Almirall S.A. is a pharmaceutical company facing challenges from the poor economy and generic drug policies in Spain. The valuation analysis values Almirall using an intrinsic valuation approach over two stages: a 5-year high growth phase and a stable growth phase. During the high growth phase, Almirall is assumed to increase investments and launch new products to return to earning its cost of capital. In the stable phase, Almirall grows at the economic rate with a constant return on capital equal to its cost. The valuation estimates Almirall's current value at €899 million, or €5.18 per share, suggesting it is overvalued at its market price of €10.11 per share.
The document provides an overview of market volatility and downturns. It discusses how declines are normal aspects of the market cycle and outlines historical data on the average length and frequency of different types of declines. It also notes that expansions have typically lasted longer than recessions throughout history.
This report from S&P Capital IQ provides an overview and thematic outlook of the European insurance sector. The report is overweight on the sector, as rising interest rates and equity markets provide tailwinds. While accounting impacts of rising rates can cause short-term noise, higher investment returns will ultimately benefit life insurers. The report also notes regulatory uncertainties from Solvency II and the designation of some firms as globally systemic insurers.
G4S PLC is the largest private security company in the world, operating in over 120 countries. The document provides an overview of G4S, including its subsidiaries and financial performance over the past 5 years. It also analyzes G4S's share price performance compared to benchmarks and conducts a SWOT and financial analysis. The analysis concludes that G4S is undervalued and recommends buying the stock.
The document provides information about GlaxoSmithKline Pakistan Limited (GSK), including its history, mission, vision, products, committee members, key financial metrics, and director profile. GSK is the largest pharmaceutical company in Pakistan, operating in pharmaceuticals and consumer healthcare. Key financial metrics discussed for 2015 and 2014 include net profit margin of 9.2%, return on assets of 13.9%, and liquidity, efficiency, leverage, and profitability ratios.
Check our Quantic Asset Management Global Macro Institutional Factsheet for the month of June 2019. Find out more about our services https://www.quantic-am.com/en/
The document summarizes trends in the venture capital market in Q1 2013. It finds that while IPO activity can vary significantly from quarter to quarter, the longer term trend since 2010 has been a steady recovery. Similarly, while M&A deals declined in recent quarters, the 10-quarter average continues trending up. Additionally, the number of new venture capital funds being financed has leveled off in recent years after declining dramatically from its dot-com peak, and the balance of capital invested versus returns has tipped back in favor of investors after 2011.
The document provides an overview of market volatility and downturns. It discusses how declines are normal aspects of the market cycle and outlines historical data on the average length and frequency of different types of declines. It also notes that expansions have typically lasted longer than recessions throughout history.
This report from S&P Capital IQ provides an overview and thematic outlook of the European insurance sector. The report is overweight on the sector, as rising interest rates and equity markets provide tailwinds. While accounting impacts of rising rates can cause short-term noise, higher investment returns will ultimately benefit life insurers. The report also notes regulatory uncertainties from Solvency II and the designation of some firms as globally systemic insurers.
G4S PLC is the largest private security company in the world, operating in over 120 countries. The document provides an overview of G4S, including its subsidiaries and financial performance over the past 5 years. It also analyzes G4S's share price performance compared to benchmarks and conducts a SWOT and financial analysis. The analysis concludes that G4S is undervalued and recommends buying the stock.
The document provides information about GlaxoSmithKline Pakistan Limited (GSK), including its history, mission, vision, products, committee members, key financial metrics, and director profile. GSK is the largest pharmaceutical company in Pakistan, operating in pharmaceuticals and consumer healthcare. Key financial metrics discussed for 2015 and 2014 include net profit margin of 9.2%, return on assets of 13.9%, and liquidity, efficiency, leverage, and profitability ratios.
Check our Quantic Asset Management Global Macro Institutional Factsheet for the month of June 2019. Find out more about our services https://www.quantic-am.com/en/
The document summarizes trends in the venture capital market in Q1 2013. It finds that while IPO activity can vary significantly from quarter to quarter, the longer term trend since 2010 has been a steady recovery. Similarly, while M&A deals declined in recent quarters, the 10-quarter average continues trending up. Additionally, the number of new venture capital funds being financed has leveled off in recent years after declining dramatically from its dot-com peak, and the balance of capital invested versus returns has tipped back in favor of investors after 2011.
The document is a financial analysis report comparing the performance of AstraZeneca PLC and Shire Pharmaceuticals PLC from 2009-2011. It finds that AstraZeneca operates at higher profit margins and has shown stronger growth in revenues, share prices, and total profits over the analyzed years. While both companies improved their debt management significantly, AstraZeneca demonstrated better control of debt levels and financial stability overall. The report includes comparisons of key performance indicators like revenue, costs, profitability, liquidity, capital structure, and investments to evaluate the relative strengths and weaknesses.
CFA Research Challenge - Equity Research Report - G4S Rory Blundell
This document provides an investment recommendation and analysis of G4S plc. It recommends holding G4S shares with a target price of 243p based on discounted cash flow analysis and focuses on the company's future capital structure. Key points include G4S undergoing organizational changes like disposing of non-core businesses and improving core activities. It is also focusing on organic growth and reducing debt. Emerging markets are seen as growth areas while some reputational issues remain in the UK.
Apple Hospitality REIT is recommended as a Buy with a target price of $20.06. Key points include:
- Apple maintains low leverage and debt levels compared to peers, funding future acquisitions through its credit facility.
- The portfolio of 179 hotels across 32 states provides geographic diversification and consistent performance across diverse demand drivers.
- Demand is expected to continue outpacing new hotel room supply through 2017. Apple focuses on upscale select service hotels where new room growth will be strong.
- Valuation analyses including DCF, NAV, and peer comparisons estimate Apple's fair value at $20.52, supported by a monthly dividend yield of 6.56%, balance sheet capacity
Moelis company october investor pres_vfinalMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning 100% of excess capital to shareholders.
Moelis company October Investor PresentationMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning excess capital to shareholders.
Market volatility is part of investing in stocks. But how often does the market turn down? What is the long term impact? For buy-and-hold investors, it is important to have some perspective on the vulnerabilities and resiliency of the stock market.
An Alternative Market Outlook and Price Perspective_commentedHenrik Mikkelsen
Henrik Mikkelsen presents an alternative market outlook and price perspective. He believes that US 10-year Treasury yields will likely rise 50-150 basis points in the next 9-12 months. The S&P 500 may rise 25% or remain unchanged, but could also decline 25%. Commodity prices may rise 50% or remain flat, but could fall 25% as well. Mikkelsen argues that market sentiment has become less positive on corrections, which could cause any coming correction to take longer than past ones. He presents several scenarios for the trajectory of the S&P 500 in the coming years.
1. The Australian equity market has increased 24% from its March low but remains below levels from three years ago. The report predicts continued bull market conditions with the All Ordinaries index reaching 3,650, implying almost 15% total returns over the next 12 months.
2. Small cap stocks have outperformed recently but now appear relatively expensive. Overall, the market appears fairly valued based on the "rule of 20" and prospective earnings yield relative to bonds.
3. The consensus view is that stronger world growth may benefit resources over banks, but the report finds resource stocks trading at higher valuations and lower yields compared to the major banks. The portfolios recommended overweight banks and include only one major miner.
GSK is the largest pharmaceutical company listed on the Karachi Stock Exchange with two industry segments and over 10% market share. Its mission is to help people live longer and feel better. GSK products include prescription medicines, vaccines, consumer healthcare, and dermatology. In 2017, GSK had a net profit margin of 9.2%. The document discusses GSK's financial management strategies including inventory management, human resources, SWOT analysis, ratio analysis, and comparisons to other pharmaceutical companies. An analysis of the companies' current ratios, debt ratios, profit margins, returns on equity and assets from 2007-2011 showed that Wyeth consistently demonstrated the strongest financial performance.
1. Noble Group has reported $2.7 billion in net profits since 2009 but $485 million in operating cash outflows over the same period, with deteriorating cash flows in recent years.
2. The divergence between profits and cash flows is largely due to increasing fair values of unrealized commodity contracts reported on Noble's balance sheet, which have grown from near zero in 2009 to $3.8 billion currently.
3. Noble recognizes the entire profit for long-term commodity contracts upfront, upon signing, through fair value accounting. The increasing fair values have become the main driver of reported profits rather than underlying business performance.
Under Armour reported revenue growth of 28.5% in 2015 compared to 2014, driven by increases in apparel, footwear, and connected fitness sales. Gross profit increased by 26.01% but gross margin declined slightly due to currency impacts and increased costs. Operating expenses grew 28.66% due to higher marketing costs for sponsorships. Net income increased by 11.79% despite the margin declines and expense growth, showing continued strong overall financial performance.
Check our Quantic Asset Management Breakout Institutional Factsheet for the month of June 2019. Find out more about our services https://www.quantic-am.com/en/
This document discusses dividend investing strategies. It makes the following key points:
1) Dividend investing tends to outperform during periods of market volatility and below average returns, as dividend income provides downside protection.
2) Dividends have accounted for about one-third of the total return of the S&P 500 since the 1970s, so excluding dividend stocks puts investors at a disadvantage.
3) The best dividend strategies focus on high quality stocks with growing dividends, cash flows, and earnings, not just high yields, to identify opportunities with sustainable payouts.
This document provides an analysis of the Canadian asset management industry. It finds that the industry has matured but remains very profitable, with expected annual growth of around 8% driven by market performance of 6% and net sales of 2%. While industry consolidation has increased competition, the top 10 managers still control around 80% of retail assets under management. Banks have gained the most market share this decade. The document also examines trends like growth in balanced funds and segregated products, reflecting a reduced appetite for risk among retail investors. It provides ratings and price targets for several asset managers.
Pillar Capital provides investment management services focused on dimensions of returns, diversification, and investor discipline. Dimensions of returns refers to systematic differences in expected returns based on factors like company size, relative price, and profitability. Historical data shows that investing based on these dimensions has rewarded long-term investors. Portfolios can be structured to target dimensions shown to produce premiums, like favoring small cap, value, and high-profitability companies.
The document provides an initiation of coverage on the Latam autoparts industry. It discusses key trends driving growth in the industry, such as automakers outsourcing production to emerging markets and suppliers to lower costs. It introduces five leading autoparts companies in the region and develops a proprietary investment methodology to evaluate and initiate coverage on the companies. Autometal receives a Buy rating, while Randon and Marcopolo receive Sell ratings based on valuation analysis incorporating discounted cash flow models and trading multiples. Iochpe-Maxion and Mahle Metal Leve receive Hold ratings. Important risks to the industry include a worsening competitive environment and an economic downturn in key markets like Europe.
Deutsche Bank analysts initiated coverage of Localiza, the largest car rental company in Latin America, with a Buy rating and a price target of R$74.20, implying 50% total return potential. Localiza operates in four synergistic business segments: car rental, fleet rental and fleet management, franchising, and used car sales. The analysts project high and sustainable earnings growth for Localiza over the next few years, driven by favorable industry prospects and superior management execution. However, risks to the investment thesis include enhanced competition, macroeconomic shocks, contract terminations, declines in airport passenger traffic, and declines in used car prices.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
The document analyzes the profitability and financial stability of YTL Corporation Berhad from 2012-2013 using various financial ratios. It finds that while the company's net profit margin and ability to pay interest increased slightly, its return on equity and ability to control expenses decreased. Additionally, the company has high total debt levels and inefficient inventory and debt collection times. Overall, the document recommends against investing in YTL Corporation Berhad due to its lack of good profitability despite strong financial stability and low share price.
The document is a financial analysis report comparing the performance of AstraZeneca PLC and Shire Pharmaceuticals PLC from 2009-2011. It finds that AstraZeneca operates at higher profit margins and has shown stronger growth in revenues, share prices, and total profits over the analyzed years. While both companies improved their debt management significantly, AstraZeneca demonstrated better control of debt levels and financial stability overall. The report includes comparisons of key performance indicators like revenue, costs, profitability, liquidity, capital structure, and investments to evaluate the relative strengths and weaknesses.
CFA Research Challenge - Equity Research Report - G4S Rory Blundell
This document provides an investment recommendation and analysis of G4S plc. It recommends holding G4S shares with a target price of 243p based on discounted cash flow analysis and focuses on the company's future capital structure. Key points include G4S undergoing organizational changes like disposing of non-core businesses and improving core activities. It is also focusing on organic growth and reducing debt. Emerging markets are seen as growth areas while some reputational issues remain in the UK.
Apple Hospitality REIT is recommended as a Buy with a target price of $20.06. Key points include:
- Apple maintains low leverage and debt levels compared to peers, funding future acquisitions through its credit facility.
- The portfolio of 179 hotels across 32 states provides geographic diversification and consistent performance across diverse demand drivers.
- Demand is expected to continue outpacing new hotel room supply through 2017. Apple focuses on upscale select service hotels where new room growth will be strong.
- Valuation analyses including DCF, NAV, and peer comparisons estimate Apple's fair value at $20.52, supported by a monthly dividend yield of 6.56%, balance sheet capacity
Moelis company october investor pres_vfinalMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning 100% of excess capital to shareholders.
Moelis company October Investor PresentationMoelis_Company
The document contains forward-looking statements about the company's operations and financial performance. It discusses the company's global footprint with offices in 19 locations worldwide. It also highlights the company's record of growth, with revenues in the first nine months of 2017 up 26% from the same period in 2016. The company is committed to returning excess capital to shareholders.
Market volatility is part of investing in stocks. But how often does the market turn down? What is the long term impact? For buy-and-hold investors, it is important to have some perspective on the vulnerabilities and resiliency of the stock market.
An Alternative Market Outlook and Price Perspective_commentedHenrik Mikkelsen
Henrik Mikkelsen presents an alternative market outlook and price perspective. He believes that US 10-year Treasury yields will likely rise 50-150 basis points in the next 9-12 months. The S&P 500 may rise 25% or remain unchanged, but could also decline 25%. Commodity prices may rise 50% or remain flat, but could fall 25% as well. Mikkelsen argues that market sentiment has become less positive on corrections, which could cause any coming correction to take longer than past ones. He presents several scenarios for the trajectory of the S&P 500 in the coming years.
1. The Australian equity market has increased 24% from its March low but remains below levels from three years ago. The report predicts continued bull market conditions with the All Ordinaries index reaching 3,650, implying almost 15% total returns over the next 12 months.
2. Small cap stocks have outperformed recently but now appear relatively expensive. Overall, the market appears fairly valued based on the "rule of 20" and prospective earnings yield relative to bonds.
3. The consensus view is that stronger world growth may benefit resources over banks, but the report finds resource stocks trading at higher valuations and lower yields compared to the major banks. The portfolios recommended overweight banks and include only one major miner.
GSK is the largest pharmaceutical company listed on the Karachi Stock Exchange with two industry segments and over 10% market share. Its mission is to help people live longer and feel better. GSK products include prescription medicines, vaccines, consumer healthcare, and dermatology. In 2017, GSK had a net profit margin of 9.2%. The document discusses GSK's financial management strategies including inventory management, human resources, SWOT analysis, ratio analysis, and comparisons to other pharmaceutical companies. An analysis of the companies' current ratios, debt ratios, profit margins, returns on equity and assets from 2007-2011 showed that Wyeth consistently demonstrated the strongest financial performance.
1. Noble Group has reported $2.7 billion in net profits since 2009 but $485 million in operating cash outflows over the same period, with deteriorating cash flows in recent years.
2. The divergence between profits and cash flows is largely due to increasing fair values of unrealized commodity contracts reported on Noble's balance sheet, which have grown from near zero in 2009 to $3.8 billion currently.
3. Noble recognizes the entire profit for long-term commodity contracts upfront, upon signing, through fair value accounting. The increasing fair values have become the main driver of reported profits rather than underlying business performance.
Under Armour reported revenue growth of 28.5% in 2015 compared to 2014, driven by increases in apparel, footwear, and connected fitness sales. Gross profit increased by 26.01% but gross margin declined slightly due to currency impacts and increased costs. Operating expenses grew 28.66% due to higher marketing costs for sponsorships. Net income increased by 11.79% despite the margin declines and expense growth, showing continued strong overall financial performance.
Check our Quantic Asset Management Breakout Institutional Factsheet for the month of June 2019. Find out more about our services https://www.quantic-am.com/en/
This document discusses dividend investing strategies. It makes the following key points:
1) Dividend investing tends to outperform during periods of market volatility and below average returns, as dividend income provides downside protection.
2) Dividends have accounted for about one-third of the total return of the S&P 500 since the 1970s, so excluding dividend stocks puts investors at a disadvantage.
3) The best dividend strategies focus on high quality stocks with growing dividends, cash flows, and earnings, not just high yields, to identify opportunities with sustainable payouts.
This document provides an analysis of the Canadian asset management industry. It finds that the industry has matured but remains very profitable, with expected annual growth of around 8% driven by market performance of 6% and net sales of 2%. While industry consolidation has increased competition, the top 10 managers still control around 80% of retail assets under management. Banks have gained the most market share this decade. The document also examines trends like growth in balanced funds and segregated products, reflecting a reduced appetite for risk among retail investors. It provides ratings and price targets for several asset managers.
Pillar Capital provides investment management services focused on dimensions of returns, diversification, and investor discipline. Dimensions of returns refers to systematic differences in expected returns based on factors like company size, relative price, and profitability. Historical data shows that investing based on these dimensions has rewarded long-term investors. Portfolios can be structured to target dimensions shown to produce premiums, like favoring small cap, value, and high-profitability companies.
The document provides an initiation of coverage on the Latam autoparts industry. It discusses key trends driving growth in the industry, such as automakers outsourcing production to emerging markets and suppliers to lower costs. It introduces five leading autoparts companies in the region and develops a proprietary investment methodology to evaluate and initiate coverage on the companies. Autometal receives a Buy rating, while Randon and Marcopolo receive Sell ratings based on valuation analysis incorporating discounted cash flow models and trading multiples. Iochpe-Maxion and Mahle Metal Leve receive Hold ratings. Important risks to the industry include a worsening competitive environment and an economic downturn in key markets like Europe.
Deutsche Bank analysts initiated coverage of Localiza, the largest car rental company in Latin America, with a Buy rating and a price target of R$74.20, implying 50% total return potential. Localiza operates in four synergistic business segments: car rental, fleet rental and fleet management, franchising, and used car sales. The analysts project high and sustainable earnings growth for Localiza over the next few years, driven by favorable industry prospects and superior management execution. However, risks to the investment thesis include enhanced competition, macroeconomic shocks, contract terminations, declines in airport passenger traffic, and declines in used car prices.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
The document analyzes the profitability and financial stability of YTL Corporation Berhad from 2012-2013 using various financial ratios. It finds that while the company's net profit margin and ability to pay interest increased slightly, its return on equity and ability to control expenses decreased. Additionally, the company has high total debt levels and inefficient inventory and debt collection times. Overall, the document recommends against investing in YTL Corporation Berhad due to its lack of good profitability despite strong financial stability and low share price.
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
- Aviva's key metrics have improved in the first half of 2014, with cash remittances, operating profit, expenses, combined operating ratio and value of new business all increasing compared to the prior year.
- Operating expenses decreased 8% to £1,399 million due to cost savings initiatives. The operating expense ratio improved to 52.1%.
- Value of new business increased 9% to £453 million, with growth markets contributing 25% of the total.
- The combined operating ratio for general insurance improved to 95.5% and IFRS net asset value per share increased 7% to 290p.
Aviva plc third quarter 2013 interim management statementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Progress is in line with our expectations and we remain focused on delivering cash flow plus growth. In the first nine months of 2013 our key measure of growth, value of new business, increased by 14%. We had strong performances from France and our growth markets of Turkey, Poland and Asia. Conversely, value of new business remains depressed in our turnaround businesses of Italy and Spain, and this is being addressed.
“Capital generation in the period was stable at £1.3 billion and our economic capital surplus now stands at £8 billion. We continue to make satisfactory progress on cost reduction, with operating expenses 10% below the 2011 baseline.
“Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done.”
After analyzing Primerica's financial statements, the author found some areas of strength and weakness. While revenue and assets grew from 2012-2014, net income grew at a slower rate. Expenses like benefits claims and sales commissions comprised a large percentage of revenue. Liquidity and efficiency ratios showed short-term debt repayment and asset utilization could improve. However, profitability ratios were strong. Further analysis revealed expenses like benefits claims increased slightly, constraining net income growth. The company needs $233 million in external funding to maintain operations.
This document analyzes the profitability and financial stability of YTL Corporation Berhad from 2012-2013 through various financial ratios. It finds that while profitability decreased slightly based on ROE, expenses were generally well-controlled. Financial stability remains strong with healthy working capital and interest coverage ratios, although debt levels are high. The summary recommends against investing currently due to lackluster profitability, despite an attractive share price and strong financial position otherwise.
Capital structure decisions and profitabilitybappykazi
Group G is analyzing the capital structure and profitability of Square Pharmaceuticals Ltd. The group members are Kazi Tanvirul Islam, S.M. Zayed Siraj, Jannatul Ferdows, Md. Tajmilur Rahman, and Umma Kulsum. Square Pharmaceuticals gets financing from equity, debt, retained earnings and borrowed funds. Its average debt ratio from 2006-2010 was 29% and debt increased 20% while equity increased 80%. Square Pharmaceuticals maintains low debt levels and has sound financial performance with average debt-equity ratio of 0.4. The company has stable profit margins around 18% on average.
Feb 16 2012 Full-year results conference call script (James Singh)Nestlé SA
- Nestlé reported continued strong momentum in 2011 with organic growth of 7.5% despite challenging conditions.
- Trading operating profit increased to 15% of sales, up 60 basis points, driven by cost savings programs and pricing actions that offset higher input costs.
- Marketing spend decreased as a percentage of sales through reducing non-consumer facing costs and improving the sales generating power of brand messaging.
- Growth was consistent throughout the year with the fourth quarter seeing 3.5% real internal growth and 8.4% organic growth, demonstrating brand strength.
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Aldar Properties PJSC (ALDAR) saw moderate top-line growth and pressure on profit margins in the second quarter of 2016. Occupancy rates across ALDAR's portfolio were stable to slightly lower compared to the previous quarter. ALDAR's stock price increased year-to-date but remains undervalued according to the analyst's discounted cash flow model, which values ALDAR at AED 3.31 per share based on contributions from existing businesses and future development projects. Key challenges include pressure on ALDAR's hotel segment from increasing supply and decreasing demand in Abu Dhabi.
TA Holdings is recommended as a strong buy based on its fundamentals and valuations. Using a discounted cash flow model, the company has an intrinsic value of $0.78, significantly higher than its current price of $0.085. TA Holdings has a diversified portfolio across industries like insurance, tourism, mining, and manufacturing both locally and abroad, ensuring stable earnings. It also has a robust pipeline of projects and a sound financial position with low leverage that is expected to drive continued growth. However, risks include government control of its investment in Sable Chemicals, insurance risk, and foreign currency and interest rate volatility.
This document discusses India's economic challenges and the government's fiscal year 2013-14 budget. It notes the goal of achieving 8% growth and allocating over $55 billion to plans. Funding was provided for women, children and agriculture. Tax cuts and credits were implemented to spur consumption. Economic problems discussed include the fiscal deficit, slowing GDP growth, stock market performance, the balance of payments and rupee depreciation. The conclusion states that the budget aimed to balance these issues but solutions will take time to impact the economy.
FFC was incorporated in 1978 as a joint venture between Fauji Foundation and a Danish company. It has grown significantly over the years with a current share capital of over Rs. 8 billion. The document analyzes FFC's financial performance and compares it to industry averages. It finds that FFC has higher profit margins, asset turnover, and return on equity than competitors. Overall, the analysis indicates that FFC has been growing faster than the fertilizer industry due to strong financials and operational efficiency.
Dutch Lady Malaysia is a leading dairy producer in Malaysia. The document analyzes the company's profitability and financial stability ratios from 2011-2012. It was found that while some profitability ratios like return on equity and net profit margin increased from 2011-2012, other ratios declined and the company struggled more to control expenses. Financial stability ratios also decreased over this period, indicating weaker working capital and debt repayment ability. Therefore, the document recommends not investing in Dutch Lady Malaysia due to the company's declining performance and financial position.
Aviva plc Annual Report and Accounts 2012Aviva plc
- Mark Wilson joined Aviva as Group CEO in January 2013 to lead the turnaround of Aviva.
- In 2012, under John McFarlane's leadership, Aviva made progress in focusing the business, strengthening its balance sheet, and improving performance through asset sales and restructuring. However, more work remains to be done.
- Wilson's priorities are to improve cash flows, earnings growth, and reduce leverage further. He aims to make Aviva a robust company with strong, predictable cash flows, diversified earnings and capital, and lower leverage.
The document analyzes the financial ratios of Volkswagen Group from 2012-2013. It finds that profitability ratios like return on equity and net profit margin decreased, indicating lower returns. Stability ratios like working capital and debt ratios also decreased. Based on this analysis, the author recommends not investing in Volkswagen Group as the company's financial performance and stability are low, and it would take over 10 years to recoup an investment.
The document analyzes the financial ratios of Volkswagen Group from 2012-2013. It finds that profitability ratios like return on equity and net profit margin decreased, indicating lower returns. Stability ratios like working capital and debt ratios also decreased. Based on this analysis, the author recommends not investing in Volkswagen Group as the company's financial performance and stability are low, and it would take over 10 years to recoup the investment.
This document provides an overview and agenda for GAM Holding AG's results and review presentation for the first half of 2013. It includes the following:
- H1 2013 saw strong profit growth and continued business development, with underlying net profit up 58% and average AuM up 8%.
- Changes in disclosure and financial results reporting were introduced to better reflect how the business is managed as one integrated group.
- The agenda outlines sections on the H1 overview, changes in disclosure, financial results, business updates, outlook and Q&A.
- Forward-looking statements are provided but subject to risks and uncertainties that could materially impact results.
Daimler AG is a leading German automotive manufacturer with a focus on premium vehicles. It has a diverse portfolio of brands including Mercedes-Benz cars, Daimler trucks, and Mercedes-Benz vans. The company has a global presence with manufacturing and sales worldwide. Daimler has experienced strong financial growth in recent years as revenues and profits have increased substantially. It is assessing an acquisition of Audi AG to gain access to new automotive technologies and accelerate its strategic objectives.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...APCO
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
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https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
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Digital Marketing best practices including influencer marketing, content creators, and omnichannel marketing for Sustainable Brands at the Sustainable Cosmetics Summit 2024 in New York
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Presented at The Global HR Summit, 6th June 2024
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Best practices for project execution and deliveryCLIVE MINCHIN
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Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Neil Horowitz
On episode 272 of the Digital and Social Media Sports Podcast, Neil chatted with Brian Fitzsimmons, Director of Licensing and Business Development for Barstool Sports.
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Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
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1. VALUATION ANALYSIS
Almirall S.A.
PROFILE
Almirall S.A is a pharmaceutical company involved in R&D development of propriety medications with
a therapeutic focus on:
Asthma
COPD ( Chronic Obstructive Pulmonary Disease)
Gastrointestinal disorders
Psoriasis & other dermatological conditions
Almirall S.A has a 60 year history of being a stable company; however, they are facing challenging
times due to the overall poor economic climate in addition to Spain’s efforts in introducing ‘generic
prescription’. This has led to the operating income falling to a new low of € 56 M in 2012.
VALUATION
We decided to value Almirall by Intrinsic Valuation rather than multiples for the simple reason that we
wanted to know how much the assets of Almirall are worth rather than the price of Almirall based on
multiples.
Almirall is in similar state to a declining company where its revenue is almost stagnant and operating
income consistently falls. Although one can argue that this is due to external factors, such as global
recession or Spanish regulations, analysis of its competitors as well as other big pharmaceutical
companies led us to conclude differently. We analyzed the financial results of prominent
pharmaceutical companies over a 5-year span and found out the following:
The Pharmaceutical industry overall is indeed affected by the global recession. Some of the big
players, such as Novartis, AstraZeneca, and Takeda, have had a reduction in their earnings in
2012. However, few have displayed a consistent decline in earnings from 2009 such as in the
case of Almirall.
The Ipsen annual report1 provides a comparison of 2012 earnings of 22 pharmaceutical and
drug companies. The companies with declining earnings had a median -7% decline in revenues
(highest performer: -2% for Merck, lowest performer: -17% for Astrazeneca and BMS) in
comparison to an 11% decline for Almirall. The companies with increased earnings had a
median 7% increase in revenues with Abbot presenting the lowest increase of 2% compared
to the highest performer Novo-nordisk at 18%.
Almirall has been unable to earn excess returns based on the investment it has made; the
problems could be attributed to poor management than to fundamentals. Hence, Almirall could
1
http://www.ipsen.com/en/financial-
results?date_filter_1%5Bvalue%5D%5Byear%5D=&date_filter_1%5Bvalue%5D%5Bmonth%5D=0&date_filter_1%5
Bvalue%5D%5Bday%5D=0&date_filter_1%5Bvalue%5D%5Bhour%5D=0&date_filter_1%5Bvalue%5D%5Bminute%5
D=0&date_filter_1%5Bvalue%5D%5Bsecond%5D=0
DISCLAIMER: This document is not an offering for any investments. It represents only the opinion of Saurabh Mishra. Any views
expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or
inducement to invest and is not in any way a testimony of, or associated with Farmantra S.L.
2. have been valued with either the status quo value with the probability of having existing
management team and with an optimal value with the probability of having the new
management team that helps to turn-around the company. However, Almirall, being a family
based business; the probability of having new management in charge is negligible. Despite
this, the promising news is that Almirall, with declining operating income, has paid off all debts
in 2012 and therefore there is no probability that the company will become a distressed
company
Based on above analysis, we decided to value Almirall on its current status with existing reinvestments
and returns. Besides, we assumed that the existing management would be capable of turnaround of
the company and that its new innovative products in the offing and international expansion would
allow Almirall to get excess returns over a five year period. In other words, the company would try to
attain its cost of capital, if not exceed the cost of capital.
We have assumed a 2 stage model where, in the first stage, Almirall would grow at a higher rate than
the rate of the economy for a maximum period of five years followed by a second stage where Almirall
undergoes stable growth i.e grows at the rate of the economy. We have the following rationale to
support this assertion:
Almirall has several products in the pipeline and is expecting to launch many of them in
2013 and 20142. In order to launch they have increased their S&G expenses in the last
quarter of 2012 and they are expected to increase in 2013.
The international sales are growing and currently they comprise 60% of the revenues
which could offset the decreasing domestic sales in Spain.
We have valued Almirall by applying the free cash flow to the firm model. As the company has paid all
outstanding debt by 2012, the cost of capital will be equal to cost of equity.
Present value of Free Cash flow to the firm = € 208.83 M
Present Value of the Terminal Value of the firm = € 637.92 M
Value of operating assets = € 846.75 M
Value of cash, marketable securities & non-operating assets = € 52.3 M
Value of the firm = Market value of Equity = € 899.053 M
Number of shares outstanding = 170.522827 M
Market Value of Equity/share = € 5.18
Our valuation suggests that Almirall is overvalued at € 10.11/share as of today 18-Mar-13
2
http://investors.almirall.es/phoenix.zhtml?c=209345&p=irol-newsArticle&ID=1787556&highlight=
3
There is no debt left with Almirall, Hence the market value of debt is zero
DISCLAIMER: This document is not an offering for any investments. It represents only the opinion of Saurabh Mishra. Any views
expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or
inducement to invest and is not in any way a testimony of, or associated with Farmantra S.L.
3. SUMMARY OF ASSUMPTIONS FOR VALUATION
High growth Phase Stable Growth Phase
Length of period 5 years After 5 years
Tax Effective tax rate increasing 6% every year to Marginal tax rate of 30%
reach the marginal tax rate of 30%4
Cost of capital Adjusted every year from the current 10.13% to 9.06%
9.06% when it reaches the stable growth
Return on capital Currently 5.19% which is less than the cost of 9.06% which is the cost of capital.
capital5. Assumed that it finds its way to reach
the cost of capital in stable growth period
Non-cash working Currently 0.97% of revenues in 2012 and 0.97% of revenues
capital assumed to grow at the same rate6
Reinvestment rate7 34% of after tax operating income supposed to 16% of after tax operating income
decline after second half of the high growth
period to 16%
Expected growth 1.75% projected to decline after second half of 1.53%
rate in operating high growth period to 1.53%9
income8
Risk Parameters The bottom up unlevered beta is 1.0810 which Stable Beta = 1, Cost of capital = 9.06%
decreases to 1 in stable growth period
Ke =10.13% Risk premium = 8%11
4
A firm cannot receive the tax benefits forever and hence it has to pay marginal tax rate of 30% in the stable growth period
5
IF ROC< COC it implies that we are locking this firm into investing in negative excess return projects. Hence we assumed that
Almirall will find its way to earn its cost of capital so that reinvestment is lower during stable phase
6
The non-cash working capital as percent of revenues has been 0.94% on a five year average
7
Reinvestment rate is calculated by (Net Capex + change in non-cash working capital)/EBIT(1-T). During stable period, we have
calculate how much reinvestment is required to attain a ROC of 9.06%
8
Expected growth rate = Return on capital*Reinvestment rate
9
Risk free rate is a good proxy for a growth rate in economy. The assumption implies that during stable growth period the firm
cannot grow more than the rate of economy and hence 1.53% is used which is the risk free rate – 10 year german bond rate
10
The firm does not have debt
11
Risk premium for AAA rated country is 5.46%. Country risk premium for Spain is 3%. (Damodaran website).The Total Risk
premium for Almirall is calculated based on where its located and from where it receives the revenues
DISCLAIMER: This document is not an offering for any investments. It represents only the opinion of Saurabh Mishra. Any views
expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or
inducement to invest and is not in any way a testimony of, or associated with Farmantra S.L.
4. Important parameters used in calculations:
Operating Income: Almirall’s operating income has been consistently decreasing since 2009;
from € 179.1 M in 2009 to € 56 M in 2012. The steep fall in operating income in 2011 (€
96.9M) occurred as a result of the economic crisis as well as patent expiration of several
products. In addition, the royal decree of Spain favored generic prescriptions that affected the
sales of branded drugs of Almirall. The operating income in 2012 decreased further due to
increased investment in R&D of € 15 M (10.4%) and significant increase in SG&A worth € 80 M
(23.5%) for new product launches. Based on our analysis of the competitive landscape, we
decided not to normalize the operating income.
R&D: In many countries, based on accounting standards, R&D is not capitalized. However,
we have capitalized12 the R&D in order to understand the return they get on the investment.
The capitalization may not always result in higher ROC. Only those companies that earn
excess returns or that have high R&D productivity will have higher ROC on capitalizing. The
results before and after capitalizing mentioned below :
Before Capitalizing R&D After Capitalizing R&D
EBIT € 56 M € 89 M
Capex € 72.9 M € 232.4 M
Depreciation & Amortization € 68 M € 202.34 M
Book Value of equity € 854.7 M € 1267.84 M
Book Value of Debt € 202.2 M € 202.2 M
ROC13 4.73% 5.19%
Capitalizing R&D increases the ROC of Almirall although it’s well below the Cost of Capital. This implies
that R&D does create value for Almirall but it’s still not able to attain its cost of capital.
Growth rate: We neither used the management’s forecasts nor the analyst’s growth rates;
we calculated the growth rate based on the fundamentals i.e. using how much they have
reinvested (reinvestment rate) and how well they have reinvested (ROC)
12
Capitalizing R&D does not change the free cash flows
13
Marginal tax rate of 30% is used to calculate after tax operating Income in calculation of ROC. Although effective tax rate could
be used which is 0% in 2012 but as ROC is used to calculate future growth/investments it is more prudent to use the marginal tax
rate.
DISCLAIMER: This document is not an offering for any investments. It represents only the opinion of Saurabh Mishra. Any views
expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or
inducement to invest and is not in any way a testimony of, or associated with Farmantra S.L.
5. ASSESSING THE VALUE FOR GROWTH
In order to understand how much we are paying for Almirall’s growth, we decided to analyze their
growth. As a mature company most of their growth comes from their existing assets rather than their
growth assets. We decided to value the assets in place and understand how much we are paying for
them. Almirall has two options from their existing assets :-
1. They pay out all the earnings to their claim holders (lenders and stockholders)
2. They reinvest a portion of that for growth
Assuming Almirall does not reinvest the existing assets and pursues a no-growth policy. This implies
that the earnings will remain the same for perpetuity and Almirall should keep returning the entire
earnings as dividends to its shareholders. The value of those assets can be computed by EBIT/cost
of capital.
Estimating price paid for growth Almirall S.A.
Operating income € 89 M
After tax operating income14 € 62.3 M
Cost of capital 10.13%
Value of assets in place € 615 M
Enterprise value15 € 1672 M
Price paid for growth( EV- value of assets in place) € 1056 M
Proportion of price paid for growth 63 %
The difference between the Enterprise value and the value of existing assets provide the price we
would pay for the growth.
We are paying € 1056 M currently for the growth that constitutes 63% of the price paid for future
growth. Next, we decided to analyze how much the growth is worth. We assumed that Almirall will
keep reinvesting at current rate of 34% with the current return on capital of 5.19%. The value of the
company with growth in perpetuity can be obtained as After tax operating income * (1-
reinvestment)/ (cost of capital – growth rate).
14
Again we used marginal tax rate of 30% assuming Almirall has to revert to this tax sooner or later.
15 Bound to change based on current stock price, The stock price today 18th March is €10.11
DISCLAIMER: This document is not an offering for any investments. It represents only the opinion of Saurabh Mishra. Any views
expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or
inducement to invest and is not in any way a testimony of, or associated with Farmantra S.L.
6. THE VALUE FOR GROWTH
Estimating Value for growth Almirall S.A.
Reinvestment rate 34%
Return on Capital 5.19%
Growth rate 1.77%
Value of Firm with growth € 490 M
Value of growth16 -€124 M
Price paid for growth € 1056 M
Price paid/value of growth Too high
This could be worked the other way round too. We can also value growth by setting a higher growth
rate of 5% with high return on capital of 10%. In that case Almirall has to reinvest 50%17 of the
operating income but the fundamentals that the higher growth rate will affect the value inversely if
ROC18<COC, will not change. In order for value of the growth to increase, Almirall needs to earn ROC
greater than the COC. As the current return on capital is less than the cost of capital, the value of
growth is negative i.e. - €124 M and the price we are paying for the growth is too high.
RECOMMENDATIONS:
Almirall has to earn excess returns (ROC>COC) in order to have valuable growth. As the earnings are
declining consistently for the past 4 years, Almirall could do the following:
Restructuring: Almirall could restructure itself by liquidating assets that do not produce
excess returns and grow smaller. They could also focus on their core-competence and
outsource the rest
New Investments: Declining companies gain very little from growth assets. As seen above,
the price paid for future growth constitutes 63%. However the price we pay should be based
on not just growth but ‘quality growth’ that generates excess returns. Almirall could increase
R&D productivity and invest in developing innovative products that could manage to achieve a
high growth
Internationalization: As domestic sales have been dropping and international sales growing,
Almirall needs to focus aggressively on increasing sales internationally. This could be achieved
by either a strategy based on expansion in emerging markets or launching new products in
developed markets
16 Value of growth is negative as Almirall earns a ROC less than the cost of capital
17
Reinvestment rate =growth rate/return on capital
18 ROC = Return on capital, COC = Cost of Capital
DISCLAIMER: This document is not an offering for any investments. It represents only the opinion of Saurabh Mishra. Any views
expressed are provided for information purposes only and should not be construed in any way as an offer, an endorsement, or
inducement to invest and is not in any way a testimony of, or associated with Farmantra S.L.