 to 24 months."
and
"• The firm has submitted hemophilia agents, Factor VIII and Factor IX to the US FDA for regulatory review, anticipating marketing approval in 2014-2015. As these hemophilia products are administered orally, analysts expect sales to grow robustly indeed. (i.e. more doctors will prescribe the treatment as it circumvents costly and frequent recurrent need of infusion of clotting factor). Statistics indicate that roughly 20,000 US residents suffer with hemophilia. A market of 20,000 patients is not a growth sector."
Note that I have not kept up with its pipeline, nor its successes/failures at clinical trial. This printout is solely an exercise in econometric analysis using its historical cost structure to derive an equity valuation.
If you are curious about its current research endeavors, I provide the link for clinical trials here (already sorted for Biogen): https://clinicaltrials.gov/ct2/results?cond=&term=Biogen&cntry=&state=&city=&dist=
This is the third draft of the APU Merger Paper. The analysis is unchanged. This draft includes the Excel workbook output; and hopefully edits to the grammar and formatting to make it more attractive.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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 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.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@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.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
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.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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
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 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 website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
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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