Mergers & Acquisitions Mexico Annual Issue

Total Page:16

File Type:pdf, Size:1020Kb

Mergers & Acquisitions Mexico Annual Issue Seale & Associates Creative Solutions. Trusted Advice. MERGERS & ACQUISITIONS MEXICO 2019 ANNUAL ISSUE SUMMARY OF MERGERS & ACQUISITIONS IN MEXICO In 2019, the volume and value of announced transactions accumulated to 169 and USD$15.8 billion, respectively, representing a decrease in volume of 25.0% and an increase in reported value 33.7% Year-Over-Year. It is necessary to clarify that two megadeals in the infrastructure sector represent US$7.1 billion of the total value reported 18 18 18 16 17 16 16 13 13 12 11 9 10 Deal Volume in Mexico # of Transactions per Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 2015 $15.8 226 2016 $8.6 210 2017 $11.4 240 2018 $8.6 $15.8 Deal Volume and 212 Value in Mexico Annual Transactions 2019 $8.7 $7.1* 169 (US$ billion) $7.1 *Megadeals Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. SUMMARY OF MERGERS & ACQUISITIONS BY MEXICAN COMPANIES ABROAD In 2019, the volume and value of announced transactions accumulated to 40 deals worth US$3.8 billion, representing a decrease in volume of 14.8% and a decrease in reported value of 26.9% Year-Over-Year 7 6 6 4 4 3 3 3 3 2 2 Deal Volume 1 Abroad # of Transactions 0 per Month Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 19' 2015 $13.4 47 2016 $9.6 49 2017 $8.9 39 2018 $5.2 47 Deal Volume and Value Abroad Annual Transactions (US$ billion) 2019 $3.8 40 Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. SUMMARY OF MERGERS & ACQUISITIONS BY INDUSTRY The industrial sector led M&A activity in Mexico during the year (by deal volume), with 24 announced transactions, representing 14.0% of 2019’s total transaction volume. Meanwhile, companies were most active overseas in the Consumption sector registering 11 announced transactions during the year IT 13 Deals in Mexico by Industry Consumer Goods 14 Total transactions: 169 Real Estate 20 Mining 21 Financial 21 Industrial 24 Others* 56 *Energy , Health, Infrastructure, Oil & Gas, and others INFRASTRUCTURE MINING 2 1 5 IT INDUSTRIAL 3 2 HEALTH REAL ESTATE 1 CONSUMER 11 GOODS OTHERS 8 4 TELECOMMUNICATIONS 3 FINANCIAL Representative International Acquisitions by Mexican Companies Total Transactions: 40 Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. Seale & Associates Creative Solutions. Trusted Advice. GREAT ACTS ARE MADE UP OF SMALL DEEDS. - LAO TZU BIG REPRESENTATIVE TRANSACTIONS IN MEXICO* Transaction Summary Target Buyer On October 11th, 2019, Abertis Infraestructuras S.A., a Spanish road builder, acquired a 70% stake in Red de Carreteras de Occidente S.A.B. de C.V., a Mexican infrastructure operator, for US$4.5 billion, representing multiples of 13.3x EBITDA and 12.2x revenue On November 21st, 2019, Canada Pension Plan Investment Board, a sovereign wealth fund, and Ontario Teachers Pension Plan Board, Canada’s largest retirement fund, acquired a 40.0% stake in Impulsora de Desarrollo y el Empleo de América Latina, a Mexican infrastructure developer, for US$2.6 billion On November 14th, 2019, Fibra UNO, a Mexican REIT, acquired Titan Portfolio, 74 Industrial consisting of 74 industrial properties in Properties Mexico, for US$822.0 million On January 6th, 2019, ContourGlobal, a British energy company, acquired two cogenerating plants from Alpek, a Mexican petrochemical company, for US$801.0 million On August 19th, 2019, Caisse de Depot et Placement du Quebec (CDPQ), Canadian private equity fund, invested US$500.0 million in a minority stake in Laboratorios Sanfer S.A. de C.V., a Mexican pharmaceutical * Transactions above US$500.0 million Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket, Expansión Creative Solutions. Trusted Advice. BIG REPRESENTATIVE TRANSACTION Abertis Infraestructuras, S.A., a Spanish company dedicated to road management in Europe, acquired 70% in Red de Carreteras de Occidente S.A.B. de C.V. which has 5 concessionaires that handle 8 highways and total 876 kilometers in Mexico. ABERTIS BUYER TARGET INFRAESTRUCTURAS, S.A. ACQUIRED RED DE CARRETERAS DE OCCIDENTE S.A.B. DE C.V. The transaction represents The transaction was valued at multiples of 13.3x EBITDA US$4,524.0 million and 12.2x revenue FOUNDED IN 1967 FOUNDED IN 2007 HAS 13,400 EMPLOYEES OPERATES AROUND 875 KILOMETERS OF HIGHWAYS PRESENCE IN AMERICA, PRESENCE IN 5 STATES EUROPE AND ASIA OF THE MEXICAN REPUBLIC Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTIONS IN MEXICO* Transaction Summary Target Buyer On July 24th, 2019 Live Nation Entertainment Inc., an American entertainment company, acquired 51.0% stake in Operadora de Centro de Espectáculos, S.A. de C.V., a Mexican show business company for US$462.8 million to Grupo Televisa and CIE On August 5th 2019 DD3 Acquisition Corp., a Mexican asset manager company, merged with Betterware de México, S.A. de C.V., a Mexican company dedicated to homeware appliances. 80.0% of Betterware original investors remain and stocks Will be available for trading through NASDAQ and has multiples of 8.6x EBITDA.. The implied valuation of Betterware before the transaction was US$367.0 million On October 4th, 2019, Equinix, Inc.. American big data center provider, acquired 3 3 Data Centers Data Centers in Mexico from Axtel S.A. de C.V., for US$175.0 million, representing a multiple of 8.3x revenue On January 14th, 2019, Ariston Thermo, an Italian heater manufacturer, acquired Cal-o- Rex, a Mexican heater manufacturer, for US$145.0 million * Transactions below US$500.0 million Seale & Associates Sources: Capital IQ, Mergermarket, Expansión Mexico M&A 2019 Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTIONS IN MEXICO* Transaction Summary Target Buyer On April 2019, an anonymous buyer acquired eight industrial properties in Querétaro 8 industrial Buyer not and Toluca, from Corporación Inmobiliaria properties Revealed Vesta, an industrial real estate developer, for US$109.0 million On February 2019, Phoenix Tower International LLC, an American telecommunications company, acquired Uniti Group’s Latin American Portfolio, consisting of 500 commercial towers in different Latin America countries, for US$100.0 million Portfolio On May 2th, 2019, Megacable Holdings, S:A.B. de C.V., a Mexican telecommunications company, acquired Axtel S.A.B. de C.V.’s optic fiber business for US$60.0 million On October 9th, 2019, DavideCampari- Milano S.p.A., an Italian spirits manufacturer acquired Licorera Ancho Reyes y CIA S.A.P.I. de C.V. y Casa Montelobos S.A.P.I. de C.V., Mexican spirits producer companies, for US$36.0 million * Transactions below US$500.0 million Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket, Expansión Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTION Live Nation Entertainment Inc., American entertainment company, acquired 51.0% stake in Operadora de Centro de Espectáculos, S.A. de C.V., Mexican entertainment company, for US$463.0 million to Grupo Televisa and CIE BUYER TARGET LIVE NATION ENTERTAINMENT ACQUIRED 51.0% STAKE IN OPERADORA DE CENTROS DE ESPECTÁCULOS Televisa will receive MX$5,206 Live Nation acquired million and CIE Will receive Corporación MX$3,629 Interamericana de Entretenimiento’s 11.0% stake and the other 40.0% from Televisa FOUNDED IN 1996 FOUNDED IN1990 49.4 MILLION 3.8 MILLION TICKETS TICKETS SOLD SOLD BIGGEST FIRM BY SOLD 5th BIGGEST FIRM BY TICKETS SOLD TICKETS Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions. Trusted Advice. MEDIUM REPRESENTATIVE TRANSACTION Ariston Thermo, an Italian heater manufacturer, acquired Cal-o- Rex, a Mexican heater manufacturer, from Grupo Industrial Saltillo, Cal-o-Rex works in design, for US$145.0 million production, marketing, and distribution of natural gas, electric, and water heaters BUYER TARGET ARISTON THERMO ACQUIRED CAL-O-REX This transaction will allow GIS to The sale includes the pay debt and invest in other following subsidiaries: projects Calentadores de América, Fluida, and Water Heating Technologies Corp. FOUNDED IN 1930 FOUNDED IN 1948 USED TO BELONG TO REVENUE OF US$1.6 GRUPO INDUSTRIAL BILLION SALTILLO OPERATES IN +150 +850 EMPLOYEES COUNTRIES Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions. Trusted Advice. BIG REPRESENTATIVE TRANSACTIONS ABROAD* Transaction Summary Target Buyer On March 16th, 2019, Claro S.A., Brazilian telecommunications company, acquired Nextel Holdings S.à r.l., a Luxembourgian telecommunications company for US$948.5 million On November 8th, 2019, Fomento Económico Mexicano, S.A.B. de C.V., Mexican multinational participating in consumer and commercial markets, agreed to sign a minority stake in Jetro Restaurant Depot, for US$750 million On January 24th, 2019, América Móvil, Mexican telecommunications company announced the acquisition of Telefónica Móviles Guatemala y Telefónica Móviles El Salvador, both telecommunication companies, for US$646.0 million * Transactions below US$500.0 million Seale & Associates Mexico M&A 2019 Sources: Capital IQ, Mergermarket Creative Solutions. Trusted Advice. BIG REPRESENTATIVE TRANSACTION ABROAD Fomento Económico Mexicano, S.A.B. de C.V., Mexican conglomerate, acquired a minority stake in Jetro Restaurant Depot, American wholesale retailer Jetro is an American retail wholesaler BUYER TARGET FOMENTO ECONÓMICO MEXICANO ACQUIRED A MINORITY STAKE IN JETRO RESTAURANT DEPOT Jetro will receive US$750.0 This Joint Venture allows millions for this transaction FEMSA to bring Jetro’s business model to Mexico and the rest of Latin America FOUNDED IN 1890 FOUNDED IN 1976 EMPLOYS 304,780 OPERATES OVER 130 PEOPLE STORES OPERATES IN MEXICO, OPERATES IN THE USA COLOMBIA AND CHILE Seale & Associates Mexico M&A 2019 Sources: Expansión, Press Release Creative Solutions.
Recommended publications
  • 2005 Annual Retail Chain Survey - Partial List of Retail Chain Stores
    2005 Annual Retail Chain Survey - Partial List of Retail Chain Stores 010 New Car Dealers 441110 New Car Dealers LEGAL NAME COMPLEXE DE L'AUTO PARK AVENUE INC. DON VALLEY NORTH AUTOMATIVE INC. HICKMAN MOTORS LIMITED JIM PATTISON INDUSTRIES LTD JOHN SCOTTI AUTOMOTIVE LIMITEE LOUNSBURY COMPANY LIMITED MERCEDES-BENZ CANADA INC OPENROAD AUTO GROUP LIMITED THE DICK IRWIN GROUP LTD THE ROYAL GARAGE LIMITED 020 Used and Recreational Motor Vehicle and Parts Dealers 441120 Used Car Dealers LEGAL NAME GARAGE DUROCHER ET FILS INC 441210 Recreational Vehicle Dealers LEGAL NAME WOODY PAYLOR ENTERPRISES LTD 441220 Motorcycle, Boat and Other Motor Vehicle Dealers LEGAL NAME ARBUTUS R V & MARINE SALES LTD ATLANTIC ELECTRONICS LIMITED 441310 Automotive Parts and Accessories Stores LEGAL NAME 3600106 MANITOBA INC 944746 ONTARIO INC ACTION FIBERGLASS & MANUFACTURING LTD ACTION VAN & TRUCK WORLD LTD AUTOTEMP INC CANUSA AUTOMOTIVE WAREHOUSING INC CARQUEST CANADA LTD KEYSTONE INDUSTRIE DE L'AUTOMOBILE QC INC PERFORMANCE IMPROVEMENTS SPEED SHOPS LIMITED THE TRUCK OUTFITTERS INC TRI-WEST AUTO PARTS (2003) LTD UAP INC UNIVERSAL AUTO & INDUSTRIAL SUPPLY INC Page 1 441320 Tire Dealers LEGAL NAME ANDY'S TIRE SHOP LIMITED BRIDGESTONE/FIRESTONE CANADA INC CENTRE DE L'AUTO PRESIDENT INC. CITY TIRE & AUTO CENTRE LTD COAST TIRE & AUTO SERVICE (2002) LTD DENRAY TIRE LTD ED'S TIRE SERVICE (1993) LTD FOUNTAIN TIRE LTD. FRISBY TIRE CO (1974) LIMITED K K PENNER & SONS LTD KAL TIRE PARTNERSHIP THE TIRE PEOPLE INC TIRECRAFT COMMERCIAL (ONT.) INC. WAYNE'S TIRE WAREHOUSE LTD 030 Furniture stores 442110 Furniture Stores LEGAL NAME 1342205 ONTARIO LIMITED 355381 ALBERTA LTD 390996 ONTARIO LIMITED 813975 ONTARIO INC ADDMORE OFFICE FURNITURE INC ARROW FURNITURE LTD AU MONDE DU MATELAS INC.
    [Show full text]
  • Registration Document
    REGISTRATION DOCUMENT 2018 CONTENTS 1 GROUP OVERVIEW 3 4 SUSTAINABLE DEVELOPMENT 157 1.1 Business environment, economic 4.1 Klépierre’s CSR strategy 158 model and strategy 4 4.2 Act for the Planet 162 1.2 Key figures 8 4.3 Act for Territories 179 1.3 Share ownership and stock information 12 4.4 Act for People 184 1.4 Background 12 4.5 Sustainability governance 200 1.5 Property portfolio as of December 31, 2018 14 4.6 Supplemental data, methodology 1.6 Simplified organization chart and concordance tables 203 as of December 31, 2018 25 1.7 Risk management 26 5 CORPORATE GOVERNANCE 219 BUSINESS FOR THE YEAR 35 5.1 Management and oversight of the Company 221 2 5.2 Compensation and benefits of executive 2.1 Business overview 36 corporate officers 244 2.2 Business activity by region 41 2.3 Net current cash flow 45 2.4 Investments, developments, and disposals 46 2.5 Parent company earnings and distribution 49 6 SHARE CAPITAL, SHARE 2.6 Portfolio valuation 49 OWNERSHIP, GENERAL 2.7 Financial policy 54 MEETING OF SHAREHOLDERS 267 2.8 EPRA performance indicators 57 2.9 Outlook 61 6.1 Share capital and share ownership 268 6.2 General Meeting of Shareholders 282 FINANCIAL STATEMENTS 63 3 ADDITIONAL INFORMATION 309 3.1 Consolidated financial statements 7 for the year ended December 31, 2018 64 7.1 General information 310 3.2 Statutory auditors’ report on the 7.2 Documents on display 312 consolidated financial statements 122 7.3 Statement by the person responsible for 3.3 Company financial statements for the year the registration document, which serves
    [Show full text]
  • Valuation Multiples by Industry
    Valuation Multiples by Industry https://www.eval.tech SIC Sector: (5200-5999) Retail Trade Report Date: 31 March 2021 Country: United States of America (U.S.A.) Industry Valuation Multiples The table below provides a summary of median industry enterprise value (EV) valuation multiples, as at the Report Date. The data is grouped by industry SIC code: EV Multiple Max # Rev EBITDA EBIT TotAss TanAss Retail-Lumber & Other Building Materials Dealers (5211) 6 1.52 13.48 16.37 3.01 3.38 Retail-Variety Stores (5331) 9 0.91 13.55 18.73 1.83 2.15 Retail-Grocery Stores (5411) 10 0.37 7.19 10.75 0.90 0.95 Retail-Auto Dealers & Gasoline Stations (5500) 21 0.94 12.34 17.63 1.64 1.74 Retail-Auto & Home Supply Stores (5531) 6 1.48 12.72 14.68 2.13 2.67 Retail-Apparel & Accessory Stores (5600) 7 1.17 14.18 39.80 1.34 1.45 Retail-Family Clothing Stores (5651) 10 1.23 15.85 53.84 1.31 1.56 Retail-Shoe Stores (5661) 5 - - - 1.24 1.20 Retail-Home Furniture, Furnishings & Equipment Stores 6 1.17 - - 1.22 2.20 (5700) Retail-Eating & Drinking Places (5810) 6 4.61 54.28 - 1.68 2.55 Retail-Eating Places (5812) 39 2.28 23.89 28.25 1.67 2.20 Retail-Miscellaneous Retail (5900) 7 2.16 - 18.46 1.49 2.69 Retail-Drug Stores And Proprietary Stores (5912) 7 0.59 16.69 39.50 0.78 1.38 Retail-Miscellaneous Shopping Goods Stores (5940) 8 0.79 7.46 10.79 0.95 1.16 Retail-Catalog & Mail-Order Houses (5961) 23 1.17 14.70 22.10 2.88 3.27 Retail-Retail Stores, Nec (5990) 12 0.91 10.77 13.84 1.32 1.28 © 2021 eVal 1 20210427 EV/Revenue Valuation Multiple We provide additional data relating to industry EV/Revenue valuation multiples: # Average Median Std.
    [Show full text]
  • MINISO Announces Unaudited Results for the 2021 First Fiscal Quarter Ended September 30, 2020
    MINISO InvestorRoom MINISO Announces Unaudited Results for the 2021 First Fiscal Quarter Ended September 30, 2020 GUANGZHOU, China, Dec. 18, 2020 /PRNewswire/ -- MINISO Group Holding Limited (NYSE: MNSO) ("MINISO" or the "Company"), a fast-growing global value retailer offering a variety of design-led lifestyle products, today announced its unaudited financial results for the first fiscal quarter ended September 30, 2020. Financial Highlights for the 2021 First Fiscal Quarter Ended September 30, 2020 Revenue for the fiscal quarter ended September 30, 2020, was RMB2,072.1 million (US$305.2 million), representing a decrease of 30.7% from the fiscal quarter endedS eptember 30, 2019, and an increase of 33.4% from the previous fiscal quarter ended June 30, 2020. Gross profit for the fiscal quarter ended September 30, 2020, was RMB522.4 million (US$76.9 million), representing a decrease of 44.3% from the fiscal quarter endedS eptember 30, 2019, and an increase of 37.7% from the previous fiscal quarter ended June 30, 2020. Loss from continuing operations for the fiscal quarter ended September 30, 2020, was RMB1,676.3 million (US$246.9 million) as compared to RMB20.3 million for the fiscal quarter ended September 30, 2019, and RMB74.8 million for the previous fiscal quarter ended June 30, 2020. Adjusted net profit[1] for the fiscal quarter ended September 30, 2020, was RMB102.1 million (US$15.0 million), representing a decrease of 74.6% from the fiscal quarter endedS eptember 30, 2019, and an increase of 140.8% from the previous fiscal quarter endedJ une 30, 2020.
    [Show full text]
  • VIEWPOINT Weekly Rating Pages for Veritas Coverage Universe
    July 28, 2017 VIEWPOINT Weekly Rating Pages for Veritas Coverage Universe WEEK ENDING JULY 27, 2017 SUMMARY PAGES 3-11 V-LIST 12 WATCHLIST 13 RATING PAGES 14-105 Viewpoint July 28, 2017 C OMPANY R ATING P AGES Click on company name below for a link to the rating page Shading indicates an updated rating page Agnico-Eagle Mines Ltd. 14 CGI Group Inc. 45 Macy’s, Inc. 76 Aimia Inc. 15 Choice Properties REIT 46 Magna International Inc. 77 Allied Properties REIT 16 Cogeco Cable Inc. 47 Manulife Financial Corp. 78 Air Canada 17 Constellation Software Inc. 48 Maple Leaf Foods Inc. 79 Amaya Inc. 18 Crescent Point Energy Corp. 49 Martinrea International Inc. 80 ARC Resources Ltd. 19 Crombie REIT 50 Metro Inc. 81 Artis REIT 20 CT Real Estate Investment Trust 51 National Bank of Canada 82 ATCO Ltd. 21 Dollarama Inc. 52 Newmont Mining Corp. 83 Badger Daylighting Ltd. 22 ECN Capital Corp. 53 Northland Power Inc. 84 Bank of Montreal 23 Element Fleet Management 54 Peyto Exploration & Development Corp. 85 Bank of Nova Scotia 24 Eldorado Gold Corp. 55 PrairieSky Royalty Ltd. 86 Barrick Gold Corp. 25 Emera Inc. 56 Quebecor Inc. 87 Baytex Energy Corp. 26 Empire Company Ltd. 57 Restaurant Brands International 88 BCE Inc. 27 Rogers Communications Inc. 89 Enbridge Inc. 58 BlackBerry Ltd. 28 Royal Bank of Canada 90 Encana Corp. 59 Boardwalk REIT 29 Enerplus Corp. 60 Shaw Communications Inc. 91 Bombardier Inc. 30 Fortis Inc. 61 Sun Life Financial Inc. 92 Bonavista Energy Corp. 31 George Weston Ltd.
    [Show full text]
  • Retaillier-Magazine.Pdf
    AMITY BUSINESS SCHOOL ABS works with a mission to create an ambience of academic excellence in which new ideas, research projects flourish and the leaders and innovators of tomorrow emerge. In any top university of the world, research is the foundation which leads to a strong academic orientation. ABS has one of the most distinctive team of faculty and Researchers who are constantly augmenting their research and publications and hence leading the institute to pinnacles of academic achievement. ABS provides holistic education and strives to create managers of vision, mission, and the action and above all of the commitment. It attracts committed students from all across the globe. The focus of ABS is on developing a global perspective amongst their student to create a new cadre of management professionals who are multi-skilled and have a capability to function as cross functional teams and with a deep understanding of ethical and value based business processes. Amitians of ABS are instilled with compassion, loyalty and commitment that makes them an invaluable asset of any organisation. Our Missionary Leaders Inspires us to higher ends My mission is nation building through education and beyond Dr. Ashok K. Chauhan Founder President, Ritnand Balved Education Foundation (The Foundation of Amity Institutions and the sponsoring Body o Amity Universities), AKC Group of Companies Our Role Models Who Motivate us to attain the unattainable “From the Editor-In-Chief’s Desk The Indian retailing sector has flourished to cope up with metamorphosis from the age of offline to online platform that is being rapidly adopted by the consumers.
    [Show full text]
  • The Influence of Product Diversity
    ISSN 2303-1174 L.S.A.Pojoh., P.Kindangen., F.V.Arie…… THE INFLUENCE OF PRODUCT DIVERSITY AND STORE ATMOSPHERE ON CUSTOMER SATISFACTION AT MINISO MANADO PENGARUH KERAGAMAN PRODUK DAN SUASANA TOKO TERHADAP KEPUASAN PELANGGAN DI MINISO MANADO By: Lourina S.A. Pojoh1 Paulus Kindangen2 Fitty V. Arie3 123International Business Administration, Management Program, Faculty of Economics and Business University of Sam Ratulangi Manado E-mail: [email protected] [email protected] [email protected] Abstract: Diversity of business keeps developing through times, which creates more fierce competition in business. Companies do marketing strategies to survive the competition and to stay relevant with the industry. Companies have many ways to make the business become more competitive and can overcome the competition. One of the things that can be done to survive in the industry is to pursue customer satisfaction. There are many ways to pursue customer satisfaction in which there are a diversity of products and the atmosphere of the store offered. So this research aims to know the influence of product diversity and store atmosphere on customer satisfaction at Miniso Manado. This study uses a quantitative method with questionnaires used to collect the data. This research derived and examined the model through ordinal regression model in a sample of 100 respondents who have already bought a product at Miniso Manado. The finding of this research shows that the product diversity and store atmosphere have no significant influence on customer satisfaction at Miniso Manado. Retailers should pay attention to other things such as price, the quality of product, and the service.
    [Show full text]
  • Page 1 of 375 6/16/2021 File:///C:/Users/Rtroche
    Page 1 of 375 :: Access Flex Bear High Yield ProFund :: Schedule of Portfolio Investments :: April 30, 2021 (unaudited) Repurchase Agreements(a) (27.5%) Principal Amount Value Repurchase Agreements with various counterparties, 0.00%, dated 4/30/21, due 5/3/21, total to be received $129,000. $ 129,000 $ 129,000 TOTAL REPURCHASE AGREEMENTS (Cost $129,000) 129,000 TOTAL INVESTMENT SECURITIES 129,000 (Cost $129,000) - 27.5% Net other assets (liabilities) - 72.5% 340,579 NET ASSETS - (100.0%) $ 469,579 (a) The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Appendix to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. Futures Contracts Sold Number Value and Unrealized of Expiration Appreciation/ Contracts Date Notional Amount (Depreciation) 5-Year U.S. Treasury Note Futures Contracts 3 7/1/21 $ (371,977) $ 2,973 Centrally Cleared Swap Agreements Credit Default Swap Agreements - Buy Protection (1) Implied Credit Spread at Notional Premiums Unrealized Underlying Payment Fixed Deal Maturity April 30, Amount Paid Appreciation/ Variation Instrument Frequency Pay Rate Date 2021(2) (3) Value (Received) (Depreciation) Margin CDX North America High Yield Index Swap Agreement; Series 36 Daily 5 .00% 6/20/26 2.89% $ 450,000 $ (44,254) $ (38,009) $ (6,245) $ 689 (1) When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) receive a net amount equal to the par value of the defaulted reference entity less its recovery value.
    [Show full text]
  • DOLLARAMA INC. Stockpotentials
    StockPotentials March 29, 2015 DOLLARAMA INC. Price: March 27 $70.22 52-Week Range: $71.00-$41.96 Shares O/S: 129.57 million Market Cap: $9.1 billion Average Share Volume 50-day: 306,200 200-day: 311,000 Year-End: January 31 Symbol: TSX: DOL Website: www.dollarama.com Financial Data Source: www.bigcharts.com FY as at Jan. 31 2014A 2015A 2016E PROFILE Revenue (M) $2,065 $2,331 $2,650 Dollarama Inc. is Canada’s leading deep-discount general EBITDA (M) $402 $461 $525 merchandiser, operating close to 1,000 stores across the EBITDA Margin 19.5% 19.8% 19.8% country. Net Income (M) $250 $295 $340 Net Margin 12.1% 12.7% 12.8% CORPORATE STRENGTHS ● Recognized as Canada’s top low-cost general retailer. EPS $1.74 $2.21 $2.60 ● The only deep-discount general merchandiser operating across Canada in every province. eResearch Analysts: ● Corporate-managed; not franchised. Bob Weir, B.Sc., B.Comm., CFA ● Continues to expand aggressively with new store openings. ● Company has more than 5 times the number of stores as its Note: StockPotentials Reports are prepared with public information only. See Disclaimer on Page 4. nearest competitor. ● Convenient and accessible store locations. ● Strong balance sheet. ● Generates high gross margins and strong net profitability. ● Substantial free cash flow is available to finance growth initiatives, buy back shares, and increase dividends. ● Good trading liquidity: large number of shares traded daily; market capitalization = $9.1 billion. ● Significant institutional share ownership. eResearch Corporation 78 Cameron Crescent, Suite 202 Toronto, Ontario M4G 2A3 Telephone: 416-570-1806 www.eresearch.ca DOLLARAMA INC.
    [Show full text]
  • Annual Information Form
    ANNUAL INFORMATION FORM FISCAL YEAR ENDED FEBRUARY 2, 2020 April 29, 2020 TABLE OF CONTENTS 1 Explanatory Notes ........................................................................................ 1 2 Corporate Structure ...................................................................................... 3 3 General Development of the Business ....................................................... 4 4 Business of the Corporation ....................................................................... 8 5 Risk Factors ................................................................................................ 20 6 Description of Capital Structure ................................................................ 32 7 Dividends ..................................................................................................... 34 8 Description of Material Indebtedness ....................................................... 34 9 Ratings ......................................................................................................... 37 10 Market for Securities .................................................................................. 40 11 Directors and Officers ................................................................................ 40 12 Audit Committee Information .................................................................... 43 13 Legal Proceedings and Regulatory Actions ............................................ 45 14 Interest of Management and Others in Material Transactions ..............
    [Show full text]
  • Expansion Guide North America / Summer 2016
    Retail & Restaurant Expansion Guide North America / Summer 2016 interactive menu click to get started INTRODUCTION ICSC PERSPECTIVE APPAREL ENTERTAINMENT ARTS / CRAFTS / HOBBIES FINANCIAL SERVICES AUTOMOTIVE FOOD-RELATED BEER / LIQUOR / WINE GROCERY BOOKS / MEDIA / TOYS HEALTH AND BEAUTY CARDS / GIFTS / NOVELTY HOME-RELATED CHILDCARE / LEARNING CENTERS JEWELRY CONSUMER ELECTRONICS MISCELLANEOUS RETAIL DEPARTMENT STORE PETS / PETCARE DISCOUNTERS / SUPERSTORES RESTAURANTS DRUG STORE / PHARMACY SPORTING GOODS North American Retail & Restaurant Expansion Guide Summer 2016 INTRODUCTION Welcome to the inaugural edition of the Cushman & Wakefield North American Retailer and Restaurant Expansion Guide In this report, we track the growth plans of thousands of major retail and restaurant chains and public statements made by company executives, and reliable “word on the street” throughout the United States and Canada. This is not your typical retail research report gathered from the retail and brokerage communities. Additionally, in cases where we were in that the purpose of the Expansion Guide is not to create hard metrics or to provide either unable to obtain reliable data or where we received questionable information, we numbers-driven statistical analysis. Certainly, our tracking of such data heavily informs provided our own estimates of current unit counts and likely growth in the year ahead. our standard research efforts from our quarterly reports to white papers on special topics. These estimates were based upon a mix of factors, including recent growth history and But the ultimate goal of this publication is to provide a glimpse of likely growth over the sector health. coming year across all of the major retail sectors from a mix of various concepts as we know or understand them.
    [Show full text]
  • Our People | Our Products | Our Supply Chain
    OUR PEOPLE OURESG PRODUCTS REPORT OUR OURSUPPLY PEOPLE | OUR PRODUCTS | OUR SUPPLY CHAIN | OURCHAIN OPERATIONS OUR OPERATIONS JUNE 2019 ESGDOLLARAMA ESG REPORT 1 REPORTCORPORATE OVERVIEW Dollarama is a recognized Canadian value retailer offering a broad assortment of consumable products, DOLLARAMA AT A GLANCE general merchandise and seasonal items that appeal to all demographics and income ranges. (For the fiscal year ended February 3, 2019) Founded by third-generation retailer and Canadian entrepreneur, Larry Rossy, it all started with one store, in Matane, Québec, in 1992. Dollarama quickly grew over the next two decades to become a household name and preferred shopping destination for Canadians from coast to coast. Today, Dollarama is led by Neil Rossy, $3.5B $884M fourth-generation retailer and member of Dollarama’s founding management team. SALES EBITDA1 OUR MISSION Provide customers with compelling value and exceed customer expectations through the quality and variety of products we offer at select, low fixed price points. $2.9M 20,020 AVG. STORE EMPLOYEES ANNUAL SALES ACROSS CANADA Our over 20,000 employees and 1,225 corporately-owned and operated stores across Canada provide customers with compelling value in convenient locations, including metropolitan areas, mid-sized cities and small towns. Select consumable and general merchandise products are also available by the full case through our online MERCHANDISE SOLD store launched in early 2019. AT NINE FIXED PRICE 1,225 POINTS RANGING FROM STORES ACROSS Since inception, Dollarama has cultivated a culture of efficiency, with a focus on quality and our customer. CANADA REPRESENTING Managing operations and resources responsibly while growing profitably and creating value for shareholders $0.82 TO OVER 12.5 MILLION SQUARE FEET OF remains a priority to this day.
    [Show full text]