Canadian exporters are more optimistic about the near-term outlook according to EDC's mid-year 2018 Trade Confidence Index survey. The Index increased and is now above its historical average, driven by higher expected domestic and export sales. At the same time, ongoing NAFTA talks appear to be taking a toll, with a growing proportion of exporters saying the talks have had a negative impact on their Canadian operations and investment plans. Canadian exporters are also diversifying their international operations, with a significant increase in the proportion starting to export to new countries or planning to do so.
KPMG Study - Third EFB-KPMG European Family Business Barometer - Dec 2014Tatiana Andreeva
In this third bi-annual European Family Business Barometer, European Family Businesses (EFB) and KPMG once again seek to bring an insight into the confidence levels of family businesses, the challenges affecting their everyday operations and the solutions they seek to ensure their development and sustainable growth. This time the headline message is that while the outlook is positive the pressure on profitability and the war for talent are the key changes.
This document summarizes the results of a quarterly survey of 153 C-level executives from large Canadian companies. The survey asked about interest rates, minimum wage increases, automation/advanced manufacturing, NAFTA, and the economy.
Key findings include: most executives oppose another interest rate hike and minimum wage increases to $15 by 2019, though some support phasing it in over 4 years; a majority believe rate hikes and minimum wage increases will negatively impact the economies of Ontario and Alberta; and views on NAFTA negotiations and the economic outlook are mixed.
The document provides an analysis of the macroeconomic performance and fundamental ratios of Apex Spinning & Knitting Mills Limited in Bangladesh. Some key points:
1) Bangladesh has seen upward trends in GDP, GNP and declining unemployment over recent years, while inflation, currency depreciation and budget deficits are also trending upward.
2) The textile industry contributes significantly to GDP and exports but is facing challenges from competitors like China and Vietnam.
3) Apex Spinning has seen increasing revenues, capital expenditures and cost efficiencies over 5 years. Most financial ratios show improving trends except for return on equity.
4) Analysis of Apex's ratios show inventory turnover and assets turnover improving, while
The document is a survey that explores perceptions of executives from major Romanian companies regarding the business outlook for 2015. Some key findings:
- The outlook for turnover growth is more moderate in the second half of 2015, with 40% expecting 10-31% growth compared to 48% earlier in the year.
- Expectations for profit growth are similar to earlier in the year, with 21% expecting 5-10% growth and 35% expecting 10-31% growth.
- 32% expect no increase in employee numbers compared to 19% earlier, and fewer expect employee growth over 5%.
- 10% expect 10-20% salary increases compared to 6% earlier.
Four months in, 2017 is shaping up to be a year of harvesting and replanting for the innovation economy.
The SVB Analytics team examined the private-company growth propelled by the large capital raises of 2014-15
and the subsequent plunge in large investments and exits in 2016. Given the activity we’ve seen in the first
quarter of 2017, we are forecasting significant harvesting of returns resulting from the last decade of sweeping
innovations.
- Genworth MI Canada reported its first quarter 2017 results, with net operating income up 17% year-over-year to $107 million. Premiums written increased 9% year-over-year to $127 million. The loss ratio was 15%, down from 24% in the first quarter of 2016.
- New insurance written decreased year-over-year due to smaller high loan-to-value origination markets following regulatory changes in the fourth quarter of 2016. Premium rate increases implemented in March 2017 are expected to boost premiums written for the rest of 2017 and future years.
- Portfolio quality remains strong, with the average credit score steady at 745 and low exposure to loans with multiple risk factors. The
Baker Tilly Staples Rodway asked clients how the government is performing when it comes to the economy, their expectations for businesses over the coming year and how their own business is performing.
The survey explores perceptions of top executives from major Romanian companies regarding the 2016 business outlook. Some key findings:
1) Companies will define success in 2016 by customer satisfaction (83%), financial results (68%), and market share (56%).
2) 41% of companies forecast turnover growth of 10-30% in 2016, while 32% expect 5-10% growth.
3) Profits are also expected to rise optimistically, with 28% forecasting 5-10% growth and 32% expecting over 30% growth.
KPMG Study - Third EFB-KPMG European Family Business Barometer - Dec 2014Tatiana Andreeva
In this third bi-annual European Family Business Barometer, European Family Businesses (EFB) and KPMG once again seek to bring an insight into the confidence levels of family businesses, the challenges affecting their everyday operations and the solutions they seek to ensure their development and sustainable growth. This time the headline message is that while the outlook is positive the pressure on profitability and the war for talent are the key changes.
This document summarizes the results of a quarterly survey of 153 C-level executives from large Canadian companies. The survey asked about interest rates, minimum wage increases, automation/advanced manufacturing, NAFTA, and the economy.
Key findings include: most executives oppose another interest rate hike and minimum wage increases to $15 by 2019, though some support phasing it in over 4 years; a majority believe rate hikes and minimum wage increases will negatively impact the economies of Ontario and Alberta; and views on NAFTA negotiations and the economic outlook are mixed.
The document provides an analysis of the macroeconomic performance and fundamental ratios of Apex Spinning & Knitting Mills Limited in Bangladesh. Some key points:
1) Bangladesh has seen upward trends in GDP, GNP and declining unemployment over recent years, while inflation, currency depreciation and budget deficits are also trending upward.
2) The textile industry contributes significantly to GDP and exports but is facing challenges from competitors like China and Vietnam.
3) Apex Spinning has seen increasing revenues, capital expenditures and cost efficiencies over 5 years. Most financial ratios show improving trends except for return on equity.
4) Analysis of Apex's ratios show inventory turnover and assets turnover improving, while
The document is a survey that explores perceptions of executives from major Romanian companies regarding the business outlook for 2015. Some key findings:
- The outlook for turnover growth is more moderate in the second half of 2015, with 40% expecting 10-31% growth compared to 48% earlier in the year.
- Expectations for profit growth are similar to earlier in the year, with 21% expecting 5-10% growth and 35% expecting 10-31% growth.
- 32% expect no increase in employee numbers compared to 19% earlier, and fewer expect employee growth over 5%.
- 10% expect 10-20% salary increases compared to 6% earlier.
Four months in, 2017 is shaping up to be a year of harvesting and replanting for the innovation economy.
The SVB Analytics team examined the private-company growth propelled by the large capital raises of 2014-15
and the subsequent plunge in large investments and exits in 2016. Given the activity we’ve seen in the first
quarter of 2017, we are forecasting significant harvesting of returns resulting from the last decade of sweeping
innovations.
- Genworth MI Canada reported its first quarter 2017 results, with net operating income up 17% year-over-year to $107 million. Premiums written increased 9% year-over-year to $127 million. The loss ratio was 15%, down from 24% in the first quarter of 2016.
- New insurance written decreased year-over-year due to smaller high loan-to-value origination markets following regulatory changes in the fourth quarter of 2016. Premium rate increases implemented in March 2017 are expected to boost premiums written for the rest of 2017 and future years.
- Portfolio quality remains strong, with the average credit score steady at 745 and low exposure to loans with multiple risk factors. The
Baker Tilly Staples Rodway asked clients how the government is performing when it comes to the economy, their expectations for businesses over the coming year and how their own business is performing.
The survey explores perceptions of top executives from major Romanian companies regarding the 2016 business outlook. Some key findings:
1) Companies will define success in 2016 by customer satisfaction (83%), financial results (68%), and market share (56%).
2) 41% of companies forecast turnover growth of 10-30% in 2016, while 32% expect 5-10% growth.
3) Profits are also expected to rise optimistically, with 28% forecasting 5-10% growth and 32% expecting over 30% growth.
Genworth MI Canada Inc. reported its fourth quarter 2015 results. Key highlights included:
- Premiums written decreased 18% quarter-over-quarter but increased 20% year-over-year.
- The loss ratio was 23% for the quarter, up 2 percentage points from the prior quarter.
- Operating income increased 3% year-over-year to $95 million for the quarter.
- Book value per share increased 5% year-over-year to $36.82.
This document provides an overview of an innovative digital finance company called ID Finance that provides financial services to underbanked populations. Some key points:
- ID Finance has expanded rapidly since 2012 to operate in 8 countries across Europe, Latin America, and Central Asia.
- The company has achieved impressive growth and profitability through a scalable business model and proprietary credit scoring system. Loan issuance has grown at a 242% CAGR from 2014-2017.
- ID Finance is shifting its strategy to focus on longer term loans and more affordable products to attract prime customers and expand its total addressable market.
- The company has significantly improved portfolio quality while maintaining rapid growth, with non-performing loans
The document provides highlights and financial information for NNIT for the first six months of 2018. Key points include:
- Revenue for Q2 2018 increased 8.3% to DKK 753 million and increased 2.9% to DKK 1,451 million for the first six months of 2018.
- Operating profit for Q2 2018 was DKK 75 million, up 22%, and was DKK 135 million for the first six months, down 0.6%.
- Order backlog for 2018 increased 0.4% to DKK 2,682 million compared to the same period in 2017.
EY Analyst themes of quarterly oil & gas earnings: 3Q18EY
Oil & gas companies are reporting stronger cash flows and improved bottom lines. Analysts are focused on how that cash will be put to work. Do they return cash to shareholders or do they expand portfolios, possibly taking advantage of stronger market indicators? Macro factors and timing are likely to play a greater role as markets reset.
“A vision for growth” is a survey that explores the perceptions of top executives from major companies operating in Romania regarding the business outlook for 2016. In this edition we also provide comparative data with the similar surveys conducted at the beginning of 2014 and 2015. The results of this survey reflect the responses received to our questionnaire in the period between 26 January and 8 February 2016, from 421 top executives of major companies operating in Romania.
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
The document is a mid-year business outlook survey of 103 executives from major companies in Romania. It provides the following key findings:
1. While turnover growth expectations have declined slightly in the last 6 months, most companies (69%) still expect growth in 2013. Profit growth expectations have remained steady.
2. Over half of companies expect salary growth of 5-10% in 2013, while many anticipate no change.
3. Confidence in industry growth potential has decreased significantly, with more companies now "not at all confident" compared to 6 months ago. Confidence in company growth has also declined.
4. In response to the business environment, companies are focusing more on new products and cost
The survey found that while companies' expectations for profit growth remained steady, expectations for turnover and employee growth declined from February to August 2014. Specifically, more companies expected negative turnover growth and fewer expected to increase staffing levels. However, the percentage of companies anticipating high (10-31%) turnover growth increased. While over half of companies still expect a moderate (5-10%) salary increase, confidence in industry and company growth for the next six months declined compared to February 2014, with more companies reporting they feel "not at all confident" about their own growth.
The survey found that while companies' expectations for profit growth remained steady, expectations for turnover and employee growth declined from February to August 2014. Specifically, more companies expected negative turnover growth and fewer expected to increase staffing levels. However, the percentage of companies anticipating high (10-31%) turnover growth increased. While over half of companies still expect a moderate (5-10%) salary increase, confidence in industry and company growth for the next six months declined compared to February 2014, with more companies reporting they feel "not at all confident" about their own growth.
global Venture funding and start up data : top 10 chartsSumit Roy
- Global VC funding hit a record high of $128.5B in 2015 but pulled back significantly in Q4/15, dropping from $38.7B in Q3 to $27.2B. Deal volume also declined from 2008 deals in Q3 to 1742 in Q4.
- The number of mega-rounds (>$100M) declined sharply from over 72 in Q3 to 38 in Q4 as investors became more cautious due to economic uncertainty and concerns about recent IPOs falling short of private valuations.
- Both North America and Asia saw large decreases in mega-rounds and funding compared to previous quarters while Europe experienced a more modest decline.
Silicon Valley Bank's Life Science and Healthcare Startup Outlook Report examines how the industry's executives view 2017's opportunities and challenges. The report includes startups' thoughts on public policy issues as well as their expectations for fundraising and hiring.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
The document summarizes a report on the business outlook in New Zealand. It finds that while New Zealand's economy grew unexpectedly in Q1 2012, businesses are slightly less optimistic about the economy in Q2 than in Q1. Expectations for employment and revenue growth are marginally lower. However, the availability of skilled workers is seen as less of a constraint than in 2011. Overall the economy is forecast to grow around 2.4% in 2012 and 2.8% annually through 2016, supported by trading partners and reconstruction from earthquakes.
NNIT reported financial results for the first quarter of 2018. Revenue declined 2.3% to DKK 699 million due to a 20% decline in revenue from Novo Nordisk. Operating profit was DKK 61 million with an operating margin of 8.7%. Order backlog for 2018 increased 2.8% to DKK 2,487 million. Major new contract wins in the quarter included an infrastructure outsourcing contract and an SAP implementation project. The outlook for 2018 was maintained.
Genworth MI Canada reported its financial results for Q4 2014. Premiums written increased 25% year-over-year to $640 million for 2014. The loss ratio was 20% for the full year, 5 points lower than 2013. Net operating income increased 5% to $366 million. The minimum capital test ratio remained strong at 225%.
The interim report summarizes Swedbank's financial results for the first quarter of 2017. Net interest income and lending volumes increased compared to the previous quarter, while net commission income decreased due to seasonal effects. Overall profits increased 25% compared to the first year, strengthened by a capital gain from the sale of Hemnet. Credit quality remained strong across all business segments, though additional provisions were made for oil-related sectors. The report provides an overview of each business segment and notes that economic indicators have strengthened in Sweden and the Baltic countries in recent months.
Export Development Canada - Trade Confidence Index Fall 2017Stephen Tapp
An overview of the results from EDC’s survey of 1,000 Canadian exporters, conducted twice a year. The survey uncovers issues not available in traditional trade statistics, such as Canadian exporters’: expectations for the future; evolving international operations and strategies; and views on emerging issues.
EDC's Trade Confidence Index 2018 year-end resultsStephen Tapp
Twice a year, Export Development Canada surveys 1,000 Canadian exporters to provide insights not available in traditional trade statistics, such as: exporters’ expectations for the future; their evolving international operations and strategies; and views on emerging issues.
This presentation provides an overview of the results from our 2018 year-end survey.
The document is an agenda and presentation slides from JPMorgan Chase's 2019 Investor Day. Some key points:
- JPMorgan Chase delivered strong financial results in 2018 with record revenues and income. Expenses increased due to higher revenues and additional investments.
- The Corporate & Investment Bank gained market share faster than peers across many businesses and geographies, strengthening its global leadership positions.
- The Equities business has steadily increased market share in key products like Cash Equities and Prime Finance through investments in execution capabilities.
- Electronification has increased demand for sophisticated execution tools to reduce costs, and JPMorgan is investing in technology like Algo Central to meet evolving client needs.
Genworth MI Canada Inc. reported its fourth quarter 2015 results. Key highlights included:
- Premiums written decreased 18% quarter-over-quarter but increased 20% year-over-year.
- The loss ratio was 23% for the quarter, up 2 percentage points from the prior quarter.
- Operating income increased 3% year-over-year to $95 million for the quarter.
- Book value per share increased 5% year-over-year to $36.82.
This document provides an overview of an innovative digital finance company called ID Finance that provides financial services to underbanked populations. Some key points:
- ID Finance has expanded rapidly since 2012 to operate in 8 countries across Europe, Latin America, and Central Asia.
- The company has achieved impressive growth and profitability through a scalable business model and proprietary credit scoring system. Loan issuance has grown at a 242% CAGR from 2014-2017.
- ID Finance is shifting its strategy to focus on longer term loans and more affordable products to attract prime customers and expand its total addressable market.
- The company has significantly improved portfolio quality while maintaining rapid growth, with non-performing loans
The document provides highlights and financial information for NNIT for the first six months of 2018. Key points include:
- Revenue for Q2 2018 increased 8.3% to DKK 753 million and increased 2.9% to DKK 1,451 million for the first six months of 2018.
- Operating profit for Q2 2018 was DKK 75 million, up 22%, and was DKK 135 million for the first six months, down 0.6%.
- Order backlog for 2018 increased 0.4% to DKK 2,682 million compared to the same period in 2017.
EY Analyst themes of quarterly oil & gas earnings: 3Q18EY
Oil & gas companies are reporting stronger cash flows and improved bottom lines. Analysts are focused on how that cash will be put to work. Do they return cash to shareholders or do they expand portfolios, possibly taking advantage of stronger market indicators? Macro factors and timing are likely to play a greater role as markets reset.
“A vision for growth” is a survey that explores the perceptions of top executives from major companies operating in Romania regarding the business outlook for 2016. In this edition we also provide comparative data with the similar surveys conducted at the beginning of 2014 and 2015. The results of this survey reflect the responses received to our questionnaire in the period between 26 January and 8 February 2016, from 421 top executives of major companies operating in Romania.
The survey of over 100 top dealmakers finds strong confidence in the global M&A market in 2013. North American, European, and Greater China advisors largely expect increased deal activity globally and within their own regions compared to 2012. Key drivers are seen as strong CEO confidence, improving economies, and growing appetite for Chinese outward expansion. In North America, domestic deals and the consumer goods sector are expected to be most active. Greater China advisors anticipate outbound Chinese deals, while European advisors foresee foreign acquisitions in Europe driving activity.
The document is a mid-year business outlook survey of 103 executives from major companies in Romania. It provides the following key findings:
1. While turnover growth expectations have declined slightly in the last 6 months, most companies (69%) still expect growth in 2013. Profit growth expectations have remained steady.
2. Over half of companies expect salary growth of 5-10% in 2013, while many anticipate no change.
3. Confidence in industry growth potential has decreased significantly, with more companies now "not at all confident" compared to 6 months ago. Confidence in company growth has also declined.
4. In response to the business environment, companies are focusing more on new products and cost
The survey found that while companies' expectations for profit growth remained steady, expectations for turnover and employee growth declined from February to August 2014. Specifically, more companies expected negative turnover growth and fewer expected to increase staffing levels. However, the percentage of companies anticipating high (10-31%) turnover growth increased. While over half of companies still expect a moderate (5-10%) salary increase, confidence in industry and company growth for the next six months declined compared to February 2014, with more companies reporting they feel "not at all confident" about their own growth.
The survey found that while companies' expectations for profit growth remained steady, expectations for turnover and employee growth declined from February to August 2014. Specifically, more companies expected negative turnover growth and fewer expected to increase staffing levels. However, the percentage of companies anticipating high (10-31%) turnover growth increased. While over half of companies still expect a moderate (5-10%) salary increase, confidence in industry and company growth for the next six months declined compared to February 2014, with more companies reporting they feel "not at all confident" about their own growth.
global Venture funding and start up data : top 10 chartsSumit Roy
- Global VC funding hit a record high of $128.5B in 2015 but pulled back significantly in Q4/15, dropping from $38.7B in Q3 to $27.2B. Deal volume also declined from 2008 deals in Q3 to 1742 in Q4.
- The number of mega-rounds (>$100M) declined sharply from over 72 in Q3 to 38 in Q4 as investors became more cautious due to economic uncertainty and concerns about recent IPOs falling short of private valuations.
- Both North America and Asia saw large decreases in mega-rounds and funding compared to previous quarters while Europe experienced a more modest decline.
Silicon Valley Bank's Life Science and Healthcare Startup Outlook Report examines how the industry's executives view 2017's opportunities and challenges. The report includes startups' thoughts on public policy issues as well as their expectations for fundraising and hiring.
Key insights from Silicon Valley Bank's Startup Outlook Report. SoCal startups are fueled by a flourishing ecosystem that includes a growing number of local equity capital sources from both venture capitalists and corporate investors. While their outlook is cautiously optimistic, they continue to hire.
The document summarizes a report on the business outlook in New Zealand. It finds that while New Zealand's economy grew unexpectedly in Q1 2012, businesses are slightly less optimistic about the economy in Q2 than in Q1. Expectations for employment and revenue growth are marginally lower. However, the availability of skilled workers is seen as less of a constraint than in 2011. Overall the economy is forecast to grow around 2.4% in 2012 and 2.8% annually through 2016, supported by trading partners and reconstruction from earthquakes.
NNIT reported financial results for the first quarter of 2018. Revenue declined 2.3% to DKK 699 million due to a 20% decline in revenue from Novo Nordisk. Operating profit was DKK 61 million with an operating margin of 8.7%. Order backlog for 2018 increased 2.8% to DKK 2,487 million. Major new contract wins in the quarter included an infrastructure outsourcing contract and an SAP implementation project. The outlook for 2018 was maintained.
Genworth MI Canada reported its financial results for Q4 2014. Premiums written increased 25% year-over-year to $640 million for 2014. The loss ratio was 20% for the full year, 5 points lower than 2013. Net operating income increased 5% to $366 million. The minimum capital test ratio remained strong at 225%.
The interim report summarizes Swedbank's financial results for the first quarter of 2017. Net interest income and lending volumes increased compared to the previous quarter, while net commission income decreased due to seasonal effects. Overall profits increased 25% compared to the first year, strengthened by a capital gain from the sale of Hemnet. Credit quality remained strong across all business segments, though additional provisions were made for oil-related sectors. The report provides an overview of each business segment and notes that economic indicators have strengthened in Sweden and the Baltic countries in recent months.
Export Development Canada - Trade Confidence Index Fall 2017Stephen Tapp
An overview of the results from EDC’s survey of 1,000 Canadian exporters, conducted twice a year. The survey uncovers issues not available in traditional trade statistics, such as Canadian exporters’: expectations for the future; evolving international operations and strategies; and views on emerging issues.
EDC's Trade Confidence Index 2018 year-end resultsStephen Tapp
Twice a year, Export Development Canada surveys 1,000 Canadian exporters to provide insights not available in traditional trade statistics, such as: exporters’ expectations for the future; their evolving international operations and strategies; and views on emerging issues.
This presentation provides an overview of the results from our 2018 year-end survey.
The document is an agenda and presentation slides from JPMorgan Chase's 2019 Investor Day. Some key points:
- JPMorgan Chase delivered strong financial results in 2018 with record revenues and income. Expenses increased due to higher revenues and additional investments.
- The Corporate & Investment Bank gained market share faster than peers across many businesses and geographies, strengthening its global leadership positions.
- The Equities business has steadily increased market share in key products like Cash Equities and Prime Finance through investments in execution capabilities.
- Electronification has increased demand for sophisticated execution tools to reduce costs, and JPMorgan is investing in technology like Algo Central to meet evolving client needs.
> Higher-than-expected economic growth last year will fuel business confidence in 2018, with overall small and mid-sized businesses planning to invest $140.5 billion, a 2.9% increase over 2017, mainly to support growth.
> Most of the upswing in investment intentions is due to an increase in plans to acquire businesses. Spending on intangible assets like intellectual property and R&D will rise but spending on tangible assets like machinery will decline.
> By region, British Columbia and the territories, Alberta, and Quebec have the most positive investment outlooks, while other regions show greater declines or a slight downtick like in Ontario. Acute labour shortages and liquidity constraints will limit
This document provides an investor presentation for Intact Financial Corporation, a leading property and casualty insurer in Canada. Some key points:
1) Intact has consistently outperformed the industry in terms of return on equity, combined ratio, premium growth, and market share over the past 10 years.
2) Intact aims to beat industry return on equity by 5 points annually through initiatives like pricing and segmentation, claims management, and capital management.
3) Intact has a strong financial position with excess capital, high credit ratings, and a track record of growth and profitability. Management sees opportunities for further industry consolidation.
This document provides an investor presentation for Intact Financial Corporation (IFC), Canada's largest property and casualty insurer. Some key points:
- IFC has consistently outperformed the industry on measures like return on equity, combined ratio, and premium growth over the past 10 years.
- IFC aims to continue beating the industry ROE by 500 basis points annually and growing net operating income per share by 10% per year through initiatives like pricing segmentation, claims management improvements, and pursuing growth opportunities.
- IFC has a strong financial position with over $850 million in excess capital and debt below target levels. It maintains high credit ratings from major agencies.
- The Canadian P&C insurance industry
This investor presentation provides an overview of Intact Financial Corporation (IFC), Canada's largest property and casualty insurer. Some key points:
1) IFC has consistently outperformed the industry on measures like return on equity, combined ratio, and premium growth over the past 10 years.
2) IFC aims to continue beating industry ROE by 500 bps annually and growing net operating income per share by 10% per year through initiatives like pricing segmentation, claims management, and acquisitions.
3) IFC has a strong capital position with $904 million in excess capital and a 215% Minimum Capital Test ratio as of Q1 2016. Management plans to continue increasing dividends and share buybacks
Intact Financial Corporation is Canada's largest home, auto and business insurer, with a 10-year track record of outperforming the industry. It aims to achieve a combined ratio in the low 90s, exceed industry return on equity by 5 points, and grow net operating income per share by 10% per year over time through organic growth, margin improvement and claims management. The acquisition of OneBeacon expanded Intact's presence in attractive specialty insurance lines in the US and provides a more balanced portfolio and geographic diversification.
This investor presentation provides an overview of Intact Financial Corporation (IFC), Canada's largest provider of property and casualty insurance. Some key points:
- IFC has consistently outperformed the industry on key metrics like return on equity, combined ratio, and premium growth over the past 10 years.
- IFC's strategies for continued outperformance include sophisticated pricing, in-house claims expertise, and leveraging its scale advantage. It aims to beat the industry ROE by 500 bps annually.
- IFC has a strong financial position with over $857 million in excess capital and investment portfolio of high quality fixed income securities.
- The presentation outlines IFC's strategies for organic growth, consolidation
Genworth MI Canada Inc. reported its fourth quarter and full year 2017 results. Key highlights included:
- Premiums written decreased 13% year-over-year for the full year to $663 million.
- The loss ratio decreased 12 points year-over-year to 10% for the full year.
- Net operating income increased 20% year-over-year and operating EPS increased 21% for the full year.
- The MCT ratio remained strong at 168% as of December 31, 2017.
Intact Financial Corporation is Canada's largest home, auto and business insurer, with a 17% market share in a fragmented industry. It has consistently outperformed the industry over 10 years in terms of premium growth, combined ratio, and return on equity. Intact has several competitive advantages including scale, sophisticated pricing and underwriting, in-house claims expertise, and broker relationships. The presentation outlines Intact's strategy to continue growing organically and through acquisitions to consolidate the Canadian property and casualty insurance market.
Intact Financial Corporation is Canada's largest property and casualty insurer with a market share of approximately 17%. Over the past 10 years, IFC has consistently outperformed the industry in key metrics such as return on equity, premium growth, and combined ratio. IFC attributes its success to scale advantages, sophisticated pricing and underwriting, in-house claims expertise, and strategic capital management. IFC aims to continue growing organically and through acquisitions to capitalize on ongoing consolidation opportunities in the fragmented Canadian P&C insurance market.
Masco Corporation reported financial results for the fourth quarter and full year of 2017. For the fourth quarter, revenue increased 7% to $1.87 billion and operating profit increased 44 million or 150 basis points to $265 million. For the full year, revenue increased 4% to $7.64 billion and operating profit increased $98 million or 70 basis points to $1.17 billion. The company exceeded its 2017 EPS target and drove growth through market share gains, new product development, and margin expansion. It also completed an acquisition and signed an agreement to acquire another company.
2018 ad investment forecasts and released its initial 2019 outlook. GroupM believes there will be $24B in net new GroupM advertising investment this year, the best annual increment since the bounce back from the global recession in 2010 when $26B was added to investment.
The document provides an investor presentation for Intact Financial Corporation, Canada's largest home, auto, and business insurer. Some key points:
- IFC has consistently outperformed the industry over the past 10 years in areas like premium growth, combined ratio, and return on equity.
- IFC aims to have 3 out of 4 customers as advocates who actively engage digitally, achieve a combined ratio in the low 90s, and exceed industry ROE by 5 points in Canada and the U.S.
- IFC has achieved its target of 10% annual growth in net operating income per share. It has also regularly exceeded its target of outperforming industry ROE by 500 basis points.
Atento reported revenue growth of 5.7% in Q4 and 5.1% for the full year 2017. Revenue from multisector clients grew 8.6% in Q4 and 10.9% for the full year, increasing its percentage of total revenue. Adjusted EBITDA margins were in line with guidance at 11.5% for both Q4 and the full year. Adjusted earnings per share grew 11.4% in Q4 and 14.8% for the full year, reflecting continued revenue growth and profitability.
The document provides an overview of Thor Industries' financial results for the first quarter of fiscal year 2017, ended October 31, 2016. Some key highlights include:
- Revenues grew 65.8% year-over-year to a record $1.71 billion, with the Jayco acquisition contributing $467.1 million.
- Net income increased 55.9% to a record $78.7 million.
- The RV backlog doubled to $2.11 billion, indicating continued strong demand.
- Gross margins were modestly impacted by the Jayco acquisition.
- Capital expenditures and acquisitions continue to invest in future growth.
Intact Financial Corporation is Canada's largest home, auto and business insurer, with a 17% market share in a fragmented industry. It has consistently outperformed the industry in terms of premium growth, combined ratio, and return on equity over the past 10 years. Intact aims to further improve profitability and grow its specialty solutions business in North America through organic growth initiatives and the recent acquisition of OneBeacon, which expanded its U.S. presence.
This document summarizes John Sznewajs' presentation at the 39th Annual Institutional Investor Conference in March 2018. The presentation discusses Masco's business today, strategy for profitable growth, and future outlook. Masco has a diversified business mix across price points, channels, and geographies that results in stable revenues. The company's strategy focuses on driving the full potential of its businesses, leveraging opportunities across its portfolio, and actively managing its portfolio. Masco expects this strategy to generate substantial cash flow and allow for 23% annual EPS growth from 2016 to 2019 through revenue growth, cost improvements, and capital allocation.
Similar to Trade Confidence Index mid-year 2018 results (20)
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
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This infographic explores the transformative power of Generative AI, a key driver of the 4th Industrial Revolution. Discover how Generative AI is revolutionizing industries, accelerating innovation, and shaping the future of work.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
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"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...
Trade Confidence Index mid-year 2018 results
1. Mid-Year 2018 results
Released July 2018; survey conducted April/May 2018
Export Development Canada’s
Trade Confidence Index
The outlook according to Canada’s exporters
2. 2
› EDC surveys 1,000 Canadian exporters twice a year
› Providing insights not available in traditional trade statistics,
such as Canadian exporters’:
- expectations for the future
- evolving international operations and strategies
- views on emerging issues
About the Trade Confidence Index (TCI)
3. 3
Canadian exporters are more optimistic about the
near-term outlook
› EDC’s index of Canadian exporters’ confidence increased over the past six
months, with broad-based gains for all firm sizes, sectors and regions.
› Exporters reported increased U.S. orders, and plan to increase hiring and
investments.
› These results are consistent with the recent pickup in the global economy
and trade performance that is happening despite elevated U.S. trade
policy uncertainty.
Key Finding #1
4. 4
At the same time, however, ongoing NAFTA talks
appear to be taking a toll
› A growing proportion of Canadian exporters say NAFTA talks have had a
negative impact on their Canadian operations (28%) as well as their
investment plans (19%), which appears to reflect an “investment
hesitation” by some firms.
Key Finding #2
5. 5
Canadian exporters are diversifying their
international operations
› Since the last survey, there was a significant increase in the proportion of
Canadian exporters who started exporting to new countries and who plan
to do so.
› Significantly more exporters have, or plan to have, investments outside of
Canada.
› After a recently-signed trade deal (CPTPP), Canadian exporters are paying
more attention to the Asia Pacific.
Key Finding #3
8. 8
…driven by higher expected domestic and export sales.
15.6
16.6
13.2 13.3
14.8
17.0
18.0
13.0
13.5
15.0
Domestic sales Export sales Domestic economic
conditions
World economic
conditions
International business
opportunities
TCI components’ contributions to the overall index
Year-End 2017 Mid-Year 2018
9. 9
Gains for all firm sizes, especially small
73.5
73.4
74.5
71.6
76.5
79.3
76.1
74.6
Overall
Small
Medium
Large
Year-End 2017 Mid-Year 2018
Business sizes grouped by annual sales: Small companies < $10 million, medium= $10-50 million, and large >$50 million.
10. 10
Gains for all major sectors, especially transportation,
light manufacturing and ICT
73.5
77.1
74.8
75.7
73.3
70.5
71.0
76.5
77.9
78.0
76.6
77.0
73.6
75.0
Overall
Extractive
Information & Communication
Technology (ICT)
Infrastructure & Environment
Light Manufacturing
Resources
Transportation
Year-End 2017 Mid-Year 2018
12. 12
Increased orders from U.S. customers in the past six months
17% 13%
47%
41%
36%
46%
Year-End 2017 Mid-Year 2018
In the past six months, orders from U.S. customers have…
Increased
Remained the same
Decreased
Q7a. In the past six months, have orders from your U.S. customers increased, decreased, or remained the same?
Note: 82% of respondents export to U.S.
13. 13
More optimism about future domestic sales and export sales
41%
61%
Year-End 2017 Mid-Year 2018
Domestic sales will increase
over the next six months
(% of companies)
Q2. In the next six months, do you expect your company’s domestic sales to increase, decrease, or remain the same?
Q9. In the next six months, do you expect your company’s export sales to increase, decrease, or remain the same?
56%
73%
Year-End 2017 Mid-Year 2018
Export sales will increase
over the next six months
(% of companies)
14. 14
Hiring: Increased hiring expected in the next six months…
Q3. Over the next six months, do you expect your company’s plans to hire will increase, decrease or remain the same?
37%
50%
Year-End 2017 Mid-Year 2018
Increased hiring expectations
over the next six months
(% of companies)
15. 15
Hiring: …but growing challenges accessing skilled labour,
consistent with Bank of Canada survey
EDC survey: Percentage of firms finding it “very difficult” to access skilled labour.
Bank of Canada survey: Percentage of firms that face shortages of labour that restrict their ability to meet demand.
0%
5%
10%
15%
20%
25%
30%
35%
FALL
2012
SPRING
2013
FALL
2013
SPRING
2014
FALL
2014
SPRING
2015
FALL
2015
SPRING
2016
FALL
2016
SPRING
2017
FALL
2017
SPRING
2018
EDC survey Bank of Canada survey
16. 16
Overall investment: Canadian exporters indicate
stronger investment plans
Q20c. If the Canadian dollar stays around the current level for the next two years, do you expect your company’s investments to
increase, decrease or remain the same?
5% 4%
68%
59%
28%
37%
Year-End 2017 Mid-Year 2018
Companies’ expectations of investments, if the Canadian dollar
stays around current level for the next two years
(% of companies)
Increase
Remain the same
Decrease
17. 17
11% 12%
17%
22%
Current investments Planned investments
Year-End
2017
Mid-Year
2018
Current and planned investments
outside of Canada
(% of companies)
Year-End
2017
Mid-Year
2018
Investments abroad: Significantly more exporters have,
or plan to have, investments outside of Canada
Q22. Does your company have investments outside of Canada, is it planning to invest outside of Canada,
or does it have no plans to invest outside of Canada?
Q27c. In which countries does your company plan to have investments outside of Canada?
Multiple responses allowed. Total may not add up to 100%.
63%
13%
9%
9%
11%
66%
6%
5%
17%
5%
U.S.
Mexico
India
China
U.K.
Mid-Year 2018
Top Markets
(% of companies)
Current investments
Planned investments
18. 18
Canadian exporters’ foreign affiliate sales expected to grow
66%
75%
Year-End 2017 Mid-Year 2018
Expectations that sales by foreign affiliates
will increase over the next six months
(% of companies)
Q25. Over the next six months, do you expect sales by your firm’s foreign affiliates or subsidiaries to increase, decrease or remain the same?
20. 20
9%
6%
63%
71%
28%
23%
Positive impact No impact Negative impact
Impact of NAFTA renegotiation on company’s Canadian operations
(% of companies)
Year-End
2017*
Mid-Year
2018**
Growing share of Canadian exporters (28%) say NAFTA
talks have had a negative impact on their Canadian operations
Highest NAFTA concerns in the transportation sector,
large firms, Ontario and Western Canada.
Q15K What impact has the on-going renegotiation of NAFTA had on your company’s Canadian operations?
Q15Ka What actions has your company taken (or are considering taking) in response to the NAFTA renegotiation?
*October 2017; **April/May 2018
22. 22
Q15LA. Specifically, what impact has the on-going renegotiation of NAFTA had on your company’s investment?
Nearly one-in-five Canadian exporters say NAFTA talks
have had a negative impact on their investment plans
7% 74% 19%
Positive impact No impact Negative impact
Impact of NAFTA renegotiation on company’s investment
(% of companies)
23. 23
Q15LC. What actions has your company taken (or are considering taking) to your investments in response to the NAFTA renegotiation?
Investment hesitation: Six percent of Canadian exporters say
they are delaying their investments due to NAFTA uncertainty.
Negatively-affected Canadian exporters’
response to NAFTA renegotiation
(% of companies)
19%
negative impact
33%
delay investment
24. 24
6%
4%
65%
76%
30%
21%
Positive impact No impact Negative impact
Impact of higher interest rates on company’s export sales
(% of companies)
Year-End
2017*
Mid-Year
2018**
Growing share of Canadian exporters (30%) say higher interest
rates have had a negative impact on their export sales…
Q21C. What has been the impact of higher interest rates on your company's export sales?
Q21D. Why did higher interest rates have a positive/negative impact on your company's export sales?
*October 2017; **April/May 2018
Of those who are negatively affected:
42% say higher interest rates raise their costs and lowers profit margins.
10% say higher interest rates make it harder to borrow money.
25. 25
Q21E. What actions have your company taken to adapt to higher interest rates?
…But even if exporters are feeling impacted by
higher interest rates, many are not taking any action
40%
8%
7%
6%
6%
4%
No action
Reduced expenses
Stopped or reduced borrowing
Considered alternate sources of capital
Raised prices
Focus more on debt repayment
Actions companies have taken to adapt to higher interest rates
(% of companies)
27. 27
Significant increase in exporters who have started
exporting to new countries and plan to do so
0%
10%
20%
30%
40%
50%
60%
70%
Year-End
2012
Mid-Year
2013
Year-End
2013
Mid-Year
2014
Year-End
2014
Mid-Year
2015
Year-End
2015
Mid-Year
2016
Year-End
2016
Mid-Year
2017
Year-End
2017
Mid-Year
2018
Shares of Canadian companies that have started exporting to new countries,
or are planning to do so
(% of companies)
Started exporting to new countries in last two years Planning to export to new countries in next two years
Q7b: During the last two years, has your company started exporting products or services to new countries?
Q7c: During the next two years, is your company planning to export products or services to new countries?
28. 28
Expanding Canadian exporters are responding
to increased foreign demand
32%
13%
11%
7%
6%
6%
6%
5%
4%
4%
4%
In response to demand for our products from foreign buyers
Market growth
Company growth
Domestic market poor/limited/saturated
Increase sales
Good products/services/commodities/prices
Better market (unspecified)
Dealing with distributors/distribution channels
Access to foreign contacts/agents/distribution channels
Make money/profit
Increased our marketing/online presence
Main reasons for company exporting to new countries
(% of companies)
Q7b1. What are the main reasons your company started exporting products or services to new countries?
Multiple responses allowed. Total may not add up to 100%.
29. 29
Top 5 new export markets; past and future two years
30%
11%
11%
9%
9%
U.S.
Mexico
China
Australia
U.K.
Started exporting past two years
Q7b3. During these last two years, in which new country or countries has your company started exporting products or services…?
Multiple responses allowed; totals may not add up to 100%.
17%
12%
12%
10%
10%
China
U.K.
U.S.
Germany
Japan
Planning to export next two years
30. 30
Q15m: In March 2018, Canada and 10 other Pacific-Rim countries (Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore
and Vietnam) signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Among other things, this agreement
will reduce tariffs, and thereby enhance market access for Canadian exports to these countries. As a result of this recently-signed trade
agreement, is your company:
With signing of CPTPP, roughly one quarter of Canadian
exporters are paying more attention to Asia-Pacific
58%
26%
19%
15%
12%
11%
CPTPP won't affect my company's exporting
strategy
Pay more attention to CPTPP markets
Export more to CPTPP
Start exporting to CPTPP
Start importing from CPTPP
Import more from CPTPP
31. 31
› Conducted twice a year since 1999, the Trade Confidence Index (TCI) is a pulse check of Canadian
exporters’ level of confidence and their projections around international trade opportunities in the next
six months.
› Sample size: 1,000
› Spring 2018 TCI sample size: 733 (respondents must respond to all five TCI questions for a TCI score)
› Respondents: decision makers who are knowledgeable about their company’s export activities
› Methodology: telephone (CATI)
› Language: respondent’s choice of English or French
› Data collection: April 18, 2018 to May 11, 2018
› Fieldwork completed by MRIA Gold Seal provider; EDC named as the sponsor of the survey
› Sampling approach: convenience sample from EDC databases
› Quotas: soft quotas of plus or minus 5% by business size, EDC customer base, region and market sector
› Target distributions: 70% small-sized companies and 30% medium- and large-sized companies; customer
base of 20% EDC customers and 80% non-customers; distributions by region and market sector are based
on Canada’s export population.
› Don’t know responses were excluded from the calculations.
› For more information regarding the survey, please contact Jennifer Topping by email at jtopping@edc.ca
or by telephone at (613) 598-2992
Methodology