The document summarizes the results of a multiple ETF dynamic rebalanced strategy from 2006 to 2012. It achieved annual returns ranging from -0.2% to 47.5% and had an average annual Sharpe ratio of 2.54. The strategy combines technical analysis with statistical distribution theory to identify trends and reversals in ETFs to outperform markets with less volatility. It uses monthly rebalancing and focuses on controlling risk, volatility, and drawdowns.
EAS Genesis Fund Fact Sheet - January 2010jackfgonzalez
The document summarizes the EAS Genesis Fund, a flexible allocation mutual fund that aims to generate positive returns over 3-year periods while capturing less downside than the market. It allocates across conservative, moderate, and aggressive sub-strategies and uses tactical overlays to hedge and potentially generate alpha. As of January 2010, it has outperformed the S&P 500 since inception in 2008 with less volatility, while its current asset allocation is 36% in a conservative hybrid strategy and 14% in cash.
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Enviro...ggrey
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Environment by Mr. Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund - IMF Forum held at the Asian Institute of Management
During this presentation, Davis Advisors' investment professionals provide insights from famous investors like Benjamin Graham and Shelby Davis. They discuss how avoiding emotional reactions, understanding market crises are inevitable, not trying to time the market, and being patient have helped long-term investors succeed despite periods of uncertainty and volatility. Historical data is presented showing the benefits of these principles over time.
We are committed to saving 100 percent of the hillsides around Ventura for permanent open space with guaranteed public access.
This goes into the costs to the City of Ventura if they decide to develop our hillsides
The document provides an earnings presentation for CSX Corporation's fourth quarter 2006 results. It summarizes that Surface Transportation produced record results for the quarter. Revenue increased 8% to $2.4 billion, a record for the fourth quarter. Price increases continued to drive revenue per unit growth. Merchandise revenue was up 9% and coal revenue increased 16% due to strong demand and pricing. Automotive revenue declined 7% due to production decreases. Intermodal revenue decreased 2% as international growth offset domestic declines. The outlook for the first quarter of 2007 is positive, with favorable conditions expected for several markets. GDP and industrial production are forecast to be around 2-3% for 2007-2008.
CSX reported strong fourth quarter 2006 results, with earnings per share of $0.75 compared to $0.52 in fourth quarter 2005. Surface transportation operating income increased 15% year-over-year to $505 million. Revenue increased 8% driven by an 8% increase in revenue per unit, though volumes were essentially flat. Operations continued to improve, with increases in on-time performance and train velocity and decreases in dwell time. Looking forward, CSX expects continued pricing opportunities and economic growth in 2007-2008, while focusing on further improving safety and service.
The document summarizes the results of a multiple ETF dynamic rebalanced strategy from 2006 to 2012. It achieved annual returns ranging from -0.2% to 47.5% and had an average annual Sharpe ratio of 2.54. The strategy combines technical analysis with statistical distribution theory to identify trends and reversals in ETFs to outperform markets with less volatility. It uses monthly rebalancing and focuses on controlling risk, volatility, and drawdowns.
EAS Genesis Fund Fact Sheet - January 2010jackfgonzalez
The document summarizes the EAS Genesis Fund, a flexible allocation mutual fund that aims to generate positive returns over 3-year periods while capturing less downside than the market. It allocates across conservative, moderate, and aggressive sub-strategies and uses tactical overlays to hedge and potentially generate alpha. As of January 2010, it has outperformed the S&P 500 since inception in 2008 with less volatility, while its current asset allocation is 36% in a conservative hybrid strategy and 14% in cash.
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Enviro...ggrey
Asia-Pacific Regional Economic Outlook: Navigating an Uncertain Global Environment by Mr. Naoyuki Shinohara, Deputy Managing Director, International Monetary Fund - IMF Forum held at the Asian Institute of Management
During this presentation, Davis Advisors' investment professionals provide insights from famous investors like Benjamin Graham and Shelby Davis. They discuss how avoiding emotional reactions, understanding market crises are inevitable, not trying to time the market, and being patient have helped long-term investors succeed despite periods of uncertainty and volatility. Historical data is presented showing the benefits of these principles over time.
We are committed to saving 100 percent of the hillsides around Ventura for permanent open space with guaranteed public access.
This goes into the costs to the City of Ventura if they decide to develop our hillsides
The document provides an earnings presentation for CSX Corporation's fourth quarter 2006 results. It summarizes that Surface Transportation produced record results for the quarter. Revenue increased 8% to $2.4 billion, a record for the fourth quarter. Price increases continued to drive revenue per unit growth. Merchandise revenue was up 9% and coal revenue increased 16% due to strong demand and pricing. Automotive revenue declined 7% due to production decreases. Intermodal revenue decreased 2% as international growth offset domestic declines. The outlook for the first quarter of 2007 is positive, with favorable conditions expected for several markets. GDP and industrial production are forecast to be around 2-3% for 2007-2008.
CSX reported strong fourth quarter 2006 results, with earnings per share of $0.75 compared to $0.52 in fourth quarter 2005. Surface transportation operating income increased 15% year-over-year to $505 million. Revenue increased 8% driven by an 8% increase in revenue per unit, though volumes were essentially flat. Operations continued to improve, with increases in on-time performance and train velocity and decreases in dwell time. Looking forward, CSX expects continued pricing opportunities and economic growth in 2007-2008, while focusing on further improving safety and service.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share was $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by a 10% increase in revenue per unit, offset by a 5% decline in volumes. Expenses increased primarily due to higher materials, supplies and other costs and depreciation, though this was partially offset by productivity gains.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share were $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by strong pricing, despite a 5% decline in volumes. The company also discussed trends in expenses, operating metrics, future growth opportunities, and shareholder capital allocation.
- Ameriprise Financial reported financial results for the fourth quarter of 2007 with revenues of $2.3 billion, up 8% from the prior year. Net income was $1.1 billion, up 57% from the prior year.
- Adjusted diluted earnings per share were $1.16, up 14% from the prior year, driven by higher revenues across all segments except Advice & Wealth Management.
- Total client assets were $293.9 billion, up 8% from the prior year, reflecting strong net flows and market appreciation across segments.
Reliance Communications Ltd is an Indian telecommunications company. Some key highlights:
- In the latest quarter (June 2011), EBDITA was Rs. 311 crore, down 2.03% year-over-year, and net loss was Rs. 272 crore, up 147.93%.
- The company has a market capitalization of Rs. 16,765.84 crore and trades at Rs. 82 per share.
- Major shareholders include General Public (68%), FIIs (8%), and Banks/Financial Institutions (8%).
- ROE has declined over time from 0.71 in FY07 to 0.36 in FY11 as profits have fallen and losses
This report provides a financial analysis of Siemens Ltd for the period ending September 2010. Key highlights include:
- EBITDA grew 8.87% to Rs. 1423.34 crore while reported net profit fell 20.83% to Rs. 827.20 crore.
- The stock trades at a P/E of 34.73x with a market capitalization of Rs. 28726.03 crore.
- ROE has fluctuated between 0.45-1.1 over the past 5 years from 0.64 in FY2010.
The document provides a financial analysis of Hindustan Unilever Ltd, including their latest quarterly and annual results, valuation metrics, ratio analysis, and growth comparisons. It also introduces the authors, Tanay Roy and Peu Karak, who have extensive experience in financial analysis and research. The analysis examines Hindustan Unilever's income statement, balance sheet, cash flows, ratios, and technical indicators to evaluate the company's performance and valuation.
This report provides a financial analysis of ACC Ltd for the period ending June 2011. Key highlights include:
- EBITDA declined 31.67% yearly but grew 1% quarterly to Rs. 627.37 crore. Reported net profit fell 30.23% yearly and 4.02% quarterly.
- At current prices, the stock trades at a P/E of 22.02x and P/BV of 3.55x with a dividend yield of 2.5%.
- ROE has fluctuated between 70-80% over the past 5 years, with adjusted PAT/PBT at 70% for FY2010.
The report contains further details on
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
The document provides an overview of Generali Group's 2010 results. Key highlights include:
- Total operating result increased 11.7% to €4.077 billion and net result increased 30% to €1.702 billion.
- Life net inflows were €16.1 billion and life new business margin was around 20% with an IRR of around 14%.
- Shareholders' equity increased 5% to €17.5 billion and the proposed cash dividend per share increased 28.6% to €0.45.
- The outlook expects good growth in 2011 with a total operating result average growth of 6.7% compared to 2010.
Infrastructure development finance company ltdTanay Roy, CFA
This document provides a financial analysis of an Indian finance company called Infrastructure Development Finance Company Ltd. Key highlights from the analysis include:
- For the fiscal year ending March 2011, the company reported net profit growth of 26.09% and EBIDTA growth of 36.86%.
- Valuation metrics for the company include a TTM P/E ratio of 12.86, P/Sales per share of 3.61, and market capitalization of Rs. 12638.54 crores.
- The company's return on equity has fluctuated in recent years from a high of 1.12 in FY2010 to 0.82 in FY2011.
This document provides a financial analysis of Cipla Ltd, an Indian pharmaceutical company, including:
- A summary of the company's latest yearly and quarterly results showing declines in EBDITA but growth in adjusted PAT.
- A valuation matrix comparing the company's stock to industry ratios like P/E and P/Book Value.
- An analysis of the company's return on equity over the past 5 years, showing an increase in reported PAT/PBT to 2.31 in March 2011.
- Sections analyzing the company's income statement, balance sheet, cashflow statement, quarterly results, and various financial ratios over time.
Honeywell Gabelli & Company 12th Annual Aircraft Supplier Symposium Presentationfinance8
Dave Anderson, Senior VP and CFO of Honeywell, presented at the Gabelli Asset Management Aircraft Supplier Conference on September 7, 2006. Honeywell has built a strong track record through 5-10% organic sales growth, margin expansion, double digit EPS growth, and 100% cash conversion. Its portfolio includes Aerospace (35% of sales), Automation and Control (35%), Transportation (15%), and Specialty Materials (15%). Honeywell is on track for record performance in 2006 and is well positioned for long term growth across its segments.
The document provides a detailed analysis of The Boeing Company, including its annual and quarterly financial performance, valuation, growth, ratios, and projections. Key highlights from the latest annual and quarterly results show an increase in sales, EBITDA, adjusted profit, and EPS. The company has a lower P/E than its industry average but a higher price to sales ratio. Its ROE increased in 2011 driven by growth in sales and profits.
1) The document discusses a presentation given at Citi's 23rd Annual Transportation Conference in November 2008.
2) It provides an overview of CSX's current financial performance and outlook, noting that while volume has declined, pricing momentum and productivity initiatives have helped sustain earnings growth.
3) It acknowledges economic headwinds but expresses confidence that CSX's diverse business portfolio and focus on operational excellence will allow it to continue generating strong free cash flow through the downturn.
1) The document discusses CSX Corporation's presentation at the Citi 23rd Annual Transportation Conference in November 2008.
2) It notes that while CSX's financial momentum remains strong, the overall economic environment is weakening, particularly in housing, automotive, and industrial sectors.
3) However, CSX believes the fundamentals of its business strategy ("Rail Renaissance") remain intact and it can maintain its focus on shareholder value through balanced capital deployment and priorities like productivity, growth, and price increases above inflation long-term.
Reliance Industries Ltd is a diversified Indian conglomerate. Its latest yearly results show a 25.99% rise in EBITDA to Rs. 40520.69 crore and a 24.95% rise in reported net profit to Rs. 20286.30 crore. On a TTM basis, EBITDA rose 2.28% to Rs. 42118 crore. The company trades at a P/E of 13.35 with a market capitalization of Rs. 115305.82 crore. Its ROE has remained around 20% in the last few years.
- NTPC Ltd is an Indian power generation company with a market capitalization of Rs. 141821.98 crores.
- In the quarter ending June 2011, NTPC reported a 9.11% decline in quarterly profit to Rs. 2075.78 crores, while year-to-date profit grew 7.15% to Rs. 9352.59 crores.
- The document provides a detailed financial analysis of NTPC including income statements, balance sheets, ratio analysis, and valuation metrics to analyze the company's performance and valuation.
Founded in the year 2000, e-Valuation is the leading company valuation services firm.
e-Valuation, the leading company valuation firm that has revolutionized the procedures and systems employed for valuing businesses, using the Internet as the communication channel with its clients.
Este documento presenta los servicios de valoración de empresas de e-Valora, incluyendo aproximaciones de valor, valoraciones preliminares, valoraciones completas y valoraciones a medida. Describe los precios, plazos de entrega, metodologías, profundidad de análisis y finalidades de cada servicio. Además, compara las características de los diferentes tipos de valoraciones ofrecidas por e-Valora.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share was $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by a 10% increase in revenue per unit, offset by a 5% decline in volumes. Expenses increased primarily due to higher materials, supplies and other costs and depreciation, though this was partially offset by productivity gains.
In the first quarter of 2007, CSX reported earnings per share of $0.52 compared to $0.53 in the first quarter of 2006. Excluding insurance recoveries, comparable earnings per share were $0.50. Surface transportation operating income was $469 million, compared to $487 million in 2006, excluding insurance recoveries in both periods. Revenue increased 4% to $2.422 billion driven by strong pricing, despite a 5% decline in volumes. The company also discussed trends in expenses, operating metrics, future growth opportunities, and shareholder capital allocation.
- Ameriprise Financial reported financial results for the fourth quarter of 2007 with revenues of $2.3 billion, up 8% from the prior year. Net income was $1.1 billion, up 57% from the prior year.
- Adjusted diluted earnings per share were $1.16, up 14% from the prior year, driven by higher revenues across all segments except Advice & Wealth Management.
- Total client assets were $293.9 billion, up 8% from the prior year, reflecting strong net flows and market appreciation across segments.
Reliance Communications Ltd is an Indian telecommunications company. Some key highlights:
- In the latest quarter (June 2011), EBDITA was Rs. 311 crore, down 2.03% year-over-year, and net loss was Rs. 272 crore, up 147.93%.
- The company has a market capitalization of Rs. 16,765.84 crore and trades at Rs. 82 per share.
- Major shareholders include General Public (68%), FIIs (8%), and Banks/Financial Institutions (8%).
- ROE has declined over time from 0.71 in FY07 to 0.36 in FY11 as profits have fallen and losses
This report provides a financial analysis of Siemens Ltd for the period ending September 2010. Key highlights include:
- EBITDA grew 8.87% to Rs. 1423.34 crore while reported net profit fell 20.83% to Rs. 827.20 crore.
- The stock trades at a P/E of 34.73x with a market capitalization of Rs. 28726.03 crore.
- ROE has fluctuated between 0.45-1.1 over the past 5 years from 0.64 in FY2010.
The document provides a financial analysis of Hindustan Unilever Ltd, including their latest quarterly and annual results, valuation metrics, ratio analysis, and growth comparisons. It also introduces the authors, Tanay Roy and Peu Karak, who have extensive experience in financial analysis and research. The analysis examines Hindustan Unilever's income statement, balance sheet, cash flows, ratios, and technical indicators to evaluate the company's performance and valuation.
This report provides a financial analysis of ACC Ltd for the period ending June 2011. Key highlights include:
- EBITDA declined 31.67% yearly but grew 1% quarterly to Rs. 627.37 crore. Reported net profit fell 30.23% yearly and 4.02% quarterly.
- At current prices, the stock trades at a P/E of 22.02x and P/BV of 3.55x with a dividend yield of 2.5%.
- ROE has fluctuated between 70-80% over the past 5 years, with adjusted PAT/PBT at 70% for FY2010.
The report contains further details on
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
This presentation provides an overview and summary of CSX Corporation's financial performance and targets. CSX has created significant shareholder value as shown by strong stock performance that has outpaced industry benchmarks. The company is targeting double-digit earnings growth through 2010 by further improving its operating ratio to the mid-70s range and increasing operating income and earnings per share at a compound annual growth rate of 10-12% and 15-17%, respectively. CSX will balance capital investments focused on growth with returning cash to shareholders through dividends and share buybacks.
The document provides an overview of Generali Group's 2010 results. Key highlights include:
- Total operating result increased 11.7% to €4.077 billion and net result increased 30% to €1.702 billion.
- Life net inflows were €16.1 billion and life new business margin was around 20% with an IRR of around 14%.
- Shareholders' equity increased 5% to €17.5 billion and the proposed cash dividend per share increased 28.6% to €0.45.
- The outlook expects good growth in 2011 with a total operating result average growth of 6.7% compared to 2010.
Infrastructure development finance company ltdTanay Roy, CFA
This document provides a financial analysis of an Indian finance company called Infrastructure Development Finance Company Ltd. Key highlights from the analysis include:
- For the fiscal year ending March 2011, the company reported net profit growth of 26.09% and EBIDTA growth of 36.86%.
- Valuation metrics for the company include a TTM P/E ratio of 12.86, P/Sales per share of 3.61, and market capitalization of Rs. 12638.54 crores.
- The company's return on equity has fluctuated in recent years from a high of 1.12 in FY2010 to 0.82 in FY2011.
This document provides a financial analysis of Cipla Ltd, an Indian pharmaceutical company, including:
- A summary of the company's latest yearly and quarterly results showing declines in EBDITA but growth in adjusted PAT.
- A valuation matrix comparing the company's stock to industry ratios like P/E and P/Book Value.
- An analysis of the company's return on equity over the past 5 years, showing an increase in reported PAT/PBT to 2.31 in March 2011.
- Sections analyzing the company's income statement, balance sheet, cashflow statement, quarterly results, and various financial ratios over time.
Honeywell Gabelli & Company 12th Annual Aircraft Supplier Symposium Presentationfinance8
Dave Anderson, Senior VP and CFO of Honeywell, presented at the Gabelli Asset Management Aircraft Supplier Conference on September 7, 2006. Honeywell has built a strong track record through 5-10% organic sales growth, margin expansion, double digit EPS growth, and 100% cash conversion. Its portfolio includes Aerospace (35% of sales), Automation and Control (35%), Transportation (15%), and Specialty Materials (15%). Honeywell is on track for record performance in 2006 and is well positioned for long term growth across its segments.
The document provides a detailed analysis of The Boeing Company, including its annual and quarterly financial performance, valuation, growth, ratios, and projections. Key highlights from the latest annual and quarterly results show an increase in sales, EBITDA, adjusted profit, and EPS. The company has a lower P/E than its industry average but a higher price to sales ratio. Its ROE increased in 2011 driven by growth in sales and profits.
1) The document discusses a presentation given at Citi's 23rd Annual Transportation Conference in November 2008.
2) It provides an overview of CSX's current financial performance and outlook, noting that while volume has declined, pricing momentum and productivity initiatives have helped sustain earnings growth.
3) It acknowledges economic headwinds but expresses confidence that CSX's diverse business portfolio and focus on operational excellence will allow it to continue generating strong free cash flow through the downturn.
1) The document discusses CSX Corporation's presentation at the Citi 23rd Annual Transportation Conference in November 2008.
2) It notes that while CSX's financial momentum remains strong, the overall economic environment is weakening, particularly in housing, automotive, and industrial sectors.
3) However, CSX believes the fundamentals of its business strategy ("Rail Renaissance") remain intact and it can maintain its focus on shareholder value through balanced capital deployment and priorities like productivity, growth, and price increases above inflation long-term.
Reliance Industries Ltd is a diversified Indian conglomerate. Its latest yearly results show a 25.99% rise in EBITDA to Rs. 40520.69 crore and a 24.95% rise in reported net profit to Rs. 20286.30 crore. On a TTM basis, EBITDA rose 2.28% to Rs. 42118 crore. The company trades at a P/E of 13.35 with a market capitalization of Rs. 115305.82 crore. Its ROE has remained around 20% in the last few years.
- NTPC Ltd is an Indian power generation company with a market capitalization of Rs. 141821.98 crores.
- In the quarter ending June 2011, NTPC reported a 9.11% decline in quarterly profit to Rs. 2075.78 crores, while year-to-date profit grew 7.15% to Rs. 9352.59 crores.
- The document provides a detailed financial analysis of NTPC including income statements, balance sheets, ratio analysis, and valuation metrics to analyze the company's performance and valuation.
Founded in the year 2000, e-Valuation is the leading company valuation services firm.
e-Valuation, the leading company valuation firm that has revolutionized the procedures and systems employed for valuing businesses, using the Internet as the communication channel with its clients.
Este documento presenta los servicios de valoración de empresas de e-Valora, incluyendo aproximaciones de valor, valoraciones preliminares, valoraciones completas y valoraciones a medida. Describe los precios, plazos de entrega, metodologías, profundidad de análisis y finalidades de cada servicio. Además, compara las características de los diferentes tipos de valoraciones ofrecidas por e-Valora.
This document provides an economic and financial analysis of Company XYZ through various ratio analyses for the years 2005-2008. It includes analyses of profitability, productivity, balance, and liquidity ratios. Many of Company XYZ's ratios show a negative trend over this period, with declining profitability, productivity, and increasing debt levels. The document also includes appendices on e-Valuation, the company providing the analysis, and glossaries of financial terms.
Este documento resume una valoración de la empresa XYZ realizada por la firma de consultoría e-Valora en enero de 2011. Utilizando metodologías como el descuento de flujos de caja, comparables bursátiles y transacciones, e-Valora estima que el valor de la empresa XYZ se encuentra entre 247.163 y 273.180 euros. Tras restar la deuda neta, estiman que el valor de los fondos propios se ubica entre 179.357 y 205.374 euros.
Una Valoración Preliminar la puede solicitar tanto un socio o accionista de una empresa, como un posible comprador de la misma. En general, cualquiera que tenga acceso a los datos históricos reales de la empresa puede solicitar este servicio.
La Aproximación de Valor es un documento de aproximadamente 6 páginas que pretende aclarar brevemente los cálculos e hipótesis utilizados por e-Valora durante dicha aproximación. El contenido de dicho documento es el siguiente, a grandes rasgos:
Breve descripción de la metodología utilizada
Indicación del sector
Gráfico con media por múltiplos
Ponderación dada a cada parámetro
Rango de valoración
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
Navigating Your Financial Future: Comprehensive Planning with Mike Baumannmikebaumannfinancial
Learn how financial planner Mike Baumann helps individuals and families articulate their financial aspirations and develop tailored plans. This presentation delves into budgeting, investment strategies, retirement planning, tax optimization, and the importance of ongoing plan adjustments.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
5 Compelling Reasons to Invest in Cryptocurrency NowDaniel
In recent years, cryptocurrencies have emerged as more than just a niche fascination; they have become a transformative force in global finance and technology. Initially propelled by the enigmatic Bitcoin, cryptocurrencies have evolved into a diverse ecosystem of digital assets with the potential to reshape how we perceive and interact with money.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
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Economic - Financial Study
1. Strictly Private and Confidential
This document is an extract of the full report
www.e-valuation.us
ECONOMIC AND FINANCIAL ANALYSIS
[Company XYZ]
January 2011
New York - London – Miami - Madrid
2. Strictly Private and Confidential
www.e-valuation.us
INDEX
Page
1 RATIO ANALYSIS – Profitability X
2 RATIO ANALYSIS - Productivity X
3 RATIO ANALYSIS – Balance X
4 RATIO ANALYSIS – Balance (In days of sales) X
5 RATIO ANALYSIS – Solvency X
6 Appendix I. e-Valuation Company Presentation X
7 Appendix II. Financial Projections X
8 Appendix III. Data provided by Company XYZ X
9 Appendix IV. Glossary X
10 Appendix V. e-Valuation’s References X
11 Appendix VI. Contact Details X
3. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us 1. RATIO ANALYSIS – Profitability
PROFITABILITY 2005 2006 2007 2008
1. Return On Assets (ROA) 1.3% (1.6%) (2.2%) (3.6%)
2. Gross Economic Profitability 2.8% 3.1% (0.6%) (6.1%)
3. Return On Equity (ROE) 6.7% (12.2%) (19.7%) (17.0%)
4. Gross Financial Profitability 14.6% 23.6% (5.6%) (28.5%)
5. EBITDA Margin 4.0% 4.6% (0.9%) (12.7%)
6. Operating Margin over Debt 4.8% 4.3% (1.6%) (11.8%)
7. Net Margin 1.8% (2.4%) (3.3%) (7.5%)
8. EBITDA Margin over Debt 5.7% 5.0% (0.9%) (11.0%)
9. Financial Costs over EBITDA 31.8% 50.5% (416.0%) (48.3%)
10. Financial Costs over Sales 2.2% 2.9% 3.8% 5.4%
11. Financial Result / EBITDA 26.5% 4.5% (448.5%) (24.7%)
12. Financial Margin 1.1% 0.2% 4.3% 3.1%
13. Earnings Before Taxes / Equity 10.3% (11.6%) (26.3%) (23.5%)
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4. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us 1. RATIO ANALYSIS – Profitability
Return On Equity (ROE) EBITDA Margin
10 % 6% 4,6%
6,7 % 4,0%
4%
5%
2%
0% 0%
2005 2006 2007 2008 (2%) 2005 2006 2007 2008
(5%)
(0,9%)
(4%)
(10%)
(6%)
(15%) (12,2 %) (8%)
(10%)
(20%) (17,0 %)
(19,7 %) (12%)
(25%) (14%) (12,7%)
Financial profitability is calculated as net income over equity and EBITDA stands for Earnings Before Interest, Taxes, Depreciation
refers to the profitability of the funds invested by the and Amortization, and its margin is calculated dividing this
shareholders of the company. magnitude by total revenues. A high EBITDA margin is positive
given that it shows that operating expenses represent a small
Company XYZ’s ROE has experienced a negative evolution. In part of total revenues.
2008 the ROE improves in relation to 2009 as a result of the the
capital increase (if there is more capital, each share has to bear a Company XYZ´s EBITDA margin was very negative in 2008 which
lower amount of losses). indicates a need of restructuring the company’s operating
expenses in a more efficient way.
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5. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us 2. RATIO ANALYSIS - Productivity
PRODUCTIVITY 2005 2006 2007 2008
1. Productivity 114.3% 116.2% 93.9% 56.4%
2. Staff Costs’ Growth 26.9% 28.4% 7.4% 1.5%
3. Sales per Employee (€) 123,888 121,507 110,826 98,039
4. Personal Margin Contribution Margin 23.5% 24.5% 27.1% 31.1%
5. Average Staff Cost (€) 29,138 29,733 30,071 30,516
6. Value Added per Employee (€) 33,293 34,548 28,226 17,213
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6. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us 2. RATIO ANALYSIS - Productivity
Average Staff Cost (€) Value Added per Employee (€)
31,000 40,000
30,516 33,293 34,548
35,000 28,226
30,500 30,071
30,000
30,000 29,733 25,000
29,500 20,000 17,213
29,138
15,000
29,000
10,000
28,500 5,000
28,000 0,000
2005 2006 2007 2008 2005 2006 2007 2008
Average staff cost indicates the average costs that the company has Value-added per employee is calculated as the total value-added
to bear for each worker, including social charges, extra payments, generated by the Company divided by the total number of
etc. employees. It is a measure of labor productivity and it has to be
compared to the average staff cost. This ratio should always bee
greater than the average staff cost.
Company XYZ’s average staff cost has experimented a very reduced
growth during the last years, which means that wages have
increased at the same pace as the Consumer Price Index. Comparing both bar charts we can see that both in 2007 and in
2008 the average staff cost exceeded the value-added per
employee, resulting in a substantial deterioration of the profit and
loss account.
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7. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us 3. RATIO ANALYSIS - Balance
BALANCE 2005 2006 2007 2008
1. Working Capital (€ 000) 1,698 4,697 3,315 (1,494)
2. Working Capital Requirements (€ 000) 9,907 16,841 18,940 15,088
3. Net Debt (€ 000) 10,046 16,079 17,625 16,582
4. Balance Ratio 1.42 2.72 2.99 0.82
5. Cash / Total Assets 0.35% 1.49% 0.55% 2.87%
Note 1: In this section we do not analyze or make conclusions about working capital, as such financial metric is analyzed together with liquidity ratios.
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8. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us 3. RATIO ANALYSIS - Balance
Working Capital Requirements (€ 000) Net Debt (€ 000)
18,940
20,000 20,000 17,625
18,000 16,841 18,000 16,582
16,079
16,000 15,088 16,000
14,000 14,000
12,000 12,000 10,046
9,907
10,000 10,000
8,000 8,000
6,000 6,000
4,000 4,000
2,000 2,000
0,000 0,000
2005 2006 2007 2008 2005 2006 2007 2008
Working capital needs are calculated by deducting the company’s A Company’s net debt is metric that shows a company's
current liabilities excluding short term debt, from its total liquid overall debt situation by netting the value of a company's interest-
assets, excluding cash. Such financial metric puts in relation the bearing debts with its cash and other similar liquid assets.
amount that the company is financing to its clients and to other
Company XYZ´s net debt has increased since 2005 more than 18%
short term debtors, and the amount of financing that the
per year, due to positive historical working capital needs and the
company is obtaining from its short term creditors. If such metric
deterioration of the profit and loss account.
is positive it indicates that in order to finance the company´s
debtors, it will need to turn to bank and/or to equity financing.
Company XYZ has historically registered positive and substantial
working capital needs, which explains in a great part the pressure
exerted on equity and the increase in the amount of debt.
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9. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us Appendix I. e-Valora Company Presentation
e-Valuation offers financial consulting services to the private as well as to the public sector, and is specialized in
company valuations. Among other services provided, we must highlight advisory services towards mergers and
acquisitions, the elaboration of economic and financial studies, business and viability plans, and financial and
business consulting services.
Since its foundation in November of 2000 by a team of experts coming from international investment banks, e-
Valaluation has carried out more than 1,000 valuations of Spanish and foreign companies, from companies with less
than 1 million Euros of turnover to companies with more than 500 million Euros of turnover, from start-ups to
companies with more than 80 years of history, including services and industrial companies.
At the end of 2008, e-Valuation increased its professional team with members that have a wide experience in
investment banking, coming from entities such as Bank of America or Rothschild, that have worked in projects
belonging to every economic sector.
e-Valuation has got ISO 9001 Certification in Business Valuation Services, Corporate Finance Advisory Services and
Elaboration of Valuation Multiples.
Its offices locations and contact details are the following :
e-Valuation Financial Services North America e-Valuation Financial Services Northern Europe
14 Wall Street, 20th Floor One Canada Square, 29th Floor, Canary Wharf
New York City, New York 10005 London E14 5DY
United States of America
United Kingdom
e-Valuation Financial Services Central and South America e-Valuation Financial Services Southern Europe
Brickell Avenue, 11th Floor c/ José Ortega y Gasset, 42
Miami, 33131 Madrid, Madrid 28006
United States of America Spain
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10. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us Appendix IV. Glossary
Intangible Assets or Intangible Fixed Asset: Non-physical assets such as franchises, trademarks, patents, copyrights, goodwill,
shares, securities and contracts (as distinguished from physical assets) that grant rights and privileges.
Tangible Assets or Tangible Fixed Asset: Physical assets (such as machinery, property, etc).
Amortization: Accounting procedure that gradually reduces the cost of value of an asset, tangible or intangible, (e.g.
investments in research & development), through periodic charges to the profit and loss account in order to fix the costs during
its estimated useful life.
Trading Comparable Companies: Those enterprises whose business value is obtained through methods that compare the
company to be valued to similar enterprises. It is calculated dividing the market value of the last ones by a financial magnitude
of the companies’ profit and loss account (such as net income, net sales, etc). When multiplying by the same enterprise’s
magnitude of the company to be valued, we will obtain its approximate value.
EBITDA: EBITDA refers to operating profit before amortizations.
EBIT: Earnings Before Interest and Taxes.
Balance Sheet: Statement of a company’s financial position at a given point in time. Lists the assets of a company and how
they have been financed. Total assets is equivalent to liabilities plus shareholders’ equity.
Cost of Supplies: Cost related to the production, supply, transport and storage of raw materials and the materials used in the
production process. In this section can also be included the cost of outsourcing services to provide the customer.
Profit and Loss Account: Financial statement that shows the expenses and revenues generated during a period of time.
Weighted Average Cost of Capital: Calculated as the cost of equity * (equity value / firm value) + cost of debt * (net debt /
firm value) * (1- corporate tax). It is a discount rate typically used to discount future free cash flows to the moment of
valuation.
Discounted Cash Flows (DCF): Company’s valuation method based on the idea that the value of a company is related to what it
is able to generate in the future. It is calculated as the future cash flows of a company, discounted back to present value using
an appropriate discount rate.
Net Debt: Total debt of the company minus any cash or liquid funds that the company has but does not require for its operating
activity.
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11. Strictly Private and Confidential January 2011 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
www.e-valuation.us Appendix V. e-Valuation’s References
2008 - 2009
Advertising Ecological and Recycling Logistics Renewable Energies
Automotive Editorial Media Restaurant
Aviation Education and Training Metallurgy Retail
Biotechnology Electronics Quality Consulting Software and Data Security
Brokerage and Financial Services Engineering and Machinery New Techonlogies Sports
Building Materials Manufacturer Entertainment and Leisure Other Building Specilialists Steel
Business Services Forestry Outsourcing Services Technology
Construction and Contracts Healthcare Production and Distribution Telecommunicaciones
Construction and Materials Insurance Public Administration Textiles
Construction Related Services Internet Rail Transportation and Logistics
Consulting, Audit and Advisory Local TV Recreation Quemical Industry
NOTE: For confidentiality reasons clients´ name is not mentioned. 34
12. Estrictamente Privado y Confidencial JUNE 2010 Company XYZ – ECONOMIC AND FINANCIAL ANALYSIS
Appendix VI. Contact Details
www.evalora.com
e-Valora Financial Services North America e-Valora Financial Services Northern Europe
14 Wall Street, 20th Floor One Canada Square, 29th Floor, Canary Wharf
New York City, New York 10005 London E14 5DY
United States of America United Kingdom
e-Valora Financial Services Central and South America e-Valora Financial Services Southern Europe
111 Brickell Avenue, 11th Floor c/ José Ortega y Gasset, 42
Miami, 33131 Madrid, Madrid 28006
United States of America Spain
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