- The document analyzes Tesco's recent financial results and strategy under its new CEO Dave Lewis.
- It notes that Lewis has made progress in improving service and availability, which led to the first positive quarterly volume growth in 4 years, but that Tesco's UK like-for-like sales were still down 1% in the last quarter.
- The document expresses surprise that Lewis did not explicitly mention improving quality as part of Tesco's strategy, as quality was a key part of previous turnarounds, and argues that higher quality products are important for Tesco to compete against discounters Aldi and Lidl.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
iDeal Magazine is a quarterly publication which is specially produced and written with business owners in mind.
iDeal Magazine highlights some of the most recent deals BCMS has completed, offering a real insight into the mechanical and emotional processes involved with selling a business.
The publication also incorporates industry news, business updates as well as other business related information.
Sign up here http://www.bcmscorporate.com/business-sale-news-magazine
TIP provided a summary of key figures from its annual report. Some of the highlights included:
- Total returns for TIP shareholders of over 160% for the past 11 years and average yearly returns of over 30%.
- Over 1.5 billion euros invested in more than 50 companies across multiple industries.
- Expected IPO pipeline over the next few years that could provide additional upside.
- Focus on supporting portfolio company growth through M&A and operational improvements.
Global M&A appetite for Luxury and hints for Startupsmaurizio castello
Speaking at Startup Initiative Fashion Technology event on October 2018 Maurizio Castello, partner at KPMG Advisory Italy, comments on global M&A trends in the Fashion & Luxury industry and key topics for Startups
Tamburi Investment Partners (TIP) holds investments worth approximately €3 billion across leading retail, luxury, health and technology companies. TIP has made 12 investments in companies with global leadership positions that generate over €18 billion in annual revenues. Over the past 5 years, TIP has achieved a total return of over 357%. TIP's portfolio is diversified across industries, with 30% in retail/luxury/design, 33% in technology, 9% in health/silver age, and 28% in other investments. TIP also has a pipeline of potential new investments and available capital to continue investing in innovation and growth companies.
Tying into our first-ever event in the region with the Nordic Affiliate Conference, this issue of iGB Affiliate looks at the big affiliate networks and consolidators reshaping the affiliate sector in the Nordics and beyond.
For Catena, RakeTech and XLMedia (see roundtable p34-36) the future is all about harnessing the synergies, data and technology that acquired scale brings. We look at the inevitable introduction of PPC in Sweden post the recommended market opening and re-regulation and the impact on affiliates that today generate valuable traffic via SEO from that territory. But as Catena’s Erik Bergman emphasises, the proposed framework is all still some way from being agreed by the politicians, let alone implemented.
We also drill down into the wave of Nordic-led M&A sweeping the sector (p38-41) and provide some expert advice for affiliates considering an exit as dealflow, prices and multiples continue to rise (p42-43).
This document provides information about the European Mid Cap Event in Paris from June 28-29, 2017. It discusses the benefits of guiding capital from successful businesses and families towards growing companies. It then summarizes Tamburi Investment Partners' portfolio, including key investment facts, portfolio breakdown by industry, group structure, stock performance, and recent deals involving Amplifon, Interpump, and Prysmian. Finally, it discusses TIP's approach of being a long-term partner through governance, team, processes, advisory services, network, and support of aggregation processes like M&A.
This document summarizes an investment conference in Milan on May 24, 2017. It discusses the role of finance in guiding capital from successful businesses and families towards growing companies, and outlines some key facts about Tamburi Investment Partners (TIP), an Italian investment firm. TIP has invested over 2 billion euros through direct investments and club deals in leading multinational and technological companies, and has achieved a total return of over 288% in the last 5 years. The document provides an overview of TIP's portfolio, stock performance, investments and potential pipeline. It also summarizes some recent deals and the financial results of TIP's main investee companies.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
iDeal Magazine is a quarterly publication which is specially produced and written with business owners in mind.
iDeal Magazine highlights some of the most recent deals BCMS has completed, offering a real insight into the mechanical and emotional processes involved with selling a business.
The publication also incorporates industry news, business updates as well as other business related information.
Sign up here http://www.bcmscorporate.com/business-sale-news-magazine
TIP provided a summary of key figures from its annual report. Some of the highlights included:
- Total returns for TIP shareholders of over 160% for the past 11 years and average yearly returns of over 30%.
- Over 1.5 billion euros invested in more than 50 companies across multiple industries.
- Expected IPO pipeline over the next few years that could provide additional upside.
- Focus on supporting portfolio company growth through M&A and operational improvements.
Global M&A appetite for Luxury and hints for Startupsmaurizio castello
Speaking at Startup Initiative Fashion Technology event on October 2018 Maurizio Castello, partner at KPMG Advisory Italy, comments on global M&A trends in the Fashion & Luxury industry and key topics for Startups
Tamburi Investment Partners (TIP) holds investments worth approximately €3 billion across leading retail, luxury, health and technology companies. TIP has made 12 investments in companies with global leadership positions that generate over €18 billion in annual revenues. Over the past 5 years, TIP has achieved a total return of over 357%. TIP's portfolio is diversified across industries, with 30% in retail/luxury/design, 33% in technology, 9% in health/silver age, and 28% in other investments. TIP also has a pipeline of potential new investments and available capital to continue investing in innovation and growth companies.
Tying into our first-ever event in the region with the Nordic Affiliate Conference, this issue of iGB Affiliate looks at the big affiliate networks and consolidators reshaping the affiliate sector in the Nordics and beyond.
For Catena, RakeTech and XLMedia (see roundtable p34-36) the future is all about harnessing the synergies, data and technology that acquired scale brings. We look at the inevitable introduction of PPC in Sweden post the recommended market opening and re-regulation and the impact on affiliates that today generate valuable traffic via SEO from that territory. But as Catena’s Erik Bergman emphasises, the proposed framework is all still some way from being agreed by the politicians, let alone implemented.
We also drill down into the wave of Nordic-led M&A sweeping the sector (p38-41) and provide some expert advice for affiliates considering an exit as dealflow, prices and multiples continue to rise (p42-43).
This document provides information about the European Mid Cap Event in Paris from June 28-29, 2017. It discusses the benefits of guiding capital from successful businesses and families towards growing companies. It then summarizes Tamburi Investment Partners' portfolio, including key investment facts, portfolio breakdown by industry, group structure, stock performance, and recent deals involving Amplifon, Interpump, and Prysmian. Finally, it discusses TIP's approach of being a long-term partner through governance, team, processes, advisory services, network, and support of aggregation processes like M&A.
This document summarizes an investment conference in Milan on May 24, 2017. It discusses the role of finance in guiding capital from successful businesses and families towards growing companies, and outlines some key facts about Tamburi Investment Partners (TIP), an Italian investment firm. TIP has invested over 2 billion euros through direct investments and club deals in leading multinational and technological companies, and has achieved a total return of over 288% in the last 5 years. The document provides an overview of TIP's portfolio, stock performance, investments and potential pipeline. It also summarizes some recent deals and the financial results of TIP's main investee companies.
The document provides an evaluation of several shots taken to film a short narrative. It analyzes each shot's composition, framing, movement, and technical execution. Shots 1, 2, 5, 6, 7 and 8 were reasonably steady but shots 3 and 4 lacked stability due to a technical error. While framing was generally adequate, some shots could have benefited from more anticipatory framing and faster panning. The composition utilized lines, positive and negative space, and other elements to convey meaning and tone through the visual style.
The document outlines a filmmaker's plan to shoot establishing shots and the opening scene of a ski film in Verbier, Switzerland, choosing this specific slope because it has wide runs, steep slopes, off-piste areas, jumps, and a chairlift that provides high-angle views and allows filming characters from a distance with stunning mountain backdrops. The filmmaker details specific shots they will take from the chairlift at different heights and distances, as well as shots of the characters skiing down the slope at varying distances to build continuity while showing one character gaining on the other.
This document outlines a morning routine, describing getting up at 6:20am, taking a shower and brushing teeth between 6:25am and 6:35am, getting dressed at 6:40am, combing hair at 6:50am, having breakfast at 6:55am, and leaving at 7:05am.
The document discusses the concept of Minimum Viable Product (MVP) and prototyping. It defines MVP as the smallest amount of work required to test an idea with minimum cost, effort, and time. An MVP is an experiment used to gather actionable metrics and learn fastest and cheapest. Paper prototyping is presented as an example method for early testing and evaluation of ideas through mockups before implementation begins. It allows getting user feedback and communicating ideas to involve stakeholders while being creative and saving time and money.
uno sguardo sulla condizione della donna africana tra libertà creativa e resistenza
a view on african woman's condition between creative freedom and resistence
This document outlines the development process of creating a movie poster. It describes 4 drafts of the poster with changes made in each version based on evaluations. The final poster condensed credit titles, realigned awards and the director's title, changed fonts for unity, added intertextual references and the film rating, and received feedback suggesting enlarging fonts and repositioning the tagline to improve clutter. Key changes for the static final poster included using a new tagline font, better tagline alignment, and enlarged credits with a vintage filter added.
1. The document is a shot list for a film containing 20 scenes taking place in various locations including a music practice studio, courtyard, alleyway, car yard, and van.
2. The shots describe the actions, angles, and movements between two main characters, Sweetah and Logan, as they interact in different locations after meeting in the music studio.
3. Their interactions escalate from discussing music in the courtyard, to taking drugs in the alleyway, to intimate encounters in a car in the abandoned car yard, until Sweetah passes out from the drugs and Logan flees the scene.
The document discusses the launch and status of the Armenian ccTLD .հայ. It launched in November 2014 with a sunrise period of 5 months followed by a landrush and general availability phase totaling 2 months. There are now 319 .հայ domains registered, with organizations making up 53% and individuals 47%. The top registrars are Armenian companies. About 300 .հայ domains have been registered so far in Armenia, compared to over 2500 in Serbia, 700 in Macedonia, and 2000 in Georgia. Issues around Armenian script in email are also addressed.
The document proposes creating a tangible box containing soothing repetitive activities to bring together people with dementia and anxiety disorders both in person and online. This would be facilitated by charities who would promote the concept, distribute necessary materials, provide education and supervision. The goal is for those with dementia to help others focus on being present through shared activities, providing mutually beneficial interactions for both groups and allowing those with dementia to feel in control.
Este documento contiene varios artículos cortos sobre temas religiosos y de cocina. Un artículo habla sobre escuchar la voz del Espíritu Santo y obedecerla para tener vida, paz y gozo. Otro presenta una receta de tamalitos de verduras rellenos de pollo, papas, zanahorias y chícharos. El documento también incluye enlaces a páginas web y blogs relacionados con una comunidad cristiana y recetas mexicanas.
The document discusses Antalis' efforts to promote diversity and develop employee skills. It notes that Antalis is working to increase the number of women in leadership roles and create a family-friendly work environment to attract diverse talent. It also describes the company's online training platform called eXcellence which provides hundreds of training modules to over 4,000 employees in 27 countries. The HR Director discusses making employee health and safety the top priority and developing an employee-centered culture and communication portal.
Este documento define un cartel científico y describe sus principales partes y características, incluyendo el título, introducción, materiales y métodos, resultados, discusión y conclusiones. Además, proporciona recomendaciones para planear, diseñar y presentar de manera efectiva un cartel. Finalmente, explica cómo se evalúan los carteles científicos en las reuniones académicas.
The Asia Livelihood Documentary Film Festival was held from August 31 to September 2, 2012 at the India Habitat Centre in New Delhi. The festival featured 18 documentary films about livelihood challenges faced by rural and urban poor communities in Asia. Key speakers and guests included Subhash Ghai, Anjan Roy, and Amir Ullah Khan. Dance troupes from Sri Venkateshwara College and Hansraj College performed. The festival aimed to highlight policies that prevent economically disadvantaged groups from earning a livelihood and achieving happiness, as well as serve as a learning experience for aspiring filmmakers.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Christmas 2015 proved to be a difficult one for UK retail. What happened? We identified four themes that are key to understanding the dynamics of the current retail market and provide a framework for realising exactly the disruption caused by the growth of online
On January 20, 2015, the London Stock Exchange Group and Capital 33, in association with our partners, held a seminar discussing the benefits of listing on AIM, London's alternative investment market, for growth-oriented American companies.
The presentations include an overview of AIM, including why companies should consider a listing, the benefits of listing on AIM, a profile of AIM-listed companies, the steps to consider when preparing for an AIM IPO, a review of the legal issues involved, the role of accountants in an AIM IPO, and much more.
For more information, please visit www.Capital33.com
The document provides an investment weekly market update from Goodbody Wealth Management. It discusses recent bond market volatility and recommends a short-duration bond strategy. It also summarizes the results of the UK election and its positive impact on reducing political uncertainty. Additionally, it comments on recent easing measures by China's central bank and remaining cautious on emerging markets due to China's economic performance.
The document provides an investment weekly report from Goodbody Wealth Management. It discusses trends in the US and Irish housing markets that could boost economic growth. It also analyzes investment opportunities in technology stocks and Vodafone, noting their improving growth outlooks. The report recommends exposure to Irish assets and investing in technology sectors through exchange-traded funds to gain diversified exposure.
The document provides an evaluation of several shots taken to film a short narrative. It analyzes each shot's composition, framing, movement, and technical execution. Shots 1, 2, 5, 6, 7 and 8 were reasonably steady but shots 3 and 4 lacked stability due to a technical error. While framing was generally adequate, some shots could have benefited from more anticipatory framing and faster panning. The composition utilized lines, positive and negative space, and other elements to convey meaning and tone through the visual style.
The document outlines a filmmaker's plan to shoot establishing shots and the opening scene of a ski film in Verbier, Switzerland, choosing this specific slope because it has wide runs, steep slopes, off-piste areas, jumps, and a chairlift that provides high-angle views and allows filming characters from a distance with stunning mountain backdrops. The filmmaker details specific shots they will take from the chairlift at different heights and distances, as well as shots of the characters skiing down the slope at varying distances to build continuity while showing one character gaining on the other.
This document outlines a morning routine, describing getting up at 6:20am, taking a shower and brushing teeth between 6:25am and 6:35am, getting dressed at 6:40am, combing hair at 6:50am, having breakfast at 6:55am, and leaving at 7:05am.
The document discusses the concept of Minimum Viable Product (MVP) and prototyping. It defines MVP as the smallest amount of work required to test an idea with minimum cost, effort, and time. An MVP is an experiment used to gather actionable metrics and learn fastest and cheapest. Paper prototyping is presented as an example method for early testing and evaluation of ideas through mockups before implementation begins. It allows getting user feedback and communicating ideas to involve stakeholders while being creative and saving time and money.
uno sguardo sulla condizione della donna africana tra libertà creativa e resistenza
a view on african woman's condition between creative freedom and resistence
This document outlines the development process of creating a movie poster. It describes 4 drafts of the poster with changes made in each version based on evaluations. The final poster condensed credit titles, realigned awards and the director's title, changed fonts for unity, added intertextual references and the film rating, and received feedback suggesting enlarging fonts and repositioning the tagline to improve clutter. Key changes for the static final poster included using a new tagline font, better tagline alignment, and enlarged credits with a vintage filter added.
1. The document is a shot list for a film containing 20 scenes taking place in various locations including a music practice studio, courtyard, alleyway, car yard, and van.
2. The shots describe the actions, angles, and movements between two main characters, Sweetah and Logan, as they interact in different locations after meeting in the music studio.
3. Their interactions escalate from discussing music in the courtyard, to taking drugs in the alleyway, to intimate encounters in a car in the abandoned car yard, until Sweetah passes out from the drugs and Logan flees the scene.
The document discusses the launch and status of the Armenian ccTLD .հայ. It launched in November 2014 with a sunrise period of 5 months followed by a landrush and general availability phase totaling 2 months. There are now 319 .հայ domains registered, with organizations making up 53% and individuals 47%. The top registrars are Armenian companies. About 300 .հայ domains have been registered so far in Armenia, compared to over 2500 in Serbia, 700 in Macedonia, and 2000 in Georgia. Issues around Armenian script in email are also addressed.
The document proposes creating a tangible box containing soothing repetitive activities to bring together people with dementia and anxiety disorders both in person and online. This would be facilitated by charities who would promote the concept, distribute necessary materials, provide education and supervision. The goal is for those with dementia to help others focus on being present through shared activities, providing mutually beneficial interactions for both groups and allowing those with dementia to feel in control.
Este documento contiene varios artículos cortos sobre temas religiosos y de cocina. Un artículo habla sobre escuchar la voz del Espíritu Santo y obedecerla para tener vida, paz y gozo. Otro presenta una receta de tamalitos de verduras rellenos de pollo, papas, zanahorias y chícharos. El documento también incluye enlaces a páginas web y blogs relacionados con una comunidad cristiana y recetas mexicanas.
The document discusses Antalis' efforts to promote diversity and develop employee skills. It notes that Antalis is working to increase the number of women in leadership roles and create a family-friendly work environment to attract diverse talent. It also describes the company's online training platform called eXcellence which provides hundreds of training modules to over 4,000 employees in 27 countries. The HR Director discusses making employee health and safety the top priority and developing an employee-centered culture and communication portal.
Este documento define un cartel científico y describe sus principales partes y características, incluyendo el título, introducción, materiales y métodos, resultados, discusión y conclusiones. Además, proporciona recomendaciones para planear, diseñar y presentar de manera efectiva un cartel. Finalmente, explica cómo se evalúan los carteles científicos en las reuniones académicas.
The Asia Livelihood Documentary Film Festival was held from August 31 to September 2, 2012 at the India Habitat Centre in New Delhi. The festival featured 18 documentary films about livelihood challenges faced by rural and urban poor communities in Asia. Key speakers and guests included Subhash Ghai, Anjan Roy, and Amir Ullah Khan. Dance troupes from Sri Venkateshwara College and Hansraj College performed. The festival aimed to highlight policies that prevent economically disadvantaged groups from earning a livelihood and achieving happiness, as well as serve as a learning experience for aspiring filmmakers.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Christmas 2015 proved to be a difficult one for UK retail. What happened? We identified four themes that are key to understanding the dynamics of the current retail market and provide a framework for realising exactly the disruption caused by the growth of online
On January 20, 2015, the London Stock Exchange Group and Capital 33, in association with our partners, held a seminar discussing the benefits of listing on AIM, London's alternative investment market, for growth-oriented American companies.
The presentations include an overview of AIM, including why companies should consider a listing, the benefits of listing on AIM, a profile of AIM-listed companies, the steps to consider when preparing for an AIM IPO, a review of the legal issues involved, the role of accountants in an AIM IPO, and much more.
For more information, please visit www.Capital33.com
The document provides an investment weekly market update from Goodbody Wealth Management. It discusses recent bond market volatility and recommends a short-duration bond strategy. It also summarizes the results of the UK election and its positive impact on reducing political uncertainty. Additionally, it comments on recent easing measures by China's central bank and remaining cautious on emerging markets due to China's economic performance.
The document provides an investment weekly report from Goodbody Wealth Management. It discusses trends in the US and Irish housing markets that could boost economic growth. It also analyzes investment opportunities in technology stocks and Vodafone, noting their improving growth outlooks. The report recommends exposure to Irish assets and investing in technology sectors through exchange-traded funds to gain diversified exposure.
Travis Perkins PLC is a UK-based company that operates in builders' merchant and home improvement markets. It is a leading supplier of basic products to the building and construction industries in the UK. Analysts recommend buying Travis Perkins stock, with a target price of 2150 GBX, representing 19.98% upside. Key risks include housing market conditions, supplier dependency, and competitive pressures. The company has seen strong revenue growth and is undertaking strategic transformations and acquisitions to capitalize on growth in the housing and construction industries.
2015 Manufacturing and Industrials M&A Predictions Cautiously optimisticDeloitte UK
Deloitte examine manufacturing and industrial M&A trends over the last eighteen months. Offering analysis and commentary on themes such as expectations for M&A and changes in strategies.
Next Wave Ventures You can\'t sell your business twiceModwenna
Next Wave Partners LLP is a growth capital investor looking to invest £10 million in 2010 across 2-3 new investments. They have a strong market position investing £2-5 million in UK and European businesses. They seek quality investments where they can add value, primarily in business and consumer service sectors. Their network of family office and high-net-worth investors provides stability. They prefer investments where they have been specifically chosen and can work closely with management to drive earnings growth.
Company Valuation webinar series - Tuesday, 12 September 2023FelixPerez547899
Our first webinar in our series 'Company Valuation webinar: The data and stories emerging from the last 3 months of UK valuations'. is now available on demand.
Understanding the quarterly trends of valuation multiples across the market is vital when making any strategic decision for the long-term future of your business, whether planning a future sale, M&A, identifying growth opportunities to maximise valuation or even for tax reporting purposes.
With substantial experience valuing SME businesses in a variety of sectors, the Strategic Corporate Finance team at Price Bailey ran the first webinar in a series of in-depth quarterly valuation webinars using the very latest market data, in partnership with MarkToMarket, to analyse UK M&A transaction multiples, evaluating interesting trends across various sectors and reviewing the sentiment towards valuation multiples.
During the webinar, the team shared both the data and the stories around what has driven valuations higher and lower using their experience in both expert valuation and M&A negotiation work.
If you weren't able to but are interested in viewing the slides from the webinar, you can do so here.
The Lloyd's market had a profitable year in 2012, despite losses from Superstorm Sandy. It reported a profit before tax of £2,771m and a combined ratio of 91.1%. Gross written premium increased 9% to £25.5bn. Central assets reached a record high of £2.485bn. The Corporation reduced costs by 8% while making progress on strategic objectives. Looking ahead, Lloyd's aims to attract new capital and expand its global license network to access growth opportunities in developing economies.
This document provides a summary of the issues covered in FTSE Global Markets Issue 79 from November/December 2014. It includes:
1) Lingering effects of the financial crisis continue to generate lawsuits totaling over $250 billion in damages against trustees for structured credit products. Regional banks also face hundreds of billions in upcoming debt maturities.
2) Persistently low interest rates and ongoing central bank intervention continue to distort cash markets and incentivize more derivatives trading.
3) Implementation of TARGET2-Securities (T2S) for European post-trade infrastructure proceeds with stress on the role of central counterparty clearinghouses and trade repositories in ensuring transparency.
4) Management of "Big
Gilt market volatility webinar slides.pdfHenry Tapper
The document discusses recent volatility in the gilt (UK government bond) market and actions pension schemes should consider for their investment strategies. It summarizes that gilt yields have risen sharply this year due to inflation fears and monetary tightening. Leveraged liability-driven investment (LDI) strategies, used by many pension schemes, came under pressure due to falling bond prices. The document recommends schemes using LDI decide whether to prioritize returns or hedging risks, and may need to rebalance portfolios or modify LDI strategies. Other strategic issues for schemes to address are also discussed.
Quarterly report for our investors - First Quarter 2018BESTINVER
During the first quarter of 2018, the international portfolio fell 3.3% compared to a 4.3% fall in the European market index. Over the long term, the portfolio has outperformed with returns of 4.38% over 3 years and 10.76% over 5 years. The portfolio is trading at a potential growth of 54% from its current net asset value to its target value. Recent portfolio activity included selling positions that had achieved strong gains and reduced exposure, and using market fluctuations to add undervalued companies with good long-term potential such as Smith & Nephew.
This document provides an overview of recent M&A activity from Catalyst Corporate Finance LLP in three paragraphs:
1) It summarizes that Catalyst completed 25 deals worth over £1 billion in 2014, a record year. The deals crossed various sectors and many involved international aspects. In 2015 so far they have completed five more deals worth over £500 million.
2) It discusses that their focus on investing time in the right potential buyers for clients' businesses has benefits like protecting confidentiality and more expedient deal timelines. They also create innovative solutions for clients, like debt funding structures, and have added new advisors.
3) It highlights trends of increasing cross-border M&A activity with
Rothschild manages over £39.6 billion globally, including £1.8 billion of assets for 78 UK registered charities. They provide investment management services for charities, with portfolio sizes ranging from under £1 million to over £150 million. Their balanced risk and equity risk portfolios have outperformed benchmarks so far in 2017. They take a long-term perspective and aim to achieve clients' investment goals through objective advice without conflicts of interest.
Rothschild manages over £39.6 billion globally, including £1.8 billion of assets for 78 UK registered charities. They provide investment management services for charities, with portfolio sizes ranging from under £1 million to over £150 million. Their balanced risk and equity risk portfolios have outperformed benchmarks so far in 2017. They take a long-term perspective and aim to achieve clients' investment goals through objective advice without conflicts of interest.
Private Investor Sunday Times Feb 7 2016Colm Fagan
Try not to focus on any volatile share price movements in Renishaw stock but concentrate on the long-term view over 17 years. Renishaw has delivered average annual returns of over 11% by focusing on its core competencies in metrology and branching out cautiously into healthcare and 3D printing. The company's commitment to 15% annual R&D spending is key to maintaining long-term growth in profits and dividends, delivering the writer's target return even with share price fluctuations. Potential succession risks exist as top managers retire, but the board is expected to oversee a successful transition.
This document summarizes the performance of a pension fund against its objectives and risk targets. It discusses the fund's investment strategy, including expanding into unconstrained fixed income to diversify risk. The fund has met some targets but its funding ratios remain below goals and it faces challenges in fully hedging inflation and interest rate risks. The document explores fixed income opportunities including credit markets, emerging market debt, and absolute return strategies to improve returns while controlling risk.
Red views inflation-linked-bonds-issuance-and-pensions-liabilities-january-2013Redington
This document discusses the growth of the UK inflation-linked bond market and pensions' inflation-linked liabilities. While the inflation-linked bond market has quadrupled since 2005, it remains much smaller than pension schemes' inflation-linked liabilities. This mismatch is pushing real yields lower and limiting pension schemes' ability to match inflation risk. The document examines alternative sources of inflation-linked assets that pension schemes should consider to better match liabilities, such as infrastructure investments.
This document provides an overview of trade finance in the UK. It begins with forewords and then discusses the current climate for trade, including the impacts of COVID-19, Brexit, and the Russia-Ukraine conflict. It defines trade finance and the main products covered, including letters of credit, bonds, and guarantees. It introduces the trade cycle and how trade finance helps manage financing gaps. It outlines various types of trade finance products and introduces support from UK Export Finance (UKEF), including buyer finance, exporter guarantees, and export insurance. The document concludes with UK case studies and a glossary of terms.
1. UK Equity Ideas
Sales Offices: London: +44 20 7321 2508 Geneva: +41 58 816 86 70 Madrid: +34 91 701 57 03 Hong Kong: +852 31 98 68 60
Analyst: Tim Green +44 (0) 20 7878 4185 tim.green@mirabaud.co.uk Website: www.mirabaud.com
22 April 2015
One Tesco swallow not enough to make a high-quality summer
Tesco’s new chief executive Dave Lewis has worked hard to beat Tesco (223p) into
some kind of shape during his first seven months in the job. Given the huge legacy of
issues he has had to deal with, as well as his desire to take some radical decisions like
shutting down the awful Cheshunt HQ and moving it to Welwyn Garden City, he has
made a good fist of it so far. Throwing money and effort into first getting service and
availability up to scratch, so that he can get maximum leverage out of price cuts all
makes good sense. This has duly led to his first swallow, in the shape of the UK LFL
volume growth (1.2%) over the final quarter of last year, the first positive UK volume
figure after four years of declines. In tandem with this, UK transactions have also edged
into positive territory during the final quarter, for the first time in at least a couple of years.
This focus on volume-led recovery fits with the traditional wisdom of saving a
supermarket chain, as was ably demonstrated by Justin King when he had to pick up the
pieces as the new chief executive of Sainsbury around a decade ago. Prices will be what
they will be and the outlook for them is particularly uncertain at a time of commodity
deflation and supermarket price wars. Tesco’s UK LFL growth was still 1% negative in
the last quarter. So one needs to fix on something more immediately achievable than an
absolute sales figure, even if one hopes that the latter will come sooner rather than later.
However, there was something lacking in today’s full-year results presentation. Whilst Mr
Lewis put a lot of emphasis of the volume-driving powers of better service, availability
and price, one word was curiously absent in the presentation: quality. As far as we can
see, the word did not appear once in either the results release or presentation slides.
Now our comment may be unfair, since plans to continue a full series of range reviews
were highlighted; but the emphasis here was on cutting the number of products. We
agree with the company that the number of products was excessive and that cuts are
right, without losing the numerical, choice advantage that should give added appeal, at
least when compared to the much smaller ranges of Aldi and Lidl. But surely quality
deserves a mention too?
Perhaps, for competitive reasons, Mr Lewis is not giving too much away. The emphasis
on “reinvestment, reinvestment, reinvestment” in the customer offer - Mr Lewis’s words -
must surely include quality, we assume. Nevertheless we are rather surprised at its
apparent omission. By contrast, it was clear that a large part of the reinvestment plan
would be lowering prices, as Mr Lewis believes that Tesco’s prices are still too high
overall. However, Justin King placed the improvement of product quality at the centre of
his successful, sales-led recovery plan. Sainsbury may be different from Tesco but
quality matters.
Even a look at the accelerating success of Aldi and Lidl shows that higher quality has
been a key component of their growth, not just low prices. In their case, there has been a
sharply increased emphasis on British sourcing, for example in meat products, which has
played a key role in upgrading their own brand offer and its appeal. Cutting prices is one
thing and it obviously boosts volumes; but lower prices must also be offset by customers
2. UK Equity Ideas
Sales Offices: London: +44 20 7321 2508 Geneva: +41 58 816 86 70 Madrid: +34 91 701 57 03 Hong Kong: +852 31 98 68 60
Analyst: Tim Green +44 (0) 20 7878 4185 tim.green@mirabaud.co.uk Website: www.mirabaud.com
trading up, paying higher prices for higher quality, own brand products. This is a must for
a broad-range operator like Tesco.
One final thing to watch for, briefly alluded to by Mr Lewis in his presentation: lower
prices for food, and more recently petrol, have given customers a wodge of extra cash
but they have decided to spend it elsewhere, not at Tesco. Namely on holidays, paying
down debt or - we would add - on a host of things like cars and Sky TV subscriptions.
Indeed, look at how Sky, the young usurper, has reached level pegging with Tesco in
terms of market capitalisation – an unthinkable possibility perhaps before Tesco’s
travails. Therefore, Tesco has an urgent need to become much more relevant again to
the consumer. Although Tesco Bank is a complementary part of that effort and a more
focused effort on food will help, there is still much to prove. That doubt may also need to
be more fully discounted in the share price. There are compounding doubts to deal with,
such as sorting out the weakness in Asia and continental Europe and possible extra
charges related to the pension scheme. Tesco should be fixable - in the UK at least - and
Mr Lewis may be the person to do it. However, we are not yet drawn to consider backing
such an assessment at the current share price.
Tesco and Sky’s market cap converge (to around £18.5bn)
Source: FactSet
Tim Green
UK Equity Commentator
T +44 (0)20 7878 4185
F +44 (0)20 7930 4068
Email: tim.green@mirabaud.co.uk
MIRABAUD Securities LLP
33, Grosvenor Place
London SW1X 7HY