DOCSLIB.ORG

Credit Suisse 27 Great Brands of Tomorrow 2010.Pdf

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

25 February 2010 Global Equity Research Multi Industry Americas/United States Great Brands of Tomorrow Credit Suisse STRATEGY Research Institute The Power of Brand Investing An underappreciated investment thesis. There are few true competitive Thought leadership from advantages in modern industry: scale, proprietary technology, monopolies, and network externalities come to mind. We believe brand is an equally powerful Credit Suisse Research and even more sustainable advantage, but one often ignored by financial and the world’s markets owing to its intangible nature. Our research indicates that companies focused on brand building consistently generate outsized long-term growth, foremost experts profitability, and returns. An equal-weighted stock index of companies that spend at least 2% of sales on marketing outperformed the S&P 500 by more Research Analysts than 400 basis points annually since 1997; the top quintile of these companies Omar Saad outperformed the market by an amazing 17% per year. 212 325 3656 [email protected] The Credit Suisse brand framework. Our brand filters help determine how and when to invest in brand stocks by: (1) identifying industry- and company- Spencer Hill 212 538 2266 specific conditions necessary for brand success; (2) understanding the brand [email protected] lifecycle and key inflection points. Using case-study analysis of dozens of brand stories from the past century, we found that most brands follow a similar arc Product Coordinators* with five distinct stages: emerge, hit the wall, transform and proliferate, Ashley Van der Waag dominate, and reinvent. While early-stage brands are exciting and offer the Katheryn Iorio highest potential return, they can be risky. However, companies transforming from niche player into a powerful brand that can proliferate across new markets Lauren Macintosh and categories offer investors highly attractive returns, and this is also typically the brand lifecycle stage where the largest absolute market value is created. Our picks. Using our framework and global network of analysts, we identified 27 Great Brands of Tomorrow at various stages of development that we believe will significantly outperform the market over the next three to five years as they build and leverage brand equity to grow in size, scale, and profitability. "Products are made in the factory, but brands are created in the mind. " - Walter Landor DISCLOSURE APPENDIX CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, INFORMATION ON TRADE ALERTS, ANALYST MODEL PORTFOLIOS AND THE STATUS OF NON-U.S ANALYSTS. FOR OTHER IMPORTANT DISCLOSURES, visit www.credit-suisse.com/ researchdisclosures or call +1 (877) 291-2683. U.S. Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 25 February 2010 Table of Contents Executive Summary 4 Identifying High Potential Brands 13 Industry Matters 15 What Is a Brand? 18 Outlook for Brand Investing 20 How to Invest in Brands 26 Emerging Brands—Strong Returns if One Picks the Winners 32 Transform & Proliferate—When Brands Generate Huge Value 42 Hitting the Wall—Why Some Brands Fail to Make the Leap 57 Breaking through the Wall 63 Achieving Global Iconic Status: Time to Sell the Stock 66 Brand Failures 71 Brand Reinvention: Often a Great Investment Opportunity 75 Brands in Healthcare 79 Brands of Tomorrow 83 Alibaba.com Limited (1688.HK): China’s B2B Online Marketplace 85 Almarai Co (2280.SE): A Danone in the Making 92 Amazon.com Inc. (AMZN): Scale and Share in E-Commerce 103 Apple Inc. (AAPL): Dominant Brand with Room for Growth 110 BIM (BIMAS.IS): Turkey’s Price Leader Taking the Next Step 122 Capitec Bank (CPIJ.J): Challenging Established Banks 130 China Merchants Bank-H (3968.HK): Strongest Retail Bank Franchise 143 Commercial Aircraft Corporation of China, Ltd (COMAC; Private): 152 Enfamil: A Brand That Translates to Any Language 162 Facebook (Private): The World’s Social Network 169 Hyundai Motor (005380.KS): Poised for Increased Penetration 174 Indian Hotels (IHTL.BO): A Segmented Play on Indian Growth 182 Julius Baer (BAER1.VX): Leading Independent Pure-Play Private Bank 187 Li Ning Co., Ltd. (2331.HK): The Authentic Asian Sports Brand? 195 Mahindra & Mahindra (MAHM.BO): Indian Brand Takes on the Overseas Auto Market 202 MercadoLibre (MELI): Latin America’s eBay, Paypal, and Craigslist? 208 Mercedes-Benz: Hidden Value in Mercedes and Trucks 214 Polo Ralph Lauren (RL): A Transcendent & Leveragable Brand 222 Sonova Holding (SOON.S): A Hearing Healthcare Company 235 Swatch Group (UHR.VX): Keeping Its Spot at the Top 244 Tiffany & Co. (TIF): Seizing the Global Opportunity 252 Tingyi (0322.HK): A Power Player in China F&B 262 Trader Joe’s (Private): Proliferating in the United States 268 Tsingtao Brewery H (0168.HK): A Top Beverage Brand in China 274 Under Armour (UA): The Next Nike? 279 Uniqlo: Poised for Massive Expansion in Asian Markets 288 Yakult Honsha (2267): Protecting the Health of People Around the World 293 Great Brands of Tomorrow 2 25 February 2010 Exhibit 1: Contact List GLOBAL HEAD OF RESEARCH EUROPE Stefano Natella 212 325 4217 [email protected] Aerospace & Defense Ross Cowley 44 20 7888 0275 [email protected] PRODUCT COORDINATORS Automobiles & Components Ashley Van der Waag 212 538 2908 [email protected] Arndt Ellinghorst 44 20 7888 0295 [email protected] Katheryn Iorio 44 20 7883 3773 [email protected] Stuart Pearson 44 20 7888 0765 [email protected] Lauren MacIntosh 212 538 0892 [email protected] Nihal Shah 44 20 7888 3270 [email protected] Diversified Financial Services UNITED STATES Thomas Kalbermatten 41 44 333 0548 [email protected] Textiles Apparel & Footwear Rupak Ghose 44 20 7888 4552 [email protected] Omar Saad 212 325 3656 [email protected] Healthcare Spencer Hill 212 538 2266 [email protected] Matthew Weston 44 20 7888 3690 [email protected] Advertising/Broadcasting Martin Whitbread 44 20 7888 0305 [email protected] Peter Stabler 415 249 7923 [email protected] Luxury Goods Aerospace & Defense Patrick Jnglin 41 44 334 6077 [email protected] Robert Spingarn 212 538 1895 [email protected] Rogerio Fujimori 44 20 7888 0889 [email protected] Agribusiness Medical Supplies & Devices Robert Moskow 212 538 3095 [email protected] Christoph Gretler 41 44 333 7944 [email protected] William Sawyer 212 325 5880 [email protected] Scott Bardo 44 20 7888 0154 [email protected] Arpine Kocharyan 212 538 5242 [email protected] Autos & Auto Parts NON-JAPAN ASIA Chris Ceraso 212 538 4529 [email protected] Autos - South Korea Beverages Henry Kwon 822 3707 3732 [email protected] Carlos Laboy 212 538 4337 [email protected] Seungwoo Hong 822 3707 3795 [email protected] IT Hardware Consumer - China Bill Shope 212 325 1804 [email protected] Catherine Lim 852 2101 6323 [email protected] Elizabeth Borbolla 212 325 5887 [email protected] Consumer -India Vlad Rom 415 249 7925 [email protected] Govindarajan Chellappa 9122 6777 3715 [email protected] Thompson Wu 212 325 7160 [email protected] Rajasa K 9122 6777 3932 [email protected] Media & Internet Financials - Taiwan & China Spencer Wang 212 325 9624 [email protected] Sherry Lin 852 2101 7609 [email protected] Kenneth Sena 212 325 3687 [email protected] Daisy Wu 852 2101 7167 [email protected] Retail Food & Drug Internet & Telecom Sector - China Edward Kelly 212 325 3241 [email protected] Wallace Cheung 852 2101 7090 [email protected] Jay Carlington 212 538 8038 [email protected] Cristina Pereira 212 325 1372 [email protected] JAPAN Softlines Retail Food, Beverage and Tobacco Paul Lejuez 212 325 9028 [email protected] Yoshiyasu Okihira 813 4550 7301 [email protected] Tracy Kogan 212 538 4692 [email protected] Julie Harris 212 538 8593 [email protected] EMEA Consumer - Middle East LATIN AMERICA Digvijay Singh 44 20 7888 6091 [email protected] Consumer Victoria Petrova 7 495 967 8393 [email protected] Marcel Moraes 55 11 3841 6302 [email protected] Financials - South Africa Vanessa Quiroga 52 55 52 83 8939 [email protected] Sindi Daniso 27 11 384 2218 [email protected] Walter Jacobs 27 11 384 2217 [email protected] Retailers - Turkey Onur Muminoglu 90 212 349 0454 [email protected] Victoria Petrova 7 495 967 8393 [email protected] Special thanks to Jessica Boer of Beacon Business Intelligence for her work and brand expertise in support of this report. Great Brands of Tomorrow 3 25 February 2010 Executive Summary 27 Great Brands of Tomorrow We have created a portfolio of 24 next great brand stocks (plus three private company picks), identified by our framework and Credit Suisse analysts as stocks likely to outperform over the next three to five years as they grow in size, scale, and brand equity with consumers. Credit Suisse has created a Delta One basket that tracks an equal- weighted investment in the stocks (Ticker: CSGLBRND). Exhibit 2: 27 Exciting Brands of Tomorrow Brand Ticker Region Description Vast Chinese Business-to-Business eCommerce site poised to leverage its first mover advantage (and memorable name) Alibaba.com Limited 1688.HK NJA as it shifts its model from subscription- to transaction-based.
Recommended publications
  • 2004 Nfl Tv Plans, Announcers, Programming

    2004 Nfl Tv Plans, Announcers, Programming

    NFL KICKS OFF WITH NATIONAL TV THURSDAY NIGHT GAME; NFL TV 2004 THE NFL is the only sports league that televises all regular-season and postseason games on free, over-the-air network television. This year, the league will kick off its 85th season with a national television Thursday night game in a rematch of the 2003 AFC Championship Game when the Indianapolis Colts visit the Super Bowl champion New England Patriots on September 9 (ABC, 9:00 PM ET). Following is a guide to the “new look” for the NFL on television in 2004: • GREG GUMBEL will host CBS’ The NFL Today. Also joining the CBS pregame show are former NFL tight end SHANNON SHARPE and reporter BONNIE BERNSTEIN. • JIM NANTZ teams with analyst PHIL SIMMS as CBS’ No. 1 announce team. LESLEY VISSER joins the duo as the lead sideline reporter. • Sideline reporter MICHELE TAFOYA joins game analyst JOHN MADDEN and play-by-play announcer AL MICHAELS on ABC’s NFL Monday Night Football. • FOX’s pregame show, FOX NFL Sunday, will hit the road for up to seven special broadcasts from the sites of some of the biggest games of the season. • JAY GLAZER joins FOX NFL Sunday as the show’s NFL insider. • Joining ESPN is Pro Football Hall of Fame member MIKE DITKA. Ditka will serve as an analyst on a variety of shows, including Monday Night Countdown, NFL Live, SportsCenter and Monday Quarterback. • SAL PAOLANTONIO will host ESPN’s EA Sports NFL Match-Up (formerly Edge NFL Match-Up). NFL ANNOUNCER LINEUP FOR 2004 ABC NFL Monday Night Football: Al Michaels-John Madden-Michele Tafoya (Reporter).
  • Brückenschlag in Der Krise Finden Investoren Und Immobilienmanager Zueinander Inhalt Zur Sache

    Brückenschlag in Der Krise Finden Investoren Und Immobilienmanager Zueinander Inhalt Zur Sache

    Ausgabe 1 | 2010 RAUM mehr Das Immobilienmagazin von Union Investment Zuversicht US-Markt steht vor der Wende Lichtblick Nachhaltige Energiekonzepte Brückenschlag In der Krise finden Investoren und Immobilienmanager zueinander INHALT ZUR SACHE TITEL Wer seinen Immobi- Plädoyer für eine weltweite ökosoziale Marktwirtschaft lienbestand in 4 Ein hartes Stück Arbeit Die Branche besinnt sich wieder von Franz Josef Radermacher Schuss hält, punktet auf die bewährten Instrumente des Immobiliengeschäfts auch in schwierigen Zeiten. Seite 4 7 Interview Hanspeter Gondring, Studienleiter an der Dualen Hochschule Baden-Württemberg, Stuttgart 9 Studie Immobilien-Investitionsklimaindex von Union Investment steigt erneut ie Welt befindet sich in einer extrem schwierigen Situation. Als Allerdings reicht technischer Fortschritt alleine nicht. Parallel müssen Folge der wirtschaftlichen Globalisierung sieht sich das welt- gesellschaftliche Innovationen durchgesetzt werden, um die Nutzung MÄRKTE Dökonomische System in einem Prozess zunehmender Entfesse- von Ressourcen sinnvoll zu begrenzen. Dies ist heute ein Thema der 10 US-Markt Investoren beurteilen die Märkte New York, lung und Entgrenzung. Vor allem das rasche Bevölkerungswachstum Global Governance. Das bedeutet, es müssen gleichzeitig zwei For- Chicago, Seattle und Washington weiterhin unterschiedlich hin zu zehn Milliarden Menschen und das wirtschaftliche Aufholen men von Innovationen verfolgt werden: diejenige im Bereich Technik, 14 Budgethotels Preiswerte Anbieter profitieren von der Krise großer Schwellenländer wie China, Indien und Brasilien stellen unter Design und neue Materialien und diejenige im Bereich Governance, Umwelt- und Ressourcenaspekten eine gigantische Herausforderung also der Gestaltung politisch-gesellschaftlicher Strukturen. Gelingt PORTFOLIO dar. Angesichts hoher CO2-Emissionen droht womöglich schon bald es, beide in einer klugen Zukunftsstrategie zu verknüpfen, gibt es 18 Institutionelle Investoren Versicherungen und Versorgungs- die Klimakatastrophe.
  • International Foundation Year Pre-Masters Programme International Study Centre 3 Outstanding Fashion Schools, 3 Great Cities: London 1 World of Fashion

    International Foundation Year Pre-Masters Programme International Study Centre 3 Outstanding Fashion Schools, 3 Great Cities: London 1 World of Fashion

    international foundation year pre-masters programme international study centre 3 outstanding fashion schools, 3 great cities: London 1 world of fashion. Milano The world of fashion has 3 capitals: London, Paris and Milano. As well as being home to the world’s most important fashion and prêt-à-porter companies these ‘capitals of creativity’ also Paris offer the best job opportunities and experiences to launch an exciting career in fashion. International Study Centre Based in London, Europe’s vibrant creative centre, Istituto Marangoni International Study Centre provides a tailor-made university preparation programme for international students hoping to enter the fashion industry. Upon successful completion of the programme Istituto Marangoni offers a wide range of degrees in the fields of fashion and design. Students that meet the required entry requirements will love the atmosphere of the three fashion schools in London, Paris and Milano*. With schools at these 3 world fashion capitals, Istituto Marangoni offers students the unique opportunity to experience different locations and cultures over the course of their degree programme. Students can study their first year at a location of their choosing, before completing their final two years at any one of the other locations (you can of course also complete your entire course at one location if you prefer)*. * The three year undergraduate programmes in Milano are awarded by Istituto Marangoni, and are diplomas. The three year undergraduate programmes in Paris are awarded by Istituto Marangoni; the undergraduate courses taught in London, as well as those taught in English in Paris, will be awarded with BA (Hons) degrees by Manchester Metropolitan University.
  • Handbook of Sports and Media

    Handbook of Sports and Media

    Job #: 106671 Author Name: Raney Title of Book: Handbook of Sports & Media ISBN #: 9780805851892 HANDBOOK OF SPORTS AND MEDIA LEA’S COMMUNICATION SERIES Jennings Bryant/Dolf Zillmann, General Editors Selected titles in Communication Theory and Methodology subseries (Jennings Bryant, series advisor) include: Berger • Planning Strategic Interaction: Attaining Goals Through Communicative Action Dennis/Wartella • American Communication Research: The Remembered History Greene • Message Production: Advances in Communication Theory Hayes • Statistical Methods for Communication Science Heath/Bryant • Human Communication Theory and Research: Concepts, Contexts, and Challenges, Second Edition Riffe/Lacy/Fico • Analyzing Media Messages: Using Quantitative Content Analysis in Research, Second Edition Salwen/Stacks • An Integrated Approach to Communication Theory and Research HANDBOOK OF SPORTS AND MEDIA Edited by Arthur A.Raney College of Communication Florida State University Jennings Bryant College of Communication & Information Sciences The University of Alabama LAWRENCE ERLBAUM ASSOCIATES, PUBLISHERS Senior Acquisitions Editor: Linda Bathgate Assistant Editor: Karin Wittig Bates Cover Design: Tomai Maridou Photo Credit: Mike Conway © 2006 This edition published in the Taylor & Francis e-Library, 2009. To purchase your own copy of this or any of Taylor & Francis or Routledge’s collection of thousands of eBooks please go to www.eBookstore.tandf.co.uk. Copyright © 2006 by Lawrence Erlbaum Associates All rights reserved. No part of this book may be reproduced in any form, by photostat, microform, retrieval system, or any other means, without prior written permission of the publisher. Library of Congress Cataloging-in-Publication Data Handbook of sports and media/edited by Arthur A.Raney, Jennings Bryant. p. cm.–(LEA’s communication series) Includes bibliographical references and index.
  • BBD'20 Cheat Sheet Men's Sports Footwear.Pdf

    BBD'20 Cheat Sheet Men's Sports Footwear.Pdf

    Discount S No Deal type Brand Callouts No of Styles Model name 1 Flash Deals Adidas FSP 999 - 1299 30 Drogo, Hyperon, Glenn, Glarus, Statix, Throb 2 Flash Deals Asics FSP 1499 - 1999 4 Contend 4B+, Upcourt, 3 Flash Deals Skechers FSP 1499 - 1999 2 Bounder Limited 4 Flash Deals Nike Flat 70% off Stock Revolution 4 5 Flash Deals Puma FSP 999 Zod Runner, Dwane 6 Flash Deals Reebok FSP 999 Travellar Lp 7 Flash Deals Puma Flat 45% off Axelion RIP 8 Flash Deals Puma Flat 55% off RS X Ray 9 Premium Deals Brooks Flat 20% 4 Ghost, Adrenaline GTS 20 10 Premium Deals Salomon Flat 50% 4 Speed cross 4 11 Premium Deals Altra Flat 25% 4 Viho, Superior 4, Lone peak 12 Premium Deals Wilson Flat 30% 10 Kaos 2.0, tour slam Gel Quantum 360 4, Nimbus 21, 13 Premium Deals Asics Flat 60% 50+ Kayano 25, Kayano 5, Kinsei OG Ultraboost SS20 at 50%, 14 Premium Deals Adidas Flat 50% 10 Ultraboost FW20 at 40% with basket offer 15 Premium Deals Skechers Min 50% 20 Go Walk, Go Run, Go Train 16 Premium Deals Reebok Flat 50% off Zig Kinetica, Forever Floatride Energy 2 17 Premium Deals Under Armour BBD exclusive Project Rock 2 18 Premium Deals Nike BBD exclusive Joyride, Pegasus 37, Air Max 90 19 Premium Deals Fila BBD exclusive Disruptor 20 Running Shoes Adidas 1750 or 75% off Varial Mid Discount S No Deal type Brand Callouts No of Styles Model name Power, Athletic works, 21 Under 999 Slazenger Flat 80% 50+ 22 Under 999 Puma Under 999 Ontario, Escaper Pro, Smash V2 Leather 23 Under 999 Reebok Under 999 Stride runner Running and 24 Walking Puma Flat 55% off Sutamina,
  • Valentino's Qatari Owners Acquire French Fashion Brand Balmain 22

    Valentino's Qatari Owners Acquire French Fashion Brand Balmain 22

    Valentino’s Qatari Owners Acquire French Fashion Brand Balmain 22 juin 2016 Bloomberg - Mayhoola for Investments said to pay as much as $563 million - Fashion deal is second this week by Middle Eastern investors Mayhoola for Investments, an investment fund backed by the emir of Qatar, acquired French fashion house Balmain, adding a brand favored by Kim Kardashian to a roster of labels that includes Italy’s Valentino. Financial terms were not disclosed, though a person familiar with the matter said Mayhoola agreed to pay close to 500 million euros ($563 million). The acquisition of 100 percent of Balmain from shareholders including France’s Hivelin family will allow the brand to accelerate its development by opening new stores around the world, advisers Bucephale Finance said in a statement late Tuesday. Balmain has become one of the most talked about fashion brands under creative director Olivier Rousteing, whose Instagram account is peppered with images of reality-television star Kardashian and her family wearing his military-inspired designs. The fashion house, founded by Pierre Balmain in 1945 and revived in 1995 by Alain Hivelin, has enjoyed strong growth since Rousteing joined in 2011, according to the statement. Mayhoola, which describes itself as a Qatari company focused on local and global investments, also owns Valentino, which is considering selling shares in an initial public offering as early as next year after nearly doubling profit on revenue of more than $1 billion in 2015. Mayhoola didn’t immediately respond to a request for comment. The acquisition of Balmain is the second fashion deal this week by Middle Eastern investors after Bahrain investment house Investcorp Bank BSC purchased 55 percent of Italian luxury menswear maker Corneliani SpA.
  • Qatari Investment Group Acquires Parisian Fashion House Balmain 22 Juin 2016 the New York Times

    Qatari Investment Group Acquires Parisian Fashion House Balmain 22 Juin 2016 the New York Times

    Qatari Investment Group Acquires Parisian Fashion House Balmain 22 juin 2016 The New York Times Balmain, the Parisian fashion house beloved by Hollywood, the European jet set and the Kardashian clan, has been bought by a private investment group linked to Qatar’s royal family and that has sought to build a luxury- brand empire. Balmain, a mostly wholesale business, was sold to Mayhoola for Investments after having attracted bids from several other private equity funds, including L Capital, an investment firm backed by the European luxury conglomerate LVMH Moët Hennessy Louis Vuitton. Mayhoola “will allow the brand to accelerate its development, notably with the opening of new stores abroad,” Bucéphale Finance, the Paris-based boutique mergers and acquisitions firm that advised Balmain shareholders, said in a statement Tuesday evening. The sale will also fund the expansion of Balmain’s accessories business. “After completing this transaction, Mayhoola for Investments will hold 100 percent of Balmain’s capital,” the statement added. The terms of the deal were not immediately disclosed. Balmain’s shareholders included Jean-François Dehecq, the co-founder of the French pharmaceuticals company Sanofi, and the family of the former Balmain chief executive and controlling shareholder Alain Hivelin, who died in 2014 at the age of 71. Balmain has been injected with new fervor under the leadership of its 30-year-old creative director, Olivier Rousteing, whose signature look — leather jackets, tight bandage dresses and lashings of gold, satin and sparkle — has endeared him to film and reality television stars. Mr. Rousteing spearheaded a sellout collaboration with the fast fashion giant H&M last year, and he regularly posts pictures of celebrity friends wearing Balmain on Instagram, where he has 3.4 million followers.
  • Regno Unito Regno Unito

    Regno Unito Regno Unito

    REGNO UNITO PROFILO DEL MERCATO TURISTICO 2007 REGNO UNITO Profilo del mercato turistico 2007 1. PROFILO DI SINTESI PROFILO ECONOMICO UK • Popolazione: (Stima a metà 2006): 60.6 milioni • Popolazione con maggiore capacita’ di spesa (Sud Est/Londra) • Tasso di crescita del PIL: 2,7% (2006) • Tasso di disoccupazione: 5,5% (marzo 2007) • Tasso di inflazione: 1,8% (Settembre 2007) – Target 2%. • Salario medio annuale: £24,301 VIE DI ACCESSO • Per l’Italia non e’ richiesto alcun visto • 22 Aeroporti britannici sono collegati con l’Italia • Nel 2006 3.073.000 visitatori britannici si sono recati in Italia in aereo • Incrementano coloro che vanno in Italia via mare da 163.000 a 251.000 (+54%). IL MERCATO TURISTICO IN GENERALE 2006 • Outbound 2006: 69.5 milioni di visitatori britannici all’estero (+4,6%) di cui 55.2 mil. in Europa (79,4%) • La spesa totale per turismo e’ stata di £34.411.000 (+7%) di cui £21.344 mil. in Europa. • La spesa media per vacanza e’ stata di £495. DINAMICHE DEL MERCATO TURISTICO • Nel 2006 45.287.000 sono stati i viaggi per vacanza di cui 18.951 mil. i pacchetti tutto compreso e 26.336 mil. i viaggi indipendenti. I viaggi per affari sono stati pari a 9.102 mil. e le visite a parenti e amici 11.963 mil. I restanti 3.184 mil costituiscono il mercato di nicchia. • L’affluenza maggiore in Italia (2006) si e’ registrata nel trimestre Luglio- Settembre. I FLUSSI VERSO L’ITALIA E LA CONCORRENZA • Dati Ufficio Statistica UK : nel 2006 l’Italia e’ la quinta destinazione preferita con una quota di mercato pari al 4,8% con 3.380.000 mil.
  • C 299 Officiella Tidning

    C 299 Officiella Tidning

    Europeiska unionens C 299 officiella tidning femtiosjunde årgången Svensk utgåva Meddelanden och upplysningar 5 september 2014 Innehållsförteckning II Meddelanden MEDDELANDEN FRÅN EUROPEISKA UNIONENS INSTITUTIONER, BYRÅER OCH ORGAN Europeiska kommissionen 2014/C 299/01 Beslut om att inte göra invändningar mot en anmäld koncentration (Ärende M.7325 – ICG/KIRKBI/ Minimax Viking Group) (1) ..................................................................................................... 1 2014/C 299/02 Beslut om att inte göra invändningar mot en anmäld koncentration (Ärende M.7132 – Ineos/ Doeflex) (1) .......................................................................................................................... 1 2014/C 299/03 Beslut om att inte göra invändningar mot en anmäld koncentration (Ärende M.7309 – Bridgepoint/ EdRCP) (1) ........................................................................................................................... 2 2014/C 299/04 Beslut om att inte göra invändningar mot en anmäld koncentration (Ärende M.7338 – OJI/INCJ/Rank Group Pulp, Paper & Packaging Business) (1) .............................................................................. 2 IV Upplysningar UPPLYSNINGAR FRÅN EUROPEISKA UNIONENS INSTITUTIONER, BYRÅER OCH ORGAN Europeiska kommissionen 2014/C 299/05 Eurons växelkurs .................................................................................................................. 3 SV (1) Text av betydelse för EES UPPLYSNINGAR FRÅN MEDLEMSSTATERNA 2014/C 299/06 Uppgifter
  • Content Analysis of In-Game Commentary of the National Football League’S Concussion Problem

    Content Analysis of In-Game Commentary of the National Football League’S Concussion Problem

    Wilfrid Laurier University Scholars Commons @ Laurier Theses and Dissertations (Comprehensive) 2016 No More Mind Games: Content Analysis of In-Game Commentary of the National Football League’s Concussion Problem Jeffrey Parker Wilfrid Laurier University, [email protected] Follow this and additional works at: https://scholars.wlu.ca/etd Part of the American Popular Culture Commons, Broadcast and Video Studies Commons, Criminology Commons, Criminology and Criminal Justice Commons, Critical and Cultural Studies Commons, Entertainment, Arts, and Sports Law Commons, Gender, Race, Sexuality, and Ethnicity in Communication Commons, Health Policy Commons, Mass Communication Commons, Other Film and Media Studies Commons, Public Relations and Advertising Commons, Social Influence and oliticalP Communication Commons, Sociology of Culture Commons, Sports Studies Commons, and the Television Commons Recommended Citation Parker, Jeffrey, "No More Mind Games: Content Analysis of In-Game Commentary of the National Football League’s Concussion Problem" (2016). Theses and Dissertations (Comprehensive). 1800. https://scholars.wlu.ca/etd/1800 This Thesis is brought to you for free and open access by Scholars Commons @ Laurier. It has been accepted for inclusion in Theses and Dissertations (Comprehensive) by an authorized administrator of Scholars Commons @ Laurier. For more information, please contact [email protected]. No More Mind Games: Content Analysis of In-Game Commentary of the National Football League’s Concussion Problem by Jeffrey Parker B.A. (Honours), Wilfrid Laurier University, 2013 THESIS Submitted to the Department of Criminology in partial fulfillment of the requirements for Master of Arts in Criminology Wilfrid Laurier University © Jeffrey Parker 2015 ii Abstract American (gridiron) football played at the professional level in the National Football League (NFL) is an inherently physical spectator sport, in which players frequently engage in significant contact to the head and upper body.
  • Interview with Chris Berman of ESPN in Queens April 15, 1997

    Interview with Chris Berman of ESPN in Queens April 15, 1997

    Administration of William J. Clinton, 1997 / Apr. 15 Interview With Chris Berman of ESPN in Queens April 15, 1997 [The President's remarks are joined in progress.] The President. Only one time when I was a child. My father took me on a train to St. The President. And if he hadn't done what Louis to watch a game, but they weren't playing he did and Branch Rickey hadn't done what the Dodgers. But we didn't get a television until he did, PeeWee Reese hadn't run the team like 1956, but it was right after the '55 season, right he did, it would have been a very different after the Boys of Summer. So for 2 years I world. But Jackie RobinsonÐyou know, some- sat transfixed in front of my television set. And oneÐmaybe fate has a way of doing that in tonight we had a contest in the place where history, but he wasÐhe had the unique blend I'm sitting to see how many people could re- of talent and character to do what he did. And member the names of people on the '55 teamÐ it's made a real difference. how many names you could remember. I quit It made a real difference to the way people at seven. And I hadn't even thought about it thought about race. I think that's more impor- since. And I still remember the first time I tant than the fact that he was a great baseball saw Jackie Robinson, with that hitch in his swing player because baseball really was our national and the way he ran sort of almostÐon television pastime then, too, and there was no competition it looked almost like he was bent over.
  • Anta Sports (2020 HK) Business As Usual

    Anta Sports (2020 HK) Business As Usual

    Flashnote 15 June 2018 Hong Kong EQUITIES Anta Sports (2020 HK) 2020 HK Outperform Business as usual Price (at 13:00, 14 Jun 2018 GMT) HK$45.15 Event Valuation HK$ 45.70 - PER Anta management held a conference call this morning in relation to the 12-month target HK$ 45.70 comments made in a report by independent research firm, GMT Research. Upside/Downside % +1.2 During the call, the company denied comments made in a report by GMT 12-month TSR % +4.0 which Anta considers to be factually inaccurate and misleading. Key issues Volatility Index Medium were margins, FILA royalty fee and cash level. On the other hand, Anta noted GICS sector that April and May retail performance is within management’s expectation. Consumer Durables & Apparel Market cap HK$m 121,218 Impact Market cap US$m 15,445 Nike and adidas Greater China have higher operating margins than Anta. Free float % 38 Management considers the comparison between Nike and adidas group level 30-day avg turnover US$m 28.0 EBIT margins with Anta’s is not an apple-to-apple comparison as Anta is Number shares on issue m 2,685 China focused vs the global exposure of Nike and adidas. Looking at Nike and Investment fundamentals adidas’s Greater China business alone, the EBIT margin is around ~35% which is higher than Anta’s 25%. Management noted its margins were Year end 31 Dec 2017A 2018E 2019E 2020E Revenue m 16,692 20,935 25,677 30,393 achieved consistently in the past 10 years.