Results for “BofA Merrill”

… may contain a shor short-term price impact on the e reflects both a longer term total be more or less positive than as BofA Merrill Lynch is aware that acti executing any short idea contained in this repo! For incl UK ocated outsi u ime, hold a BofA Merrill Ww methods of recipie...

…re principal inves This report may contain a short- reflects both a longer term total be more or less positive than as BofA Merrill Lynch is aware that e Foreign currency rates o bq ime, hold a BofA Merrill Ww me recipient of this report. In the event that the recipient rece...

Disclosures Important Discl osures BofA Merrill Lynch Research Personnel (including the analyst(s) responsible for this report) receive compensation based upon, among other factors, the overall profitability of Bank of America Corporation, including profits derived from invest...

…ecommendations are different from and do not affect a stock's fundamental equity rating, which reflects bo be more or BofA Merrill Lynch is aware that the action includ wi may be limited by regulations prohibiting or restricting "shortselling" in many jurisdictions. Investo...

…ny time, hold a trading position (long or short) in the securities and financial instruments discussed in this report. BofA Merrill Lynch, through business units other than BofA Merrill Lynch Global Research, may have issued and may in the future issue trading ideas or recommend...

…...................................................................../ ' / 0 -0.5 04 CY1 6 CY1 7 CY1 CY16 CY17 CY1 3 • BofANIL Consensus (Bloomberg, as of 15 Nov 2016) Source: BofA Merrill Lynch forecasts, Bloomberg lzumi Devalier Japan Economist Merrill Lynch (Japan) HOUSE OVER...

…P 500 ex. Financials & Real Estate 117.0 102.4 78.3 68.5 S&P 500 GAAP EPS impact ($9) ($8) Source: FactSet, Blaomberg, BofAML Global Research estimates, BofA Merrill Lynch US Equity & US Quant Strategy We estimate share buybacks add $4 (or as high as $6) to EPS (GAAP & non-GAAP...

…anuf alg (advanced 9m) 30 =———=|\iSCI Europe EPS € (trailing yoy, R 60 01/98 «= 01/01 0104 01/07 O10 O13 O16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 3: Cyclicals vs Defensives trade now looks very stretched 4 3 2 1 0 { -2 3 -4 Dec-97 Dec-01 Dec-05...

…ial impact of News Feed ad load deceleration in 2H17. Table 15: Facebook Estimate Summary 1017 2017 2017 2018 Revenue BofA ML est. $7,905 $9,303 $38,546 $48,882 Growth Y/Y% 47% 45% 39% 27% Street $7,798 $8,993 $37,774 $48,103 BofA ML vs Street Above Above Above Above EBITDA Bof...

…DA, and non-GAAP EPS, but slightly below on GAAP EPS. Table 10: Alphabet Estimate Summary 1Q17 2017 2017 2018 Revenue BofA ML est. $20,219 $21,009 $88,636 $104,228 Growth Y/Y% 23% 20% 21% 18% Street $19,891 $20,867 $87,691 $102,632 BofA ML vs Street Above Above Above Above EBIT...

…292 294 325 337 322 357 318 Facebook 769 766 855 826 781 827 700 Twitter 143 149 139 114 108 128 110 Source: comScore, BofA Merrill Lynch Global Research Chart 14: Instagram vs Snapchat average monthly minutes per visitor 400 350 300 290 200 150 100 2/14 4/14 6/14 8/14 10/14...

…ml.com FINRA rules. Barnaby Martin Refer to “Other Important Disclosures" for information Credit Strategist on certain BofA Merrill Lynch entities that take MLI (UK) +44 20 7995 0458 [email protected] responsibility for this report in particular jurisdictions. This docum...

… products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Merrill Private Weal...

Table 17: Match estimate summary 1017 2017 2017 2018 Revenue BofA ML est. $293 $315 $1,285 $1,484 Growth Y/Y% 20% 20% 16% 15% Street $308 $322 $1,325 $1,484 BofA ML vs Street Below Below Below Above EBITDA BofA ML est. $79 $112 $462 $562 Street $77 $113 $459 $544 BofA ML vs Stre...

…Y trn saar (LHS) ; ; ‘ Private consumption, JPY trn saar (RHS) —— Saving rate of workers’ households, % 4qtr ma Source: BofA Merrill Lynch Global Research, CAO Source: BofA Merrill Lynch Global Research, MIA 2. Capex revival We also see a fundamental case for higher capital spend...