1) GAS is a leading Brazilian asset management firm with $1B AUM and a 19.2% annualized return over 11 years.
2) They focus on long-term value investing in Brazilian equities using fundamental analysis and meeting with management.
3) Two investment opportunities presented are AGRA, a homebuilder trading at a discount to its net tangible assets, and PDG Realty, a residential developer with a strong track record and competitive advantages.
The document provides an overview of Minnetrista Corporation's portfolio as of July 16, 2005. It includes the current and target allocations across different asset classes, the investment performance of various asset classes and benchmarks over the last 12 months and since inception, a projection of portfolio growth versus actual returns, an analysis of the benefits of diversification, portfolio returns and payments, and an outlook on the federal reserve, consumer posture, and interest rates.
Rethink The Way You Invest Wealth Smart Versionvetter
This document discusses 10 key principles for a better investment experience. It begins by outlining principles related to understanding markets and knowing yourself as an investor. It emphasizes letting markets work for you through diversification and long-term investing. The document then discusses principles around harnessing the power of markets, such as holding multiple asset classes and keeping costs low. Overall, the principles promote passive, diversified, low-cost investing aligned with one's goals and risk tolerance.
A Portfolio Strategy - which yield\'s the “ Max. Operating Performance per Unit of Enterprise Value with min. expense ratio , lower Beta vs Benchmarks & Competitive liquidity quotient " :: { 9 Templates * 996 Portfolio\'s * 15000 Simulations * 6 Time Zones vs 4 Benchmarks }
First Quantum Minerals is a growing mining company producing copper and gold. It has a solid base of existing mining operations in Zambia and Mauritania, providing a platform for growth. The company has a robust pipeline of projects that will more than triple its copper production by 2015. These include the Ravensthorpe nickel project in Australia and the Kevitsa nickel/copper project in Finland. Exploration is also expanding the resource base. With a strong financial position and focus on execution, First Quantum is well positioned for continued rapid growth as a major copper and nickel producer.
Ideiasnet is a Brazilian business development company focused on long-term investments in IT. It has both private equity and venture capital arms. The private equity side focuses on larger investments in proven businesses for consolidation and growth. The venture capital side, Ideias Ventures, invests in early-stage companies with under R$10M in revenue to provide support for entrepreneurship. Ideiasnet aims to create synergies across its growing portfolio of IT companies.
The document provides an overview of a six-step investment process for investors. The steps include: 1) financial analysis to determine an investor's goals, risk tolerance, and suitable risk/return profile; 2) asset allocation to determine the appropriate mix of assets; 3) portfolio strategist selection to implement the asset allocation approach; 4) investment management firm selection to select individual securities; 5) portfolio monitoring to ensure alignment with goals; and 6) ongoing reporting. The goal is to design a disciplined, long-term investment plan tailored to each investor's needs and risk tolerance.
Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management. It has a portfolio valued at $100.1 million consisting of investments in gold, base metals, bulk commodities, agriculture, and energy. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and aims to generate triple digit returns over 2-5 years.
Aberdeen International is a global resource investment company focused on building value in private, micro, and small-cap resource companies through active involvement. It has a portfolio valued at $100.1 million consisting of investments in precious metals, bulk commodities, and other resources. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and create value for shareholders through organic growth and liquidity events.
The document provides an overview of Minnetrista Corporation's portfolio as of July 16, 2005. It includes the current and target allocations across different asset classes, the investment performance of various asset classes and benchmarks over the last 12 months and since inception, a projection of portfolio growth versus actual returns, an analysis of the benefits of diversification, portfolio returns and payments, and an outlook on the federal reserve, consumer posture, and interest rates.
Rethink The Way You Invest Wealth Smart Versionvetter
This document discusses 10 key principles for a better investment experience. It begins by outlining principles related to understanding markets and knowing yourself as an investor. It emphasizes letting markets work for you through diversification and long-term investing. The document then discusses principles around harnessing the power of markets, such as holding multiple asset classes and keeping costs low. Overall, the principles promote passive, diversified, low-cost investing aligned with one's goals and risk tolerance.
A Portfolio Strategy - which yield\'s the “ Max. Operating Performance per Unit of Enterprise Value with min. expense ratio , lower Beta vs Benchmarks & Competitive liquidity quotient " :: { 9 Templates * 996 Portfolio\'s * 15000 Simulations * 6 Time Zones vs 4 Benchmarks }
First Quantum Minerals is a growing mining company producing copper and gold. It has a solid base of existing mining operations in Zambia and Mauritania, providing a platform for growth. The company has a robust pipeline of projects that will more than triple its copper production by 2015. These include the Ravensthorpe nickel project in Australia and the Kevitsa nickel/copper project in Finland. Exploration is also expanding the resource base. With a strong financial position and focus on execution, First Quantum is well positioned for continued rapid growth as a major copper and nickel producer.
Ideiasnet is a Brazilian business development company focused on long-term investments in IT. It has both private equity and venture capital arms. The private equity side focuses on larger investments in proven businesses for consolidation and growth. The venture capital side, Ideias Ventures, invests in early-stage companies with under R$10M in revenue to provide support for entrepreneurship. Ideiasnet aims to create synergies across its growing portfolio of IT companies.
The document provides an overview of a six-step investment process for investors. The steps include: 1) financial analysis to determine an investor's goals, risk tolerance, and suitable risk/return profile; 2) asset allocation to determine the appropriate mix of assets; 3) portfolio strategist selection to implement the asset allocation approach; 4) investment management firm selection to select individual securities; 5) portfolio monitoring to ensure alignment with goals; and 6) ongoing reporting. The goal is to design a disciplined, long-term investment plan tailored to each investor's needs and risk tolerance.
Aberdeen International is a global resource investment company focused on building value in private and public resource companies through active management. It has a portfolio valued at $100.1 million consisting of investments in gold, base metals, bulk commodities, agriculture, and energy. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and aims to generate triple digit returns over 2-5 years.
Aberdeen International is a global resource investment company focused on building value in private, micro, and small-cap resource companies through active involvement. It has a portfolio valued at $100.1 million consisting of investments in precious metals, bulk commodities, and other resources. Aberdeen leverages the expertise of Forbes & Manhattan to support its investee companies and create value for shareholders through organic growth and liquidity events.
This corporate presentation discusses the company's competitive advantages and growth opportunities. It summarizes that the company has a diversified portfolio of residential real estate brands targeting different income segments. It has a track record of strong growth and value-creating transactions. There is significant potential demand estimated at around R$170 billion per year for residential real estate across income segments in Brazil.
This document discusses common investment challenges such as randomness of returns, picking winning stocks, timing the market, picking active managers, and the costs of indexing. It then outlines an investment approach focused on strategic partnerships with institutional managers, academically sound portfolio construction, keeping costs low, and HonorVise portfolios. Key points include reviewing evidence that stock returns are random, individual stock picking is difficult, market timing rarely works, and costs are lower with index funds. The approach focuses on dimensions of expected returns including size, value, and market factors.
First Quantum has a solid track record of operational and financial results, having developed five mines within nine years on schedule and budget. It is a significant and growing copper producer that is set to more than triple production by 2015. First Quantum also has an emerging nickel production profile and a robust project pipeline that will further increase production. This positions the company for strong growth with a solid base and financial position.
New Sources of Tin Mine Supply - Dec 2012 - Greenfields Research / ITRIJohn Sykes
The document discusses new sources of tin mine supply. It notes that 1) alluvial tin mining costs are becoming competitive with hard rock mining costs, 2) primary tin production is declining in Asia and the Americas but rising in Australia, Africa, and Europe, and 3) tin mining is becoming more dependent on by-products as primary tin production alone is often uneconomic. The document concludes that new investment is required to supply tin mine production.
This document discusses Religare's new gold investment product called Easy Gold. It provides an overview of Religare, including its presence in various financial services in India and internationally. Religare aims to expand its emerging market footprint and build a leading global financial services group. The document then discusses why gold is a safe investment option that guards against market volatility and inflation, before introducing the Easy Gold product.
The document summarizes the mid-year 2011 Standard & Poor's Indices Versus Active Funds (SPIVA) Scorecard, which compares the performance of actively managed mutual funds to relevant benchmarks. Some key findings over the past 3 and 5 years include:
- Over 63% of large-cap, 75% of mid-cap, and 63% of small-cap US stock funds underperformed their benchmarks.
- Over 57% of global stock funds, 65% of international stock funds, and 81% of emerging markets stock funds underperformed.
- Over 50% of active bond funds failed to outperform benchmarks, except for emerging market debt funds.
- Asset-weighted returns also showed
This document summarizes DeVry's strategic plan to strengthen its core business of providing career-oriented education through investments in areas like technology and faculty, while also diversifying its business across different academic programs, education levels, and geographies. It discusses DeVry's history of growth and financial performance, current challenges around enrollment and earnings declines, and a 5-point plan to improve performance through cost alignment, recruiting enhancements, awareness building, targeted investments, and developing faculty.
Would you like to invest in something that can provide positive returns no matter what the stock market or economy is doing?
Something that can be compounded easily?
Something that is liquid?
View this presentation to learn about an exciting way to invest your money in something which generates returns that don't depend on whether the stock market is going up or down, real estate prices are going up or down, interest rates are high or low and all the other economic stuff the media reports about. This investment sure doesn't care what the price of gold is or will be!
What is it? Automated system trading in the stock index futures. That may sound like a mouthful, but it is very simple to invest in – the system developer and broker do all the hard work.
The system developer is Gary Hart of Trendfinder Trading Systems. Trendfinder was created with the goal of providing institutional and retail clients with trading systems that provide consistent outsized returns while keeping losses and drawdowns contained. To achieve this goal we offer very short term trading strategies that put a relatively small amount of capital at risk and are in the market only when perceived opportunity is the greatest.
SEB Chevreux Conference Stockholm March 2009SEBgroup
This document discusses SEB's capital strategy and capital position going into the financial crisis. Key points:
1) SEB established a strategy in 2005 to strengthen capital adequacy to manage expected growth and create a buffer for an economic downturn with lower capital generation.
2) SEB consistently maintained a strong capital position with a conservative dividend policy and work to improve capital quality.
3) As of Q4 2007, SEB's tier 1 capital ratio was 8.6% compared to 6.7% for Nordic peers on average.
4) Recent capital measures of SEK 19.5 billion will increase SEB's pro forma tier 1 capital ratio to 12.1%, positioning it strongly
Aberdeen International is a global resource investment company focused on investing in private, micro, and small-cap resource companies. It takes an active role in partnering with and building companies to unlock value. Its portfolio has generated high returns, including 258% over two years. Aberdeen provides shareholders exposure to resource investments with potential for triple digit returns through its unique strategy of seed-level financing and active involvement in partner companies.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies with a unique, value-added approach to investing.
2) It aims to build companies and unlock value targeting triple digit returns over 2-5 years, leveraging Forbes & Manhattan's infrastructure and deal flow across the resource sector.
3) The company has achieved a 67% internal rate of return since inception and significant exposure to gold in its current portfolio, with exciting investments in other resource sectors as well.
Claude Resources Inc. has three Canadian gold projects that each host over 1 million ounces of gold and have the potential to produce over 100,000 ounces per year. The company expects to increase annual gold production at its Seabee Gold Operation by 10-15% per year over the next 5 years to exceed 90,000 ounces by 2017 through increased reserves and infrastructure improvements. Investing in Claude Resources provides exposure to gold's benefits of portfolio diversification, inflation hedging, and currency hedging.
This document provides an overview of Cliffs Natural Resources Inc., a mining and natural resources company. It discusses Cliffs' strategic focus on operational excellence, building scale through diversification, and generating shareholder returns. The document also summarizes Cliffs' financial performance, business segments, acquisition strategy, and outlook for the steel industry. Cliffs aims to increase production capacity and diversify into other minerals and geographies through acquisitions.
Exile Resources Inc. is a Canada-based oil and gas exploration company with interests in Nigeria, Zambia, and Turkey. Its core asset is the Akepo oil field in Nigeria, which was discovered in 1993 but never developed. Exile is partnering with local companies to re-enter and complete the original well, with first production targeted for late 2010. Further exploration and development is planned in the Akepo license area. Exile also holds less developed assets in Zambia and Turkey that provide additional exploration upside.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
This document provides performance snapshots for several DSP BlackRock Mutual Fund schemes for various periods ending April 30, 2011. It shows the investment amounts, net asset values, compound annual growth rates, and benchmark index values for periods ranging from 1 year to since inception for each fund. The funds cover various equity and sectoral categories in India as well as one international gold mining fund. Key details are also provided on the investment objectives, asset allocations, risks and other features of each fund.
This presentation is for Aberdeen International Inc., a global resource investment company and merchant bank. It owns an investment portfolio valued at over $102 million and generates dividend and royalty revenue. It takes an active role in partnering with and building up private resource companies with the goal of achieving high returns over 2-5 years. Recent investments have seen returns of over 3,750% and 4,500% upon sales. The company aims to offer diversification across commodities and development stages within the resource sector.
(1) The EquiMax Tool analyzes market conditions to determine when to enter and exit equity markets through mutual funds. (2) It categorizes market conditions into six types based on factors like valuations and earnings growth, with Type 1 being most favorable and Type 6 being least favorable. (3) EquiMax aims to improve returns by investing in Types 1-3 and holding cash in Types 4-6, reviewing allocations periodically.
RDB Rasayans Ltd is issuing an IPO of 4.5 million shares priced between Rs. 72-79 per share. The company manufactures flexible intermediate bulk containers (FIBC), woven sacks, and other woven polymer products. It has seen increasing production and sales in recent years. However, the summary notes that the company operates at a loss, is highly dependent on top clients and suppliers, and is expensive relative to peers. Overall, the document recommends investors skip the issue.
This document provides an introduction to digital tablets. It defines digital tablets as a flat surface that allows users to draw an image using a stylus pen, with the image appearing on the computer screen rather than on the tablet itself. The document discusses passive tablets that use electromagnetic induction and active tablets that contain a battery in the stylus. It outlines utilities of digital tablets such as reading eBooks and browsing the web. Advantages mentioned include mobility, improved visibility of the high-quality display, and remaining connected via WiFi.
This corporate presentation discusses the company's competitive advantages and growth opportunities. It summarizes that the company has a diversified portfolio of residential real estate brands targeting different income segments. It has a track record of strong growth and value-creating transactions. There is significant potential demand estimated at around R$170 billion per year for residential real estate across income segments in Brazil.
This document discusses common investment challenges such as randomness of returns, picking winning stocks, timing the market, picking active managers, and the costs of indexing. It then outlines an investment approach focused on strategic partnerships with institutional managers, academically sound portfolio construction, keeping costs low, and HonorVise portfolios. Key points include reviewing evidence that stock returns are random, individual stock picking is difficult, market timing rarely works, and costs are lower with index funds. The approach focuses on dimensions of expected returns including size, value, and market factors.
First Quantum has a solid track record of operational and financial results, having developed five mines within nine years on schedule and budget. It is a significant and growing copper producer that is set to more than triple production by 2015. First Quantum also has an emerging nickel production profile and a robust project pipeline that will further increase production. This positions the company for strong growth with a solid base and financial position.
New Sources of Tin Mine Supply - Dec 2012 - Greenfields Research / ITRIJohn Sykes
The document discusses new sources of tin mine supply. It notes that 1) alluvial tin mining costs are becoming competitive with hard rock mining costs, 2) primary tin production is declining in Asia and the Americas but rising in Australia, Africa, and Europe, and 3) tin mining is becoming more dependent on by-products as primary tin production alone is often uneconomic. The document concludes that new investment is required to supply tin mine production.
This document discusses Religare's new gold investment product called Easy Gold. It provides an overview of Religare, including its presence in various financial services in India and internationally. Religare aims to expand its emerging market footprint and build a leading global financial services group. The document then discusses why gold is a safe investment option that guards against market volatility and inflation, before introducing the Easy Gold product.
The document summarizes the mid-year 2011 Standard & Poor's Indices Versus Active Funds (SPIVA) Scorecard, which compares the performance of actively managed mutual funds to relevant benchmarks. Some key findings over the past 3 and 5 years include:
- Over 63% of large-cap, 75% of mid-cap, and 63% of small-cap US stock funds underperformed their benchmarks.
- Over 57% of global stock funds, 65% of international stock funds, and 81% of emerging markets stock funds underperformed.
- Over 50% of active bond funds failed to outperform benchmarks, except for emerging market debt funds.
- Asset-weighted returns also showed
This document summarizes DeVry's strategic plan to strengthen its core business of providing career-oriented education through investments in areas like technology and faculty, while also diversifying its business across different academic programs, education levels, and geographies. It discusses DeVry's history of growth and financial performance, current challenges around enrollment and earnings declines, and a 5-point plan to improve performance through cost alignment, recruiting enhancements, awareness building, targeted investments, and developing faculty.
Would you like to invest in something that can provide positive returns no matter what the stock market or economy is doing?
Something that can be compounded easily?
Something that is liquid?
View this presentation to learn about an exciting way to invest your money in something which generates returns that don't depend on whether the stock market is going up or down, real estate prices are going up or down, interest rates are high or low and all the other economic stuff the media reports about. This investment sure doesn't care what the price of gold is or will be!
What is it? Automated system trading in the stock index futures. That may sound like a mouthful, but it is very simple to invest in – the system developer and broker do all the hard work.
The system developer is Gary Hart of Trendfinder Trading Systems. Trendfinder was created with the goal of providing institutional and retail clients with trading systems that provide consistent outsized returns while keeping losses and drawdowns contained. To achieve this goal we offer very short term trading strategies that put a relatively small amount of capital at risk and are in the market only when perceived opportunity is the greatest.
SEB Chevreux Conference Stockholm March 2009SEBgroup
This document discusses SEB's capital strategy and capital position going into the financial crisis. Key points:
1) SEB established a strategy in 2005 to strengthen capital adequacy to manage expected growth and create a buffer for an economic downturn with lower capital generation.
2) SEB consistently maintained a strong capital position with a conservative dividend policy and work to improve capital quality.
3) As of Q4 2007, SEB's tier 1 capital ratio was 8.6% compared to 6.7% for Nordic peers on average.
4) Recent capital measures of SEK 19.5 billion will increase SEB's pro forma tier 1 capital ratio to 12.1%, positioning it strongly
Aberdeen International is a global resource investment company focused on investing in private, micro, and small-cap resource companies. It takes an active role in partnering with and building companies to unlock value. Its portfolio has generated high returns, including 258% over two years. Aberdeen provides shareholders exposure to resource investments with potential for triple digit returns through its unique strategy of seed-level financing and active involvement in partner companies.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies with a unique, value-added approach to investing.
2) It aims to build companies and unlock value targeting triple digit returns over 2-5 years, leveraging Forbes & Manhattan's infrastructure and deal flow across the resource sector.
3) The company has achieved a 67% internal rate of return since inception and significant exposure to gold in its current portfolio, with exciting investments in other resource sectors as well.
Claude Resources Inc. has three Canadian gold projects that each host over 1 million ounces of gold and have the potential to produce over 100,000 ounces per year. The company expects to increase annual gold production at its Seabee Gold Operation by 10-15% per year over the next 5 years to exceed 90,000 ounces by 2017 through increased reserves and infrastructure improvements. Investing in Claude Resources provides exposure to gold's benefits of portfolio diversification, inflation hedging, and currency hedging.
This document provides an overview of Cliffs Natural Resources Inc., a mining and natural resources company. It discusses Cliffs' strategic focus on operational excellence, building scale through diversification, and generating shareholder returns. The document also summarizes Cliffs' financial performance, business segments, acquisition strategy, and outlook for the steel industry. Cliffs aims to increase production capacity and diversify into other minerals and geographies through acquisitions.
Exile Resources Inc. is a Canada-based oil and gas exploration company with interests in Nigeria, Zambia, and Turkey. Its core asset is the Akepo oil field in Nigeria, which was discovered in 1993 but never developed. Exile is partnering with local companies to re-enter and complete the original well, with first production targeted for late 2010. Further exploration and development is planned in the Akepo license area. Exile also holds less developed assets in Zambia and Turkey that provide additional exploration upside.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
1) A Global Resource Investment Company and Merchant Bank focused on private, micro- and small-cap resource companies through a value-added approach targeting triple digit returns over 2-5 years.
2) It owns a portfolio valued at approximately $61.8 million as of April 30, 2012 and pays shareholders a 4% dividend yield.
3) It leverages the expertise of Forbes & Manhattan to actively build and create value in portfolio companies from seed-level financings through management support and public listings.
This document provides performance snapshots for several DSP BlackRock Mutual Fund schemes for various periods ending April 30, 2011. It shows the investment amounts, net asset values, compound annual growth rates, and benchmark index values for periods ranging from 1 year to since inception for each fund. The funds cover various equity and sectoral categories in India as well as one international gold mining fund. Key details are also provided on the investment objectives, asset allocations, risks and other features of each fund.
This presentation is for Aberdeen International Inc., a global resource investment company and merchant bank. It owns an investment portfolio valued at over $102 million and generates dividend and royalty revenue. It takes an active role in partnering with and building up private resource companies with the goal of achieving high returns over 2-5 years. Recent investments have seen returns of over 3,750% and 4,500% upon sales. The company aims to offer diversification across commodities and development stages within the resource sector.
(1) The EquiMax Tool analyzes market conditions to determine when to enter and exit equity markets through mutual funds. (2) It categorizes market conditions into six types based on factors like valuations and earnings growth, with Type 1 being most favorable and Type 6 being least favorable. (3) EquiMax aims to improve returns by investing in Types 1-3 and holding cash in Types 4-6, reviewing allocations periodically.
RDB Rasayans Ltd is issuing an IPO of 4.5 million shares priced between Rs. 72-79 per share. The company manufactures flexible intermediate bulk containers (FIBC), woven sacks, and other woven polymer products. It has seen increasing production and sales in recent years. However, the summary notes that the company operates at a loss, is highly dependent on top clients and suppliers, and is expensive relative to peers. Overall, the document recommends investors skip the issue.
This document provides an introduction to digital tablets. It defines digital tablets as a flat surface that allows users to draw an image using a stylus pen, with the image appearing on the computer screen rather than on the tablet itself. The document discusses passive tablets that use electromagnetic induction and active tablets that contain a battery in the stylus. It outlines utilities of digital tablets such as reading eBooks and browsing the web. Advantages mentioned include mobility, improved visibility of the high-quality display, and remaining connected via WiFi.
The Mountford Pigott team has extensive experience working with major residential developers across the UK, focusing on London and the Southeast. They have expertise in various types of residential projects including apartments, private homes, listed buildings, and more. Their services include design, planning, negotiations, and dealing with issues like sustainability standards. They have successful track records and relationships that allow them to efficiently deliver high-quality residential projects.
Este documento lista os alunos aprovados no vestibular da Universidade Regional do Noroeste do Estado do Rio Grande do Sul (UNIJUI) em 2011, incluindo seus nomes, cursos escolhidos e instituições de ensino. Muitos alunos foram aprovados em mais de um curso ou universidade. Uma variedade de cursos são listados, incluindo engenharia, direito, medicina e ciências biológicas.
This document promotes an advertising mail service called inside las vegasTM that targets consumers in Las Vegas. It has been providing affordable and award-winning direct mail campaigns for over 15 years. The service mails a certificate booklet six times a year to select households in Las Vegas communities with high incomes. Advertisers can showcase their businesses to this responsive audience. Space is limited and advertisers will receive exclusivity and right of refusal for future mailings.
Mountford Pigott is an architecture firm specializing in retail, leisure, commercial, and residential design. They have extensive experience in leisure sector projects including cinemas, health clubs, hotels, restaurants, nightclubs, and swimming pools. Their experience and knowledge of tenant requirements allows them to design high quality solutions within tight timelines. They have worked on numerous mixed-use developments incorporating leisure facilities across the UK.
The document discusses how Generation Y (Gen Y) prefers to learn. It finds that Gen Y expects learning to be smarter, simpler, and social, in contrast to traditional compliance-based training which they find to have low applicability, learner control, and engagement. The document presents experiences of Gen Y employees who felt training lacked relevance and value. It also outlines Gen Y's expectations for learning, including control over their learning, choice in content, and learning that is relevant to their immediate needs and career goals. The document argues there is an opportunity to better meet Gen Y's needs through more engaging and responsible learning opportunities.
This document contains a class plan for a Grade 3 social studies lesson about physical geography and landforms. The lesson will have students:
1) Recognize and describe the physical characteristics of major landform types.
2) Recognize and describe the physical characteristics of major Colombian landforms.
3) Create a diorama showing geographic features and continental accidents.
The lesson will use books, modeling materials, maps, and other resources and involve student participation, modeling, and written evaluation.
This document proposes a project to build the world's first solar-powered rally truck based on open-source principles. The think tank will bring together companies and institutions to share knowledge and develop new sustainable technologies and projects. The initial goal is to convert a Unimog rally truck to electric power by the end of 2011 and develop a new prototype for mid-2012 with the overall aim of testing systems under extreme conditions and inspiring more sustainable logistics and transportation solutions.
This document appears to be random characters and does not contain any coherent information that can be summarized in 3 sentences or less. The document does not convey any discernible meaning.
(1) This document provides an overview and agenda for an upcoming logistics barcamp. Barcamps are open, participant-driven conferences where attendees generate the content.
(2) This specific logistics barcamp will focus on logistics IT systems, with several speakers giving 10-15 minute presentations on topics like WMS, ERP, and TMS systems.
(3) The barcamp aims to foster discussion and allow participants to learn about different logistics techniques and technologies from industry experts and case studies.
The document describes a cooperative advertising program called inside chicagoTM that targets high-income households in Chicago neighborhoods. It offers businesses custom advertising campaigns in its magazine-style booklets delivered to 30,000-300,000 targeted homes for less than 2 cents per household, providing 365 days of exposure. It highlights its high response and conversion rates for advertisers, as well as testimonials from satisfied business customers who have experienced increased sales and new clients from participating.
CEiS aims to be a key partner for new successful businesses in Central and Eastern Europe (CEE) by providing integrated solutions. It identifies businesses that could succeed in CEE and supports them through management consulting, financing assistance, legal/tax advice, and outsourcing/incubator services. CEiS' leadership has extensive experience in management, private equity, and working with companies entering CEE markets. An advisory board provides strategic guidance and ensures high quality client services.
Mountford Pigott has extensive experience providing specialist retail and leisure asset management services. They have received many commissions over the last few years involving careful analysis, innovative design, and adding value through refurbishment and redevelopment projects totaling over £75 million. Recent initiatives completed or underway include upgrades to shopping centers and retail parks through reconfiguration of space, new facades and signage, extensions, and introduction of new tenants.
Mountford Pigott provides masterplanning and architectural services for commercial development projects in the UK and abroad. They have prepared numerous masterplans for sites involving mixed-use development including residential, retail, leisure, and employment space. Their experience spans a wide range of project scales and types, from business parks to urban regeneration schemes. Mountford Pigott takes a collaborative approach working with clients and other consultants to develop masterplans that are presented to planning authorities and the public.
Savings mobilization marketing programs can help banks increase deposits and long-term profits. Raffle promotions, Kiddie Savers clubs, and public concerts were shown to substantially boost deposit levels. While many MABS member banks are profitable, opportunities still exist for all banks to improve further by mobilizing more deposits. Cultivating microdeposits provides long-term benefits to the bank through increased client relationships and expanded business opportunities over time.
This document discusses an investment opportunity in emerging and frontier markets fixed income funds. It notes the high growth expectations for emerging markets and tendency for developed economies to maintain low interest rates. This creates an opportunity to invest in emerging market corporate and sovereign bonds to obtain equity-like returns with lower risk compared to equities. The Galloway Global Emerging Markets Fixed Income Fund is presented as a way to capitalize on this opportunity by investing across emerging market countries and currencies while maintaining risk controls. The manager aims to generate consistent risk-adjusted returns through fundamental research and a diversified portfolio.
The Simmons Bedding Company’s Wellness Journey - John Clifton, Simmons Beddin...HR Network marcus evans
John Clifton, Simmons Bedding Company - Speaker at the marcus evans Mid-Market Corporate Benefits Summit in Las Vegas delivered his presentation entitled The Simmons Bedding Company’s Wellness Journey
Gluskin Sheff & Associates Inc. is a Canadian asset management firm proposing to expand into western Canada. It currently manages $5 billion in assets primarily for high net worth private clients. The proposal discusses Gluskin Sheff's growth opportunities through expanding its hedge fund offerings, potential for increased performance fees, and dividend increases. The firm is well positioned to benefit from secular growth in demand for wealth management and hedge fund products while also having stability in assets under management due to its focus on high net worth clients.
The document discusses raising capital in Australia post-GFC. It notes that while the financial markets were impacted by the GFC, the effects in Australia were relatively mild. Equity capital markets remained active, with over $100 billion raised in 2009. For early stage businesses, sources of capital include angels investors, accelerator programs, venture capital funds, and corporate venture arms. Recent examples are provided of early stage companies raising seed investments. While capital is available, accessing it requires strong deal flow and matching risk profiles.
AEGON N.V. is an international insurance company based in the Netherlands that operates in over 20 countries. It was ranked one of the largest companies in the world in 2009. World Financial Group partners with AEGON and other insurers to offer their products through WFG's network of agents. WFG provides training and support to help agents grow their business and leave no family behind without the protection they need. Success is measured by building a team, completing training requirements, and earning commissions.
The Canadian GIC market is valued at just under $900 billion in Q1 2009. Chartered banks hold the largest share at 67% of funds, while credit unions and trust companies hold 25% and 7% respectively. On average, GIC volumes have grown 5% per year. Individuals hold 57% of outstanding balances compared to 43% for businesses. Distribution is key to success in the GIC market, with large investment dealers and independent brokers driving most origination. Rates are generally not the main competitive driver, as customers prioritize insured status, brand, and advisor recommendations over rates. New entrants may consider differentiated strategies around distribution channels, product features, or rates/commissions.
Aberdeen International is a global resource investment company that owns a portfolio valued at approximately C$117.8 million as of April 30, 2011. The company focuses on private, micro, and small-cap resource companies with the goal of unlocking value over 2-5 years. Aberdeen has exposure to gold and other commodities through its portfolio companies and gold royalty interests. The company aims to continue building its portfolio through new investments in iron ore, coal, agriculture, and energy.
Maximise the value of your business dec 2012Craig West
This document discusses business succession planning and maximizing the value of a business. It notes that over half of business exits are due to unplanned events like death or disability. The document outlines a 5-stage process for business succession: 1) identify value, 2) protect value, 3) maximize value, 4) extract value, and 5) manage value. It provides examples and strategies at each stage, including assessing financials, benchmarking, protecting assets, and planning an exit. The goal is to combine business, financial, and personal goals to design an exit that satisfies all stakeholders.
The webinar will discuss preparing for market volatility through "The Lifeboat Drill". William Ellis will present on current market yields, opportunities, and the lifeboat drill for preparing for potential market declines of 10%, 15%, or 20%. The lifeboat drill involves managing a dividend portfolio, being nimble, recognizing outside opportunities, and meeting with clients to determine plans. It can help reduce the impact of emotion by preparing clients for "what if" scenarios.
Trends Affecting Today's Investor - Chris McDermottPhilip Taylor
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This document provides an investment case for the Galloway Global Emerging Markets Fixed Income Fund. It summarizes the opportunity in investing in emerging market bonds which offer higher yields than developed markets. The fund aims to generate consistent risk-adjusted returns through a diversified portfolio of emerging market corporate and sovereign bonds, using rigorous due diligence and risk management practices. It has achieved strong historical performance since inception in 2009.
SIM is a philosophically grounded, multi-specialist, multi-product asset manager within the Sanlam group. It has one investment platform that leverages off the Sanlam book and brand. SIM provides asset management services through various specialist teams across multiple asset classes.
1) Credit Suisse is presenting at its 2008 Annual Technology Conference and provides a safe harbor statement regarding forward-looking statements in the presentation.
2) Arrow Electronics touches all geographies, technologies, and end markets, connecting key players in unique and value-enhancing ways. It aims to grow faster than the market through operational excellence and financial stability.
3) Arrow is well positioned to weather an economic downturn due to changes made since the last tech sector downturn, including a stronger balance sheet with lower debt and higher liquidity than 10 years ago.
Danny Moore is an entrepreneur and investor from Northern Ireland. He founded Lough Shore Investments after successfully growing and selling his previous company, Wombat, which was acquired by NYSE. Lough Shore aims to invest in and partner with high potential management teams to help them build great businesses and exit or IPO within 10 years. Moore discusses his background and experience with Wombat, the Northern Ireland business landscape, and provides advice to founders about fundraising, growth, and patience.
This document provides lessons learned for startups. Some key points include:
1) Founders must balance deep belief in their project with a willingness to doubt assumptions and data.
2) Small teams have an advantage in focusing tightly on a target to differentiate themselves, rather than trying to be better than others.
3) Cash flow is more important than revenue, as payroll cannot be met with revenue alone.
4) Different roles have different priorities depending on the startup stage, from concept to growth. Collaboration is important while understanding position responsibilities.
Carfinco Financial Group Inc. is a uniquely positioned auto finance company that provides loans to non-prime borrowers. It has delivered consistent 20% annual growth. Key highlights include record loan originations and portfolio levels, low delinquency rates, an experienced management team with significant ownership stakes, and 12 consecutive quarters of record earnings. Management sees no signs of an economic downturn and aims to increase the finance receivable portfolio by 20% annually. Analysts have target prices between $11-12 and see Carfinco as a top pick.
Carfinco Financial Group Inc. is a provider of auto financing to non-prime borrowers. The presentation highlights Carfinco's consistent growth, strong financial performance, and positive outlook. Analysts have set target prices between $11-12 per share and forecast continued revenue and earnings growth in 2012. Carfinco has a large and geographically diverse loan portfolio, stringent credit controls, and obtains funding through a $130 million credit facility.
The document summarizes a presentation by Pristine Advisors on their closed-end fund ASA Gold and Precious Metals Limited. Some key points:
- ASA is a gold and precious metals focused fund that is internally managed and visits over 150 companies and 20 mines annually for due diligence.
- The portfolio manager and board have extensive experience in the mining industry.
- ASA differentiates itself through its focus, low costs, and generating returns for shareholders.
- Gold equities currently offer attractive valuations compared to historical levels. ASA has outperformed in past periods of low valuations for gold stocks.
The document discusses strategies for recapitalizing and restructuring commercial real estate in a deleveraging market. It notes that over $1.7 trillion in commercial loans will mature in the next 5 years as the industry deleverages from too much debt. Options discussed include working with existing lenders through extensions, discounted payoffs, or debt restructures, as well as bringing in new equity partners or buying notes at a discount. The optimal strategy depends on factors like the senior lender's health, the owner's balance sheet, and ability to attract new capital.
Este documento presenta información sobre FEMSA, la compañía de bebidas más grande de América Latina. Se discute brevemente la historia de FEMSA desde su fundación en 1890 como Cervecería Cuauhtémoc. También se proporciona un resumen del modelo de negocios de FEMSA, sus unidades de negocio principales y su presencia en 9 países de América Latina. Por último, se muestran datos financieros que demuestran el crecimiento constante de FEMSA en ingresos, utilidad de operación y EBITDA.
The document discusses Hypermarcas, the largest consumer goods company in Brazil. It operates across multiple product categories including health and wellness, beauty and personal care, and home care and food. Hypermarcas pursues a growth strategy of profitable acquisitions, organic growth through relaunches and distribution improvements, and low-cost operations through economies of scale. The company's strengths are its leading brands, investments in advertising, product innovation, and efficient distribution network.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
The Universal Account Number (UAN) by EPFO centralizes multiple PF accounts, simplifying management for Indian employees. It streamlines PF transfers, withdrawals, and KYC updates, providing transparency and reducing employer dependency. Despite challenges like digital literacy and internet access, UAN is vital for financial empowerment and efficient provident fund management in today's digital age.
2. About US
• One of the largest independent equity asset managers in Brazil with
approximately US$1 billion of assets under management.
• History: A consistent track record. Annualized net return of 19,2% p.a. in
dollar terms over the last 11 years.
• Balanced Management Team: GAS combines experience and expertise. The
founding partners have over 30 years of successful investing in Brazilian
stocks, while our young research team has been trained in Brazil’s best
business schools and the world’s best investment banks.
2
3. Performance
EXPRESS FUND INTERNATIONAL, SPC RESEARCH CLASS
Accumulated Performance since Inception (Jul,98 to November,09) - (July, 98 = 100)
1.000
900
800
645,6%
700
600
500 330,3%
400 306,3%
300
51,8%
200
100 12,75%
0
Jul-98 Jul-00 Jul-02 Jul-04 Jul-06 Jul-08
Research M SCI - B r Ibo vespa Libo r 6M Do w Jo nes
Returns obtained in the past do not constitute a guarantee of future returns. We recommend investors to
carefully read the regulation of investment funds when utilizing resources.
3
4. History
• GAS’s founding partners started as entrepreneurs, but since the 1960s they
have been investing their own capital in Brazilian equities.
• In 1998, the founding partners created the Express Research Class in
partnership with Hedging-Griffo.
• In 2003, GAS was created in order to structure and grow this asset
management venture.
4
5. Our Strategy
• Independence:
• We are an independent asset manager
• Focus:
• One Market - Brazilian equities
• One Strategy - Long only
• One Approach - Value investing
5
6. Investment Cases
WHAT DO WE LOOK FOR? HOW DO WE CONTROL RISK?
Attractive opportunities: • Knowledge is our most important risk.
• History of superior return on capital • Magin of safety concept on valuation.
• Sustainability of superior returns • Although we do not have a volatility
target, our historical volatility has been
• Competitive advantages
lower than the Ibovespa's
• Competent and honest management
• Alignment of interest with shareholders
• Reasonable price (high margin of safety)
6
7. Company Research
Steps
Stock Idea to assess the sustainability of company return
> Study company's fundamentals, build a DCF model, read sell side reports,
due diligence
> Meetings with management and on-site visits
> Identify, research and discuss with suppliers, peers, customers
> Presentation of case studies by research team to portfolio managers at
weekly meetings
> Investment Committee meets once a week to define changes in portfolio
> Invested companies are closely monitored by research team and portfolio
managers
7
8. Investment Cases
Brazilian Home Building Industry
• 1st case: Clearly Undervalued Stock (AGRA)
• 2nd case: Company with superior returns discounted to fair value (PDG
Realty)
8
9. Below net tangible asset opportunities
Bovespa: companies trading below its net tangible assets
12%
10%
8%
6%
4%
2%
0%
nov-08
jul-08
set-08
jan-09
mar-09
mai-09
jul-09
set-09
Usually hard to find,
in crises times it becomes reality
9
Source: GAS Investimentos
10. Brazilian Demographics
2008 Population Profile 2018 Population Profile
The Brazilian population is in the process of aging
This structural change will last decades.
10
Fonte: IBGE
11. Heading to a fast growing market
População na faixa de 25-60 anos
Population between 25-60 years old
100
95
Annual Increase: 1.4 mn people
90
85
MM de pessoas
80
75
70
65
60
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
11
12. Huge Home Deficit
Necessidade Demanda Potencial
imediata: 5 milhões de Potential Demand
Número de famílias por classe de renda
5 mln unidades
families
0,1
100% 0,9 Renda
0,4 3,3 Family
(Salários
95%
income
mínimos)
90% 0,69
13 mln 1,5
85% 4,4 >10
families 80%
75% 5-10
1,6 4,4
70% 3-5
65% 5,6
60% <3
7,4 21,2
55%
50%
Déficit habitacional Locatários Proprietários
Defict Rent Owners
Million Units
Total 7 11 33
Above 3 ms 1 4 12
Bellow 3 ms 6 7 21
Potential Demand = 18 million
12
Fontes: Fundação João Pinheiro Neto, IBGE e Itaú
13. Affordability: Commercial banks
2005: Income > R$ 2009: Income > R$
Hoje:
Antes:
6.213 = Renda > R$ 6.200
2,4 mln 2.797 = R$ 2.797
Renda > 7,1 mln
14,9% população
5,1 % da Populac.
families pessoas families
7,12 mi pessoas
2,4 mi
100% Credit demand
R$ 6.000
90% Better financing conditions
R$ 3.000
80%
70%
60% R$ 1.200 Credit Offer
Legal improvement
50%
Savings Acc Obligation
40%
Bank competition
30%
2005
2005
2005 2009
2008
Unit Price 100.000 100.000
Tenor 100 360
Interest 18% 10%
Installment 1.864 839
Min Income 6.213 2.797
13
Source: GAS e IBGE
14. Minha casa minha vida – Govt. Plan
2008 MCMV
Unit Value 90.000 90.000 • Launched in 2Q09 - Crisis
Subsidy (23.000) • Target = 1 million units
• Through CAIXA = Official bank
Down payment 10,0% 6,50%
• Subsidy of home buyer
Residual Value 81.000 62.645
• Caixa takes the client risk
Interest rates 8,16% 4,50%
Tenor 25 30 • Financing of construction
• Challenge: approval process
Installment 711 335
Family Income 2.844 1.342
Number of families 12 mi 25 mi
14
15. Market Reaction before and after the
crisis
New Mortgage Loans
35
30
25
Growth trend sustained
20 • Strong growth last 7 years
R$ BI
15 • Very short deceleration
period
10
• Robust recovery
5
0
Sales Speed
Sales Velocity
08
09
01
02
04
05
06
07
8
9
03
08
t/0
t/0
20
20
20
20
20
20
20
20
9M
9M
se
se
35,0%
30,0%
25,0%
Reason for deceleration
20,0%
• More because of consumer 15,0%
confidence 10,0%
5,0%
• Less on credit availability 0,0% 15
07
08
m 7
no 7
m 8
no 8
m 9
9
m 7
m 8
7
8
9
7
8
9
m 9
/0
/0
/0
/0
/0
0
t/0
0
t/0
0
t/0
l/0
l/0
l/0
/0
v/
v/
n/
n/
n/
ar
ar
ai
ai
ai
ar
se
se
se
ju
ju
ju
ja
ja
ja
16. AGRE
• AGRE = AGRA + Klabin + Abyara
• Control = Spanish Investor + AGRA Mgt
• AGRE´s Land Bank = R$ 19 bi
100%
• Market CAP: R$ 2,4 bi
• Liquidity over R$ 50 mln
• Focus on medium to high income
residential
• Results oriented culture
16
17. Recent Performance
200
180
160
Crises +
140
Cyrela Event
120
100 Abyara +
Klabin P/NTA = 0,7
80 Acquisitions
60
40
P/NTA = 0,2
20
0
7
09
7
08
8
09
9
07
08
09
08
08
7
08
9
07
r-0
t-0
t-0
t-0
-0
-0
r-
o-
v-
v-
r-
n-
o-
o-
z-
z-
n
n
ab
ou
ou
ou
ab
ab
fe
de
de
ag
fe
ju
ag
ag
ju
ju
No solvency problems = very undervalued
17
18. Net Tangible Assets Analysis
AGRE Relative Valuation
P/NTA
AGRE 2,00
Net Tangible Assets Analysis 1,80
1,60
Net Receivables from Sold Units 2.379
1,40
Net Mkt Value of Units for Sale 1.227
Net Book Value of Land 837 1,20
Other Assets 340 1,00
0,80
Net Debt + Other liabilities (1.350)
0,60
Net Asset Value 3.433 0,40
Market Value 2.399 0,20
Market/Tangible 69,9% 0,00
Cyrela PDG MRV Rossi Gafisa AGRE
18
20. Reasons to be undervalued
Market Concerns GAS View
Solvency Acquisitions + capitalizations = over R$ 500 mi cash
Acquired companies land bank quality High quality land bank
New partner reputation Wont vote as shareholder
Liquidity Top 3 in sector
Lack of consistent earnings Still a concern
20
22. Trading at deep discount to peers
4,5
4,0
3,5
3,0
2,5
P/BV
2,0
1,5
AGRE
1,0
AGRE 0,5
-
(1.000) - 1.000 2.000 3.000 4.000 5.000 6.000 7.000
PSV
AGRE is trading bellow the P/BV of its peer group 22
23. PDG Realty
• Residential developer created by Pactual, leading IB in Brazil
• Financial discipline
• Focused on results and meritocracy culture
• Merger and acquisitions created value
• Controls real state companies (low income = Goldfarb, medium income = CHL)
• National footprint
• Market Cap R$ 6 bi
• IPO in jan-07
23
24. PDG Structure and Land Bank
PDG Land Bank Profile
Unit Price R$ Units % Financing
Low Income 0-100 31.476 47% Government Plan Eligible
100-130 11.463 17% Government Plan Eligible
130-250 19.332 29% SFH Comercial Banks financing
Total 62.271 92%
24
Medium Income Over 250 5.219 8% SFH Comercial Banks financing
67.490 100%
25. Competitive advantages
Land Bank Acquisition
Discipline
Construction Project
Results oriented conception
culture
Access to Permits
financing
25
26. Operational Performance
Sales Speed 3Q09
45,0%
40,0%
35,0%
30,0% • Sales over launchings
25,0%
• One of the highest in sector
20,0%
15,0%
10,0%
5,0%
0,0%
E
ul
a
en
r
s
od si
a
n
r
a
2
G
V
Br o
a
pa
bo
en
nd
is
el
is
ca
g
R
R
R
os
is
PD
Ev
ar
af
cn
C
yr
AG
In
M
el
Tr
ob
as
Te
R
am
G
C
H
Te
C ROE 2009E
R
30,0%
25,0%
20,0%
15,0%
• Net Margins
10,0%
• Showing operational efficiency
5,0%
0,0%
26
SF
2
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re
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i
r
G d
r
do a
oo a
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ns
ss
bo
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R
ie
Ag
ea
be
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JH
Ro
Ez
af
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kf
PD Cy
c
R
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28. PDG Realty Valuation
PDG Realty
Net Tangible Assets Analysis
Net Receivables from Sold Units 2.488
Net Mkt Value of Units for Sale 968
Net Book Value of Land 376
Other Assets 1.041
Net Debt + Other liabilities (1.084)
Net Asset Value 3.788
Market Value 6.412
Market/Tangible 169%
28