This document discusses the quarterly earnings processes at three different types of companies: biotech, utilities, and technology. For biotech companies, the process takes 2-3 weeks and focuses on providing updates on R&D, clinical trials, and patents rather than financials. Utilities like Integrys Energy Group collaborate across teams and go through several drafts and a mock Q&A session. For large technology companies like HP, the process takes several weeks with the IR team understanding forecasts and formulating messages over 7-10 days before having materials reviewed and doing a mock Q&A.
The document is an economic impact study report for a proposed Business Collaboration Center project by the Lakeland Chamber of Commerce. It includes an executive summary of the project and 3 alternative scenarios that were analyzed using economic modeling software. The analysis found that building a new facility for the Chamber and implementing a Business Collaboration Center tenant program (Alternative 3) would result in the largest economic output increase of approximately $6.34 million for the local area. The report was produced by a team of professionals with relevant experience to advise the Chamber on soliciting investors for the project. It provides historical context on the Chamber as well as the projected economic impacts of the different options.
El conocimiento científico se compone de conceptos, ideas y teorías que describen y explican propiedades y principios. El conocimiento científico se caracteriza por ser analítico, aplicativo y comunicable.
Este documento proporciona instrucciones detalladas sobre cómo utilizar Cuadernia, una herramienta para crear libros digitales interactivos multimedia. Explica cómo crear y editar cuadernos, agregar páginas e imágenes de texto, video y sonido. También describe las características de Cuadernia, como su capacidad para incluir varios tipos de objetos multimedia en las páginas para crear recursos educativos digitales completos.
Natalie Stacchini is a registered nurse seeking a position as a RNFA in a hospital setting. She has over 10 years of experience as an RNFA in various hospitals and medical groups, specializing in robotics, general surgery, bariatric surgery, and cardiac surgery. She is certified as an RNFA and has experience functioning independently as a contractor. She holds a Bachelor's degree in Nursing and additional certification as an RNFA.
الجرس والإيقاع المفردات المجازات نظم الجملةفاطمة صالح
كثير منا لا يعرف بالضبط كيف يتناول كلمات أي نص أدبي بالتحليل والتفسير وماهي الجوانب التي يجب أن ينظر من خلالها للكلمة سواء في صورتها الأولى كحرف أو مجموعة حروف وفي العرض تناولت كيف نتناول الكلمة في النص الأدبي ونحكم على جودتها
The document describes the ancient Egyptian gods and goddesses. It explains that the first god, Atum, coughed out Shu and Tefnut, making them the first children. Shu was the god of air and Tefnut the goddess of moisture. They later gave birth to Nut, the goddess of the sky, and Geb, the god of earth. Osiris was the god of the underworld and Isis the goddess of magic. Seth was the god of deserts, evil, and storms, while Nephthys was the goddess of air, death, and mourning.
La asamblea general de accionistas es el órgano supremo de la sociedad anónima. Se reúne de forma ordinaria al menos una vez al año para aprobar estados financieros, declarar dividendos, elegir junta directiva y representante legal, y tomar otras decisiones importantes. Para deliberar se requiere quórum y mayorías de votos según lo establecido en los estatutos.
La visita incluyó varios lugares históricos y culturales de Madrid como el Palacio del Congreso de los Diputados, el Hotel Palace, el Real Jardín Botánico, el Museo del Prado, la Puerta de Alcalá, el Parque del Retiro, la fuente de la Cibeles, la Puerta del Sol, la Casa Labra, la Plaza Mayor, el Senado y el Palacio Real de Oriente. Estos sitios ofrecen una mirada a la historia, política, arte y cultura de la capital española.
The document is an economic impact study report for a proposed Business Collaboration Center project by the Lakeland Chamber of Commerce. It includes an executive summary of the project and 3 alternative scenarios that were analyzed using economic modeling software. The analysis found that building a new facility for the Chamber and implementing a Business Collaboration Center tenant program (Alternative 3) would result in the largest economic output increase of approximately $6.34 million for the local area. The report was produced by a team of professionals with relevant experience to advise the Chamber on soliciting investors for the project. It provides historical context on the Chamber as well as the projected economic impacts of the different options.
El conocimiento científico se compone de conceptos, ideas y teorías que describen y explican propiedades y principios. El conocimiento científico se caracteriza por ser analítico, aplicativo y comunicable.
Este documento proporciona instrucciones detalladas sobre cómo utilizar Cuadernia, una herramienta para crear libros digitales interactivos multimedia. Explica cómo crear y editar cuadernos, agregar páginas e imágenes de texto, video y sonido. También describe las características de Cuadernia, como su capacidad para incluir varios tipos de objetos multimedia en las páginas para crear recursos educativos digitales completos.
Natalie Stacchini is a registered nurse seeking a position as a RNFA in a hospital setting. She has over 10 years of experience as an RNFA in various hospitals and medical groups, specializing in robotics, general surgery, bariatric surgery, and cardiac surgery. She is certified as an RNFA and has experience functioning independently as a contractor. She holds a Bachelor's degree in Nursing and additional certification as an RNFA.
الجرس والإيقاع المفردات المجازات نظم الجملةفاطمة صالح
كثير منا لا يعرف بالضبط كيف يتناول كلمات أي نص أدبي بالتحليل والتفسير وماهي الجوانب التي يجب أن ينظر من خلالها للكلمة سواء في صورتها الأولى كحرف أو مجموعة حروف وفي العرض تناولت كيف نتناول الكلمة في النص الأدبي ونحكم على جودتها
The document describes the ancient Egyptian gods and goddesses. It explains that the first god, Atum, coughed out Shu and Tefnut, making them the first children. Shu was the god of air and Tefnut the goddess of moisture. They later gave birth to Nut, the goddess of the sky, and Geb, the god of earth. Osiris was the god of the underworld and Isis the goddess of magic. Seth was the god of deserts, evil, and storms, while Nephthys was the goddess of air, death, and mourning.
La asamblea general de accionistas es el órgano supremo de la sociedad anónima. Se reúne de forma ordinaria al menos una vez al año para aprobar estados financieros, declarar dividendos, elegir junta directiva y representante legal, y tomar otras decisiones importantes. Para deliberar se requiere quórum y mayorías de votos según lo establecido en los estatutos.
La visita incluyó varios lugares históricos y culturales de Madrid como el Palacio del Congreso de los Diputados, el Hotel Palace, el Real Jardín Botánico, el Museo del Prado, la Puerta de Alcalá, el Parque del Retiro, la fuente de la Cibeles, la Puerta del Sol, la Casa Labra, la Plaza Mayor, el Senado y el Palacio Real de Oriente. Estos sitios ofrecen una mirada a la historia, política, arte y cultura de la capital española.
This document provides best practices for investor relations around corporate spinoffs based on interviews with IROs who have experienced spinoffs. Some key points:
- Extensive preparation is needed in advance, including targeting and risk analyses, preparing management for increased investor interactions, and analyst days to educate investors on the spinoff companies.
- Roadshows and rehearsals help prepare new management teams and educate potential new investors.
- Post-spinoff, the main challenges are transitioning to long-term shareholders and using management's time effectively to attract the right investor base long-term. RemainCo IROs may still field questions about the spun-off company.
Recruiter.Com Group Inc is a hiring platform for the network of recruiters. The company empowers businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. The Recruiter.com network of over 25,000 small and independent recruiters utilize a web platform, complete with AI-driven job matching, to recruit talent faster.
The document provides an overview of the anatomy and process of writing a business plan, outlining its key components and purposes. It discusses the organizational plan, marketing plan, financial documents, and supporting documents that make up a complete business plan. It also promotes accompanying business planning software that guides users through creating each part of the plan and automatically generates financial reports and projections.
The document discusses three presentations from different people in the financial services industry.
1. The first presentation is from Mr. Lalit Popli, Head of IT at ICICI Prudential AMC. He believes information security is a core function that should not be completely outsourced due to increased risks. Some areas that can be outsourced include penetration testing and security reviews.
2. The second presentation is from Mr. Manish Chitnis of Capital First Ltd. He discusses his experience in the NBFC sector and Capital First's product suite. The company aims to become a significant financial conglomerate.
3. The third presentation is from Mr. Vijay Mahajan, Chairman and CEO
Financial Accounting Standards Board For Profit And...Nicole Fields
The document discusses financial accounting and reporting for organizations. It defines financial accounting as the process of identifying, measuring, and communicating economic information to allow for informed decisions by users. The key financial statements are identified as the income statement, balance sheet, and statement of cash flows. The main users of financial statements are identified as investors, lenders, suppliers, employees, customers, governments, and the public. Each uses the statements to obtain useful information for decision making.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
The document provides an overview of how business journalists can use SEC filings to find news stories. It discusses the main types of SEC filings that provide valuable information, such as 10-Qs, 10-Ks, proxy statements, and insider trading filings. These filings often disclose litigation, expenses, business decisions, stock repurchases, executive compensation, and M&A activity that have not been reported elsewhere, giving journalists opportunities to write new stories. The document encourages journalists to carefully read SEC filings for their companies of interest to find hidden details and numbers.
About IBC
The International Business Center (CIN) is a business support center for executives and companies in major partner countries operating or interested in entering the Mexican market. Each INC Desk provides support to the community in the country it represents, bringing together industry experts who know the dynamics of the Mexican market through best practices Business Advisory, Tax and Legal Services and Audit
COMPARATIVE STUDY OF FINANCIAL STATEMENTS OF INFOSYS FOR THE YEAR 2013-2014Vivek Mahajan
This document is a project report submitted by a student analyzing the comparative financial statements of Infosys for the years 2013-2014. It includes an introduction to the subject of comparative financial statements and Infosys Ltd. It then provides definitions and comparative analyses of Infosys' balance sheet, income statement, and cash flow statement for the given years. The report concludes with comments on Infosys' prospects and an overall conclusion.
This document discusses conducting an annual checkup of an investor relations (IR) program to ensure it is world-class. It provides questions for company leadership to consider about their IR strategy, stock valuation, earnings calls, roadshows, investor days, and guidance. The Berlin Group offers embedded IR consulting services to help optimize small and mid-cap companies' IR programs, including reviewing earnings sequences, developing disclosure policies, targeting investors, and planning events. They have experience across various industries and helped companies with IPOs, acquisitions, and spin-offs.
Round 8#1 Homework #4A (Bond Current Yield)A $1,000 par va.docxSUBHI7
Round 8
#1 Homework #4A (Bond Current Yield)
A $1,000 par value bond with a 18.76 percent coupon rate, currently selling for $1,067, has a current yield of ____
Round the answer to the decimal places in percentage form
Your Answer
#2Homework #4C (Value of the Bond Semi-Annually)
Flower Valley Company bonds have a 9.37 percent coupon rate. Interest is paid semiannually. The bonds have a par value of $1,000 and will mature 21 years from now. Compute the value of Flower Valley Company bonds if investors’ required rate of return is 9.27 percent.
Round the answer to two decimal places.
Your Answer:
#3Homework #4D (YTM annually, semi-annually)
Blue Crab, Inc. plans to issue new bonds, but is uncertain how the market would set the yield to maturity. The bonds would be 29-year to maturity, carry a 8.02 percent annual coupon, and have a $1,000 par value. Blue Crab, Inc. has determined that these bonds would sell for $1,191 each. What is the yield to maturity for these bonds?
Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box).
You should use Excel or financial calculator.
Your Answer:
#4Homework #4E (zero-coupon bond)
27 years ago, Mini Max Inc. issued 30 year to maturity zero-coupon bonds with a par value of $1,000. Now the bond has a yield to maturity of 12.27 percent, compounded semi-annually. What is the current price of the bond?
Round the answer to two decimal places.
Your Answer:
#6Homework #4G (Bonds Quotes)
Assume that today's date is April 15, 2015. Fresh Bakery Inc. bond is an annual-coupon bond. Par value of the bond is $5,000.
Calculate annual coupon interest payments. The answer should be calculated to two decimal places
Company
Price
Coupon Rate
Maturity Date
YTM
Current Yield
Rating
Fresh Bakery
96.829
9.114
04-15- 2024
-
-
AA
Your Answer:
#7 Homework #5A (Value and Expected rate of return on preferred stock)
UPS preferred stock pays $6 in annual dividend. If your required rate of return is 7.37 percent, how much would you be willing to pay for one share of this preferred stock
Round the answer to two decimal places
Your Answer
#8Homewok #5B (Value of Common Stock, Expected Rate of return on Common Stock)
You are considering the purchase of a share of Alfa Growth, Inc. common stock. You expect to sell it at the end of one year for $64.09 per share. You will also receive a dividend of $3.90 per share at the end of the next year. If your required return on this stock is 9.02 percent, what is the most you would be willing to pay for Alfa Growth, Inc. common stock now?
Round the answer to two decimal places.
Your Answer:
#9Homework #5C (CAPM, Beta portfolio, Portfolio expected return)
You hold a portfolio with the following securities:
Security
Percent of portfolio
Return
Stock A
47%
-4.3%
Stock B
20%
4.4%
Stock C
Please calculate it
5.4%
Calculate the expected return of portfolio.Round the answers to two decimal places in percentage form. (Write the percentage sign in th ...
The document discusses earnings response coefficients (ERCs) and how they are used to measure market reactions surrounding earnings announcement dates. ERCs measure stock price reactions (returns) in the periods before and after the announcement date (event periods). Returns are divided into actual, market, and abnormal returns. Abnormal returns are further broken down into cumulative abnormal returns (CARs) and average abnormal returns (AARs). The document also discusses how a company's capital structure, as measured by debt-to-equity ratios, can impact the informativeness of earnings, with higher debt ratios suggesting earnings are more informative to debtholders than shareholders.
New research from InvestmentNews, sponsored by Legg Mason, approximates how the DOL fiduciary rule will set money in motion and alter business models across the advice industry.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
This document provides a summary of private equity, venture capital, and portfolio valuation trends from Mercer Capital. It discusses several topics:
- Private equity deal activity and valuations remain robust, though pricing pressure is being felt as traditional PE investors look outside their typical sectors and geographies for opportunities. Technology deals accounted for 20% of PE buyouts in the first quarter of 2017, up from a historical average of 10-15%.
- Venture capital investments increased slightly in the first quarter of 2017 after two consecutive quarters of declines, reaching $16.5 billion. However, restrictions on visa programs and international trade could negatively impact venture-backed companies.
- Regulatory scrutiny of portfolio valuations continues, so
The SEC staff issued 90 comments to 50 companies related to stock compensation between July 2015 and June 2016. The majority of comments (78%) related to financial statement presentation and disclosure. Over half (51%) of the comments were on S-1/DRS filings. The comments primarily focused on disclosure (49% of comments), accounting recognition (27%), and valuation (24%). Common disclosure issues included lack of transparency around valuation assumptions and changes. Recognition comments often addressed complex areas like expense recognition, tax accounting, and equity vs liability classification.
Tony guys is an american based hair salonEmaad Qureshi
Tony and Guys is a leading hair salon in the United States that offers beauty products from brands like TIGI. As the company plans to heavily invest in infrastructure and equipment, it must effectively use investment appraisal techniques to control both direct and indirect costs. Techniques like net present value and payback period can help evaluate investments and determine if projects will be profitable. Financial statements also need to be analyzed to assess the company's performance over time and ensure revenues and profits continue increasing.
Impactful and effective networking path - 2019 10 08Steve Eschbach
Many may not know that 4 out 5 jobs are secured through networking (it's not what you know but who you know) and that employee referrals along with indeed.com are the most prolific sources getting hired and number of applicants, respectively. And remember, Michael Jordan credits his success because he failed many times! Check it out!
Why i chose the left fork 2017 03 17 finalSteve Eschbach
"IN TRANSITION? HOW ABOUT BUYING YOUR OWN BUSINESS OR FRANCHISE?"; Steve Eschbach, CFA, CFC, President of Transworld Business Advisors of Naperville and board member of the Community Career Center of Naperville, will walk you through his thought process of deciding to invest in his own business franchise as opposed to seeking a traditional corporate role. Additional takeaways will include Steve’s background and experience in overcoming 6 executive transitions since 1999 and other career development and job search tips, practical networking advice that he has now refocused to his business development efforts.
Why i chose the left fork 2017 02 15 finalSteve Eschbach
The document discusses strategies for career transitions and job searches. It provides several mantras that the author follows, such as "never stop networking" and "it's not what you know but who you know." The author details their past career transitions, which included short stints at various companies. They chose to invest in their own franchise business in order to have more control over their destiny. The document provides several ideas for effective job searching, including organizing one's day, using professionalism in email communications, leveraging networking opportunities, and using online resources like LinkedIn to establish an online presence.
The document discusses best practices for conducting investor roadshows in Europe. It provides advice from an experienced investor relations professional on their successful experience partnering with Atlantic Equities for a European roadshow. Key points include:
- Roadshows in Europe can now be more targeted and shorter due to industry consolidation and better data on European shareholders.
- Regular, repeated visits to key financial centers like London are important for building relationships over time.
- Using an advisor like Atlantic Equities can help identify the most relevant investors and ensure a smooth execution.
- The feedback received from investors on the roadshow provided valuable insights for the company.
This document provides best practices for investor relations around corporate spinoffs based on interviews with IROs who have experienced spinoffs. Some key points:
- Extensive preparation is needed in advance, including targeting and risk analyses, preparing management for increased investor interactions, and analyst days to educate investors on the spinoff companies.
- Roadshows and rehearsals help prepare new management teams and educate potential new investors.
- Post-spinoff, the main challenges are transitioning to long-term shareholders and using management's time effectively to attract the right investor base long-term. RemainCo IROs may still field questions about the spun-off company.
Recruiter.Com Group Inc is a hiring platform for the network of recruiters. The company empowers businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. The Recruiter.com network of over 25,000 small and independent recruiters utilize a web platform, complete with AI-driven job matching, to recruit talent faster.
The document provides an overview of the anatomy and process of writing a business plan, outlining its key components and purposes. It discusses the organizational plan, marketing plan, financial documents, and supporting documents that make up a complete business plan. It also promotes accompanying business planning software that guides users through creating each part of the plan and automatically generates financial reports and projections.
The document discusses three presentations from different people in the financial services industry.
1. The first presentation is from Mr. Lalit Popli, Head of IT at ICICI Prudential AMC. He believes information security is a core function that should not be completely outsourced due to increased risks. Some areas that can be outsourced include penetration testing and security reviews.
2. The second presentation is from Mr. Manish Chitnis of Capital First Ltd. He discusses his experience in the NBFC sector and Capital First's product suite. The company aims to become a significant financial conglomerate.
3. The third presentation is from Mr. Vijay Mahajan, Chairman and CEO
Financial Accounting Standards Board For Profit And...Nicole Fields
The document discusses financial accounting and reporting for organizations. It defines financial accounting as the process of identifying, measuring, and communicating economic information to allow for informed decisions by users. The key financial statements are identified as the income statement, balance sheet, and statement of cash flows. The main users of financial statements are identified as investors, lenders, suppliers, employees, customers, governments, and the public. Each uses the statements to obtain useful information for decision making.
Pwc 2015 Technology Sector Sec Comment Letter TrendsPwC
PwC's technology industry publication provides a comprehensive analysis of recent SEC staff comments and disclosures to assist you in understanding the key trends relevant to companies in the technology sector.
The document provides an overview of how business journalists can use SEC filings to find news stories. It discusses the main types of SEC filings that provide valuable information, such as 10-Qs, 10-Ks, proxy statements, and insider trading filings. These filings often disclose litigation, expenses, business decisions, stock repurchases, executive compensation, and M&A activity that have not been reported elsewhere, giving journalists opportunities to write new stories. The document encourages journalists to carefully read SEC filings for their companies of interest to find hidden details and numbers.
About IBC
The International Business Center (CIN) is a business support center for executives and companies in major partner countries operating or interested in entering the Mexican market. Each INC Desk provides support to the community in the country it represents, bringing together industry experts who know the dynamics of the Mexican market through best practices Business Advisory, Tax and Legal Services and Audit
COMPARATIVE STUDY OF FINANCIAL STATEMENTS OF INFOSYS FOR THE YEAR 2013-2014Vivek Mahajan
This document is a project report submitted by a student analyzing the comparative financial statements of Infosys for the years 2013-2014. It includes an introduction to the subject of comparative financial statements and Infosys Ltd. It then provides definitions and comparative analyses of Infosys' balance sheet, income statement, and cash flow statement for the given years. The report concludes with comments on Infosys' prospects and an overall conclusion.
This document discusses conducting an annual checkup of an investor relations (IR) program to ensure it is world-class. It provides questions for company leadership to consider about their IR strategy, stock valuation, earnings calls, roadshows, investor days, and guidance. The Berlin Group offers embedded IR consulting services to help optimize small and mid-cap companies' IR programs, including reviewing earnings sequences, developing disclosure policies, targeting investors, and planning events. They have experience across various industries and helped companies with IPOs, acquisitions, and spin-offs.
Round 8#1 Homework #4A (Bond Current Yield)A $1,000 par va.docxSUBHI7
Round 8
#1 Homework #4A (Bond Current Yield)
A $1,000 par value bond with a 18.76 percent coupon rate, currently selling for $1,067, has a current yield of ____
Round the answer to the decimal places in percentage form
Your Answer
#2Homework #4C (Value of the Bond Semi-Annually)
Flower Valley Company bonds have a 9.37 percent coupon rate. Interest is paid semiannually. The bonds have a par value of $1,000 and will mature 21 years from now. Compute the value of Flower Valley Company bonds if investors’ required rate of return is 9.27 percent.
Round the answer to two decimal places.
Your Answer:
#3Homework #4D (YTM annually, semi-annually)
Blue Crab, Inc. plans to issue new bonds, but is uncertain how the market would set the yield to maturity. The bonds would be 29-year to maturity, carry a 8.02 percent annual coupon, and have a $1,000 par value. Blue Crab, Inc. has determined that these bonds would sell for $1,191 each. What is the yield to maturity for these bonds?
Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box).
You should use Excel or financial calculator.
Your Answer:
#4Homework #4E (zero-coupon bond)
27 years ago, Mini Max Inc. issued 30 year to maturity zero-coupon bonds with a par value of $1,000. Now the bond has a yield to maturity of 12.27 percent, compounded semi-annually. What is the current price of the bond?
Round the answer to two decimal places.
Your Answer:
#6Homework #4G (Bonds Quotes)
Assume that today's date is April 15, 2015. Fresh Bakery Inc. bond is an annual-coupon bond. Par value of the bond is $5,000.
Calculate annual coupon interest payments. The answer should be calculated to two decimal places
Company
Price
Coupon Rate
Maturity Date
YTM
Current Yield
Rating
Fresh Bakery
96.829
9.114
04-15- 2024
-
-
AA
Your Answer:
#7 Homework #5A (Value and Expected rate of return on preferred stock)
UPS preferred stock pays $6 in annual dividend. If your required rate of return is 7.37 percent, how much would you be willing to pay for one share of this preferred stock
Round the answer to two decimal places
Your Answer
#8Homewok #5B (Value of Common Stock, Expected Rate of return on Common Stock)
You are considering the purchase of a share of Alfa Growth, Inc. common stock. You expect to sell it at the end of one year for $64.09 per share. You will also receive a dividend of $3.90 per share at the end of the next year. If your required return on this stock is 9.02 percent, what is the most you would be willing to pay for Alfa Growth, Inc. common stock now?
Round the answer to two decimal places.
Your Answer:
#9Homework #5C (CAPM, Beta portfolio, Portfolio expected return)
You hold a portfolio with the following securities:
Security
Percent of portfolio
Return
Stock A
47%
-4.3%
Stock B
20%
4.4%
Stock C
Please calculate it
5.4%
Calculate the expected return of portfolio.Round the answers to two decimal places in percentage form. (Write the percentage sign in th ...
The document discusses earnings response coefficients (ERCs) and how they are used to measure market reactions surrounding earnings announcement dates. ERCs measure stock price reactions (returns) in the periods before and after the announcement date (event periods). Returns are divided into actual, market, and abnormal returns. Abnormal returns are further broken down into cumulative abnormal returns (CARs) and average abnormal returns (AARs). The document also discusses how a company's capital structure, as measured by debt-to-equity ratios, can impact the informativeness of earnings, with higher debt ratios suggesting earnings are more informative to debtholders than shareholders.
New research from InvestmentNews, sponsored by Legg Mason, approximates how the DOL fiduciary rule will set money in motion and alter business models across the advice industry.
Mercer Capital's Portfolio Valuation: Private Equity and Venture Capital Mark...Mercer Capital
This document provides a summary of private equity, venture capital, and portfolio valuation trends from Mercer Capital. It discusses several topics:
- Private equity deal activity and valuations remain robust, though pricing pressure is being felt as traditional PE investors look outside their typical sectors and geographies for opportunities. Technology deals accounted for 20% of PE buyouts in the first quarter of 2017, up from a historical average of 10-15%.
- Venture capital investments increased slightly in the first quarter of 2017 after two consecutive quarters of declines, reaching $16.5 billion. However, restrictions on visa programs and international trade could negatively impact venture-backed companies.
- Regulatory scrutiny of portfolio valuations continues, so
The SEC staff issued 90 comments to 50 companies related to stock compensation between July 2015 and June 2016. The majority of comments (78%) related to financial statement presentation and disclosure. Over half (51%) of the comments were on S-1/DRS filings. The comments primarily focused on disclosure (49% of comments), accounting recognition (27%), and valuation (24%). Common disclosure issues included lack of transparency around valuation assumptions and changes. Recognition comments often addressed complex areas like expense recognition, tax accounting, and equity vs liability classification.
Tony guys is an american based hair salonEmaad Qureshi
Tony and Guys is a leading hair salon in the United States that offers beauty products from brands like TIGI. As the company plans to heavily invest in infrastructure and equipment, it must effectively use investment appraisal techniques to control both direct and indirect costs. Techniques like net present value and payback period can help evaluate investments and determine if projects will be profitable. Financial statements also need to be analyzed to assess the company's performance over time and ensure revenues and profits continue increasing.
Similar to SPE Mention in IR Update 2015 January (18)
Impactful and effective networking path - 2019 10 08Steve Eschbach
Many may not know that 4 out 5 jobs are secured through networking (it's not what you know but who you know) and that employee referrals along with indeed.com are the most prolific sources getting hired and number of applicants, respectively. And remember, Michael Jordan credits his success because he failed many times! Check it out!
Why i chose the left fork 2017 03 17 finalSteve Eschbach
"IN TRANSITION? HOW ABOUT BUYING YOUR OWN BUSINESS OR FRANCHISE?"; Steve Eschbach, CFA, CFC, President of Transworld Business Advisors of Naperville and board member of the Community Career Center of Naperville, will walk you through his thought process of deciding to invest in his own business franchise as opposed to seeking a traditional corporate role. Additional takeaways will include Steve’s background and experience in overcoming 6 executive transitions since 1999 and other career development and job search tips, practical networking advice that he has now refocused to his business development efforts.
Why i chose the left fork 2017 02 15 finalSteve Eschbach
The document discusses strategies for career transitions and job searches. It provides several mantras that the author follows, such as "never stop networking" and "it's not what you know but who you know." The author details their past career transitions, which included short stints at various companies. They chose to invest in their own franchise business in order to have more control over their destiny. The document provides several ideas for effective job searching, including organizing one's day, using professionalism in email communications, leveraging networking opportunities, and using online resources like LinkedIn to establish an online presence.
The document discusses best practices for conducting investor roadshows in Europe. It provides advice from an experienced investor relations professional on their successful experience partnering with Atlantic Equities for a European roadshow. Key points include:
- Roadshows in Europe can now be more targeted and shorter due to industry consolidation and better data on European shareholders.
- Regular, repeated visits to key financial centers like London are important for building relationships over time.
- Using an advisor like Atlantic Equities can help identify the most relevant investors and ensure a smooth execution.
- The feedback received from investors on the roadshow provided valuable insights for the company.
SPE Mention - Executing a Deal Road Show - IR Magazine - 2013 DecemberSteve Eschbach
The document discusses the important role that investor relations (IR) can play in a company's deal road show when raising capital or announcing a transaction. It recommends that IR become actively involved early in the process to provide insights about shareholders and help develop road show materials. IR knows the company's shareholders better than anyone else and can help banking partners understand which investors may be interested. The document also stresses that IR should prepare executives for a variety of questions during road show meetings and help ensure transaction rationales fit with the company's existing story.
My presentation at the St. Raphael Church Career Networking Group meeting on January 24, 2015 - includes the inadvertently deleted Selected Idea #3 - Networking.
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2. 18 J A N U A R Y 2 0 1 5 IR update
N I R I W E B I N A R R E P O R T
“
Quarterly Earnings
Best Practices
Learn the unique ways some companies manage their
earnings process and the reasoning behind them.
By Tammy K. Dang
W
ithin biotech, our earnings
calls are not financially
driven, but instead are
used to provide an update on our R&D,
clinical trials, patents, or other relevant
issues,” said Susanna Chau, a consultant
in biotech investor relations. “That’s one
of the reasons our earnings prep may be
on the shorter side.”
Chau, along with Rob Binns, vice
president of investor relations at Hewlett-
Packard Company, and moderator Steven
Eschbach, vice president of investor rela-
tions at Integrys Energy Group, shared
their earnings process on a recent NIRI-
sponsored webinar titled, “Quarterly
Earnings Best Practices.”
Biotech
According to Chau, who has spent her
entire career in the biotech sector, these
types of companies typically spend two
to three weeks on the process. IR starts
by drafting script comments for the CEO,
CFO, and possibly the chief scientific
officer or chief medical officer, depending
on the stage of the company.
They may hold four to six meetings with
management to review the script to make
sure everyone stays on message, but this
is contingent upon the style of the team.
“It’s common for the management teams
of small biotech companies to consist of
Ph.D. founders who may or may not need
a little bit of hand-holding during the earn-
ings call process,” she said.
The team continues to make script
adjustments with anywhere from 7 to
12 formal versions with a Q&A list as
well as items not for comment. The
audit committee meets about three days
before the actual call to approve the
financials and press release. Depending
on the company, the earnings call takes
place anywhere from 30 minutes to 1
hour after issuing the press release at
4:00 p.m. Eastern time.
Within 15 minutes after the call, IR
reaches out to the sell side, especially if
anyone has gone off-script. “Financials are
not the focus within biotech for earnings,
but that being said, we do give guidance
on a quarterly and on an annual basis,”
Chau said. “We want to avoid large swings
in analyst models, which can be tough if
we don’t give guidance.” Biotech compa-
nies generally provide revenue numbers for
annual guidance, while quarterly guidance
relates to large costs.
Utilities
Integrys Energy Group, the parent
holding company of six regulated utilities
and a non-regulated energy services com-
pany, provides current annual guidance,
which is then updated every quarter.
Integrys’ earnings process is a collabora-
tive, cross-functional effort among the
investor relations team as well as legal,
accounting, finance, and treasury leaders
and senior executives.
About two weeks prior to the quarter end,
Eschbach and his team review what they
want to disclose to shareholders six weeks
“WITHIN BIOTECH, OUR EARNINGS CALLS ARE NOT
FINANCIALLY DRIVEN, BUT INSTEAD ARE USED TO
PROVIDE AN UPDATE ON OUR R&D, CLINICAL TRIALS,
PATENTS, OR OTHER RELEVANT ISSUES.”
– Susanna Chau, consultant, biotech investor relations
3. IR update J A N U A R Y 2 0 1 5 19
N I R I W E B I N A R R E P O R T
later during the call. “We agree to discuss
what it is that’s going on in the various rate
cases we are involved in,” Eschbach said.
“We also talk about other environmental
regulations that are being promulgated by
the federal and state regulatory bodies and
actions we are taking to be in compliance.”
At the close of the quarter, he sends
out key messages and an outline for
the conference call script, getting feed-
back from the various executives to
put together the call and related slides.
Afterwards, his team breaks up the slides
and sends the individual components to
subject matter experts within the com-
pany to get input on matters such as
rates and financials before sending final
drafts to the C-level executives.
Typically, the company goes through three
drafts with comments on substantive issues
and data integrity for the first one, a second
draft for the audit committee, and a final one
that includes a mock Q&A session. Rather
than put out its earnings news release via
a wire service, Integrys files an 8K after the
close of markets at 4:05 p.m. Central time.
The company posts its slide deck at 6:00
the next morning and holds the call two
hours later. “I will take calls from the ana-
lysts between the time we put our earnings
release out up until the time of the call, but
limited only to publicly available informa-
tion disclosed in the earnings press release
and 10-Q,” Eschbach said.
Team members debrief immediately after
the call to make note of any improvements
that are still fresh on their minds. “About an
hour later, our CEO addresses the leaders
of our group – just an overview of what’s
going on in the company and how he felt
the call went,” Eschbach explained.
Technology
Being a large and multifaceted company
with complex business lines and models, the
earnings process for Hewlett-Packard also
takes several weeks. “We go through each
of the forecasts for the businesses and really
understand the underlying factors driving
our expected results,” Binns said. “Based on
that, we draft our preliminary messaging.”
The IR team, which is on a rotational
basis within the company, then considers
the kinds of questions it may encounter
from investors. As the quarter closes and
the numbers start rolling in with updates
from the business lines, the team revisits its
key themes, likely questions, and messages
for the Street.
“My team and I will then, over the
course of the next 7 to 10 days create the
critical deliverables. As is common with
many organizations, key materials include
the press release, the CEO script, and the
CFO script,” Binns said. The company
posts its slides online and creates an
invaluable two-page cheat sheet with a
high-level summary.
IR collaborates with the communica-
tion team and business unit leads to
formulate the right content in the press
release and script to make sure the mes-
sage not only relays the financials, but
also ties in with the overall corporate
story. HP provides an EPS outlook for
the full fiscal year at the beginning of the
period, and provides EPS expectations for
each upcoming quarter throughout the
year. According to Binns, the guidance
provided, whether it is EPS, revenue, or
some other metric, should be contextual
and reflect the specific company’s story
and focus as well as the appropriate mea-
surement metrics.
Once the materials are prepared,
the audit committee reviews them and
IR creates a mock Q&A session with
management to ensure everyone is well
prepared. Hewlett-Packard then posts
materials at 1:05 p.m. Pacific time after
the market closes with a call typically at
2:00 p.m.
IR talks to approximately 30-35 sell-side
analysts after the event and posts the scripts
as quickly as possible. “In the afternoon,
while we answer follow-up questions from
our investors, our CEO typically communi-
cates the key themes and messages from our
results to the employee base and other key
audiences,” Binns said.
For more information about future webi-
nars, please visit www.niri.org/webinars. IRU
Tammy K. Dang is manager, professional
development, NIRI; tdang@niri.org.
“WE GO THROUGH EACH OF THE FORECASTS
FOR THE BUSINESSES AND REALLY UNDERSTAND
THE UNDERLYING FACTORS DRIVING OUR
EXPECTED RESULTS.”
– Rob Binns, vice president of investor relations, Hewlett-Packard