- Vulcan Materials aims to offer investors a domestic aggregates business with several years of double-digit revenue growth potential, earnings leverage at each stage of the P&L, and significant return of capital.
- They have an advantaged aggregates asset base and franchise of lasting value, with disciplined portfolio management and a reputation as an industry leader.
- Significant upside exists from eventual growth in US infrastructure investment, with potential for further reductions in Vulcan's cost of capital.
Vulcan Materials' strategy focuses on leveraging its strength in aggregates, which are essential construction materials. The company has the largest proven reserves of aggregates and operates in markets that represent a high percentage of US population and economic growth. Vulcan aims to maximize long-term earnings growth through strong operational performance, cost controls, and strategic positioning in attractive regions.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
Vulcan Materials Company presented at a management meeting on September 29, 2016. The presentation discussed Vulcan's strategy of empowering strong local leadership, highlighted ongoing commitment to safety, customers, communities, and shareholders, and outlined expectations for a multi-year construction recovery ahead. While pre-construction project pipelines have strengthened, recent lags in construction starts and ongoing capacity constraints in the construction sector are slowing the pace of growth in the near term. Vulcan believes underlying demand drivers remain firmly in place to support a sustained recovery over the longer term.
Denbury Resources presented at the Capital One Securities 12th Annual Energy Conference on December 6, 2017. Denbury has 254 million barrels of proved oil reserves and an estimated 900 million barrels of proved plus potential reserves recoverable through CO2 enhanced oil recovery. The company has a large CO2 supply and pipeline network across the Gulf Coast and Rocky Mountain regions. Denbury is focused on reducing costs by over $50 million in 2018, unlocking value from its asset base, and improving its balance sheet position through debt reduction and potential asset sales.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
NAP's Lac des Iles mine is a world-class palladium asset that is nearing completion of an expansion to increase production. The expansion targets reaching approximately 4,000 tonnes per day by 2014 through utilization of a new shaft and bulk mining methods. This is expected to lower costs and increase profitability. Additionally, there is significant exploration and development upside to leverage existing infrastructure including at depth, laterally, and through evaluation of a new mining method. The document outlines NAP's investment proposition including production growth, leverage to rising palladium prices, attractive jurisdiction, and development/exploration upside at Lac des Iles.
Phillips 66 reported adjusted earnings of $710 million for the fourth quarter of 2015. Refining adjusted earnings declined from the previous quarter due to lower realized margins. Midstream earnings increased due to higher volumes on transportation pipelines and contributions from PSXP. Chemicals earnings decreased because of planned turnaround impacts and lower cash chain margins. Marketing and Specialties earnings declined slightly from favorable global margins in the previous quarter.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
Vulcan Materials' strategy focuses on leveraging its strength in aggregates, which are essential construction materials. The company has the largest proven reserves of aggregates and operates in markets that represent a high percentage of US population and economic growth. Vulcan aims to maximize long-term earnings growth through strong operational performance, cost controls, and strategic positioning in attractive regions.
This document provides an overview of JP Morgan's Energy Oklahoma City SCOOP/STACK & Houston Bus Tour on May 17, 2016. It includes forward-looking statements about future financial and operating results with various risk factors that could impact projections. It also contains non-GAAP financial measures and definitions. The presentation shows stable financial results for ENLK in Q1 2016 with adjusted EBITDA of $195 million, distribution coverage of 1.09x, and leverage of 3.8x debt to EBITDA. It highlights EnLink's premier positions in top U.S. oil and gas basins as well as its focus on execution and stability.
Vulcan Materials Company presented at a management meeting on September 29, 2016. The presentation discussed Vulcan's strategy of empowering strong local leadership, highlighted ongoing commitment to safety, customers, communities, and shareholders, and outlined expectations for a multi-year construction recovery ahead. While pre-construction project pipelines have strengthened, recent lags in construction starts and ongoing capacity constraints in the construction sector are slowing the pace of growth in the near term. Vulcan believes underlying demand drivers remain firmly in place to support a sustained recovery over the longer term.
Denbury Resources presented at the Capital One Securities 12th Annual Energy Conference on December 6, 2017. Denbury has 254 million barrels of proved oil reserves and an estimated 900 million barrels of proved plus potential reserves recoverable through CO2 enhanced oil recovery. The company has a large CO2 supply and pipeline network across the Gulf Coast and Rocky Mountain regions. Denbury is focused on reducing costs by over $50 million in 2018, unlocking value from its asset base, and improving its balance sheet position through debt reduction and potential asset sales.
- Phillips 66 Partners LP owns, operates, develops and acquires primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines and terminals and other midstream assets.
- PSXP has a balanced portfolio of assets with long-term, fee-based contracts providing stable cash flows. Recent acquisitions and organic growth projects will further expand the portfolio.
- PSXP is targeting 30% annual distribution growth through 2018 while maintaining investment grade credit ratings and annual distribution coverage of at least 1.1x.
NAP's Lac des Iles mine is a world-class palladium asset that is nearing completion of an expansion to increase production. The expansion targets reaching approximately 4,000 tonnes per day by 2014 through utilization of a new shaft and bulk mining methods. This is expected to lower costs and increase profitability. Additionally, there is significant exploration and development upside to leverage existing infrastructure including at depth, laterally, and through evaluation of a new mining method. The document outlines NAP's investment proposition including production growth, leverage to rising palladium prices, attractive jurisdiction, and development/exploration upside at Lac des Iles.
Phillips 66 reported adjusted earnings of $710 million for the fourth quarter of 2015. Refining adjusted earnings declined from the previous quarter due to lower realized margins. Midstream earnings increased due to higher volumes on transportation pipelines and contributions from PSXP. Chemicals earnings decreased because of planned turnaround impacts and lower cash chain margins. Marketing and Specialties earnings declined slightly from favorable global margins in the previous quarter.
- The document provides EnLink Midstream's 3rd quarter 2017 operations report, which summarizes financial and operational results and reaffirms guidance.
- EnLink reported adjusted EBITDA at the high end of guidance for 3Q17, driven by strong volume growth. Organic projects are expected to generate significant cash flow going forward.
- Volumes on gas gathering and processing systems grew substantially in key areas like the Permian Basin and Louisiana year-over-year and quarter-over-quarter.
Jp energy barclays mlp corporate access dayir_jpenergy
Barclays MLP Corporate Access Day presentation from March 2016 discusses JP Energy Partners' Q4 and full year 2015 performance and provides 2016 guidance. Key points include:
- Adjusted EBITDA grew 31% year-over-year in 2015 excluding corporate overhead.
- 2016 Adjusted EBITDA guidance of $50-56 million, representing 3-9% growth, driven by expense reductions and efficiency improvements.
- 2016 growth capital expenditures estimated at $25-35 million including $15 million for the Silver Dollar Pipeline.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
Vulcan Materials Company's strategy focuses on leveraging its strength in aggregates, which are essential materials for construction. The company has a leading market position in aggregates production in the United States, with operations in key states expected to see significant population growth. Vulcan aims to maximize future earnings growth through its strategically positioned reserves, operational expertise, and cost discipline. Recent financial results demonstrate the company's ability to improve profit margins and earnings through pricing increases and effective cost control, positioning it well for continued recovery in construction markets.
EnLink Midstream provides an overview of its business including its financial and operational highlights for 3Q 2016. Key points include refined 2016 Adjusted EBITDA guidance of $760-790 million, 3Q 2016 Adjusted EBITDA before non-controlling interest of ~$201 million, and distribution coverage ratios of 1.05x for ENLK and 1.07x for ENLC. EnLink also discusses its growth strategy, positioned across multiple basins and services, and commitment to financial strength with leverage of 3.75x debt to Adjusted EBITDA.
1) EnLink Midstream provides guidance for 2017 including adjusted EBITDA of $815-885 million and distributable cash flow of $590-650 million.
2) Capital expenditures are projected to be $590-750 million focused on growth projects in core areas like Central Oklahoma, Delaware Basin, and Louisiana.
3) Volume growth is expected across all segments, especially in Central Oklahoma where volumes are projected to increase 180% year-over-year.
Sysco reported results for its second quarter of fiscal year 2017. Net earnings increased 1% and adjusted operating income rose 27.7% due to contributions from the Brakes acquisition. Gross profit growth of 19.2% outpaced operating expense growth of 17.1% due to disciplined case growth, supply chain cost leverage, and expense management. The company raised its three-year adjusted operating income target to $600-650 million due to solid execution of its strategic plan and performance in the first half of the fiscal year.
This investor presentation provides an update on Phillips 66's strategy and growth opportunities through 2018. Key points include plans to enhance returns across refining, midstream, chemicals and marketing businesses for $2.5 billion in EBITDA growth. Major midstream projects include expanding the Sweeny hub and building pipelines. Chemical projects include expanding US Gulf Coast facilities. Refining improvements aim to increase margins. Marketing will focus on fuel brands and high-value exports.
1. The document reports on the operations and financial results of EnLink Midstream for February 2016. It highlights record adjusted EBITDA of $728 million for 2015 and distribution coverage ratios of around 1.0x and 1.2x.
2. EnLink Midstream executed on its strategy in 2015 by completing $4.5 billion in acquisitions, growth projects, and asset drop downs. This expanded its footprint in key resource plays like the STACK, Midland Basin, and Delaware Basin.
3. The company is well positioned for continued growth in 2016, with projections for increased gas processing volumes, crude/condensate volumes, and rigs operating on dedicated acreage compared to 2014 levels.
Morgan Stanley Conference Deck November 2016irusfoods
US Foods presented their strategy at the Morgan Stanley Consumer and Retail Conference. Their strategy focuses on four areas: winning food leadership through innovative products and private brands; differentiating through an easy customer experience with e-commerce and analytics; competing through flawless fundamentals like perfect orders and food safety; and building on a foundational culture. They outlined initiatives to drive growth such as product launches, acquisitions, increasing center-of-plate and produce penetration, and reducing operating expenses. The overall strategy aims to increase sales and margins through extending their differentiation in the marketplace.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
The document provides an earnings call summary for Brink's fourth quarter 2015 results. It discusses financial results including revenue declines due to currency impacts but operating profit growth on a constant currency basis. Brink's outlook for 2016 anticipates continued margin expansion driven by operational improvements in key markets despite some currency headwinds. Segment results showed challenges in the US segment in the second half of 2015 from staffing issues and security costs while money processing volumes grew.
- Owens Corning presented at a Goldman Sachs roadshow in November 2016 to discuss its businesses and financial performance.
- The presentation discussed Owens Corning's three market-leading businesses: insulation, roofing, and composites. It provided an overview of each business and highlights from Q3 2016 financial results.
- The presentation also addressed industry dynamics and trends for each business, including expectations for market growth and capacity utilization rates that would drive Owens Corning's profitability going forward.
The operations report discusses first quarter 2017 execution across EnLink's asset portfolio. Key highlights include expansion projects in Central Oklahoma bringing total processing capacity to nearly 1 Bcf/d by year-end. In the Delaware Basin, the Lobo system is expanding its capacity to 185 MMcf/d. The Ascension pipeline began operations in Louisiana. In the Midland Basin, the Chickadee crude oil gathering system became operational. Overall, EnLink continues focused execution across its integrated asset base.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights their simplified structure following a merger, fixed-fee contract portfolio that provides revenue stability, cost reduction efforts, and core operations in strategic basins like the Marcellus and Bakken shale plays. The presentation outlines financial results, liquidity position, and growth opportunities while noting the companies' valuation disconnect compared to peers.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
Sysco announced a proposed merger with US Foods to create a world-class foodservice company with combined annual sales of $65 billion. The merger is expected to generate at least $600 million in annual synergies within 3-4 years by leveraging complementary strengths and achieving efficiencies. The transaction is valued at $8.2 billion and will be financed with $3 billion in Sysco equity, $0.5 billion in cash, and the assumption of US Foods' $4.7 billion net debt. The merger is anticipated to be immediately accretive to earnings and generate substantial cash flow and shareholder value over the long term.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
- The company's strategy focuses on leveraging its strength in aggregates, which are essential materials and valuable assets.
- The presentation contains forward-looking statements and important disclosure notes about the risks and uncertainties in the company's projections.
- Financial results for 2013 show continued improvement in earnings and profitability compared to 2012, including increased EPS, cash earnings, and EBITDA.
Vmc Investor Day Management Presentation 2015VulcanMaterials
The document provides an overview of Vulcan Materials' investor day presentation on February 25, 2015. It begins with introductory remarks and a safe harbor statement. The presentation then focuses on Vulcan's core values of safety, health, environmental leadership and respect. It reviews Vulcan's performance during the decline, turnaround and early recovery stages of the construction cycle. The presentation outlines Vulcan's goals of achieving $2 billion in EBITDA and over 255 million tons of aggregates shipments at normal demand levels. It identifies key drivers to reach these goals including volume growth, pricing increases, operating efficiency, sales and production mix improvements and reducing selling, administrative and general expenses. The presentation emphasizes Vulcan's focus on execution through sales
Jp energy barclays mlp corporate access dayir_jpenergy
Barclays MLP Corporate Access Day presentation from March 2016 discusses JP Energy Partners' Q4 and full year 2015 performance and provides 2016 guidance. Key points include:
- Adjusted EBITDA grew 31% year-over-year in 2015 excluding corporate overhead.
- 2016 Adjusted EBITDA guidance of $50-56 million, representing 3-9% growth, driven by expense reductions and efficiency improvements.
- 2016 growth capital expenditures estimated at $25-35 million including $15 million for the Silver Dollar Pipeline.
This document provides an investor update from Devon Energy (DVN) regarding its business and operations. It lists investor relations contacts and provides forward-looking statements and non-GAAP information disclosures. The main points are that Devon has a premier asset portfolio focused on top North American resource plays, significant financial strength following asset divestitures raising $3.2 billion, and is delivering top-tier results while disciplinedly allocating capital. Key areas discussed include the STACK play in Oklahoma where Devon has a large position and is accelerating activity, and the Meramec formation within STACK which is emerging as one of the best oil resource plays in North America.
Vulcan Materials Company's strategy focuses on leveraging its strength in aggregates, which are essential materials for construction. The company has a leading market position in aggregates production in the United States, with operations in key states expected to see significant population growth. Vulcan aims to maximize future earnings growth through its strategically positioned reserves, operational expertise, and cost discipline. Recent financial results demonstrate the company's ability to improve profit margins and earnings through pricing increases and effective cost control, positioning it well for continued recovery in construction markets.
EnLink Midstream provides an overview of its business including its financial and operational highlights for 3Q 2016. Key points include refined 2016 Adjusted EBITDA guidance of $760-790 million, 3Q 2016 Adjusted EBITDA before non-controlling interest of ~$201 million, and distribution coverage ratios of 1.05x for ENLK and 1.07x for ENLC. EnLink also discusses its growth strategy, positioned across multiple basins and services, and commitment to financial strength with leverage of 3.75x debt to Adjusted EBITDA.
1) EnLink Midstream provides guidance for 2017 including adjusted EBITDA of $815-885 million and distributable cash flow of $590-650 million.
2) Capital expenditures are projected to be $590-750 million focused on growth projects in core areas like Central Oklahoma, Delaware Basin, and Louisiana.
3) Volume growth is expected across all segments, especially in Central Oklahoma where volumes are projected to increase 180% year-over-year.
Sysco reported results for its second quarter of fiscal year 2017. Net earnings increased 1% and adjusted operating income rose 27.7% due to contributions from the Brakes acquisition. Gross profit growth of 19.2% outpaced operating expense growth of 17.1% due to disciplined case growth, supply chain cost leverage, and expense management. The company raised its three-year adjusted operating income target to $600-650 million due to solid execution of its strategic plan and performance in the first half of the fiscal year.
This investor presentation provides an update on Phillips 66's strategy and growth opportunities through 2018. Key points include plans to enhance returns across refining, midstream, chemicals and marketing businesses for $2.5 billion in EBITDA growth. Major midstream projects include expanding the Sweeny hub and building pipelines. Chemical projects include expanding US Gulf Coast facilities. Refining improvements aim to increase margins. Marketing will focus on fuel brands and high-value exports.
1. The document reports on the operations and financial results of EnLink Midstream for February 2016. It highlights record adjusted EBITDA of $728 million for 2015 and distribution coverage ratios of around 1.0x and 1.2x.
2. EnLink Midstream executed on its strategy in 2015 by completing $4.5 billion in acquisitions, growth projects, and asset drop downs. This expanded its footprint in key resource plays like the STACK, Midland Basin, and Delaware Basin.
3. The company is well positioned for continued growth in 2016, with projections for increased gas processing volumes, crude/condensate volumes, and rigs operating on dedicated acreage compared to 2014 levels.
Morgan Stanley Conference Deck November 2016irusfoods
US Foods presented their strategy at the Morgan Stanley Consumer and Retail Conference. Their strategy focuses on four areas: winning food leadership through innovative products and private brands; differentiating through an easy customer experience with e-commerce and analytics; competing through flawless fundamentals like perfect orders and food safety; and building on a foundational culture. They outlined initiatives to drive growth such as product launches, acquisitions, increasing center-of-plate and produce penetration, and reducing operating expenses. The overall strategy aims to increase sales and margins through extending their differentiation in the marketplace.
01 05-16 Evercore ISI CEO Retreat PresentationAES_BigSky
This document provides an overview and guidance from The AES Corporation regarding its business operations and financial expectations for 2015-2018. Some key points:
- AES reaffirms its 2015 proportional free cash flow guidance but lowers adjusted EPS guidance due to foreign exchange and commodity impacts.
- For 2016, AES expects strong growth in proportional free cash flow despite lower earnings outlook. Lower maintenance capital expenditures and working capital changes contribute to this growth.
- From 2015-2018, AES expects average annual growth of at least 10% in both proportional free cash flow and parent free cash flow. Management believes available cash will support investments, debt paydown, dividends and share buybacks over this period.
The document provides an earnings call summary for Brink's fourth quarter 2015 results. It discusses financial results including revenue declines due to currency impacts but operating profit growth on a constant currency basis. Brink's outlook for 2016 anticipates continued margin expansion driven by operational improvements in key markets despite some currency headwinds. Segment results showed challenges in the US segment in the second half of 2015 from staffing issues and security costs while money processing volumes grew.
- Owens Corning presented at a Goldman Sachs roadshow in November 2016 to discuss its businesses and financial performance.
- The presentation discussed Owens Corning's three market-leading businesses: insulation, roofing, and composites. It provided an overview of each business and highlights from Q3 2016 financial results.
- The presentation also addressed industry dynamics and trends for each business, including expectations for market growth and capacity utilization rates that would drive Owens Corning's profitability going forward.
The operations report discusses first quarter 2017 execution across EnLink's asset portfolio. Key highlights include expansion projects in Central Oklahoma bringing total processing capacity to nearly 1 Bcf/d by year-end. In the Delaware Basin, the Lobo system is expanding its capacity to 185 MMcf/d. The Ascension pipeline began operations in Louisiana. In the Midland Basin, the Chickadee crude oil gathering system became operational. Overall, EnLink continues focused execution across its integrated asset base.
This document provides an overview of Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It highlights their simplified structure following a merger, fixed-fee contract portfolio that provides revenue stability, cost reduction efforts, and core operations in strategic basins like the Marcellus and Bakken shale plays. The presentation outlines financial results, liquidity position, and growth opportunities while noting the companies' valuation disconnect compared to peers.
02 24-16 fourth quarter & fy 2015 financial review finalAES_BigSky
This document provides a summary of AES Corporation's financial results for the fourth quarter and full year of 2015. Some key points:
- Adjusted EPS decreased to $1.22 from $1.30 in 2014 due to negative impacts from foreign exchange rate changes and certain business units, partially offset by positive impacts from other business units and a reduction in shares outstanding.
- In 2015, AES brought online 1,484 MW of new generation projects and has an additional 5,620 MW currently under construction globally.
- AES returned $757 million to shareholders in 2015 through share repurchases and dividends, representing 62% of discretionary cash. An additional $345 million was used to reduce corporate debt.
EnLink Midstream reported strong third quarter 2016 results, with adjusted EBITDA of approximately $201 million. Operations in the core growth areas of the STACK, SCOOP, and Cana Woodford in Oklahoma performed well, with volumes on recently acquired assets up 85% compared to the first quarter. Louisiana gas volumes were near record levels at 1.75 billion cubic feet per day. EnLink remains focused on executing its $6 billion growth program through expanding existing assets and strategic acquisitions.
This document provides an overview of Antero Midstream Partners LP and contains forward-looking statements regarding future plans and expectations. It discusses key assumptions, risks, and uncertainties that could cause actual results to differ from projections. Specifically, the document notes that Antero Midstream's ability to make future distributions is substantially dependent on Antero Resources' development plan, which depends on annual budget approval by Antero Resources' board of directors.
Sysco announced a proposed merger with US Foods to create a world-class foodservice company with combined annual sales of $65 billion. The merger is expected to generate at least $600 million in annual synergies within 3-4 years by leveraging complementary strengths and achieving efficiencies. The transaction is valued at $8.2 billion and will be financed with $3 billion in Sysco equity, $0.5 billion in cash, and the assumption of US Foods' $4.7 billion net debt. The merger is anticipated to be immediately accretive to earnings and generate substantial cash flow and shareholder value over the long term.
The document is an investor presentation for Sunoco LP (SUN) that provides an overview of the company. It discusses SUN's recent acquisitions that have increased its scale and diversified its operations across 30 states. It highlights SUN's leading retail and wholesale fuel business, real estate portfolio of over 2,000 sites, and financial strategy targeting investment grade ratings. The presentation also provides an operating performance summary for the second quarter of 2016 that shows increased retail fuel margins and merchandise sales growth compared to the prior year.
- The company's strategy focuses on leveraging its strength in aggregates, which are essential materials and valuable assets.
- The presentation contains forward-looking statements and important disclosure notes about the risks and uncertainties in the company's projections.
- Financial results for 2013 show continued improvement in earnings and profitability compared to 2012, including increased EPS, cash earnings, and EBITDA.
Vmc Investor Day Management Presentation 2015VulcanMaterials
The document provides an overview of Vulcan Materials' investor day presentation on February 25, 2015. It begins with introductory remarks and a safe harbor statement. The presentation then focuses on Vulcan's core values of safety, health, environmental leadership and respect. It reviews Vulcan's performance during the decline, turnaround and early recovery stages of the construction cycle. The presentation outlines Vulcan's goals of achieving $2 billion in EBITDA and over 255 million tons of aggregates shipments at normal demand levels. It identifies key drivers to reach these goals including volume growth, pricing increases, operating efficiency, sales and production mix improvements and reducing selling, administrative and general expenses. The presentation emphasizes Vulcan's focus on execution through sales
Molson Coors will acquire the remaining 58% ownership of MillerCoors and full ownership of the Miller brand family globally. The acquisition improves Molson Coors' position in the highly attractive U.S. beer market and accelerates growth opportunities internationally through ownership of the Miller brands. The transaction is financially compelling due to synergies, tax benefits, and anticipated financing, and is expected to be over 25% accretive to cash earnings per share in the first full year. The acquisition transforms Molson Coors into a stronger competitor in North America and globally.
This document provides a summary of Principal Financial Group's fourth quarter 2016 earnings call. It discusses strong financial results including record quarterly and annual after-tax operating earnings. Several business segments saw growth in assets under management, net cash flows, sales, and pre-tax operating earnings. The company also deployed capital through dividends, share repurchases, and debt restructuring to enhance financial flexibility and shareholder value. Non-GAAP reconciliations are provided in an appendix.
Molson Coors Brewing Company 2016 NY Investor/Analyst Meetingmolsoncoorsir
Molson Coors held its annual New York investor/analyst meeting on June 8, 2016. Mark Hunter, President and CEO of Molson Coors, provided an overview of the company's strategic focus on delivering growth and long-term shareholder value through brand-led revenue and profit growth, cash generation, and disciplined capital allocation. Gavin Hattersley, CEO of MillerCoors, then presented on MillerCoors' growth imperative to achieve total volume growth by 2019 through initiatives like accelerating its portfolio transformation and growing its above premium business.
This 3-sentence summary provides the high-level information from the investor presentation document:
The document is an investor presentation that outlines Vulcan Materials Company's strategy of focusing on aggregates production through their large reserve base and coastal footprint in high-growth regions. It discusses how their operational expertise and pricing discipline has led to attractive unit profitability and margin expansion, positioning them for continued earnings growth. The presentation also provides financial results showing increased sales, margins, and earnings through 2012 and 2013 YTD, as well as details on their balance sheet and cash flow.
The document discusses Principal Financial Group's use of non-GAAP financial measures to evaluate performance. It states that these measures are useful to investors as they illustrate normal ongoing operations, but are not substitutes for GAAP measures. It also notes that the company provides reconciliations of non-GAAP measures to the most directly comparable GAAP measures. The document also distinguishes non-GAAP financial measures from other operational measures that do not have GAAP counterparts, like assets under management.
The document discusses Principal Financial Group's use of non-GAAP financial measures to evaluate performance. It states that these measures are useful to investors because they illustrate the company's normal ongoing operations, but are not a substitute for GAAP measures. It also notes that the company provides reconciliations of non-GAAP measures to the most directly comparable GAAP measures. The document also distinguishes non-GAAP financial measures from other operational measures that do not have GAAP counterparts, such as assets under management.
This presentation summarizes an investor review for a technology company. It contains 3 sentences:
The presentation provides an overview of the company's financial highlights for Q4 2016, including 27% revenue growth and record backlog and deferred revenue. It also outlines the company's diversified revenue streams and expanding profitability, with adjusted EBITDA of $4.3 million in 2016. The presentation concludes by describing the company's path to achieving its target financial model through operating leverage as sales and expenses are expected to decline as a percentage of revenue.
Vocera investordeck february 2017 web (1)vocera2016ir
This presentation contains forward-looking statements reflecting the company's expectations involving risks and uncertainties. The document discusses the company's plans, objectives, growth opportunities in their market, and prospects. It notes that actual results could differ from forward-looking statements due to risks and uncertainties. The document highlights significant value creating opportunities for the company through their unified platform, recent platform wins, and multiple avenues for growth including through new products, new users, and international expansion.
This presentation contains forward-looking statements about the company's plans, objectives, and expected financial performance. Forward-looking statements discuss the company's future outlook and involve risks and uncertainties. The company may not achieve what is outlined in its forward-looking statements. Significant value could be created by expanding into new markets internationally and through new product opportunities that extend the company's platform. Recent large deals validate the company's sales strategy and software acquisition enhances its platform.
This document contains a presentation for investors reviewing the company. It discusses forward-looking statements and risks, then outlines the company's growth opportunities including large market shifts towards their products, compelling ROI driving large wins, software acquisitions extending their platform, and accelerating towards their target financial model. Charts show increasing revenue and adjusted EBITDA. The presentation emphasizes their leadership position in healthcare communication and multiple avenues for ongoing growth.
This presentation contains forward-looking statements reflecting the company's expectations involving risks and uncertainties. The document discusses the company's plans, objectives, growth opportunities in their market, and prospects. It notes that actual results could differ from forward-looking statements due to risks and uncertainties. The presentation promotes the company's position as a market leader and discusses opportunities to grow revenue through new customers, products, and geographic expansion.
This presentation contains forward-looking statements reflecting the company's expectations involving risks and uncertainties. The document discusses the company's plans, objectives, growth opportunities in their market, and prospects. It notes that actual results could differ from forward-looking statements due to risks and uncertainties. The presentation promotes the company's position as a market leader and discusses opportunities to grow revenue through new customers, products, and geographic expansion.
This presentation contains forward-looking statements about the company's plans, objectives, and future performance. Forward-looking statements include statements about expectations, projections, or predictions of future events and involve risks and uncertainties. The company may not achieve what is stated in the forward-looking statements. The presentation also discusses the company's market opportunity in healthcare communication technology, recent platform wins that validate its strategy, compelling return on investment demonstrated for customers, and third quarter 2016 financial highlights showing revenue growth and expanding profitability.
Boston 2016 slides master slides - draft sept2 v2molsoncoorsir
This document summarizes Mark Hunter's presentation at the Barclays Global Consumer Staples Conference on September 7, 2016 as CEO of Molson Coors Brewing Company. The presentation outlines Molson Coors' strategic focus on brand-led growth, cash generation, and capital allocation. It also details how acquiring MillerCoors will double Molson Coors' size, deliver $200M in annual synergies, and over $250M in annual cash tax benefits. The acquisition enhances Molson Coors' commercial capabilities to drive top-line growth through improved insights, innovation, digital capabilities, and customer excellence.
The document presents an investor review for an organization, noting that it contains forward-looking statements about plans, expectations, and intentions that involve risks and uncertainties, and provides an overview of the company's significant value creating opportunity, recent platform wins that validate its strategy, and diversified revenue streams and expanding profitability.
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2. Notes
What we aim to offer investors
2
A domestic ‘pure play’ aggregates business with several years of double-
digit revenue growth potential
Shipment growth with recovery in construction activity to long-term trend levels
Pricing growth as seen in past recovery cycles
Earnings leverage at each stage in the P&L
Gross profit margins expanding
SAG leverage
Significant return of capital
A progressive dividend growing with earnings
Excess cash focused on share repurchase
An investment-grade balance sheet
Debt amount and structure appropriate to the asset base and point in the cycle
Adequate cushion against external shocks
1
2
3
4
March 10, 2015
3. Notes
What we aim to offer investors, continued
3
An advantaged aggregates asset base and franchise of lasting value
A compelling portfolio of market positions
– Most profitable market mix (as evidenced by margins per ton shipped)
– Higher growth rate in recovery; today still > 30% below normal demand
– Higher long-term growth rate; serving nearly all key growth corridors and most
rapidly growing population centers
– Excellent multi-modal logistics capabilities, plus the inherent advantages of our
Yucatan quarry and port facilities
– Complementary downstream operations, where they matter
– Over 85% of revenues from markets where we hold a #1 or # 2 position
A sector with a decades-long record of real-price gains; a natural inflation hedge
Over 15.8 billion tons of owned and leased permitted reserves
119,000 acres of owned land, with significant unrecognized value
5
March 10, 2015
4. Notes
What we aim to offer investors, continued
4
Disciplined portfolio management to improve capital returns and
longer-term growth expectations
Accretive bolt-on acquisitions, appropriately financed
Swaps, divestitures, and excess land sales to enhance cash flows and returns
A recognized industry leader with strong front-line management and
execution advantages tied to scale and collective know-how
Industry-leading safety and environmental performance
Fair dealing with employees, communities, customers, suppliers and competitors
Commercial and operational excellence
Financial and capital disciplines
Aligned management incentives
6
7
March 10, 2015
5. Notes
What we aim to offer investors, continued
5
Significant upside exposure to eventual growth in US infrastructure
investment
Well positioned vs. nearer-term improvements in funding (local/state level,
federal level, P3s)
Well positioned vs. specific intermediate term investment trends (e.g., port
expansions, petrochemical facilities, inter-modal transport facilities, water
treatment, etc.)
Well positioned vs. necessary longer-term ‘catch-up’ on overall US infrastructure
capacity and quality
Potential for further reductions in cost of capital
Longer-dated debt, consistent with long-lived assets
Prudent management of debt through the cycle
8
9
March 10, 2015
10. Notes
… and logistics network
10
Barge
Rail
Ship
Geologic
“Fall Line”
Most extensive and advantaged remote distribution network in the aggregates industry
Below the Fall Line,
little or no quality
aggregates reserves
exist that are suitable
for mining
March 10, 2015
11. Notes
Vulcan’s aggregates gross profit per ton
11
$3.35
$2.83
$2.50
20141312
162 M
tons
146 M
tons
141 M
tons
2005
$2.50
260 M
tons
Industry-leading unit profitability with room to grow
March 10, 2015
12. Notes
Strong momentum with early recovery
12
Adjusted EBITDA, $M
600
468
411
14132012 2015P
775-825
141 M
tons
~180M
tons
162 M
tons
146 M
tons
See Appendix for reconciliation Non-GAAP measures
March 10, 2015
13. Notes
Portfolio Management
13
Facilities Acquired 2012 - present
Facilities Divested 2012 - present
Improving both our long-term growth and near-term returns on capital
Recent Acquisitions and Divestitures
March 10, 2015
15. Notes
Vulcan in the recovery phase
15
146
255
165
0
40
80
120
160
200
240
280
320
360
300
Normal Demand
Pro forma Sales Volume
Illustrative Shipment Growth
Peak Trough
Normal
Demand
Tons in millions
2014
300
146
165
~255
EBITDA > $2 Billion
at Normal Demand
March 10, 2015
16. Notes
Drivers of EBITDA growth during recovery
16
SAG/
Other Cost
Increases
EBITDA
Goal at
Normal
Demand
> $2 Billion
Other Segments
Volume
and Margin
Expansion
Aggregates
Volume
and Margin
Expansion
2014
Adjusted
EBITDA
$600 million
$1,300 million
$175 million -$60 million
See Appendix for reconciliation Non-GAAP measures
March 10, 2015
17. Notes
2014 Year-over-Year Improvement
Effective
Management
Drives
Growth in
Unit
Profitability
Gross Profit
$3.35 / Ton
+18%
Drivers of aggregates gross profit expansion
Sales and
Production
Mix
Operating
Efficiency
and
Leverage
Price for
Service
Recovery serves as a tailwind for all 3 drivers
17March 10, 2015
18. Notes
Operational Excellence
18
58%
61%63%
Q4 13 Q1 14 Q2 14 Q4 14
66%
Q3 14
65%
Aggregates gross profit flow through on incremental revenue
Trailing 12 months
Targeting >60% flow through during the recovery
See Appendix for reconciliation Non-GAAP measures
March 10, 2015
19. Notes
Five core disciplines we focus on every day
19
Grow shipments
and revenues
faster than the
market as a
whole
Sales and
marketing
excellence
Achieve 60% flow
through
of incremental
aggregates
revenue
Operational
excellence
Drive SAG
expenses to 6%
of sales
SAG
productivity
Significantly
increase capital
turnover while
enhancing the
efficiency of our
operations
Capital
productivity
Improve both
longer-term
growth and
returns on capital
already in place
Portfolio
management
1 2 3 4 5
March 10, 2015
20. Notes
Rapidly improving credit metrics
20
1.6
2.0
2.5
3.4
4.3
6.8
2015P 2016P13 14 2017P2012
Debt/Adjusted EBITDA
Notes: FYE 13 is pro forma for the $506 million debt purchase completed Q1 14. Figures for 2015-17 assume ~$2 billion of debt outstanding and
consensus EBITDA estimates. See Appendix for reconciliation Non-GAAP measures.
Credit metrics should reach investment grade levels during 2015
March 10, 2015
21. Notes
Capital allocation priorities during recovery phase
21
Operating CAPEX
Financial strength and flexibility
Progressive dividend growth with earnings
Bolt-on acquisitions
Current intent: Return remaining excess cash to shareholders, primarily via
share repurchases
March 10, 2015
22. Notes
Capital allocation through the cycle
Illustrative approach
22
Maintain investment grade metrics/ratings and access to capital markets
at all points in the cycle.
Recovery Phase
Expansion Phase
Accelerate dividend growth consistent
with earnings
Return excess cash with preference for
share repurchases
Fund growth preferably with debt
Maintain dividend
Strengthen balance sheet; prudently
manage financial leverage
Return excess cash with preference
for regular or special dividends
Fund growth preferably with equity
March 10, 2015
23. Notes
Why Vulcan - Summary
23
‘Pure play’ U.S. aggregates business with double-digit growth
potential
Earnings leverage at each stage in the P&L
Significant return of capital
An investment-grade balance sheet
An advantaged aggregates asset base and franchise of lasting
value
Disciplined portfolio management
Recognized industry leader
Significant upside to eventual growth in US infrastructure
investment
Potential for further reductions in cost of capital
1
2
3
4
5
6
7
8
9
March 10, 2015
24. Notes
Other Information
Please visit our website at vulcanmaterials.com for additional
information about our company
Investor Relations: ir@vmcmail.com; (205) 298-3191
Media Relations: media@vmcmail.com; (205) 298-3220
25. Notes
Safe harbor
25
This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and
expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business
plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment
volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned
divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe,"
"should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this
document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business
conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the
SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary
significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others,
could cause actual results to differ materially from those described in the forward-looking statements: those associated with general economic and
business conditions; the timing and amount of federal, state and local funding for infrastructure; changes in Vulcan’s effective tax rate that can
adversely impact results; the increasing reliance on information technology infrastructure for Vulcan’s ticketing, procurement, financial statements
and other processes could adversely affect operations in the event such infrastructure does not work as intended or experiences technical
difficulties or is subjected to cyber attacks; the impact of the state of the global economy on Vulcan’s businesses and financial condition and access
to capital markets; changes in the level of spending for private residential and private nonresidential construction; the highly competitive nature of
the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of
Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of
long-term debt and interest expense incurred by Vulcan; changes in interest rates; the impact of Vulcan's below investment grade debt rating on
Vulcan's cost of capital; volatility in pension plan asset values and liabilities which may require cash contributions to the pension plans; the impact
of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates
reserves in strategically located areas; changes in our management team and our new divisional structure; Vulcan's ability to manage and
successfully integrate acquisitions; the potential of goodwill or long-lived asset impairment; the potential impact of future legislation or regulations
relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from
time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this
cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document
except as required by law.
March 10, 2015
26. Notes
Appendix
Reconciliation of Non-GAAP Financial Measures
26
EBITDA
EBITDA and Adjusted EBITDA
(in millions) 2014 2013 2012 2006
Net earnings $205 $24 ($53) $470
Provision for (benefit from) income taxes 92 (24) (67) 223
Interest expense, net 242 202 212 20
Discontinued operations, net of tax 2 (4) (1) 10
EBIT $541 $198 $91 $723
Depreciation, depletion, accretion and amortization 280 307 332 225
EBITDA $821 $505 $423 $948
Gain on sale of real estate and businesses (238) (37) (65) (25)
Charges/gains associated with acquisitions and divestitures 21 0 0 (28)
Amortization of deferred revenue (5) (2) 0 0
Exchange offer costs 0 0 43 0
Restructuring charges 1 2 10 0
Adjusted EBITDA $600 $468 $411 $895
Other Segments (Asphalt Mix, Concrete, Calcium)
Cash Gross Profit 2014
Other segments gross profit $43.5
Depr., depl., accretion and amort. 32.2
Other segments cash gross profit $75.7
EBITDA is an acronym for Earnings Before Interest, Taxes, Depreciation and Amortization and
excludes discontinued operations. GAAP does not define EBITDA. Thus, it should not be
considered as an alternative to any earnings measure defined by GAAP. We present this metric for
the convenience of investment professionals who use this metric in their analysis, and for
shareholders who need to understand the metrics we use to assess performance. The investment
community often uses this metric to assess the operating performance of a company's business.
We use EBITDA to assess the operating performance of our various business units and the
consolidated company. Additionally, we adjust EBITDA for certain items to provide a more
consistent comparison of performance from period to period. Reconciliations of this metric to its
nearest GAAP measure is presented below:
March 10, 2015
27. Notes
27
Appendix
Reconciliation of Non-GAAP Financial Measures
Aggregates segment gross profit margin as a percentage of freight-adjusted revenues
Aggregates Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
(in millions) 2012 2012 2012 2012 2013 2013 2013 2013 2014 2014
Gross profit $ 34.0 $111.8 $124.9 $ 81.3 $ 24.8 $127.1 $149.8 $111.6 $ 38.5 $161.7
Volume 29.5 38.7 39.4 33.4 27.9 39.6 42.8 35.7 29.6 43.6
Freight-adjusted sales price $10.25 $10.38 $10.63 $10.45 $10.72 $10.75 $10.89 $10.82 $10.94 $11.08
Freight-adjusted revenues $301.9 $402.0 $418.6 $349.1 $298.6 $425.3 $465.7 $386.7 $324.1 $483.6
Aggregates Q3 Q4
(in millions) 2014 2014
Gross profit $188.0 $156.0
(0.8) (0.2)
$188.8 $156.2
Volume 47.8 41.3
Freight-adjusted sales price $11.12 $11.03
Freight-adjusted revenues $531.6 $455.1
6.2 11.7
Freight-adjusted revenues excluding 2014 acquisitions $525.4 $443.4
Trailing 12 Months Q4 Q1 Q2 Q3 Q4
Aggregates Incremental Margins (Excl. Acq.) 2013 2014 2014 2014 2014
(in millions)
Change in gross profit $ 61.2 $ 84.2 $103.5 $117.5 $131.8
Change in freight-adjusted revenues 104.8 133.5 168.5 181.1 200.5
58% 63% 61% 65% 66%
Aggregates segment gross profit margin as a percentage of freight-adjusted revenues is not a GAAP measure. We present Aggregates segment gross
profit margin as a percentage of freight-adjusted revenues as it is consistent with the basis by which we review our operating results. We believe that
this presentation is more meaningful to our investors as it excludes related transportation revenues (a pass-through activity) and other service-related
revenues, such as landfill tipping fees. Reconciliation of this metric to its nearest GAAP measure is presented below:
Change in gross profit margin as a percentage of freight-
adjusted revenues
Gross profit for 2014 acquisitions
Gross profit excluding 2014 acquisitions
Freight-adjusted revenues for 2014 acquisitions
March 10, 2015