MCINTIRE INVESTMENT INSTITUTE AT THE UNIVERSITY OF VIRGINIA
|
|
- Sibyl Shelton
- 7 years ago
- Views:
Transcription
1 MCINTIRE INVESTMENT INSTITUTE AT THE UNIVERSITY OF VIRGINIA Kinder Morgan (NYSE: KMI) Long Shreyas Hariharan Adam Rathgaber Naveed Mostaghimi Nick Galdos 10/28/2014 1
2 AGENDA Business Overview Misperception Thesis Points Macro Tailwinds Risks & Catalyst Comps & Valuation 2
3 BUSINESS OVERVIEW Kinder Morgan Inc. is the largest midstream and 3 rd largest energy company in North America. Owns and operates 80,000 miles of pipelines that transport natural gas, gasoline, crude oil, carbon dioxide and other products Over 180 terminals that store petroleum products and chemicals We re a company run by shareholders for shareholders. -Richard Kinder Founder, Kinder Morgan KMI has exceeded dividend target in each of the last 3 years. 3
4 STOCK PERFORMANCE Current: $ week: Market Cap: $40.21B EPS: $1.20 DivYield: 1.76 (4.60%) P/E:
5 MISPERCEPTION #1: OVER-LEVERAGED Misperception: KMI has been over-aggressive in acquisitions and is over-leveraged. REASON THE MARKET BELIEVES THIS KMI Assets to equity Debt to equity INDUSTRY MEDIAN EVIDENCE THAT THIS MISPERCEPTION IS MANIFESTED IN THE MARKET 14.6% of float is short despite gross and operating margins way higher than industry average. KMI Gross Margin 47% 43% Operating Margin 29% 13% INDUSTRY AVERAGE 5
6 MISPERCEPTION #1: OVER-LEVERAGED WHY ARE KMI S ACQUISITIONS ARE ACTUALLY VERY BENEFICIAL? Industry is going through natural phase of market consolidation. Small players are going to be bought out in pipeline industry because: Ø Operating revenue doesn t cover costs when operations are small scale Ø Economies of scale kick in only after certain miles of pipelines are owned 6
7 MISPERCEPTION #2: NATURAL GAS AND CRUDE OIL PRICES Misperception: KMI s revenue is affected by natural gas and crude oil prices. REASON THE MARKET BELIEVES THIS Ø Fall in natural gas prices reflect a decrease in demand for natural gas Ø This will reduce total revenue of natural gas pipeline companies (elastic demand) EVIDENCE THAT THIS MISPERCEPTION IS MANIFESTED IN THE MARKET KMI s stock prices have fluctuated with fluctuating oil and natural gas prices, driven primarily by market sentiment about the pipeline industry. 7
8 MISPERCEPTION #2: OIL AND NATURAL GAS PRICES WHY IS KMI RELATIVELY UNAFFECTED BY NATURAL GAS AND OIL PRICES IN THE SHORT-MEDIUM RUN? KMI has long-term contracts (4-5 years) with its clients. These are take-or-pay contracts. KMI s fee structure involves minimum payments irrespective of whether customer chooses to use the pipelines over the period of the contract. Hence, demand for KMI s pipelines is relatively inelastic in the short-medium run. KMI INDUSTRY AVERAGE Gross Margin Operating Margin 47% 43% 29% 13% 8
9 MISPERCEPTION #3: RENEWABLE ENERGY Misperception: Renewable energy will significantly impact conventional energy market in the near future. Two factors that prevent investment in renewable energy in the shortmedium run: 1) load factor, because we don t have it all the time and 2) renewable energy sources are not profitable yet because net present value is still negative. - Carlos Pascual, Special Envoy, International Energy Affairs and Former United States Ambassador to Mexico and Ukraine. 9
10 MISPERCEPTION #3: RENEWABLE ENERGY Natural gas is still growing Domestic coal consumption is switching to other sources Coal and Natural Gas US Total Output (in thousand mega-watt-hours) Coal Natural Gas Renewables Linear (Coal) Linear (Natural Gas) Linear (Renewables) 10
11 MISPERCEPTION #3: RENEWABLE ENERGY The ability to depend on renewable energy is hindered by: Availability Peak demand High investment costs 11
12 THESIS POINT #1: COMPETITIVE ADVANTAGE Terminal activities provided 13.4% of Kinder Morgan s revenue in 2012 Terminal operating margins continue to increase KM Terminal Operating Margins * *projected 2014 operating margin 12
13 THESIS POINT #1: COMPETITIVE ADVANTAGE Continued investment into opening new terminals 13 McIntire Investment Institute
14 THESIS POINT #1: COMPETITIVE ADVANTAGE Terminals give Kinder Morgan exposure to different energy sources: Crude oil Domestic/International coal Chemicals 14
15 THESIS POINT #1: COMPETITIVE ADVANTAGE Kinder Morgan provides a safer environment overall than its competitors: 1.54 vs 5.7 average competitor TRIR According to the BLS, the industry-wide TRIR is
16 THESIS POINT #1: COMPETITIVE ADVANTAGE Terminal contracts are relatively long term: Liquids average: 3.8 years Bulk average: 3.5 years 16
17 THESIS POINT #1: COMPETITIVE ADVANTAGE New port terminals provide access to vital coal demand around the world 17
18 THESIS POINT #2: BARRIERS TO ENTRY 1. High start-up costs Operating revenue will cover costs only when operations are largescale FC will be distributed among large units when operations are large. Due to over 32 acquisitions, KMI enjoys economies of scale. KMI COGS/ Miles of Pipeline $0.10 $0.57 Gross Margin/ Miles of Pipeline $0.406 $0.322 INDUSTRY AVERAGE Regulation Environmental and zoning restrictions make new companies building pipelines practically impossible. In a specific region, competitors cannot build pipelines if they exist. Regulation promotes monopoly for KMI. *projected 2014 operating margin
19 3. Customer Loyalty THESIS POINT #2: BARRIERS TO ENTRY Region specific customers Customers are likely to renew contracts with KMI after the 4-5 year period. 4. Competitive Advantage (explained) Terminals Safer environment Terminals and pipelines for crude oil, coal, chemicals, natural gas. 19
20 MACROECONOMIC TAILWINDS Continued increases in demand as natural gas consumption has risen from 22% to 27% of US energy use (mostly at the expense of oil) 20
21 MACROECONOMIC TAILWINDS According to the 2015 Farmers Almanac, the winter is expected to be severe with below-normal temperatures for three quarters of the US, resulting in an increased demand for natural gas 21
22 REGULATION KMI recently received all of the necessary regulatory approvals for its long-awaited acquisition of all three of its MLPs New regulations prevent drillers from flaring in the Bakken and Three Forks formations, perpetuating the need for increased pipeline infrastructure 22 McIntire Investment Institute
23 RISKS & POTENTIAL CATALYSTS RISKS Investors will face a significant tax burden (losing around 4% of investment value) with Rich Kinder s $44B consolidation plan POTENTIAL CATALYSTS The US lifts the ban on exporting oil and gas o Russia/China s recent 30 year $400 B oil and gas supply deal could be a huge catalyst in lifting the ban o Increased TAM as infrastructure will be needed regardless Beating Earnings Call 1/15/15 Berlin v. Kinder Morgan Energy Partners LP lawsuit regarding consolidation of MLPs 23
24 RISKS AND POTENTIAL CATALYSTS VAR 1: KMI s big already but earnings should grow around 20% over the next 5 years. Its organizational management is a little complicated and the dropdown to MLPs on pipelines is the in-vogue thing to do these days because it allows for a better valuation and is more tax-friendly. - Zach Pancratz (DRZ: Alternative Strategies Analyst) VAR 2: The energy sector along with the whole market has sold off huge in the past 6 weeks. Underperformance in energy can be attributed to the huge selloff in oil (peak in June at $107 to current levels of $82). The oil names got absolutely smoked and the natural gas names got indiscriminately lumped in with them since most energy names have a mix of oil and gas. With the recent selloff and colder weather on the way you ll definitely see a bump in natural gas prices. - John Race Jr. (Iberia Capital Partners: Institutional Sales) 24
25 VALUATION- ASSUMPTIONS Revenue Assumption 8% Margin Assumption 27% Exit Multiple 12.1 Revenue Growth based on analyst estimates and corporate guidance Margin assumption is a conservative estimate based on historical figures and our analysis and predictions for future operations Exit multiple is a conservative figure taken to be KMI s current EV/ EBITDA, which is below comparable company averages 25
26 VALUATION DCF TARGET PRICE EV $ B Debt $ B Cash $ 598 M Market Cap $50.13 B # of Shares B Target Price $
27 VALUATION EV/EBITDA Comps' Median EV/ EBITDA 14.5 KMI EBITDA $5,796 B Enterprise Value $84,042 B Market Cap $48,447 B Price $
28 VALUATION WEIGHTED TARGET PRICE Comps Target Price $47.12 DCF Target Price $48.76 Weight 50% Weight 50% Final Target Price $47.94 Upside 23% Current Price $
29 EV PER PIPELINE MILE KMI Comp Median EV/Pipeline Mile One of KMI s biggest strength is its superior size and scope However, we believe that this size has not been totally factored in to its price (shown by EV/Pipeline Mile) KMI has used economies of scale to decrease its costs and prices, better positioning it to expand revenue and market share 29
30 CONSOLIDATION, TAX BENEFITS KMI has been consolidating its MLPs under its own corporation The move will cause the company to lose the corporate-tax breaks enjoyed by MLPs However, the KMI estimates that the restructuring will actually save the company $20 billion in taxes over the next 14 years by increasing its deductions due to depreciation 30
31 COMPENSATION Richard Kinder proudly states that he makes a salary of $1, as well as a 23% stake in KMI Other Executives have below average salaries and above average performance bonuses This provides great incentive to perform well for KMI s very competent management team Richard Kinder Title: CEO, Chairman, Kinder Morgan Salary: $1 Total Pay: $1 31
32 RECOMMENDATION Initiate a long position on KMI at an entry price below $40. 32
Kinder Morgan s Master Limited Partnership Reorganization. Brett Doyel. Advisor: Ventsi Stamenov
Kinder Morgan s Master Limited Partnership Reorganization By Brett Doyel Advisor: Ventsi Stamenov An Honors Thesis in partial fulfillment of the requirements for the Bachelor of Science in Business Administration
More informationHOUSTON BOSTON curbstonegroup.com MLP 101: INTRODUCTION TO MASTER LIMITED PARTNERSHIPS
HOUSTON BOSTON curbstonegroup.com MLP 101: INTRODUCTION TO MASTER LIMITED PARTNERSHIPS What are MLPs? MLPs are an investment in real energy infrastructure assets of national importance MLPs are publicly
More informationStock Pitch. Nikolai Doytchinov, Jonathan Im, Cheng Ma, Yang Wu
Stock Pitch Nikolai Doytchinov, Jonathan Im, Cheng Ma, Yang Wu Table of Contents I. Investment Thesis II. Industry Outlook III. Company Analysis IV. Valuation 2 I. Investment Thesis Delta (NYSE: DAL) Delta
More informationThe One Indicator to Find the Best Income and Dividend Stocks
The One Indicator to Find the Best Income and Dividend Stocks A Special Research Report from The Dividend Hunter Introduction By Tim Plaehn We are in a period of time when more and more investors are moving
More informationSpectra Energy Reports First Quarter 2009 Results
Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 5, 2009 Spectra Energy Reports First Quarter 2009 Results Reported net income (controlling
More information4) We believe we will be able to sustain our distributions when CO 2 DCF declines and/or Jones Act vessels need to be retired.
Since last fall, there have been a few questions raised about Kinder Morgan Energy Partners (KMP) business. Most recently, Barron s published an article reiterating a number of these questions. Although
More informationMaster Limited. canterburyconsulting.com. CanterburyConsulting Notes from the Investment Office 1
canterburyconsulting.com 2015 Master Limited The answer to this topic which has been the source of much debate, dialogue, and division lies in proper education and personal choice. Partnerships Master
More informationAksa Enerji Outperform (Maintained)
01.14 03.14 05.14 07.14 09.14 11.14 01.15 03.15 05.15 May 26, 2015 Outperform (Maintained) Turkey - Equity - Company Update On the verge of a new era s commissioning of the Company s first lignite power
More informationWilliams deal poises Energy Transfer to become one of the largest energy franchises in world
Williams deal poises Energy Transfer to become one of the largest energy franchises in world By CASEY SMITH World Business Writer Posted: Sunday, October 11, 2015 12:00 am During Energy Transfer Equity
More informationEquity Analysis and Capital Structure. A New Venture s Perspective
Equity Analysis and Capital Structure A New Venture s Perspective 1 Venture s Capital Structure ASSETS Short- term Assets Cash A/R Inventories Long- term Assets Plant and Equipment Intellectual Property
More informationUtilizing Utilities in Shareholder Yield
MARCH 215 Utilizing Utilities in Shareholder Yield FROM THE EPOCH SHAREHOLDER YIELD TEAM Utilities stocks have historically fit the profile of shareholder yield companies and have remained a significant
More informationFinancing Entrepreneurial Ventures Part 1 Financial Plan & Statements
Financing Entrepreneurial Ventures Part 1 Financial Plan & Statements Barbara Peitsch Program Director, Univ. of Michigan Peter Scott Professor of Entrepreneurship/Consultant August 2015 Economic Empowerment
More informationAugust 3, 2015. R. Halsey Wise Chairman and Chief Executive Officer MedAssets, Inc. 100 North Point Center, East, Suite 200 Alpharetta, GA 30022
R. Halsey Wise Chairman and Chief Executive Officer MedAssets, Inc. 100 North Point Center, East, Suite 200 Alpharetta, GA 30022 August 3, 2015 cc: Board of Directors Dear Halsey, Starboard Value LP, together
More informationThe Purchase Price in M&A Deals
The Purchase Price in M&A Deals Question that came in the other day In an M&A deal, does the buyer pay the Equity Value or the Enterprise Value to acquire the seller? What does it mean in press releases
More informationFirst Quarter 2016 Results
April 21, 2016 First Quarter 2016 Earnings Release Lance Fritz Chairman, President & CEO 1 First Quarter 2016 Results Earnings Per Share First Quarter $1.19 $1.30 Earnings Per Share Down 11% -11% $1.16
More informationMLP TAXATION KNOW YOUR OPTIONS. Global X Funds Cohen Fund Audit Services
MLP TAXATION KNOW YOUR OPTIONS Global X Funds Cohen Fund Audit Services OVERVIEW Intro by ETF.com Greg King (Global X) Brief survey of investable MLP landscape Growth of MLP Structure Mutual Funds and
More informationMaster Limited Partnerships (MLPs):
Master Limited Partnerships (MLPs): Frequently Asked Questions Yorkville Capital Management LLC www.yorkvillecapital.com 950 Third Avenue, 23 rd Floor New York, NY 10022 (212) 755-1970 Table of Contents
More informationPetkim. MARKETPERFORM (Previous: U.R) Upside Potential 6% Most of the future prospects are priced in. Equity / Mid Cap. / Petroleum and Energy
Equity / Mid Cap. / Petroleum and Energy Petkim Company Update Most of the future prospects are priced in Petrochemical margins improving but demand is weak due to anticipation on further price reduction.
More informationChipotle (CMG) Corporate Finance Analysis
Josh Willner MBA Finance Dr. Hutton Summer 2015 Chipotle (CMG) Corporate Finance Analysis Please see attached Excel documents for further analysis of self-made screen shots. 1. Corporate Governance Analysis
More informationMaster Limited Partnerships A brief outline of investment approach and outlook.
Master Limited Partnerships A brief outline of investment approach and outlook. Richard Daskin, CFA, CFP Sub-Advisor for Cumberland Advisors (MLP) What are Master Limited Partnerships? Pass through entity
More informationOceaneering Reports First Quarter 2016 Results
PRESS RELEASE Oceaneering Reports First Quarter 2016 Results April 25, 2016 Houston, Texas Oceaneering International, Inc. ( Oceaneering or the Company ) (NYSE:OII) today reported net income of $25.1 million,
More informationSpectra Energy Reports Fourth Quarter and Year-End 2007 Results
Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: February 6, 2008 Spectra Energy Reports Fourth Quarter and Year-End 2007 Results Fourth
More informationTupras OUTPERFORM (M) 15 February 2010. Strong 2009 results on refining side...
Equity / Large Cap. / Petroleum and Energy 15 February 2010 Bloomberg: TUPRS TI Strong 2009 results on refining side... Reuters: TUPRS IS released its 2009 year end tax purpose financials. The main differences
More informationVerifone Reports Results for the Second Quarter of Fiscal 2016
Verifone Reports Results for the Second Quarter of Fiscal 2016 SAN JOSE, Calif. (BUSINESS WIRE) Verifone (NYSE: PAY), a world leader in payments and commerce solutions, today announced financial results
More informationFinance and Economics Course Descriptions
Finance and Economics Course Descriptions Finance Course Descriptions FIN 250 Financial Management This course addresses the theory and practice of financial management and the role of the Financial Manager.
More informationLCA-Vision Inc. (NASDAQ: LCAV) Memo
Date: 11/28/10 Company: LCA-Vision Inc. Price: $5.17 Analyst: Zhengwei (Will) Liang 11/28/2010 52-Week Market Price Range Cap (In thousands) 2009A 2010E 2011E 2012E 2013E $5.17 $3.94 - $9.40 $96.72M Revenue
More informationpotential of business still not fully exploited; PT raised to 64.00 Q3 2015 results vs. estimates IFRS Q3 15 Q2 15 qoq Q3 14 yoy Q3 15e delta
H y p o p or t A G # Scalability $T ypcap$ 1611 3 1 1 x 6519 2 Equity flash Quarterly earnings Financial Services Germany Hypoport AG Buy Target 64.00 EUR vs 57.00 EUR Price : 55.25 EUR Upside : 16 % Est.chg
More informationOil & Gas Financial & Valuation Modeling Seminar
Financial & Valuation modeling training for students pursuing corporate finance, investment banking, and business development careers within the Oil & Gas industry Overview Intensive Oil & Gas training
More informationFRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER 2005. Highlights
FRONTLINE LTD. INTERIM REPORT JULY - SEPTEMBER Highlights Frontline reports net income of $73.8 million and earnings per share of $0.99 for the third quarter of. Frontline reports nine month results of
More informationSpectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year
Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent
More informationSpectra Energy Reports Second Quarter 2007 Results
Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: August 6, 2007 Spectra Energy Reports Second Quarter 2007 Results Second quarter reported
More informationUtilities Sector Analysis. Bharat Deore Nate Druckenmiller Chris Henschen
Utilities Sector Analysis Bharat Deore Nate Druckenmiller Chris Henschen Agenda Overview Business Analysis Economic Analysis Financial Analysis Valuation Analysis Recommendation Questions Size of the Utilities
More informationValuation Overview. Valuation. General Thoughts on. Valuation. Valuation Models
Valuation Overview Valuation Valuation Discounted cash flow models DDM FCFE Relative valuation over time across assets at a given time relative to comparables relative to the market 1 2 General Thoughts
More informationAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
The Case for Investing in Master Limited Partnerships (MLPs) By Richard Fortin, CFA Senior V.P. Portfolio Manager, Stonebridge Advisors LLC July 1, 2008 Advisor Perspectives welcomes guest contributions.
More informationMASTER LIMITED PARTNERSHIPS
MASTER LIMITED PARTNERSHIPS An Overview November 2015 # DISCLOSURE Investing involves risk, including the possible loss of principal. International investments may involve risk of capital loss from unfavorable
More informationProjecting the 3 Statements & 3-Statement Modeling Quiz Questions
Projecting the 3 Statements & 3-Statement Modeling Quiz Questions 1. Let s say that we re creating 3-statement projections for a company, and in its historical filings Depreciation & Amortization and Stock-Based
More informationMay 22, 2014. Dear Gator Opportunities Fund Shareholders:
Dear Gator Opportunities Fund Shareholders: We are pleased to provide you with the first annual shareholder letter of the Gator Opportunities Fund (the Fund ). This letter covers the period from the Fund's
More information(713) 627-5353 (713) 627-4747 (24-hour media line) (713) 627-4600. Date: May 3, 2013
Media: Analysts: Caitlin Currie (713) 627-5353 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 3, 2013 Spectra Energy Reports First Quarter 2013 Results Reported net income
More informationMATELAN Research. Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES
MATELAN Research Intelligent Transportation Systems MEGATRENDS DRIVE MARKET GROWTH FINANCIALS ACCELERATING IVU AND INIT SHOW HIGHEST UPSIDES 2/5/12 2/7/12 2/9/12 2/11/12 2/1/13 2/3/13 2/5/13 2/7/13 2/9/13
More informationSterling Capital Stratton Small Cap Value Fund
Overview Investment Objective The Small Cap Value Fund seeks long-term capital appreciation. The Fund uses a value investment approach to invest primarily in common stock of small capitalization companies
More informationLBO Tutorial Best Buy Co. September 16, 2012
LBO Tutorial Best Buy Co. September 16, 2012 Michael Karp TMT Portfolio Manager Jawwad Siddiqui TMT Analyst Jan Iyengar TMT Analyst Alexander Banh Chief Strategy Officer This presentation is for informational
More informationBULLETIN # 128 April 23 2013. Parkland Fuel Corporation PKI-TSX; PKIUF-OTC
BULLETIN # 128 April 23 2013 Parkland Fuel Corporation PKI-TSX; PKIUF-OTC Parkland is the largest independent marketer and distributor of refined fuels in Canada. They are simply the middle man between
More informationINTERVIEWS - FINANCIAL MODELING
420 W. 118th Street, Room 420 New York, NY 10027 P: 212-854-4613 F: 212-854-6190 www.sipa.columbia.edu/ocs INTERVIEWS - FINANCIAL MODELING Basic valuation concepts are among the most popular technical
More informationNordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter 2005 Results
Nordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter Results Hamilton, Bermuda, October 10 th, Nordic American Tanker Shipping Ltd (the Company ) today announced its result for
More informationFirst Quarter 2014 Earnings Conference Call and Webcast. May 1, 2014
First 2014 Earnings Conference Call and Webcast May 1, 2014 1 MPLX Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. These
More informationFOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE For media inquiries, contact: Eric Armstrong, Citrix Systems, Inc. (954) 267-2977 or eric.armstrong@citrix.com For investor inquiries, contact: Eduardo Fleites, Citrix Systems, Inc.
More informationTHIRD QUARTER 2015 RESULTS Earnings Conference Call - November 6, 2015
THIRD QUARTER 2015 RESULTS Earnings Conference Call - November 6, 2015 Forward-looking Information Certain matters contained in this presentation include "forward-looking statements" within the meaning
More informationCHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH
CHAPTER 5: MEASURING GDP AND ECONOMIC GROWTH Learning Goals for this Chapter: To know what we mean by GDP and to use the circular flow model to explain why GDP equals aggregate expenditure and aggregate
More informationFIRST CAPITAL. Sound 2014 results and attractive dividend. Buy (maintained) Company Update
FIRST CAPITAL Company Update Buy (maintained) MARKET PRICE: EUR1.03 TARGET PRICE: EUR1.28 (from EUR1.15) Financial Holding Data Shares Outstanding (m): 24.04 Market Cap. (EURm): 24.77 NAV (EURm): 34.1
More informationSpectra Energy Reports First Quarter 2012 Results
Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 4, 2012 Spectra Energy Reports First Quarter 2012 Results Reported net income from
More informationEconomics Chapter 7 Review
Name: Class: Date: ID: A Economics Chapter 7 Review Matching a. perfect competition e. imperfect competition b. efficiency f. price and output c. start-up costs g. technological barrier d. commodity h.
More informationEarnings Release Q3 FY 2015 April 1 to June 30, 2015
Munich, Germany, July 30, 2015 Earnings Release FY 2015 April 1 to June 30, 2015 Solid performance, softening market environment»overall our businesses delivered solid underlying profitability despite
More informationFor Immediate Release: January 30, 2014. Occidental Petroleum Announces 4 th Quarter and Twelve Months of 2013 Net Income
For Immediate Release: January 30, 2014 Occidental Petroleum Announces 4 th Quarter and Twelve Months of 2013 Net Income Q4 2013 core income of $1.4 billion, or $1.72 per diluted share Q4 2013 net income
More informationBorussia Dortmund GmbH & Co. KGaA
BANKHAUS LAMPE // 58 Borussia Dortmund GmbH & Co. KGaA There is still potential 28/01/2016 Buy (Buy) 5.00 EUR (5.00 EUR ) Close 25/01/2016 3.93 EUR Bloomberg: BVB GY WKN: 549309 Sector Share price performance
More informationTNK-BP Holding: Creating Shareholder Value
Company Report Oil & Gas TNK-BP Holding: Creating Shareholder Value Investment Summary TNBP TNBPP BUY $3.5 35% BUY $3.2 38% TNK-BP Holding is one of the most efficient Russian oil companies. A combination
More informationBDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates
8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI
More informationLudwigshafen, February 25, 2014
Ludwigshafen, February 25, 2014 Analyst Conference FY2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties,
More informationBULLETIN #113 UPDATED JULY 14, 2015 COMPANY ANALYSIS NORTHERN TIER ENERGY NTI:NYSE
BULLETIN #113 UPDATED JULY 14, 2015 COMPANY ANALYSIS NORTHERN TIER ENERGY NTI:NYSE NTI is a pure-play, mid-continent refinery. It s a variable rate MLP (Master Limited Partnership) which pays out a big
More informationFSA Note: Summary of Financial Ratio Calculations
FSA Note: Summary of Financial Ratio Calculations This note contains a summary of the more common financial statement ratios. A few points should be noted: Calculations vary in practice; consistency and
More informationCovering Analyst: Bryceson Charlton Email: bcharlto@uoregon.edu
UNIVERSITY OF OREGON INVESTMENT GROUP 11/20/2009 IME Sector FTI Consulting Hold Stock Data Price (52 weeks) 36.14 56.41 Symbol/Exchange FCN / NYSE Beta.659 Shares Outstanding Average daily volume (3 month
More informationContact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935
For Immediate Release Contact: Ken Bond Deborah Hellinger Oracle Investor Relations Oracle Corporate Communications 1.650.607.0349 1.212.508.7935 ken.bond@oracle.com deborah.hellinger@oracle.com CLOUD
More informationThink About Energy Summit
Think About Energy Summit Richard Wobbekind Senior Associate Dean Executive Director Business Research Division Leeds School of Business Mining GDP, Employment, and Wages Share of Colorado Economy GDP
More informationDUE DILIGENCE CHECKLIST - BUSINESS ISSUES
DUE DILIGENCE CHECKLIST - BUSINESS ISSUES 1. CORPORATE STRUCTURE AND GOVERNANCE 1.1 What is the Company s corporate structure? C corp., S corp., LLC or LP? Does this model allow for a liquidity event and/or
More informationMML SERIES INVESTMENT FUND
This Prospectus describes the following Funds. MML SERIES INVESTMENT FUND MML Money Market Fund seeks to maximize current income, preserve capital and maintain liquidity by investing in money market instruments.
More informationInvestment in Mexico Arising from the Energy Reform. Beatriz Camarena Maney
Investment in Mexico Arising from the Energy Reform Beatriz Camarena Maney Overview National Infrastructure Program & Key Factors of The Energy Reform for the Midstream Sector! Currently, Mexico does not
More informationNo surprises EPS almost tripled yoy; confirm Buy, TP raised to 74.00
H y p o p or t A G # $T ypcap$ 1611 1 1 1 x 6519 2 Page 1/6 First Take Full-year earnings Financial Services Germany Buy Target price : 74.00 EUR vs 72.00 EUR Price : 64.78 EUR Upside : 14 % Est.chg 2015e
More informationMezzanine Finance. by Corry Silbernagel Davis Vaitkunas Bond Capital. With a supplement by Ian Giddy
Mezzanine Finance by Corry Silbernagel Davis Vaitkunas Bond Capital With a supplement by Ian Giddy Mezzanine Debt--Another Level To Consider Mezzanine debt is used by companies that are cash flow positive
More informationPRESS RELEASE. November 12, 2013
PRESS RELEASE November 12, 2013 TORC OIL & GAS LTD. ANNOUNCES THIRD QUARTER 2013 FINANCIAL & OPERATIONAL RESULTS, SUCCESSFUL TRANSITION TO SUSTAINABLE DIVIDEND PLUS GROWTH COMPANY AND INCREASE TO 2013
More informationKMP / EPB Summary Tax Information Package
KMP / EPB Summary Tax Information Package Kinder Morgan, Inc. (KMI) has entered into agreements to acquire all of the equity interests of Kinder Morgan Energy Partners, L.P. (KMP) El Paso Pipeline Partners,
More informationUtilities Company Presentation. Luke MacAdam
Utilities Company Presentation Luke MacAdam Agenda Sector Recap Review Current Holding Review Alternative Suggestions Financial Analysis & Valuations Recommendation Questions & Class Vote 2 Sector Presentation
More informationFinancial Statement Analysis!
Financial Statement Analysis! The raw data for investing Aswath Damodaran! 1! Questions we would like answered! Assets Liabilities What are the assets in place? How valuable are these assets? How risky
More informationTrxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3
Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair
More informationWhat s in an Equity Research Report?
What s in an Equity Research Report? This Lesson: Very Common Question What s in an equity research report? Can you share a sample equity research report? This is a very common question and a possible
More informationMANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following management s discussion in conjunction with our unaudited consolidated interim condensed
More informationMoving away from the C- Corporation: Understanding REITs, MLPs, PTPs and BDCs
Moving away from the C- Corporation: Understanding REITs, MLPs, PTPs and BDCs Thomas A. Humphreys Remmelt A. Reigersman November 11, 2014 2014 Morrison & Foerster LLP All Rights Reserved mofo.com Agenda
More informationInvestmentPerspectives JUNE 2011
Investment Stewardship Guidance InvestmentPerspectives JUNE 2011 UNDERSTANDING MASTER LIMITED PARTNERSHIPS NAT KELLOGG, CFA, SENIOR RESEARCH ANALYST Investor interest in Master Limited Partnerships ( MLPs
More informationBelden. Leading the Way to an Interconnected World. December 2015. 2015 Belden Inc. belden.com @BeldenInc
Belden Leading the Way to an Interconnected World December 2015 2015 Belden Inc. belden.com @BeldenInc Leading The Way to an Interconnected World Delivering highly-engineered signal transmission solutions
More informationDATRON AG. Investor day supports our positive view. Buy (Buy) 12.50 EUR (12.50 EUR ) BANKHAUS LAMPE // 1 17/09/2015
BANKHAUS LAMPE // 1 DATRON AG Investor day supports our positive view 17/09/2015 Buy (Buy) 12.50 EUR (12.50 EUR ) Close 15/09/2015 9.75 EUR Bloomberg: DAR GY WKN: A0V9LA Sector Engineering Share price
More informationGOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02
The Goldman Sachs Group, Inc. 200 West Street New York, New York 10282 GOLDMAN SACHS REPORTS FIRST QUARTER EARNINGS PER COMMON SHARE OF $4.02 NEW YORK, April 17, 2014 - The Goldman Sachs Group, Inc. (NYSE:
More informationCorporate Presentation
NASDAQ: BBSI Corporate Presentation November 2012 Forward-Looking Statements Statements in this presentation about future events or performance, including gross revenues and earnings expectations for the
More informationEarnings Release Q1 FY 2016 October 1 to December 31, 2015
Munich, Germany, January 25, 2016 Earnings Release FY 2016 October 1 to December 31, 2015 Strong start into the fiscal year earnings outlook raised»we delivered a strong quarter and are well underway in
More informationEnergy Sector. SIM STOCK PRESENTATION Spring 2014. Adam Hulbert, Didier Hirwantwari, Haochao Jiao and Yuxiang Hui
Energy Sector SIM STOCK PRESENTATION Spring 2014 Adam Hulbert, Didier Hirwantwari, Haochao Jiao and Yuxiang Hui Agenda I. Overview II. Schlumberger III. National Oilwell Varco IV. Marathon V. Chevron VI.
More informationBUSINESS UNIT HEADER IMAGE GOES HERE
BUSINESS UNIT HEADER IMAGE GOES HERE 2015 Third Quarter Financial & Strategic Update Al Monaco President & CEO John Whelen Executive Vice President & CFO Legal Notice This presentation includes certain
More informationFISCAL Q3 2016 SUPPLEMENTAL FINANCIAL INFORMATION
FISCAL Q3 2016 SUPPLEMENTAL FINANCIAL INFORMATION April 29, 2016 Safe Harbor Statement This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
More informationPETROBRAS ARGENTINA S.A.
PETROBRAS ARGENTINA S.A. Second Quarter 2014 Results Buenos Aires, August 5, 2014 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for the second quarter ended June 30, 2014.
More informationSpectra Energy Reports Third Quarter 2007 Results
Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: November 6, 2007 Spectra Energy Reports Third Quarter 2007 Results Third quarter ongoing
More informationCash Flow Analysis Modified UCA Cash Flow Format
Cash Flow Analysis Modified UCA Cash Flow Format Dr. Charles W. Mulford Invesco Chair and Professor of Accounting Scheller College of Business Georgia Institute of Technology Atlanta, GA 30332-0520 (404)
More informationValue in Emerging Markets: The Time Is Now
Value in Emerging Markets: The Time Is Now APRIL 2016 Our View: Despite recent outflows, the fundamental case for long-term investing in emerging-market equities remains well-founded. Not all emerging-market
More informationService Tax Planning - Expected Revenue Growth in FY 2015
Munich, Germany, May 7, 2015 Earnings Release FY 2015 January 1 to March 31, 2015 Portfolio gains drive income»for business volume, we performed well in our markets. The profitability of our Industrial
More informationIntel Reports Fourth-Quarter and Annual Results
Intel Corporation 2200 Mission College Blvd. P.O. Box 58119 Santa Clara, CA 95052-8119 CONTACTS: Reuben Gallegos Amy Kircos Investor Relations Media Relations 408-765-5374 480-552-8803 reuben.m.gallegos@intel.com
More informationBackground information. Changes in the shareholder structure and balance sheet. Contract with Google prolonged for two years
A cc or # $T ypcap$ 1628 1 0 4 2 Page 1/5 Equity flash Newsflow Telecommunication HOLD (HOLD) Target EUR 4.00 (EUR 4.00) Price (last closing price) : EUR 2.84 Upside : 40 % Est. change 2015e 2016e EPS
More informationMorgan Stanley Reports Third Quarter 2015:
Media Relations: Michele Davis 212-761-9621 Investor Relations: Kathleen McCabe 212-761-4469 Morgan Stanley Reports Third Quarter 2015: Net Revenues of $7.8 Billion and Earnings per Diluted Share of $0.48
More informationNotes to Consolidated Financial Statements Notes to Non-consolidated Financial Statements
This document has been translated from the Japanese original for reference purposes only. In the event of discrepancy between this translated document and the Japanese original, the original shall prevail.
More informationDenbury Resources Inc. BUY Price Target: $9.82 Key Statistics as of 4/27/2015. Thesis Points: Company Description: NYSE:DNR
Denbury Resources Inc. NYSE:DNR Analyst: Sector: Ryan Ahlers Energy BUY Price Target: $9.82 Key Statistics as of 4/27/2015 Market Price: Industry: Market Cap: 52-Week Range: Beta: $8.10 Oil and Gas E&P
More informationBaron Energy, Inc. Corporate Overview. October 1, 2012. www.baronenergy.com
Baron Energy, Inc. Corporate Overview October 1, 2012 www.baronenergy.com Safe Harbor Statement This presentation includes forward-looking statements. All statements, other than statements of historical
More informationCoal India Ltd. Subdued e-auction realization impacted profitability BUY. Nov. 17, 2015
17-Nov-14 17-Dec-14 17-Jan-15 17-Feb-15 17-Mar-15 17-Apr-15 17-May-15 17-Jun-15 17-Jul-15 17-Aug-15 17-Sep-15 17-Oct-15 Coal India Ltd. Subdued e-auction realization impacted profitability Coal India Ltd.
More informationNavigant Consulting (NCI)
UNIVERSITY OF OREGON INVESTMENT GROUP 2-4-11 Financials Navigant Consulting (NCI) Stock Data Price (52 weeks) 8.30-14.50 Symbol/Exchange NCI/NYSE Beta.81 Shares Outstanding 50.52 M Average daily volume
More informationEquities (Stocks) 101
Equities (Stocks) 101 Tariq Ali Asghar www.emergingstar.com 1 TABLE OF CONTENTS 1. Common Shares 2. Preferred Shares 3. Dividends 4. Miller and Modigliani Theory 5. Dividends are Less Tax-Efficient 6.
More informationCantv Overview. Presentation to the Investor Community. February, 2006
Cantv Overview Presentation to the Investor Community February, 2006 1 Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) The leading telecommunications services provider in Venezuela and the country
More information