BorgWarner is an auto parts manufacturing company that supplies components like turbochargers and emission control systems to automakers. The document discusses how increasing emissions regulations in major markets will drive demand for BorgWarner's fuel-efficient technologies starting in 2015. It recommends a "hold" rating for BorgWarner stock based on a target price analysis that sees revenue growth averaging 7.6% until 2020 due to regulations and strategic partnerships, but risks from Europe's slow growth.
Jared Kearby - Power Technology Research cwiemeexpo
This document summarizes the impacts of electric vehicle adoption on automotive manufacturing. As EVs gain market share, they will significantly impact the industry by reducing the number of components needed in vehicles. This will decrease demand for machine tools used to produce internal combustion engine parts but increase demand for tools producing EV components. Automotive machine tool manufacturers must pursue vertical integration and investments in new revenue sources to adapt to these changes in the automotive supply chain. By 2035, components like gearboxes and engines face high risk of reduced demand due to EVs.
General Motors reported strong financial performance in 2022 driven by wholesale volume growth and robust pricing. Earnings before interest and taxes (EBIT) adjusted was $14.5 billion for the year. The company provided 2023 guidance of $10.5-12.5 billion in EBIT-adjusted and $6.00-$7.00 per share in earnings per share diluted adjusted. General Motors will launch several new electric vehicles in 2023 and accelerate its EV growth plan to reach annual production capacity of 1 million electric vehicles in North America by 2025.
Barnes Group is an international manufacturer and services provider with two business segments: Industrial and Aerospace. It has over 4,400 employees across more than 60 global locations. The presentation discusses Barnes Group's strategic focus on driving sustainable profitable growth through portfolio enhancements, intellectual property, end markets with long term growth, and expanding its global footprint. It provides details on Barnes Group's businesses, end markets, key performance indicators, and growth strategies.
The document provides an analysis of MILCO's business case challenges. It analyzes MILCO's financial health, product portfolio, and competition. For the product portfolio, it uses a GE-McKinsey matrix to evaluate products based on industry attractiveness and business strength. It finds that MILCO should divest its military facility construction business and invest in growing its military flight simulation businesses. It also recommends that MILCO look for partnerships and acquisitions to expand into new markets and products.
BorgWarner is an automotive parts supplier that focuses on technologies to improve fuel efficiency and reduce emissions. The report recommends a "Hold" rating for BorgWarner stock based on an assessment that stricter emissions regulations will drive demand for the company's products, allowing revenue to grow around 5% annually through 2020. However, this outlook faces risks from a potential slowdown in the Chinese automotive market, where BorgWarner has significant exposure.
Mercer Capital's Bank Watch | July 2023 | Bank Impairment TestingMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
The document provides a financial and strategy analysis of Jaguar Land Rover. The financial analysis uses the CORE approach to examine the context, overview, ratios, and implications of Brexit on JLR's revenue. The context discusses the political, economic, social and technological factors affecting JLR. An overview of the financial statements and key trends is presented. Various ratios analyze profitability, liquidity, solvency, and investors' viewpoint. The strategy analysis examines JLR's strategy in relation to industry forces and implications of Brexit on strategy. Expansion plans are discussed, and it is recommended that JLR focus expansion and prepare for potential Brexit impacts through its new Slovakia plant.
BorgWarner is an auto parts manufacturing company that supplies components like turbochargers and emission control systems to automakers. The document discusses how increasing emissions regulations in major markets will drive demand for BorgWarner's fuel-efficient technologies starting in 2015. It recommends a "hold" rating for BorgWarner stock based on a target price analysis that sees revenue growth averaging 7.6% until 2020 due to regulations and strategic partnerships, but risks from Europe's slow growth.
Jared Kearby - Power Technology Research cwiemeexpo
This document summarizes the impacts of electric vehicle adoption on automotive manufacturing. As EVs gain market share, they will significantly impact the industry by reducing the number of components needed in vehicles. This will decrease demand for machine tools used to produce internal combustion engine parts but increase demand for tools producing EV components. Automotive machine tool manufacturers must pursue vertical integration and investments in new revenue sources to adapt to these changes in the automotive supply chain. By 2035, components like gearboxes and engines face high risk of reduced demand due to EVs.
General Motors reported strong financial performance in 2022 driven by wholesale volume growth and robust pricing. Earnings before interest and taxes (EBIT) adjusted was $14.5 billion for the year. The company provided 2023 guidance of $10.5-12.5 billion in EBIT-adjusted and $6.00-$7.00 per share in earnings per share diluted adjusted. General Motors will launch several new electric vehicles in 2023 and accelerate its EV growth plan to reach annual production capacity of 1 million electric vehicles in North America by 2025.
Barnes Group is an international manufacturer and services provider with two business segments: Industrial and Aerospace. It has over 4,400 employees across more than 60 global locations. The presentation discusses Barnes Group's strategic focus on driving sustainable profitable growth through portfolio enhancements, intellectual property, end markets with long term growth, and expanding its global footprint. It provides details on Barnes Group's businesses, end markets, key performance indicators, and growth strategies.
The document provides an analysis of MILCO's business case challenges. It analyzes MILCO's financial health, product portfolio, and competition. For the product portfolio, it uses a GE-McKinsey matrix to evaluate products based on industry attractiveness and business strength. It finds that MILCO should divest its military facility construction business and invest in growing its military flight simulation businesses. It also recommends that MILCO look for partnerships and acquisitions to expand into new markets and products.
BorgWarner is an automotive parts supplier that focuses on technologies to improve fuel efficiency and reduce emissions. The report recommends a "Hold" rating for BorgWarner stock based on an assessment that stricter emissions regulations will drive demand for the company's products, allowing revenue to grow around 5% annually through 2020. However, this outlook faces risks from a potential slowdown in the Chinese automotive market, where BorgWarner has significant exposure.
Mercer Capital's Bank Watch | July 2023 | Bank Impairment TestingMercer Capital
Brought to you by the Financial Institutions Team of Mercer Capital, this monthly newsletter is focused on bank activity in five U.S. regions. Bank Watch highlights various banking metrics, including public market indicators, M&A market indicators, and key indices of the top financial institutions, providing insight into financial institution valuation issues.
The document provides a financial and strategy analysis of Jaguar Land Rover. The financial analysis uses the CORE approach to examine the context, overview, ratios, and implications of Brexit on JLR's revenue. The context discusses the political, economic, social and technological factors affecting JLR. An overview of the financial statements and key trends is presented. Various ratios analyze profitability, liquidity, solvency, and investors' viewpoint. The strategy analysis examines JLR's strategy in relation to industry forces and implications of Brexit on strategy. Expansion plans are discussed, and it is recommended that JLR focus expansion and prepare for potential Brexit impacts through its new Slovakia plant.
BGC Partners held an earnings presentation for Q3 2013. Some key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from $0.16 in Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from $63.7 million in Q3 2012.
BGC plans to use the proceeds from the sale of its eSpeed platform to NASDAQ OMX to repay debt, make acquisitions, invest in organic growth, and repurchase shares
BGC Partners held an earnings presentation for Q3 2013. Key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from Q3 2012.
- The presentation provided financial results and analysis for BGC's business segments and products.
Balkrishna Industries Ltd is an export-focused manufacturer of off-highway tires. It has a strong global distribution network of 240 distributors in over 125 countries. The company derives over 90% of its revenues from exports, with Europe and US contributing around 75%. It has a wide product portfolio with over 2,200 SKUs. While short-term pressures exist, the company has many long-term positives including a strong cost advantage, growing global market share, and rising farm incomes in key markets like the US driving future growth. The document provides an overview of the company's business model and financials to evaluate it as a potential long-term investment opportunity.
Cowen initiates coverage of Nikola Corporation with an Outperform rating and $79 price target. Key points:
- Nikola is developing battery electric and hydrogen fuel cell trucks as well as building out hydrogen fueling infrastructure.
- The company aims to sell trucks through a bundled lease program covering the vehicle, fuel, and maintenance for $0.95/mile.
- Strategic partnerships with companies like Bosch and CNH/Iveco should help Nikola ramp up production smoothly starting in 2021.
- In addition to trucks, Nikola is pursuing other markets like power sports and has a planned electric pickup called the Badger.
Park City Group provides a unique supply chain solution called Consumer Driven Sales Optimization that uses scan-based trading and data synchronization between retailers and suppliers. This solution aims to help retailers increase sales and reduce costs while helping suppliers improve sales and gain better visibility into demand. The company has a recurring revenue business model and targets major retailers and consumer goods suppliers as customers.
Managing Procurement and SourcingGetting What You Need.docxinfantsuk
Managing Procurement and Sourcing
Getting What You Need
GSCM Ch 3 - *
Global sourcing
Global
Sourcing
Benefits
Risk
Factors
Factor-
input
Market
access
Quality
Ethical
concerns
Patent
protection
Supply management
Aims/objectives
Process of
sourcing &
procurement
Supplier
selection
Supplier
management
Aims/Objectives
The primary goals/objectives of purchasing are:Ensure uninterrupted flows of raw materials at the lowest total cost, Improve quality of the finished goods produced, and Optimize customer satisfaction.
Purchasing contributes to these objectives by: Actively seeking better materials and reliable suppliers, Work closely with and exploiting the expertise of strategic suppliers to improve quality and materialsInvolving suppliers and purchasing personnel in new product design and development efforts.
GSCM Ch 3 - *
The sourcing process
Conduct internal needs analysis
Item to be sourced; characteristics; import restrictions; volumeConduct market assessment of suppliers
PEST analysis of country; risks (threats) and opportunitiesCollect supplier information
Reputation; financials; referencesDevelop sourcing strategy
Strategic alliance?; level of collaboratingNegotiate with suppliers
Price; quality; delivery timesImplement supply chain improvements
Develop key performance indicators (Kpi)
The sourcing process
GSCM Ch 3 - *
Adapting the processSpend-driven approach
Analysis of every sourced good or service
Suppliers selected to meet company’s spend profileRisk-driven approach
Placing a trial order
Avoiding high-risk countries
Having more than one supplier
Negotiate conditional payment terms
GSCM Ch 3 - *
Efficient sourcing
GSCM Ch 3 - *
Efficient sourcing Total acquisition cost analysis (TAC)Supply base rationalization and consolidationPrimary and secondary sourcingE-procurement
GSCM Ch 3 - *
Partnerships and alliancesBenefits of supply chain partnershipsFoundations for good partnershipsCommon types of supply chain partners
Vendor Managed Inventory (VMI)
Collaborative planning, forecasting and replenishment (CPFR)
GSCM Ch 3 - *
OutsourcingBenefitsImportance of knowing an organization’s core competenciesTypes of agreements:
Equity joint venture
Equity strategic alliance
Non-equity alliance
Franchising
Production and assembly
Legal services
Technical training
GSCM Ch 3 - *
Outsourcing
Benefits
Cost savings
Gaining outside expertise
Improving customer service
Ability to focus on core competencies
Obtaining outside technology
DisadvantagesPossibility of increased costsLoss of company controlNegative impact on employeesNegative impact on customersRelationship problems
GSCM Ch 3 - *
Negotiating with suppliers or outsourcersPriority negotiating elements
What volume is being purchased?
Discounts available?
Are logistical and importing costs covered in the price?
What does the price include?
What are the responsibilities of each party involved?Method of payment and documentationPaymen ...
This document provides an investor presentation for WEG, a Brazilian company that produces electric motors and automation equipment. Some key points:
- WEG has a history of 18% annual growth through organic expansion and acquisitions. It aims to reach R$20 billion in revenues by 2020 with a 17% CAGR through international expansion and new product lines.
- It has unique vertical integration and production flexibility advantages that allow for customized solutions and growth across market cycles.
- Megatrends around energy efficiency, renewables, electric vehicles, and smart grids are driving changes in demand and new opportunities in generation, transmission, distribution, and industrial/commercial applications.
- WEG aims to provide "end
HML's Mortgage Investor Report provides unique insight into the UK mortgage industry, including the rise of arrears rates through the recession and the fall during the
subsequent recovery.
This insight on account performance, including arrears, redemption and repossession, enables our clients to make confident and effective decisions in areas such as new
lending, portfolio and strategy benchmarking, risk management and capital calculations.
PowerCo is building a global battery production network to support Volkswagen Group's increasing electric vehicle demand. PowerCo has developed a standardized "Unified Cell" battery technology that allows for flexibility in chemistry while maintaining consistent dimensions. This approach streamlines production and is a key enabler for quickly scaling output. PowerCo has already made progress establishing battery gigafactories and securing raw material supply chains through partnerships. Its first factory in Salzgitter, Germany began construction in July 2022 and more plants are planned to come online by 2027.
- BevCo, a leading producer of wine and spirits, is facing declining revenue and profitability due to shifting consumer tastes towards beer. Acquiring BeerCo, a craft brewer, could help BevCo diversify into the growing beer market.
- A SWOT analysis found BeerCo's established supply chain and brand in the US are strengths, while its lack of experience in wine and spirits is a weakness. Acquiring BeerCo could help counter threats from large brewers developing premium beers.
- Valuation of BeerCo using DCF analysis values it at $4.2 billion, while comparable transactions suggest a range of $1.9-7.2 billion. Factors like synergies, market
The document provides brand valuation results and methodology for 2014. Key points:
- Brand value for [company name] increased 45% to $5.316 billion in 2014 from $3.657 billion in 2013.
- Market capitalization increased 78% to $18.498 billion from $10.385 billion.
- Brand value as a percentage of market cap declined from 35% to 29%.
- Brand rating remained at AA. Global 500 rank improved from 323 to 243.
- Brand value is calculated using a royalty relief methodology that factors brand strength and financial performance. Brand strength is determined by a Brand Strength Index that benchmarks the brand across various metrics and stakeholders.
The document discusses various methods for valuing firms during mergers and acquisitions. It describes balance sheet, dividend discount, and cash flow valuation models. It also outlines the steps in a valuation, including analyzing historical performance, forecasting performance, estimating the cost of capital, and calculating and interpreting results. Finally, it analyzes the proposed merger between HP and Compaq using relative stock prices, comparable companies, premium analyses, and pro forma earnings impacts.
This document summarizes a presentation on redefining business models in the post-trade industry. It discusses several key points:
1. Regulatory changes and market forces are converging and forcing banks to reevaluate their business models, exit unprofitable lines, and focus on reducing costs.
2. Independent research shows returns for capital markets businesses declining while regulation and costs increase, putting pressure on profitability.
3. Emerging technologies, providers, and partnerships provide opportunities for banks to tackle high costs by moving to variable models, combining resources, and outsourcing certain functions.
4. The market and competitive landscape is redefining as larger non-bank firms enter the space and competitors combine various post
The document provides an overview of JP Energy Partners LP and discusses its three business segments: crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales. It also discusses JP Energy's Q3 2016 financial results, balance sheet and liquidity position, and its planned merger with American Midstream Partners to create a larger, more diversified midstream company.
- BGC Partners reported financial results for Q4 2014 with revenues of $515.5 million, up 19.1% from Q4 2013. Pre-tax distributable earnings were $72.6 million, up 57.8% from the prior year.
- The company declared a quarterly cash dividend of $0.12 per share to be paid in March 2015.
- Revenues increased in the Americas by 31% year-over-year while declining slightly in EMEA and APAC. Real estate comprised 48% of total revenues, the largest percentage in company history.
WEG is initiating coverage with a Buy rating and a 2006 year-end target price of $5.25 per share, implying 55% upside potential. WEG enjoys positive earnings momentum in Brazil as interest rates fall, stimulating industrial activity. WEG has global competitive advantages from its integrated business model, market leadership in Brazil, and clear strategy to expand internationally. However, transparency and exposure to commodity prices pose risks.
KPIT offers exposure to a highly attractive, rapidly expanding market (Automotive Electronics, Manufacturing and Energy & Utility), alongside an ability to capitalise as a low‐cost disruptor with compelling technology like ‘Revolo’. KPIT has one of the strongest industry positioning profiles in the Automotive Segments. Retain buy.
Semifinal Case Solution by Benchmark company at Changellenge Cup Moscow 2012esprezo
PwC proposes providing audit and advisory services to help agricultural company Polesye Agro expand its business. PwC recommends that Polesye Agro invest $8.4 billion in a new project in Kursk and finance it through foreign credit and reinvested profits. In the long term, PwC suggests Polesye Agro invest $6-7 billion in acquisitions and new facilities, financing this through an IPO in 2015 and reinvested profits. PwC will provide audit services including pre-IPO auditing, as well as advisory services to support Polesye Agro's expansion, for a total estimated cost of $1.4 million.
Industrial Distribution Industry Insights - January 2015 Duff & Phelps
The Industrial Distribution market continues to be driven by improving end markets and favorable industry dynamics. Industry consolidation is expected to drive ongoing M&A activity. For more detail on market indices, public market performance and deal activity, read the report.
A Free 200-Page eBook ~ Brain and Mind Exercise.pptxOH TEIK BIN
(A Free eBook comprising 3 Sets of Presentation of a selection of Puzzles, Brain Teasers and Thinking Problems to exercise both the mind and the Right and Left Brain. To help keep the mind and brain fit and healthy. Good for both the young and old alike.
Answers are given for all the puzzles and problems.)
With Metta,
Bro. Oh Teik Bin 🙏🤓🤔🥰
BGC Partners held an earnings presentation for Q3 2013. Some key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from $0.16 in Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from $63.7 million in Q3 2012.
BGC plans to use the proceeds from the sale of its eSpeed platform to NASDAQ OMX to repay debt, make acquisitions, invest in organic growth, and repurchase shares
BGC Partners held an earnings presentation for Q3 2013. Key highlights included:
- Revenues for Q3 2013 were $414.4 million, down 7% from Q3 2012.
- Pre-tax distributable earnings per share were $0.12 for Q3 2013, down 25% from Q3 2012.
- Adjusted EBITDA was $78.7 million for Q3 2013, up 24% from Q3 2012.
- The presentation provided financial results and analysis for BGC's business segments and products.
Balkrishna Industries Ltd is an export-focused manufacturer of off-highway tires. It has a strong global distribution network of 240 distributors in over 125 countries. The company derives over 90% of its revenues from exports, with Europe and US contributing around 75%. It has a wide product portfolio with over 2,200 SKUs. While short-term pressures exist, the company has many long-term positives including a strong cost advantage, growing global market share, and rising farm incomes in key markets like the US driving future growth. The document provides an overview of the company's business model and financials to evaluate it as a potential long-term investment opportunity.
Cowen initiates coverage of Nikola Corporation with an Outperform rating and $79 price target. Key points:
- Nikola is developing battery electric and hydrogen fuel cell trucks as well as building out hydrogen fueling infrastructure.
- The company aims to sell trucks through a bundled lease program covering the vehicle, fuel, and maintenance for $0.95/mile.
- Strategic partnerships with companies like Bosch and CNH/Iveco should help Nikola ramp up production smoothly starting in 2021.
- In addition to trucks, Nikola is pursuing other markets like power sports and has a planned electric pickup called the Badger.
Park City Group provides a unique supply chain solution called Consumer Driven Sales Optimization that uses scan-based trading and data synchronization between retailers and suppliers. This solution aims to help retailers increase sales and reduce costs while helping suppliers improve sales and gain better visibility into demand. The company has a recurring revenue business model and targets major retailers and consumer goods suppliers as customers.
Managing Procurement and SourcingGetting What You Need.docxinfantsuk
Managing Procurement and Sourcing
Getting What You Need
GSCM Ch 3 - *
Global sourcing
Global
Sourcing
Benefits
Risk
Factors
Factor-
input
Market
access
Quality
Ethical
concerns
Patent
protection
Supply management
Aims/objectives
Process of
sourcing &
procurement
Supplier
selection
Supplier
management
Aims/Objectives
The primary goals/objectives of purchasing are:Ensure uninterrupted flows of raw materials at the lowest total cost, Improve quality of the finished goods produced, and Optimize customer satisfaction.
Purchasing contributes to these objectives by: Actively seeking better materials and reliable suppliers, Work closely with and exploiting the expertise of strategic suppliers to improve quality and materialsInvolving suppliers and purchasing personnel in new product design and development efforts.
GSCM Ch 3 - *
The sourcing process
Conduct internal needs analysis
Item to be sourced; characteristics; import restrictions; volumeConduct market assessment of suppliers
PEST analysis of country; risks (threats) and opportunitiesCollect supplier information
Reputation; financials; referencesDevelop sourcing strategy
Strategic alliance?; level of collaboratingNegotiate with suppliers
Price; quality; delivery timesImplement supply chain improvements
Develop key performance indicators (Kpi)
The sourcing process
GSCM Ch 3 - *
Adapting the processSpend-driven approach
Analysis of every sourced good or service
Suppliers selected to meet company’s spend profileRisk-driven approach
Placing a trial order
Avoiding high-risk countries
Having more than one supplier
Negotiate conditional payment terms
GSCM Ch 3 - *
Efficient sourcing
GSCM Ch 3 - *
Efficient sourcing Total acquisition cost analysis (TAC)Supply base rationalization and consolidationPrimary and secondary sourcingE-procurement
GSCM Ch 3 - *
Partnerships and alliancesBenefits of supply chain partnershipsFoundations for good partnershipsCommon types of supply chain partners
Vendor Managed Inventory (VMI)
Collaborative planning, forecasting and replenishment (CPFR)
GSCM Ch 3 - *
OutsourcingBenefitsImportance of knowing an organization’s core competenciesTypes of agreements:
Equity joint venture
Equity strategic alliance
Non-equity alliance
Franchising
Production and assembly
Legal services
Technical training
GSCM Ch 3 - *
Outsourcing
Benefits
Cost savings
Gaining outside expertise
Improving customer service
Ability to focus on core competencies
Obtaining outside technology
DisadvantagesPossibility of increased costsLoss of company controlNegative impact on employeesNegative impact on customersRelationship problems
GSCM Ch 3 - *
Negotiating with suppliers or outsourcersPriority negotiating elements
What volume is being purchased?
Discounts available?
Are logistical and importing costs covered in the price?
What does the price include?
What are the responsibilities of each party involved?Method of payment and documentationPaymen ...
This document provides an investor presentation for WEG, a Brazilian company that produces electric motors and automation equipment. Some key points:
- WEG has a history of 18% annual growth through organic expansion and acquisitions. It aims to reach R$20 billion in revenues by 2020 with a 17% CAGR through international expansion and new product lines.
- It has unique vertical integration and production flexibility advantages that allow for customized solutions and growth across market cycles.
- Megatrends around energy efficiency, renewables, electric vehicles, and smart grids are driving changes in demand and new opportunities in generation, transmission, distribution, and industrial/commercial applications.
- WEG aims to provide "end
HML's Mortgage Investor Report provides unique insight into the UK mortgage industry, including the rise of arrears rates through the recession and the fall during the
subsequent recovery.
This insight on account performance, including arrears, redemption and repossession, enables our clients to make confident and effective decisions in areas such as new
lending, portfolio and strategy benchmarking, risk management and capital calculations.
PowerCo is building a global battery production network to support Volkswagen Group's increasing electric vehicle demand. PowerCo has developed a standardized "Unified Cell" battery technology that allows for flexibility in chemistry while maintaining consistent dimensions. This approach streamlines production and is a key enabler for quickly scaling output. PowerCo has already made progress establishing battery gigafactories and securing raw material supply chains through partnerships. Its first factory in Salzgitter, Germany began construction in July 2022 and more plants are planned to come online by 2027.
- BevCo, a leading producer of wine and spirits, is facing declining revenue and profitability due to shifting consumer tastes towards beer. Acquiring BeerCo, a craft brewer, could help BevCo diversify into the growing beer market.
- A SWOT analysis found BeerCo's established supply chain and brand in the US are strengths, while its lack of experience in wine and spirits is a weakness. Acquiring BeerCo could help counter threats from large brewers developing premium beers.
- Valuation of BeerCo using DCF analysis values it at $4.2 billion, while comparable transactions suggest a range of $1.9-7.2 billion. Factors like synergies, market
The document provides brand valuation results and methodology for 2014. Key points:
- Brand value for [company name] increased 45% to $5.316 billion in 2014 from $3.657 billion in 2013.
- Market capitalization increased 78% to $18.498 billion from $10.385 billion.
- Brand value as a percentage of market cap declined from 35% to 29%.
- Brand rating remained at AA. Global 500 rank improved from 323 to 243.
- Brand value is calculated using a royalty relief methodology that factors brand strength and financial performance. Brand strength is determined by a Brand Strength Index that benchmarks the brand across various metrics and stakeholders.
The document discusses various methods for valuing firms during mergers and acquisitions. It describes balance sheet, dividend discount, and cash flow valuation models. It also outlines the steps in a valuation, including analyzing historical performance, forecasting performance, estimating the cost of capital, and calculating and interpreting results. Finally, it analyzes the proposed merger between HP and Compaq using relative stock prices, comparable companies, premium analyses, and pro forma earnings impacts.
This document summarizes a presentation on redefining business models in the post-trade industry. It discusses several key points:
1. Regulatory changes and market forces are converging and forcing banks to reevaluate their business models, exit unprofitable lines, and focus on reducing costs.
2. Independent research shows returns for capital markets businesses declining while regulation and costs increase, putting pressure on profitability.
3. Emerging technologies, providers, and partnerships provide opportunities for banks to tackle high costs by moving to variable models, combining resources, and outsourcing certain functions.
4. The market and competitive landscape is redefining as larger non-bank firms enter the space and competitors combine various post
The document provides an overview of JP Energy Partners LP and discusses its three business segments: crude oil pipelines and storage, refined products terminals and storage, and NGL distribution and sales. It also discusses JP Energy's Q3 2016 financial results, balance sheet and liquidity position, and its planned merger with American Midstream Partners to create a larger, more diversified midstream company.
- BGC Partners reported financial results for Q4 2014 with revenues of $515.5 million, up 19.1% from Q4 2013. Pre-tax distributable earnings were $72.6 million, up 57.8% from the prior year.
- The company declared a quarterly cash dividend of $0.12 per share to be paid in March 2015.
- Revenues increased in the Americas by 31% year-over-year while declining slightly in EMEA and APAC. Real estate comprised 48% of total revenues, the largest percentage in company history.
WEG is initiating coverage with a Buy rating and a 2006 year-end target price of $5.25 per share, implying 55% upside potential. WEG enjoys positive earnings momentum in Brazil as interest rates fall, stimulating industrial activity. WEG has global competitive advantages from its integrated business model, market leadership in Brazil, and clear strategy to expand internationally. However, transparency and exposure to commodity prices pose risks.
KPIT offers exposure to a highly attractive, rapidly expanding market (Automotive Electronics, Manufacturing and Energy & Utility), alongside an ability to capitalise as a low‐cost disruptor with compelling technology like ‘Revolo’. KPIT has one of the strongest industry positioning profiles in the Automotive Segments. Retain buy.
Semifinal Case Solution by Benchmark company at Changellenge Cup Moscow 2012esprezo
PwC proposes providing audit and advisory services to help agricultural company Polesye Agro expand its business. PwC recommends that Polesye Agro invest $8.4 billion in a new project in Kursk and finance it through foreign credit and reinvested profits. In the long term, PwC suggests Polesye Agro invest $6-7 billion in acquisitions and new facilities, financing this through an IPO in 2015 and reinvested profits. PwC will provide audit services including pre-IPO auditing, as well as advisory services to support Polesye Agro's expansion, for a total estimated cost of $1.4 million.
Industrial Distribution Industry Insights - January 2015 Duff & Phelps
The Industrial Distribution market continues to be driven by improving end markets and favorable industry dynamics. Industry consolidation is expected to drive ongoing M&A activity. For more detail on market indices, public market performance and deal activity, read the report.
A Free 200-Page eBook ~ Brain and Mind Exercise.pptxOH TEIK BIN
(A Free eBook comprising 3 Sets of Presentation of a selection of Puzzles, Brain Teasers and Thinking Problems to exercise both the mind and the Right and Left Brain. To help keep the mind and brain fit and healthy. Good for both the young and old alike.
Answers are given for all the puzzles and problems.)
With Metta,
Bro. Oh Teik Bin 🙏🤓🤔🥰
🔥🔥🔥🔥🔥🔥🔥🔥🔥
إضغ بين إيديكم من أقوى الملازم التي صممتها
ملزمة تشريح الجهاز الهيكلي (نظري 3)
💀💀💀💀💀💀💀💀💀💀
تتميز هذهِ الملزمة بعِدة مُميزات :
1- مُترجمة ترجمة تُناسب جميع المستويات
2- تحتوي على 78 رسم توضيحي لكل كلمة موجودة بالملزمة (لكل كلمة !!!!)
#فهم_ماكو_درخ
3- دقة الكتابة والصور عالية جداً جداً جداً
4- هُنالك بعض المعلومات تم توضيحها بشكل تفصيلي جداً (تُعتبر لدى الطالب أو الطالبة بإنها معلومات مُبهمة ومع ذلك تم توضيح هذهِ المعلومات المُبهمة بشكل تفصيلي جداً
5- الملزمة تشرح نفسها ب نفسها بس تكلك تعال اقراني
6- تحتوي الملزمة في اول سلايد على خارطة تتضمن جميع تفرُعات معلومات الجهاز الهيكلي المذكورة في هذهِ الملزمة
واخيراً هذهِ الملزمة حلالٌ عليكم وإتمنى منكم إن تدعولي بالخير والصحة والعافية فقط
كل التوفيق زملائي وزميلاتي ، زميلكم محمد الذهبي 💊💊
🔥🔥🔥🔥🔥🔥🔥🔥🔥
CapTechTalks Webinar Slides June 2024 Donovan Wright.pptxCapitolTechU
Slides from a Capitol Technology University webinar held June 20, 2024. The webinar featured Dr. Donovan Wright, presenting on the Department of Defense Digital Transformation.
Elevate Your Nonprofit's Online Presence_ A Guide to Effective SEO Strategies...TechSoup
Whether you're new to SEO or looking to refine your existing strategies, this webinar will provide you with actionable insights and practical tips to elevate your nonprofit's online presence.
How to Manage Reception Report in Odoo 17Celine George
A business may deal with both sales and purchases occasionally. They buy things from vendors and then sell them to their customers. Such dealings can be confusing at times. Because multiple clients may inquire about the same product at the same time, after purchasing those products, customers must be assigned to them. Odoo has a tool called Reception Report that can be used to complete this assignment. By enabling this, a reception report comes automatically after confirming a receipt, from which we can assign products to orders.
How to Setup Default Value for a Field in Odoo 17Celine George
In Odoo, we can set a default value for a field during the creation of a record for a model. We have many methods in odoo for setting a default value to the field.
THE SACRIFICE HOW PRO-PALESTINE PROTESTS STUDENTS ARE SACRIFICING TO CHANGE T...indexPub
The recent surge in pro-Palestine student activism has prompted significant responses from universities, ranging from negotiations and divestment commitments to increased transparency about investments in companies supporting the war on Gaza. This activism has led to the cessation of student encampments but also highlighted the substantial sacrifices made by students, including academic disruptions and personal risks. The primary drivers of these protests are poor university administration, lack of transparency, and inadequate communication between officials and students. This study examines the profound emotional, psychological, and professional impacts on students engaged in pro-Palestine protests, focusing on Generation Z's (Gen-Z) activism dynamics. This paper explores the significant sacrifices made by these students and even the professors supporting the pro-Palestine movement, with a focus on recent global movements. Through an in-depth analysis of printed and electronic media, the study examines the impacts of these sacrifices on the academic and personal lives of those involved. The paper highlights examples from various universities, demonstrating student activism's long-term and short-term effects, including disciplinary actions, social backlash, and career implications. The researchers also explore the broader implications of student sacrifices. The findings reveal that these sacrifices are driven by a profound commitment to justice and human rights, and are influenced by the increasing availability of information, peer interactions, and personal convictions. The study also discusses the broader implications of this activism, comparing it to historical precedents and assessing its potential to influence policy and public opinion. The emotional and psychological toll on student activists is significant, but their sense of purpose and community support mitigates some of these challenges. However, the researchers call for acknowledging the broader Impact of these sacrifices on the future global movement of FreePalestine.
5. Investment Thesis Overview
• BorgWarner is undergoing a major business model transformation from a
supplier of internal combustion engine (ICE) auto parts to a key supplier of
Electric Vehicle (EV) components. This transition will allow the company to
both accelerate sales growth and expand profit margins over the next several
years.
• We believe the market has not fully appreciated the BorgWarner story, and that
is reflected in low equity market valuations across multiple valuation metrics
including P/E, P/S, and EV/Ebitda. Using a 3 stage Discounted Cash Flow (DCF)
Model, we derived an intrinsic value price target of $84, representing 80%
upside from the current market price. Additional stock price upside is possible,
however, if investors begin to place appropriate value on the fast-growing EV
components business, in a Sum Of The Parts analysis.
• The company possesses several additional catalysts including: a recently
announced plan to Spin-Off its fast-growing EV components business from its
legacy ICE auto parts unit, continued deployment of Free Cash Flow towards
accretive acquisition in the EV components, dividend hikes and additional share
repurchases, and a strong and improving ESG rankings.
7. Fundamental Driver
Long Term Secular growth of Electric Vehicle Market
Global EV unit sales poised to grow 10-15% annually and capture 1/3 of total sales by 2040
Annual Global
Automotive Unit Sales
in Millions
Internal
Combustion
Engine (ICE)
Electric
Vehicles (EVs)
8. Fundamental Driver
Significant increase in CONTENT PER VEHICLE
BorgWarner poised to nearly triple its revenue per vehicle sold.
Source – BorgWarner Investor Presentation Q1 2023
13. BorgWarner (BWA) trades at an average 25% DISCOUNT relative to its 10-year historical levels across multiple
valuation metrics (including P/E, EV/Ebitda, EV/Sales, Price/Book, FCF Yield and Dividend Yield). Given the
company’s ongoing successful business model transformation (evidenced by record revenues, earnings and cash
flows) , we believe its stock should trade at least at the top quartile if not near the peak of its historical
valuation levels, resulting in a 50% to 100% stock price upside opportunity.
Relative Valuation Analysis (vs. company’s own 10-year trading history)
Source – Bloomberg Terminal Code GF Graph Fundamentals
14. BorgWarner (BWA) trades at an average 40% DISCOUNT relative to its peers in the Auto-parts
Industry across multiple valuation metrics (including P/E, EV/Ebitda, EV/Sales, Price/Book, FCF
Yield and Dividend Yield). Given its substantially above industry average Sales growth, EPS
growth and Operating Margins, we believe a 10-20% PREMIUM is warranted, which would
result in a 50-60% upside to the current stock price.
Relative Valuation Analysis (vs. Industry Peers)
Source – Bloomberg Terminal Code W Bloomberg Worksheet
15. Based on our 3 stage Discounted Cash Flow (DCF) Model, we derived an intrinsic value price target of
$84, a full 80% above the current market price. We assume the company can meet consensus FCF
estimates for the next 3 years and then grow 13% between year 3 and 5. Our terminal growth rate of
2.5% reflects the expected long-term growth of the overall economy. For years 6-10 (stage 2), we are
using a growth rate of 7.75%, which is the midpoint between the initial and terminal growth rate.
Discounted Cash Flow (DCF) Analysis
Source – Student Managed Investment Fund DCF Excel template using Bloomberg linked data
16. DCF Model – Sensitivity Analysis for Growth Rate and WACC
Base Case
Scenario
Bull Case
Bear Case
17. Sum of the Parts (SOTP) Analysis
We believe the pending spin-off of the Internal Combustion Engine (ICE) parts business from Electric Vehicles (EV)
components is a SIGNFICANTLY value enhancing catalyst for BorgWarner shares. We conservatively estimate that
the EV unit will trade at 10x 2023 Ebitda (low end of Growth oriented comps Aptiv (13x), Gentex (11x),and Visteon
(10x) while the ICE unit will only fetch 4.5x Ebitda (in line with the cheapest Auto-parts comp American Axle).
18. SOTP Model – Sensitivity Analysis to changes in EV / Ebitda Multiples
Base Case
Scenario
Bull Case
Bear Case
21. “Mosaic Theory” data points which reinforce our Investment Thesis.
February 2023
S&P forecasts electric
vehicle sales in the United
States could reach 40
percent of total passenger
car sales by 2030.
EVs will make up about
half of new car sales
worldwide by 2035,
according to Goldman
Sachs Research.
November 16, 2022
BorgWarner invested $500m in Wolfspeed which
is undertaking a $6.5 billion expansion of its
Silicon Carbide semiconductor manufacturing
capacity.
EV Manufacturer’s are increasing turning to
Silicon Carbide based chips to increase battery
range and reduce battery size and weight.
MARCH 3, 2023
FORD ANNOUNCES AN
INCREASE TO VEHICLE
PRODUCTION SCHEDULES
IN RESPONSE TO STRONG
CUSTOMER DEMAND.
March 13, 2023
At a recent Wall Street
Conference, Lear’s (LEA)
CFO substantially raised
2023 Q1 revenue and
earnings guidance due to
strong customer vehicle
production.
Ford, GM, Volkswagen
and Mercedes all are Top
Customers of both Lear
and BorgWarner.
March 13, 2023
In a recent research note,
Deutsche Bank said that
BorgWarner’s upcoming
Investor Day may act a
catalyst as management
will likely “ spell out above
market growth and margin
targets for the NEW
BorgWarner and Phinia
which could help unlock
large shareholder value.”
BorgWarner’s largest customer Ford
Wall Street Analyst Note
Industry Projections
BorgWarner’s
Competitor Lear
BorgWarner’s key raw materials supplier
and partner, Wolfspeed.
BorgWarner’s 2nd largest customer Volkswagen
March 14, 2023
According to an article in
the Financial Times,
Volkswagen plans to allocate
$180 BILLION Euros over
the next 5 years to Capital
Spending, 2/3 of which will
be earmarked for its
ELECTRIFICATION
efforts.
24. Demonstrated progress towards ESG goals
BorgWarner is posting
above Industry Average
ESG Scores across almost
all major categories.
BorgWarner has shown
consistent improvement
in overall ESG scores over
the past 15 years.
Source – Bloomberg Terminal Code ESG Graph Fundamentals
26. KEY RISKS
Source – BorgWarner SEC 10K filing
• Fundamental Risks
• Management’s failure to execute any or all elements of the company’s “Charging Forward” business transformation plan including its
internal Research and Development efforts, identifying and integrating outside Mergers and Acquisitions, and the Sale or Disposal of non-
core legacy assets.
• BorgWarner’s revenues, margins, earnings and cash flows are highly dependent on global auto production volume. Thus, any
macroeconomic downturn or other development (e.g. Covid pandemic) resulting in lower automotive sales and production volume would
have a negative impact on the company’s financials.
• BorgWarner operates in a highly competitive industry, intensification of which may affect future product pricing and profit margins.
Additionally, customers may choose to vertically integrate their operations and build components themselves, which would negatively
impact outside suppliers like BorgWarner.
• BorgWarner uses a variety of commodities (aluminum, steel, copper, nickel, cobalt, lithium, plastics, etc) in its manufacturing operations.
Inflation and Supply Chain issues may negatively impact the company’s manufacturing abilities and cost structure.
• BorgWarner is a global company, with manufacturing facilities and sales offices in multiple countries. As such, the company’s is exposed to
geopolitical and Foreign Exchange Risks. For instance, the company estimates that every 1c increase in the value of the Dollar versus the
Euro, would lower annual sales by $53m.
Quantitative Risk Profile
While BorgWarner is slightly riskier than the overall market, its risk profile is lower than its industry peers as evidenced by a lower beta,
lower stock price volatility, lower VAR, better interest coverage, higher debt ratings and a lower default probability.
Source -- Bloomberg
28. Conclusion
• Ultimately, there are 2 drivers of higher stock prices - earnings growth and valuation
improvement.
• We believe that BorgWarner is positioned to benefit from both dynamics, leading to
substantial share price appreciation potential.
• Earnings Growth is poised to accelerate over the next several years driven by the secular
shift from gas powered to electric vehicles.
• BorgWarner’s valuation is compelling relative to the market, its industry peers and the
company’s own historical trading range. Discounted Cash Flow and Sum-of-the Parts
analysis also point to a significant valuation expansion opportunity.
• Additionally, the company possesses multiple catalysts including the Spin-off of its legacy
auto parts business which should increase investor interest in the stock.
• While no investment is without risk…..we believe that BorgWarner stock offers a unique
combination of downside protection (trading a trough multiples) and upside potential to
both earnings and valuation.