Results for “BofAML”

…riation 6 Border adjustment tax analysis 12 Closing loopholes 15 No interest tax shield 7 Tax reform screens 19 Related BofAML research on US tax reform 22 Methodology 24 2 Equity Strategy Focus Point | 29 January 2017 (pertain HOUSE_OVERSIGHT_023070

…tal case to be long EU equities remains intact but stretched bullish positioning could lead to near-term consolidation BofAML Equity & Credit strategists highlight they favour equities over HY credit as div yields have surpassed HY credit yield & equities offer more gearing to r...

… as to any tax, accounting, regulatory or legal statements made herein. Not a product of Bank of America Merrill Lynch (BofAML) Research and should not be viewed as a research report Amanda Ens Director Bank of America Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorpora...

…resents the tipping point around which earnings growth tends to turn positive according to our regression model. At the BofAML forecast of 3.5% global GDP growth, 7% EPS growth is implied as likely by the same model. ..as leading Indicators point to a synchronized global recover...

…me OPEC countries will also expand 20 their capacity in the next five years, namely Iran the UAE Global oil consumption BofAML OPEC capacjty growth, 2015-2020F 105 Kuwait mn bpd fcast uwail 100 , Algeria 95 Qatar 90 Venezuela Angola 85 3 Ecuador 80 Nigeria 15 UAE 70 Libya 65 Iran...

…s: Rapid increase in leverage is a big concern The HSCEI currently has a 70% weight in the financial sector. Recently, BofAML analyst Winnie Wu turned very bearish on the sector as (1) leverage has rapidly increased—debt to GDP rose by 18% in 2016 and may go above 300% by 2019,...

… P, RATE, and TRIP. For large caps, we have highest confidence in EPS upside for Facebook and Priceline. Table 3: 1Q17 BofAML Estimates vs. The Street Large Cap Stocks (>$5bn Market Cap) Small Cap Stocks (<$5bn Market Cap} BofA ML vs. BofA ML vs. Ticker 1Q17 Metric BofA ML St...

…uggest that Saudi’s spare capacity would be eroded over time unless further increases in spare capacity take place. Our BofAML commodities research medium-term supply-demand balances suggest an increased call on OPEC and need to increase production capacity. In 2004-09, Aramco in...

…A 11.6 W7 PIS 15 20 EviSales 2.2 23 Source: FactSet, S&P, BofA Merrill Lynch US Equity & US Quant Strategy Exhibit 1: BofAML Global Fund Manager Survey (January 2017): What would you most like to see companies do with cash flow? Chart 8: Average Annual Return of Russell 1000 T...

…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...

…ding Financials and Real Estate via three sources: 1) Bloomberg data on cash held overseas (if disclosed/available}, 2) BofAML analyst estimates on cumulative overseas profits or cash, and 3) our own estimate if neither (1) or (2) are available, based on (Total cash x [% of forei...