This document summarizes market share data for several major US airlines. It shows that in the most recent year, Delta Air Lines increased its market share the most at 3 percentage points, while AirTran's market share remained flat. It also notes that JetBlue has a larger market share in New York than AirTran does in Atlanta, and that AirTran has been losing share in Atlanta due to competition from Delta. The document questions whether Southwest should have considered acquiring JetBlue instead of AirTran, given JetBlue's stronger position in key markets like New York.
Mercer Capital's Value Focus: Convenience Store Industry | Q1 2017 | Segment:...Mercer Capital
Mercer Capital’s Convenience Store Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to multi-unit retailing and QSR industries.
Grendene - 2nd Annual Brazil Conference Itaú SecuriesGrendene
Grendene reported financial results for the first quarter of 2007, with revenue up 14.4% year-over-year to R$327 million. Net income grew 14.4% to R$47 million. For full-year 2006, revenue increased 2.9% to R$1.392 billion while net income rose 31.3% to R$256 million. Grendene expects revenue and profitability to continue growing in 2007 through higher average prices and a focus on higher-value products, along with moderate sales volume growth and continued margin improvements. Seasonality impacts results, with weaker performance typically in the first and third quarters.
Costco's fiscal year ends in August. This document provides detailed sales and location data for Costco from fiscal years 2004 to 2008. It includes information on merchandise sales, membership fees, operating expenses, margins, comparable sales, new and closed locations by country. International growth exceeded Costco's 5% annual expansion rate in the US, with locations growing 7% annually in the UK, Mexico, and Taiwan, and 19% annually in Japan. Sales per item averaged nearly $14 million annually in 2008.
This document summarizes key points from a presentation given at an Edison Electric Institute financial conference. It outlines Xcel Energy's strategy to increase investment in its utility assets to drive growth and earnings, earn its authorized regulatory returns, and deliver total shareholder returns of 7-9% annually through earnings growth and dividends. Specific capital projects and regulatory filings aimed at achieving these goals are also mentioned.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2011BoyarMiller
This document summarizes the presentations from the 5th Annual Current State of the Capital Markets Breakfast Forum on September 8, 2011. It includes sections on market performance, credit market stress, the European sovereign debt crisis, US manufacturing and employment data, and investment strategy recommendations to focus on capital preservation given significant downside risks in the markets. It also summarizes private equity and M&A activity trends, noting increased deal volume and values in the energy sector.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
The Progressive Corporation reported its financial results for the third quarter of 2005. Net premiums written increased 7% year-over-year to $10.8 billion. The combined ratio was strong at 90.4% despite losses from Hurricanes Katrina and Rita totaling $185 million. Progressive responded quickly to Katrina, resolving over 90% of claims by the end of October. The company also began offering auto insurance in New Jersey during the quarter.
This document summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating as the 4th largest US electric and gas utility, growth opportunities through infrastructure investments, regulatory filings, and a total return objective of 7-9% per year through earnings growth and dividends.
Mercer Capital's Value Focus: Convenience Store Industry | Q1 2017 | Segment:...Mercer Capital
Mercer Capital’s Convenience Store Industry newsletter is a quarterly publication providing perspective on valuation issues pertinent to multi-unit retailing and QSR industries.
Grendene - 2nd Annual Brazil Conference Itaú SecuriesGrendene
Grendene reported financial results for the first quarter of 2007, with revenue up 14.4% year-over-year to R$327 million. Net income grew 14.4% to R$47 million. For full-year 2006, revenue increased 2.9% to R$1.392 billion while net income rose 31.3% to R$256 million. Grendene expects revenue and profitability to continue growing in 2007 through higher average prices and a focus on higher-value products, along with moderate sales volume growth and continued margin improvements. Seasonality impacts results, with weaker performance typically in the first and third quarters.
Costco's fiscal year ends in August. This document provides detailed sales and location data for Costco from fiscal years 2004 to 2008. It includes information on merchandise sales, membership fees, operating expenses, margins, comparable sales, new and closed locations by country. International growth exceeded Costco's 5% annual expansion rate in the US, with locations growing 7% annually in the UK, Mexico, and Taiwan, and 19% annually in Japan. Sales per item averaged nearly $14 million annually in 2008.
This document summarizes key points from a presentation given at an Edison Electric Institute financial conference. It outlines Xcel Energy's strategy to increase investment in its utility assets to drive growth and earnings, earn its authorized regulatory returns, and deliver total shareholder returns of 7-9% annually through earnings growth and dividends. Specific capital projects and regulatory filings aimed at achieving these goals are also mentioned.
BoyarMiller Breakfast Forum: The Current State of the Capital Markets 2011BoyarMiller
This document summarizes the presentations from the 5th Annual Current State of the Capital Markets Breakfast Forum on September 8, 2011. It includes sections on market performance, credit market stress, the European sovereign debt crisis, US manufacturing and employment data, and investment strategy recommendations to focus on capital preservation given significant downside risks in the markets. It also summarizes private equity and M&A activity trends, noting increased deal volume and values in the energy sector.
Breakfast Forum: The Current State of the Capital Markets 2015BoyarMiller
As part of its ongoing Breakfast Forum series, BoyarMiller gathered industry experts for a panel discussion on the Current State of the Capital Markets. Speakers included:
• Drew Kanaly, Kanaly Trust – Equity & the Public Markets
• Colt Luedde, GulfStar Group – Private Equity and M&A
• Brandon Annett, Texas Capital Bank – Commercial Banking & Real Estate Lending
The Progressive Corporation reported its financial results for the third quarter of 2005. Net premiums written increased 7% year-over-year to $10.8 billion. The combined ratio was strong at 90.4% despite losses from Hurricanes Katrina and Rita totaling $185 million. Progressive responded quickly to Katrina, resolving over 90% of claims by the end of October. The company also began offering auto insurance in New Jersey during the quarter.
This document summarizes Midwest investor meetings held by Xcel Energy in May and June 2005. It outlines Xcel's low-risk business strategy of investing in regulated utility assets to earn an authorized return on equity. Key points include Xcel operating as the 4th largest US electric and gas utility, growth opportunities through infrastructure investments, regulatory filings, and a total return objective of 7-9% per year through earnings growth and dividends.
Tricumen / 1Q16 Capital Markets Results Review_openTricumen Ltd
The document summarizes capital markets results for major banks in 1Q16 compared to 1Q15. It finds that overall operating revenue dropped 25% year-over-year, with weakness seen across fixed income, currencies and commodities as well as debt capital markets. Front office productivity also declined despite job cuts in those areas. Profits fell even more sharply than revenue, with pre-tax profit dropping 30% overall. European banks faced additional challenges from regulations capping bonuses, which increased fixed costs. Specific business lines like credit trading and securitization saw especially steep declines.
This document is the financial summary from The Limited, Inc.'s annual report. It provides key financial data for 1998, 1997, and 1996 including: net sales, operating income, net income, assets, return on assets, and store/employee counts. Net sales in 1998 were $9.347 billion, up slightly from 1997. Operating income was significantly higher in 1998 at $2.437 billion compared to $480 million in 1997, driven largely by a $1.651 billion tax-free gain from splitting off Abercrombie & Fitch. Net income also increased substantially in 1998 to $2.054 billion from $217 million in 1997. The Limited saw continued growth in its Victoria's Secret and Bath & Body
BoyarMiller Breakfast Forum: Current State of The Capital Markets Sept 2013BoyarMiller
60
$70.0
50
$60.0
The document discusses the current state of capital markets. It notes that global growth is slow but prospects are improving in the second half of 2013, with the US economy showing strengths in housing, autos, energy and deficit reduction. The Federal Reserve is preparing to normalize monetary policy by scaling back bond purchases in late 2013, though interest rates are unlikely to rise until 2015. The 30-year bull market in bonds is likely over, which could derail the economy and have implications for asset allocation as interest rates rise. However, the bull market in equities remains intact, with earnings acceleration expected in 2014 and US stocks seen as fairly valued while emerging
- The Progressive Corporation reported net income of $84 billion for the second quarter of 2006, a slight increase from $81 billion in the same period in 2005.
- Growth in new policies and premiums written was lower than expected at 2% due to softer market pricing conditions and increased competition.
- The combined ratio for the quarter was 86.6%, excellent and only 0.5 points higher than the prior year, demonstrating continued strong profitability.
This document outlines Xcel Energy's low-risk business strategy of investing in regulated utility assets to earn their authorized rate of return. Key points include:
- Xcel Energy aims for a total annual return of 7-9% through a 5% dividend yield and 2-4% earnings growth.
- Nearly 100% of income comes from regulated utility operations in 8 states, diversifying regulatory risk.
- Capital expenditure forecasts through 2009 will increase rate base and allow earning higher returns on equity.
- Regulatory initiatives are planned in various states from 2005-2007 to obtain rate increases.
Community living supports in the state of michiganJColaianne
This document contains benchmark data on community living supports (CLS) spending and utilization within the state of Michigan from 2006 to 2013. It shows that statewide annual CLS spending increased from $228 million to $432 million during this period. The four regions of Lenawee, Livingston, Monroe, and Washtenaw had higher average CLS costs per case, units per case, and percentage of total service costs attributed to CLS compared to statewide averages. Projections show CLS costs for these regions continuing to rise through 2017 without a rate increase.
IAB USA Internet Advertising Revenue Report 2010 - APRIL2011Retelur Marketing
Informe de la inversión en publicidad online en USA durante el año 2010, por IAB y PWC.
IAB USA Reports Full-Year Internet Ad Revenues for 2010 Increase 15% to $26 Billion, a New Record
The auto bailout and politics surrounding the economy and deficit reduction are complex issues with competing priorities. Government spending has increased to address healthcare costs, income inequality, and unfunded obligations. At the same time, tax revenues have declined as a share of GDP and major tax expenditures exist. The auto industry faced challenges including excess capacity, high labor costs, and debt loads. Government intervention helped restructure the auto industry but long term fiscal challenges around entitlement spending and debt remain.
Office vacancy is at an eight year low the region absorbed more than 600,000 square feet of space for the second year in row. Find out more in Q4 Office Outlook.
Owens & Minor is the leading distributor of medical and surgical supplies in the US. In 2001, the company grew sales by 9% while maintaining a gross margin of 10.7% and improving earnings per share to $1.03 excluding unusual items. The company strengthened its balance sheet by refinancing debt and increased business with group purchasing organization customers using its CostTrack pricing model. Owens & Minor focuses on service, partnerships, consistency and using technology like WISDOM to meet customer needs, positioning it for continued leadership in the evolving healthcare supply chain.
S.Y. Bancorp is a bank holding company that owns Stock Yards Bank & Trust. The presentation provides an overview of SYBT's financial performance over the past three years and first quarter of 2013, with net income and earnings per share increasing. It also outlines SYBT's business model, which includes a significant investment management operation, and its strategy for continued growth in the Louisville, Indianapolis and Cincinnati markets. The presentation highlights SYBT's consistent financial results, experienced management team, and strong capital levels as advantages for investors.
State of the Property Market In Australia - The Risks and Opportunities for I...First In Finance
The global and local economic factors affecting the property market in Australia. What investor's can do to prepare and how they can take advantage of the current cycle.
The document discusses a potential share buyback by Foot Locker. It provides financial details of the buyback including the amount spent, number of shares bought back, and impact on key financial metrics like EPS. The buyback increases EPS substantially and reduces the number of outstanding shares. The document suggests Foot Locker has recovered and could benefit shareholders through a leveraged recapitalization involving share buybacks financed with new debt.
The document provides financial information for a company considering a share buyback. It shows that the buyback of $1.2 billion would retire 57.6 million shares at an average price of $20.90 per share. This would reduce diluted shares from 156.2 million to 98.6 million, increasing EPS from $1.17 to $1.67, a 42% increase. The buyback would reduce cash on hand from $741 million to $174 million and increase debt from $137 million to $800 million.
Amazon ebay comparison presentation with simple regression analysisChien Jaw
The document discusses key performance indicators and financial metrics for Amazon and eBay. It provides income statements and calculations of valuation multiples for both companies. While Amazon has higher revenue, earnings, and valuation, the document's analysis finds eBay to be overvalued relative to its current financial performance and Amazon to be undervalued.
Another Sample Leverage Buyout Model Template. In addition, will provide an empty version which allows you to input your own information.
http://flevy.com/browse/business-document/Sample-LBO-Model-Template---2-27
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
- In 3Q11, JPMorgan Chase reported net income of $4.3 billion and earnings per share of $1.02. Revenue for the quarter was $24.4 billion.
- The Investment Bank contributed net income of $1.6 billion on revenue of $6.4 billion, which included $1.9 billion in DVA gains.
- Retail Financial Services reported net income of $1.2 billion, with credit costs of $1 billion reflecting continued losses in mortgage and home equity portfolios.
- Mortgage Production and Servicing reported net income of $205 million, with production revenue of $1.3 billion and servicing revenue of $1.2 billion
Rexnord Corporation (RXN) Second Quarter 2016 Earnings ReleaseRexnord
Rexnord reported second quarter 2016 earnings. Core sales declined 6% year-over-year due to weaker demand in US general industrial and distribution markets, though water end markets remained strong. Adjusted EPS was $0.34. For full year 2016, Rexnord is resetting its adjusted EPS guidance range to $1.43-1.48, reflecting actions to optimize supply chains and reposition footprints in response to industrial volatility.
1Q08
4Q07
1Q07
EOP owned portfolio ($B)
$15.8
$13.7
$8.9
Net charge-offs ($mm)
$417
$211
$38
Net charge-off rate
10.64%
7.81%
1.72%
30+ day delinquency rate
21.14%
16.56%
7.72%
1. JPMorgan Chase reported earnings of $2.4 billion for the first quarter of 2008, down 49% from record earnings in the first
Tricumen / 1Q16 Capital Markets Results Review_openTricumen Ltd
The document summarizes capital markets results for major banks in 1Q16 compared to 1Q15. It finds that overall operating revenue dropped 25% year-over-year, with weakness seen across fixed income, currencies and commodities as well as debt capital markets. Front office productivity also declined despite job cuts in those areas. Profits fell even more sharply than revenue, with pre-tax profit dropping 30% overall. European banks faced additional challenges from regulations capping bonuses, which increased fixed costs. Specific business lines like credit trading and securitization saw especially steep declines.
This document is the financial summary from The Limited, Inc.'s annual report. It provides key financial data for 1998, 1997, and 1996 including: net sales, operating income, net income, assets, return on assets, and store/employee counts. Net sales in 1998 were $9.347 billion, up slightly from 1997. Operating income was significantly higher in 1998 at $2.437 billion compared to $480 million in 1997, driven largely by a $1.651 billion tax-free gain from splitting off Abercrombie & Fitch. Net income also increased substantially in 1998 to $2.054 billion from $217 million in 1997. The Limited saw continued growth in its Victoria's Secret and Bath & Body
BoyarMiller Breakfast Forum: Current State of The Capital Markets Sept 2013BoyarMiller
60
$70.0
50
$60.0
The document discusses the current state of capital markets. It notes that global growth is slow but prospects are improving in the second half of 2013, with the US economy showing strengths in housing, autos, energy and deficit reduction. The Federal Reserve is preparing to normalize monetary policy by scaling back bond purchases in late 2013, though interest rates are unlikely to rise until 2015. The 30-year bull market in bonds is likely over, which could derail the economy and have implications for asset allocation as interest rates rise. However, the bull market in equities remains intact, with earnings acceleration expected in 2014 and US stocks seen as fairly valued while emerging
- The Progressive Corporation reported net income of $84 billion for the second quarter of 2006, a slight increase from $81 billion in the same period in 2005.
- Growth in new policies and premiums written was lower than expected at 2% due to softer market pricing conditions and increased competition.
- The combined ratio for the quarter was 86.6%, excellent and only 0.5 points higher than the prior year, demonstrating continued strong profitability.
This document outlines Xcel Energy's low-risk business strategy of investing in regulated utility assets to earn their authorized rate of return. Key points include:
- Xcel Energy aims for a total annual return of 7-9% through a 5% dividend yield and 2-4% earnings growth.
- Nearly 100% of income comes from regulated utility operations in 8 states, diversifying regulatory risk.
- Capital expenditure forecasts through 2009 will increase rate base and allow earning higher returns on equity.
- Regulatory initiatives are planned in various states from 2005-2007 to obtain rate increases.
Community living supports in the state of michiganJColaianne
This document contains benchmark data on community living supports (CLS) spending and utilization within the state of Michigan from 2006 to 2013. It shows that statewide annual CLS spending increased from $228 million to $432 million during this period. The four regions of Lenawee, Livingston, Monroe, and Washtenaw had higher average CLS costs per case, units per case, and percentage of total service costs attributed to CLS compared to statewide averages. Projections show CLS costs for these regions continuing to rise through 2017 without a rate increase.
IAB USA Internet Advertising Revenue Report 2010 - APRIL2011Retelur Marketing
Informe de la inversión en publicidad online en USA durante el año 2010, por IAB y PWC.
IAB USA Reports Full-Year Internet Ad Revenues for 2010 Increase 15% to $26 Billion, a New Record
The auto bailout and politics surrounding the economy and deficit reduction are complex issues with competing priorities. Government spending has increased to address healthcare costs, income inequality, and unfunded obligations. At the same time, tax revenues have declined as a share of GDP and major tax expenditures exist. The auto industry faced challenges including excess capacity, high labor costs, and debt loads. Government intervention helped restructure the auto industry but long term fiscal challenges around entitlement spending and debt remain.
Office vacancy is at an eight year low the region absorbed more than 600,000 square feet of space for the second year in row. Find out more in Q4 Office Outlook.
Owens & Minor is the leading distributor of medical and surgical supplies in the US. In 2001, the company grew sales by 9% while maintaining a gross margin of 10.7% and improving earnings per share to $1.03 excluding unusual items. The company strengthened its balance sheet by refinancing debt and increased business with group purchasing organization customers using its CostTrack pricing model. Owens & Minor focuses on service, partnerships, consistency and using technology like WISDOM to meet customer needs, positioning it for continued leadership in the evolving healthcare supply chain.
S.Y. Bancorp is a bank holding company that owns Stock Yards Bank & Trust. The presentation provides an overview of SYBT's financial performance over the past three years and first quarter of 2013, with net income and earnings per share increasing. It also outlines SYBT's business model, which includes a significant investment management operation, and its strategy for continued growth in the Louisville, Indianapolis and Cincinnati markets. The presentation highlights SYBT's consistent financial results, experienced management team, and strong capital levels as advantages for investors.
State of the Property Market In Australia - The Risks and Opportunities for I...First In Finance
The global and local economic factors affecting the property market in Australia. What investor's can do to prepare and how they can take advantage of the current cycle.
The document discusses a potential share buyback by Foot Locker. It provides financial details of the buyback including the amount spent, number of shares bought back, and impact on key financial metrics like EPS. The buyback increases EPS substantially and reduces the number of outstanding shares. The document suggests Foot Locker has recovered and could benefit shareholders through a leveraged recapitalization involving share buybacks financed with new debt.
The document provides financial information for a company considering a share buyback. It shows that the buyback of $1.2 billion would retire 57.6 million shares at an average price of $20.90 per share. This would reduce diluted shares from 156.2 million to 98.6 million, increasing EPS from $1.17 to $1.67, a 42% increase. The buyback would reduce cash on hand from $741 million to $174 million and increase debt from $137 million to $800 million.
Amazon ebay comparison presentation with simple regression analysisChien Jaw
The document discusses key performance indicators and financial metrics for Amazon and eBay. It provides income statements and calculations of valuation multiples for both companies. While Amazon has higher revenue, earnings, and valuation, the document's analysis finds eBay to be overvalued relative to its current financial performance and Amazon to be undervalued.
Another Sample Leverage Buyout Model Template. In addition, will provide an empty version which allows you to input your own information.
http://flevy.com/browse/business-document/Sample-LBO-Model-Template---2-27
The document provides 3Q19 financial highlights for JPMorgan Chase & Co. Key points include:
- Net income of $9.1B and EPS of $2.68 for 3Q19. Record managed revenue of $30.1B.
- Strong capital return to shareholders with $9.6B distributed, including $6.7B of net share repurchases.
- Basel III CET1 capital of $188B and CET1 ratio of 12.3%.
- Business segments all reported net income, with CCB at $4.3B, CIB at $2.8B, CB at $937MM, and AWM at $668MM
- In 3Q11, JPMorgan Chase reported net income of $4.3 billion and earnings per share of $1.02. Revenue for the quarter was $24.4 billion.
- The Investment Bank contributed net income of $1.6 billion on revenue of $6.4 billion, which included $1.9 billion in DVA gains.
- Retail Financial Services reported net income of $1.2 billion, with credit costs of $1 billion reflecting continued losses in mortgage and home equity portfolios.
- Mortgage Production and Servicing reported net income of $205 million, with production revenue of $1.3 billion and servicing revenue of $1.2 billion
Rexnord Corporation (RXN) Second Quarter 2016 Earnings ReleaseRexnord
Rexnord reported second quarter 2016 earnings. Core sales declined 6% year-over-year due to weaker demand in US general industrial and distribution markets, though water end markets remained strong. Adjusted EPS was $0.34. For full year 2016, Rexnord is resetting its adjusted EPS guidance range to $1.43-1.48, reflecting actions to optimize supply chains and reposition footprints in response to industrial volatility.
1Q08
4Q07
1Q07
EOP owned portfolio ($B)
$15.8
$13.7
$8.9
Net charge-offs ($mm)
$417
$211
$38
Net charge-off rate
10.64%
7.81%
1.72%
30+ day delinquency rate
21.14%
16.56%
7.72%
1. JPMorgan Chase reported earnings of $2.4 billion for the first quarter of 2008, down 49% from record earnings in the first
Analysis of financial statements@ bec domsBabasab Patil
The document analyzes the financial statements of Computron for 2010 and 2011 using ratio analysis. Key ratios such as liquidity, asset management, debt management, and profitability are calculated and compared to industry averages. Most ratios have improved from 2010 to projected 2011 levels but are still below industry averages, indicating room for further improvement in areas such as inventory turnover, days sales outstanding, and return on assets. Debt levels have been reduced through recapitalization but lease payments still negatively impact coverage ratios.
This document contains financial projections and operating metrics for a two-year forecast of a live music venue called 2Live Venue. Key figures include:
- Year 1 net income of $512,164 and year 2 net income of $372,315, with total two-year net income of $884,479.
- Total capital raised of $500,000, with $400,000 contributed by the owner in exchange for 90% equity ownership and $100,000 from a private investor in exchange for 10% equity.
- Steady increases in quarterly net sales from $136,313 in Q1 of year 1 to $362,418 in Q4 of year 2, indicating revenue is
This document provides inputs and assumptions for a discounted cash flow valuation of Canadian National Railway (TSX: CNR). It includes projections for revenue growth by business segment from 2016-2020, operating expense assumptions, capital expenditure forecasts, tax rates, and weighted average cost of capital calculations to discount future free cash flows. The valuation results in an estimated price per share of $70.75 for CNR based on the DCF analysis.
A financial model is a quantitative or accounting logic chain designed to forecast future outcomes based on data inputs. Models allow for better forecasting than guessing by incorporating assumptions, economic data, and other variables. Common types of financial models include econometric models, industry models, and earnings models. An example regression model correlates housing starts to population estimates to forecast new home construction. Good analysts spend most of their time developing and interpreting financial models.
CyrusOne reported solid 4Q14 results with revenue and FFO slightly ahead of expectations. Management provided an overview of why lower oil prices are not expected to materially impact the business. Notably, CyrusOne increased its dividend by 50% to an annual yield of 4.2%, ahead of expectations and pointing to a focus on FFO growth and profitability over top-line growth. While 2015 guidance was below estimates, management appears to be conservative and trends indicate performance towards the mid-point is likely.
Solid finish to fiscal 2014
Core sales growth +4%
Adjusted net income +62%
Adjusted EBITDA margin of 21.0%
Adjusted EPS +56% year over year to $0.50
Water Management growth accelerating as expected
+6% core growth … strong momentum in both Zurn and VAG
Acquired Green Turtle in April … proprietary products expand Zurn portfolio
Process & Motion Control end markets stable/improving
+3% core growth with strong performance in U.S. OEM/Distribution
Adjusted EBITDA increases to 29.2% … 300 basis point improvement year over year
Fiscal 2015 guidance of +3% to +5% core sales growth … adjusted EPS growth
of +20% to +28%
The document discusses the issues with global tax havens and their costs. It notes that the global tax haven industry is huge and hurts economic growth and development. Trillions of dollars are missing from countries' tax bases and held in havens, growing transnational corporate abuses. Solutions require transparency, ending tax and rule competition between countries, and addressing the roles of professionals and institutions that enable tax haven abuse.
- The document discusses Acxiom's financial results and outlook, including non-GAAP measures. It provides revenue, gross profit, margins and other metrics for Q4 2017 and full year 2017.
- Revenue was flat at $225M in Q4 2017 but grew 4% for the full year to $880M. Non-GAAP earnings per share grew 12% for the full year.
- The company provides guidance for 2018 with revenue expected to grow approximately 10% to around $945M and non-GAAP EPS expected to be $0.80.
The document provides a quarterly earnings summary for a company. It discusses financial results for the third quarter of 2014, including revenue of $1.3 billion and adjusted EBITDA of $62 million. It also outlines the company's business segments and their financial performance, and provides an overview of key raw material trends and end markets.
- JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $1.4 billion in the prior quarter. Revenue was a record $26.9 billion, driven by record results in the Investment Bank.
- The Investment Bank generated record revenue of $8.3 billion and net income of $1.6 billion. Fixed income markets and equity markets performed strongly. Credit portfolio revenue was $299 million.
- Retail Financial Services reported net income of $474 million, rebounding from a net loss in the prior quarter, as deposit growth and wider spreads boosted results. Consumer lending reported a net loss of $389 million on higher credit costs.
- Key risks included $
1. Peter Gallagher worked in corporate communications roles at Capital Group and Cushman & Wakefield. At Capital Group, he wrote content targeting different audiences and participated in a digital authoring pilot program. At Cushman & Wakefield, he led global corporate communications and public relations efforts, developing strategies to raise the firm's visibility and protect its reputation.
2. Some of his responsibilities included speechwriting, developing communications plans, promoting thought leadership research, and securing press coverage of significant wins. He worked to publicize leadership transitions, executive profiles, earnings reports, and crisis mitigation efforts.
3. His background encompasses generating thematic content, leveraging dissemination, and bringing together corporate communications and investment
Peter gallagher strat comms & pr pitchbookPeter Gallagher
The document provides details about Peter Gallagher's experience in strategic communications and public relations. It summarizes his work managing communications for Cushman & Wakefield, including developing strategies around leadership transitions, research, and crisis situations. It also outlines his role writing communications for Morgan Stanley, such as earnings releases, corporate actions, and values refresh projects. Contact information is provided at the end.
This document provides a summary of Peter Gallagher's experience in communications and journalism roles from 2015-2017 at Capital Group and from 2013-2015 at Cushman & Wakefield, as well as a corporate messaging role at Morgan Stanley from 2011-2012. At Capital Group, Peter engaged audiences through strategic content development and distribution. At Cushman & Wakefield, he raised the firm's visibility through public relations strategies. And at Morgan Stanley, Peter supported corporate messaging through executive communications writing.
1. The document outlines Peter Gallagher's corporate access business plan to capitalize on change. It discusses developing highly conviction research ideas, leveraging research into corporate access opportunities around changes like upgrades, and maximizing information flow between analysts, sales, trading and investors.
2. The plan highlights Gallagher's relevant experience in research, sales, and trading and his success in originating branded CEO dinner series and non-deal roadshows that established relationships and drove revenues.
3. The conclusion emphasizes that corporate access is a strategic asset to drive transactions, the importance of idea generation and conviction, monetizing research around key franchise names, and capitalizing on change through innovation, branding, and alignment between research, sales, and trading
This document provides an overview of Peter Gallagher's professional experience in corporate communications, journalism, research sales, and trading. It summarizes his roles at Morgan Stanley in corporate messaging, at Dow Jones in generating financial content, and at UBS Investment Bank in commercializing transportation research coverage for institutional clients. The document highlights his skills in developing messaging, valuation analysis, and leveraging events to drive client relationships and revenue.
Peter Gallagher has experience in both corporate communications and journalism as well as research, sales, and trading. At Morgan Stanley from 2011-2012, he wrote executive communications including speeches, memos, and shareholder letters. At Dow Jones from 2010-2011, he was a columnist covering sectors for investment bankers and coordinated a report on predicted deals for 2011. Gallagher has skills in content generation, communications, and analyzing industries across various roles on Wall Street.
Peter Gallagher is pursuing opportunities in investor relations leveraging his experience in corporate communications, journalism, and research sales. He has strong skills in generating thematic content, communicating ideas effectively, and leveraging dissemination into multi-product outcomes. Having worked at the nexus of corporate communications, journalism, and research sales & trading, he has well-developed abilities in these areas that he can apply to communications and investment processes.
Peter Gallagher is pursuing opportunities in investor relations leveraging his experience in corporate communications, journalism, and research sales and trading. He has strong skills in generating thematic content, communicating ideas effectively to portfolio managers, and commercializing research to maximize revenue. Examples provided include writing executive communications at Morgan Stanley, generating columns for investment bankers at Dow Jones, and marketing research to clients as a specialist salesperson covering transportation at UBS.
Peter Gallagher worked as an Executive Director and Corporate Communications Financial Writer at Morgan Stanley from 2011 to 2012. In this role, he wrote executive communications including speeches, talking points, memos, earnings releases, and proxy materials. He also participated in earnings due diligence, drafting responses to regulations, launching the company's corporate Twitter presence, and refreshing its values. Gallagher demonstrated skills in clearly explaining complex financial issues, working collaboratively with various stakeholders, and moving projects forward in a challenging corporate environment.
This document provides an overview of Peter Gallagher's professional experience in corporate communications, journalism, and investment research. It summarizes his roles at Morgan Stanley, Dow Jones, UBS, and highlights relevant projects, accomplishments, and best practices in each area. The document also includes sections on what investors want from research and how research can provide value.
Peter Gallagher Communications & Journalism PitchbookPeter Gallagher
Peter Gallagher provides concise summaries of his professional experience in corporate communications and content generation. At Morgan Stanley from 2011-2012, he wrote executive communications and participated in corporate initiatives such as earnings releases and the Twitter launch. Prior from 2010-2011 at Dow Jones, he generated columns covering industries for investment bankers and coordinated production of annual deal predictions. He demonstrated skills in translating complex financial issues into clear narratives and moving projects forward in complex environments.
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Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
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reconciliation process etc. It’s also integrated with other modules of Pridesys ERP including finance, accounts, HR, supply-chain etc.
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A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
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Peter gallagher djib column highlights
1.
2.
3. Delta AirTran Delta JetBlue Southwest AirTran
Market share 67% 16% 21% 19% 3% 2%
Change in last year +3 pts -2 pts +2 pts +1 pts +1 pts +0 pts
JetBlue Delta Southwest AirTran JetBlue Delta
Market share 39% 16% 7% 2% 15% 12%
Change in last year +3 pts +1 pts unch -1 pts -2 pts +2 pts
* Daily domestic origination and destination revenue
Source: U.S. Department of Transportation, Bureau of Transportation Statistics
Created Sept. 30, 2010
New York City-California routes - $4.0M*
New York metro area - $22.8M*Atlanta - $9.0M*
New York City - Florida routes - $4.7M*
Southwest Airlines Co.'s $3.4 billion deal for AirTran Holdings has been well received. But Southwest should have been bolder. New York is a
larger market than Atlanta, and JetBlue has more market share in New York than AirTran has in Atlanta. JetBlue also has significant market
shares in the New York-Florida and New York-California markets, while AirTran has been shrinking in Atlanta due to competitive pressure
from Delta Air Lines.
Dow Jones Investment Banker spreadsheets are provided on an “as-is” basis and are for information purposes only. Dow Jones specifically disclaims any representations or warranties, express or implied, includin g
merchantability or fitness for a particular purpose. We do not give tax or investment advice or advocate the purchase or sale of any security or investment. You should always seek the assistance of a professional for tax
and investment advice.
Southwest: Why Not JetBlue?
4.
5.
6.
7.
8.
9.
10.
11. Currency figures in millions
April 2010
Priceline Expedia Orbitz Reported
PCLN EXPE OWW
2008 2004
Sales $2,624 $3,102 $743 € 140 € 90
Ebitda $620 $828 $131 € 24 € 11
Ebitda margin 23.6% 26.7% 17.6% 17.4% 11.7%
Price/sales 6.2x 2.6x 0.9x 2.9x 1.4x 2.1x 4.0x 4.9x 2.4x 3.6x 0.8x
EV $15,534 $7,692 $1,007
EV (at 10/14/10 exchange) € 21,690 € 10,741 € 1,406 € 400 € 195 € 293 € 401 € 499 € 245 € 367 € 71 € 113
EV/Ebitda 25.0x 9.3x 7.7x 16.4x 8.0x 12.0x 13.1x 16.3x 8.0x 12.0x 6.7x
Created Oct. 15, 2010
Sources: FactSet, company filings, DJIB reporting and estimates
Actual range based on
DJIB reporting
€ 140
€ 24
Pending
Public comps GO Voyages Opodo
Previous valuation
events
DJIB estimateReported range
17.4%
€ 101
€ 31
30.2%
€ 101
€ 31
30.2%
Amadeus IT Holding is shopping its online travel agency Opodo. A lofty valuation of €400 million to €500 million ($463 million to
$704 million) has been mooted. But the comps suggest a lower figure.
Dow Jones Investment Banker spreadsheets are provided on an “as-is” basis and are for information purposes only. Dow Jones specifically disclaims any representations or warranties, express or implied, includin g
merchantability or fitness for a particular purpose. We do not give tax or investment advice or advocate the purchase or sale of any security or investment. You should always seek the assistance of a professional for tax
and investment advice.
Opodo Could Make A Good Fit ─ At The Right Price
Blue figures are variables that
can be altered.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21. Key inputs in blue can be varied by the reader
Total amount of buyback (m) $1,204
Average premium paid on current price 10%
Net cash on hand; used in buyback (m) $404
Interest rate on new debt 5%
Free cash flow, FY2011 (m)* $200
Debt issued in buyback (m) $800
Average price paid per share 20.90$
Shares bought (m) 57.6
Fiscal 2010
estimated
Fiscal 2011
estimated
Fiscal 2011
estimated, with
buyback
Revenues (m)* 5,013$ 5,135$ 5,135$
COGS (m) (3,504)$ (3,574)$ (3,574)$
Gross margins* 30.1% ` 30.4% 30.4%
Operating income (m) 255$ 295$ 295$
Interest expense, net (m) -7.1 -6.6 -40
Pretax income (m) 248$ 289$ 255$
Taxes (m) (86)$ (103)$ (91)$
Net income (m) 162$ 186$ 164$
Diluted shares 156.2 156.2 98.6
EPS 1.03$ 1.17$ 1.67$
EPS accretiveness of buyback: 42%
Cash (m) 541$ 741$ 174$
Debt (m) 137$ 137$ 800$
Net debt (m) (404)$ (604)$ 626$
Effective interest rate 5% 5% 5%
Tax rate 35% 36% 36%
Gross selling space (m) 12.8 12.6 12.6
Sales/square foot 391$ 406$ 406$
Debt/free cash flow 1.0x 0.7x 5.0x
Net debt/free cash flow N/A N/A 3.9x
* Consensus - FactSet
Sources: FactSet, Dow Jones reporting
Created on November 26, 2010
As the shoe retailer rebounds, the company finds itself underleveraged. Shareholders would benefit
from a leveraged recap.
Dow Jones Investment Banker spreadsheets are provided on an “as-is” basis and are for information purposes only. Dow Jones specifically disclaims any representations or
warranties, express or implied, includin g merchantability or fitness for a particular purpose. We do not give tax or investment advice or advocate the purchase or sale of any security
or investment. You should always seek the assistance of a professional for tax and investment advice.
Foot Locker Hits Its Stride
22.
23.
24.
25.
26.
27.
28.
29.
30. Inputs in blue can be adjusted by the reader
All figures in $ millions
Fiscal 2010
sales
Fiscal 2010
operating
profit
Operating
profit
margin
Depreciation &
amortization
(DJIB
estimate)
Fiscal 2010
Ebitda (DJIB
estimate)
Ebitda
margin
Assumed
Ebitda growth
('10 -'11)
Fiscal 2011
Ebitda
Mean peer
forward
multiple
Segment
enterprise
value
North American Retail $2,818 $338 12% $95 $433 15% 5.0% $455 8.0x $3,637
North American
Foodservice
$1,873 $149 8% $70 $219 12% 5.0% $230 7.0x $1,610
International Beverage $3,221 $586 18% $105 $691 21% 6.0% $732 9.0x $6,592
International Bakery $785 $45 6% $30 $75 10% 0.0% $75 6.0x $450
Total $8,697 $1,118 $300 $1,418 16.3% 5.2% $1,492 8.2x $12,289
Cash
adjustment $3,514
Adjusted SOP
value $15,802
Current EV $13,107
Difference $2,695
Discount 17%
Equity value $19.96
15% Tax Leak $16.96
Updated: December 22, 2010 Stock price $17.50
Source: Company filings, DJIB Estimates Premium 3%
At Sara Lee's current stock price, its individual business lines are worth only slightly more separately than the company's current market value. That is not
enough to offset modest tax leakage that could be expected if the units were sold. Therefore, a tax-free spinoff of the beverage unit along with an accelerated
stock repurchase would be more shareholder friendly than a breakup.
Dow Jones Investment Banker spreadsheets are provided on an “as-is” basis and are for information purposes only. Dow Jones specifically disclaims any representations or warranties, express or implied, including merchantability or fitness
for a particular purpose. We do not give tax or investment advice or advocate the purchase or sale of any security or investment. You should always seek the assistance of a professional for tax and investment advice.
Sara Lee: Fully Valued Assuming Modest Tax Leakage
Sara Lee received $1.7 billion in
proceeds December 6 and has
additional business divestures
of $1.1 billion not yet closed.
These flows are taxed at a 15%
capital gains rate (0% tax
basis).
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66.
67.
68.
69. YTD ∆% Mkt Cap Remaining
The TJX Cos., Inc. Apparel 19.2% $20.6B Apr '11: $361M $1,200M
Polo Ralph Lauren Corp. Apparel 16.7% $12.4B Dec 10: $0M $719M
VF Corp. Apparel 13.2% $10.7B Mar '11: $3M 6.5M shares
The Buckle, Inc. Apparel 5.3% $1.9B Jan '11: $0M 0.6M shares
Phillips-Van Heusen Corp. Apparel 3.0% $4.4B Jan '11: $0M $0M
Gap, Inc. Apparel -15.4% $10.9B Apr '11: $548M $1,500M
Guess?, Inc. Apparel -17.3% $3.6B Jan '11: $0M $250M
Macy's, Inc. Department 11.8% $12.0B Jan '11: $0M $852M
J.C. Penny Co., Inc. Department 11.8% $7.8B Apr '11: $900M $0M
Nordstrom, Inc. Department 7.4% $10.0B Apr '11: $176M $985M
Ross Stores, Inc. Discount 25.8% $9.4B Apr '11: $112M $788M
Family Dollar Stores, Inc. Discount 9.3% $6.6B Feb '11: $150M $350M
Kohl's Corp. Discount 0.3% $15.8B Apr '11: $445M $3,055M
Target Corp. Discount -18.1% $33.9B Apr '11: $819M $1,400M
Foot Locker, Inc. Footwear 26.7% $3.8B Apr '11: $30M $170M
The Finish Line, Inc. Footwear 26.5% $1.2B Feb '11: $6M 2M shares
Wolverine World Wide, Inc. Footwear 18.9% $1.9B Mar '11: $5M $149M
Nike, Inc. Footwear -1.3% $40.0B Feb '11: $468M $3,300M
Coach, Inc. Leather 8.4% $17.6B Mar '11: $192M $1,300M
The Men's Wearhouse, Inc. Men's 31.8% $1.7B Jan '11: $46M $104M
Abercrombie & Fitch Co, Teen 29.7% $6.5B Apr '11: $26M 9.3M shares
American Eagle Outfitters, Inc. Teen -6.6% $2.7B Jan '11: $24M 14.5M shares
Limited Brands, Inc. Underwear 27.1% $12.5B Apr '11: $500M $500M
Chico's FAS, Inc. Women's 18.6% $2.5B Apr '11: $36M $145M
$4,847M $16,767M
Source: Company Filings and Press Releases
Stock
Most Recent Quarter Reported
Buybacks
Nearly $5 billion in recent share buybacks and $17 billion available under existing authorizations should open the door to more IPOs in the retail sector
Dow Jones Investment Banker spreadsheets are provided on an “as-is” basis and are for information purposes only. Dow Jones specifically disclaims any representations or warranties, express or implied, includin g merchantability
or fitness for a particular purpose. We do not give tax or investment advice or advocate the purchase or sale of any security or investment. You should always seek the assistance of a professional for tax and investment advice.
Retail Buybacks are In
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80. Nestle SA deal for
Ralston Purina Co.
2001
($M LTM) EV/sales EV/Ebitda
Sales $2,766 $2,080
Ebitda $758 $604
Ebitda margin 27% 29%
Price/sales 4.2x 4.2x
EV/Ebitda 15.3x 15.3x
EV $11,631 8,747 9,265
Created June. 27, 2011
Sources: FactSet, company filings, DJIB reporting and estimates
Pet Nutrition Segment
DJIB estimate
Colgate Palmolive Co
Colgate Palmolive's pet nutrition unit has litte in common with the parent's dominant business--selling oral, personal and home
care products--and management seems to pay little attention to the pet business. Other pet food businesses have sold at rich
multiples. Using the closest comp, Colgate's business would be worth around $9 billion. Blue figures are inputs that the user
can vary.
Dow Jones Investment Banker spreadsheets are provided on an “as-is” basis and are for information purposes only. Dow Jones specifically disclaims any representations or
warranties, express or implied, includin g merchantability or fitness for a particular purpose. We do not give tax or investment advice or advocate the purchase or sale of any security
or investment. You should always seek the assistance of a professional for tax and investment advice.
Colgate: How Much Would You Pay For Pet Food?
81.
82.
83.
84.
85. $ figures in millions
($M LTM) FY 2010 FY 2011 E EV/sales EV/Ebitda EV/sales EV/Ebitda EV/sales EV/Ebitda
Sales $323 $370 $1,841 $2,008 $2,750
Ebitda $36 $45 $194 $233 $350
Ebitda margin 11% 12% 11% 12% 13%
EV/sales 1.6x 1.4x 1.5x 1.4x 1.0x
EV/Ebitda 14x 11x 14x 11x 8x
EV $517 $517 $2,803 $2,655
Current EV $1,624
63%
Implied market cap $2,048
Current market cap $1,018
Potential premium 101%
Implied share price $10.04
Created July 11, 2011
Sources: FactSet, company filings, DJIB reporting and estimates
PPR SA deal for
Volcom, Inc.
May 2, 2011
$M LTM 2012 Consensus 2015 Goal
Quiksilver, Inc.
surfing, skateboarding and snowboarding
apparel, footwear, accessories
DJIB estimate
PPR's purchase of sports wear maker Volcom sent a message about the attractiveness of U.S. action sports brands. The
next target could be Quiksilver. Blue figures are inputs that the user can vary.
Dow Jones Investment Banker spreadsheets are provided on an “as-is” basis and are for information purposes only. Dow Jones specifically disclaims any representations or
warranties, express or implied, includin g merchantability or fitness for a particular purpose. We do not give tax or investment advice or advocate the purchase or sale of any
security or investment. You should always seek the assistance of a professional for tax and investment advice.
Quiksilver: Skating Its Way To A Sale
86.
87.
88. ($ figures in millions, except share prices)
FY 2006 LTM 7/31/07 FY 2010 LTM 3/31/11 EV/sales EV/Ebitda EV/sales EV/Ebitda EV/sales EV/Ebitda EV/Ebitda
Sales $151 $152 $1,242 $1,258 $968 $995 $1,100 Financial Strategic
Ebitda $10 -$2 $110 $110 $35 $88 $99 $99
Ebitda margin 6% -1% 9% 9% 4% 9% 9% 9%
EV/sales 0.9x 0.9x 1.0x 1.0x 0.6x 0.6x 1.0x
EV/Ebitda 14x NM 11x 11x 17x 7x 9x 11x
EV $133 $133 $1,225 $1,225 $1,100 $842 $1,089
Current EV $603 $603
40% 81%
Implied market cap $867 $1,114
Current market cap $628 $628
Potential premium 38% 77%
Implied share price $9.11 $11.71
Created July 21, 2011
October 31, 2007 May 19, 2011 putters (11%), golf balls (18%), accessories (25%)
FY 2010 2012 Consensus 2013 Potential
SRI Sports deal for Fila Korea deal for Callaway Golf Co.
Roger Cleveland Golf Co. Acushnet Co. Drivers & fairway woods (23% of sales), irons (23%),
Signs of a spring recovery could result in a revaluation of Callaway Golf Co.
Blue figures are inputs that the user can vary.
Callaway: Valued Below Par