year from the median calculation. For companies with normalized tax rates of more than 75%, we assume 35%. The impact of a lower corporate tax rate on company earnings is directly proportional to the difference between the current domestic tax rate and the proposed tax rate. The...
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…closed over the last 12 months, please see: Global Rates and FX Weekly: Central banks still the only game in town 15 September 2016 Rates: Pay 5y5y forward 3s6s basis, entry: 11.3bp, target: 13.3bp, stop: 10.3bp (10 Aug 2016) * Bank hedging flows on the back of sharp pickup in...
… $9 price objective is based on 1.3x 2018E EV/Sales or 10x 2018E EV/EBITDA, in line with small cap ecommerce and subscription peers. Care.com has category leadership and a large TAM, but we do not believe 7% 2-yr expected revenue growth warrants a premium to peers. At the same ti...
…ently, potential ADR pressure. 1Q’17 earnings will face the toughest room night growth comps, though Expedia expressed optimism on trends through January on the 4Q call. Comps ease during the rest of the year for Expedia, which we see as a positive set up for the stock. We think...
Citigroup Inc. (C) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $60 PO, assigning a 0.9x multiple to 2017E TBV and 11x multiple on '17E blended NA and EM earnings. We have weighted the P/E and P/TBV factors equally at 40%, and our DCF analysis by...
target. It is possible that Trump’s election could weaken fiscal discipline in the Eurozone over the medium term, but we are more concerned by the non-trivial risk that the ECB may disappoint in the December meeting by either not extending quantitative easing (QE) beyond next Mar...
this report or its contents. Bankof America 8 Japan Macro Watch | 14 November 2016 Merrill Lynch HOUSE_OVERSIGHT_014431
Historic energy sector liberalization Partial privatization of energy sector assets could represent one of the cornerstones of the ambitious medium-term diversification strategy, and, if confirmed, serve as a highly visible and historic milestone. Such privatizations could ease...
…xpanded delivery, more restaurants on the platform, repositioned brand driving more effective advertising, and product optimization, which is driving higher conversion rates. We think GrubHub is well-positioned to continue to leverage these investments to drive growth in 2017 and...
Cullen/Frost Bankers Inc (CFR) To arrive at our $74 price objective, we employed a three-factor valuation methodology that incorporates target P/E, target P/TBV and a DCF model. For our P/E valuation, we apply a 15x earnings multiple on CFR's 2017E core earnings. For our P/TBV v...
* EUR is underpricing Brexit and that shorting Euro was a cheaper way to express such a view via options. CHF tends to perform strongly when risks become more localized. Closed on 28 Aug 2016: Buy EUR/USD 6m 1.00/1.20 strangle for 155 usd pips (off 1.1020 spot, DF two-way vols...
…e expansion from here would need to be driven by improving EPS prospects in the sector — something our analysts are sceptical about. ¢ Global Cyclicals trading near or below average relative PE’s. Many global cyclicals have had fairly modest re-ratings since early July and trad...
… tax for retained earnings not held in cash/equivalents, suggesting that any additional taxes payable that we are not capturing are likely to be small. To calculate the % EPS impact from buybacks, we subtract the amount of taxes payable from total cash brought back for the S&P 5...
Chart 19: Sector EPS impact from ending Chart 20: Sector EPS impact from ending Chart 21: Sector EPS impact from ending interest deductibility (15% rate; ex- fin, utes) interest deductibility (20% rate; ex- fin, utes) interest deductibility (25% rate; ex- fin, utes) 8% 6% 4% 2% 0...