Don Fitzgerald presents a stock idea - Publicis Groupe SA, the world's 3rd largest advertising agency group. Publicis has generated high and sustainable returns through best-in-class margins, a competitive edge in digital advertising, and consistent earnings growth of 15% annually. The company is well-positioned for continued growth and has solid management despite being in the soft cyclical advertising industry. At a valuation of 7x EBIT, Publicis represents a good investment idea.
This is the presentation given to the Geeks on a Plane 500 Startups Group (GOAP) in Mexico City on Saturday May 12, 2012 by Paul Ahlstrom. This is a summary of the internal market research that led Alta to create a two investment funds in Mexico (Alta Growth Capital and Alta Ventures Mexico) (Excuse the formatting issues... We call this our kitchen sink version and although it is fairly complete, it was never meant for external publication..) Enjoy - It will be posted here for a limited time
This document summarizes Tele2 Russia's Capital Markets Day presentation on December 12, 2012. It shows that Russia contributes significantly to Tele2's net sales, EBITDA, and capital expenditures. The presentation discusses Tele2 Russia's plans to continue growing its customer base through 2G, evaluate new licenses and acquisitions, and progress on technology neutrality. Charts are provided showing Tele2 Russia has increased its market share and maintained ARPU expansion while improving margins and reducing CAPEX. Historical data is benchmarked against the market.
Financial Analysis - Technip SA designs and constructs industrial facilities....BCV
Financial Analysis - Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity
Mobile revenue accounted for 79% of Tele2's total revenue in Q3 2012. Tele2 aims to build on growth in mobile, particularly 4G rollout and household/corporate fiber strategies. Key strategies include operating mobile networks through joint ventures to reduce costs, focusing on bucket-priced subscriptions, and expanding fixed network household customer reach through open access networks. Mobile data, particularly 4G, is a main driver of future growth as smartphone adoption increases.
This document discusses how the internet has scaled exponentially over time despite predictions it would not be able to. It outlines the continued growth expected in internet users, connected devices, cloud computing, and online activity. However, it also notes potential risks from increasing security threats from attacks growing in size and frequency. The document proposes distributing content globally at the network edge through Akamai's platform as a solution to continue scaling the internet to meet future demands while improving security, performance and reducing costs.
World construction spending grew just 0.5% in 2011 to $4.6 trillion and remains below 2007 levels. China was the largest construction market and is expected to see the fastest growth in 2012 at 9%, led by infrastructure spending. Western Europe contracted 3% due to sovereign debt crises, with continued declines expected through 2015 in Southern European countries. Developing markets in Asia, Latin America, and parts of Eastern Europe are expected to see stronger growth than developed markets through 2015 as the global construction industry shifts focus away from Western Europe and toward Asia and emerging economies.
COM DEV International is a space technology company that has been in operation for 35 years with over 1,200 employees across 4 countries. It has earned 238 patents and worked on over 750 satellite contracts. In recent years, the company has focused on its core space business, investing in new technologies and markets. This has led to significant growth, with revenues increasing from $88 million in 2003 to $210 million in 2008, significantly outperforming the industry average. The company has also diversified into new segments like civil and military space. A key part of its strategy was expanding its presence in Canada and the United States, growing its Canadian civil space revenues from $8 million in 2004 to $50 million in 2008 and acquiring a U
This is the presentation given to the Geeks on a Plane 500 Startups Group (GOAP) in Mexico City on Saturday May 12, 2012 by Paul Ahlstrom. This is a summary of the internal market research that led Alta to create a two investment funds in Mexico (Alta Growth Capital and Alta Ventures Mexico) (Excuse the formatting issues... We call this our kitchen sink version and although it is fairly complete, it was never meant for external publication..) Enjoy - It will be posted here for a limited time
This document summarizes Tele2 Russia's Capital Markets Day presentation on December 12, 2012. It shows that Russia contributes significantly to Tele2's net sales, EBITDA, and capital expenditures. The presentation discusses Tele2 Russia's plans to continue growing its customer base through 2G, evaluate new licenses and acquisitions, and progress on technology neutrality. Charts are provided showing Tele2 Russia has increased its market share and maintained ARPU expansion while improving margins and reducing CAPEX. Historical data is benchmarked against the market.
Financial Analysis - Technip SA designs and constructs industrial facilities....BCV
Financial Analysis - Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity
Mobile revenue accounted for 79% of Tele2's total revenue in Q3 2012. Tele2 aims to build on growth in mobile, particularly 4G rollout and household/corporate fiber strategies. Key strategies include operating mobile networks through joint ventures to reduce costs, focusing on bucket-priced subscriptions, and expanding fixed network household customer reach through open access networks. Mobile data, particularly 4G, is a main driver of future growth as smartphone adoption increases.
This document discusses how the internet has scaled exponentially over time despite predictions it would not be able to. It outlines the continued growth expected in internet users, connected devices, cloud computing, and online activity. However, it also notes potential risks from increasing security threats from attacks growing in size and frequency. The document proposes distributing content globally at the network edge through Akamai's platform as a solution to continue scaling the internet to meet future demands while improving security, performance and reducing costs.
World construction spending grew just 0.5% in 2011 to $4.6 trillion and remains below 2007 levels. China was the largest construction market and is expected to see the fastest growth in 2012 at 9%, led by infrastructure spending. Western Europe contracted 3% due to sovereign debt crises, with continued declines expected through 2015 in Southern European countries. Developing markets in Asia, Latin America, and parts of Eastern Europe are expected to see stronger growth than developed markets through 2015 as the global construction industry shifts focus away from Western Europe and toward Asia and emerging economies.
COM DEV International is a space technology company that has been in operation for 35 years with over 1,200 employees across 4 countries. It has earned 238 patents and worked on over 750 satellite contracts. In recent years, the company has focused on its core space business, investing in new technologies and markets. This has led to significant growth, with revenues increasing from $88 million in 2003 to $210 million in 2008, significantly outperforming the industry average. The company has also diversified into new segments like civil and military space. A key part of its strategy was expanding its presence in Canada and the United States, growing its Canadian civil space revenues from $8 million in 2004 to $50 million in 2008 and acquiring a U
Banco Santander (Brasil) is one of the largest banks in Brazil and part of the global Santander group. It has a strong presence in Brazil with over 3,600 branches and more than 24 million customers. The bank has benefited from Brazil's solid macroeconomic fundamentals in recent years, including high international reserves, declining external debt, and falling interest rates relative to inflation. Santander focuses on retail banking in Brazil and has achieved good results, though asset quality and profits have been impacted by the economic downturn.
Real reporting examples by GRI's US Sector LeadersGRIUSA
This document summarizes a panel discussion on sustainability reporting featuring representatives from The Mosaic Company, Dell, Bloomberg, and Clorox. Each panelist discussed their company's approach to sustainability reporting. Neil Beckingham of Mosaic discussed how sustainability is integrated into their mission and operations as a fertilizer producer. Jackie Keating of Dell explained how they produce an annual CR report and GRI index. Rina Levy of Bloomberg outlined the value of standardized ESG data for financial analysis. Finally, Aileen Zerrudo of Clorox discussed how sustainability is driving 40% of their growth and their efforts towards integrated reporting.
The document discusses comparisons between Japan's economic crisis in the 1990s and the current Eurozone crisis. It analyzes similarities in the build-up and direct consequences to banking sectors. Both regions saw credit booms, rising asset prices, and deregulation. When the crises hit, banks in both areas faced increased impairments, declining collateral, and higher funding costs. The response of central banks and governments is also compared, looking at monetary easing, liquidity injections, and fiscal stimulus measures enacted in each situation. Major differences between the national Japanese crisis and the regional Eurozone crisis are also outlined.
CMD2012 - Roxanna Zea - Tele2's view on the IndustryTele2
Roxanna Zea, Chief Strategy Officer at Capital Markets Day on December 12, 2012. The summary discusses:
1) Revenue growth in the telecom industry is slowing globally as competition increases across services, access, devices and technology.
2) Exponential data growth continues to accelerate with more people and devices going online, however revenue growth is plateauing.
3) Consumers are moving to a multi-screen world across different devices which is changing the competitive landscape for telecom companies.
The document summarizes findings from the 2012 European Contact Center Benchmark (ECCB). It finds that there are over 2.4 million contact center seats across Europe, with the largest numbers in the UK, Germany, and France. Over 3.4 million people are employed in over 32,700 contact centers. The contact center industry is growing at about 4.6% annually across Europe. Outsourcing accounts for around 20% of contact center employment. Growth is expected to be highest in Eastern Europe and potential growth areas include increasing integration of front and back office functions and a shift to more remote customer interactions.
Global R&D spending has declined slightly but less than the decline in net sales, showing the strategic importance companies place on R&D. North America and Europe account for most R&D investments but Asia contributes more when adjusting for purchasing power parity. Several industries like automotive, semiconductors and telecom saw the largest decreases in R&D spending between 2008-2009 and 2009-2010.
Smaato is a mobile advertising platform that matches ads from over 80 ad networks to mobile app and website inventory from over 55,000 publishers. It aims to provide the highest eCPMs and fill rates for publishers through its optimization technology. The company has seen strong growth, raising $20M in funding and increasing its staff and revenue significantly since being founded in 2005. It now processes billions of ad requests per month globally.
Financial Analysis - EDF SA (Electricite de France) produces, transmits, dist...BCV
Financial Analysis - EDF SA (Electricite de France) produces, transmits, distributes, imports and exports electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumer
Every year dedicated value investors from around the world make their way to Italy to exchange investment ideas.
It is a unique event in a great location far from the madding crowd.
Link to the event.
http://www.valueinvestingseminar.it/pages/eng/index.asp
This is the presentation I gave this year.
The document provides an overview of a common sense approach to value investing. It discusses analyzing businesses by understanding the business model, industry dynamics, competitive advantages, financials, management and risks. Key steps include understanding the business, industry, sources of competitive advantage, profitability, cash flows, management quality and identifying risks. Examples provided include analyzing a Spanish winemaker, cement industry, Norwegian furniture maker, airline catering company and assessing their business quality, industry dynamics, competitive advantages and risks. The goal is to invest in well-run companies that are undervalued after understanding all aspects of the business.
The case for stock picking & Investment Case Baron de Ley Value Seminar Zuri...fitzgeralddon
This document discusses why stock picking may be a good strategy now. It argues that the top-down macroeconomic approach is challenging given uncertainties in global policymaking. Stock picking is currently out of favor but neglected strategies tend to outperform. The rise of ETFs may create inefficiencies that skilled stock pickers can exploit by focusing on company fundamentals rather than indexes. The document also provides an example of a potentially undervalued, illiquid stock called Baron de Ley and outlines why a value-driven approach focusing on intrinsic value may identify opportunities. It concludes that the timing is favorable for stock picking given the large moves in markets in recent years.
10 Year Anniversary Tocqueville Value Europefitzgeralddon
The long-only equity fund that we manage, Tocqueville Value Europe, celebrated its 10th Anniversary on April 1st.
Thanks to our approach to value investing we managed to comfortably outperform European equity markets and over 95% of comparable funds over the past decade with a lower than average volatility.
In fact, over the last decade the fund is ranked 2nd out of 67 funds in the general European equities category marketed in France.
We have always been transparent in our communications with investors. To this end, we have prepared the attached presentation to share with our clients.
It deals with our approach to value investing, the sources of the fund\’s out-performance and how we are managing the fund in the current environment.
This document provides an overview of the Tocqueville Value Europe fund. Some key points:
- The fund takes an independent, contrarian approach focused on bottom-up fundamental analysis of European companies across all market caps and sectors.
- It aims to construct a diversified portfolio of 50-80 stocks, with no single position over 5% of assets.
- Performance data shows the fund has achieved lower volatility than its benchmark over various time periods since inception. It has also received positive ratings from analysts.
- The investment process emphasizes understanding a company's business quality, evaluating risks, and estimating intrinsic value through financial analysis and management meetings to identify undervalued stocks.
The document discusses the state of the European economy and entrepreneurship in 2010. It notes that while unemployment has peaked and consumer/business sentiment is improving with low interest rates, GDP growth remains unstable and the Greek debt crisis raises questions about other vulnerable economies. Internet access and online advertising are growing steadily. Though European VC funding and investments continue declining, internet company valuations and shares have rebounded since 2009. IPO markets are also slowly opening up again.
The document discusses the economic environment facing entrepreneurs in 2010. It summarizes that the Icelandic volcanic eruption disrupted European air travel costing airlines billions. The Greek debt crisis raised concerns about contagion to other Eurozone nations. Unemployment peaked in the EU and US in 2009 but has since declined slightly. Interest rates remained low helping improve business and consumer sentiment in the EU and US. Online advertising spending has overtaken traditional media as internet access and usage increased globally. While some internet companies failed in the late 1990s/early 2000s, others like online retailers have since thrived. Stock market indices and internet company shares rebounded from early 2009 lows reflecting a recovery.
Recent developments in the canadian economy dec2011Sam Batarseh
The document summarizes recent economic developments in Canada and provides projections. It finds that while global growth has weakened, emerging economies continue to lead growth. Domestic demand is projected to be the main driver of growth in Canada, with exports and business investment remaining strong. Real GDP growth is expected to pick up in Canada through 2012 as excess capacity is absorbed.
The document discusses Liberty's balanced property portfolio, including:
1. A review of the portfolio's 2011 performance, which saw a 10.51% total return, outperforming inflation and other local asset classes.
2. An outlook for 2012, expecting continued growth in net income but constrained by rising costs, and risky capital forecasts given a lack of new developments.
3. The fund's composition as of January 2012, consisting mainly of retail properties in South Africa, with some office, hotel and other properties, as well as listed property investments.
This document discusses research funding and commercialization in Ireland. It provides an overview of funding mechanisms like the Commercialisation Fund that support bringing research out of universities and into industry. It also shows that more expertise, experience, and connections between researchers and businesses can help speed up commercialization, as evidenced by two case studies - one that took longer due to a lack of commercial skills, and another that was faster with industry experience. Overall, the document emphasizes the importance of commercializing research for the economy and encourages researchers to work with groups like Enterprise Ireland to help move ideas from the lab to the marketplace.
Looking Ahead: The Remaining Challenges for Latvia and the BalticsLatvijas Banka
Presentation by Andris Vilks, Minister of Finance, Latvia at the International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
This document discusses the economic development of the Brainport region in the Netherlands. It highlights how Brainport has experienced high economic growth compared to national trends, driven by sectors like high tech systems, sensing foils, LED lighting, and others. This growth is attributed to cooperation between companies, knowledge institutions, and government through the Brainport Development organization. Brainport Development facilitates business centers, financing, project development, and an integral economic development program to maintain the region's competitive advantages in technology and innovation.
Banco Santander (Brasil) is one of the largest banks in Brazil and part of the global Santander group. It has a strong presence in Brazil with over 3,600 branches and more than 24 million customers. The bank has benefited from Brazil's solid macroeconomic fundamentals in recent years, including high international reserves, declining external debt, and falling interest rates relative to inflation. Santander focuses on retail banking in Brazil and has achieved good results, though asset quality and profits have been impacted by the economic downturn.
Real reporting examples by GRI's US Sector LeadersGRIUSA
This document summarizes a panel discussion on sustainability reporting featuring representatives from The Mosaic Company, Dell, Bloomberg, and Clorox. Each panelist discussed their company's approach to sustainability reporting. Neil Beckingham of Mosaic discussed how sustainability is integrated into their mission and operations as a fertilizer producer. Jackie Keating of Dell explained how they produce an annual CR report and GRI index. Rina Levy of Bloomberg outlined the value of standardized ESG data for financial analysis. Finally, Aileen Zerrudo of Clorox discussed how sustainability is driving 40% of their growth and their efforts towards integrated reporting.
The document discusses comparisons between Japan's economic crisis in the 1990s and the current Eurozone crisis. It analyzes similarities in the build-up and direct consequences to banking sectors. Both regions saw credit booms, rising asset prices, and deregulation. When the crises hit, banks in both areas faced increased impairments, declining collateral, and higher funding costs. The response of central banks and governments is also compared, looking at monetary easing, liquidity injections, and fiscal stimulus measures enacted in each situation. Major differences between the national Japanese crisis and the regional Eurozone crisis are also outlined.
CMD2012 - Roxanna Zea - Tele2's view on the IndustryTele2
Roxanna Zea, Chief Strategy Officer at Capital Markets Day on December 12, 2012. The summary discusses:
1) Revenue growth in the telecom industry is slowing globally as competition increases across services, access, devices and technology.
2) Exponential data growth continues to accelerate with more people and devices going online, however revenue growth is plateauing.
3) Consumers are moving to a multi-screen world across different devices which is changing the competitive landscape for telecom companies.
The document summarizes findings from the 2012 European Contact Center Benchmark (ECCB). It finds that there are over 2.4 million contact center seats across Europe, with the largest numbers in the UK, Germany, and France. Over 3.4 million people are employed in over 32,700 contact centers. The contact center industry is growing at about 4.6% annually across Europe. Outsourcing accounts for around 20% of contact center employment. Growth is expected to be highest in Eastern Europe and potential growth areas include increasing integration of front and back office functions and a shift to more remote customer interactions.
Global R&D spending has declined slightly but less than the decline in net sales, showing the strategic importance companies place on R&D. North America and Europe account for most R&D investments but Asia contributes more when adjusting for purchasing power parity. Several industries like automotive, semiconductors and telecom saw the largest decreases in R&D spending between 2008-2009 and 2009-2010.
Smaato is a mobile advertising platform that matches ads from over 80 ad networks to mobile app and website inventory from over 55,000 publishers. It aims to provide the highest eCPMs and fill rates for publishers through its optimization technology. The company has seen strong growth, raising $20M in funding and increasing its staff and revenue significantly since being founded in 2005. It now processes billions of ad requests per month globally.
Financial Analysis - EDF SA (Electricite de France) produces, transmits, dist...BCV
Financial Analysis - EDF SA (Electricite de France) produces, transmits, distributes, imports and exports electricity. The Company, using nuclear power, coal and gas, provides electricity for French energy consumer
Every year dedicated value investors from around the world make their way to Italy to exchange investment ideas.
It is a unique event in a great location far from the madding crowd.
Link to the event.
http://www.valueinvestingseminar.it/pages/eng/index.asp
This is the presentation I gave this year.
The document provides an overview of a common sense approach to value investing. It discusses analyzing businesses by understanding the business model, industry dynamics, competitive advantages, financials, management and risks. Key steps include understanding the business, industry, sources of competitive advantage, profitability, cash flows, management quality and identifying risks. Examples provided include analyzing a Spanish winemaker, cement industry, Norwegian furniture maker, airline catering company and assessing their business quality, industry dynamics, competitive advantages and risks. The goal is to invest in well-run companies that are undervalued after understanding all aspects of the business.
The case for stock picking & Investment Case Baron de Ley Value Seminar Zuri...fitzgeralddon
This document discusses why stock picking may be a good strategy now. It argues that the top-down macroeconomic approach is challenging given uncertainties in global policymaking. Stock picking is currently out of favor but neglected strategies tend to outperform. The rise of ETFs may create inefficiencies that skilled stock pickers can exploit by focusing on company fundamentals rather than indexes. The document also provides an example of a potentially undervalued, illiquid stock called Baron de Ley and outlines why a value-driven approach focusing on intrinsic value may identify opportunities. It concludes that the timing is favorable for stock picking given the large moves in markets in recent years.
10 Year Anniversary Tocqueville Value Europefitzgeralddon
The long-only equity fund that we manage, Tocqueville Value Europe, celebrated its 10th Anniversary on April 1st.
Thanks to our approach to value investing we managed to comfortably outperform European equity markets and over 95% of comparable funds over the past decade with a lower than average volatility.
In fact, over the last decade the fund is ranked 2nd out of 67 funds in the general European equities category marketed in France.
We have always been transparent in our communications with investors. To this end, we have prepared the attached presentation to share with our clients.
It deals with our approach to value investing, the sources of the fund\’s out-performance and how we are managing the fund in the current environment.
This document provides an overview of the Tocqueville Value Europe fund. Some key points:
- The fund takes an independent, contrarian approach focused on bottom-up fundamental analysis of European companies across all market caps and sectors.
- It aims to construct a diversified portfolio of 50-80 stocks, with no single position over 5% of assets.
- Performance data shows the fund has achieved lower volatility than its benchmark over various time periods since inception. It has also received positive ratings from analysts.
- The investment process emphasizes understanding a company's business quality, evaluating risks, and estimating intrinsic value through financial analysis and management meetings to identify undervalued stocks.
The document discusses the state of the European economy and entrepreneurship in 2010. It notes that while unemployment has peaked and consumer/business sentiment is improving with low interest rates, GDP growth remains unstable and the Greek debt crisis raises questions about other vulnerable economies. Internet access and online advertising are growing steadily. Though European VC funding and investments continue declining, internet company valuations and shares have rebounded since 2009. IPO markets are also slowly opening up again.
The document discusses the economic environment facing entrepreneurs in 2010. It summarizes that the Icelandic volcanic eruption disrupted European air travel costing airlines billions. The Greek debt crisis raised concerns about contagion to other Eurozone nations. Unemployment peaked in the EU and US in 2009 but has since declined slightly. Interest rates remained low helping improve business and consumer sentiment in the EU and US. Online advertising spending has overtaken traditional media as internet access and usage increased globally. While some internet companies failed in the late 1990s/early 2000s, others like online retailers have since thrived. Stock market indices and internet company shares rebounded from early 2009 lows reflecting a recovery.
Recent developments in the canadian economy dec2011Sam Batarseh
The document summarizes recent economic developments in Canada and provides projections. It finds that while global growth has weakened, emerging economies continue to lead growth. Domestic demand is projected to be the main driver of growth in Canada, with exports and business investment remaining strong. Real GDP growth is expected to pick up in Canada through 2012 as excess capacity is absorbed.
The document discusses Liberty's balanced property portfolio, including:
1. A review of the portfolio's 2011 performance, which saw a 10.51% total return, outperforming inflation and other local asset classes.
2. An outlook for 2012, expecting continued growth in net income but constrained by rising costs, and risky capital forecasts given a lack of new developments.
3. The fund's composition as of January 2012, consisting mainly of retail properties in South Africa, with some office, hotel and other properties, as well as listed property investments.
This document discusses research funding and commercialization in Ireland. It provides an overview of funding mechanisms like the Commercialisation Fund that support bringing research out of universities and into industry. It also shows that more expertise, experience, and connections between researchers and businesses can help speed up commercialization, as evidenced by two case studies - one that took longer due to a lack of commercial skills, and another that was faster with industry experience. Overall, the document emphasizes the importance of commercializing research for the economy and encourages researchers to work with groups like Enterprise Ireland to help move ideas from the lab to the marketplace.
Looking Ahead: The Remaining Challenges for Latvia and the BalticsLatvijas Banka
Presentation by Andris Vilks, Minister of Finance, Latvia at the International Conference: "Against the Odds: Lessons from the Recovery in the Baltics" organized by the International Monetary Fund and the Bank of Latvia.
Riga, June 5, 2012
This document discusses the economic development of the Brainport region in the Netherlands. It highlights how Brainport has experienced high economic growth compared to national trends, driven by sectors like high tech systems, sensing foils, LED lighting, and others. This growth is attributed to cooperation between companies, knowledge institutions, and government through the Brainport Development organization. Brainport Development facilitates business centers, financing, project development, and an integral economic development program to maintain the region's competitive advantages in technology and innovation.
AkzoNobel reported its Q1 2010 results, with revenue increasing 6% to €3.2 billion and EBITDA growing 38% to €399 million. Volume growth was strong at 10% overall. The company saw improved demand across most businesses and regions. Outlook remains cautiously optimistic as volumes continue recovering from recessionary levels. AkzoNobel is on track to achieve 2014 targets, including an EBITDA margin of 14%, and will focus on cost reduction, cash generation, and capturing growth in high-growth markets.
The document discusses the pressures facing the global economy and their implications for South Africa. It provides data showing slowing growth and rising debt in developed economies like Europe and the US. It also notes signs of slowing growth in emerging markets like China. This weak external environment poses challenges for South Africa's economy. However, some domestic factors such as strong growth in household deposits and rebounds in employment and the stock market could help support South Africa.
Making environmental responsibility the growth strategy.
See how GE's focus on problem solving (and the environmental in particular) influences its brands, culture, operations and marketing.
- Q3 2011 revenue was up 5% to €4.1 billion but EBITDA decreased 12% to €507 million due to weaker economic conditions and raw material price inflation.
- Decorative Paints revenue was up 5% but EBITDA decreased 25% due to the impacts above. Performance Coatings revenue also up 5% but EBITDA fell 5%.
- The company launched a major performance improvement program to deliver €500 million in additional EBITDA by 2014 through strategic initiatives.
Public investments in agriculture in Mozambique have achieved impressive growth rates in recent years, however this growth may not be sustainable. While agricultural GDP and public spending on agriculture have grown at average annual rates of 8.4% and 12.2% respectively between 2000-2011, there are indications that further technical change is needed to maintain this level of growth. Models suggest that public investment in agriculture would need to increase substantially, to around 18-28% annually, in order to spur sufficient technical change through investments in areas like agricultural R&D, infrastructure, and institutional development. Understanding the determinants of public investment decisions, such as the country's budgeting process and the incentives of various actors, will be important to guide investments toward
- The company achieved or surpassed all 2010 guidance and projections. Net income was $0.7926 per share and $1.8252 per ADS.
- 97 commercial aircraft orders were placed and 101 deliveries were made. The company's customer base expanded to 58 customers in 39 countries.
- In executive jets, the company delivered 145 jets and achieved a 19% market share. A landmark order was received from NetJets.
- The KC-390 military aircraft received Letters of Intent from 6 countries for up to 60 aircraft. The Super Tucano was sold to Indonesia.
- The company was selected as one of the best companies to work for in Brazil for the second consecutive year. It was
The document provides an overview of AkzoNobel's full year 2009 and Q4 results. It summarizes that in 2009, AkzoNobel's revenue was €13.9 billion and EBITDA was €1.8 billion. It also outlines AkzoNobel's strategic ambitions to outgrow markets, achieve an EBITDA margin over 14% by 2011, improve operating working capital levels, and become a top sustainability performer. The document reviews business highlights and performance for each business area, and notes continued focus on customers, costs, cash and synergies.
The document summarizes AkzoNobel's Q4 and full year 2010 results. Key highlights include 12% revenue growth in 2010 to €14.6 billion, with EBITDA up 16% to €1.96 billion. Revenue growth was driven by 6% volume increase and 6% price increases. Decorative Paints revenue grew 9% in 2010 and Performance Coatings revenue increased 16%. The CEO outlined medium-term strategic goals including growing revenue to €20 billion and maintaining a 13-15% EBITDA margin.
Improved Business Performance: Exploring an Evolved FAO StrategyEverest Group
Industry experts from Price Waterhouse Coopers, Tata Consultancy Services and Everest Group will discuss practices best for evolved FAO outcomes, how metrics can improve performance as well as examples of engagements that have taken on an evolved FAO strategy.
Ipsos MediaCT: Business Elite Breakfast SeminarIpsos UK
This document summarizes a breakfast seminar on understanding the business elite. The seminar included presentations on how the business elite have evolved since the 1970s and remain influential leaders of large companies who are early adopters of new technologies. While their media consumption and wealth have increased, they also face challenges relating to volatile markets and attracting top talent. The business elite were discussed from an ethnographic perspective, noting their broad knowledge skills and efficient use of information for business purposes.
This 3-paragraph summary provides an overview of the 8-year history of the IUE conference based on the document:
The IUE conference has been held annually since 2005 in southeast Michigan, growing from 7 sessions and 9 speakers in its first year to over 30 sessions and 52 speakers in 2010. Over the 8 years, the conference has focused on topics like user experience design, information architecture, mobile and social media. Notable recurring speakers include Peter Morville, Jason Withrow, and Chris Farnum presenting case studies from companies like ProQuest. While the conference has brought in talent from outside the region, it also aims to develop local user experience professionals and support the regional economic development of southeast Michigan. The largest challenge faced
Sustainable growth in a sustained crisis - the business model as a tool to in...Kasper Roldsgaard
Research Festival 2012, April 19-20. Copenhagen, Denmark
Includes some examples of business model innovation and examples of companies that haven't innovated their business model.
This corporate presentation covers information about Adecco Group, including their vision, global reach, strategy, business lines, corporate social responsibility efforts, recent results, and future perspective. Specifically, it provides details on Adecco's operations in over 60 countries, their focus on general staffing and professional services, commitment to social programs, 18% revenue growth in Q1 2011, and 3.5% EBITA margin.
1. A SIMPLE STOCK IDEA
Don Fitzgerald, CFA
Fund Manager, Tocqueville Value Europe
dfitzgerald@tocquevillefinance.fr
9th Value Investing Seminar
Trani, Italy - July 2012
2. MY STOCK IDEA:
High Returns (Capital / Margins)
Sustainable Returns
Growing Business - EPS growth 15% p.a. since 1994
Solid Management
Soft Cyclical
Highly Liquid Large Cap
………….trades at 7x EBIT
2
12. DIGITAL OPPORTUNITY
Fastest growing media segment (market growth + 10%)
Share of Client Spend accruing to Agency rises
Margins Similar to Group Levels
Publicis Early Mover
12
13. DIGITAL NOT THREAT
Dis-intermediation Limited Risk
• Fragmentation and Complexity of Multimedia World
• Advertisers want Choice
• IQ + TQ + EQ1 = Success
1 I = Intelligence, Insight; T = Technology; E = Emotion 13
14. HIGH RETURNS - CAPITAL
Pre-Tax ROCE (%)
17
16
15
14
13
12
11
10
9
8
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Cash conversion > 100% - capex light / negative operating
working capital
Source: Tocqueville Research
14
15. HIGH RETURNS - BEST IN CLASS MARGINS
EBIT MARGIN (%)
17
15
13
11
9 PUBLICIS
7
Average
5 Competitor
3
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
* WPP plc, Omnicom Group, Interpublic Group, Havas SA and Aegis Group plc
Source: Bloomberg data 15
16. HIGH RETURNS SUSTAINABLE
Need Scale, Global Reach, Client-dedicated Resources
Oligopoly – 4 Global Agency Groups – No New Global
Network for last 20 years
No Long-term contracts but 90% retention rate
16
17. HIGH RETURNS - COMPETITIVE EDGE
Well Positioned in Digital
Balance of Creativity and Analytics
Strong at Integrating and Retaining Talent
Balanced Global Exposure
17
19. GROWS PROFITS – SOME TOP-LINE GROWTH
ORGANIC SALES GROWTH (%)
10
8
6
4
2
0
-2
-4
-6
-8
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Consistently outperforms competitors on organic growth
Top-line growth driven by digital (30% of revenue) and emerging
markets (20% of revenue)
Source: Tocqueville Research
19
20. GROWS PROFITS – MARGIN PROGRESS
EBITA MARGIN Medium
18% term
17% target 18%
16%
15%
Upward Trend
14%
13%
12%
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Structurally Margin Improvement driven by
• Scaling of Digital
• Streamlining / Off-Shoring
Source: Tocqueville Research
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21. SOLID MANAGEMENT
Genuine Culture Commitment to Digital & Globalization
CEO Levy – IT Background
Key Person Risk
Leveraging Global Clients with Acquisitions
Post Investment Cycle more Shareholder Returns (net debt /
ebitda – 0.5x)
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22. SOFT CYCLICAL
Topline
• 60% of Sales from Defensive Sectors
Costs
• Staff Turnover 20%
• Discretionary Costs (incentives, freelancers) 7% Revenues
Margins Stable through the Cycle 15% - 17% EBIT
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24. CONCLUSION – MY STOCK IDEA…
High & Sustainable Returns
Well Positioned to Grow
Well Managed
Mild Cyclical Exposure
Modest Valuation
…IS A GOOD IDEA
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26. DISCLAIMER
• This document is strictly confidential and for the use of intended recipients only. It may not be reproduced,
communicated or published in its entirety or in part, without the prior written authorisation of Tocqueville
Finance S.A.
• This commercial document should not be interpreted as a contractual or pre-contractual commitment on the
part of Tocqueville Finance S.A. It is produced purely for illustrative purposes and may be amended at any time
without previous notice.
• The information/analyses contained in this document, particularly figures, have come partly from external
sources considered to be trustworthy. However, Tocqueville Finance SA cannot guarantee that the
information/analyses are complete, accurate and up-to-date.
• Tocqueville Finance S.A. draws investors’ attention to the fact that past performances are presented on the
basis of figures relating to previous years and are not an indication of future performance.
• Moreover, Tocqueville Finance S.A. in no way guarantees the current or future performances of funds cited in
this document
• Investors are reminded that any financial investment includes risks (market risks, capital risk, foreign
exchange risk) that may result in financial losses. Therefore, Tocqueville Finance S.A. recommends that prior to
any investment, the recipient of this document carefully reads the prospectuses of the cited funds which are
available free of charge at its head office located 8 rue Lamennais, Paris 75008 or on its website
www.tocquevillefinance.fr and ensures that they have the experience and knowledge needed to make an
investment decision, particularly with regard to the legal and tax implications.
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