given that both interest rates and dividend payout
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” it is a key component of the Blueprint plan and should not be
with nearly 80% of the drag coming from the Consumer Discretionary and
currency rates and pricing power. On one
operating expenses are 20% of sales and an initial
operating expenses are 20% of sales and an initial tax rate of 35%
and find those funds elsewhere. We find it unlikely that the
there are victims and beneficiaries here. Corporations that have high
and those that have recurring long-term debt needs
and 3) our own estimate if neither (1) or (2) are available
and dividing it by (1-current tax rate).
regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong): Merrill Lynch (Asia
regulated by the Securities and Futures Bureau; DSP Merrill Lynch (India): DSP Merrill Lynch Limited
Frankfurt Branch (BAMLI Frankfurt) distributes this report in Germany and is regulated by BaFin.
financial situation and the particular needs of any specific person. Investors should seek