…er liquidity to the REDF to finance more units. Land tax - gradual revenue source Land tax among flagship measures adopted by the Saudi government We expand more below on our understanding of the land tax initiative which was recently approved by the Cabinet to tackle the hous...
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Health: Not Tremendously Prescriptive Vision 2030 a start but Needs Transparent Proposals The Saudi government’s Vision 2030 document calls for an improvement in healthcare in Saudi Arabia. The private healthcare sector has some role to play; the National Transformation Plan (N...
…its peers in smaller developed markets like Australia and Japan. We are positive on Zillow's long term opportunity to capture the majority of realtor's dollars moving from offline channels to online marketing channels. Downside risks are: 1) traffic cannibalization between Zillo...
Bank of America Merrill Lynch Global Research. PIF = Public Investment Fund. GOSI = General Organization for Social Insurance. PPA = Public Pension Agency. Based on stock prices as of 28 June 2016.
…or a reduction in the business tax rate from 35% to 15%, with elimination of most corporate tax deductions/credits (except for the R&D credit). While it’s unclear what elements of the tax plan will eventually be executed, Trump’s intent is clear and we believe companies with the...
…ly appropriate to execute as formulated beyond that date. Table 6: Summary of open trades as of 5-Jun-17 Trade Description Long SX5E vs short SPX Dec18 var swap Long NKY vs short SPX Dec18 var swap Long SX5E vs short SPX Dec18 put vs put Buy a 1Y ATM worst-of call on SPX &...
profile investment outlook. Upside risks to our thesis could stem from more favorable changes to the investment and/or regulatory environment in New York. Downside/upside risks: ED, like all utility stocks, is also sensitive to changes in the market level of interest rates. Util...
…s (US$ Millions) 2015A 2016A 2017E 2018E 2019E ar Return on Capital Employed 85% -21.0% -3.6% 0.9% 0.1% Company Description Return on Equity -5A% -9.0% 8.6% 3.1% 2.1% ; , ; Operating Margin A1973% 247.2% © -25.4% 50% 05% Hess Corp (HES) is a mid-sized oil and gas Free Cash F...
Chart 3: EM debt and equity have been hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0.33 750 0.31 700 0.29 0.27 650 0.25 Oo Oo Wo Oo Oo Ob...
…, $9 PO) Stock view: Focus on on-demand product, but questions on growth Pandora’s recently launched on-demand subscription product will likely be the focus of 1Q investor call. Although the product is on limited release, we expect investor to focus on initial reception of the...
…, DCF) to arrive at our PO of $14. We assigned a 1.2x multiple to 2Q17E TBV and a 12x multiple on 2017E EPS, with lower PTBV/PE multiple than peers assigned due to the higher perceived risk of their lending model. Our DCF assumes a two-stage cost of capital of 9.4% and 11.5% and...
US - Large Cap Oils Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY Anadarko Petroleum Corp. APC APC US Doug Leggate Cabot Oil & Gas Corp. COG COG US Doug Leggate ConocoPhillips COP COP US Doug Leggate Continental Resources Inc....
… prominent U.S. attorney fired by Donald Trump this weekend has been justly acclaimed for his pursuit of political corruption. But his treatment of the Wall Street executives involved in the financial meltdown was far less confrontational. by Jesse Eisinger ProPublica, March 12,...
Related BofAML research on US tax reform Below we provide links to reports from our BofAML Global Research colleagues that address this topic. Economics: Global Watch: Will border adjustment lead to border battles? 18 January 2017 US Economic Weekly: Cutting taxes could be tax...
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