FFBH is a leading non-banking financial institution in Bulgaria that offers investment banking services including brokerage, corporate finance, M&A, and asset management. It is the primary contact for large international investors and has grown significantly, with client assets increasing over 90% annually. FFBH has a strong capital position and a philosophy of providing independent and relationship-driven advice to create superior decisions for customers.
Bajaj Auto reported strong results for the fourth quarter of fiscal year 2010 that exceeded estimates. Net sales grew 80.5% year-over-year to Rs3,399 crore, driven by an 83.8% increase in volume. Operating profit margin expanded substantially to 22.9% compared to 15.2% in the prior year quarter. Net profit for the quarter was Rs529 crore, up 306% year-over-year and above estimates. For fiscal year 2011, management expects robust volume growth and maintains guidance of 20% operating profit margin despite rising raw material costs.
DLF reported 4QFY2010 results that were marginally below expectations due to higher interest and tax expenses. The merger with DAL and purchase of preference shares from SC Asia will increase net debt to 0.65-0.75x in 1QFY2011 from the current 0.53x. Strong volume guidance of 15-18mn sq ft is given for FY2011. The analyst maintains a Neutral rating and says the stock's performance depends on reducing debt levels through non-core asset sales and commercial segment recovery.
Pratibha ind Result Update 4 qfy2010-110510Angel Broking
Pratibha Industries reported financial results for the fourth quarter of fiscal year 2010 that were in line with expectations. Operating margins improved significantly due to a reduction in raw material costs, boosting the bottom line. However, the company paid taxes at the marginal rate rather than claiming tax benefits. While the results were decent, the analyst maintains a neutral outlook on the stock given that positives are already reflected in the price.
Electrosteel Castings is a leading player in ductile iron pipes in India. The company is expanding into steelmaking through its subsidiary Electrosteel Integrated, which is setting up a 2.2 million tonne steel plant. Electrosteel Castings' backward integration initiatives such as allocating coking coal mines are expected to result in a 1,304 basis point expansion in EBITDA margins from FY2009 to FY2012. Listing Electrosteel Integrated could unlock value for Electrosteel Castings. The analyst initiates coverage on Electrosteel Castings with a Buy recommendation and 18-month target price of Rs72 based on an 8x multiple of FY2012 EPS for the core business and 1x book value
Hindalco's subsidiary Novelis reported strong results for 4QFY2010. Top-line grew 24.8% year-over-year to US $2.42 billion as sales volumes increased 16.1% year-over-year. Adjusted EBITDA spiked 336% year-over-year to US $231 million. Novelis is focusing on increasing capacity in emerging markets, announcing plans to expand capacity in Brazil by 50% at a cost of US $300 million. Following the expiration of Novelis's metal price ceiling contracts and expected benefits from price increases and cost savings, the report maintains a "Buy" recommendation on Hindalco.
Reliance Industries reported lower-than-expected quarterly results, with profits impacted by lower-than-expected refining margins. Revenue grew 120.7% year-over-year primarily due to higher refining revenues, but margins were lower than estimates. While volume growth was strong, profitability was hurt by refining margins of $7.5/bbl compared to an estimated $8.5/bbl. The analyst maintains a buy rating due to expectations for margin improvement and inorganic growth opportunities.
Automotive Axles (AAL) posted strong results for the third quarter of 2010, with net sales up 198% year-over-year to Rs196 crore, above estimates. Operating profit margin increased 252 basis points to 14% due to improved operating leverage. Net profit increased 442% to Rs14.6 crore, beating estimates on higher margins. The company benefited from an 80% year-over-year increase in medium and heavy commercial vehicle volumes, which account for 95% of its revenue. The analyst maintains a "Buy" rating, expecting continued recovery in commercial vehicle demand to drive robust earnings growth over the next two years.
The document provides an analysis of Consolidated Construction Consortium's (CCCL) 4QFY2010 results and outlook. Some key points:
- CCCL reported 33.2% revenue growth for 4QFY2010 inline with estimates, but order inflow for FY2010 was below expectations at Rs2,166cr.
- The company's current order book stands at Rs3,392cr, providing 1.4x revenue visibility for FY2011, which is lower than peers.
- The analyst expects 19.2% revenue CAGR for CCCL over FY2010-2012 on the back of its order book and recovery in private capex.
- C
Bajaj Auto reported strong results for the fourth quarter of fiscal year 2010 that exceeded estimates. Net sales grew 80.5% year-over-year to Rs3,399 crore, driven by an 83.8% increase in volume. Operating profit margin expanded substantially to 22.9% compared to 15.2% in the prior year quarter. Net profit for the quarter was Rs529 crore, up 306% year-over-year and above estimates. For fiscal year 2011, management expects robust volume growth and maintains guidance of 20% operating profit margin despite rising raw material costs.
DLF reported 4QFY2010 results that were marginally below expectations due to higher interest and tax expenses. The merger with DAL and purchase of preference shares from SC Asia will increase net debt to 0.65-0.75x in 1QFY2011 from the current 0.53x. Strong volume guidance of 15-18mn sq ft is given for FY2011. The analyst maintains a Neutral rating and says the stock's performance depends on reducing debt levels through non-core asset sales and commercial segment recovery.
Pratibha ind Result Update 4 qfy2010-110510Angel Broking
Pratibha Industries reported financial results for the fourth quarter of fiscal year 2010 that were in line with expectations. Operating margins improved significantly due to a reduction in raw material costs, boosting the bottom line. However, the company paid taxes at the marginal rate rather than claiming tax benefits. While the results were decent, the analyst maintains a neutral outlook on the stock given that positives are already reflected in the price.
Electrosteel Castings is a leading player in ductile iron pipes in India. The company is expanding into steelmaking through its subsidiary Electrosteel Integrated, which is setting up a 2.2 million tonne steel plant. Electrosteel Castings' backward integration initiatives such as allocating coking coal mines are expected to result in a 1,304 basis point expansion in EBITDA margins from FY2009 to FY2012. Listing Electrosteel Integrated could unlock value for Electrosteel Castings. The analyst initiates coverage on Electrosteel Castings with a Buy recommendation and 18-month target price of Rs72 based on an 8x multiple of FY2012 EPS for the core business and 1x book value
Hindalco's subsidiary Novelis reported strong results for 4QFY2010. Top-line grew 24.8% year-over-year to US $2.42 billion as sales volumes increased 16.1% year-over-year. Adjusted EBITDA spiked 336% year-over-year to US $231 million. Novelis is focusing on increasing capacity in emerging markets, announcing plans to expand capacity in Brazil by 50% at a cost of US $300 million. Following the expiration of Novelis's metal price ceiling contracts and expected benefits from price increases and cost savings, the report maintains a "Buy" recommendation on Hindalco.
Reliance Industries reported lower-than-expected quarterly results, with profits impacted by lower-than-expected refining margins. Revenue grew 120.7% year-over-year primarily due to higher refining revenues, but margins were lower than estimates. While volume growth was strong, profitability was hurt by refining margins of $7.5/bbl compared to an estimated $8.5/bbl. The analyst maintains a buy rating due to expectations for margin improvement and inorganic growth opportunities.
Automotive Axles (AAL) posted strong results for the third quarter of 2010, with net sales up 198% year-over-year to Rs196 crore, above estimates. Operating profit margin increased 252 basis points to 14% due to improved operating leverage. Net profit increased 442% to Rs14.6 crore, beating estimates on higher margins. The company benefited from an 80% year-over-year increase in medium and heavy commercial vehicle volumes, which account for 95% of its revenue. The analyst maintains a "Buy" rating, expecting continued recovery in commercial vehicle demand to drive robust earnings growth over the next two years.
The document provides an analysis of Consolidated Construction Consortium's (CCCL) 4QFY2010 results and outlook. Some key points:
- CCCL reported 33.2% revenue growth for 4QFY2010 inline with estimates, but order inflow for FY2010 was below expectations at Rs2,166cr.
- The company's current order book stands at Rs3,392cr, providing 1.4x revenue visibility for FY2011, which is lower than peers.
- The analyst expects 19.2% revenue CAGR for CCCL over FY2010-2012 on the back of its order book and recovery in private capex.
- C
GE Shipping (Gesco) reported strong fourth quarter fiscal year 2010 results that exceeded expectations. Revenue grew 126.1% year-over-year in the offshore segment due to increased operating days. Overall operating profit increased 139.2% year-over-year, driven by lower expenses. Gesco intends to list its offshore subsidiary Greatship to unlock value and plans to add more offshore vessels. The analyst maintains a 'Buy' rating based on Gesco trading at a discount to global peers and expectations that accelerated phase-out of single hull tankers will support freight rates.
SpiceJet reported a 34.3% year-over-year increase in net sales for the fourth quarter of FY2010, but net sales were 12.8% lower than the previous quarter and slightly below estimates. Net profit was Rs. 27.5 crore compared to a loss in the previous year, but below estimates due to lower revenues and higher advertising costs. The analyst believes SpiceJet is well positioned to benefit from growing passenger demand and has plans to add four more aircraft in FY2011. The stock is recommended as an accumulate with a revised target price of Rs. 65, which would be a 10% upside from current levels.
Bajaj Auto reported marginally lower-than-expected results for the first quarter of fiscal year 2012, with net sales growth of 22.8% year-over-year driven by a 17.7% increase in volumes. However, operating margins contracted by 145 basis points quarter-over-quarter to 19.1% due to a 150 basis point increase in raw material costs. As a result, net profit grew by 20.5% year-over-year to ₹711 crore, which was slightly below analyst estimates. Going forward, the analyst expects further margin pressure and has revised downward its earnings estimates for fiscal years 2012 and 2013 to factor in higher raw material costs and changes to export incentives.
For the first quarter of fiscal year 2011 (1QFY2011):
1) Hero Honda's net sales grew 12% year-over-year to Rs. 4,297 crore, in line with estimates, while operating profit fell 7% and net profit declined 2% due to higher input costs.
2) Operating margins decreased significantly to 14% from 17% in the prior year quarter due to a 345 basis point rise in raw material costs.
3) The analyst maintains revenue growth estimates but revises operating margin forecasts lower to account for pressure from increasing raw material prices.
BSL is initiating coverage with a buy recommendation and target price of Rs1,979. BSL has extended its presence in the steel value chain through commissioning a 1.9 million tonne HR steel capacity. It is expected to register 26.2% CAGR in volumes over FY2010-15E through completion of expansion plans. BSL's EBITDA/tonne is expected to increase to US$331 in FY2011E due to its strategic relationships with OEMs and investments in the auto sector. The company's debt/equity ratio is expected to decline from 3.3x in FY2009 to 2.0x in FY2012E.
1) HCC reported a 13.6% increase in net sales to Rs.995.4 crore for 1QFY2011, in line with Angel Research estimates. Operating profit grew 9.3% to Rs.125.8 crore.
2) Net profit increased 55.6% to Rs.28.3 crore, marginally ahead of estimates due to higher operating margins and lower taxes.
3) Angel Research maintains a Neutral view on HCC, valuing it at Rs.126/share on an SOTP basis, with limited upside from current levels given its valuation of 36.5x FY2012 EPS.
For 1QCY2010, Bosch India reported a 58.6% year-over-year growth in net sales to Rs1,596cr due to 65% growth in the auto segment and 25.4% growth in other businesses. EBITDA margins increased by 892 basis points to 19.1% due to a decline in other expenditures. Net profit spiked 310% to Rs203cr. Bosch expects continued growth in the commercial vehicle and tractor segments. The company is forecast to report EPS of Rs236.7 and Rs268.7 for CY2010E and CY2011E, respectively.
MPL Result Update 4qfy2010-030510-finalAngel Broking
Madhucon Projects reported disappointing results for the fourth quarter of fiscal year 2010 that were below expectations. While revenue grew robustly due to higher subcontracting in the power segment, operating margins hit a historical low of 6.4% due to the heavy subcontracting. The analyst maintains a "Buy" rating but lowers the target price to Rs. 190 per share based on revised estimates factoring in lower margins and a higher holding company discount applied to the valuation of Madhucon Infra subsidiary. Near-term revenue visibility comes from existing power segment orders but margins are expected to remain under pressure from ongoing subcontracting.
The document is a presentation from Marshall Larsen, Chairman and CEO of Goodrich Corporation, at the 14th Annual Credit Suisse Aerospace and Defense Conference on November 19, 2008. It discusses Goodrich's financial outlook, the commercial aerospace market environment, and Goodrich's strategies and positioning. Goodrich expects sales and EPS growth to continue in 2009 despite challenges in the global economy and airline industry, with balanced growth across commercial aerospace and defense markets.
BGR Energy Systems reported a very strong 4QFY2010 performance, with revenues growing 130.7% and net profit up 130.6% over the previous year. For the full year, revenues grew 59.7% and net profit increased 74.7%. The company maintained a healthy order backlog of Rs10,230cr and expects continued growth in orders. The analyst maintains a Buy recommendation on the stock with a target price of Rs722, noting attractive valuation multiples and expecting revenue and profit to grow at 36.7% and 31.2% CAGR over the next few years.
- Revenue for 2011 was up 7% driven by pricing actions to offset higher raw material costs, but weaker end markets and inflation impacted results
- EBITDA for 2011 was 9% lower at €1,796 million, and net income from continuing operations was €469 million compared to €664 million in 2010
- A performance improvement program is on track to address challenges from the economic environment and volatile raw material costs in 2012
Maruti Suzuki reported poor performance for 1QFY2011. Net sales came in marginally below estimates due to lower export realization. Operating profit was substantially impacted by a large contraction in operating margins. Higher royalty charges and increased input costs hurt operating performance. Net profit declined significantly year-over-year and missed estimates due to lower export realization, margin contraction, and higher costs.
Tata Steel reported financial results for the first quarter of fiscal year 2011. For the quarter, Tata Steel reported consolidated net revenue of Rs27,195 crore and net profit of Rs1,825 crore. The company's standalone operations saw a 16.5% increase in net revenue compared to the prior year quarter, but a 13.3% decline sequentially due to lower production volumes. Tata Steel's European operations reported a smaller loss than the previous year, with adjusted EBITDA/tonne of US$105 for the quarter. Going forward, the note expects weaker performance from Tata Steel Europe but stronger results from Tata Steel's Indian operations.
SEB is a leading Nordic and Baltic financial services group. In the first quarter of 2008:
- Operating profit decreased 42% to SEK 2.4 billion due to cautious customer sentiment, lower fee income in capital markets, and valuation losses of SEK 0.9 billion.
- Net interest income grew despite higher funding costs, while fee income declined in retail and private banking and capital markets. Credit losses increased in Estonia.
- SEB aims to be the leading bank in Northern Europe through sustainable profit growth, high customer satisfaction, and an AA credit rating. The group is well capitalized with a Basel II core capital ratio of 8.85% at the end of the first
The document discusses Credit Suisse's business model and strategy. It contains:
1) A cautionary statement about forward-looking statements and non-GAAP financial information.
2) Key messages about accelerating Credit Suisse's strategic plan through continued commitment to its integrated business model, repositioning its Investment Banking business to reduce risk and volatility, and maintaining a strong capital position.
3) Details on adjusting headcount and costs, with a focus on reducing Investment Banking capacity, and opportunities for growth in Private Banking globally.
Container Corporation of India's (Concor) 1QFY2011 results were below expectations due to lower lead distances and terminal charges pulling down Exim performance. Revenue grew 0.9% year-over-year to Rs. 916 crore, below estimates, with Exim revenue falling 0.6% due to lower realizations and rent. Modest Exim volume growth of 7.8% despite robust port growth indicates losing market share to private players. EBITDA margin of 27% beat estimates but profit fell 3.7% to Rs. 194 crore due to Exim weakness. Management expects new railway policies to benefit Concor from FY2012 but no revenue impact in FY2011. The report maintains
Crompton Greaves reported strong quarterly results with net profit growth of 39.9% year-over-year. While revenue growth was modest at 1.9%, the company significantly expanded operating margins. The strong performance was driven by growth in standalone business and improved margins in international operations despite a revenue decline. The company maintained its guidance for revenue and profit growth in fiscal year 2011.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
United Phosphorus reported a 10% year-over-year decline in revenues for the first quarter of fiscal year 2011, which was below analyst estimates. Adjusted profit after tax was up slightly at Rs192 crore versus Rs186 crore in the prior year period. Higher other expenses restricted improvement in operating margins. The company maintained its full year revenue growth guidance of 8-10% and expects a 200 basis point expansion in EBITDA margins. Despite the revenue miss in the quarter, analysts maintained a buy rating on the stock due to attractive valuations and growth opportunities in the generic agricultural chemicals market.
The document discusses strategies for private equity players to weather the current economic storm caused by the credit crisis. It provides the following key points:
1. The private equity industry experienced exceptional growth from 2004 to mid-2007 due to abundant liquidity and debt financing, however the credit crunch since late 2007 has significantly slowed deal activity and increased the cost of debt.
2. Recommendations for private equity players include keeping a long-term perspective despite short-term market volatility, identifying new opportunities such as smaller deals and minority investments that require less debt financing, and focusing on value creation through cost optimization and strategic changes within portfolio companies.
3. While economic downturns can challenge the industry, past crises
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.
This document contains forward-looking statements about Bank Zachodni WBK's future business development and economic performance that may differ materially from expectations. It cautions that various risk factors could adversely impact the business. The bank aims to strengthen its market position as a universal bank offering retail, business, and investment banking services. Its outlook forecasts low double-digit revenue growth, a cost/income ratio of 41-43%, below-market cost of risk, and around 20% annual profit growth to achieve a 2013 PAT of €480 million.
GE Shipping (Gesco) reported strong fourth quarter fiscal year 2010 results that exceeded expectations. Revenue grew 126.1% year-over-year in the offshore segment due to increased operating days. Overall operating profit increased 139.2% year-over-year, driven by lower expenses. Gesco intends to list its offshore subsidiary Greatship to unlock value and plans to add more offshore vessels. The analyst maintains a 'Buy' rating based on Gesco trading at a discount to global peers and expectations that accelerated phase-out of single hull tankers will support freight rates.
SpiceJet reported a 34.3% year-over-year increase in net sales for the fourth quarter of FY2010, but net sales were 12.8% lower than the previous quarter and slightly below estimates. Net profit was Rs. 27.5 crore compared to a loss in the previous year, but below estimates due to lower revenues and higher advertising costs. The analyst believes SpiceJet is well positioned to benefit from growing passenger demand and has plans to add four more aircraft in FY2011. The stock is recommended as an accumulate with a revised target price of Rs. 65, which would be a 10% upside from current levels.
Bajaj Auto reported marginally lower-than-expected results for the first quarter of fiscal year 2012, with net sales growth of 22.8% year-over-year driven by a 17.7% increase in volumes. However, operating margins contracted by 145 basis points quarter-over-quarter to 19.1% due to a 150 basis point increase in raw material costs. As a result, net profit grew by 20.5% year-over-year to ₹711 crore, which was slightly below analyst estimates. Going forward, the analyst expects further margin pressure and has revised downward its earnings estimates for fiscal years 2012 and 2013 to factor in higher raw material costs and changes to export incentives.
For the first quarter of fiscal year 2011 (1QFY2011):
1) Hero Honda's net sales grew 12% year-over-year to Rs. 4,297 crore, in line with estimates, while operating profit fell 7% and net profit declined 2% due to higher input costs.
2) Operating margins decreased significantly to 14% from 17% in the prior year quarter due to a 345 basis point rise in raw material costs.
3) The analyst maintains revenue growth estimates but revises operating margin forecasts lower to account for pressure from increasing raw material prices.
BSL is initiating coverage with a buy recommendation and target price of Rs1,979. BSL has extended its presence in the steel value chain through commissioning a 1.9 million tonne HR steel capacity. It is expected to register 26.2% CAGR in volumes over FY2010-15E through completion of expansion plans. BSL's EBITDA/tonne is expected to increase to US$331 in FY2011E due to its strategic relationships with OEMs and investments in the auto sector. The company's debt/equity ratio is expected to decline from 3.3x in FY2009 to 2.0x in FY2012E.
1) HCC reported a 13.6% increase in net sales to Rs.995.4 crore for 1QFY2011, in line with Angel Research estimates. Operating profit grew 9.3% to Rs.125.8 crore.
2) Net profit increased 55.6% to Rs.28.3 crore, marginally ahead of estimates due to higher operating margins and lower taxes.
3) Angel Research maintains a Neutral view on HCC, valuing it at Rs.126/share on an SOTP basis, with limited upside from current levels given its valuation of 36.5x FY2012 EPS.
For 1QCY2010, Bosch India reported a 58.6% year-over-year growth in net sales to Rs1,596cr due to 65% growth in the auto segment and 25.4% growth in other businesses. EBITDA margins increased by 892 basis points to 19.1% due to a decline in other expenditures. Net profit spiked 310% to Rs203cr. Bosch expects continued growth in the commercial vehicle and tractor segments. The company is forecast to report EPS of Rs236.7 and Rs268.7 for CY2010E and CY2011E, respectively.
MPL Result Update 4qfy2010-030510-finalAngel Broking
Madhucon Projects reported disappointing results for the fourth quarter of fiscal year 2010 that were below expectations. While revenue grew robustly due to higher subcontracting in the power segment, operating margins hit a historical low of 6.4% due to the heavy subcontracting. The analyst maintains a "Buy" rating but lowers the target price to Rs. 190 per share based on revised estimates factoring in lower margins and a higher holding company discount applied to the valuation of Madhucon Infra subsidiary. Near-term revenue visibility comes from existing power segment orders but margins are expected to remain under pressure from ongoing subcontracting.
The document is a presentation from Marshall Larsen, Chairman and CEO of Goodrich Corporation, at the 14th Annual Credit Suisse Aerospace and Defense Conference on November 19, 2008. It discusses Goodrich's financial outlook, the commercial aerospace market environment, and Goodrich's strategies and positioning. Goodrich expects sales and EPS growth to continue in 2009 despite challenges in the global economy and airline industry, with balanced growth across commercial aerospace and defense markets.
BGR Energy Systems reported a very strong 4QFY2010 performance, with revenues growing 130.7% and net profit up 130.6% over the previous year. For the full year, revenues grew 59.7% and net profit increased 74.7%. The company maintained a healthy order backlog of Rs10,230cr and expects continued growth in orders. The analyst maintains a Buy recommendation on the stock with a target price of Rs722, noting attractive valuation multiples and expecting revenue and profit to grow at 36.7% and 31.2% CAGR over the next few years.
- Revenue for 2011 was up 7% driven by pricing actions to offset higher raw material costs, but weaker end markets and inflation impacted results
- EBITDA for 2011 was 9% lower at €1,796 million, and net income from continuing operations was €469 million compared to €664 million in 2010
- A performance improvement program is on track to address challenges from the economic environment and volatile raw material costs in 2012
Maruti Suzuki reported poor performance for 1QFY2011. Net sales came in marginally below estimates due to lower export realization. Operating profit was substantially impacted by a large contraction in operating margins. Higher royalty charges and increased input costs hurt operating performance. Net profit declined significantly year-over-year and missed estimates due to lower export realization, margin contraction, and higher costs.
Tata Steel reported financial results for the first quarter of fiscal year 2011. For the quarter, Tata Steel reported consolidated net revenue of Rs27,195 crore and net profit of Rs1,825 crore. The company's standalone operations saw a 16.5% increase in net revenue compared to the prior year quarter, but a 13.3% decline sequentially due to lower production volumes. Tata Steel's European operations reported a smaller loss than the previous year, with adjusted EBITDA/tonne of US$105 for the quarter. Going forward, the note expects weaker performance from Tata Steel Europe but stronger results from Tata Steel's Indian operations.
SEB is a leading Nordic and Baltic financial services group. In the first quarter of 2008:
- Operating profit decreased 42% to SEK 2.4 billion due to cautious customer sentiment, lower fee income in capital markets, and valuation losses of SEK 0.9 billion.
- Net interest income grew despite higher funding costs, while fee income declined in retail and private banking and capital markets. Credit losses increased in Estonia.
- SEB aims to be the leading bank in Northern Europe through sustainable profit growth, high customer satisfaction, and an AA credit rating. The group is well capitalized with a Basel II core capital ratio of 8.85% at the end of the first
The document discusses Credit Suisse's business model and strategy. It contains:
1) A cautionary statement about forward-looking statements and non-GAAP financial information.
2) Key messages about accelerating Credit Suisse's strategic plan through continued commitment to its integrated business model, repositioning its Investment Banking business to reduce risk and volatility, and maintaining a strong capital position.
3) Details on adjusting headcount and costs, with a focus on reducing Investment Banking capacity, and opportunities for growth in Private Banking globally.
Container Corporation of India's (Concor) 1QFY2011 results were below expectations due to lower lead distances and terminal charges pulling down Exim performance. Revenue grew 0.9% year-over-year to Rs. 916 crore, below estimates, with Exim revenue falling 0.6% due to lower realizations and rent. Modest Exim volume growth of 7.8% despite robust port growth indicates losing market share to private players. EBITDA margin of 27% beat estimates but profit fell 3.7% to Rs. 194 crore due to Exim weakness. Management expects new railway policies to benefit Concor from FY2012 but no revenue impact in FY2011. The report maintains
Crompton Greaves reported strong quarterly results with net profit growth of 39.9% year-over-year. While revenue growth was modest at 1.9%, the company significantly expanded operating margins. The strong performance was driven by growth in standalone business and improved margins in international operations despite a revenue decline. The company maintained its guidance for revenue and profit growth in fiscal year 2011.
Hindalco reported strong results for the first quarter of fiscal year 2011. Revenue grew 29.2% year-over-year to Rs. 2,533 crore, driven by a 12.7% increase in aluminum shipments. Adjusted EBITDA more than doubled to Rs. 263 crore, resulting in adjusted EBITDA margins of 10.4%. However, net profit declined 65% to Rs. 50 crore due to higher interest and tax expenses. Management expects continued growth in demand and benefits from capacity expansions. The stock currently trades at attractive valuations and the analyst maintains a Buy rating with a target price of Rs. 204.
United Phosphorus reported a 10% year-over-year decline in revenues for the first quarter of fiscal year 2011, which was below analyst estimates. Adjusted profit after tax was up slightly at Rs192 crore versus Rs186 crore in the prior year period. Higher other expenses restricted improvement in operating margins. The company maintained its full year revenue growth guidance of 8-10% and expects a 200 basis point expansion in EBITDA margins. Despite the revenue miss in the quarter, analysts maintained a buy rating on the stock due to attractive valuations and growth opportunities in the generic agricultural chemicals market.
The document discusses strategies for private equity players to weather the current economic storm caused by the credit crisis. It provides the following key points:
1. The private equity industry experienced exceptional growth from 2004 to mid-2007 due to abundant liquidity and debt financing, however the credit crunch since late 2007 has significantly slowed deal activity and increased the cost of debt.
2. Recommendations for private equity players include keeping a long-term perspective despite short-term market volatility, identifying new opportunities such as smaller deals and minority investments that require less debt financing, and focusing on value creation through cost optimization and strategic changes within portfolio companies.
3. While economic downturns can challenge the industry, past crises
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.
This document contains forward-looking statements about Bank Zachodni WBK's future business development and economic performance that may differ materially from expectations. It cautions that various risk factors could adversely impact the business. The bank aims to strengthen its market position as a universal bank offering retail, business, and investment banking services. Its outlook forecasts low double-digit revenue growth, a cost/income ratio of 41-43%, below-market cost of risk, and around 20% annual profit growth to achieve a 2013 PAT of €480 million.
Harvesting Strategies For Private Equity Investments In The Mena Region.Aspxsafafifi1967
The document discusses harvesting strategies for private equity investments in the MENA region. It finds that while the PE industry in MENA is still developing, the main exit strategies so far have been IPOs and trade sales. However, given recent economic downturns, most recent exits have been through trade sales. Going forward, the document recommends that governments consolidate stock exchanges and introduce regulatory reforms to boost public markets and attract more institutional investors, while PE firms focus on improving portfolio company operations and educating family businesses.
Treasury minister's presentation to Chamber of Commerce 27 june 2012States of Jersey
The document outlines Senator Philip Ozouf's three-part plan to address Jersey's £100 million deficit:
1. Raising £35 million more from taxation measures
2. Finding £65 million in savings by 2013
3. Promoting economic growth
It then provides background on Jersey's budget and actual revenue and expenditure over time, showing recurring deficits. Charts show income and spending trends and the depletion of stabilization reserves to cover deficits. The document concludes with next steps in debating and passing the fiscal plan.
This document provides an overview of Goodrich Corporation's performance and outlook from its Chairman, President and CEO at an aerospace and defense conference. It summarizes Goodrich's balanced portfolio, consistent financial results, and expectations for continued sales and earnings growth in 2009 despite challenges in the commercial aerospace market. Goodrich expects commercial aftermarket sales to grow 4-7% in 2009. While global passenger capacity is expected to decline in 2009, in-production aircraft are not targeted for grounding and their utilization rates have not dropped significantly. Goodrich remains focused on opportunities in the defense and space market to pursue balanced growth.
The Tarapore Committee report provided a roadmap for moving India towards full capital account convertibility over three phases from 2006-2011. It recommended preconditions like limiting fiscal deficits and inflation, and suggested increasing limits on investments abroad for residents and limits on investments in India for foreigners over the phases. The report aimed to balance monetary policy independence, an open capital account, and managing exchange rates under the impossible trinity framework.
This document provides an overview and strategic analysis of Allied Bank Limited (ABL) in Pakistan. Some key points:
1) ABL is one of Pakistan's largest banks with over 800 branches across the country. It has the largest ATM network and online branch network in Pakistan.
2) An internal assessment examines ABL's strengths like its large branch network and employee ownership model, as well as weaknesses like limited rural coverage and high non-performing loans.
3) An external assessment reviews competitors like HBL, UBL and MCB, and opportunities in Islamic banking and privileged customer services. Threats include political influence and increasing competition.
4) The document performs various strategic analyses on
Jyoti Structures reported a 20.3% year-over-year growth in net profit to Rs. 25 crores for the fourth quarter of FY2010, slightly below estimates. Operating margins expanded more than expected by 235 basis points to 12.8% due to lower raw material costs. For the full year, net profit grew 15.3% to Rs. 92 crores on sales of Rs. 2,006 crores. The company maintained its buy recommendation with a target price of Rs. 215, citing the large investments planned for power transmission and the company's position as a top player in the industry.
The document summarizes the performance of Global Banking and Markets in the first half of 2008. Key points include:
- Global Banking and Markets contributed 26% of the group's pre-tax profits despite challenging market conditions.
- Strength in emerging markets like Asia Pacific and Latin America helped offset losses elsewhere.
- Writedowns were taken on subprime, credit, and leveraged loan exposures totaling $3.9 billion.
- Two of the group's structured investment vehicles, Cullinan and Asscher, had their assets transferred or sold into three securities investment conduits to provide more stable funding.
DiGi analyzed its historical financial data from 2004-2008. It had negative working capital most years but high inventory/receivables turnover. Debt levels increased from 50% to 59% of assets from 2004-2008. Operating cash flow improved from RM845 million to RM1.7 billion 2004-2008.
In 2007, DiGi gained a 3G license through an alliance. It invested RM695 million in shares and planned RM600-800 million in infrastructure over 3 years. The summary evaluates the 3G project through capital budgeting and discounted cash flow analysis over 10 years. It has negative cash flow in early years but becomes positive from year 4 onward.
Exchange Income Corporation 2009 Annual ReportTMX Equicom
Exchange Income Corporation is a diversified acquisition-oriented company, focused on opportunities in the industrial products and transportation sectors which are ideally suited for public markets except for their size. The strategy of the Corporation is to invest in profitable, well-established companies with strong cash flows operating in niche markets in Canada and/or the United States. The Corporation trades on the TSX under the symbol EIF.
The document provides guidance on how to present a company to acquire an outside investor. It emphasizes that investors seek high returns and low risk. Companies should demonstrate strong growth potential through metrics like turnover and net cash flow. An effective presentation will show the company is profitable, scalable, and sellable (PSS). It will provide financial projections, explain risks and risk mitigation, clarify the management structure and investment thesis, and establish realistic return assumptions and use of funds. The goal is to convince investors the company warrants investment and has potential for high returns.
- Raytheon's financial outlook is strong, with projected bookings of $24.5-25B in 2005 and $22-23B in 2006, and sales projected to grow from $21.6-22.1B in 2005 to $23.1-23.6B in 2006.
- The company has generated excellent cash flow in recent years through strong execution, with cash conversion averaging 110% and debt reduced by $3B from 2003 to 2005. Further debt reduction and increased dividends are planned.
- Projected EPS growth is from $2.00-2.05 in 2005 to $2.40-2.50 in 2006, and return on invested capital is
Credit Suisse Group merged its banking entities in 2005 to create an integrated global bank. While focusing on integration, the Group also grew its business. Net income for 2005 was CHF 5.85 billion, up 4% from 2004. The letter discusses quarterly and annual financial results for each business segment. It outlines the benefits expected from the integration and provides a positive outlook for continued economic growth in 2006.
Essel Propack's 5QFY2010 results were below expectations due to lower EBITDA margins, higher tax rates, and slow customer off-take. However, the company remained profitable due to cost-cutting and higher contributions from high-margin products and geographies. While sales declined 7% year-over-year, sales excluding medical products grew 10%. The European division significantly reduced losses. The analyst maintains a 'Buy' rating with a revised target price of Rs58.
Credit Suisse Group merged its banking entities in 2005 to create an integrated global bank. The new structure helped drive improved profitability, with net income up 4% to CHF 5.85 billion for the year. Private Banking saw record net income of CHF 2.65 billion for 2005, up 7%, while Institutional Securities benefited from higher market activity and revenues.
This financial report analyzes Belgian holding company GBL. It discusses GBL's stock price evolution, dividend history showing steady increases, and annual profit trending upward since 2008. The report concludes GBL is a good investment due to its constant dividend growth, revitalized profits, ample cash for new investments, and positive price-to-earnings ratio.
Investor Relations Press Release July 2010Semalytix
The document summarizes HCL Technologies' annual results for fiscal year 2009-2010. Some key highlights include:
- Annual revenues were Rs. 12,565 Cr, up 18.6% year-over-year. Net income was Rs. 1,303 Cr.
- Q4 revenues were Rs. 3,425 Cr, up 11.4% quarter-over-quarter and 17.8% year-over-year. Net income was Rs. 342 Cr.
- Revenue growth was seen across geographies, service lines, and industry verticals for the year.
49% of the OFC's Market has been set aside for members and individual investors, and its value is affected by new members joining Unaico, commissions paid, I-Investor Club profit, and turnover generated from member purchases. If every free member has a value of 25 euros and there are 100 million members in 2012, then the value of shares would be 25 euros x 100 million members = 2,500,000,000 euros.
The document discusses how the value of the OFC's Market is determined based on membership levels and purchasing activity, and provides an example calculation of what the total value would be if there were 100 million members each valued
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
2. Company Overview
First Financial Brokerage House is a leading non-
banking financial institution in the Bulgarian capital market.
• FFBH offers the complete spectrum of investment banking services
spanning brokerage services, corporate finance, mergers and
acquisitions, financial consulting, research and analysis and asset
management
2
3. Company Overview
First Financial Brokerage House
• is the primary contact in Bulgaria for large international
institutional and private investors
• has developed close relations with key domestic investors
and local institutions
• has excellent working relations with all regulatory bodies
3
4. Company Overview
Founded in March of 1991, First Financial Brokerage House (FFBH) is the
first brokerage house in Bulgaria
FFBH is a fully-licensed broker on the money and stock markets
FFBH is a member of, and a shareholder in, the Bulgarian Stock Exchange,
holding four brokerage seats
FFBH is a member of the Central Depository and the Bulgarian Association of
Licensed Investment Intermediaries
4
5. Company Overview
Equity (in € '000)
47'285
The company is strongly capitalised, with €5.7m of equity 20 000
as of Jan ‘09 15 000
10 000
The company’s own capital has grown at an average 5 000
rate of 30% pa for the last 5 years 0
2005 2006 2007 2008
Customer assets held
FFBH holds over €250m of client assets as of Jan ‘09 by FFBH (in €m)
800
600
Assets held have grown at an average rate of over 400
90% a year over the last 5 years 200
0
2005 2006 2007 2008
5
6. Company Overview
The FFBH Philosophy
Professional competence
Overall consultation approach
Creating superior decisions for our customers
Providing independent objective advice
Relationship-driven approach as evidenced by the significant
proportion of repeat business
6
7. Key Business Lines
Brokerage Services
Corporate Finance and Advisory
Services
Research and Analysis
Asset Management
7
8. Brokerage Services
Brokerage operations have always been the traditional mainstay of the
FFBH business.
FFBH is one of the largest non-bank institution on the BSE-Sofia
FFBH rating in terms of
turnover 2008 2007 2006 2005 2004
From the non-banking institutions #1 #2 #2 #1 #1
Overall #2 #5 #2 #4 #4
The company is the main contact point for almost all international
institutional and private investors in the Bulgarian equity market
8
9. Brokerage Services
FFBH turnover has grown at an average of 33% (CAGR) per annum over the
last 5 years
FFBH and BSE turnover (in €m)
FFBH Turnover (in €m)
405
450
5 068
400
350 305
4 068
300
250 3 068
205
200
2 068
150
105
100
1 068
50
5 68
0
2000 2001 2002 2003 2004 2005 2006 2007 2008
2001 2002 2003 2004 2005 2006 2007 2008
FFBH Turnover, in €m (left-hand side)
BSE Turnover, in €m (right-hand side)
9
Source: BSE
10. Corporate Finance
Key Activities in Corporate Finance
Fund raising through public and private offering of stocks and bonds
Deal screening, Valuations, and Transaction structuring in Mergers
and Acquisitions (M&A)
Private Equity and Venture Capital Investments
Tender offers
Squeeze-outs
Feasibility Studies
10
11. Corporate Finance
€11.2 million €5.3 million
€17.7 million confidential
SOPHARMA NETINFO
INDUSTRIAL HOLDING BALKANTOURIST ELIT DOVERIE UNITED
(Pharmaceuticals) (IT & Media)
BULGARIA (Tourism) HOLDING
(Holding Company) (Holding Company)
ADVISOR ON THE SELL-SIDE ADVISOR FOR
LEAD MANAGER AND
PLANNED DUAL LISTING THE SALE OF 82%
BOOK-RUNNER OF THE
LEAD MANAGER AND LEAD MANAGER OF THE
OF THE COMPANY ON AN MAJORITY STAKE TO
€14.8M CAPITAL RAISE
BOOK-RUNNER OF THE CAPITAL RAISE
EU STOCK EXCHANGE SANOMA MAGAZINES
ADVISOR ON THE TENDER
CONVERTIBLE BOND
OFFER FOR THE
ISSUE
MINORITY STAKES €2.9M
Ongoing 2008 2008-2009 2008 2008
€3 million €5.6 million €21.5 million €90 million €0.7 million
INDUSTRIAL HOLDING FIRST INVESTMENT
SOPHARMA ESTATES BILLBOARD BIANOR
BULGARIA BANK
(Real Estate) (Printing & Publishing) (IT & Technology)
(Holding Company) (Banking)
CAPITAL RAISE ADVISORY LEAD MANAGER AND MANAGER AND BOOK-
AND IMPLEMENTATION BOOK-RUNNER OF THE RUNNER OF THE IPO
MANAGER OF THE MANAGER AND BOOK-
IPO CAPITAL RAISE RUNNER OF THE IPO
2007 2007 2007 2007 2007
11
12. Corporate Finance
€11 million confidential €1.5 million
DUROPAK TRAKIA
CHIMIMPORT EASTERN GAS
NETINFO
AKTIV PROPERTIES
PAPIR
(Holding Company) COMPANY
(IT & Media)
(Real Estate)
(Paper & Pulp)
(Oil & Gas)
FINANCIAL ENGINEERING
STRATEGIC ADVISORY
CAPITAL RAISE ADVISORY
ADVISORY SELL-SIDE ADVISORY IN
ADVISOR AND AGENT FOR
SELL-SIDE ADVISOR FOR A
AND IMPLEMENTATION
THE SALE OF A 95%
THE PRIVATE
30% STAKE
MAJORITY STAKE IN THE
PLACEMENT OF A €1.5M
DUE DILIGENCE ON
COMPANY
CORPORATE BOND
POTENTIAL ACQUISITION
TARGETS
2006-2007 2006 2006 2006 2005
€6.9 million €8.2 million €18.3 million €12 million
BENCHMARK FUND
BULGARIA REAL ESTATES
BULGARSKA ROZA ENERGOREMONT
ALCOMET
ESTATE FUND (Real Estate)
SEVTOPOLIS RUSSE & VARNA
(Metallurgy)
(Real Estate)
(Pharmaceuticals & Cosmetics) (Energy)
ADVISOR AND
ADVISORY ON THE
FULL-SCALE UNDERWRITER OF THE
CAPITAL RESTRUCTURING ADVISORY ON THE THREE ADVISORY TO THE
IMPLEMENTATION OF IPO. FULL-SCALE
IMPLEMENTATION OF EQUITY RAISING MAJORITY OWNER
THE IPO AND THE TWO IMPLEMENTATION OF
THE CAPITAL RAISE OPERATIONS IMPLEMENTATION OF
CAPITAL RAISING THE SECOND CAPITAL
DEAL IMPLEMENTATION THE TENDER OFFERS
PROCEDURES RAISE
2005-2006 2005-2007 2005 2005-2006 2004-2006
12
13. Research and Analysis
As a major advantage, our customers are able to benefit from the
premium quality research activities provided by our team of dedicated
analysts
• More than 60 investment banks, investment funds and other institutional
investors use our Equity research, macro analyses and industry studies
• FFBH’s Morning Update and Weekly Roundup publications reach almost 300
clients over different countries and continents
• We provide services to Oxford Business Group, Internet Securities and other
data providers
13
14. Asset Management
FFBH offers cutting edge asset management services to local and foreign
corporations and high-net worth individual clients.
Through its asset management company – FFBH Asset Management – FFBH
also manages the assets of the closed-end Investment Company “Nadejda” and
of three mutual funds with different investment risk profiles – FIB Avangard, FIB
Classic, FIB Garant
As of end-2008, the AuM of FFBH discretionary
portfolio service totalled BGN 3.34m.
The assets managed separately by FFBH Asset
Management stood at BGN 6.9m as of the same date.
14
15. Contact Details
General Managers: Krassimir Tahchiev | Stoyan Nikolov
Switchboard: (359 2) 810 64 00
Fax: (359 2) 810 64 01
e-mail: ffbh@ffbh.bg
Web site: www.ffbh.bg
Mailing Address:
2 Enos Street
1408 Sofia
Bulgaria
15