Solomon Capital provides an analysis of Plus500 Ltd., an online trading platform for contracts for difference. Key points include:
- Revenues grew 105% to $115m in 2013 and are estimated to reach $155m in 2014. EBIT also grew substantially.
- Plus500 had a 5% share of the UK CFD market in 2013, and the company aims to increase its market share to 10% by 2016.
- A discounted cash flow valuation estimates Plus500's fair market value at £603m, significantly above its current market cap of £381m.
Beazley delivered a strong financial performance in the first half of 2014, with profit before tax rising 61% over the equivalent period in 2013. Gross written premiums rose 1% to $1.077.7 million. The company saw more growth opportunities in smaller business lines underwritten locally in the US, where the number of underwriters has grown to 92. Specialty lines and property divisions performed well. The investment portfolio returned 1.1% for the period. The board declared an interim dividend of 3.1 pence per share, in line with a target of 5-10% annual dividend growth. The outlook for the remainder of 2014 is for continued growth in professional liability and management liability lines and smaller scale risks, led
The Lloyd's market had a profitable year in 2012, despite losses from Superstorm Sandy. It reported a profit before tax of £2,771m and a combined ratio of 91.1%. Gross written premium increased 9% to £25.5bn. Central assets reached a record high of £2.485bn. The Corporation reduced costs by 8% while making progress on strategic objectives. Looking ahead, Lloyd's aims to attract new capital and expand its global license network to access growth opportunities in developing economies.
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
The document provides a fund fact sheet for the Marathon Freedom Fund SP Class A shares from November 2014. It summarizes the fund's performance, top holdings, asset allocation, and investment objective. Over the past year the fund declined 11.59% but has increased 117.82% since its inception in May 2013. The fund's largest holdings are in Arch Financial, Apple, Wells Fargo, Union Pacific, and Facebook. It has a diversified portfolio with 73% in stocks and 27% in private equity. The investment objective is to provide capital appreciation over the long term through a lower risk strategy investing in bonds, mutual funds, and stocks.
Aegon's Annual Review 2015 explains how Aegon creates and shares value for its stakeholders by letting customers, investors, business partners, local communities and employees tell their story. It highlights three particularly important topics – raising awareness about global aging, meeting changing customer needs, and investing responsibly – all of which are explored in such a way as to explain both the challenges and opportunities that exist for Aegon. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Almirall S.A. is a pharmaceutical company facing challenges from the poor economy and generic drug policies in Spain. The valuation analysis values Almirall using an intrinsic valuation approach over two stages: a 5-year high growth phase and a stable growth phase. During the high growth phase, Almirall is assumed to increase investments and launch new products to return to earning its cost of capital. In the stable phase, Almirall grows at the economic rate with a constant return on capital equal to its cost. The valuation estimates Almirall's current value at €899 million, or €5.18 per share, suggesting it is overvalued at its market price of €10.11 per share.
Olympic Wealth Fund Marathon December end Fact sheet now availableOlympic Wealth Fund
The Marathon Freedom Fund SP Fact Sheet provides information on the fund's performance and holdings as of December 2014. In the one year since its May 2013 inception, the fund's Class A shares declined 11.59%. Its top five holdings as of December 2014 were in the financial, consumer goods, and services sectors, including Arch Financial, Apple, Wells Fargo, Union Pacific, and Avis Budget. The two-page fact sheet also details the fund's objectives, investment strategy, portfolio composition, and administrative information.
Ahli bank weekly capital markets newsletter 4th 8th of november 2018ahli bank
1) The document is a weekly newsletter from Jordan Ahli Bank providing market information and analysis, including stock performance data from the Amman Stock Exchange, interest rates, commodity prices, and local, regional and global news briefs.
2) According to the newsletter, the ASE index fell 0.27% over the week while trading value and volume declined by over 30% and 20% respectively. The financial and services sectors saw small declines in their indices.
3) Globally, the US dollar rose against other major currencies amid falling stock prices and weak Chinese economic data, while the British pound gained on Brexit deal hopes but challenges remain in negotiations. Several major banks were also sued for alleged foreign exchange rigging.
Beazley delivered a strong financial performance in the first half of 2014, with profit before tax rising 61% over the equivalent period in 2013. Gross written premiums rose 1% to $1.077.7 million. The company saw more growth opportunities in smaller business lines underwritten locally in the US, where the number of underwriters has grown to 92. Specialty lines and property divisions performed well. The investment portfolio returned 1.1% for the period. The board declared an interim dividend of 3.1 pence per share, in line with a target of 5-10% annual dividend growth. The outlook for the remainder of 2014 is for continued growth in professional liability and management liability lines and smaller scale risks, led
The Lloyd's market had a profitable year in 2012, despite losses from Superstorm Sandy. It reported a profit before tax of £2,771m and a combined ratio of 91.1%. Gross written premium increased 9% to £25.5bn. Central assets reached a record high of £2.485bn. The Corporation reduced costs by 8% while making progress on strategic objectives. Looking ahead, Lloyd's aims to attract new capital and expand its global license network to access growth opportunities in developing economies.
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
The document provides a fund fact sheet for the Marathon Freedom Fund SP Class A shares from November 2014. It summarizes the fund's performance, top holdings, asset allocation, and investment objective. Over the past year the fund declined 11.59% but has increased 117.82% since its inception in May 2013. The fund's largest holdings are in Arch Financial, Apple, Wells Fargo, Union Pacific, and Facebook. It has a diversified portfolio with 73% in stocks and 27% in private equity. The investment objective is to provide capital appreciation over the long term through a lower risk strategy investing in bonds, mutual funds, and stocks.
Aegon's Annual Review 2015 explains how Aegon creates and shares value for its stakeholders by letting customers, investors, business partners, local communities and employees tell their story. It highlights three particularly important topics – raising awareness about global aging, meeting changing customer needs, and investing responsibly – all of which are explored in such a way as to explain both the challenges and opportunities that exist for Aegon. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Almirall S.A. is a pharmaceutical company facing challenges from the poor economy and generic drug policies in Spain. The valuation analysis values Almirall using an intrinsic valuation approach over two stages: a 5-year high growth phase and a stable growth phase. During the high growth phase, Almirall is assumed to increase investments and launch new products to return to earning its cost of capital. In the stable phase, Almirall grows at the economic rate with a constant return on capital equal to its cost. The valuation estimates Almirall's current value at €899 million, or €5.18 per share, suggesting it is overvalued at its market price of €10.11 per share.
Olympic Wealth Fund Marathon December end Fact sheet now availableOlympic Wealth Fund
The Marathon Freedom Fund SP Fact Sheet provides information on the fund's performance and holdings as of December 2014. In the one year since its May 2013 inception, the fund's Class A shares declined 11.59%. Its top five holdings as of December 2014 were in the financial, consumer goods, and services sectors, including Arch Financial, Apple, Wells Fargo, Union Pacific, and Avis Budget. The two-page fact sheet also details the fund's objectives, investment strategy, portfolio composition, and administrative information.
Ahli bank weekly capital markets newsletter 4th 8th of november 2018ahli bank
1) The document is a weekly newsletter from Jordan Ahli Bank providing market information and analysis, including stock performance data from the Amman Stock Exchange, interest rates, commodity prices, and local, regional and global news briefs.
2) According to the newsletter, the ASE index fell 0.27% over the week while trading value and volume declined by over 30% and 20% respectively. The financial and services sectors saw small declines in their indices.
3) Globally, the US dollar rose against other major currencies amid falling stock prices and weak Chinese economic data, while the British pound gained on Brexit deal hopes but challenges remain in negotiations. Several major banks were also sued for alleged foreign exchange rigging.
G4S PLC is the largest private security company in the world, operating in over 120 countries. The document provides an overview of G4S, including its subsidiaries and financial performance over the past 5 years. It also analyzes G4S's share price performance compared to benchmarks and conducts a SWOT and financial analysis. The analysis concludes that G4S is undervalued and recommends buying the stock.
GRIN - Grown Rogue - M Partners Morning Note ReviewMomentumPR
Grown Rogue International is a vertically integrated, multistate cannabis company curating innovative products to provide consumers with the right cannabis experience. Each of Grown Rogue's products and strains is categorized and marketed based on unique effects and designed for the full range of a consumers' lifestyle. Grown Rogue is scaling the vertically integrated model into multiple states by incorporating best-in-class manufacturing facilities and a proprietary distribution platform based on Microsoft technology. Grown Rogue's diverse cannabis product suite includes premium flower, patent-pending nitrogen sealed pre-rolls, oil and concentrates, and edibles featuring a partnership with world-renowned chocolatier Jeff Shepherd.
The document provides a company profile of Legal & General Group Plc (L&G), a UK-based life insurer and asset manager. It summarizes L&G's business segments, distribution channels, organizational structure, financial highlights, and management. The largest business segments are LGIM (investment management), LGAS (savings and protection), and LGR (annuities). L&G distributes products through independent financial advisers, employee benefit consultants, and bancassurance partnerships. It has over 6 million customers and £433 billion in assets under management as of June 2013.
Amer Group - Initiation of Coverage - September 2016Mohamed Marei
This document provides an initiation of coverage report on Amer Group by Prime Investment Research. It values Amer Group at EGP 1,211.21 per share, with an upside potential of 5.1% from the current trading price. It forecasts Amer Group's revenues to grow until 2018 and then decline as real estate project recognition ends. It also identifies risks such as over-reliance on tourism destinations and issues with the business model transition. Overall, the report recommends reducing positions in Amer Group gradually due to downside risks and issues with the distorted business model.
1) IMAP advised on several transactions in the consumer products and services sector in 2015-2016, including acquisitions and sales of companies involved in educational services, staffing, home furnishings, and industrial distribution.
2) Notable deals included the sale of a Peruvian air compressor distributor to an Ecuadorian machinery distributor, and the sale of a Mexican personal protective equipment distributor to a UK outsourcing company.
3) IMAP also advised a US knife and sword manufacturer on its sale to a US private equity fund.
Aviva reported strong financial results for 2015, with total dividends up 38% over the last two years and operating profit up 20%. The integration of the Friends Life acquisition was completed ahead of schedule, creating savings of £225 million. Aviva now insures one in four UK households and paid over £30.7 billion in benefits and claims to customers in 2015. The company also has one of the strongest solvency ratios in the UK market at 180% and is well positioned for continued growth and customer focus in 2016.
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is delivering. Our key metrics have improved again. Year to date, our net asset value is 10% higher; value of new business is up 15%1 and the general insurance combined ratio improved to 95.9%.
“The steps we have taken to focus and strengthen the Group mean we are in a different position to two years ago.
“Notwithstanding this progress, there is still more to do before we can be satisfied we are fully delivering on our investment thesis of cash flow plus growth.”
Aviva plc annual report and accounts 2013Aviva plc
The document is Aviva plc's 2013 Annual Report. It summarizes that 2013 was a year of transformation for Aviva with a new management team appointed and significant changes made to narrow the business portfolio and focus on the most attractive segments. The operating performance improved with adjusted operating profit growing 6% and cost savings of £360 million delivered out of a £400 million target. The Chairman expresses confidence in the progress made but acknowledges there is still much to do. The Board declared a final dividend of 9.4p per share and introduced a dividend reinvestment plan.
Olympic Wealth Fund, Javelin fund fact sheet class 'A' to Jan 2015Olympic Wealth Fund
The Javelin Global Fund Fact Sheet for January 2015 provides the following information:
- The Fund's Class A shares had a 1 year return of -29.55% and a cumulative return since its July 2011 inception of 58.18%.
- The Fund's top four holdings as of January 2015 were in Suncor Energy Inc, GW Pharmaceuticals PLC, Alibaba Group Holding Ltd, and Microsoft Corp.
- In January 2015, the Fund added Microsoft to its portfolio taking advantage of a dip in price following missed earnings, seeing future appreciation potential from dividends and a company reorientation.
The document is a survey report from KPMG on mining company financial reporting trends in 2016. It surveyed 25 major mining companies that reported under IFRS or US GAAP. The survey focused on estimates and judgments, non-GAAP measures, risks, valuation, and other reporting trends. It found that impairment/reversal of impairment and income taxes were the only areas disclosed by all companies as estimates or judgments. Estimates and judgments disclosures varied between companies in both nature and number. Streaming arrangements, an increasingly prevalent form of financing, were disclosed as requiring judgment by 7 of the 10 companies that had entered into such arrangements.
The document provides an investment analysis on Starwood Hotels & Resorts (NYSE: HOT) conducted by Nick Ennis, Bill Geist, Allen Miller, Mike Mongiardini, Tom Walker & Ryan Williams. Key points include:
- The analysts conducted a discounted cash flow valuation that derived an equity value of $15.1 billion for HOT, implying a slight downside to the current share price.
- Growth in the lodging industry, particularly in China and North America, is expected to support increased revenues and profits for HOT.
- HOT's transition to an asset-light business model is expected to improve returns and reduce debt, supporting a higher valuation multiple.
The QE Index in Qatar rose 0.7% led by gains in the Banks & Financial Services and Telecoms indices. Gulf International Services and Baladna were the top gainers rising 4.1% and 4.0% respectively, while Salam International Investment fell 9.8%. Regional indices fell except for Oman which rose 0.2%. Earnings releases and global economic data are reported. The document provides market commentary and updates on Qatar, regional, and global markets and economies.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
Aviva plc third quarter 2013 interim management statementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Progress is in line with our expectations and we remain focused on delivering cash flow plus growth. In the first nine months of 2013 our key measure of growth, value of new business, increased by 14%. We had strong performances from France and our growth markets of Turkey, Poland and Asia. Conversely, value of new business remains depressed in our turnaround businesses of Italy and Spain, and this is being addressed.
“Capital generation in the period was stable at £1.3 billion and our economic capital surplus now stands at £8 billion. We continue to make satisfactory progress on cost reduction, with operating expenses 10% below the 2011 baseline.
“Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done.”
FXCM is a global online provider of forex trading and related services. In 2010, FXCM saw strong growth in key metrics such as active client accounts, trading volumes, and revenues. FXCM went public on the NYSE in December 2010. The annual report summarizes FXCM's global operations and presence, performance highlights for 2010 showing increases in accounts and trading volumes, and a letter to shareholders outlining FXCM's strategic initiatives and accomplishments in 2010 such as new platforms, products, and expansion into new markets.
Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
- Aviva's key metrics have improved in the first half of 2014, with cash remittances, operating profit, expenses, combined operating ratio and value of new business all increasing compared to the prior year.
- Operating expenses decreased 8% to £1,399 million due to cost savings initiatives. The operating expense ratio improved to 52.1%.
- Value of new business increased 9% to £453 million, with growth markets contributing 25% of the total.
- The combined operating ratio for general insurance improved to 95.5% and IFRS net asset value per share increased 7% to 290p.
This document introduces a diverse portfolio of investment opportunities including funds, futures and options, overseas property, telecommunications, carbon credits, fine wine, gold, arts and entertainment, and club and bar awards. Experienced investors can gain access to assets that may otherwise be unavailable. Appointments can be made with independent financial advisors to discuss the various funds and their terms and conditions in full. Capital-Investments serves as an introducer but does not provide advice directly.
Solomon Capital is an investment bank that provides corporate finance services including fundraising, mergers and acquisitions (M&A), financial restructuring, and business consulting. In 2013, 72 companies joined the AIM market in London and raised £1.169 billion, increases of 38% and 65%, respectively, from 2012. Looking ahead to 2014, Solomon Capital expects stronger global economies and more IPO volume and activity in capital markets. The report from Solomon Capital provides an outlook on listings activity and performance on the AIM market in 2013.
Cross border debt solutions for israeli based companies.David Solomon
Solomon Capital is a leading cross-border investment bank that provides investment banking and corporate finance services including fundraising, mergers and acquisitions, financial restructuring, and business consulting to Israeli and international companies. It is part of DS Solomon Holdings Ltd. and specializes in advising non-UK companies pursuing initial public offerings on the AIM exchange. Contact information is provided for David Solomon of DS Solomon Holdings.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
G4S PLC is the largest private security company in the world, operating in over 120 countries. The document provides an overview of G4S, including its subsidiaries and financial performance over the past 5 years. It also analyzes G4S's share price performance compared to benchmarks and conducts a SWOT and financial analysis. The analysis concludes that G4S is undervalued and recommends buying the stock.
GRIN - Grown Rogue - M Partners Morning Note ReviewMomentumPR
Grown Rogue International is a vertically integrated, multistate cannabis company curating innovative products to provide consumers with the right cannabis experience. Each of Grown Rogue's products and strains is categorized and marketed based on unique effects and designed for the full range of a consumers' lifestyle. Grown Rogue is scaling the vertically integrated model into multiple states by incorporating best-in-class manufacturing facilities and a proprietary distribution platform based on Microsoft technology. Grown Rogue's diverse cannabis product suite includes premium flower, patent-pending nitrogen sealed pre-rolls, oil and concentrates, and edibles featuring a partnership with world-renowned chocolatier Jeff Shepherd.
The document provides a company profile of Legal & General Group Plc (L&G), a UK-based life insurer and asset manager. It summarizes L&G's business segments, distribution channels, organizational structure, financial highlights, and management. The largest business segments are LGIM (investment management), LGAS (savings and protection), and LGR (annuities). L&G distributes products through independent financial advisers, employee benefit consultants, and bancassurance partnerships. It has over 6 million customers and £433 billion in assets under management as of June 2013.
Amer Group - Initiation of Coverage - September 2016Mohamed Marei
This document provides an initiation of coverage report on Amer Group by Prime Investment Research. It values Amer Group at EGP 1,211.21 per share, with an upside potential of 5.1% from the current trading price. It forecasts Amer Group's revenues to grow until 2018 and then decline as real estate project recognition ends. It also identifies risks such as over-reliance on tourism destinations and issues with the business model transition. Overall, the report recommends reducing positions in Amer Group gradually due to downside risks and issues with the distorted business model.
1) IMAP advised on several transactions in the consumer products and services sector in 2015-2016, including acquisitions and sales of companies involved in educational services, staffing, home furnishings, and industrial distribution.
2) Notable deals included the sale of a Peruvian air compressor distributor to an Ecuadorian machinery distributor, and the sale of a Mexican personal protective equipment distributor to a UK outsourcing company.
3) IMAP also advised a US knife and sword manufacturer on its sale to a US private equity fund.
Aviva reported strong financial results for 2015, with total dividends up 38% over the last two years and operating profit up 20%. The integration of the Friends Life acquisition was completed ahead of schedule, creating savings of £225 million. Aviva now insures one in four UK households and paid over £30.7 billion in benefits and claims to customers in 2015. The company also has one of the strongest solvency ratios in the UK market at 180% and is well positioned for continued growth and customer focus in 2016.
Aviva plc Third Quarter 2014 Interim Management StatementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Aviva’s turnaround is delivering. Our key metrics have improved again. Year to date, our net asset value is 10% higher; value of new business is up 15%1 and the general insurance combined ratio improved to 95.9%.
“The steps we have taken to focus and strengthen the Group mean we are in a different position to two years ago.
“Notwithstanding this progress, there is still more to do before we can be satisfied we are fully delivering on our investment thesis of cash flow plus growth.”
Aviva plc annual report and accounts 2013Aviva plc
The document is Aviva plc's 2013 Annual Report. It summarizes that 2013 was a year of transformation for Aviva with a new management team appointed and significant changes made to narrow the business portfolio and focus on the most attractive segments. The operating performance improved with adjusted operating profit growing 6% and cost savings of £360 million delivered out of a £400 million target. The Chairman expresses confidence in the progress made but acknowledges there is still much to do. The Board declared a final dividend of 9.4p per share and introduced a dividend reinvestment plan.
Olympic Wealth Fund, Javelin fund fact sheet class 'A' to Jan 2015Olympic Wealth Fund
The Javelin Global Fund Fact Sheet for January 2015 provides the following information:
- The Fund's Class A shares had a 1 year return of -29.55% and a cumulative return since its July 2011 inception of 58.18%.
- The Fund's top four holdings as of January 2015 were in Suncor Energy Inc, GW Pharmaceuticals PLC, Alibaba Group Holding Ltd, and Microsoft Corp.
- In January 2015, the Fund added Microsoft to its portfolio taking advantage of a dip in price following missed earnings, seeing future appreciation potential from dividends and a company reorientation.
The document is a survey report from KPMG on mining company financial reporting trends in 2016. It surveyed 25 major mining companies that reported under IFRS or US GAAP. The survey focused on estimates and judgments, non-GAAP measures, risks, valuation, and other reporting trends. It found that impairment/reversal of impairment and income taxes were the only areas disclosed by all companies as estimates or judgments. Estimates and judgments disclosures varied between companies in both nature and number. Streaming arrangements, an increasingly prevalent form of financing, were disclosed as requiring judgment by 7 of the 10 companies that had entered into such arrangements.
The document provides an investment analysis on Starwood Hotels & Resorts (NYSE: HOT) conducted by Nick Ennis, Bill Geist, Allen Miller, Mike Mongiardini, Tom Walker & Ryan Williams. Key points include:
- The analysts conducted a discounted cash flow valuation that derived an equity value of $15.1 billion for HOT, implying a slight downside to the current share price.
- Growth in the lodging industry, particularly in China and North America, is expected to support increased revenues and profits for HOT.
- HOT's transition to an asset-light business model is expected to improve returns and reduce debt, supporting a higher valuation multiple.
The QE Index in Qatar rose 0.7% led by gains in the Banks & Financial Services and Telecoms indices. Gulf International Services and Baladna were the top gainers rising 4.1% and 4.0% respectively, while Salam International Investment fell 9.8%. Regional indices fell except for Oman which rose 0.2%. Earnings releases and global economic data are reported. The document provides market commentary and updates on Qatar, regional, and global markets and economies.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
Aviva plc third quarter 2013 interim management statementAviva plc
Mark Wilson, Group Chief Executive Officer, said:
“Progress is in line with our expectations and we remain focused on delivering cash flow plus growth. In the first nine months of 2013 our key measure of growth, value of new business, increased by 14%. We had strong performances from France and our growth markets of Turkey, Poland and Asia. Conversely, value of new business remains depressed in our turnaround businesses of Italy and Spain, and this is being addressed.
“Capital generation in the period was stable at £1.3 billion and our economic capital surplus now stands at £8 billion. We continue to make satisfactory progress on cost reduction, with operating expenses 10% below the 2011 baseline.
“Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done.”
FXCM is a global online provider of forex trading and related services. In 2010, FXCM saw strong growth in key metrics such as active client accounts, trading volumes, and revenues. FXCM went public on the NYSE in December 2010. The annual report summarizes FXCM's global operations and presence, performance highlights for 2010 showing increases in accounts and trading volumes, and a letter to shareholders outlining FXCM's strategic initiatives and accomplishments in 2010 such as new platforms, products, and expansion into new markets.
Mark Wilson, Group Chief Executive Officer, said:
“The turnaround at Aviva is intensifying. We have focused the business on ‘cash flow plus growth’ and the benefits are starting to be reflected in our performance. Cash flows to the Group are up 40%, operating expenses are down 7%, operating profit is up 6% and Value of New Business is up 13%. After a £2.9 billion loss after tax last year, Aviva has delivered a £2.2 billion profit.
“Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.
“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address. Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”
- Aviva's key metrics have improved in the first half of 2014, with cash remittances, operating profit, expenses, combined operating ratio and value of new business all increasing compared to the prior year.
- Operating expenses decreased 8% to £1,399 million due to cost savings initiatives. The operating expense ratio improved to 52.1%.
- Value of new business increased 9% to £453 million, with growth markets contributing 25% of the total.
- The combined operating ratio for general insurance improved to 95.5% and IFRS net asset value per share increased 7% to 290p.
This document introduces a diverse portfolio of investment opportunities including funds, futures and options, overseas property, telecommunications, carbon credits, fine wine, gold, arts and entertainment, and club and bar awards. Experienced investors can gain access to assets that may otherwise be unavailable. Appointments can be made with independent financial advisors to discuss the various funds and their terms and conditions in full. Capital-Investments serves as an introducer but does not provide advice directly.
Solomon Capital is an investment bank that provides corporate finance services including fundraising, mergers and acquisitions (M&A), financial restructuring, and business consulting. In 2013, 72 companies joined the AIM market in London and raised £1.169 billion, increases of 38% and 65%, respectively, from 2012. Looking ahead to 2014, Solomon Capital expects stronger global economies and more IPO volume and activity in capital markets. The report from Solomon Capital provides an outlook on listings activity and performance on the AIM market in 2013.
Cross border debt solutions for israeli based companies.David Solomon
Solomon Capital is a leading cross-border investment bank that provides investment banking and corporate finance services including fundraising, mergers and acquisitions, financial restructuring, and business consulting to Israeli and international companies. It is part of DS Solomon Holdings Ltd. and specializes in advising non-UK companies pursuing initial public offerings on the AIM exchange. Contact information is provided for David Solomon of DS Solomon Holdings.
The document discusses the impact of the UK government's Comprehensive Spending Review (CSR) which outlined public spending cuts over the next four years.
The FTSE 100 index rose on the day of the CSR as global factors such as expected US quantitative easing boosted share prices, outweighing fears around slower UK growth due to cuts. However, some sectors were directly impacted by reductions in government spending. Transport companies gained from changes to bus subsidies while construction and housebuilding declined on cuts to capital spending. Defense companies also fell but global factors are expected to mitigate these declines over the long run. Investors will monitor the success of the CSR but the plan has reduced short-term uncertainty.
Solomon capital Cross Borders Investment BankingDavid Solomon
Solomon Capital is an investment banking firm that provides cross-border investment and corporate finance services including fundraising, mergers and acquisitions, financial restructuring, and strategic consulting to Israeli and international companies. The firm's CEO, David Solomon, has over 20 years of experience working with major clients. Solomon Capital offers services such as fundraising on private markets and public offerings in London, M&A advisory, business valuations, and analyst reports on public companies. The presentation describes the firm's approach and processes for initial public offerings, fundraising, and financial restructuring.
GOING PUBLIC ON AIM 2013 MIGHT BE THE BEST SOLUTION FOR YOU..David Solomon
Solomon Capital is an Israeli investment house that provides investment banking and corporate finance services, including fundraising, mergers and acquisitions, financial restructuring, and business consulting. The document discusses Solomon Capital's expertise in taking Israeli and international companies public on the AIM London stock exchange, specifically profiling two types of companies - technology companies with certain sales, EBITDA, market capitalization, and export figures, and service/retail companies with higher sales, EBITDA, and market capitalization figures. It provides an overview of the AIM listing process and basic timetable.
GEI was incorporated in August 2010 with a market capitalization of $50 million. It develops synergies among experienced financial professionals to provide effective market penetration for various investment products and services. GEI works with investors and experts to turn ideas into successful ventures through unique investment options and opportunities, prioritizing clients' interests. GEI is active in markets including the US, Canada, China, South Korea, Australia and focuses on restructuring, acquisitions, commodities, and mining investments.
Solomon Capital is an Israeli investment bank that provides corporate finance services including fundraising, mergers and acquisitions (M&A), financial restructuring, and strategic consulting to Israeli and international companies. The company's CEO, David Solomon, has over 20 years of experience working with major clients. Solomon Capital assists companies with going public on the AIM market in London, fundraising of $5-100 million, mid-to-large cap M&A deals, and financial and business restructuring including leveraged buyouts ranging from $20-100 million. The presentation provides an overview of the firm's services and processes for initial public offerings, fundraising, and turnaround restructuring.
The document provides financial information about Zip Zap Zoom Car Company over several years. It discusses the company's need to invest in upgrading technology and facilities to compete with increasing competition. It presents two views on determining the company's additional debt capacity. Mr. Shortsighted assumes a maximum 10% reduction in sales and 6% reduction in prices during a recession, and calculates the company can service Rs. 100 crore of additional debt. Mr. Longsighted argues a more probabilistic analysis of cash flows is needed that accounts for dividend payments and continued R&D/marketing spending. His analysis finds the company can service an additional Rs. 35 crore of debt while maintaining a 10% dividend with 95% certainty of adequate
The document provides an overview of Deloitte, a leading global accounting and consulting firm. It discusses Deloitte's presence in Israel, including its 80 partners and over 1,000 employees serving clients across various industries. Deloitte in Israel has eight offices and provides a wide range of audit, tax, consulting, and financial advisory services. The document also introduces some of Deloitte Israel's leadership team.
Asset Management in Eastern Europe | Karoll Capital ManagementKaroll
Asset Management in Eastern Europe
Karoll Capital Management
Karoll Capital Management is a licensed asset manager established in Sofia in 2003.
With a clear focus on investing in Emerging Europe, the firm has evolved into one of the most progressive asset management boutiques in the region.
We at Karoll Capital Management take pride in our innovative approach toward money management and product development. In 2004 we pioneered the first stock mutual fund in the country.
We were the first to offer local clients investment services abroad, and at the same time access of international investors to the local market. In 2012 we became the local partner of Schroders – one of the top global asset managers.
Karoll Capital’s team consists of seasoned professionals with solid capital markets expertise dedicated to helping all who wish to take advantage of the exciting opportunities in Eastern Europe.
Over the years we have built a solid reputation of a reliable partner, our relationships with clients are based on mutual trust and alignment of interests. We work with various international institutions and individuals in helping them tap into the potential of Emerging Europe.
The secrets of how those multi billionaire become wealthy.tttan
The document discusses whether one should start investing and provides information on various investment options. It notes that inflation and price increases mean even a 10% yearly return may just break even. Fixed deposits of 3-4% are not advisable. Developing countries have shown that long-term stock speculation over 30-40 years can yield high profits, as seen from examples of companies in Malaysia and the US. Investing in China is suggested as the country's economy and companies are growing rapidly. Over-the-counter (OTC) markets are presented as a way to invest in small and medium enterprises that have potential for high returns before listing on larger stock exchanges.
The document provides an overview of the Samuel Terry Absolute Return Group fund, including:
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- The investment approach which focuses on "one way bets" and "irrational odds" across a wide opportunity set globally.
- Several current portfolio holdings are discussed in more detail, including Diamond Offshore Drilling, Yellow Holdings NZ, Horizon Oil, and Kiland.
- A valuation summary is provided for AMP estimating a per share value range of $1.45 to $2.17.
This document is a final report submitted by Deep Modi on his summer internship at Motilal Oswal Securities Ltd. The report discusses ways to create wealth through equity investments, including portfolio management services (PMS) and mutual funds. It provides details on Motilal Oswal's PMS strategies of Value, NTDOP, and India Opportunity Portfolio. It also describes work done during the internship on algorithmic trading, account opening contests, and business portal development. The report concludes with learnings around understanding the market and industry analysis.
Cabo Drilling Corp. provides a corporate presentation that summarizes their business. They operate over 100 drill rigs across North America, Central America, and Europe. In 2012 they exceeded their record revenue from 2008. They have a diversified fleet that allows them to serve clients in various geologies and terrains. Going forward, their goals are to increase drill utilization and efficiency, build long-term client relationships, and focus on safety and environmental standards.
Cabo Drilling is an international drilling company with 104 drill rigs serving the mining and mineral exploration industries. It has a diversified commodity exposure and global presence in Canada, Latin America, and Europe. In fiscal year 2012, Cabo Drilling achieved record revenues of $58.95 million and continues to focus on controlling costs, securing new credit facilities, and expanding effective rig capacity to drive growth. The company has a strong balance sheet with over $13 million in working capital and $24 million in shareholder equity as of March 31, 2013.
This document provides information about Osifo Samson & Co, a Nigerian consultancy firm that offers various financial and management services. The firm was established to provide efficient, effective, and reliable consultancy services in Lagos and other major Nigerian cities. Osifo Samson & Co's services include financial advisory, facilitating bank loans and overdrafts, financial investigation, debt recovery, bank charges review, tax management, and project/business management. The firm aims to expand its operations across Nigeria within 10-15 years and eventually into other African countries. It believes its team of experienced professionals and innovative approach will allow it to gain market share and satisfy customer needs.
This document summarizes information about a company called OD Capital Limited that provides forex trading services. It establishes that the company was founded in 2006 in Amsterdam and incorporated in Seychelles in 2013. It operates a no dealing desk business model for currency trading and offers clients direct market access and trading services focused on Asia's growth markets. The company aims to expand its business and increase assets through property development, tourism, and other industries in preparation for an IPO.
The document discusses the Polen Focus Growth strategy, which seeks long-term growth through a concentrated portfolio of outstanding businesses with sustainable competitive advantages and superior growth potential. The strategy focuses on identifying large cap companies with earnings driven by sustainable competitive advantages, strong financials, proven management, and strong products/services. The objective is to outperform the Russell 1000 Growth Index over time with less volatility during declines.
The Art of Cross Border Fundraising 2013David Solomon
This document discusses cross border financing and fundraising. It outlines the various sources of funds over a company's lifecycle from startups to growth to maturity. It emphasizes the importance of having a clear strategy, thorough preparation, and effective communication with investors. The fundraising process involves defining the opportunity, building a compelling story and business plan, determining valuation, and conducting roadshows with patience. Common pitfalls that can jeopardize fundraising are discussed along with tips for establishing credibility.
This document provides a 3 quarter financial update for Goldmoney Inc., a precious metals custodian. It summarizes the company's various business divisions including its core Goldmoney Holding business, SchiffGold coin and bullion dealership, Mene jewelry business, and recent entry into cryptocurrency custody through BlockVault. The summary highlights growing revenue, margins, and assets under custody despite challenges in precious metals markets. It also outlines Goldmoney's strategy of investing in complementary businesses and spinoffs that contribute to its overall return on metal weight business model.
Similar to Plus500 solomon capital report sample only (20)
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Solomon Capital Group is an investment banking and corporate finance firm that provides fundraising, mergers and acquisitions (M&A), financial restructuring, and business consulting services to Israeli and international companies. The firm has worked with over 100 cross-border clients and completed over 500 business plans, valuations, and 600 transactions. The group CEO, David Solomon, has over 25 years of experience working with major clients such as IBM, Scitex, banks, and defense companies. Solomon Capital Group tailors its cross-border services to evaluate, plan, and execute clients' needs and aims to provide the most professional assistance for their success.
This document discusses strategic planning services provided by Solomon Capital. It includes an overview of Solomon Capital's strategic planning process, sample strategic plans it has developed for clients including targets and analyses, and key performance indicators it examines. Solomon Capital provides strategic planning, business planning, valuation, risk analysis, and other consulting services to help clients develop strategic roadmaps and meet financial goals.
SOLOMON CAPITAL GROUP is a leading business consulting group. Our team of consultants led by David Solomon, helps companies around the world identify, develop, and implement winning business, fundraising, growth and value creation strategies. Among our cross borders clients, there are banks, many top corporations, growth companies and young companies.
DS Capital Group provides innovative solutions for fundraising, debt financing, restructuring, and mergers and acquisitions. The company, led by CEO David Solomon, is located in Herzeliya, Israel and specializes in valuations, analyst reports, and financing services for its clients. DS Capital Group aims to distribute public information and reports to help its clients.
The document summarizes IPO activity and market statistics for companies listed on the AIM stock exchange between January and April 2014. There were 24 IPOs that raised over £2 million during this period, compared to only 7 in the same period in 2013. Total funds raised in 2014 were around £1.3 billion, significantly higher than the £144 million raised in 2013. The majority of AIM-listed companies have a market capitalization below £100 million. The document also introduces Solomon Capital Group and its services related to corporate finance and advising companies on IPOs.
Solomon Capital : YOUR GETWAY FOR SUCCESS 8 2013David Solomon
Solomon Capital is an Israeli investment banking firm led by CEO David Solomon. The firm provides strategic consulting, fundraising, mergers and acquisitions advisory, and debt financing services. Solomon Capital's services are targeted towards small and mid-sized companies with revenues between $2-100 million. David Solomon has over 20 years of experience in corporate finance and founding several consulting and investment banking firms.
Solomonn Capital Presntation e AUG 2013David Solomon
Solomon Capital Group is an Israeli investment bank providing investment banking and corporate finance services including fundraising, mergers and acquisitions, financial restructuring, and business strategic consulting. The firm was founded by David Solomon, an experienced corporate finance expert with over 20 years of experience working with major companies. Solomon Capital Group works with Israeli and international clients.
Listing equity in London A quick guide : by Berwin Leighton Paisner LLPDavid Solomon
Very good quick guide for Listing equity in London.
I promise my friends at BLP to introduce it to my network.
David Solomon
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www.solomon-capital.com
This document summarizes David Solomon's experience and expertise in corporate finance and firm valuation. It provides an overview of David Solomon's background, including his experience as a leading expert in Israel with over 20 years in the field working with major clients. It also outlines some of the main approaches to firm valuation, including the book value approach, market value approach, and discounted cash flow approach. Key aspects of valuation models and processes are discussed at a high level.
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Plus500 solomon capital report sample only
1. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
SAMPLE ONLY
The Right Technology in the Right Market at the Right time; We believe
Plus500 has the correct combination of a very strong online trading platform,
most efficient online marketing tools, and automated low risk trade execution
approach. This, while leveraging its abilities increasing market share in very
excited sector of the CFDs [Contracts for Difference].
Strong outlook. In our view, within the next two years the company will increase
its market share to about 10% of the UK CFDs market and by 2016, company
revenues will increase to about $200m, generating about $85m net income [EPS
of 79 GBp]
No growth without risk. We see two key risks to our model. The first is
unexpected new guidelines for the CFD products in the EU countries or/and in
non EU Countries. The second is that the global financial markets appetite for
CFDs will change.
$m 2011 2012 YoY% 2013 YoY% 2014e YoY%
Total Revenue 50.0 56.1 12% 115.0 105% 155.3 35%
Operating income 23.7 23.1 -3% 67.1 190% 86.9 30%
% Op. Income 47% 41% -13% 58% 42% 56% -4%
Net income 17.1 17.1 0% 50.6 196% 65.6 30%
EPS $ - 0.12 na 0.47 290% 0.61 30%
2013
Market Cap £m Market Cap $m Price Change PE 2013 PE 2014e Revunues YoY Growth % EBIT Net Profit % Net profit
Plus 500 381 621 160% 12.3 9.5 115 105% 58% 51 44%
IG Group 2,350 3,854 38% 16.5 14.9 621 6% 46% 143 23%
FXCM 488 717 62% 21.7 17.4 485 16% 15% 22 4%
2013
Symbol [AIM] PLUS
Market Price [ GBp ] 397
Market Cap £m 381
Market Cap $m 621
2013 P/E 12.3
2014 P/E [Est.] 9.5
Price Change 160%
Fair Market Cap £m 628
Fair Market Cap $m 982
% UPSIDE 58%
PLUS500 AS OF/19/2/2014
2. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
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Financial Highlights
Revenues: Sales grew by 105% YoY in 2013 to $115m.. We
estimate that in 2014 sales will increase to $155m
EBIT: In 2012, EBIT was about $23m and the EBIT margin
was about 41%. According , In 2013 ,the EBIT rose by 190%
to about $67m , and the EBIT margin is about 58%, We
believe the company will be able to maintain a EBIT margin of
48% in the foreseeable future, in 2014 we expect EBIT will
be about $87m.
Net income: The net income in 2013 grew up to $50m , [and
EPS is reach the 47p], we estimate a $65m as net income in
2014, EPS of 61p.
Free Cash Flow : The free cash flow in 2013 was about
$57m comparing to about $20m in 2012, and we project a
$64m in 2014.
Note : Source Plus500, Forcasast SOLOMON CAPITAL
-
50.0
100.0
150.0
200.0
250.0
2011 2012 2013 2014e 2015e 2016e
Revenues trends [$m]
$0.47
$0.61
$0.70
$0.79
2011 2012 2013 2014e
EPS ,$
23 20
57
64
74
83
2011 2012 2013 2014e 2015e 2016e
Free Cashflow [$m]
3. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
SAMPLE ONLY
4. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
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Main KAI’s
2011 2012 2013 2014e
Revenues $m 50 56 115 155
Advertising cost $m 20 23 35 45
New Customer 33 37 57 69
Active Customer 45 58 86 118
ARPU $ 1,101 962 1,320 1,320
AUAC $ 604 628 632 650
Note : Source Plus500, Forcasast SOLOMON CAPITAL
33 37
57
69
45
58
86
118
-
50
100
150
2011 2012 2013 2014e
New Customer Active Customer
5. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
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CFD Market
Based on IG Group and Investment Trends, 23, Decmber 2013 data, we estimate the total UK CDF’s Market in 2013 was $200-
220m [excluding Spread betting] and about $250-280m including Spread betting. In 2013 plus500 reached about a 5% share of the
UK market.
32%
11% 8% 6% 1%
34%
7% 6% 5% 5%
IG CMC SAXO CAPITAL CITY INDEX PLUS500
UK CFD Market TOP 5 Providers
2012 2013
6. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
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Peer Group Analysis
IG Group Holdings plc [IGG] is a UK based company which provides retail traders with access to the financial markets. Company provides contracts for
difference (CFDs) and spread betting on over 10,000 financial markets, including forex, indices, shares, and commodities. IG has a ABOUT 34% share of
the UK CFD market [Source: Investment Trends, 23, Decmber 2013].
FXCM Inc. (FXCM), is an online provider of foreign exchange (FX) trading and related services to approximately 170,000 active retail
customers globally. The Company offers its customers access to over-the-counter (OTC) FX markets through its technology platform.
2013
Market Cap £m Market Cap $m Price Change PE 2013 PE 2014e Revunues YoY Growth % EBIT Net Profit % Net profit
Plus 500 381 621 160% 12.3 9.5 115 105% 58% 51 44%
IG Group 2,350 3,854 38% 16.5 14.9 621 6% 46% 143 23%
FXCM 488 717 62% 21.7 17.4 485 16% 15% 22 4%
2013
Note : IG, Year end 31 May, FXCM Year end 31 Dec. 2013e- Avg. Estimations
7. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
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The Valuation
Our DCF model is based on a WACC of 11%, standard in the sector. Our TGR is 3%, which we view as reasonable given the current
growth rate.
Asumptions Notes
Risk-free rate (Rf) 3.0% L. T risk-free rate l bonds .
Market premium (Mp) 6.0% Equity Market Risk Premium London
Beta 1.40 Industry BetaSmall- firm risk premium 0.0%
Company-specific risk premium 6.0% Based on our assumption, regulation risk and more
Cost of equity (Re) 13.2%
Pretax cost of debt 5.0% Based on the Company L.T Cost of debt
Effective tax rate 25.0% Represents the average long-term effective tax rate
Cost of debt 3.8%
% ofLT equity to total Asset 75.0% Base on the company projections and Peer group analysys
WACC 10.8%
8. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
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Stable growth 3.0% Cost of Capital 10.8%
Stable growth
982 2.5% 3.0% 3.5% 4.0% 4.5%
DCF 179 9.0% 1,133 1,210 1,301 1,410 1,543
Discount Terminal Value 724 9.5% 1,069 1,136 1,213 1,304 1,414
Total Discount Cash Flow 902 10.0% 1,014 1,072 1,138 1,216 1,308
Net Financial Liability 10.5% 965 1,016 1,074 1,141 1,219
Surplus Assets 80 11.0% 922 967 1,018 1,076 1,143
Equity Value 982 11.5% 884 924 969 1,020 1,078
Current Market Cap [£m] 381 Fair Market Value [£m] 603
Current Market Cap [$m] 621 Fair Market Value [$m] 982
Current Share price [p] 397 Fair Market Price [p] 628
CostofCapital
PLUS-500 DCF VALUATION [$,Millions]
Equity Value
23
20
57
64
74
83
2010 2011 2012 2013 2014e 2015e
Free Cash Flow
$ millions
9. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
SAMPLE ONLY
2011 2012 2013 2014e 2015e 2016e
16% 35% 18% 12%
50.0 56.1 115.0 155.3 183.2 205.2
Total Revenue 50.0 56.1 115.0 155.3 183.2 205.2R&D 18.5 - - - - -
M&S 24.2 28.9 44.3 62.1 75.1 84.1
G&A 2.1 4.1 3.6 6.2 7.3 8.2
Operating income 23.7 23.1 67.1 86.9 100.8 112.8
Other income (expense) -0.7 - - - - -
Income before taxes 23.0 23.1 67.1 86.9 100.8 112.8
Provision for income taxes 5.9 6.0 16.5 21.4 24.8 27.7
Net income 17.1 17.1 50.6 65.6 76.0 85.1
25%
Weighted average shares [M] 108 108 108 108
Earnings per share 0.12$ 0.47$ 0.61$ 0.70$ 0.79$
Operating income 23.7 23.1 67.1 86.9 100.8 112.8
Tax Payed -4.7 -3.4 -10.0 -21.4 -24.8 -27.7
Adjustments 4.0 0.1 -0.1 -1.0 -1.0 -1.0
Cash Flow from Op. 23.0 19.8 57.0 64.6 75.0 84.1
PLUS500 LTD [$,Millions]
10. About Solomon Capital: SOLOMON CAPITAL [A part of DS SOLOMON HOLDINGS Ltd.] is a leading Cross Border Investment bank, providing
investment banking as well as corporate finance services that include; Fundraising, M&A, Financial Restructuring and Business Strategic
Consulting to Israeli, and International companies.. Solomon Capital is an IPO Adviser for Non-UK companies looking for going public on the AIM.
Contact; DS SOLOMON HOLDINGS LTD, www.solomon-capital.com David Solomon, 972-508-695450 David@solomon-capital.com
SOLOMONCAPITALPLUS 500 19.2.2014
SAMPLE ONLY
Disclaimer
The analysis presented in this report is designed to provide information only, and is in no way to be deemed the
expression of an opinion, offer, recommendation or advice regarding the purchase and/or holding of and/or sale of the
securities and/or financial assets described herein. The research was conducted on the basis of publicly available
information, which DS SOLOMON HOLDINGS Ltd. presume to be reliable, though no independent check was conducted
to verify the reliability, accuracy, or completeness of the information. Moreover, the information contained in this report
makes no pretense of providing all information a potential investor would require; nor does it claim to provide a full
analysis of all the facts and details appearing in the report. The information, details, and analysis herein, including the
opinions expressed, are subject to changes without additional clarifications being issued to that effect. This report is solely
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the date of publication. This report is not to be deemed, in any fashion, an alternative to investment advice that takes into
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