Healthcare. abc. Healthcare team
|
|
- Christian Brown
- 6 years ago
- Views:
Transcription
1 team Luciano Campos* Analyst HSBC Bank Brasil SA Caio Moscardini* Analyst HSBC Bank Brasil SA *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations 1
2 2 Sector structure Manufacturers Natura Hypermarcas 540 non-listed companies Distributors Profarma Cremer 3,821 non-listed companies Retailers RaiaDrogasil Brazil Pharma 82,204 non-listed companies Providers DASA Fleury 15,723 non-listed companies Operator Payers Administrator Latin America Equity Research Amil OdontoPrev SulAmérica Porto Seguro Tempo 1,386 non-listed companies Qualicorp Many other non-listed companies Source: HSBC
3 Share price performance Nov Feb May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb May Aug Nov Feb May May Feb Nov Aug May Aug Nov Feb-11 Source: Economática, HSBC AMIL ODPV DASA FLRY 3
4 4 EBIT margin asset turnover chart (2011) 3.0 Profarma Tempo Amil 1.5 Natura Latin America Equity Research 1.0 Brazil Pharma RaiaDrogasil Porto Seguro SulAmérica OdontoPrev 0.5 Cremer Fleury DASA Qualicorp Hypermarcas % 5.0% 10.0% 15.0% 20.0% 25.0% Source: Bloomberg, Company data, HSBC
5 Sector description spending in Brazil is increasing faster than GDP growth and this trend is expected to continue for many years. According to the World Health Organization (WHO), total healthcare spending in Brazil was 7.5% of GDP in 2006 and 8.4% in By comparison, healthcare spending in the US, UK, Spain, and Portugal represented 15.2%, 8.7%, 9.0%, and 10.6% of GDP, respectively, in 2008, the most recent year for which data are available. Luciano Campos * Analyst HSBC Bank Brasil S.A luciano.t.campos@hsbc.com.br *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations Brazilians tend to choose to pay for private sector healthcare despite having public universal healthcare guaranteed by the Brazilian constitution. According to the Ministry of Health (MOH) and the National Agency of Supplemental (ANS), since 2006, the annual total spending by families and businesses with private healthcare and dental insurance has exceeded spending by the MOH, and the difference is widening over time. Taking the broadest definition of healthcare companies (chart 1), there are 14 listed companies with a combined market capitalization of BRL76.6bn as of 30 May 2012, which represents only 3.15% of Bovespa s total market cap. There are thousands of private companies in this industry, however. Players in the industry can be classified as: Drug manufacturers and others: These companies produce packaged goods for healthcare use, including pharmaceutical prescription drugs, generic drugs and non-prescription products sold overthe-counter (OTC). Hypermarcas is an example of a listed company in this category. Natura can be included if the definition of healthcare is expanded to include wellness. According to the Brazilian government, there are c540 drug manufacturers in Brazil. Drug distributors and others: These are wholesalers that purchase large volumes from manufacturers and re-sell to drug retailers or hospitals. Some are specialized in the distribution of pharmaceutical drugs, including generics, and others are specialized in the distribution of disposables (eg, gloves, syringes, etc.) for hospitals. Profarma and Cremer are the only listed companies in the segment but, according to the Federal Council of Pharmaceuticals, there are 3,821 players in this fragmented market. Drug retailers: These are drugstores and pharmacies that sell pharmaceutical prescription drugs, generic drugs, OTC and cosmetics directly to end-consumers, usually individuals. RaiaDrogasil and Brazil Pharma are the only listed companies in the segment but, according to the Federal Council of Pharmaceuticals, there are 82,204 players in this fragmented market. providers: This can include any provider of healthcare services. However, since only diagnostic service providers are listed at Bovespa so far, the healthcare providers category is synonymous with diagnostic service providers. These companies offer outpatient facilities where patients can have samples (for clinical tests) or images (for imaging exams) collected, process the samples and images to produce a technical interpretation of the results, and report the results of the tests to patients and their physicians. DASA and Fleury are the only listed companies in the segment. According to CNES (National Database of Providers), there are 15,723 players in this fragmented market. 5
6 payers: These are companies involved in the commercialization of private healthcare and/or dental insurance. A key sub-group of payers is the insurance operators, which assume the underwriting risk of the insurance. Some of them, like Amil, provide healthcare and dental insurance products. Others, like OdontoPrev, are dedicated to dental insurance, while others like SulAmerica and Porto Seguro offer other types of insurance in addition to healthcare and/or dental. The other subgroup of payers is the insurance administrators, like Qualicorp, which help develop and distribute the insurance products provided by the operators and manage the relationship with the final clients (individuals or corporations) but do not take the underwriting risk of the insurance. According to ANS, there are 1,386 players in this fragmented market. Key themes for healthcare payers Increasing penetration of private insurance Both insurance payers and providers benefit from the increasing penetration of private healthcare and dental insurance in Brazil. The penetration of healthcare insurance increased from 18.1% in 2000 to 25% in 2011, a CAGR of c4.0% for the number of Brazilians with healthcare insurance in the period. We estimate the penetration of health insurance will reach 33.1% by the end of 2022, which represents 72.8m total and 25.2m new consumers of private healthcare in Brazil over this period, benefiting payers and providers with a tailwind organic volume growth potential of 4.0% CAGR over the next decade. The dental insurance segment is less penetrated and can offer much stronger growth. From 2000 to 2011, the number of Brazilians with private dental insurance increase at CAGR of 17.7% and the penetration of the market increased from 1.6% to 8.8%. By the end of 2022, we conservatively forecast a total penetration of 14.7%, which implies a market CAGR of 6.2% over the next 10 years. Industry consolidation and concentration The healthcare industry is fragmented in Brazil and offers opportunities for growth through M&A. However, the industry is also highly dispersed geographically and there are not many sizable acquisition targets for listed companies. Therefore, we would expect the well-capitalized listed companies to stay active in M&A to acquire small- to mid-sized regional players. Some large transformational transactions, like the Amil-Medial, DASA-MD1 and Fleury-Labs D Or deals, are still possible but are likely to face increasing anti-trust scrutiny. In the case of healthcare insurance operators, the regulator (ANS) is enforcing the build-up of technical reserves to ensure companies solvency and protect the rights of the insured individuals. These reserves must consist mostly of cash deposits and some qualified real estate assets. Small companies, with weak balance sheets, are being driven out of the market because they cannot create enough reserves to continue operating. Therefore, in addition to M&A-driven market consolidation, stronger payers are also taking advantage of regulation-driven market share concentration. Pricing power We have noticed a shift in pricing power in favor of payers and against providers. Payers are insurance companies that pay for a significant part of the services delivered to customers by providers. The payers industry is consolidating quickly and new clients are increasingly in the form of smaller corporations and individuals purchasing insurance for the first time. Therefore, the size of insurance companies is 6
7 increasing, while the average size of their clients is decreasing, which is likely to increase the pricing power of insurance companies. Providers, on the other hand, are not consolidating as quickly and are likely to find it hard to resist the increasing bargaining power of large payers. Cost inflation and profitability Both payers and providers are labor- and rent-intensive industries and these inputs have been important contributors to inflationary pressures in Brazil. In the case of providers, they are also directly exposed to FX risks since they import a large part of reagents, imaging equipment, and other production inputs. Payers are indirectly, and on a much smaller scale, exposed to FX through medical inflation, especially because of hospital costs. Payers have more sources of volume growth and are gaining pricing power, thus have been able to expand margin despite the cost pressures. Providers, however, are experiencing margin pressures, mostly because of a reduced ability to pass price increases to their clients to compensate for the cost pressures. Sector drivers Employment and wage trends The current low penetration stage of the private healthcare and dental insurance markets is the main driver of the industry growth, including the potential to keep growing faster than the general economy for many years. The main forces driving the increasing penetration are (1) the increasing formalization of the economy, with an increasing population gaining access to private insurance through their employers and (2) increasing income of families, with a smaller but important part of the population paying for their own private insurance. Cost inflation and currencies Other important but secondary drivers include the unemployment rate and real wages, both as growth driver and as a driver for labor cost inflation. Real estate inflation and the exchange rate are other drivers to monitor in the sector. Regulation Regulatory forces remain an important and unpredictable driver for the sector. In general terms, healthcare insurance companies are regulated by ANS, while healthcare providers are regulated by ANVISA (safety regulator), the Brazilian equivalent of the US Food and Drug Administration. We could argue that the ANS has more influence over listed companies than ANVISA. ANS regulates technical reserves, which require capital, price increases for individual (as opposed to corporate) insurance products and minimum levels of service, which impacts profitability. On the other hand, ANVISA focuses on minimum safety conditions for products and facilities used to provide healthcare services, but it does not interfere in the pricing process of the services provided by the listed companies. Valuation Given the short tenure of the Brazilian healthcare sector in the Bovespa since IPOs were launched between and the several organic and inorganic forces driving important transformations of growth, margins, and returns in the sector, we believe that DCF is the most appropriate valuation method. 7
8 We believe that the next most used metric should be forward-looking EV/EBITDA ratios, followed by price/earnings (PE) ratios, even though the latter can be significantly affected by tax differences. More specifically, the goodwill generated by acquisition is usually tax deductible in Brazil. Since virtually all listed companies in the sector have engaged in intensive M&A activity over the last five years, their effective income tax rates vary significantly over time and generate significant distortions that limit the applicability of PE ratios. With that caveat, payers have traded at an average one-year forward EV/EBITDA of 12.4x ( x), and forward PE of 18.3x ( x) over the last two years, while providers have traded at 8.1x ( x) EV/EBITDA and 15.3x ( x) PE in the same period. Overall, payers have experienced stronger and more sustainable sales growth with a CAGR of 28.6% in the period and an expected 12.5% organic growth for 2012e. Payers ROE are also on the rise, from 12.7% in 2009 to reach 19.9% in 2012e as companies extract more value from previous acquisitions and their increasing pricing power. Providers, on the other hand, have experienced lower and more-capexintensive growth. As a result, provider s ROEs are declining from the peak of 26.6% in 2009, to 8.1% in 2012e, as the companies have to intensify capex spending to generate future growth. Brazil healthcare e Payers growth Sales 28.8% 13.7% 58.3% 18.1% 12.5% EBITDA 12.5% -40.2% 178.9% 32.1% 19.3% EBIT 22.1% -46.1% 184.5% 34.1% 38.8% Net profits 56.6% -33.0% 31.3% 35.4% 39.5% Payers margins EBITDA 7.5% 4.0% 7.0% 7.8% 8.3% EBIT 5.5% 2.6% 4.7% 5.3% 6.6% Net profit 5.9% 3.5% 2.9% 3.3% 4.1% Payers productivity Capex/sales 5.3% 16.4% 11.0% 5.4% 4.3% Asset turnover (x) Net debt/eq ROE 20.2% 12.7% 11.7% 15.5% 19.9% Providers growth Sales 28.6% 19.1% 10.0% 39.3% 20.1% EBITDA 60.0% 1.9% 37.4% 20.7% 22.9% EBIT 54.8% 61.9% 56.2% 11.5% 26.6% Net profits -64.6% 477.9% 36.3% 29.1% 15.0% Providers margins EBITDA 23.4% 20.0% 25.0% 21.7% 22.2% EBIT 10.1% 13.7% 19.5% 15.6% 16.5% Net profit 1.6% 7.8% 9.6% 8.9% 8.5% Providers productivity Capex/sales 13.1% 6.7% 131.4% 70.6% 16.7% Asset turnover (x) Net debt/eq ROE 4.8% 26.6% 16.5% 18.0% 8.1% Note: based on all HSBC coverage of Brazil Source: HSBC estimates 8
9 Sector snapshot Key sector stats 0.57% of MSCI EM Latam Trading data ADTV (5 Year) (USD mn) Aggregated market cap (USD bn) 4.32 Performance since inception* Absolute % Relative to MSCI EM LatAm % 3 largest stocks DASA.ON, ODONTOPREV.ON, AMIL.ON Correlations (5-year) with MSCI EM LatAM 0.22 Source: HSBC, Thomson Reuters Datastream, MSCI, I/B/E/S, At June 30, 2012 *IPO , performance includes dividends Top 4 stocks Stock rank Stocks Index weight 1 DASA ON 0.21% 2 ODONTOPREV ON 0.18% 3 AMIL ON 0.17% Source: HSBC, Thomson Reuters Datastream, MSCI, I/B/E/S, At June 30, 2012 Core industry driver: and dental market penetration 30% 25% 20% 15% 10% 5% 0% 24.6% 17.6% 17.9% 18.2% 18.9% 19.6% 20.7% 22.5% 21.4% 8.1% 6.9% 2.2% 2.6% 3.1% 3.3% 4.0% 4.8% 5.6% Source: ANS, HSBC PE band chart Percentage of Brazilians w ith priv ate HC insurance Percentage of Brazilians w ith priv ate Dental insurance Country breakdown Country Weights (%) Brazil 0.94% Chile 0.00% Colombia 0.00% Mexico 0.00% Peru 0.00% Source: HSBC, Thomson Reuters Datastream, MSCI, I/B/E/S, At June 30, Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 AMIL ODPV DASA3 FLRY3 Source: Economática, HSBC PB vs. ROE % 30% 20% 10% 0% -10% 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q11 3Q11 1Q12 3Q12 Pay ers - PB Prov iders - PB Pay ers - ROE Prov iders - ROE Payers = AMIL3 and ODPV3 Providers = DASA3 and FLRY3 Source: Economatica, HSBC 9
Earnings Release 4Q14
Earnings Release 4Q14 Earnings 4Q14 Fleury ON (Bovespa FLRY3) (Bloomberg FLRY3 BZ; Thomson FLRY3-BR) Debentures: BRFLRYDBS007, BRFLRYDBS015 e BRFLRYDBS023 On December 31 st 2014: Shares Outstanding 156,293,356
More informationCorporate presentation March 2018
Corporate presentation March 2018 Agenda Overview and Strategy Financial Performance Healthcare Sector in Brazil Expansion Plan Ownership Structure and Governance 2 Agenda Overview and Strategy Financial
More informationCorporate presentation August 2017 FLRY3
Corporate presentation August 2017 FLRY3 Agenda Overview and Strategy Financial Performance Healthcare Sector in Brazil Expansion Plan Ownership Structure and Governance 2 Agenda Overview and Strategy
More informationCorporate presentation May 2017 FLRY3
Corporate presentation May 2017 FLRY3 Agenda Overview and Strategy Financial Performance Healthcare Sector in Brazil Expansion Plan Ownership Structure and Governance 2 Agenda Overview and Strategy Financial
More informationInvestor Presentation
Investor Presentation 3Q10 Growth for the next 115 years SULAMÉRICA TODAY A Unique Kind of Insurance Company Ranking as independent pure play Brazilian insurance company not owned by a bank #1 Ranking
More informationCorporate presentation August 2018
Corporate presentation August 2018 Agenda Overview and Strategy Financial Performance Healthcare Sector in Brazil Expansion Plan Ownership Structure and Governance 2 Agenda Overview and Strategy Financial
More informationInstitutional Presentation. June/2016
V2 Institutional Presentation June/2016 Disclaimer This release contains forward-looking statements that are exclusively related to the prospects of the business, its operating and financial results, and
More informationCardinal Health, Inc. - Financial and Strategic SWOT Analysis Review
Publication Date: FEB 2013 7000 Cardinal Place Phone Revenue Dublin, OH Fax Net Profit 43017 Website Employees United States Exchange Industry Company Overview Cardinal Health, Inc. (Cardinal Health) is
More informationInvestor Presentation
Investor Presentation 4Q10 Growth for the next 115 years SULAMÉRICA TODAY A Unique Kind of Insurance Company Ranking as independent pure play Brazilian insurance company not owned by a bank #1 Strong brand
More informationResults 3Q17 FLRY3. October 2017
Results 3Q17 FLRY3 October 2017 Disclosure This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs and expectations of the
More informationBrazil Health Care Struggling to Meet Demand
Brazil Health Care Struggling to Meet Demand September 06, 2012 LatAm Team Gustavo Wigman +55 (11) 3701-6302 gustavo.wigman@credit-suisse.com Clarissa Berman +55 (11) 3701-6316 clarissa.berman@credit-suisse.com
More information2Q12 Results FLRY 3. August, 2012
2Q12 Results FLRY 3 August, 2012 ALL RIGHTS RESERVED 2012 Disclaimer This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs
More informationFrom HMO to IPO the Brazilian Experience. Luiz Kaufmann. IFC INTERNATIONAL HEALTH CONFERENCE 2007 April 2007
From HMO to IPO the Brazilian Experience Luiz Kaufmann IFC INTERNATIONAL HEALTH CONFERENCE 2007 April 2007 IFC INTERNATIONAL HEALTH CONFERENCE 2007 April 2007 From HMO to IPO The Brazilian Experience Luiz
More informationEarnings 3Q17. GrupoFleury
Earnings Conference call: October 27 th 11AM (09AM EDT) Phone: Brazil: + 55 11 2188-0155 USA:+1 646-843-6054 Replay: +55 11 2188-0400 Code: Fleury Webcast: www.fleury.com.br/ri In September 29 th, 2017:
More informationCorporate Presentation July New growth cycle and value innovation
Corporate Presentation July 2018 New growth cycle and value innovation Index 1 Dental benefits: an incipient sector in Brazil 2 Inside OdontoPrev: strategic competitive advantages 3 Financial and Operational
More information2 nd QUARTER 2015 RESULTS
2 nd QUARTER 2015 RESULTS DASA announces growth of 9.6% in Gross Revenue of R$815.0 million in DASA ON Bovespa: DASA3 Last Quoted price: R$10.00 Average daily trade volume R$0.5 Million in Market value
More informationEarnings 2015 and 4Q15
Earnings and Fleury ON (Bovespa FLRY3) (Bloomberg FLRY3 BZ; Thomson FLRY3-BR) Debentures: BRFLRYDBS007, BRFLRYDBS015 e BRFLRYDBS023 On December 31 st : Shares Outstanding 156.293.356 shares Shares Outs
More informationMalaysia. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations
July 212 Neel Sinha* Head of Research, Southeast Asia The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch +65 6658 658 neelsinha@hsbc.com.sg *Employed by a non-us affiliate of HSBC
More informationNew growth cycle and value innovation. May, 2013
New growth cycle and value innovation May, 2013 Disclaimer The information contained herein has been prepared by Odontoprev S.A. ( OdontoPrev or the Company ) and this material does not constitute offering
More information2016 and 4Q16 Results FLRY3. March 2017
2016 and Results FLRY3 March 2017 Disclosure This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs and expectations of
More informationKursad Duman Head of Investor Relations & Capital Markets
Kursad Duman Head of Investor Relations & Capital Markets Contents Financial Review Operational Review A New Scope: Toiletries Ownership Appendices 2 Focused on Profitability... (in (millions except EPS)
More informationCOMMITMENT TO SHAREHOLDERS: Dividend maintained ( 447 million charged against 2018 results).
SUSTAINABILITY: 702 million generated in the fiscal year*. REINFORCING THE BALANCE SHEET: Goodwill writedown in the amount of 173 million. COMMITMENT TO SHAREHOLDERS: Dividend maintained ( 447 million
More information2015 and 4Q15 Results FLRY3. March 2016
2015 and Results FLRY3 March 2016 Disclosure This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs and expectations of
More informationFleury S.A. Quarterly Information (ITR) at September 30, 2015 and Report on Review of Quarterly Information
(A free translation of the original in Portuguese) Fleury S.A. Quarterly Information (ITR) at September 30, 2015 and Report on Review of Quarterly Information (A free translation of the original in Portuguese)
More informationEGP 2.9 BN 51.1% y-o-y. EGP 216 MN 44.9% y-o-y. EGP 92 MN 69.4% y-o-y. EGP 28 MN 46.3% y-o-y. EGP 36 MN 88.4% y-o-y.
EARNINGS RELEASE Ibnsina Pharma Releases Audited Results Ibnsina Pharma starts 2018 off strong with year-on-year revenue and EBITDA growth of 51% and 69% respectively in 1Q2018, ensuring a sustained growth
More informationEarnings 1Q17. GrupoFleury. Conference call April 28 th 11AM (10AM EDT) Phone: Brazil: USA: Replay:
Earnings Conference call April 28 th 11AM (10AM EDT) Phone: Brazil: + 55 11 2188-0155 USA: +1 646-843-6054 Replay: +55 11 2188-0400 Code: Fleury Webcast: www.fleury.com.br/ri In March 31 st, 2017: Total
More informationLocaliza Rent a Car S.A.
Localiza Rent a Car S.A. Confins airport branch Belo Horizonte 24h reservation 0800 979 2000 www.localiza.com 1 Integrated business platform 28,080 cars 172 agencies 1.2 million clients 16,600 cars 405
More informationINSTITUCIONAL PRESENTATION 2013 São Paulo April 2013
INSTITUCIONAL PRESENTATION 2013 São Paulo April 2013 1/26 /15 DISCLAIMER This document contains forward looking statements that can be identified by words like hope, plan, expect, believe, seek, estimate
More informationCORPORATE PRESENTATION
CORPORATE PRESENTATION 2018 InRetail Overview Peruvian multi-format retailer, with presence in the Andean region through the pharma business Leading positions in Peru in its 3 segments #1 supermarket chain
More information2Q15 Results FLRY3. July 2015
2Q15 Results FLRY3 July 2015 Disclosure This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs and expectations of the
More informationInvestor Relations & Capital Markets
Investor Relations & Capital Markets Contents Financial Review Operational Review A New Scope: Toiletries Ownership Appendices 2 Focused on Profitability... (TRL in millions except EPS) As of June 30,
More informationTeam. Marcelo Bermúdez CFO Cruz Blanca Salud
MARCH 2012 Team Marcelo Bermúdez CFO Cruz Blanca Salud History of growth, profitability and acquisitions Cruz Blanca Salud s strategy is based on diversification and growth Association between Said Group
More informationAberdeen Latin America Equity Fund, Inc. (LAQ) Exposure to an improving economic situation through a growing pool of well-managed companies
Aberdeen Latin America Equity Fund, Inc. (LAQ) Exposure to an improving economic situation through a growing pool of well-managed companies April 2011 www.aberdeenlaq.com Andy Brown, Investment Manager,
More informationChina TCM (570 HK) Buy (maintained) Target price: HK$ H17 earnings beat, 2017 growth guidance reaffirmed; TP raised to HK$5.
Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Equity Research Healthcare China TCM (570 HK) Buy (maintained) Target price: HK$5.40
More informationCORPORATE PRESENTATION
CORPORATE PRESENTATION 2018 InRetail Overview Peruvian multi-format retailer, also present in Ecuador, Colombia and Bolivia through the pharma business Leading positions in Peru in its 3 segments #1 supermarket
More informationDiscussion Material November, ParkShoppingSãoCaetano São Caetano (SP) 1
Discussion Material November, 2017 ParkShoppingSãoCaetano São Caetano (SP) 1 Disclaimer This document may contain prospective statements, which are subject to risks and uncertainties as they were based
More informationTeam. Marcelo Bermúdez CFO Cruz Blanca Salud. Joaquín Solís de Ovando IR Cruz Blanca Salud
NOVEMBER 2011 Team Marcelo Bermúdez CFO Cruz Blanca Salud Joaquín Solís de Ovando IR Cruz Blanca Salud History of growth, profitability and acquisitions Cruz Blanca Salud s strategy is based on diversification
More information2Q10 Results. August, 2010 FLRY3
2Q10 Results FLRY3 The most valuable brand in the Brazilian healthcare industry The 6th most valuable brand among the service companies The 25th most valuable Brazilian brand Millward Brand / BrandAnalytics
More informationO&M in the Last Mile Ezentis manages, maintains and deploys infrastructure for telecommunications and utilities companies.
1 O&M in the Last Mile Ezentis manages, maintains and deploys infrastructure for telecommunications and utilities companies. Focus on Latin America where Ezentis activity represents 91,3% of total Group
More informationCORPORATE PRESENTATION
CORPORATE PRESENTATION 2018 InRetail Overview Peruvian multi-format retailer, with presence in the Andean region through the pharma business Leading positions in Peru in its 3 segments #1 food retail chain
More informationKIMBERLY CLARK DE MEXICO Re-Rating Completed; Downgrading to Hold
Latin American Equity Research Mexico City, November 20, 2006 KIMBERLY CLARK DE MEXICO Re-Rating Completed; Downgrading to Hold Joaquín Ley* Mexico: Santander Banco Santander S.A. 5255) 5269-1921 jley@santander.com.mx
More informationConvención de Finanzas y Mercado de Capitales 2013
Citi Equity Capital Markets October 29, 2013 Convención de Finanzas y Mercado de Capitales 2013 1 1. Global Markets 2 Price Performance (%) GDP Growth (%) Global Environment at Inflection Point Developed
More informationTracking the Growth Catalysts in Emerging Markets
Tracking the Growth Catalysts in Emerging Markets September 14, 2016 by Nick Niziolek of Calamos Investments The following is an excerpt of remarks made on August 30, 2016. The majority of the improved
More informationGrupo Prosegur - Results Madrid, 26 th February 2009
Grupo Prosegur - Results 2008 Madrid, 26 th February 2009 Executive Summary Total Growth Growth Profitability +11.4% +27.9% 2,051.7 1,841.8 207.1 Margin 8.8% 10.1% Strong growth trend, mainly due to the
More informationCorporate Presentation 2Q18. New growth cycle and value innovation
Corporate Presentation 2Q18 New growth cycle and value innovation Index 1 Dental benefits: an incipient sector in Brazil 2 Inside OdontoPrev: strategic competitive advantages 3 Financial and Operational
More information1H RESULTS PRESENTATION Madrid, 2014
1H RESULTS PRESENTATION Madrid, 2014 Disclaimer In addition to figures prepared in accordance with IFRS, PRISA presents non-gaap financial performance measures, e.g., EBITDA, EBITDA margin, adjusted EBITDA,
More informationCapital Markets and M&A in Latin America
Capital Markets and M&A in Latin America 10th Annual LABA Conference Latin America: Growth Perspectives in a Shifting Political Landscape Bernardo Parnes Chief Executive Officer - Banco Bradesco BBI S.A.
More informationCopel. Equity Research. Big boost from Araucária. Latin America Electric & Other Utilities Company Note 15 May 2015
Equity Research Big boost from Araucária Strong quarter reported much stronger-than-expected figures. Similar to most of the companies that reported, part of the outperformance comes from an energy allocation
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `495 Target Price - 4QFY2017 Result Update Pharmaceutical.
Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 4QFY2017 Result Update Pharmaceutical June 5, 2017 Cadila Healthcare Performance Highlights Y/E March (`
More informationCVC. Equity Research. Another solid sales showing. Latin America Retailing Company Note 07 April 2015
Equity Research CVC Another solid sales showing Promotional environment drove sales in Q1 Bookings rose 11% y/y to R$1.269bn, supported by 6.4% SSS and the opening of 105 stores (totaling 919 exclusive
More informationInvestor Relations & Capital Markets
Investor Relations & Capital Markets Contents Financial Review Operational Review A New Scope: Toiletries Ownership Appendices 2 Focused on Profitability... (TRL in millions except EPS) As of Sept. 30,
More informationEmerging markets the equities perspective. Scott Berg, T. Rowe Price
Emerging markets the equities perspective Scott Berg, T. Rowe Price Audience voting about to begin Proudly supported by our Gold Industry Partner Question What is your fund's weight in Emerging Markets?
More informationSuzano Papel e Celulose
Equity Research Transgenic clones: the next big leap for pulp? Approval to commercially exploit GM clones is a LT driver of competiveness Suzano announced today that it received an initial approval from
More information3Q16 results FLRY3. October 2016
results FLRY3 October 2016 Disclosure This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs and expectations of the Company
More informationIMS Retail Drug Monitor
IMS Retail Drug Monitor Tracking 13 Key Global Pharma Markets 12 months to November 2004 Regional Sales Breakdown: $US Billions 200 10% 180 Value US$Bill 160 % Growth IMS HEALTH, the global healthcare
More informationCEMEX Cement. Quarterly Report February 9, CEMEX remains on track to regain its investment grade.
Quarterly Report CEMEX Market Outperformer 2017 Price Target US$11.0 Price 8.9 12M Price Range 4.1/9.5 Shares Outstanding (Mill)* 1,545 Market Cap USD (Mill) 13,797 Float 78.6% Net Debt USD (Mill)** 12,516
More informationPremier Oil plc (PMO) - Financial and Strategic SWOT Analysis Review. Reference Code: GDGE1287FSA Publication Date: NOV 2014.
Publication Date: NOV 2014 Company Overview Phone Fax Website Exchange Revenue Net Profit Employees Industry Premier Oil plc (Premier Oil) is an independent upstream energy company specializing in the
More informationFleury S.A. Quarterly Information (ITR) at June 30, 2015 and Report on Review of Quarterly Information
(A free translation of the original in Portuguese) Fleury S.A. Quarterly Information (ITR) at June 30, 2015 and Report on Review of Quarterly Information Report on review of quarterly information To the
More informationContents. HSBC Group in the world. HSBC in Brazil. New Economic Scenario / Macroeconomic Forecasts
HSBC GLOBAL & LOCAL STRATEGY IN A NEW ECONOMIC SCENARIO Conrado Engel CEO & President of HSBC Bank Brasil 26 March 2010 The British Chamber of Commerce and Industry in Brazil - São Paulo 0 Contents HSBC
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationSafe Harbor Provision
Q2 2016 Safe Harbor Provision Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information In accordance with the "Safe Harbor" provisions of the Private Securities Litigation
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `390 Target Price - 2QFY2017 Result Update Pharmaceutical. Investment Period -
2QFY2017 Result Update Pharmaceutical November 7, 2016 Cadila Healthcare Performance Highlights Y/E March (` cr) 2QFY2017 1QFY2017 % chg (qoq) 2QFY2016 % chg (yoy) Net sales 2,336 2,216 5.4 2,267 3.1 Other
More informationRaia Drogasil. Equity Research. Neutral, but clearly a winner with improving Marginal ROIC
Neutral, but clearly a winner with improving Marginal ROIC Well set to consolidate its leading position in a sector with great dynamics In response to stronger-than-expected YTD results and top-notch execution,
More informationCadila Healthcare Ltd.
Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 s. Cadila Healthcare Ltd.. August 8, 216 BSE Code: 532321 NSE Code: CADILAHC Reuters Code: CADI.NS Bloomberg Code:
More informationINDRA SPAIN \ TECHNOLOGY
INDRA SPAIN \ TECHNOLOGY Company Update NR (prev. Buy) Target: 14.5 (prev. 17) Risk: High STOCK DATA Price 13.97 Bloomberg Code IDR SM Market Cap. ( mn) 2,269 Free Float 59.31% Shares Out. (mn) 162 52-week
More informationPlatinum Asset Management
AUSTRALIA PTM AU Price (at 06:10, 11 Jul 2016 GMT) Neutral A$5.52 Valuation A$ - DCF (WACC 9.3%, beta 1.2, ERP 5.0%, RFR 3.3%) 5.19 12-month target A$ 5.36 12-month TSR % +2.6 Volatility Index Low/Medium
More informationSandra Crowl, CAIA. Member of the Investment Committee
Sandra Crowl, CAIA Member of the Investment Committee 1 Macro Backdrop and Investment Ideas for 2018 2 Emerging Markets Tailwinds Overall consumption growth, annual change Global trade growth, in volume
More informationSAFARICOM LTD EARNINGS UPDATE MAY 2016
SAFARICOM LTD EARNINGS UPDATE MAY 2016 A I B C A P I T A L L T D We maintain our target estimates and only adjust for time value of money and debt on the valuation. We also factor in current numbers and
More informationCMPC. Target Price Update
CMPC Target Price: CLP 2,350 Recommendation: Buy Risk: Medium 2012-May-08 Sector: Forestry Target Price Update Analyst: Vicente Meschi vicente.meschi@corpgroup.cl Target Price Update Investment Thesis
More information2Q17 and 6M17 Earnings Release Resultados 4T12
ex-inss: Revenues up 5%. Lower dental care ratio and decreasing bad debt expand adjusted EBITDA by 13%. EPS 17% higher. Cash dividends in the quarter reach R$111 million, 217% above 2Q16 Sao Paulo, July
More information3Q13 Conference Call Gerdau S.A. Consolidated IFRS
3Q13 Conference Call Gerdau S.A. Consolidated IFRS André Gerdau Johannpeter President and CEO Andre Pires Vice-president and IR Director October 31st, de 2013 1 Industry Overview World steel production
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationMACRO-ECONOMICS REGULATORY INFRASTRUCTURE PHARMA INDUSTRY
MACRO-ECONOMICS Economic growth are potentially good GDP per capita above $ 3.000 Government health budget increases to 5% Middle class category is projected into 150 Mn in 2014, average life expectancy
More informationThe Role of the Private Sector in Expanding Health Access to the Base of the Pyramid
The Role of the Private Sector in Expanding Health Access to the Base of the Pyramid ABOUT IFC IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on
More informationInvestment case. Inbursa. Deal. Next steps
1 Investment case Inbursa Deal Strategic alliance to develop retail banking in Mexico and build a platform for expansion in America, through a 20% stake acquisition in GFI : GFI will bring its franchise
More informationTOP GLOVE CORPORATION BHD Investor Presentation 16 Aug 2017
TOP GLOVE CORPORATION BHD Investor Presentation 16 Aug 2017 Bursa Malaysia : 7113 SGX : BVA Reuters : TPGC.KL Bloomberg : TOPG MK ADR CUSIP : 890534100 Modest Beginnings Founded in 1991 by Tan Sri Dr Lim
More informationResults 2Q17 FLRY3. July 2017
Results 2Q17 FLRY3 July 2017 Disclosure This presentation may contain forward-looking statements. Such statements are not statements of historical facts and reflect the beliefs and expectations of the
More informationInflation-linked Bonds Recent Trends in Emerging Markets
Recent Trends in Emerging Markets Eighth Annual OECD-World Bank-IMF Global Bond Market Forum 9-10 May 2006, Washington DC Anderson Caputo Silva Senior Debt Specialist The World Bank 05/17/2006 1 Recent
More informationParvest Latin America
Parvest Latin America August 2009 Contents 1. Latin America: confidence returns 2. Parvest Latin America 3. Appendices Portfolio characteristics and performance 1. Latin America: confidence returns Latin
More informationCORPORATE PRESENTATION. March 2017
CORPORATE PRESENTATION March 2017 InRetail Overview Multi-format retailer with exclusive focus in Peru Leading positions in its 3 segments #1 supermarket chain #1 pharmacy chain #1 shopping center operator
More informationCorporate Presentation July New growth cycle and value innovation
Corporate Presentation July 2017 New growth cycle and value innovation Index 1 Dental benefits: an incipient sector in Brazil 2 Inside OdontoPrev 3 Strategic competitive advantages 4 Financial and Operational
More informationMitra Keluarga Company Focus
October 13, 2015 Mitra Keluarga Company Focus Patricia Gabriela (patricia.gabriela@trimegah.com) Titan in medical industry Initiate coverage on MIKA with BUY We initiate our coverage on MIKA with a Buy
More informationGrowth Opportunities Remain Intact, Introducing YE2011 Target Price
Latin American Equity Research Mexico City, August 2, 2010 Company Report Mexico Healthcare GENOMMA LAB Growth Opportunities Remain Intact, Introducing YE2011 Target Price Joaquin Ley* BUY Daniel Gewehr*
More informationCORPORATE PRESENTATION
CORPORATE PRESENTATION 2017 InRetail Overview Multi-format retailer with exclusive focus in Peru Leading positions in its 3 segments #1 supermarket chain #1 pharmacy chain #1 shopping center operator Controlled
More informationGrupo Sura. Equity Research. 4Q14: FX distorts a continuation of good operating trends
Equity Research Grupo Sura 4Q14: FX distorts a continuation of good operating trends Operating lines beat us (again), but FX losses hit bottom line (as expected) Sura s 4Q14 insurance and asset management
More informationProsegur FY 2010 Results. Madrid, February 28 th, 2011
Prosegur FY Results Madrid, February 28 th, 2011 Highlights Total sales in increased by 17.1% to EUR 2,560 million (2,187). Organic sales growth of 7.1% (3.7%) EBIT Margin stood at 10.3% EBIT rose 13.9%
More informationVYMI Vanguard International High Dividend Yield ETF
Vanguard International High Dividend Yield ETF ETF.com segment: Equity: Global Ex-U.S. - High Dividend Yield Competing ETFs: DWX, HDAW Related ETF Channels: Smart-Beta ETFs, Dividend, Broad-based, High
More information1Q14 Earnings Presentation
1Q14 Earnings Presentation May 9 th, 2014 Forward Looking Statements This presentation may contain certain statements that express the management s expectations, beliefs and assumptions about future events
More informationEzentis increases its EBITDA by 142,3% in the first nine months of the year up to 16,4 million Euros
Results Presentation Ezentis increases its EBITDA by 142,3% in the first nine months of the year up to 16,4 million Euros The revenue of the Company increased by 30% up to 228,5 million Euros thanks to
More informationOur Company. One of Chile s leading healthcare groups (~ US$1,0 billion in revenues) Insurance #2 Isapre in revenues
October 2013 1 Our Company 2 One of Chile s leading healthcare groups (~ US$1,0 billion in revenues) Insurance #2 Isapre in revenues +629.000 avg beneficiaries +340.000 avg policy holders 78 branch offices
More information2016 FULL-YEAR RESULTS Wednesday, March 15 th 2017
2016 FULL-YEAR RESULTS Wednesday, March 15 th 2017 FORWARD LOOKING STATEMENTS This presentation may contain some forward-looking statements. These statements are not undertakings as to the future performance
More informationSigma Pharmaceuticals Limited
Investor Relations Contact: Gary Woodford Corporate Affairs Manager Gary.Woodford@signet.com.au Phone: 03 9215 9632 Mobile: 0417 399 204 Mark Hooper CEO and Managing Director Gary Woodford Corporate Affairs
More informationThe Brazil, Russia, India & China Over-the-Counter Pharmaceuticals Market to 2025 **SAMPLE**
The Brazil, Russia, India & China Over-the-Counter Pharmaceuticals Market to 2025 **SAMPLE** Pharmaceutical, commercial and strategic developments in the Brazil, Russia, India & China Over-the- Counter
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `440 Target Price. 3QFY2017 Result Update Pharmaceutical. Investment Period -
3QFY2017 Result Update Pharmaceutical February 22, 2017 Cadila Healthcare Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 2,250 2336 (3.7) 2268 (0.8)
More informationVITRO Conglomerates. Quarterly Report July 29, VITRO Market Outperformer 12M FWD Price Target P$73.0
Quarterly Report VITRO Market Outperformer 12M FWD Price Target P$73.0 Price 61.1 12M Price Range 36.3/ 66.7 Shares Outstanding (Mill) 483.6 Market Cap (Mill) 1,564 Float 20% Net Debt ( Mill) -424 EV Adj.
More informationDubai Financial Market
June 21, 2009 Fair Value Estimate: AED 2.04 Recommendation:: Hold Executive Summary DFM posted a weak operating result in Q1 2009. Total revenue fell 24.7% q-o-q to AED 68.6mn due to lower trading commission
More informationQUARTERLY CIO LETTER. A gold mine or a minefield? Summary. The scramble for liquidity intensifies. 18 July 2018
A gold mine or a minefield? Summary Strong U.S. growth is likely to cause spillover effect on the rest of the world, thus sustaining global economic expansion. But the range of possibilities for global
More information3Q14 Earnings Conference Call
3Q14 Earnings Conference Call 2 Group Overview CONTAX IS THE LEADING CRM BPO COMPANY IN SOUTH AMERICA Contax Group at a glance Contax Group footprint and portfolio of services Contax Group Highlights 4
More informationMarket Access for Specialty Products in Latin America
Brazil, Mexico, Argentina, Chile, Colombia, Cuba, Peru and Venezuela represented a market retail value of $80bn in 2013, up from $50bn in 2010. for Specialty Products in Latin America Andrea Sobrio and
More information