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… largely been at Asda’s expense 8.3% 7.8% 7.3% ——Retail EBITDA margin 6.8% PP FF FF gh gh gh gh gr gh gh Source: BofA Merrill Lynch Global Research, Bloomberg, Datastream, IBES Chart 68: Retail is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury'...
…0 ——— German 10y (RHS, inverted) 40 0.95 01/10 01/11 O12 0193 0194 O15 01/16 01/08 01/10 01/12 01/14 01/16 Source: BofA Merrill Lynch Global Research, Datastream, IBES Source: BofA Merrill Lynch Global Research, Datastream, IBES UK —- Waiting for Brexit It’s useful to think abo...
…0E 2020E 4Q21E 3Q22E m Guyana m Utica m NMB Valhall m Stampede gJDA mEG m Other GoM mOther/base mBakken Source: BofA Merrill Lynch Global Research estimates Critically, Hess has multiple levers to pull that reverse production declines as cash becomes available from completion...
…hCare = a Basics oo. / -20 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Relative PE - percentile since 1999 Source: BofA Merrill Lynch Global Research, Datastream, IBES Chart 48: Financials valuations have recovered significantly relative to Chart 49: Rapid relative de-rating for...
…16 10/26/2016 += 11/20/2016 += 12/15/2016 + —1/9/2017 2/3/2017 = 5y real yields (%) = ===~=5y infl BE (%) Source: BofA Merrill Lynch Global Research The effect of the divergence between real yields and inflation breakevens has been felt across financial markets. For example, th...
…ed as a research analyst under the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Merrill Lynch entities that take responsibility for this report in particular jurisdictions. BofA Merrill Lynch does and seeks to do business with issuers cove...
The Seventh Sense Power, Fortune and Survival in the Age of Networks Joshua Cooper Ramo 1 . Part One: The Nature of Our Age In which the revolutionary character of our era is explained. The need for a new instinct is introduced. The historical stakes are weighed. Chapter 1: The...
INTELLECTUAL JAZZ DAVID AGUS DAN ARIELY KEITH BLACK DAVID BLAINE MIKE BLOCK ADAM B LY SCOTT BOLTON DAVID BROOKS MARK CUBAN ANTONIO DAMASIO JACK DANGERMOND DAVE GALLO FRANK GEHRY MATT GROENING HERBIE HANCOCK DANNY HILLIS BJARKE INGELS QUINCY JONES MARY JORDAN JON KAMEN JEFFREY KA...
regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merrill Lynch (Asia
regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia
…- 150 150 een PEN (ths lanatl2 =100) 2010 2011 + 2012»««-2013-S-2014-=S 20152016 2012 2013 2014 2015 2016 Source: BofA Merrill Lynch Global Research, Bloomberg, Haver Source: BofA Merrill Lynch Global Research, Bloomberg 40 Global Rates, FX & EM 2017 Year Ahead | 16 November 20...
…rades Claudio Irigoyen Mai Doan MLPF&S MLI (UK) [email protected] [email protected] Rohit Garg Vadim laralov Merrill Lynch (Singapore) MLPF&S [email protected] [email protected] Carry trades and blond swans ¢ We do not expect traditional carry trades such as ARS a...
regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia
regulated by the Securities and Exchange Board of India; PT Merrill Lynch (Indonesia): PT Merrill Lynch Indonesia