The document discusses a potential acquisition of Harley Davidson by BMW. It covers industry overviews, analyses of BMW and Harley Davidson, valuation of Harley Davidson using different methods, proposed deal structure involving a share swap, and potential synergies from the acquisition. Key targets and competitive analyses are also discussed. The acquisition would help BMW expand into the motorcycle industry and gain access to the large US market.
Phoenix Sky Harbor International Aviation SymposiumSeda Eskiler
globalaviationaerospace.com
Air Travel Irritants of Global Frequent Travelers
Ratio of Airline Loyalty Program Members to Annual
Passengers
Weekly Operations by Aircraft Size
Available Seat Miles and Passengers per Employee
Total Employees and Average Wages or Salaries
Pilot and Technician Outlook
Service Fees and Ticket Revenue
Distribution Costs per ASM
Based on Average Cost and Revenue for US Carriers
Monthly Scheduled Departures by Alliance and by Region
The car industry is really big. If you want to calculate the total number of motor vehicles on the planet it will be an inexact science, but the number is growing rapidly.
Read more on https://www.drivesurfing.com
Phoenix Sky Harbor International Aviation SymposiumSeda Eskiler
globalaviationaerospace.com
Air Travel Irritants of Global Frequent Travelers
Ratio of Airline Loyalty Program Members to Annual
Passengers
Weekly Operations by Aircraft Size
Available Seat Miles and Passengers per Employee
Total Employees and Average Wages or Salaries
Pilot and Technician Outlook
Service Fees and Ticket Revenue
Distribution Costs per ASM
Based on Average Cost and Revenue for US Carriers
Monthly Scheduled Departures by Alliance and by Region
The car industry is really big. If you want to calculate the total number of motor vehicles on the planet it will be an inexact science, but the number is growing rapidly.
Read more on https://www.drivesurfing.com
Have you ever wished you could grab whatever you wanted out of a vending machine for free? Now imagine you could do that every. single. day. Here at Colony Logic we believe that happy workers are the best workers, and what better way to brighten someone’s day than offering free delicious snacks!
BNI Noord-Limburg: Group energy & renovationsWim Coemans
Kristof verdiepte ons chapter vandaag in tegelindustrie. Zijn bedrijf biedt een groot gamma aan vloer-, wandtegels en steenstrips aan.
Zijn sterkte is de uitstekende prijs-kwaliteit verhouding van de producten. Ze worden in de beste omstandigheden gefabriceerd én getransporteerd.
Group Energy & Renovations houdt van elke tegel een bepaalde hoeveelheid op voorraad zodat u als klant snel verder geholpen wordt.
Ze leveren zowel aan particulieren als doorverkopers. Maar zijn ook op zoek naar bouwfirma's die kwalitatieve, betaalbare tegels willen, voor projecten in binnen- en buitenland.
Wilt u graag meer info? Neem dan snel contact op met Kristof Paulissen (kopersnet@gmail.com).
This is an Info-graphic designed to showcase some of the graphic work I create and my credentials. As a designer, I was frustrated with my bland CV and so I felt this was a good way to showcase my credentials in a 'prettier' way; kinda like what designers do best!
PATENTAMIENTO DE AUTOS CRECIÓ 9,5% EN SEPTIEMBRE, SEGÚN CONCESIONARIOSBarby Del Pópolo
La cantidad de vehículos
patentados durante septiembre último creció 9,5% interanual, al
sumar 65.138 unidades, informó hoy la Asociación de
Concesionarios de Automotores de la República Argentina (ACARA)
PASSENGER CAR registrations: +8.2% in the first half of the year; +14.6% in June
In June 2015, demand for new passenger cars in the EU was up (+14.6%), pursuing the upward trend commenced 22 months ago and marking the largest over‐the‐month increase since December 2009.
All major markets significantly supported the overall expansion, with Spain (+23.5%), France (+15.0%), Italy (+14.4%), Germany (+12.9%) and the UK (+12.9%) posting double‐digit growth. Across the region, new passenger car registrations totalled 1,364,009 units.
In the first semester of 2015, new passenger car registrations increased (+8.2%) surpassing 7 million units (7,169,984). All major markets posted growth, contributing to the overall upturn of the EU market over the period.
Registrations in Spain (+22.0%), Italy (+15.2%), the UK (+7.0%), France (+6.1%) and Germany (+5.2%) increased compared to the same period one year ago.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
2. CONTENTS
Industry Overview
BMW Analysis
Why Should BMW Acquire at all
Key Targets and Competitive
Analysis
Why Harley
Key Issues in Acquisition
Credit Worthiness
Valuation Drivers
Harley Davidson Valuation
Deal Structure
Synergies
Exit Strategy
4. BMW Markets (Based On automobile sales volume)
29.1
2.9
4.2
4.3
10
14
17.1
18.4
0
5
1
0
1
5
2
0
2
5
3
0
3
5
Other
Japan
France
Italy
United Kingdom
China
Germany
United States
Number of produced motorcycles
104396
118452
93243
112271
118865
103759
0
20000
40000
60000
80000
100000
120000
140000
2006 2007 2008 2009 2010 2011
16.60%
15.40%
10.10%
8.80%6.60%
6.20%
36.30%
Germany
Italy
United States
France
Spain
United Kingdom
Other Markets
Market share for bike segment
Industry
Overview
BMW
Analysis
Why
Acquire
Key
Targets
Why
Harley
Key Issues Credit
Worthiness
Valuation
Drivers
HD
Valuation
Deal
Structure
Synergy Exit
Strategy
14. 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
EBIT 267317.3947 331684.0196 341634.54 351883.576 362440.084 373313.29 384512.6848 396048.0653 407929.5073
EBIT (1-t) 187122.1763 232178.8137 239144.18 246318.503 253708.059 261319.3 269158.8793 277233.6457 285550.6551
Add dep 6947.975255 7127.314727 7311.2833 7500.00036 7693.58857 7892.1736 8095.884525 8304.853556 8519.216445
Less WC changes 2,32,792 18,087 18,554 19,032 19,524 20,028 20,545 21,075 21,619
Less cap exp 1,094 806 827 848 870 892 915 939 963
1 2 3 4 5 6 7 8 9
Cash flow -39,816 2,20,413 2,27,075 2,33,938 2,41,008 2,48,291 2,55,795 2,63,524 2,71,488 66,216
Present value 0.907441016 0.823449198 0.7472316 0.67806858 0.61530724 0.558355 0.506674256 0.459777002 0.41722051
Present value of cash flow -36131.05702 181499.2818 169677.71 158625.964 148293.923 138634.73 129604.5691 121162.4919 140897.0842 1152264.7
2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E
EBIT 915481.6 988720.128 1067817.7 1153243.16 1245502.61 1345142.8 1452754.244 1568974.584 1694492.55
EBIT (1-t) 640837.12 692104.0896 747472.42 807270.21 871851.827 941599.97 1016927.971 1098282.209 1186144.785
Add dep 220691.2591 226387.689 232231.15 238225.449 244374.467 250682.2 257152.7508 263790.316 270599.2084
Less WC changes -50,592 34,107 34,987 35,890 36,817 37,767 38,742 39,742 40,768
Less cap exp 33,490 20,980 21,522 22,077 22,647 23,232 23,831 24,447 25,078
1 2 3 4 5 6 7 8 9
Cash flow 8,78,631 8,63,405 9,23,195 9,87,528 10,56,762 11,31,283 12,11,508 12,97,884 13,90,899 8,97,354
Present value 0.907 0.823 0.747 0.678 0.615 0.558 0.507 0.460 0.417
Present value of cash flow 797305.62 710969.88 689840.13 669611.75 650233.59 631657.81 613839.67 596737.31 954706.06 6314901.81
Bike segment Fin Co segment Total Enterprise value of HD
6314901.81 1152264.694 7467166.51
Issues:
· Difficulty in forecasting growth in sales & income based on
performance of last two years as whole auto sector had a hit
· Difficulty in assuming future capital expenditure in absence of future
plans of Harley Davidson
Industry
Overview
BMW
Analysis
Why
Acquire
Key
Targets
Why
Harley
Key Issues Credit
Worthiness
Valuation
Drivers
HD
Valuation
Deal
Structure
Synergy Exit
Strategy
15. Date Target Acquirer FV/ebidta FV/ebit
May-10 Stuart Weitzman 8 12.6
Dec-09 Bucyrus International, 8.7 11.3
Nov-09 Stanley Black 10.7 15.5
Feb-07 Volvo Ingersoll-Rand, 11.5 12.9
Apr-07 Puma PPR 12.2 13.5
Sep-08 Manitou Gehl 13.4 15.5
Jun-07 Valentino Permira 13.9 17.8
Average 11.20 14.16
Harley (Value in billion)
EBIDTA 1.68
Value of harley as per Ebidta 18.82
EBIT 1.30
Value of harley as per EBIT 18.40
Industry
Overview
BMW
Analysis
Why
Acquire
Key
Targets
Why
Harley
Key Issues Credit
Worthiness
Valuation
Drivers
HD
Valuation
Deal
Structure
Synergy Exit
Strategy
16. 2012 2013 Average 2012 2013 Average 2012 2013 Average
Isuzu Motors 10,438 8,780 0.49x 0.45x 0.47 4.7x 4.2x 4.5 8.3x 7.6x 7.95
Mitsubishi 11,093 5,415 0.44x 0.40x 0.42 6.2x 5.3x 5.75 12.8x 8.9x 10.85
Paccar 11,401 14,122 0.65x 0.61x 0.64 5.4x 4.8x 5.2 11.3x 10.0x 10.65
Scania 11,995 13,145 1.01x 0.92x 0.965 6.8x 5.6x 6.2 12.6x 10.1x 11.35
MAN 14,790 14,574 0.73x 0.67x 0.7 8.0x 6.6x 7.3 15.9x 12.4x 14.15
Fiat Industrial 18,345 13,289 0.57x 0.54x 0.555 6.3x 5.6x 5.95 16.6x 12.5x 14.55
Average 0.63 5.82 11.58
Harley figures
EBITDA 1.68
Value of Harley as per EBITDA 9.75
Revenue 6.60
Value of Harley as per Revenue 4.13
EPS 3.66
Value of Harley as per EPS per share 42.40
No. of Share 231.52
Value of Harley as per EPS in billion 9.82
Industry
Overview
BMW
Analysis
Why
Acquire
Key
Targets
Why
Harley
Key Issues Credit
Worthiness
Valuation
Drivers
HD
Valuation
Deal
Structure
Synergy Exit
Strategy
17. 0
5000
10000
Institutions Mutual
Funds
Insiders
HD’s Ownership Structure
(Pre Acquisition)
Mil USD
Harley Davidson
Method EV Value per share Weight Product
Trading
comparables 9.82 42.40 30% 12.7185
Transaction
comparables 18.40 79.4932866 50% 39.7466433
DCF 7.47 32.25207326 20% 6.450414651
Total 58.91555795
Swap Ratio 2.699116143
BMW Value per share 159.0199336
Total Valuation for HD
13.64012998
Shares outstanding bmw 602.00m
Shares outstanding Harley 231.52M
enterprice value as on jun 15 (http://ycharts.com) 13.604
Total Long Term Debt 3.844
Market Capitalization 9.76
Less cash 1.2
Price for consideration 8.6(Billion)
Deal structure for equity consideration
Debt 60%
Equity 40%
Share swap 52
Existing no .of equity shares 602
Total no. of equity shares (in million) 654
Total debt after merger (in billion) 48.3194
Price of harley as on 15 jun 2012 42
% stake of Harley shareholders in combined entity 8%
0%
10%
20%
30%
40%
50%
Series1
BMW Ownership structure Pre Acquisition
Industry
Overview
BMW
Analysis
Why
Acquire
Key
Targets
Why
Harley
Key Issues Credit
Worthiness
Valuation
Drivers
HD
Valuation
Deal
Structure
Synergy Exit
Strategy
All figures in US $