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Initiation Report
Company Sponsored Research Food Industry Initiation of Coverage Hunter Diamond, CFA 03/27/2019 Vivian Zhang (Equity Research Associate) Amira Nature Foods Ltd. [email protected] 1120 Avenue of Americas, 4th Floor New York, NY 10036 Attractive Valuation with Basmati Rice Representing A Large and Growing Market Price-Volume History Investment Highlights: • Amira Nature Foods (ANFI) operates within the large and growing basmati rice and specialty food market, which is expected to reach $17.74 billion by 20221. Amira Nature Foods is uniquely positioned with its global sourcing and distribution abilities and owned brands. The company targets various market segments with unique product offerings and price points, allowing it to diversify its revenue. The company operates globally on five continents, with a geographically diverse customer base. • Rice is an enormous global staple food, which enjoys favorable market dynamics, Key Statistics with Basmati rice having a large pricing premium over other varieties of rice with Share Price (As Of 03/25/2019) $1.52 Basmati rice prices additionally recently recovering from their 2015/2016 depressed price levels. The fragmented supply chain of Basmati rice has also made it difficult Valuation $4.00 for Western companies to effectively distribute it, creating a unique opportunity for 52 Week Range $0.30-$4.39 Amira. The company has a large opportunity to expand its top line, with the market for Indian Basmati rice representing $6.9 billion2 of which 70% is sold internationally. Average Daily Volume(th) 793.38 • The international opportunity is enormous, with the company looking to create a $200 Shares Outstanding (th) 46.384 to $300 million -dollar international business over the next three years (Amira averaged $320.2 million in international sales during the FY14 through FY18 period). -
Food Products
Rating |Target | Estimate Change USA | Consumer | Food Products February 14, 2018 EQUITY RESEARCH Food Products Brands Still Matter To Consumers - Do They To Investors? Key Takeaway Previously our sector thesis was that accelerating consolidation & cost cutting activity should drive earnings upside. We are adding a new element, related to brands that we believe will drive an inflection in sales growth and drive further earnings upside. The attached Brands Still Matter report, is the result of a collaborative project with Accenture & Barkley that we began 3 months ago, and forms the basis of this new “brand” element to our thesis. Key takeaways from our Brands Still Matter report are outlined below. AMERICAS Consumer preferences have not changed, and emerging brands are not tapping into newfound preferences. Taste and price remain top attributes for consumers. However, consumers have more leverage and are demanding that brands do more – i.e. meeting needs of a “holistic experience” that includes attributes such as health, trust and sustainability. Contrary to popular belief, leading brands have maintained their ground & it is important to be a leader. 60% of leading brands are growing sales and 53% are growing share. Mid-tier brands and the long “tail” is struggling. Loyalty to Leading Brands remains very high and relatively stable. Leading Brands are incredibly productive at retail. Consumer insights, brand activation and operating model agility are key to succeeding. Companies that build next-generation capabilities in consumer insights and category development, brand activation and operating model agility are likely to succeed. Cost-savings opportunity is significant and can fund next-gen capability investments. -
OUTPUT-WSIB Voting Report
2006 Proxy Voting Report 3M Company Ticker Security ID: Meeting Date Meeting Status MMM CUSIP9 88579Y101 05/09/2006 Voted Issue Mgmt For/Agnst No.Description Proponent Rec Vote Cast Mgmt 1.1Elect Linda Alvarado Mgmt For For For 1.2Elect Edward Liddy Mgmt For For For 1.3Elect Robert Morrison Mgmt For For For 1.4Elect Aulana Peters Mgmt For For For 2Ratification of Auditor Mgmt For For For Amendment to Certificate of Incorporation to Declassify the 3Board Mgmt For For For STOCKHOLDER PROPOSAL REGARDING EXECUTIVE 4COMPENSATION ShrHoldr Against Against For STOCKHOLDER PROPOSAL REGARDING 3M S ANIMAL 5WELFARE POLICY ShrHoldr Against Against For STOCKHOLDER PROPOSAL REGARDING 3M S BUSINESS 6OPERATIONS IN CHINA ShrHoldr Against Against For Abbott Laboratories Inc Ticker Security ID: Meeting Date Meeting Status ABT CUSIP9 002824100 04/28/2006 Voted Issue Mgmt For/Agnst No.Description Proponent Rec Vote Cast Mgmt 1.1Elect Roxanne Austin Mgmt For For For 1.2Elect William Daley Mgmt For For For 1.3Elect W. Farrell Mgmt For For For 1.4Elect H. Laurance Fuller Mgmt For For For 1.5Elect Richard Gonzalez Mgmt For For For 1.6Elect Jack Greenberg Mgmt For For For 1.7Elect David Owen Mgmt For For For 1.8Elect Boone Powell, Jr. Mgmt For For For 1.9Elect W. Ann Reynolds Mgmt For For For 1.10Elect Roy Roberts Mgmt For For For 1.11Elect William Smithburg Mgmt For For For 1.12Elect John Walter Mgmt For For For 1.13Elect Miles White Mgmt For For For RATIFICATION OF DELOITTE & 2TOUCHE LLP AS AUDITORS. Mgmt For For For SHAREHOLDER PROPOSAL - PAY-FOR-SUPERIOR- 3PERFORMANCE ShrHoldr Against Against For Page 1 of 139 2006 Proxy Voting Report SHAREHOLDER PROPOSAL - 4POLITICAL CONTRIBUTIONS ShrHoldr Against Against For SHAREHOLDER PROPOSAL - 5THE ROLES OF CHAIR AND CEO . -
Background of the Corporate Debtor*
Background of the Corporate Debtor* Amira Pure Foods Pvt Ltd (‘Amira’) is a major international producer of packaged Indian specialty rice, with sales in over 60 countries. AMIRA offers an extensive portfolio of brands that have been carefully developed to appeal to local markets around the world. Customer tastes and expectations have been finely segmented to deliver authentic flavours that go well with a variety of popular cuisines. Consumer palettes across the market segments have been well researched and adapted to suit the requirements of various trade channels. AMIRA has expanded its product line into snacks, Ready-to-eat and organic food products. Founded in 1915, AMIRA group in the past six years, transitioned from a family-managed company to a professionally run international food company, under the leadership of the fourth generation. In October 2012, AMIRA Nature Foods Ltd (parent company of Amira Pure Foods Pvt Ltd) completed an initial public offering. Its stock trades on the New York Stock Exchange (NYSE) listed under the ticker symbol “ANFI”. They generate the majority of their revenue through the sale of Basmati rice, premium long-grain rice grown only in certain regions of the Indian sub-continent, under their flagship AMIRA brand as well as under third-party brands. HISTORY WITH FARMERS Company has worked for decades with farmers in parts of India where basmati rice is grown. They work to educate them in the best techniques of agriculture, and share with them their technology for mapping and weather analysis. The result is that Amira have a regular and a large supply of the highest quality product. -
Significantly Regulated Organizations Added
Significantly Regulated Organizations Added ‐ September 2017 DUNS COUNTRY BUSINESS NAME TICKER SYMBOL EXCHANGE NAME NUMBER NAME 565406188 BRITISH AMERICAN TOBACCO ZIMBABWE ZIMBABWE BAT.ZW Zimbabwe Stock 565568949 MEDTECH HOLDINGS LTD ZIMBABWE MMDZ.ZW Zimbabwe Stock 565412350 NATIONAL FOODS LTD ZIMBABWE NTFD.ZW Zimbabwe Stock 565679081 STARAFRICA CORPORATION LTD ZIMBABWE SACL.ZW Zimbabwe Stock 555364141 CENTRAL PHARMACEUTICAL JOINT STOCK VIETNAM DP3 Hanoi Stock Exchange CHUONG DUONG BEVERAGE JOINT STOCK Ho Chi Minh Stock 555317798 COMPANY VIETNAM SCD Exchange 555297766 DANAMECO MEDICAL JOINT STOCK VIETNAM DNM Hanoi Stock Exchange DUC GIANG CHEMICALS AND DETERGENT 555345573 POWDER JOINT STOCK COMPANY VIETNAM DGC Hanoi Stock Exchange 555248250 Ha Long Canned Food Joint Stock Co. VIETNAM CAN Hanoi Stock Exchange 555530381 HA NOI INVESTMENT GENERAL VIETNAM SHN Hanoi Stock Exchange 555271543 HA TAY PHARMACEUTICAL JOINT STOCK VIETNAM DHT Hanoi Stock Exchange HOANG ANH GIA LAI JOINT STOCK Ho Chi Minh Stock 555335798 COMPANY VIETNAM HNG Exchange 555319636 HUNG HAU AGRICULTURAL CORPORATION VIETNAM SJ1 Hanoi Stock Exchange 555530218 HUNG VIET GREEN AGRICULTURE JOINT VIETNAM HVA Hanoi Stock Exchange KLF JOINT VENTURE GLOBAL INVESTMENT 555529792 JOINT STOCK COMPANY VIETNAM KLF Hanoi Stock Exchange 555340068 LAM DONG PHARMACEUTICAL JOINT STOCK VIETNAM LDP Hanoi Stock Exchange MECHANICS CONSTRUCTION AND 555303278 FOODSTUFF JOINT STOCK COMPANY VIETNAM MCF Hanoi Stock Exchange Ho Chi Minh Stock 555365190 NAFOODS GROUP JOINT STOCK COMPANY VIETNAM NAF Exchange NORTH PETROVIETNAM FERTILIZER & 555458287 CHEMICALS JOINT STOCK COMPANY VIETNAM PMB Hanoi Stock Exchange Ho Chi Minh Stock 555279715 S.P.M CORPORATION VIETNAM SPM Exchange SAIGON BEER ALCOHOL BEVERAGE Ho Chi Minh Stock 555254439 CORPORATION VIETNAM SAB Exchange 555341953 SAM CUONG ELECTRIC MATERIALS JS CO. -
Mothers of Invention: Women in Technology
Mothers of Invention: Women in Technology n old adage counsels, “Maternity Rideout (AZT), M. Katherine Holloway and is a matter of fact… paternity is Chen Zhao (protease inhibitors), and Diane a matter of opinion.” And indeed, Pennica (tissue plasminogen activator).2 Awhen it comes to people, the evidence of By 1998, women accounted for 10.3 who physically bears the child is visible and percent of all U.S.–origin patents granted undeniable. With the gestation of ideas, annually. Innovation professionals believe this however, lineage is less clear. percentage will continue to increase. A recent The evidence for women’s role in survey of one thousand U.S. researchers technology has been obscured historically. yielded the names of twenty U.S. scientists Only two percent of the fi ve hundred Nobel under the age of forty who have demonstrated Prize Laureates recognized for scientifi c once-in-a-generation insight. Nine of them— achievement are women. As recently as the almost half—are women.3 Jennifer A. Kurtz early 1980s, U.S. Patent and Trademark Offi ce records show that only 2.8 percent of patents Research Fellow, Indiana went to women each year. This participation Business Research Center, rate did not differ much from the 1 percent or Women must Kelley School of Business, so of patents that went to women in the period increasingly pursue Indiana University from 1790 to 1895.1 Young women have had relatively few role science and models to encourage their pursuit of scientifi c and technological adventures. That pattern has technology to ensure begun to change as women are increasingly that the future needs present in all dimensions of the innovation life cycle: knowledge creation, technology transfer, for a skilled U.S. -
Access to Experts
Access to Experts Patricia Russo Pat Russo is the retired Chief Executive Officer of Alcatel-Lucent. She was a driving force and a key architect behind the creation of Alcatel-Lucent, making this merger the first bold move in an industry ripe for consolidation. Under her leadership, from December 2006 through September, 2008 Alcatel-Lucent strengthened its market positions in a number of areas, such as optical and wireless networking and services, enhanced customer relationships, improved its operating efficiency and streamlined its management structure. Prior to the merger of Alcatel and Lucent, Russo was Chairman and Chief Executive Officer of Lucent Technologies for five years. She led the company through one of the most challenging periods in the telecom industry’s history, returning the company to profitability after the severe telecom industry ‘crash’. Under her leadership Lucent embarked on a new strategy to enhance its services capabilities, implemented a new operating model, developed a more customer focused culture, expanded into emerging markets and enhanced the role and reach of Bell Labs. As one of the founding executives of Lucent, she helped launch the company in 1996 and over more than a 20 year career, managed some of Lucent’s and AT&T’s largest divisions and most critical corporate functions. Before joining AT&T, Russo spent eight years in sales and marketing at IBM. Just prior to returning to Lucent as its CEO in January of 2002, Russo served as president and chief operating officer of Kodak where she helped to reshape its strategy and operations to compete effectively in the transformation to digital technology. -
Food and Beverage Industry Update November 2013
Food and Beverage Industry Update November 2013 Member FINRA/SIPC www.harriswilliams.com Food and Beverage Industry Update November 2013 What We’re Seeing CONTENTS Food & Beverage in the Marketplace INDUSTRY VITAL SIGNS After an active finish to 2012 and a slow start to 2013, HW&Co. has seen pitch activity increase EQUITY MARKET OVERVIEW substantially across the food & beverage sector in the back half of 2013. Both strategic and private equity M&A MARKET OVERVIEW buyers continue to covet high quality food & beverage assets, and we expect that M&A activity at the beginning of 2014 with be at a “normal” level. The combination of strong financing markets, growth DEBT MARKET OVERVIEW oriented strategic buyers, and private equity fund expirations is fueling the strengthening market for food NOTABLE M&A ACTIVITY & beverage transactions. PUBLIC COMPARABLES What We’ve Been Doing EARNINGS CALENDAR Closed HW&Co. Transactions GROUP OVERVIEW Harris Williams & Co. is a leading advisor to the food and beverage a portfolio company of a portfolio company of a portfolio company of market. Our significant experience has divested a portfolio company of selected assets to covers a broad range of end has been acquired by has been acquired by has been acquired by markets, industries, and business has been acquired by and has been acquired by models. This particular report and focuses on trends and metrics in the following areas: • Agribusiness • Baked and Prepared Goods a portfolio company of • Beverages a portfolio company of a portfolio company of a portfolio -
HP Today Presentation Notes to Speaker
HP Today Peter Moser, Director and Chief Technologist May, 2015 © Copyright 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. Safe harbor This presentation contains forward-looking statements that involve risks, uncertainties and assumptions, relating to, among other things, the planned separation. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of HP may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any statements of the plans, strategies and objectives of HP for future operations, including the separation transaction; the future performance of Hewlett-Packard Enterprise and HP Inc. if the separation is completed; the execution of restructuring plans and any resulting cost savings or revenue or profitability improvements; any projections of revenue, margins, expenses, HP’s effective tax rate, net earnings, net earnings per share, cash flows, benefit plan funding, share repurchases, currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring charges; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims or disputes; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. -
Applied Investment Management (AIM) Program
Applied Investment Management (AIM) Program AIM Class of 2014 Equity Fund Reports Fall 2013 Date: Friday, November1, 2013 Time: 3 PM Road Show Location: 1492 Capital Management Student Presenter Company Name Ticker Price Page No. John Osborne Allegiant Travel Company ALGT $106.29 2 Ellen Toshach Amira Nature Foods LTD ANFI $13.81 5 Eoghan Bahnson AtriCure ATRC $12.57 8 Ryan Bailey Tata Motors Limited TTM $30.46 11 Thank you for taking the time today and participating in the AIM ‘road show’ 1492 Capital Management. These student presentations are an important element of the applied learning experience in the AIM program. The students conduct fundamental equity research and present their recommendations in written and oral format – with the goal of adding their stock to the AIM Equity Fund. Your comments and advice add considerably to their educational experience and is greatly appreciated. Today, each student will spend about 5-7 minutes presenting their formal recommendation, which is then followed by about 8-10 minutes of Q & A. Again, thank you for allowing us the opportunity to present at 1492. For more information about AIM please contact: David S. Krause, PhD Director, Applied Investment Management Program Marquette University College of Business Administration, Department of Finance 436 Straz Hall, PO Box 1881 Milwaukee, WI 53201-1881 mailto: [email protected] Website: MarquetteBuz/AIM AIM Blog: AIM Program Blog Twitter: Marquette AIM Facebook: Marquette AIM Marquette University AIM Class 2014 Equity Reports Fall 2013 Page 1 Allegiant Travel Company (ALGT) October 29, 2013 John Osborne Domestic Industrials Allegiant Travel Company (NASDAQ: ALGT), through its subsidiaries, operates as a leisure travel company in the United States. -
Amira Nature Foods, Ltd, a Company Formed Under the Laws of The
DUBAI, United Arab Emirates--(BUSINESS WIRE)-- Amira Nature Foods, Ltd, a company formed under the laws of the British Virgin Islands, (the “Company”) whose shares are listed on the New York Stock Exchange with the symbol “ANFI” announced today that on December 4, 2019, its Board of Directors approved a 20:1 reverse stock split of its ordinary shares. The Company’s ordinary shares will begin trading on a split adjusted basis on December 20, 2019. As a result of the reverse stock split, each twenty (20) pre-split shares of the Company’s ordinary stock will automatically combine into one (1) ordinary share without any action on the part of the holders, and the number of outstanding ordinary shares will be reduced from 44,421,835 to approximately 2,221,091ordinary shares. The Company’s ordinary shares will continue to trade on the New York Stock Exchange under the symbol "ANFI" but will trade under a new CUSIP number. The reverse split is intended to increase the market price per share of the Company’s ordinary shares to allow the Company to maintain its New York Stock Exchange listing. No fractional shares will be issued as a result of the reverse stock split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of ordinary shares not evenly divisible by the one (1) for twenty (20) reverse split ratio, will automatically be entitled to receive an additional fractional share of the Company’s ordinary shares to round up to the next whole share. The reverse stock split will not be submitted to a vote of the Company’s shareholders and a vote was not required under the laws of the BVI. -
Your Questions, Our Answers Questions from Hewlett Packard Enterprise Company 2018 Annual Shareholder Meeting
Your Questions, Our Answers Questions from Hewlett Packard Enterprise Company 2018 Annual Shareholder Meeting Questions from Hewlett Packard Enterprise Company 2018 Annual Shareholder Meeting April 9, 2018 We pride ourselves on our robust shareholder outreach program. Our Annual Shareholder Meeting is one of the key elements of this outreach, intended to provide a corporate update and a forum for management and the Board to answer shareholder questions. We’ve created and implemented a completely virtual annual meeting in order to facilitate shareholder attendance and participation by enabling our shareholders to participate fully from any location around the world at no cost. In addition, the online format allows us to communicate with you in advance of and during the meeting so you can ask any question of our Board and management. Further, we have committed to answering each and every single question that we received. All questions are presented, as submitted, censored or edited only to remove identifiying, confidential, or offensive content, received both during and prior to the meeting, sorted by topic. We have removed any identifying information such as names or e-mail addresses submitted along with questions. All responses are as of April 4, 2018 unless otherwise noted. HPE assumes no obligation and does not intend to update its responses below. If you have any questions or concerns please feel free to contact investor relations by visiting http://investors.hpe.com/contact-us. We sincerely thank each of you for your questions and comments and for your ongoing support as a shareholder of Hewlett Packard Enterprise Company. Strategy Company Strategy “should your business model and marketing approach be changed” Response: HPE is in a strong position today made possible by the work we’ve done over the last several years to transform the company, improve customer satisfaction and productivity, reinvigorate our culture and most importantly, reignite innovation and deliver ground-breaking new technology solutions.