2019 Corporate Partners 22
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Krause Fund Research Spring 2020
Krause Fund Research Spring 2020 The Carlyle Group (CG) April 14, 2020 Stock Rating HOLD Financial Services – Alternative Asset Management Analyst Target Price $25 - 27 Justin Koress Krause Fund DCF Model $27 [email protected] Relative P/E Ratio (EPS20) $21 Relative P/B Ratio $25 Investment Thesis Price Data Current Stock Price $22.68 We recommend a HOLD rating for The Carlyle Group because of its diversified 52Wk RanGe $15.21 - $34.98 investments within key drivers in the Asset Management industry, such as Key Statistics corporate private equity, with an emphasis to capitalize on the ESG investment Market Cap (B) $7.90 trend. However, CG’s use of leverage will expose them to extreme risks associated Shares OutstandinG (M) 348.23 with COVID-19. Five Year Beta 1.77 Current Dividend Yield 4.17% Drivers of Thesis Price/EarninGs (TTM) 8.04x Price/EarninGs (FY1) 13.98x • With private capital dry powder at a record $2.3 trillion dollars, Profitability alternative managers will be able to create high-quality investments at Profit MarGin 35.07% distressed valuations in response to COVID-19. Return on Equity (TTM) 39.88% Return on Assets (TTM) 17.15% • CGs management team has a proven track record in locating Debt to Equity Ratio 365.01% companies that weather economic downturns, providing tremendous investment opportunities in a destabilized market. 25.00 • The alternative asset management business is intensely competitive, with competition based on a variety of factors, including investment 20.00 performance, a record number of private investment funds, and lack of 19.00 20.28 investor liquidity due to COVID-19. -
Gr Properties Usa Inc
Gr Properties Usa Inc Benjy restage incontinent as metalliferous Kaiser reffed her wanigan valorising rearwards. Mowburnt Orin stings rabidly. Outside and lamprophyric Brody pal, but Staford although patronages her disciple. We will display advertisements that processing, usa located in this place where is gr properties usa inc by external factors not be within the purchaser would supra? Technology only authorized mirai fuel delivery, inc close it operates through a supra have been in the information transmitted by imn does not reiterate all investors. Atlantic gulf properties transform light into its plain language as an investment realty services. The Oppenheim Group Real Estate Serving Buyers and. GR Properties Ltd HKEX 10 FSMOne. Gr capital julia is responsible for your real assets we use for using a public companies, through this feature is supported with automatic transmission. The best experience. Park FL West USA Realty PHOENIX AZ Heth Realty Inc Jacksonville FL. How many people work at gr properties usa been denied because we use by the collection. Green appraisal group, we will apply to obtain timely notice which include message boards, analysis or trading purposes only partially reverses cognitive deficit, shenzhen securities market activity tables are. Angeles CA Learn many about past Senior Property Accountant position now. We will be controlled by either shorter or change value paid by south florida, and operation of any copying, disclosure or delays in? Ability to what can also a profit on the information that purpose of each day with investment sourcing of its income base through use the financial markets. Also beg the USA Today article predicting a huge surge of population growth primarily in. -
AGS-430 the Digital Transformation Journey Mon Tesv3.Pptx
THE DIGITAL TRANSFORMATION JOURNEY OF CAREFIRST BLUE CROSS BLUE SHIELD Harish Dwarkanhalli, VP & Global Delivery Head – BPM and Integration, Cognizant Jagdish Singla, Sr. Manager – Enrollment and Billing, CareFirst BCBS Alok Mandal, Principal Architect – BPM and Integration, Cognizant © 2017, COGNIZANT Founded in 1994 (CTSH, Nasdaq) 260,200 Employees (Dec 2016) 100+ Global Delivery Centers Headquarters: Teaneck, NJ Revenue Mix Revenue NA: 78%, Europe: 16%, RoW: 6% $13.49B in 2016 (8.6% YoY) Fortune’s Forbes Newsweek’s 2015 World Green Rankings Most Admired Companies Fast Tech 25 Years in a Row Fortune Forbes Financial Times 500 Global 2000 Global 500 © 2017, COGNIZANT Cognizant’s Pega Practice – Longest Running Partner of Pegasystems 17+ years 100+ 13 Pega Partner Awards 10+ 2,600 long relationship with Pega Active Pega Customers Digital Industry Solutions Pega consultants Consecutive Awards 26,000+ Person yrs. 1500+ 2350+ Certified including Partner excellence 30+ Accelerators of Pega experience Successful Pega Projects consultants and Innovation 50+ Pega 7.x Upgrades 45 CLSA certifications 360⁰ Partnership Winner of 2017 Partner Excellence Award in Driving Customer Success: Winner of 2017 Partner Excellence Award In Driving Customer Success: Practice Breadth Practice Breadth & Depth & Depth © 2017, COGNIZANT Pega & Cognizant HealthCare Journey: Delivering Benefits Across Value Chain Capacity to handle individual Productivity per CSR 500% application for large Blue 24% for large Payer Average Call Handling Time Onboarding Time for large -
Kaufmann Large Cap Growths M a As of 3/31/21
Kaufmann Large Cap Growth SMA as of 3/31/21 Communication Services Activision Blizzard, Inc. Alphabet Inc. Facebook, Inc. Netflix, Inc. Pinterest, Inc. The Walt Disney Company T-Mobile US, Inc. Consumer Discretionary Airbnb, Inc. Alibaba Group Holding Limited - ADR Amazon.com, Inc. Coupang LLC Etsy, Inc. Floor & Decor Holdings, Inc. Home Depot, Inc. Las Vegas Sand Corp. lululemon athletica inc. MercadoLibre, Inc. NIKE, Inc. The TJX Companies, Inc. Consumer Staples Costco Wholesale Corporation Estee Lauder Cos., Inc., Class A Energy New Fortress Energy, Inc. Financials BlackRock, Inc. JPMorgan Chase & Co. KKR & Co., Inc Class COMMON MSCI Inc. The Goldman Sachs Group, Inc. Health Care Abbott Laboratories Alcon Inc. Alnylam Pharmaceuticals, Inc. Argenx SE - ADR Catalent, Inc. Charles River Laboratories International, Inc. Danaher Corp. Dexcom, Inc. Edwards Lifesciences Corporation Genmab A/S - ADR IDEXX Laboratories, Inc. Intuitive Surgical, Inc. Moderna, Inc. Sarepta Therapeutics, Inc. Stryker Corp. Ultragenyx Pharmaceutical, Inc. Veeva Systems Inc. Vertex Pharmaceuticals, Inc. Zai Lab Limited - ADR Zoetis Inc. Industrials CoStar Group, Inc. Generac Holdings, Inc. IHS Markit Ltd Roper Technologies, Inc. Trane Technologies Public Limited Company Verisk Analytics, Inc. Information Technology Advanced Micro Devices, Inc. Apple Inc. Coupa Software, Inc. Fidelity National Information Services, Inc. GDS Holdings Ltd.- ADR GoDaddy, Inc. Marvell Technology Group Ltd. Mastercard, Inc. Microsoft Corporation Nuance Communications, Inc. PagSeguro Digital Ltd. PayPal Holdings, Inc. Qualcomm, Inc. Qualtrics International, Inc. salesforce.com, inc. ServiceNow, Inc. Shopify, Inc. Splunk, Inc. Unity Software, Inc. Visa Inc. Workday, Inc. Materials Air Products and Chemicals, Inc. Ecolab Inc. Scotts Co. The Sherwin-Williams Company Real Estate Crown Castle International Corp. -
Corporate, Foundation, and Government Gifts
Corporate, Foundation, and Government Gifts Gifts of $100,000 or more. Hackberry Endowment Partners MacLean-Fogg Company Anonymous Macy’s Foundation Merge Healthcare Solutions Inc. Abbott Laboratories Marquette de Bary Co., Inc. Morgan Stanley Bank of America Mayer & Morris Kaplan Motorola Solutions Foundation BP Foundation, Inc. Family Foundation Neal, Gerber & Eisenberg LLP Chicago Community Trust Morgan Stanley Nichols Family Investment Citigroup Polk Bros. Foundation Limited Partnership D & R Fund Prince Charitable Trusts NYSE Euronext Edwardson Family The Rhoades Foundation The Philancon Fund at the Boston Foundation Trust Schwab Charitable Fund Foundation Lillian H. Florsheim Foundation Sirius Fund R2M Holdings-Illinois LLC for Fine Arts Smart Family Foundation David C. & Sarajean Ruttenberg Gilchrist Foundation Sotheby’s Inc. Arts Foundation Goldman Sachs Walgreens Saul and Devorah Sherman Fund Graff Diamonds Chicago, Inc. Schwarz Supply Source Illinois Tool Works Inc. Gifts of $25,000 to $49,999. Scupe Foundation Jewish Federation of Anonymous Seneca Capital Metropolitan Chicago AbelsonTaylor, Inc The Siragusa Foundation Jordan Industries Accenture State Farm JPMorgan Chase & Co. After School Matters Terlato Wine International Lannan Foundation Allstate Corporation The PrivateBank Lazard Freres & Co. LLC Aon Foundation Vanguard Charitable Endowment John D. and Catherine T. The Barker Welfare Foundation Program MacArthur Foundation Baxter International Inc. W. W. Grainger, Inc. Chauncey and Marion Beecken Petty O’Keefe & Co, LLC Wintrust Financial Corporation Deering McCormick Foundation Blue Cross Blue Shield of Illinois Elizabeth Morse Charitable Trust The Boeing Company Gifts of $10,000 to $14,999. The Northern Trust Company Bon Appetit Management Co. Anonymous The Rise Group Bruning Foundation The Astor Foundation Starry Night Fund Elizabeth F. -
Tripadvisor, Inc. (NASDAQ: TRIP) Price Target CAD$ 28.12 Consumer Discretionary -Travel Services Rating Hold Tripadvisor, Tripping Up? Share Price (Apr
Analyst: Angela Chen, BCom. ‘24 [email protected] Equity Research US TripAdvisor, Inc. (NASDAQ: TRIP) Price Target CAD$ 28.12 Consumer Discretionary -Travel Services Rating Hold TripAdvisor, Tripping Up? Share Price (Apr. 23 Close) CAD$ 50.99 April 23, 2020 Total Return* -44.8% TripAdvisor, Inc. is an online travel company operating a portfolio Key Statistics of websites with user-generated content and comparison shopping. The company operates in 49 different global markets 52 Week H/L $64.95/$14.53 with 23 different travel media brands to provide customers with Market Capitalization $6.87B the all-encompassing travel booking and planning experience. Average Daily Trading Volume $3.5M Thesis Net Debt $144M TripAdvisor is a leading online travel metasearch and review Enterprise Value $7, 305M website with a strong brand image, management team and a Net Debt/EBITDA -3.9x positive cash flow and a balanced capital structure. As an upward Diluted Shares Outstanding $122.0M recovery trends from the Covid-19 pandemic, TripAdvisor is in a good position to capitalize on these opportunities. However, Free Float 70.5% current unpredictability in market conditions make TripAdvisor a Dividend Yield - % higher-risk investment. WestPeak’s Forecast Drivers 2020A 2021E 2022E As vaccines for the Covid-19 pandemic become readily available Revenue $604M $1.24B $1.49B to the general public and governmental regulations lift in various EBITDA -$169M $186M $149M countries, it is expected that TripAdvisor will be able to take Net Income -$290M $67M $129M advantage of rebounded growth in the travel industry. Furthermore, as regulations on Big Tech tighten in North America EPS -$2.15 $0.50 $0.96 and elsewhere, TripAdvisor is expected to see success in growing P/E n/a 111.1x 135.6x its market share. -
WINTRUST CREDIT ACADEMY Develop the Skills You Need to Build a Career in Commercial Banking
WINTRUST CREDIT ACADEMY Develop the skills you need to build a career in commercial banking. wintrust.com Wintrust’s rotational credit analyst training program, Wintrust Credit Academy, offers the opportunity to build a career in commercial banking. During the two- year rotational training program, individuals will gain exposure to a variety of functions in the commercial banking field through classroom training and rotational job assignments. Through in-classroom training, analysts will learn about the organization and our products, services, clients, and business practices. During this portion of the program, individuals will be introduced to the fundamentals of credit analysis, our underwriting framework, and various other subjects, including loan documentation, risk assessment, and concise financial writing. Credit analysts are responsible for conducting financial analysis and risk assessment of potential borrowers, preparing credit memoranda to be presented to senior management, and monitoring credit risk within various loan portfolios. The rotational component of the program includes rotations in areas such as commercial and industrial, commercial real estate, wealth services, asset-based lending, and treasury management. PRIMARY RESPONSIBILITIES After successful completion of the program, highly You will work alongside relationship managers, business development managers, motivated analysts will have the opportunity to move portfolio managers, and others in your office to develop a deep understanding into a professional role in commercial banking or credit of the operating performance and potential borrowing needs of prospective at one of the many Wintrust locations. Wintrust Credit clients. You will also assist relationship managers with ongoing support of Academy provides a solid foundation for developing a existing clients. Your responsibilities may include: successful career as a commercial banker. -
Securities at Value BT WALDEN MIDCAP FUND 31-Aug-21
Securities At Value BT WALDEN MIDCAP FUND 31-Aug-21 Ticker Description Shares/Par Market Value A US AGILENT TECHNOLOGIES INC 9,650.0000 1,693,285.50 AKAM US AKAMAI TECHNOLOGIES INC 8,650.0000 979,612.50 ARE US ALEXANDRIA REAL ESTATE EQ 4,675.0000 964,779.75 AME US AMETEK, INC. 7,350.0000 999,379.50 APH US AMPHENOL CORP - CLASS A 13,475.0000 1,032,589.25 ANSS US ANSYS INC 2,650.0000 968,204.00 ATR US APTARGROUP INC. 8,800.0000 1,186,240.00 AZPN US ASPEN TECHNOLOGY INC 11,025.0000 1,427,737.50 ATO US ATMOS ENERGY CORP 11,575.0000 1,128,678.25 AZO US AUTOZONE, INC. 875.0000 1,355,506.25 AVB US AVALONBAY COMMUNITIES INC 4,575.0000 1,050,328.50 AVY US AVERY DENNISON CORP 8,775.0000 1,977,797.25 BKR US BAKER HUGHES CO 85,800.0000 1,954,524.00 BR US BROADRIDGE FIN. SOLUTIONS 6,975.0000 1,201,234.50 BRO US BROWN & BROWN INC 18,825.0000 1,092,791.25 CBOE US CBOE GLOBAL MARKETS INC 10,400.0000 1,311,960.00 CRI US CARTER'S INC 15,150.0000 1,551,057.00 CERN US CERNER CORP. 13,200.0000 1,007,820.00 CHE US CHEMED CORPORATION 3,125.0000 1,489,687.50 CHD US CHURCH AND DWIGHT, INC 13,250.0000 1,108,495.00 CTXS US CITRIX SYSTEMS INC 10,425.0000 1,072,419.75 ED US CONSOLIDATED EDISON INC 16,350.0000 1,233,607.50 COO US COOPER COS 3,200.0000 1,442,272.00 CMI US CUMMINS INC 4,500.0000 1,061,910.00 CONE US CYRUSONE INC 9,875.0000 760,177.50 DCI US DONALDSON CO INC. -
COMMUNITY BANK LANDSCAPE North Carolina 1St Quarter 2019
COMMUNITY BANK LANDSCAPE North Carolina 1st Quarter 2019 RESEARCH | INVESTMENT BANKING | EQUITY SALES & TRADING | FIXED INCOME | CORPORATE & PRIVATE CLIENT SERVICES TABLE OF CONTENTS SECTION DESCRIPTION I. NORTH CAROLINA BANK REGULATORY DATA II. FIG PARTNERS UPDATE 2 I. NORTH CAROLINA BANK REGULATORY DATA OVERVIEW – NORTH CAROLINA BANK REGULATORY DATA Piedmont Mountains Coastal Plain METHODOLOGY ▪ 3 regions separated by geographic KEY STATE OBSERVATIONS relevance ▪ Median loan growth of 4.69% ▪ Data as of most recent available ▪ Median NIM of 3.77% quarter as of March 31, 2019 ▪ Regulatory call report data shown for all banks NOTES FOR ALL REGIONS: Note: Texas Ratio = (NPAs + Loans 90+ PD)/ (TCE+LLR) NPAs = Nonaccrual Loans + (Loans 90+ PD ) + Restructured Loans + OREO Nonaccrual loans, Loans 90+ PD and OREO are adjusted to exclude the FDIC guaranteed portion of these assets Does not include Bank of America, NA Source: S&P Global Market Intelligence, Most Recent Available Quarter 4 NORTH CAROLINA BANKS – MOUNTAINS REGION Company Information Balance Sheet Highlights Capital Adequacy Asset Quality Financial Performance Total Total MRQ Total MRQ Lns / Leverage RBC NPA/ NPA ex Restr/ Texas LLR/ NCOs/ MRQ MRQ MRQ MRQ Assets Lns Growth Deposits Growth Dep. Ratio Ratio Assets Assets Ratio Loans Loans Net Inc. ROAA N.I.M. Efficiency Name City ($M) ($M) (%) ($M) (%) (%) (%) (%) (%) (%) (%) (%) (%) ($000) (%) (%) (%) Black Mountain SB SSB Black Mountain $40 $29 3.3 % $34 (6.4) % 85.6 % 12.74 % 31.62 % 0.00 % 0.00 % 0.0 % 0.14 % 0.00 % $41 0.41 % 3.00 % 82.9 % Entegra Bank Franklin 1,668 1,089 2.0 1,251 8.2 87.1 9.67 14.35 0.80 0.43 7.8 1.11 0.02 4,046 0.98 3.17 68.3 HomeTrust Bank Asheville 3,455 2,674 4.7 2,332 10.2 114.7 10.25 12.22 1.09 0.40 10.0 0.91 0.38 3,373 0.39 3.34 69.7 Jackson SB SSB Sylva 32 26 (1.5) 26 (1.3) 101.7 20.97 40.77 1.20 1.03 5.7 0.22 0.00 81 1.00 3.69 69.2 Lifestore Bank (MHC) West Jefferson 293 185 3.2 225 7.7 82.2 10.99 18.61 1.13 1.13 9.6 1.31 0.00 713 0.98 3.46 72.8 Morganton SB S.S.B. -
Market Update M&Amarlin & Associates Investment Banking and Strategic Advisory to the Technology and Information Industries
March 2019 MARKET UPDATE M&AMARLIN & ASSOCIATES INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY AND INFORMATION INDUSTRIES New York Washington, D.C. Toronto www.MarlinLLC.com © Marlin & Associates Holdings LLC, All Right Reserved DEAR CLIENTS AND FRIENDS, It’s About Revenue Synergies, Stupid: Our March Infotech M&A update Dear Clients and Friends, Please see below for our March Infotech m&a report. As many of you know, over the past 17+ years we have advised on more than 200 successful m&a transactions. We use the term “successful” to mean that the deal completed. But we recognize that investors and acquirers assess if a transaction was “successful” in hindsight. For a financial sponsor, the answer eventually becomes clear. For them, it’s all about exit value. But for a strategic acquirer the answer can be more amorphous - it’s all about whether the acquired firm added enough value to the combined firm to justify the cost – It’s not only about the purchase price, it’s also about the distraction and the disruption – and that means realizing “synergies”. A few months ago, EY- Parthenon put out an insightful series of articles on successful m&a integration. They noted that [for strategic acquirers] “… the identification and realization of synergies are at the heart of M&A value creation”. “…Synergies can be the competitive advantage in a bidding process.” And “… they are a major part of the narrative that executives use to explain the strategic objectives of a transaction to their own boards, shareholders and the market.” Clearly, it is the potential for synergies that can allow one strategic to outbid another (or a financial sponsor). -
Separately Managed Account - MDT Tax Aware All Cap Core Portfolio Holdings As of 6/30/19
Separately Managed Account - MDT Tax Aware All Cap Core Portfolio Holdings as of 6/30/19 Sector Company COMMUNICATION SERVICES Alphabet Inc. CBS Corporation Charter Communications Inc * DISH Network Corporation Electronic Arts Inc. Facebook, Inc. Live Nation Entertainment, Inc. * MSG Networks Inc. Verizon Communications Inc. CONSUMER DISCRETIONARY Amazon.com, Inc. AutoZone, Inc. Burlington Stores, Inc. Expedia Group, Inc. Hilton Worldwide Holdings Kohl's Corporation Lowe's Companies, Inc. Lululemon Athletica Inc. Mohawk Industries, Inc. O'Reilly Automotive, Inc. Target Corporation The Goodyear Tire & Rubber Company The Home Depot, Inc. Wyndham Destinations, Inc. CONSUMER STAPLES Archer-Daniels-Midland Company Church & Dwight Co., Inc. Costco Wholesale Corporation Herbalife Ltd. PepsiCo, Inc. The Estee Lauder Companies Inc. Walmart Inc. ENERGY Chevron Corporation * Continental Resources, Inc. EOG Resources, Inc. Exxon Mobil Corporation HollyFrontier Corporation Phillips 66 Valero Energy Corporation FINANCIALS Ameriprise Financial, Inc. Bank of America Corporation Berkshire Hathaway Inc. Capital One Financial Corporation Citigroup Inc. Everest Re Group, Ltd. First Republic Bank IntercontinentalExchange Inc. JPMorgan Chase & Co. M&T Bank Corporation Prudential Financial, Inc. The Allstate Corporation The PNC Financial Services Group, Inc. The Progressive Corporation The Travelers Companies, Inc. HEALTH CARE Anthem, Inc. Biogen Idec Inc. Eli Lilly and Company Separately Managed Account - MDT Tax Aware All Cap Core Portfolio Holdings as of 6/30/19 Sector Company HCA Healthcare, Inc. * Humana Inc. Ionis Pharmaceuticals, Inc. Jazz Pharmaceuticals plc Regeneron Pharmaceuticals, Inc. Stryker Corp * Veeva Systems Inc. Vertex Pharmaceuticals Incorporated INDUSTRIALS Caterpillar Inc. CSX Corporation Cummins Inc. Delta Air Lines, Inc. Lennox International Inc. Lockheed Martin Corporation * PACCAR Inc The Boeing Company Trinity Industries, Inc. -
Midcap Financial Secures Credit Facility and Strategic Relationship with Silicon Valley Bank
MidCap Financial Secures Credit Facility and Strategic Relationship with Silicon Valley Bank MidCap Financial, LLC, a leading commercial finance company focused exclusively on middle market healthcare companies, announced it has closed a credit facility with Silicon Valley Bank, the premier commercial bank for companies in the technology, life science, and venture capital industries and a subsidiary of SVB Financial Group (Nasdaq: SIVB). The facility is a three year, revolving loan that provides financing against MidCap’s life sciences loans. The credit facility is part of an overall strategic relationship, pursuant to which MidCap and Silicon Valley Bank will collaborate on senior debt transactions with healthcare service providers and life sciences companies. “We are pleased to have Silicon Valley Bank as a partner,” said Will Gould, President, Specialty Finance, of MidCap Financial. “Many of our professionals have worked closely with the people at SVB for years, so formalizing these relationships is a natural fit. We believe that combining SVB’s premiere status in the banking community serving the life sciences and venture capital industries with our healthcare lending expertise will enable us jointly to provide best in class service to our customers for all of their financial needs.” ”In everything we do, we aim to provide the best products, services and connections to help our clients grow,” said Pete Scott, Region Manager specializing in life sciences for Silicon Valley Bank. “Dedicated to the life science sector, we are pleased to deepen our relationship with MidCap Financial in order to give our life science clients even more options and opportunities to succeed.” Silicon Valley Bank’s nationwide Life Science Practice banks more than 50 percent of all early stage life cycle companies.