IBM's Billions
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IBM generated $84 billion in total revenue over the past year. Expenses accounted for 79% of revenue at $65.9 billion, while taxes were another 4% at $3.6 billion. This left IBM with a net income of $14.3 billion, from which it paid $4.8 billion in dividends and repurchased $3.6 billion of its own stock. The remaining funds were retained by the company.
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Apple generates $234 billion in annual revenue. After expenses of $163.4 billion and taxes of $19.2 billion, Apple is left with net income of $51.3 billion. From this, Apple paid $11.6 billion in dividends and repurchased $34.8 billion of its own stock, retaining the rest. Apple enjoys wider profit margins than eight of its top ten peers and pays more in corporate taxes than any other US company. Its significant profits and stock buybacks help explain Apple's massive growth over the past 20 years.
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Tricumen 4Q17/FY17 wholesale Banking results_open 260218
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Tricumen_3Q16 Wholesale Banking Results Review_OPEN 051216
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COMMERCIAL/TRANSACTION BANKING
Commercial banking in the USA benefitted from the improvement in net interest margins and an increase in lending activity. This trend was repeated in most major economies across the globe with the mid-cap/SME segment outperforming the large-cap/MNC.
In treasury services, a 6% y/y decline in trade finance activity, caused by weaker trade flows along APAC trade corridors, depressed revenues. This was, however, more than offset by improved payments flows and liquidity management.
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APAC continues to produce great challenges, but also long-term opportunities. Banks - Credit Suisse and UBS in particular - continue their heavy investment in the region, but compliance concerns are causing some to shed low-yielding clients. In October, Deutsche Bank's former Head of APAC wealth management Ravi Raju, the key architect of the bank's wealth management operation in the region, left to join UBS.
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Tricumen 4Q17/FY17 wholesale Banking results_open 260218
Capital Markets: Overview
The banks in this note reported US$169bn of operating revenue in FY17, 3% below FY16, and US$35bn in 4Q17, -10% y/y. Primary revenue grew, but Equities slipped and - crucially - FY17 FICC dropped 10% y/y. A fall in per-head FICC productivity led to renewed 'rightsizing' initiatives.
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Opinions on the impact of MiFID 2 vary widely; we expect it will be significant. For example, when TRACE reporting was introduced in the US, the added transparency on volumes traded (and hence flows) let to a c.30% reduction in bid-offer (or equivalent) margins. A similar phenomenon may be seen in MiFID 2, as it applies to most of the high-volume fixed income instruments. The exact margin reduction is likely to be smaller, as increased use of electronic markets means that the European markets are already more transparent than the US markets were at the time TRACE reports were introduced; still, we would not be surprised to see margin compression of 10-15% with a commensurate impact on revenues.
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Tricumen 4Q16/FY16 Wholesale Banking results review_open 270217
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Commercial/Transaction Banking
Following a steep growth in loans in 1H17, commercial lending volumes steadied in 4Q16. Banks raised interest rates in December, a move which has continued into January.
In Treasury services, FY16 payments grew 7% y/y with APAC and Americas being the greatest beneficiaries. Trade finance volumes declined 6% y/y in FY16 in the wake of weaker APAC economies and protectionist sentiment in the US and parts of Europe. Citigroup is considering changing its transaction banking platform from 'hub-and-spoke model' to a 'network model' in the light of the Trump administration’s protectionist leanings with regard to global trade. J.P.Morgan is building out its corporate banking presence in southeastern US - and making senior hires.
Wealth Management
Lending revenues grew by 35% y/y in FY16 on higher interest rates.
Investment management and brokerage assets at banks grew by 6-9% FY16/FY15 in the US. The growth in Europe was a more muted 3%; this was partly due to investors - spooked by the political uncertainty surrounding various political events in Europe - being reluctant to invest in fee-earning products. APAC remains a more complex and fluid market, with investors favouring direct, co-investments, such as venture capital, private equity and real estate. APAC recorded the world's highest growth rate in AuM in FY16; some of the banks we track grew market share aggressively and growing AuM at double-digit rates, while others lost ground.
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The document discusses international trade and its benefits. It notes that while exports make up 25% of global output, they are only 12% of US output. Free trade allows countries to specialize according to comparative advantage, increasing total global output. Restricting trade through protectionism imposes large costs on consumers and other industries while preserving relatively few jobs.
Tricumen_3Q16 Wholesale Banking Results Review_OPEN 051216
CAPITAL MARKETS
Capital markets’ operating revenue totalled US$132bn in 9m16, 5% below the prior-year period. FICC rates and credit outperformed in 3Q16; primary fees and Equities trading revenue declined vs 3Q15; and FICC prop trading jumped 13% as traders capitalised on market volatility. Banks demonstrated strong cost control: 9m16 operating pre-tax profit fell only 2% y/y. At end-9m16, FICC and Equities front-office headcount was 6% and 5% below 9m15, respectively.
Three recent developments are net positive for banks. Regulators in Europe and Japan are siding with banks and are threatening ‘mutiny’ over 'Basel 4'; the industry claims that proposed revisions would hit some regions (Europe) more than others (USA), and regional regulators are very supportive. In the USA, the President-elect Trump seems determined to repel portions of Dodd-Frank. Finally, rumours emerged that some US banks are considering a legal challenge to aspects of the Fed's annual stress tests; even a mention of a legal challenge is extraordinary.
COMMERCIAL/TRANSACTION BANKING
Commercial banking in the USA benefitted from the improvement in net interest margins and an increase in lending activity. This trend was repeated in most major economies across the globe with the mid-cap/SME segment outperforming the large-cap/MNC.
In treasury services, a 6% y/y decline in trade finance activity, caused by weaker trade flows along APAC trade corridors, depressed revenues. This was, however, more than offset by improved payments flows and liquidity management.
WEALTH MANAGEMENT
APAC continues to produce great challenges, but also long-term opportunities. Banks - Credit Suisse and UBS in particular - continue their heavy investment in the region, but compliance concerns are causing some to shed low-yielding clients. In October, Deutsche Bank's former Head of APAC wealth management Ravi Raju, the key architect of the bank's wealth management operation in the region, left to join UBS.
Lending volumes continued to grow, driven by clients' demand for relatively cheap financing.
Investment management and brokerage 3Q16 revenue declined versus the prior-year period, due to client's cautious investment behaviour. As volatility returns to the markets, investment revenues may well recover.
Berger
This document summarizes a presentation by Frank Berger of Corum Group on M&A recommendations. The presentation discusses when the time is right for a company to start an M&A project, focusing on factors like personal needs, market conditions, and the situation of the company. It also outlines the M&A process, including preparation, contacting potential buyers, negotiations, and closing. Biggest mistakes are identified as only contacting one buyer, lack of leverage, hiding issues, and not qualifying buyers properly. Corum Group is introduced as an international M&A consultant that has completed over 200 transactions totaling $6 billion.
Top10 brands in world
The document categorizes the top 10 companies by revenue. Apple is ranked first with $153 billion in revenue in 1977 and 83% growth. Google is second with $111 billion in revenue since 1998 but -2% growth. IBM is third with $106.91 billion in revenue since 1911 and 17% growth.
Similar to IBM's Billions (9)
Tricumen 4Q17/FY17 wholesale Banking results_open 260218
Tricumen 4Q17/FY17 wholesale Banking results_open 260218
Tricumen 4Q16/FY16 Wholesale Banking results review_open 270217
Tricumen 4Q16/FY16 Wholesale Banking results review_open 270217
Tricumen_3Q16 Wholesale Banking Results Review_OPEN 051216
Tricumen_3Q16 Wholesale Banking Results Review_OPEN 051216
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The document discusses three lessons that can be learned from Schlumberger's balance sheet about the company's size, liquidity, and solvency. It notes that Schlumberger is one of the largest companies in America based on metrics like total assets and revenue. It finds that Schlumberger's current ratio indicates liquidity within the normal range for large companies. And it determines that Schlumberger's debt-to-equity ratio shows it is solvent with debt lower than equity.
Oracle's Balance Sheet
The document discusses three lessons for investors that can be gleaned from Oracle's balance sheet. It examines Oracle's size, liquidity, and solvency based on metrics derived from the balance sheet such as total assets, current ratio, and debt-to-equity ratio. Oracle is shown to be one of the largest companies in America based on market capitalization and total assets. It has strong liquidity with a current ratio above 2.0 and is considered solvent with a debt-to-equity ratio less than 1.0.
Microsoft's Balance Sheet
This document analyzes Microsoft's balance sheet to highlight three important traits - size, liquidity, and solvency. It shows that Microsoft is one of the largest companies in America based on various size metrics. It also demonstrates that Microsoft has strong liquidity based on its current ratio exceeding 2.0, and is solvent based on its debt-to-equity ratio being less than 1.0, indicating the company is well positioned to handle disruptions to its revenue.
Johnson & Johnson's Balance Sheet
The document analyzes Johnson & Johnson's balance sheet to highlight three important traits - size, liquidity, and solvency. It finds that J&J has considerable size as the 18th largest company by equity and 41st by assets in the S&P 500. It also has strong liquidity as measured by its current ratio of 2.51, above the average for large cap stocks. Additionally, J&J's debt-to-equity ratio of 0.28 indicates it is highly solvent and better able to withstand revenue interruptions compared to industry peers.
General Motor's Balance Sheet
This document analyzes GM's balance sheet to highlight three important traits: size, liquidity, and solvency. It summarizes that GM is one of the largest companies in America based on total assets of $189 billion. It has adequate liquidity with a current ratio of 1.13, on par with other large companies. While GM's debt-to-equity ratio of 1.66 exceeds 1.0, it is comparable to many other S&P 500 firms.
Disney's Balance Sheet
This document analyzes Disney's balance sheet to highlight three important traits: size, liquidity, and solvency. It finds that Disney is one of the largest companies in America in terms of market capitalization, total assets, and revenue. Its current ratio indicates liquidity within normal ranges, and its low debt-to-equity ratio shows it is financially solvent. The balance sheet provides insight into Disney's growth potential and vulnerability.
Costco's Balance Sheet
Costco's balance sheet reveals three important traits - size, liquidity, and solvency. It is one of the largest companies in America in terms of market capitalization, total assets, and revenue. Its current ratio of 1.03 indicates adequate liquidity. The debt-to-equity ratio of 0.56 shows the company is solvent and well-positioned to handle interruptions to its revenue stream.
Apple's Balance Sheet
This document analyzes Apple's balance sheet to highlight three important traits: size, liquidity, and solvency. It finds that Apple is one of the largest companies in America in terms of market capitalization, total assets, and revenue. Apple's current ratio indicates adequate liquidity within typical ranges. Its debt-to-equity ratio is less than 1, demonstrating strong solvency.
ExxonMobil: An Owner's Manual
ExxonMobil's stock price and earnings per share can be used to calculate the company's price-to-earnings ratio of 15.99. This ratio represents how much it costs to buy $1 of the company's annual earnings. While ExxonMobil's quarterly dividends only account for around 61% of total earnings, its current dividend yield of 3.86% compares favorably to other large companies. Looking ahead, analysts expect the company's earnings to grow modestly in the current and next fiscal years.
Wells Fargo: An Owner's Manual
Wells Fargo reported $23.1 billion in earnings over the past 12 months. As a shareholder, you are entitled to a portion of these earnings. Wells Fargo's price-to-earnings ratio of 13.08 means it costs $13.08 to buy $1 of the company's annual earnings. Analysts expect Wells Fargo's earnings to grow to $4.40 per share in the next fiscal year.
Wal-Mart's Balance Sheet
Wal-Mart's balance sheet reveals three important traits - size, liquidity, and solvency. It is one of the largest companies in America based on assets, revenue, market capitalization and equity. Its current ratio of 0.92 indicates liquidity within the typical range. The debt-to-equity ratio of 0.58 shows Wal-Mart is solvent as the ratio is less than 1. These financial metrics provide insight into Wal-Mart's growth potential and business model vulnerability.
Coca-Cola's Balance Sheet
The document summarizes key information from Coca-Cola's balance sheet, including lessons about the company's size, liquidity, and solvency. It measures Coca-Cola's size based on market capitalization, total assets, shareholders' equity, and revenue. It analyzes liquidity using the current ratio and finds Coca-Cola is within the typical range. It evaluates solvency through the debt-to-equity ratio, noting while over 1, it is comparable to many other S&P 500 firms. The balance sheet provides insights into Coca-Cola's growth potential and business model vulnerability.
Johnson & Johnson Stock: An Owner's Manual
This document provides an overview of Johnson & Johnson (J&J) stock for investors. It defines key metrics like price-to-earnings ratio, earnings yield, dividend yield, and buybacks. It analyzes J&J's historical returns and analysts' estimates for future earnings growth and dividend payouts. The goal is to help investors understand how to evaluate J&J as an investment and what the future may hold for the stock.
Bank of America Stock: An Owner's Manual
Bank of America's earnings per share over the past 12 months were $1.35. This gives the company a price-to-earnings ratio of 12.97 based on its current share price of $17.49. This P/E ratio translates to an earnings yield of 7.7% for Bank of America. While shareholders do not receive all of the company's earnings directly, they do receive a quarterly dividend currently yielding 1.14% annually based on the stock's price. Analysts expect Bank of America's earnings to grow to $1.43 in the current fiscal year and $1.56 in the next fiscal year.
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IBM's Billions
- 1. IBM's Billions How Big Blue spends its revenue
- 3. $100 billion $84 billion$78 billion Slovak RepublicIBMOman If IBM were a country...
- 4. The S&P 500 Companies, Ranked by Revenue IBM: 29th $500 Billion
- 5. Not all of this falls to the bottom line.
- 6. 79% Where does IBM's revenue go? $84 Billion Expenses ate up $65.9 billion.$65.9 billion
- 7. Where does IBM's revenue go? 79% 4% $84 Billion Taxes accounted for another $3.6 billion.$3.6 billion
- 8. Where does IBM's revenue go? 79% 4% 17% $84 Billion Leaving net income of $14.3 billion
- 9. Where does IBM's revenue go? 79% 4% 6% 17% $84 Billion From this, it paid dividends totaling $4.8 billion
- 10. Where does IBM's revenue go? 79% 4% 6% 4% 17% $84 Billion And bought back common stock worth $3.6 billion
- 11. Where does IBM's revenue go? 79% 4% 6% 4% 7% 17% $84 Billion And retained the rest…
- 13. First, IBM pays out a smaller share of its annual earnings than many other major companies do. 0% 20% 40% 60% 80% 100% JNJ XOM INTC AAPL WFC WMT IBM Dividends Buybacks Retained Earnings How 7 Companies Allocate Their Earnings (ttm)
- 14. Second, IBM enjoys wider profit margins than the typical large cap stock. 19% IBM's pretax operating margin (ttm) 17% Median pretax operating margin of the 100 biggest S&P 500 companies (ttm)
- 15. 0% 200% 400% 600% 800% 1,000% 1,200% 1,400% 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 IBM's stock S&P 500 Which, third, helps explain…
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