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After a multi-year expansion of company formation and in biopharma valuations, 2018 was a year of heightened market volatility. Investors’ eagerness to support new modalities enabled more than 50 biotech IPOs, but with much less mature clinical development progress than traditionally demonstrated. More than half those companies are trading below their IPO prices, however, complicating conditions for the next new offering. As interest rate worries, international trade disputes, and regulatory reimbursement uncertainty have increased, biopharma stock indexes have seen significant corrections. With historically high valuations experiencing sudden dips, M&A deal-making seems to have reignited with notable, multi-billion dollar deals in recent weeks. This session will assemble market experts to discuss what forces continue to shape performance within the sector and what opportunities the market correction can reveal for investors and companies seeking resources to deliver the next wave of innovative therapies for patients.
Speakers
Sara Michelmore, MacDougall
Katherine Andersen, Silicon Valley Bank (SVB)
Noël Brown, Cantor Fitzgerald
Andrew Gitkin, Piper Jaffray
Geoffrey Goodman, Wells Fargo Securities
Philip Ross, J.P. Morgan
Jennifer Sheng, Citi
Yaron Werber, Cowen
LAW OFFICE OF JAY D. SMITH
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Round Rock, Texas 78664
PHONE: (512) 340-0002
FAX: (512) 852-4402
EMAIL: jay@jaysmithlaw.com
WEBSITE: www.jaysmithlaw.com
The Law Office of Jay D. Smith is committed to providing clients with skilled legal representation in a broad range of family law matters. Practice areas include: divorce, child custody, child support, enforcement actions, modifications, asset division, business valuation, characterization of separate and community property, grandparent access, adoptions, and paternity suits.
Family law cases require an attorney to balance delicate treatment with decisive action. The Law Office of Jay D. Smith tempers the instinct to achieve positive results without the need for trial whenever possible, with the resolve to demand justice for every client when court cannot be avoided.
The Law Office of Jay D. Smith believes that clients should expect their attorney to be attentive and accessible. We keep our clients informed and involved, explaining each step, and helping them evaluate what course of action best fits their needs.
At the Law Office of Jay D. Smith, we understand that regardless of whether your case is simple or complex, the emotion and uncertainty associated with a family law dispute can be overwhelming. Jay is dedicated to helping you work through the legal and emotional challenges of your case to insure that your personal and family objectives have their best chance of realization, all the while giving you the peace of mind and confidence that comes with having a knowledgeable attorney handling your case.
With office locations in Austin and Round Rock, Texas, the Law Office of Jay D. Smith is able to serve clients living in both Williamson and Travis counties. To schedule a consultation, please call (512) 340-0002 or email us at info@jaysmithlaw.com.
Distressed Debt / Reorganization
In today's rapidly evolving business environment, under-performing companies and their management teams often require expert advise on how to effectively manage unwanted change and turn the business around. A thorough situational and financial analysis is the key to cost effective and timely results.
Caston Corporate advisory provides restructuring advisory services to companies and its stakeholders that is lenders, investors, etc. in under performing companies and companies experiencing liquidity problems, in all sectors and in all markets. We support you in managing work-out or turn-around processes and in allocating capital and investment — evaluating your business plans objectively. Drawing on our deep insights, we devise strategies to address potential covenant breaches, negotiating with stakeholders and complying with insolvency and other requirements.
We can assist banks, financial institutions and investors in achieving accelerated and enhanced results through the rehabilitation or recovery of problem loans. We are very keen to work on sell side transactions involving One Time Settlements (OTS) , Financial Restructuring and Securitization of Loans.
We offer Portfolio and Single Credit services for impaired accounts:
oNPL Portfolio / Single Asset Buy and Sell Side Advisory
For more information – check www.castoncorporateadvisory.in or contact on Caston Corporate Advisory Services : 6 / 5, Didar House Building, DLF Industrial Area, Moti Nagar New Delhi-110015 (India) Ph.:+91-9810295333
Students and professionals from China, India, South Africa, Iran and Brazil at #LUISSBusiness to learn how to apply IP as a strategic and managerial tool improving companies’ services and creating values to the clients. Specialized Course in IP Management and Valuation Graduation Day – the ten-week specialized program jointly promoted by LUISS Business School with the Italian Patent and Trademark Office and the World Intellectual Property Organization (WIPO, through the WIPO Academy) – was held on July 19th: congratulations to the new established international network of IP Specialists! #IntellectualProperty
Fiat Chrysler: Undervalued And Improving
admin 29 de dezembro de 2017 Fiat Nenhum comentário
Value investing is about much more than simply buying stocks with low valuation ratios. When the business fundamentals are moving in the wrong direction, a cheap stop can turn out to be an expensive mistake. On the other hand, investing in undervalued companies with improving fundamentals can deliver outstanding returns over time.
With this in mind, the following quantitative system is designed to invest at relatively cheap stocks, but only when those companies are making progress in terms of financial performance and forward-looking expectations.
System parameters are as follows:
The company needs to have a price-to-earnings ratio and a price-to-sales ratio below the industry average. The system also requires the price-to-earnings growth ratio be below 2.
The point is that we want the stock to be cheaper than the industry average, and also moderately priced in comparison with growth expectations for the business.
The system also requires earnings expectations to be improving. Both earnings forecasts for the current year and next year need to be increasing over the past four weeks. This is to make sure that financial performance is moving in the right direction.
Among the companies that meet these requirements, the system picks the 50 names with the best PowerFactors Ranking. This is a proprietary system that ranks stocks according to three different factors: financial quality, valuation, and momentum.
The backtesting assumes that positions are equally weighted and monthly rebalanced. The portfolio has an assumed annual expense ratio of 1% to account for trading expenses, and the benchmark is the iShares Russell 1000 Value ETF (IWD).
Performance numbers are quite impressive. Since January of 1999, the iShares Russell 1000 Value ETF has gained 6.64% per year, while the system delivered an average annual return of 24.18% annually in the same period.
In other words, a $100,000 investment in the value ETF in January of 1999 would currently be worth $333,500, and the same amount of capital allocated to companies recommended by the system would have an exponentially larger value of $5.79 million.
Data and charts are from Portfolio123, and the complete portfolio of stocks recommended by the system is available to members in my research service The Data Driven Investor.
CASE STUDY: FIAT CHRYSLER
Fiat Chrysler (FCAU) is the company behind well-known automotive brands such as Fiat, Chrysler, Dodge, Alfa Romeo, Lancia, Abarth, Jeep, Fiat Commercial, and Maserati. The company also produces automotive parts through its Magneti and Marelli brands, and it’s involved in engines with Teksid and industrial robots with Comau. Annual production is around 5 million vehicles per year, which puts the company in the seventh position in terms of size in the industry.
Like many of its peers, Fiat Chrysler has faced serious financial problems during challenging times for the global economy and declining demand in the automotive industry. But things have clearly improved since 2014 under the leadership of CEO Sergio Marchionne.
In May of 2014 the company announced its 2014-2018 Business Plan, which focused on strengthening and differentiating its portfolio of brands, including the globalization of Jeep and Alfa Romeo, generating volume growth, continued platform convergence and an increased focus on cost efficiencies, as well as enhancing margins and strengthening its financial position.
Such business plan included some ambitious financial targets, and investors didn’t initially have much trust on the company’s ability to deliver. But things have gone according to plan since then, and Fiat Chrysler has even increased its targets over time.
At the start of 2017 CEO Sergio Marchionne said that he considered the chances of achieving the company’s targets for 2018 were around 50%. During the third quarter earnings conference call Mr. Marchionne was asked again about those probabilities, and he sounded cautiously confident on the company’s prospects.
In his own words:
“I think the number is substantially higher than the 50% I gave you at the beginning of the year… We’re quite confident now and we have reviewed the numbers for 2018. We think we’re up the target as well within sort of the achievable range, including the cash generation associated with the volumes. I’m encouraged by what I see, I think that we are in good shape. So… I can tell you that if we launch properly in Q1 of 2018 by the second quarter of next year, barring any sort of instability events in the system, we should be able to confirm and pretty well guarantee delivery of 2018.”
The company has delivered earnings figures above Wall Street expectations over the past three consecutive quarters, which is a major positive in terms of evaluating financial momentum and consistency in the company’s ability to deliver.
The analysts following the stock have substantially increased their earnings expectations for Fiat Chrysler in 2017 and 2018 lately, and this has been a powerful upside fuel for the stock.
ChartFCAU data by YCharts
In spite of these impressive returns over the past several months, the stock remains priced at attractively low valuation levels. Automotive companies generally trade at a discount versus the broad market because of the industry’s particularly challenging dynamics. However, even by industry standards, Fiat Chrysler looks temptingly undervalued.
The chart below compares valuation ratios such as price to earnings, price to book value, and price to sales for Fiat Chrysler versus the average stock in the industry and the average company in the S&P 500 index.
An image is worth a thousand words, and Fiat Chrysler is priced at remarkably low levels in comparison with both the market as a whole and the industry in particular.
Offering a similar perspective, the shows valuation ratios for Fiat Chrysler versus other well-known automakers such as Toyota (TM), Tata Motors (TTM), Honda Motors (HMC), General Motors (GM), and Ford (F). Again, the numbers are conclusive.
Automotive stocks are not for the faint of heart. Fiat Chrysler operates in a challenging industry where competition is savagely aggressive and profit margins are razor-thin. In addition, automotive demand is remarkably cyclical, and companies in the industry are facing key technological disruptions due to trends such as electric vehicles and self-driving cars.
That acknowledged, Fiat Chrysler is making some clear improvements, expectations for the company are increasing, and the stock is priced at bargain-low levels. If management keeps leading the company in the right direction, then Fiat Chrysler could offer material upside potential from current levels.
In today's rapidly evolving business environment, under-performing companies and their management teams often require expert advise on how to effectively manage unwanted change and turn the business around. A thorough situational and financial analysis is the key to cost effective and timely results.
Caston Corporate advisory provides restructuring advisory services to companies and its stakeholders that is lenders, investors, etc. in under performing companies and companies experiencing liquidity problems, in all sectors and in all markets. We support you in managing work-out or turn-around processes and in allocating capital and investment — evaluating your business plans objectively. Drawing on our deep insights, we devise strategies to address potential covenant breaches, negotiating with stakeholders and complying with insolvency and other requirements.
We can assist banks, financial institutions and investors in achieving accelerated and enhanced results through the rehabilitation or recovery of problem loans. We are very keen to work on sell side transactions involving One Time Settlements (OTS) , Financial Restructuring and Securitization of Loans.
We offer Portfolio and Single Credit services for impaired accounts:
oNPL Portfolio / Single Asset Buy and Sell Side Advisory
For more information – check www.castoncorporateadvisory.in or contact on Caston Corporate Advisory Services : 6 / 5, Didar House Building, DLF Industrial Area, Moti Nagar New Delhi-110015 (India) Ph.:+91-11-25161294
DSC_0165
Image by meccanica
IP valuation and capital raising
Despite the fact that the technologies was only at the prototype stage, its advantages had been assessed by way of engineering studies and possible investors had been identified. In order to articulate and quantify its financial...
Read more about IP valuation and capital raising
(Source from Chinese Rapid Prototyping Blog)
Taken at the annual graduates exhibition of the Bezalel Academy of Art & Design at the old Terminal 1,Ben-Gurion Airport,Israel- see hezbisraelwar.blogspot.com/2006/08/country-closed-for-art...
Students and professionals from China, India, South Africa, Iran and Brazil at #LUISSBusiness to learn how to apply IP as a strategic and managerial tool improving companies’ services and creating values to the clients. Specialized Course in IP Management and Valuation Graduation Day – the ten-week specialized program jointly promoted by LUISS Business School with the Italian Patent and Trademark Office and the World Intellectual Property Organization (WIPO, through the WIPO Academy) – was held on July 19th: congratulations to the new established international network of IP Specialists! #IntellectualProperty
An 1899 contract specifying the folowing valuations;
52% for the Borough of New Providence
48% for the township(what became Berkeley Heights)
no justification for these numbers was presented
A Merger or Acquisition (M&A) can add considerable value to a business, but making sure that each stage of the transaction process—from valuation to negotiation and completion—is successful demands considerable experience and knowledge.
We can assist you by assessing the strategic fit of a business by analyzing all aspects of a transaction, assessing the projected synergies, project managing the process, assisting in negotiations, financial modeling and assisting in assessing transaction implications.
We work with you throughout the transaction lifecycle, helping you to achieve your strategic objectives across acquisitions, disposals, management buy-outs, buy-ins, fundraisings, Initial Public Offerings, takeovers, and mergers.
The key steps involved in our M&A advisory role are:
oIdentification of the business to be acquired
oStrategic planning of acquisition
oIdentifying key targets locally and internationally
oValuation
oTransaction structuring, and negotiation
oAdvice on financing, be it debt, equity or other more complex instruments
oSupervising due diligence, legal and other issues to work towards a successful completion
For more information – check www.castoncorporateadvisory.in or contact on Caston Corporate Advisory Services: 6 / 5, Didar House Building, DLF Industrial Area, Moti Nagar New Delhi-110015 (India) Ph.:+91-9810295333
Distressed Debt / Reorganization
In today's rapidly evolving business environment, under-performing companies and their management teams often require expert advise on how to effectively manage unwanted change and turn the business around. A thorough situational and financial analysis is the key to cost effective and timely results.
Caston Corporate advisory provides restructuring advisory services to companies and its stakeholders that is lenders, investors, etc. in under performing companies and companies experiencing liquidity problems, in all sectors and in all markets. We support you in managing work-out or turn-around processes and in allocating capital and investment — evaluating your business plans objectively. Drawing on our deep insights, we devise strategies to address potential covenant breaches, negotiating with stakeholders and complying with insolvency and other requirements.
We can assist banks, financial institutions and investors in achieving accelerated and enhanced results through the rehabilitation or recovery of problem loans. We are very keen to work on sell side transactions involving One Time Settlements (OTS) , Financial Restructuring and Securitization of Loans.
We offer Portfolio and Single Credit services for impaired accounts:
oNPL Portfolio / Single Asset Buy and Sell Side Advisory
For more information – check www.castoncorporateadvisory.in or contact on Caston Corporate Advisory Services : 6 / 5, Didar House Building, DLF Industrial Area, Moti Nagar New Delhi-110015 (India) Ph.:+91-9810295333
A Merger or Acquisition (M&A) can add considerable value to a business, but making sure that each stage of the transaction process—from valuation to negotiation and completion—is successful demands considerable experience and knowledge.
We can assist you by assessing the strategic fit of a business by analyzing all aspects of a transaction, assessing the projected synergies, project managing the process, assisting in negotiations, financial modeling and assisting in assessing transaction implications.
We work with you throughout the transaction lifecycle, helping you to achieve your strategic objectives across acquisitions, disposals, management buy-outs, buy-ins, fundraisings, Initial Public Offerings, takeovers, and mergers.
The key steps involved in our M&A advisory role are:
oIdentification of the business to be acquired
oStrategic planning of acquisition
oIdentifying key targets locally and internationally
oValuation
oTransaction structuring, and negotiation
oAdvice on financing, be it debt, equity or other more complex instruments
oSupervising due diligence, legal and other issues to work towards a successful completion
For more information – check www.castoncorporateadvisory.in or contact on Caston Corporate Advisory Services: 6 / 5, Didar House Building, DLF Industrial Area, Moti Nagar New Delhi-110015 (India) Ph.:+91-11-25161294
Here are the valuations of the first theme!
We have valued every one of you because everyone should know what we think about him!
So to you Micaela:
Jamila: you look like a sexy lady on the dancefloor. You are very very creative and I love your idea! There is one little thing I must add here. Your photo looks a little bit dark and I miss the light here. I know you do this more better. I hope you will show us this in the next time.
Zoé: Wow sexy pose and very creative! It was good but the others were better. Good luck.
So to you Tiffany:
Jamila: So Tiffany goood pose! Yooou Are a Sexy top Model. The color pourple is looking good at you! You have proved this in that shooting!!!! I am glad that you are part of this audition!
Zoé: For me it is one of the BEST! Good Job. There is nothing to criticize!
So to you Hayley:
Jamila:You have such a nice and speecial Charisma. You are so cute with your big eyes. Yellow is matching good to your hair. I must add, it looks too much. I t could be better without the scarf. Good luck!
Zoé: I love your big eyes lady! Your outfit is I would say OKAY, but its too much. Sometimes it is better with less clothes than more together. But the color looks good on you!
So to you Marisa:
Jamila: You seem to have summer. You show a nice athmosphere in this shooting. Green is perfect for you because of your hair and skin color. Your sunglasses makes that shooting more interesting: I like it very much. In addtion to that I must criticize your top, because it has more colors like blue and yellow. You should show us only a green outfit. But it matches very good to your mini jeans!
Zoé: Sexy girl! I Like your style very well. Your sunglasses are okay but your top is against the rules. I agree with Jamila because it is not fair to the others.
So to you Aro:
Jamila: Yellow is looking very smart on you. Very tempting! I love your style and mostly your FACE! Your eyes looks crazy and amzing! What a look! Good Job ARO!
Zoé: ARO, I am a fan of you, but does not mean that you can relax now, because I want see more and more of you. And every week you should become stronger and not weaker! All in all I love your face and mostly your eyes!
So to you Ashlee:
Jamila: I love how you play with the camera! It is great how you look and how you present yourself. Good Job!
Zoé: I like your dress and I love your sweet curls! GOOD LUCK!
So to you Estelle:
Jamila: AMAZING! You have suprise me really! This color is perfect for you. You show your creativity, stones!!! VERY WELL!
Zoé: Very good Estelle! I love that the stones have the same color like your dress! This is super! GOOD JOB!
A Merger or Acquisition (M&A) can add considerable value to a business, but making sure that each stage of the transaction process—from valuation to negotiation and completion—is successful demands considerable experience and knowledge.
We can assist you by assessing the strategic fit of a business by analyzing all aspects of a transaction, assessing the projected synergies, project managing the process, assisting in negotiations, financial modeling and assisting in assessing transaction implications.
We work with you throughout the transaction lifecycle, helping you to achieve your strategic objectives across acquisitions, disposals, management buy-outs, buy-ins, fundraisings, Initial Public Offerings, takeovers, and mergers.
The key steps involved in our M&A advisory role are:
oIdentification of the business to be acquired
oStrategic planning of acquisition
oIdentifying key targets locally and internationally
oValuation
oTransaction structuring, and negotiation
oAdvice on financing, be it debt, equity or other more complex instruments
oSupervising due diligence, legal and other issues to work towards a successful completion
For more information – check www.castoncorporateadvisory.in or contact on Caston Corporate Advisory Services: 6 / 5, Didar House Building, DLF Industrial Area, Moti Nagar New Delhi-110015 (India) Ph.:+91-9810295333
LUISS Business School welcomed the international students for the Specialised Course in IP Management and Valuation, the programme offered jointly with the Italian Patent and Trademark Office and the World Intellectual Property Organization (WIPO, through the WIPO Academy).
If you need a certified valuation analyst to determine your business or real estate property value in Atlanta or other surrounding cities in Georgia? Then you are at the right place Burns Valuation Consulting provides the best services in Business Valuation, Exit Planning and Business Brokerage and Real Estate. Business Valuation is a technique used to capture the true value of the business. There are three approaches that we use for this which are explained in this video. Please give us a call if you want to discuss our project at 6782354616.