This document provides an analysis of Home Bancshares Inc. It includes sections on the company's business model, financial performance, growth drivers, competitors, and valuation. The analysis finds that Home Bancshares has favorable long-term prospects due to its transparent business model, experienced management, and attractive valuation. It recommends buying the stock with a target price of $44.04, representing a 23% upside from the current price.
The document analyzes the performance of Kubera Bank's Lakshminagar branch and identifies issues like low priority sector lending, low growth, low profitability, and HR problems. It finds reasons for these issues such as low deposits, high NPAs, failure to attract customers. A business plan for 2020 outlines targets to increase deposits, advances, and CASA while decreasing NPA ratio. Recommendations are made to increase various types of lending, use legal recovery means, offer one-time settlements, optimize staff, and introduce other strategic initiatives.
- Enhanced Investment Partners LLC manages the ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY STRATEGY, which has outperformed the S&P United States BMI index on annualized returns over 1, 3, 5, and 10 years.
- A risk analysis shows the strategy has achieved higher returns than the benchmark with only slightly higher standard deviation, demonstrating strong risk-adjusted performance.
- Peer analysis indicates the strategy has achieved above-median returns for the US All Cap Core Equity universe with moderate levels of volatility, suggesting favorable performance relative to peers.
1) T. Rowe Price is trading at $69.99 per share and is undervalued based on a target price of $100.34, representing a potential return of 43.4%.
2) Key investment convictions for the upside include an overblown debate around active vs. passive management, continued growth outpacing peers, and positioning to benefit from regulatory changes favoring no-load funds.
3) T. Rowe Price has a strong brand, historical outperformance, and various opportunities for growth through new products and international expansion, though faces threats from passive investments.
Enhanced Dynamic 1 Moderate Active Strategy 20170630 on 20170801 Performance...Christy Vailoces
The document analyzes the performance of the ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY strategy from July 2007 to June 2017. It shows that the strategy outperformed benchmarks like the HFN Long Only Index and HFN Multi-Strategy Index over various periods, with annualized returns as high as 14.38% over 3 years. Risk statistics like the Sharpe Ratio also demonstrated better risk-adjusted returns than the benchmarks. Monthly returns were generally positive, with the largest gains in 2013 and losses in 2008.
Enhanced Dynamic 1 Moderate Active Strategy 20170630 on 20170801 Performance...Christy Vailoces
The document provides performance data and analysis for the Enhanced Investment Partners LLC ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY strategy from July 2007 to June 2017. It shows the strategy outperformed the S&P United States BMI benchmark over various periods with annualized returns of 14.97% compared to 7.34% for the benchmark. Risk analysis metrics such as standard deviation, alpha, and information ratio are also provided to analyze the strategy's performance compared to the benchmark.
Enhanced Dynamic Moderate Active vs S&P BMI GrossChristy Vailoces
Vehicle Type: USA - SA - Rep Account - ENHANCED DYNAMIC® MODERATE ACTIVE U.S. EQUITY - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly
The document discusses opportunities in investing in China. It notes that some of the greatest investments begin in areas of discomfort where opportunities are controversial, pessimistic, and performing poorly. It then provides an overview of the Chinese market and economy, including updates on market performance, sectors, and companies. It also outlines opportunities in different areas like the government, households, small and medium enterprises, and financial stability. It concludes that while China presents risks related to a potential economic slowdown and reforms, there are opportunities for long-term investment due to cheap valuations and potential for diversification.
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2014Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
The document analyzes the performance of Kubera Bank's Lakshminagar branch and identifies issues like low priority sector lending, low growth, low profitability, and HR problems. It finds reasons for these issues such as low deposits, high NPAs, failure to attract customers. A business plan for 2020 outlines targets to increase deposits, advances, and CASA while decreasing NPA ratio. Recommendations are made to increase various types of lending, use legal recovery means, offer one-time settlements, optimize staff, and introduce other strategic initiatives.
- Enhanced Investment Partners LLC manages the ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY STRATEGY, which has outperformed the S&P United States BMI index on annualized returns over 1, 3, 5, and 10 years.
- A risk analysis shows the strategy has achieved higher returns than the benchmark with only slightly higher standard deviation, demonstrating strong risk-adjusted performance.
- Peer analysis indicates the strategy has achieved above-median returns for the US All Cap Core Equity universe with moderate levels of volatility, suggesting favorable performance relative to peers.
1) T. Rowe Price is trading at $69.99 per share and is undervalued based on a target price of $100.34, representing a potential return of 43.4%.
2) Key investment convictions for the upside include an overblown debate around active vs. passive management, continued growth outpacing peers, and positioning to benefit from regulatory changes favoring no-load funds.
3) T. Rowe Price has a strong brand, historical outperformance, and various opportunities for growth through new products and international expansion, though faces threats from passive investments.
Enhanced Dynamic 1 Moderate Active Strategy 20170630 on 20170801 Performance...Christy Vailoces
The document analyzes the performance of the ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY strategy from July 2007 to June 2017. It shows that the strategy outperformed benchmarks like the HFN Long Only Index and HFN Multi-Strategy Index over various periods, with annualized returns as high as 14.38% over 3 years. Risk statistics like the Sharpe Ratio also demonstrated better risk-adjusted returns than the benchmarks. Monthly returns were generally positive, with the largest gains in 2013 and losses in 2008.
Enhanced Dynamic 1 Moderate Active Strategy 20170630 on 20170801 Performance...Christy Vailoces
The document provides performance data and analysis for the Enhanced Investment Partners LLC ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY strategy from July 2007 to June 2017. It shows the strategy outperformed the S&P United States BMI benchmark over various periods with annualized returns of 14.97% compared to 7.34% for the benchmark. Risk analysis metrics such as standard deviation, alpha, and information ratio are also provided to analyze the strategy's performance compared to the benchmark.
Enhanced Dynamic Moderate Active vs S&P BMI GrossChristy Vailoces
Vehicle Type: USA - SA - Rep Account - ENHANCED DYNAMIC® MODERATE ACTIVE U.S. EQUITY - Gross of Fees. Displayed in US Dollar (USD). Data frequency: Monthly
The document discusses opportunities in investing in China. It notes that some of the greatest investments begin in areas of discomfort where opportunities are controversial, pessimistic, and performing poorly. It then provides an overview of the Chinese market and economy, including updates on market performance, sectors, and companies. It also outlines opportunities in different areas like the government, households, small and medium enterprises, and financial stability. It concludes that while China presents risks related to a potential economic slowdown and reforms, there are opportunities for long-term investment due to cheap valuations and potential for diversification.
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2014Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY
Pages Ending 16 4Q with HFN Indices Done 17 01 25
by www.enhanceddynamics.com
www.enhancedinvesting.com
*Best viewed on fullscreen.
Enhanced Dynamic* Moderate Active with S & P indexChristy Vailoces
This document provides a performance summary for the ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY strategy from January 2007 to December 2016. It shows that the strategy outperformed its benchmark, the S&P United States BMI index, with annualized returns of 14.98% compared to 7.19% for the benchmark over the 10-year period. Risk statistics such as the Sharpe ratio and alpha further indicate that the strategy achieved higher returns than the benchmark with lower risk. Peer analysis shows that the strategy had higher returns and lower standard deviation than the median manager in its universe over the period examined.
Enhanced Dynamic 4 Moderate Russell Indices 7 pages ending 16 4q done 17 01 26
by www.enhanceddynamics.com
www.enhancedinvesting.com
*Best viewed in full screen.
New Tools for Creating Positive Impact in Your Company's 401(k)Sustainable Brands
This document provides information on creating positive impact through 401(k) plans, including:
- 401(k) plans are a $3.8 trillion industry that can be used to engage employees and educate them on sustainability.
- A committee in Rhode Island is exploring strategies to maximize the benefits of 401(k) plans, such as increasing participation rates and contributions.
- Tools like impact ratings of 401(k) investment options can help employees understand how their investments affect returns, risk, and impact, and potentially increase their contributions.
1. In Q1 2017, ClubCorp delivered solid results including revenue growth of 3.0% year-over-year to $221.3 million and adjusted EBITDA growth of 4.2% year-over-year to $43.7 million. Membership excluding managed clubs grew 2.0% year-over-year.
2. ClubCorp continues to successfully execute its three-pronged growth strategy of acquisitions, reinventions, and driving membership through offerings like O.N.E., which is available at 156 clubs.
3. In Q1 2017, ClubCorp acquired 4 new clubs and has 12 reinvention projects ongoing for the year, positioning it for continued revenue and adjusted
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2013Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
The document provides an overview of SHLO, an automotive components manufacturer. Key points include:
- SHLO is recommended as a Buy with 86% upside potential due to growth factors like stricter emission regulations driving aluminum adoption, expected to rise 300% by 2020.
- The company has expanded production capabilities through plants in Poland and Tennessee to transition from steel to aluminum/magnesium.
- Key growth strategies include capturing the expected 500,000 increase in 2016 US auto sales and retaining customers through a service-oriented model.
The document discusses key aspects of the statement of cash flows, including its requirements, sections, and how to compute cash flows from operating, investing, and financing activities. It provides an example cash flow statement for Kramer Corporation and explains why the statement of cash flows is an important financial analysis tool for investors, bankers, and creditors to evaluate a firm's liquidity and profitability. It also covers working capital, defining it as a measure of short-term financial health and efficiency, and how to calculate working capital and interpret working capital ratios. Finally, it discusses dividends, defining them as distributions of earnings to shareholders, different forms of dividend payments, and the importance of dividends in communicating a company's financial strength.
The document discusses the strong performance of the Indian stock market after the COVID-19 pandemic. It notes that economic activity and corporate profits are recovering. Some sectors have surpassed pre-pandemic levels while others are recovering gradually. Risks like a potential third wave, rising inflation, and global factors could impact the recovery. The fund manager believes the market rally can continue if COVID containment accelerates and as economic growth remains strong. However, valuations appear elevated and returns may moderate going forward. The portfolio aims to provide value through a focus on quality companies with strong earnings growth at reasonable prices.
How do investors pick the winning asset class? What is the importance of asset allocation and how do you build an effective asset allocation strategy? Through this deck, find answers to the benefits of equity, debt and gold assets and how does one select mutual funds to fulfill long term goals.
www.Quantumamc.com
Management of Financial Institutions (Performance Evaluation of Dhaka Bank)Md. Ismail Hossen
Performance evaluation of Dhaka Bank was conducted following various financial analysis tools for the purpose of identifying if they are at a very good profitable position or not.
1) Repricing Gap model
2) Ratio Analysis
Mercer Capital's Business Development Companies Quarterly Newsletter | Q4 2013Mercer Capital
Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs.
This document provides an overview of structured products including leveraged floating rate notes, reversed leveraged floating rate notes, principal linked notes with look back options, principal linked notes with binary options, principal linked notes with knock-out options, and principal linked notes with quanto options. It discusses the general terms, underlying assets and indexes, and risk-return profiles of each type of structured product. Appendices at the end list research report references and data sources used in the document.
This document provides an overview of China Life Insurance Co.'s financial performance in 1Q17. Some key highlights include:
- Total premium grew 25% year-over-year to NT$50 billion in 1Q17, driven by an 18% annual growth in 2016.
- Investment income declined 27% to NT$7.4 billion in 1Q17 primarily due to losses from foreign exchange.
- Net profit was NT$9.5 billion in 2016, hitting a record high, compared to NT$2.7 billion in 1Q16.
- Embedded value grew 21% annually to NT$222.1 billion in 2016, with VNB down 3.3% to NT$28.
Mercer Capital\'s Business Development Companies Quarterly Newsletter: Q3 201...traviswharms
Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs.
GMED is a medical device company focused on spinal implants. Some key points:
- Stock currently trading at $21.30 per share with a hold recommendation and $23.88 price target (12.12% upside).
- Generates over $500M in annual revenue primarily from spinal implant sales in the US. Has two business segments: innovative fusions and disruptive technology.
- Seeks to increase margins by manufacturing more products in-house and entering new growth markets. Has a robust product pipeline.
- Trades at higher gross and operating margins than competitors like ZBH, JNJ, MDT, and SYK. Maintains a net cash balance sheet.
- Management
This is a presentation I put together for a Quantitative analysis class. This is very handy to share with prospective home buyers. Feedback is welcome. I always seek to improve!
O documento discute o que é e não é design. Explica que design envolve o projeto e desenvolvimento de produtos considerando materiais, produção em massa, funcionalidade, estética e cultura. Também diferencia design gráfico, industrial e outros tipos de design como arte.
ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY
Pages Ending 16 4Q with HFN Indices Done 17 01 25
by www.enhanceddynamics.com
www.enhancedinvesting.com
*Best viewed on fullscreen.
Enhanced Dynamic* Moderate Active with S & P indexChristy Vailoces
This document provides a performance summary for the ENHANCED DYNAMIC® 1 MODERATE ACTIVE EQUITY strategy from January 2007 to December 2016. It shows that the strategy outperformed its benchmark, the S&P United States BMI index, with annualized returns of 14.98% compared to 7.19% for the benchmark over the 10-year period. Risk statistics such as the Sharpe ratio and alpha further indicate that the strategy achieved higher returns than the benchmark with lower risk. Peer analysis shows that the strategy had higher returns and lower standard deviation than the median manager in its universe over the period examined.
Enhanced Dynamic 4 Moderate Russell Indices 7 pages ending 16 4q done 17 01 26
by www.enhanceddynamics.com
www.enhancedinvesting.com
*Best viewed in full screen.
New Tools for Creating Positive Impact in Your Company's 401(k)Sustainable Brands
This document provides information on creating positive impact through 401(k) plans, including:
- 401(k) plans are a $3.8 trillion industry that can be used to engage employees and educate them on sustainability.
- A committee in Rhode Island is exploring strategies to maximize the benefits of 401(k) plans, such as increasing participation rates and contributions.
- Tools like impact ratings of 401(k) investment options can help employees understand how their investments affect returns, risk, and impact, and potentially increase their contributions.
1. In Q1 2017, ClubCorp delivered solid results including revenue growth of 3.0% year-over-year to $221.3 million and adjusted EBITDA growth of 4.2% year-over-year to $43.7 million. Membership excluding managed clubs grew 2.0% year-over-year.
2. ClubCorp continues to successfully execute its three-pronged growth strategy of acquisitions, reinventions, and driving membership through offerings like O.N.E., which is available at 156 clubs.
3. In Q1 2017, ClubCorp acquired 4 new clubs and has 12 reinvention projects ongoing for the year, positioning it for continued revenue and adjusted
Mercer Capital's Business Development Companies Quarterly Newsletter | Q3 2013Mercer Capital
"Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs."
The document provides an overview of SHLO, an automotive components manufacturer. Key points include:
- SHLO is recommended as a Buy with 86% upside potential due to growth factors like stricter emission regulations driving aluminum adoption, expected to rise 300% by 2020.
- The company has expanded production capabilities through plants in Poland and Tennessee to transition from steel to aluminum/magnesium.
- Key growth strategies include capturing the expected 500,000 increase in 2016 US auto sales and retaining customers through a service-oriented model.
The document discusses key aspects of the statement of cash flows, including its requirements, sections, and how to compute cash flows from operating, investing, and financing activities. It provides an example cash flow statement for Kramer Corporation and explains why the statement of cash flows is an important financial analysis tool for investors, bankers, and creditors to evaluate a firm's liquidity and profitability. It also covers working capital, defining it as a measure of short-term financial health and efficiency, and how to calculate working capital and interpret working capital ratios. Finally, it discusses dividends, defining them as distributions of earnings to shareholders, different forms of dividend payments, and the importance of dividends in communicating a company's financial strength.
The document discusses the strong performance of the Indian stock market after the COVID-19 pandemic. It notes that economic activity and corporate profits are recovering. Some sectors have surpassed pre-pandemic levels while others are recovering gradually. Risks like a potential third wave, rising inflation, and global factors could impact the recovery. The fund manager believes the market rally can continue if COVID containment accelerates and as economic growth remains strong. However, valuations appear elevated and returns may moderate going forward. The portfolio aims to provide value through a focus on quality companies with strong earnings growth at reasonable prices.
How do investors pick the winning asset class? What is the importance of asset allocation and how do you build an effective asset allocation strategy? Through this deck, find answers to the benefits of equity, debt and gold assets and how does one select mutual funds to fulfill long term goals.
www.Quantumamc.com
Management of Financial Institutions (Performance Evaluation of Dhaka Bank)Md. Ismail Hossen
Performance evaluation of Dhaka Bank was conducted following various financial analysis tools for the purpose of identifying if they are at a very good profitable position or not.
1) Repricing Gap model
2) Ratio Analysis
Mercer Capital's Business Development Companies Quarterly Newsletter | Q4 2013Mercer Capital
Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs.
This document provides an overview of structured products including leveraged floating rate notes, reversed leveraged floating rate notes, principal linked notes with look back options, principal linked notes with binary options, principal linked notes with knock-out options, and principal linked notes with quanto options. It discusses the general terms, underlying assets and indexes, and risk-return profiles of each type of structured product. Appendices at the end list research report references and data sources used in the document.
This document provides an overview of China Life Insurance Co.'s financial performance in 1Q17. Some key highlights include:
- Total premium grew 25% year-over-year to NT$50 billion in 1Q17, driven by an 18% annual growth in 2016.
- Investment income declined 27% to NT$7.4 billion in 1Q17 primarily due to losses from foreign exchange.
- Net profit was NT$9.5 billion in 2016, hitting a record high, compared to NT$2.7 billion in 1Q16.
- Embedded value grew 21% annually to NT$222.1 billion in 2016, with VNB down 3.3% to NT$28.
Mercer Capital\'s Business Development Companies Quarterly Newsletter: Q3 201...traviswharms
Business development companies are an important and growing source of funding for middle market companies. Along with private equity and other investment funds, BDCs provide billions of dollars of investment capital to private companies in every segment of the economy.
For over thirty years, Mercer Capital has met the valuation needs of the same middle market companies to which BDCs and other funds provide capital.
This quarterly newsletter tracks the financial and stock market performance of the public BDCs.
GMED is a medical device company focused on spinal implants. Some key points:
- Stock currently trading at $21.30 per share with a hold recommendation and $23.88 price target (12.12% upside).
- Generates over $500M in annual revenue primarily from spinal implant sales in the US. Has two business segments: innovative fusions and disruptive technology.
- Seeks to increase margins by manufacturing more products in-house and entering new growth markets. Has a robust product pipeline.
- Trades at higher gross and operating margins than competitors like ZBH, JNJ, MDT, and SYK. Maintains a net cash balance sheet.
- Management
This is a presentation I put together for a Quantitative analysis class. This is very handy to share with prospective home buyers. Feedback is welcome. I always seek to improve!
O documento discute o que é e não é design. Explica que design envolve o projeto e desenvolvimento de produtos considerando materiais, produção em massa, funcionalidade, estética e cultura. Também diferencia design gráfico, industrial e outros tipos de design como arte.
This document summarizes the 2014 annual shareholder meeting of First Financial. It includes lists of senior management and their years of experience, as well as lists of board members and their committee appointments. It also provides an overview of First Financial's financial performance in 2013, including increased earnings, strong returns, growth in assets and loans, and capital ratios above regulatory minimums. The document concludes with a forward-looking statement and summaries of First Financial's performance in the first quarter of 2014.
This document discusses techniques for analyzing financial statements, including common-size analysis. Common-size analysis involves expressing financial statement items as a percentage of a base item to analyze trends and identify outliers. Vertical common-size analysis shows each item on the balance sheet or income statement as a percentage of total assets or revenue. The document provides examples of vertical common-size analysis applied to the balance sheet and income statement of a company over several years. It demonstrates how common-size analysis can be used to analyze trends in asset and liability composition and expense items over time.
The document provides information from First Financial Bankshares' 2016 Annual Shareholder Meeting. It includes lists of executive management and their years of experience. It also provides information on the board of directors, independent auditors, financial performance in 2015 and the first quarter of 2016, and an acquisition of First Bank, N.A. in Conroe, Texas.
This document provides an overview of First Financial Bank's annual shareholder meeting in 2015. It includes information on senior management, regional CEOs and presidents, board of directors, auditors, and financial performance highlights for 2014 and the first quarter of 2015. Key details include 28 consecutive years of increased earnings, continued growth in assets, loans, and deposits, and sound capital ratios and credit quality. The acquisition of First Bank of Conroe and 4Trust Mortgage are also announced.
This document discusses an analysis of real estate investment trusts (REITs) American Tower (AMT), Crown Castle (CCI), and Equity Residential (EQR). It provides an overview of the real estate sector, the investment choices for the fund, and analyses including fundamental, quantitative, strategic, and environmental, social and governance (ESG). The key takeaways are that EQR has the best quantitative data with lower volatility and higher returns than peers, strongest ESG performance, and a positive strategic outlook with growth opportunities.
1) T. Rowe Price is currently trading below its estimated buy range based on historical valuation metrics and offers upside potential of 43.4% to a target price of $100.34.
2) Key strengths for T. Rowe include its strong brand, historical fund performance, and positioning for growth with the DOL fiduciary ruling.
3) Risks include competition from passive investments and disinterest among younger investors, but overall the analyst views T. Rowe as well positioned for long term growth.
Charles Schwab is rated Outperform with a target price of $38 per share, representing 27.6% implied upside. It has the strongest franchise among peers and is best positioned to capitalize on secular tailwinds and benefit from higher interest rates. Consensus price target is $32, while RBC's price target and valuation see more upside for Charles Schwab given its business model and ability to leverage industry trends.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2010BoyarMiller
This document summarizes a presentation on the current state of the capital markets given on September 10, 2010. It discusses 2010 market performance data for various asset classes. It then covers topics like the end of the recession, unemployment, credit availability, the housing market, government stimulus, and earnings estimates. The presentation outlines risks in 2010 like the withdrawal of stimulus, China slowing, and debt issues. It recommends investment strategies focused on capital preservation and diversification. Charts on interest rates, government and consumer debt, and corporate cash levels are also included. The next sections will cover private equity, debt markets, mergers and acquisitions, and conclusions.
MBA Investment Bankers is presenting valuation and strategic options to the board of Khakis 'R Us, a publicly traded men's casual clothing retailer. Key information includes that Khakis has strong financial performance but a languishing stock price compared to competitors. MBA performed a discounted cash flow valuation that estimated the fair value of Khakis' stock at $10.50 per share. Comparable company and precedent transaction analyses provided supporting valuation ranges. MBA will recommend whether Khakis should sell the company or pursue an alternative strategic path.
This document discusses pricing and reinsurance strategies for fixed indexed annuities (FIAs). It begins with an overview of the FIA market opportunity and struggles with pricing FIAs. It then presents a numerical example of a sample FIA, showing the financial results under US statutory and US GAAP accounting standards. Various methods to improve returns are discussed, including the use of reinsurance. Reinsurance is explored as a tool to improve returns by positively impacting elements of the DuPont analysis like operating margins, asset leverage, and tax rates. The document concludes that reinsurance can enhance both statutory and GAAP financial results for FIAs.
The document provides an overview of the banking sector from multiple perspectives including business segments, macroeconomic factors, asset-liability structures, revenue drivers, performance ratios, risk management, capital adequacy frameworks like Basel, and analytical tools like stress testing and scenario analysis. It discusses the various risks banks are exposed to and how they are measured and managed.
The document analyzes Starbucks Corporation. It discusses the current economic climate, specialty eateries industry analysis, Starbucks firm overview and management, financial analysis comparing Starbucks to competitors, potential future economic impacts, SWOT analysis, and intrinsic stock value calculation. It concludes that Starbucks stock is slightly underpriced given the company's continued growth strategy and maintaining their customer experience.
The document provides an investment summary and analysis of MJN, a global leader in pediatric nutrition. Key points include:
- A HOLD recommendation is issued for MJN despite mixed 4Q15 earnings. The intrinsic value is estimated at $76.02/share.
- MJN's push into the toddler nutrition market is promising due to large free cash flows. However, low earnings and exposure to foreign currencies present risks.
- Financial analysis shows MJN has high profitability and liquidity ratios but lower solvency ratios due to increased interest expenses from debt.
- A discounted cash flow valuation estimates MJN's intrinsic value at $76.02/share, 4
Team 2 performed a strategic, accounting, financial, forecasting, and valuation analysis of Procter & Gamble (P&G) to make an investment recommendation. P&G has a long history and is a global leader in consumer goods with 300 brands in over 180 countries. The team found P&G has strengths in its business model and emerging market growth but also faces threats from competition and currency/cost fluctuations. Financial analysis showed consistent profitability and the team provided forecasts under pessimistic, expected, and optimistic scenarios. Valuation models implied the stock is currently a fair investment. The team concluded P&G will likely see steady growth and is not at risk of bankruptcy, so they recommend investing in the company.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance versus the industry through scale advantages, underwriting expertise, and acquisition strategy. Intact has achieved returns on equity 5 points higher than the industry average each year and targets net operating income per share growth of 10% annually. The company is well positioned for further growth through firming market conditions, developing existing platforms, Canadian market consolidation, and potential international expansion.
Intact Financial Corporation is Canada's largest property and casualty insurer with an estimated 17% market share. The presentation outlines Intact's consistent outperformance versus the industry through scale advantages, underwriting expertise, and acquisition strategy. Intact has achieved returns on equity 5 points higher than the industry average each year and targets net operating income per share growth of 10% annually. The company is well positioned for future growth through firming market conditions, expanding existing platforms, consolidating the Canadian market, and potential international expansion.
Carfinco Financial Group Inc. is a uniquely positioned auto finance company that has delivered consistent 20% annual growth. It provides financing to "non-prime" credit customers through over 1,600 dealer partnerships across Canada. Carfinco has refined credit risk management practices and vertically integrated operations that have supported strong and growing financial returns, including impressive annual returns on equity of over 50%. The leadership team emphasizes continued growth and maintaining dividend payments.
Hyundai Commercial's financial results have remained solid despite slowing profit growth. Revenue increased 3.3% in the first half of 2013 driven by growth in non-auto profits such as leasing. Expenses also increased due to hiring experts and increased regulation. Asset quality remains excellent with delinquency rates decreasing and reserves exceeding requirements. The company aims to enhance its non-auto business and maintain a conservative financial profile.
The team performed a strategic, financial, and valuation analysis of Procter & Gamble to make an investment recommendation. P&G has a long history and is a global leader in consumer goods with 300 brands. The analysis found strengths in P&G's business model and emerging market growth, but also weaknesses in high competition and commodity costs. Valuation models estimated the stock price could grow moderately assuming the economy improves slowly. The analysis concluded P&G is unlikely to face bankruptcy and would be a fair investment assuming moderate sales growth, recommending investors proceed.
1. Student Managed Investment Fund
Financial Sector
Scott Nunez – Sector Manager
Pooria Dariush – Associate Manager
Laura Takacs – Analyst
2. I. Economic Data
II. Industry Outlook
III. Company Information
IV. Company Drivers
V. Company Analysis
VI. Valuation Analysis
VII. Summary
Table of Contents
3. Economic Data
Economic Data
GDP 4th Quarter 2.2%
Inflation Rate -0.1%
Unemployment Rate 5.5%
-------------------------------------
Industry Data
Fed Fund Rates for Nov. 0.15%
3-Month Treasury 0.01%
10-Year Treasury 1.88%
.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
-$40,000,000
-$20,000,000
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
FY
2005
FY
2006
FY
2007
FY
2008
FY
2009
FY
2010
FY
2011
FY
2012
FY
2013
FY
2014
FY
2015
Revenue Interest rates
As interest rates are expected to rise so will banking
revenue at an expected rate of 7.4% annually.
7. Market Data
52-week high 35.00
52-week low 27.60
Previous close 33.95
Market Cap 2.32B
Outstanding Shares 67.58M
Beta 1.39
EPS (ttm) 1.70
Trailing P/E Ratio 20.19
Catalysts
Transparent Business Model
Favorable Long-term prospects
Operated by Honest and
Experienced Management
Available at a very attractive price
Eagle Materials
[Ticker: HOMB]
Home BancShares, Inc. (Home BancShares) is a bank holding company. The Company is primarily
engaged in providing a range of commercial and retail banking and related financial services to
businesses, real estate developers and investors, individuals and municipalities through its wholly
owned community bank subsidiary. The Company’s subsidiary is Centennial Bank (the Bank). The
Company provides loans to single and multi-family real estate, residential construction and
commercial buildings.
Home BancShares Inc.
Stock Performance
8. Company Overview
Key Highlights
Continuous growth
Stable through downturns (Early 2000’s, 2008/2009)
Cheap customer acquisition
0
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1.5
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2.5
2008 2009 2010 2011 2012 2013 2014 2015E 2016E
Earnings Per Share
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300
2008 2009 2010 2011 2012 2013 2014 2015E 2016E
Operating Income
2014 Revenue
Interest Income
Non-Interest Income
$309 Million
10. Branch Locations
Arkansas (82) Alabama (7)Florida (61)
• Central
Arkansas
• North
Central
Arkansas
• Northeast
Arkansas
• Northwest
Arkansas
• Baldwin
County
• Central Florida
• Panhandle Florida
• South Florida
11. S.W.O.T. Analysis
Strengths
• Unique business model
• Strong balance sheets
• Outstanding credit quality
• Exceptional community reputation
• Experienced executives and board
members
Opportunities
• Well established position with a well
defined market niche
• Non-cyclical to economy
• FDIC-assisted acquisitions
• Neutral to foreign markets
• Hire experience bankers with strong
community relationships
Weaknesses
• Brand recognition
• Lower lending limits
Threats
• Competitive landscape
• Constant financial regulations
• Interest rate instability
12. Risks
Economic volatility
Government regulations
Interest rates
Competition from other financial institutions
Economic conditions continue to improve
Home Bancshares continues to mold to new regulations
Home Bancshares generally does not retain long-term, fixed-rate real estate loans in portfolio
Strong reputation and consistent business practices
Key Risks
Risk Mitigation
13. Value Added Matrix
Drivers
Strategy
Advantage
Acquisitions Organic Growth De Novo Branching
Largest contributor to growth
Attractive financial opportunities
High return growth
Untapped markets
Maximize shareholder returns
Maintain previous banks deposits
Expand business opportunities
Cheap customer acquisition
Economic landscape is improving
Focus in on large markets to
maximize potential
Lending to credible borrowers
Experienced banking officials
Strong banking reputation
Quick decision making
Further increase deposits in new
locations
Strategically placed branches
Evaluate potential market areas of
interest
Superior operation execution
Sound strategic choices
14. Executive Directors
Name(age) Since/Started Position
John Allison (68) 2009/1998 Chairman of the Board
C. Randall Sims (60) 2015/1998 President, CEO, Director
Robert Adcock (66) 2007/1998 Independent Vice Chairman of the Board
Randy Mayor (50) 2010/1998 CFO, Treasurer, Director
Brian Davis (49) 2010/2004 CAO, Investor Relations Officer
Kevin Hester (51) 2010/1998 Chief Lending Officer
Tracy French (53) 2015/2002 Director
Thomas Lounge (52) 2014 Director
Various (59-72, avg- 67) 2003-2011,
avg- 2005
Independent Directors (7)
23. Summary
Transparent Business Model
Favorable Long-term prospects
Operated by Honest and Experienced Management
Available at a very attractive price
Buy
Current Price $33.95
Target Price $44.04
% Upside 22.9%
Catalyst
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Analyst Reccomendations
Buy sell Hold 12 mnth tgt Price
Editor's Notes
This building materials outfit is the fifth-largest producer of wallboard and the eighth-largest cement manufacturer in the U.S.,
Look here for an explanation of each risk
Government Regulation:
Company focuses on being compliant with all laws and regulations
Ensure sustainable practices in order to be environmentally friendly
Use less energy, produce less waste, use more recycled resources.
Eagle has an enviable track record in controlling air pollutants. Eagle continues to work closely with the Environmental Protection Agency and local and state environmental authorities in monitoring, reporting and managing air emissions at the company’s cement plants.
Cost of Fuel:
Low energy prices = Lowered costs for transportation of their products such as cement and gypsum and lowers cost of manufacturing in areas such as cement which requires a large amount of energy to produce.
Interest Rates:
Interest rates and conditions constitute the amount of building and construction in the marketplace. As seen through industry outlook, construction is set to continue to grow and rate increases should not rise too much in the near future.
Infrastructure:
MAP-21 Surface Transportation Reauthorization - Congress must solve the Highway Trust Fund (HTF) revenue crisis before they can draft a policy bill - current MAP-21 extension expires May 31, 2015 (Moving Ahead for Progress in the 21st Century Act) – New funding possibly coming.
Possible new funding for rail authorization (Amtrak)??? i.d.k.
• Maintain strong credit quality – Credit quality is our first priority. We employ a set of credit standards designed to ensure the proper management of credit risk. Our management team plays an active role in monitoring compliance with these credit standards in the different communities served by Centennial Bank. We have a centralized loan review process, which we believe enables us to take prompt action on potential problem loans. During the past few years we have taken an aggressive approach to resolving problem loans, including those problem loans acquired in the FDIC-assisted and non-FDIC-assisted acquisitions. This approach is paying dividends, as we are experiencing reductions in levels of past due and non-accruing covered loans. We are committed to maintaining high credit quality standards.
• Continue to improve profitability – We will continue to strive to improve our profitability and achieve high performance ratios as we continue to utilize the available capacity of branches and employees. During 2014, we acquired Traditions and Broward and converted them into our operating systems. These conversions will provide tremendous opportunities for improved profitably as a result of cost savings because of the economies of scale for the combined companies. As we work out the problem loans in our special assets department, we plan to emphasize business development and relationship enhancement in lending and retail areas in these newly acquired markets. Our core efficiency ratio has improved from 59.4% for the year ended 2008 to 41.2% for the year ended 2014. Core efficiency ratio is calculated by dividing non-interest expense less amortization of core deposit intangibles by the sum of net interest income on a tax equivalent basis and non-interest income excluding non-fundamental items such as merger expenses and/or gain and losses. These improvements in operating efficiency are being driven by, among other factors, improvements in our net interest margin, growth in fee income, cost savings from the acquisitions, the streamlining of processes in our lending and retail operations and improvements in our purchasing power.
• Attract and motivate experienced bankers – We believe a major factor in our success has been our ability to attract and motivate bankers who have experience in and knowledge of their local communities. Historically, our hiring and retaining experienced relationship bankers has been integral to our ability to grow quickly when entering new markets.
• Maintain a “fortress” balance sheet – We intend to maintain a strong balance sheet through a focus on four key governing principles: (1) maintain solid asset quality; (2) remain well capitalized; (3) pursue high performance metrics including return on tangible equity (ROTE), return on assets (ROA), efficiency ratio and net interest margin; and (4) retain liquidity at the bank holding company level that can be utilized should attractive acquisition opportunities be identified or for internal capital needs. We strive to maintain capital levels significantly above the regulatory capital requirements through our focus on these governing principles, which historically has allowed us to take advantage of acquisition opportunities as they become available without the need for additional capital.
Capital Adequacy- The leverage ratio is a company’s Tier 1 capital divided by its average total consolidated assets. Certain highly-rated bank holding companies may maintain a minimum leverage ratio of 3.0%, but other bank holding companies are required to maintain a leverage ratio of at least 4.0%. Well capitalized is a leverage ratio in excess of 5%. As of December 31, 2014, our leverage ratio was 10.31%.
The guidelines in effect as of December 31, 2014 require a minimum Tier-1 ratio of 6.0% and a total risk-based capital ratio of at least 10% to be “well capitalized.” Total capital is the sum of Tier 1 and Tier 2 capital. As of December 31, 2014, our Tier 1 risk-based capital ratio was 12.55% and our total risk-based capital ratio was 13.51%. Thus, as of December 31, 2014, we are considered well capitalized for regulatory purposes.