financial_analysis
at position 90–95%
147 slides where a page of type financial analysis falls in the 90–95% range of its deck.
2017 Bond Cap Internet Trends 2017
“USA Income Statement = -19% Average Net Margin Over 25 Years...”
-19% average net margin, 1991-2016
-19% · Net Margin
2017 Bond Cap Internet Trends 2017
“...USA Income Statement = What Net Losses in 45 of 50 Years Look Like...”
2019 Bond Cap Internet Trends 2019
“China Trade Balance = Current Account Surplus Narrowing... Rising Outbound Tourism Offsetting Decreasing Net Exports”
2018 Bond Cap Internet Trends 2018
“USA Income Statement = -19% Average Net Margin Over 30 Years...”
-19% Average Net Margin, 1987-2017
-19% · Net Margin
Consolidated Full Presentation
“AWM is a consistent growth franchise”
26% · 10-year average ROE
Consolidated Full Presentation
“Expense discipline and focused investing”
$12.3B · Total Adjusted Expense
Forsyningssektorens Effektiviseringspotentiale
“Reduktion i potentiale fra 2011 til 2014 kan primært henføres til, at et stort selskab er rykket tættere på fronten”
Det direkte potentiale i el-distributionssektoren er faldet med 84 DKKm, svarende til et fald på 15% fra 2011 til 2014
84 DKKm · Efficiency potential (DKKm)
Forsyningssektorens Effektiviseringspotentiale
“Antagelser vedrørende omkostningsbesparelser”
Størrelsen af besparelsespotentialerne er baseret på erfaringer fra internationale fusioner, hvor der typisk ses samme størrelse synergier i gas- og el-sektoren, og er valideret ved at sammenligne med
35% · Cost saving potential
Hydrogen applications and business models
“An H2 bus network comes at an extra cost of 90¢ to $1.20 per passenger and is more expensive than battery electric buses”
An H2 bus network comes at an extra cost of 90¢ to $1.20 per passenger and is more expensive than battery electric buses
$1.20 · Levelized cost of mobility per passenger
Hydrogen applications and business models
“Declining LCOH and acquisition cost reduction triggered by mass production could make FCEV buses competitive with BEV and ICE”
Declining LCOH and acquisition cost reduction triggered by mass production could make FCEV buses competitive with BEV and ICE
$1.3 · Levelized cost of mobility
Hydrogen applications and business models
“Under the current electrical mix, only refueling stations powered by renewables would reduce CO2 emissions at a cost below $220 per ton”
However, because of the intermittency of production, an emergency supply of hydrogen might be needed (for example, by trailer), which would increase the overall cost.
$126 · CO2 avoidance cost
Hydrogen applications and business models
“While FCEV buses powered by wind H2 appear to have the lowest CAC, grid-powered BEV buses are the second best alternative”
Battery carbon footprint has a high impact when grid emissions are low.
Hydrogen applications and business models
“H2 trains on non-electrified lines are more competitive than electrification but more expensive than diesel trains”
Hydrogen is currently more competitive if it comes as a by-product from the chlorine production plant, even if it is priced at SMR cost or $1.40 per kg.
20.1 · Levelized cost of mobility
Hydrogen applications and business models
“H2 trains on non-electrified lines are more competitive than electrification but more expensive than diesel trains”
As hydrogen production costs will become cheaper, including related infrastructure, fuel-cell trains could become more competitive than diesel trains if H2 is purchased at free cost or SMR price and t
4.2 · Levelized cost of mobility
Hydrogen applications and business models
“Using by-product H2 from the chlorine industry appears to have the cheapest avoidance cost”
Using by-product H2 from the chlorine industry appears to have the cheapest avoidance cost
$56 · CO2 avoidance cost
Southeast Asia's Green Economy
“Corporate momentum drove green investments across SEA, India, and Korea; in SEA, climate and infrastructure fundings grew by ~4x and ~14x, respectively”
Johor Bahru Data Center Project - Malaysia: $750M fund for project funded by six investors
26.1 · Private green investments ($ billion)
Southeast Asia's Green Economy
Indonesia | Investment landscape
2024 total = ~$1,241 million (~15% of SEA-6)
$1,241 million · Private green investment
Transformation Ebook
Funding the Journey with a Leaner Organization
Price premium has already eroded significantly because customers have started to employ central bidding
~5% · Profit margin (%)
2014 Bond Cap Internet Trends 2014
“USA Inc. Income Statement, F2013 – Revenue (Taxes) +13%...Expenses -2%...-24% Net Margin”
USA Inc. median net margin between 1998 & 2013 = -16%
-24% · Net Margin
2014 Bond Cap Internet Trends 2014
“Where Your Tax Dollars Go – Entitlements as % of Government Spending = 63% vs. 59% Y/Y”
Entitlement Spending = 63%
63% · Entitlement Spending
The State of Fashion 2025
“However, top-performing companies are still expected to create most of the industry's value”
Top 20 companies (Super Winners) account for 89% of EP contribution.
108 · EP contribution
20240220 Barclays FY2023 Results and Investor Update Present
“Long-term prudent risk positioning in our credit card portfolios”
24.5 · Net L&A
20240220 Barclays FY2023 Results and Investor Update Present
“Resilient mortgage book with customers proactively locking in rates”
£164bn · Mortgage portfolio balance
20240220 Barclays FY2023 Results and Investor Update Present
Impairment: Q423 corporate loan exposure
c.36% synthetic protection against c.£50bn of funded on-balance sheet exposure in the Corporate lending portfolio
£128bn · Corporate loan exposure
e-Conomy SEA 2021 Roaring 20s: The SEA Digital Decade
“Sizeable surge in e-commerce makes up for delayed recovery in travel”
$35bn · GMV
e-Conomy SEA 2021 Roaring 20s: The SEA Digital Decade
“Deal values of H1 2021 and H1 2020 are neck and neck, poising 2021 to be another record-breaking year”
Deal values of H1 2021 and H1 2020 are neck and neck, poising 2021 to be another record-breaking year
$534M · Deal value
e-Conomy SEA 2020 At full velocity: Resilient and racing ahe
“Surge in e-Commerce insufficient to offset contractions in Transport & Food and Travel”
e-Conomy SEA 2020 At full velocity: Resilient and racing ahe
Investment in Internet sector
9.1 · Deal value (US $B)
e-Conomy SEA 2021 Roaring 20s: The SEA Digital Decade
“Deal value is on the rise, driven by several large Series-C investments in DFS and e-commerce”
$0.6B · Private funding value
e-Conomy SEA 2021 Roaring 20s: The SEA Digital Decade
“DFS overtakes e-commerce, nabbing nearly half of all funding and raising ~$150M in H1 2022 alone”
DFS overtakes e-commerce, nabbing nearly half of all funding and raising ~$150M in H1 2022 alone
$150M · Private funding value
2012 Bond Cap Internet Trends 2012
“Public Market Investors = More Skeptical than Private Market Investors”
(40%) · % Change From IPO
mi guide to the markets uk
Long-term asset returns
5.1% · Annualised real returns
2025 Nigeria Budget and Economic Outlook
“The proposed 2025 budget is set at ₦49.7 trillion, with ₦13.39 trillion to finance the deficit”
Deficit of ₦13.8 trillion (36.8% of total FGN revenues & 3.87% of estimated GDP) is to be financed by borrowing (69%), asset sale (2%) & multilateral loans (28%)
₦49.7 trillion · Total Budget
2021 Benedict Evans 2021 Three Steps to the Future
Platform leverage
Over $100bn in revenue from leveraging the platform and installed base
$100bn · Annual revenue
2021 Benedict Evans 2021 Three Steps to the Future
“How much does Apple care about music or TV?”
Total Apple revenue is close to 20x recorded music
$365bn · Annual revenue
guide to the markets asia
Asset class returns during the cycle
25.7% · Annualized total returns
guide to the markets asia
Long-term returns and the compounding effect
$1,286 · Growth of investment
guide to the markets asia
60/40 stock-bond portfolio performance
FY24 Results and Progress Update Presentation
“Diverse and stable franchise deposit base”
c.35% transactional accounts, c.53% covered by liquidity pool, >70% of BUK and UK Corporate Bank relationships 5+ years
£561bn · Total Deposits
FY24 Results and Progress Update Presentation
“Prudently managed LCR supported by a highly liquid balance sheet”
73% of Liquidity Pool held in cash
172% · Liquidity Coverage Ratio
FY24 Results and Progress Update Presentation
“CET1 ratio within the 13-14% target range”
13.6% · CET1 ratio
guide to the markets au
Portfolio returns and stock-bond contribution
mi guide to alternatives
Hedge fund performance and volatility
1.7% · Average monthly returns
guide to the markets au
Time, diversification and the volatility of returns
47% · Annual total returns
morgan stanley virtual hk summit march 2022
Macquarie Asset Management
Base fees of $A1,362m, up on 1H21 primarily driven by Acquisition of Waddell & Reed in current period.
$1,305m · Net profit contribution
morgan stanley virtual hk summit march 2022
Banking and Financial Services
Net interest and trading income of $A974m, up 15% on 1H21.
482 · Net profit contribution
morgan stanley virtual hk summit march 2022
Commodities and Global Markets
Commodities income of $A1,254m, up 13% on 1H21.
$1,729m · Net profit contribution
morgan stanley virtual hk summit march 2022
Macquarie Capital
Net interest and trading income of $A115m, increased significantly on 1H21 resulting from growth in the Principal Finance debt portfolio, and lower funding costs compared to the prior corresponding pe
$468m · Net profit/(loss) contribution
mi daily gtm us
Capital gains by investment vehicle
mi daily gtm us
Asset allocation in retirement funds
$10.4tn · Total assets
Goldman Sachs Sixteenth Annual ANZ Investment Forum Presenta
Banking and Financial Services
Net interest and trading income of $A838m, in line with 1H19.
385 · Net profit contribution
MorganStanley
Performance Returns
Goldman Sachs Sixteenth Annual ANZ Investment Forum Presenta
Commodities and Global Markets
Net interest and trading income of $A1,688m, up 24% on 1H19.
1,138 · Net profit contribution
MorganStanley
Performance Returns
Goldman Sachs Sixteenth Annual ANZ Investment Forum Presenta
Macquarie Capital
Fee and commission income of $A415m, down 21% on 1H19 due to lower debt capital markets fee income, down on a strong 1H19, partially offset by higher mergers and acquisitions fee income.
$223m · Net profit contribution
Indonesia case study
“P&L of total area in Kalimantan, Sulawesi, Nusa Tenggara & Papua | Funding models can lead to school connectivity if assumptions turn out positive”
$87 · Annualized P&L
Indonesia case study
“Combining funding models leads to school connectivity in theory, however many hurdles need to be overcome”
While a theoretical surplus could be realized, lots of practical hurdles need to be overcome.
$27 · Surplus
2011 Bond Cap Internet Trends 2011
“America's Revenue & Expenses as % of GDP Over 110 Years; Current State = Revenue Problem? Spending Problem?”
Biggest Peace Time Gap Between Revenue & Expenses in USA History
2011 Bond Cap Internet Trends 2011
“America’s Income Statement – -60% Net Margin in F2010”
USA Inc. median net margin between 1995 & 2010 = -8%
-60% · Net Margin
Fresenius SE 2023 06 13 14 Goldman Sachs 44th Annual Global
Fresenius Group: Reconciliation adjusted Free Cash Flow for CCR
268 · Adjusted Free Cash Flow for CCR
Fresenius SE 2023 06 13 14 Goldman Sachs 44th Annual Global
Cash Flow development Q1/23
-177 · Free Cash Flow
Fresenius SE 2023 06 13 14 Goldman Sachs 44th Annual Global
Cash Flow development Q1/23 LTM
2,499 · Free Cash Flow
March Macro Brief Financial fissures emerge
“Systemic financial stress in major economies has spiked in the aftermath of recent bank failures but remains below peaks reached in recent years”
Peak during 2008/2009 Financial Crisis
0.9 · Composite Indicator of Systemic Stress Index (2008/2009 peak)
Year-end Macro Brief Into the Fog of Winter
“Overall food and fertilizer prices held steady in November”
Overall food commodity prices were broadly stable in November, reflecting offsetting increases in the prices of dairy, vegetable oils and sugar and declines in the prices of meat and cereals
120 · Food Price Index (2014-2016 = 100)
Deutsche Bank Q4 FY 2024 Presentation
Assets under management – Asset Management
1,012 · AuM
Grocery profitability outlook –Europe
“2. If 90-100% of labor cost increase due to labor market tightness can be passed on to consumers, the EBITDA impact is -0.3pp to opp”
90-100% of labor cost increase can be passed on to consumers
-0.3pp · EBITDA margin
Grocery profitability outlook –Europe
“3. GLP-1 drug users spend 6-11% less on groceries resulting in EBITDA margin decline of 0.1 to 0.2pp”
0.2-1.0% drop in volumes depending on the GLP-1 drug adoption rates, translating to 0.2-1.0% decrease in revenues and COGS
0.2pp · EBITDA margin
Deutsche Bank Q4 FY 2023 Presentation
Assets under management – Private Bank
€559bn · AuM
Grocery profitability outlook –Europe
“4. Market share erosion to discounters will negatively impact the EBITDA margin by -1pp to -0.3pp”
For each 1pp market share loss to discounters, the EBITDA margin of super- & hypermarkets declines by ~0.23pp
-1pp · EBITDA margin
Deutsche Bank Q4 FY 2023 Presentation
Assets under management – Asset Management
896 · Assets under management
Barclays H12023 Results Presentation
H123 Group Financial Highlights
Group RoTE was 13.2% (H122: 10.1%), well positioned to achieve our greater than 10% target for 2023
3,111 · Attributable profit
Barclays H12023 Results Presentation
H123 Barclays UK / H123 Barclays International
£1,049m · Attributable profit
Barclays H12023 Results Presentation
H123 CIB / H123 CC&P
£2,007m · Attributable profit
Gartner Introduction 2025
Non-GAAP Reconciliations
443.4 · Adjusted EBITDA
20230215 Barclays FY22 Results Presentation
Q422 Head Office Financial Highlights
Income of £(31)m driven by treasury items, funding costs on legacy capital instruments and mark-to-market losses on legacy investments, more than offset by hedge accounting gains.
£(63)m · Attributable loss
Presentation+Leonardo+GS+Investor+Meeting
“Solid Group liquidity ensures adequate financial flexibility”
New ESG Credit Line signed in October 2021 equal to € 2.4 bn together with cash in-hands(1) ensure a Group's liquidity of approx. € 5.4 bn
€5.4bn · Available Liquidity
20230215 Barclays FY22 Results Presentation
FY22 Group Financial Highlights
Income up 14% YoY with broad-based momentum across our operating divisions and the benefit from FX.
£5.0bn · Attributable profit
Presentation+Leonardo+GS+Investor+Meeting
“Balanced debt maturity profile”
€600mln ESG linked Term Loan subscribed in December 2021 has a bullet repayment in 2027
4.8 years · Debt maturity
20230215 Barclays FY22 Results Presentation
FY22 BUK / FY22 BI
1,877 · Attributable profit
Presentation+Leonardo+GS+Investor+Meeting
Development costs capitalised as intangible assets as at 31 December 2021
2,609 · Capitalized development costs
International Comparison of Australia’s Freight and Supply C
“While there are some clear structural differences, generally Australia’s domestic supply chain is more expensive than Canada’s”
There is a clear opportunity to improve rail and port costs.
120 · AUD per tonne
Q125 Results Presentation
“CET1 ratio with significant headroom to MDA”
Plan to operate towards the upper half of our 13-14% CET1 target range, as we have been doing
13.9% · CET1 ratio
Deutsche Bank Q1 2023 Presentation
Assets under management – Private Bank
531 · AuM
Q125 Results Presentation
“Operating with a prudent buffer to each tier of capital requirements”
Operating with prudent buffers at each part of the capital stack to manage FX and RWA movements.
20.6% · Capital Ratio
Deutsche Bank Q1 2023 Presentation
Assets under management– Asset Management
841 · AuM
Deutsche Bank Q3 2023 Presentation
Assets under management – Private Bank
547 · AuM
Deutsche Bank Q3 2023 Presentation
Assets under management – Asset Management
860 · Assets under management
Deutsche Bank Q3 2024 Presentation
Assets under management – Asset Management
963 · AuM
Q4 FY 2024 Fixed Income Call
Pre-provision profit, CAGR and operating leverage
7,121 · Pre-provision profit
Q4 FY 2024 Fixed Income Call
Adjusted key metrics – FY 2024
4,140 · Profit (loss) attributable to DB shareholders
Newmark May 2023 FI Conference Presentation Vf Final
Reconciliation of GAAP Income to Adjusted EBITDA
62,922 · Adjusted EBITDA
Deutsche Bank Q1 2025 Presentation
Adjusted costs – Q1 2025
5,122 · Adjusted costs
Deutsche Bank Q1 2024 Presentation
Assets under management – Asset Management
941 · AuM
Deutsche Bank Q2 2024 Presentation
Assets under management – Private Bank
613 · AuM
Deutsche Bank Q2 2024 Presentation
Assets under management – Asset Management
933 · AuM
2022 strategy update
“We are targeting a core RoTE of >8% and a Group RoTE of ~6% by 2025”
In the medium-term, our new business mix will support higher Group RoTE
>8% · RoTE
Investor Presentation 022323 DB summit
Time charter equivalent reconciliation(1)
23,824 · Total TCE rate
Scottish Fiscal Commission Audit
4.7 Audit adjustments
The following misstatements have been identified up to the date of this report which have been corrected by management.
3,805 · Audit adjustment value
Deutsche Bank Q2 2023 Presentation
Assets under management – Asset Management
859 · Assets under management
Investor Presentation 022323 DB summit
Net Income reconciliation
28,564 · Net income
Deutsche Bank Q4 2023 Fixed Income Call
Specific revenue items and adjusted costs – FY 2023
28,921 · Revenues ex-specific items
Deutsche Bank Q4 2023 Fixed Income Call
“Pre-provision profit, CAGR and operating leverage”
Operating leverage YoY for the Group is (0)%, with Corporate Bank showing a strong 15% improvement.
7,184 · Pre-provision profit
Challenges in Mining Scarcity Opportunity
“Going forward, a greenfield incentive price scheme is expected for heavy elements and neodymium1”
Should be in a greenfield incentive regime in the short-medium term, until some of the new capacity eases the supply/demand tightness.
Q3 2024 Fixed Income Call presentation
Pre-provision profit, CAGR and operating leverage
7,304 · Pre-provision profit
Deutsche Bank Q3 2023 Fixed Income Call
“Adjusted post-tax RoTE, CIR and operating leverage”
8.8 · Adjusted post-tax RoTE
Q3 2024 Fixed Income Call presentation
“Pre-provision profit, post-tax RoTE, CIR and operating leverage ex-Postbank takeover litigation provision impact”
7.75 · Post-tax RoTE
Future Energy Landscape Netherlands
“An annual investment of ~EUR 10 billion would be needed to move towards a 60% CO2 reduction by 2040”
~10 EUR billion/year or ~3% of annual budget
EUR 200 billion · Total additional investment
ei strategy presentation
Equity Income Composite
13.30% · Composite Gross of Fees Return
US Credit Card Issuer Performance 1Q 2023
P/E ratio at company level (diversified issuers)
Deutsche Bank Q1 2024 Fixed Income Call
“Pre-provision profit, CAGR and operating leverage”
2,475 · Pre-provision profit
tifs investor presentation deutsche bank 17 june 21
“Financial discipline and revenue growth results in margin expansion”
Financial discipline and revenue growth results in margin expansion
10%+ · Adj. EBIT Margin
New US tax/tariff proposals and their impact on the US autom
“In addition US parts imports for domestic production would've seen an increase in costs between USD 15.2 bn and 23.8 bn”
In addition US parts imports for domestic production would've seen an increase in costs between USD 15.2 bn and 23.8 bn
23.8 bn · Additional cost burden
QDEL JPM 2024 Presentation vfinal 010824 9 am PT
Q3 2023 YTD Non-GAAP Reconciliation
$199.1 · Net income
New US tax/tariff proposals and their impact on the US autom
“As a result on average, a vehicle produced in the US would cost between USD 1,300 to USD 2,000 more”
Exemplary calculation
USD 1,300 to USD 2,000 · Additional vehicle cost
TSN Barclays Consumer Staples FINAL
EPS Reconciliations
4.39 · EPS
QDEL JPM 2024 Presentation vfinal 010824 9 am PT
Q3 2022 YTD Non-GAAP Reconciliation
$815.3 · Net income
Driving innovation at scale
“Companies following the recipe generate higher economic profit”
Companies gain a significant competitive advantage by mastering the greatest number of Innovation Essentials
2.4x · Economic profit index
2022 ANNUAL RESULTS
THE HEART OF SCIENCE AND DATA: FINANCIAL TARGETS
900M€ · Free Cash Flow
1100 Aircastle
Reconciliation of LTM Adjusted EBITDA
161,004 · Adjusted EBITDA
13.02.23 Annual Results Presentation
THE HEART OF SCIENCE AND DATA: FINANCIAL TARGETS
900M€ · Free Cash Flow
original
Common equity tier 1 capital
44.7 · CET1 capital
1100 Aircastle
Reconciliation of Free Cash Flow
86,350 · Adjusted Free Cash Flow
original
Risk-weighted assets
310.6bn · Risk-weighted assets
Hospital Priorities 2022 China Edition: Strategic Implicatio
“75%-90% of hospitals have achieved a balanced budget or positive EBITDA margin; public hospitals have significant improvement on economic conditions compared to 2020”
Public hospitals have significantly improvement compared to 2020; less than 10% are running budget deficits (c.f., down from approx. 25% two years ago)
75%-90% · EBITDA margin
2024 Barclays ESG Conference Presentation
Key financial highlights
145 · EBITDA
Calumet+Inc.+Carbonomics+Investor+Presentation+Final+11+Nov.
RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (LOSS)
Hospital Priorities 2022 China Edition: Strategic Implicatio
“~65% hospitals run a sustainable business model, while the remainder require additional funding going forward; key influencing factors on sustainability include COVID, cost reduction, and economic growth”
65% · Business sustainability
Calumet+Inc.+Carbonomics+Investor+Presentation+Final+11+Nov.
RECONCILIATION OF MRL AND CMR NET INCOME (LOSS) TO ADJUSTED EBITDA
Global Report What Worries the World Jul 23 WEB
CURRENT ECONOMIC SITUATION: TURKEY
After two months above 30% for the first time since April 2021, Turkey's “good” economy score has fallen 9pts down to 23%.
23% · Economic sentiment
2023 MS Conference Presentation
Home equity overview
$4.0bn · Portfolio loans
20240220 Barclays FY2023 FI Call Slides
“Executed c.£1bn of c.£12bn 2024 issuance plan”
c.11 remaining
£1bn · HoldCo issuance volume
2024 Bond Cap USA report 2025 exhibits
“USA, Inc. Income Statement in Peace Time = Entitlement Programs Are Largest + Growing Expense Items”
Fiscal Year 2021 First Quarter
FINANCIAL RESULTS – KEY DRIVERS
$2.0 billion · Revenue
original
FINANCIAL RESULTS – KEY DRIVERS
$2.0 billion · Revenue
Investment Community Presentation Barclays Energy Conference
“Significant funding activities in Q2 bolsters balance sheet and enhances liquidity”
Ample alternative sources of equity funding can reliably support current secured growth program
$8.3 · Total Capital Raised
Morgan Stanley Investor Presentation
Non-GAAP “Core Earnings” to GAAP Reconciliation
$114,455 · Net Income
Dissecting 2021-22 Budget Speech
2021/22 Annual Budget Speech: Excise Duty on Cigarettes
N$44.99 · Cost breakdown
Barclays+Investor+Presentation+vFINAL
Capital Structure Overview
4.0x · Net Recourse Debt / LTM Adjusted EBITDA
200917 Credit Suisse Basic Materials Conference
“Q2 2020: Pharmaceuticals impacted by reduction of elective treatments and volume-based procurement in China”
COVID-19 impacts elective treatments, specifically the IUD franchise (-37%) and radiology (-21%)
3,992 · Sales
2020 cb investor day
Financial targets
$1.0B · Revenue targets
2023 Deutsche Bank FIG Presentation upload vf
Pre-provision profit
2,224 · Pre-provision profit
MSDL 4Q23 Earnings Presentation
Dividend History(1)
11.7% · Dividend Yield
IoT Mobile Internet Data Analytics 2030
“Moving to a modern cloud-based environment could help government departments realise IT savings of up to 40%”
Savings primarily driven through significantly reduced software/services and user support costs, reflecting the centralised support and deployment of updates and apps in a cloud environment
40% · TCO
GSBD Investor Presentation Q1 2023 vF
Distribution and Common Stock Information
$0.45 · Dividend per share
20230316 scff portfolio details
Credit Suisse Nova (Lux) Supply Chain Finance Investment Grade Fund
Total amount returned to investors approximately USD 258 mn
0.26 · USD bn
A&M Valuation Insights November 2023
“P/FFO multiples have deteriorated and are forecasted to remain low in the future”
P/FFO multiples fell well below the 10x mark. In the coming years, only a slight recovery of the multiple is expected.
10.7x · P/FFO multiple (residential real estate)
The Inflation Reduction Act: Here’s what’s in it
“An estimated $500 billion in new spending and tax credits for clean energy and healthcare will yield $237 billion in deficit savings.”
Raising revenue. Much of the new spending in the IRA is designed to be offset by measures to increase government revenues.
$237 billion · Deficit reduction