Chart 50: Utilities relative PE close to the 2013 low Chart 51: Chemicals / Industrials — re-rated but PE-rel not excessive 1.20 -0.5 1.30 1.15 0.0 425 4 0.5 10 10 1.20 1.05 , 15 4.15 1.00 2.0 1.10 0.95 25 1.05 ai an — Chemicals / Industrials PE-rel _— ——PE-relative UTILITIES 1....
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In other words, 2Q17 marks the low point in oil and gas production, with momentum accelerating in 2H17 to kick start a multi-year period of growth. Chart 1: Hess production outlook: inflection point from 2Q17 600 500 400 300 200 100 1Q16A 2016 4Q17E 3Q18E 2Q19F 1Q20E 2020...
Global Cross Asset Strategy —- Year Ahead Bankof America The Trump inflection ape ce Investment Strategy 30 November 2016 Corrected Key takeaways ee « Market response to Trump is logical but moves have been frontloaded. We now see USD & rates only modestly higher next year. Jam...
Overall, we find it hard to argue that sectors haven’t moved a long way already from a valuation perspective, even against the context of potentially important inflection points in bond yields and earnings. From here we suspect investors may need to more selective in how they pla...
Concerns over stagflation return On the surface, this has been an uneventful year for the US rates market so far. At the start of January, the market was pricing two Fed hikes for the year. Six weeks later, the market is still pricing only two Fed hikes for the year. The yield o...
Unauthorized redistribution of this report is prohibited. This report is intended for [email protected] Japan Macro Watch USD/JPY: Buy-on-dip cycle to continue; 115- 120 by end-2017 Buy-on-dip cycle continues While we had acknowledged the risk of the “final JPY strength” th...
… undermines growth. Under Atkins, the transition team posted a statement that it will be “working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation." At this point there are no details on what parts of Dodd-Frank are mo...
…w administration. The incoming administration has fueled that with comments about rolling back pieces (or more) of Dodd-Frank in particular. I can see making the case for that to the American public by saying that banks need less regulation in order to get more capital flowing in...
trailing Instagram and Facebook. Interestingly, after Snapchat passed Instagram in early 2016 in average minutes per user, Instagram recaptured the lead mid-year and has extended it since. While the cause for the shift is not certain, the trends align with the launch of Instagram...
Chart 76: Biggest risks to investing in a tech-based lending companies 40% 32% 32% 29% 30% 20% 10% 0% No sustainable Untested credit Fragile funding model Uncertain regulatory competitive advantage model/risk backdrop management Source: BofA Merrill Lynch Global Research = P...
under the Blueprint (over eight years). The Tax Foundation similarly estimates that a repatriation act could drive spending amounting to $185-200bn in revenues through 2025, which could help fund infrastructure/defense spending. S&P 500 companies could bring back over $1tn - mos...
iQmethod™ Measures Definitions Business Performance Numerator Denominator Return On Capital Employed NOPAT = (EBIT + Interest Income) * (1 - Tax Rate) + Goodwill Amortization Total Assets — Current Liabilities + ST Debt + Accumulated Goodwill Amortization Return On Equity Net...
Under our base case, which assumes a rebound in oil prices towards $70 from 2020, we see fair value as reasonably around $80 per share. If non-producing asset value is included {around $3bn or ~$9/sh), we estimate this would be closer to $90. Table 3: At our base case, we see fa...
No alpha from repatriation and multiples actually compressed Our analysis of the top 15 repatriating companies (from Table 7) suggests that while these companies initially outperformed both the S&P 500 and equal-weighted S&P 500 from November 2004-April 2005 (by 6ppt and 5ppt, r...
regulated by the Australian Securities and Investments Commission; Merrill Lynch (Hong Kong}: Merrill Lynch (Asia