最新德国银行买方分析PPT课件.ppt
进入夏天，少不了一个热字当头，电扇空调陆续登场，每逢此时，总会想起进入夏天，少不了一个热字当头，电扇空调陆续登场，每逢此时，总会想起那一把蒲扇。蒲扇，是记忆中的农村，夏季经常用的一件物品。记忆中的故那一把蒲扇。蒲扇，是记忆中的农村，夏季经常用的一件物品。记忆中的故乡，每逢进入夏天，集市上最常见的便是蒲扇、凉席，不论男女老少，个个手持乡，每逢进入夏天，集市上最常见的便是蒲扇、凉席，不论男女老少，个个手持一把，忽闪忽闪个不停，嘴里叨叨着一把，忽闪忽闪个不停，嘴里叨叨着“怎么这么热怎么这么热”，于是三五成群，聚在大树，于是三五成群，聚在大树下，或站着，或随即坐在石头上，手持那把扇子，边唠嗑边乘凉。孩子们却在周下，或站着，或随即坐在石头上，手持那把扇子，边唠嗑边乘凉。孩子们却在周围跑跑跳跳，热得满头大汗，不时听到围跑跑跳跳，热得满头大汗，不时听到“强子，别跑了，快来我给你扇扇强子，别跑了，快来我给你扇扇”。孩。孩子们才不听这一套，跑个没完，直到累气喘吁吁，这才一跑一踮地围过了，这时子们才不听这一套，跑个没完，直到累气喘吁吁，这才一跑一踮地围过了，这时母亲总是，好似生气的样子，边扇边训，母亲总是，好似生气的样子，边扇边训，“你看热的，跑什么？你看热的，跑什么？”此时这把蒲扇，此时这把蒲扇，是那么凉快，那么的温馨幸福，有母亲的味道！蒲扇是中国传统工艺品，在是那么凉快，那么的温馨幸福，有母亲的味道！蒲扇是中国传统工艺品，在我国已有三千年多年的历史。取材于棕榈树，制作简单，方便携带，且蒲扇的表我国已有三千年多年的历史。取材于棕榈树，制作简单，方便携带，且蒲扇的表面光滑，因而，古人常会在上面作画。古有棕扇、葵扇、蒲扇、蕉扇诸名，实即面光滑，因而，古人常会在上面作画。古有棕扇、葵扇、蒲扇、蕉扇诸名，实即今日的蒲扇，江浙称之为芭蕉扇。六七十年代，人们最常用的就是这种，似圆非今日的蒲扇，江浙称之为芭蕉扇。六七十年代，人们最常用的就是这种，似圆非圆，轻巧又便宜的蒲扇。蒲扇流传至今，我的记忆中，它跨越了半个世纪，圆，轻巧又便宜的蒲扇。蒲扇流传至今，我的记忆中，它跨越了半个世纪，也走过了我们的半个人生的轨迹，携带着特有的念想，一年年，一天天，流向长也走过了我们的半个人生的轨迹，携带着特有的念想，一年年，一天天，流向长长的时间隧道，袅长的时间隧道，袅德国银行买方分析Why are pensions still a relevant concern for the street?nUnderlying growth in pension benefit liabilities has been approximately 4.25%,before consideration for changes in discount ratesnFunded positions have very likely deteriorated in 2004Despite the recent rise in short-term rates,long-term rates have stabilized over the past yearnLabor unions are aggressive protectors of benefits,even in highly distressed industriesnHeath care and wage inflation have been far outpacing overall inflation,increasing the burden of OPEB liabilitiesnBenefit pay outs are growing and have a significant impact on plan asset levelsbleed rate have been a significant offset to recent asset returns and employer contributionsnMany companies have yet to address under funded pensions on a global basisdiffering rules on funding requirementsnPotential changes in accounting and ERISA rules could impact how companies manage their pension plansnAsset allocation is highly geared towards equity investments,which will result in significant volatility in funding positionsFunding with cash Valuation analysisnAssumptions:Shares outstanding:100mmCurrent Stk Price:$50Current EPS:$5.00Expected return:8.50%Tax Rate:40.0%Cost of funds:6.00%Contribution:$100mmnValuation analysis:Pension Contribution:_Expected Return:_EBIT_Interest Cost_PBT_Book Taxes_Net Income_Total Shares out:_Total New Net Income:_New EPS:_New Stock Price:_Funding with company stock Valuation analysisnAssumptions:Shares outstanding:100mmCurrent Stk Price:$50Current EPS:$5.00Expected return:8.50%Tax Rate:40.0%Cost of funds:0.00%Contribution:$100mmnValuation analysis:Pension Contribution:_Expected Return:_EBIT_Interest Cost_PBT_Book Taxes_Net Income_Total New Shares:_Total New Net Income:_New EPS:_New Stock Price:_$100.00mm 8.50 8.50 0.00 8.50 -3.40 5.10mm102.0mm$505.1mm$4.95$49.50Funding with cash Valuation analysisnAssumptions:Shares outstanding:100mmCurrent Stk Price:$50Current EPS:$5.00Expected return:8.50%Tax Rate:40.0%Cost of funds:6.00%Contribution:$100mmnValuation analysis:Pension Contribution:_Expected Return:_EBIT_Interest Cost_PBT_Book Taxes_Net Income_Total Shares out:_Total New Net Income:_New EPS:_New Stock Price:_$100.00mm 8.50 8.50 -6.00 2.50 -1.00 1.50mm100.0mm$501.5mm$5.02$50.15
