Epstein Files Search

EFTA01411427Set 10

2015-05-31202p28,772w

OPEC growth: Late to the party 8 Where is the growth coming from? 10 Capex Reductions 15 Show me the money (or lack thereof) 15 Setting the stage ... OPEC collapse? Don't hold your breath Given the scale of cuts to global capex (20% across our global coverage universe), many in the market have speculated about the imminent ... Growth (Avg) Source: Deutsche Bank, Wood Mackenzie, IEA Despite the large cut to headline capex, this is largely consistent with the source of the capex cuts, with the largest share

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01411427.pdf

EFTA01077699Set 9

53p10,450w

case financials Underlying assumptions to Farmabios business plan Sales and gross margin assumptions Costs, capex and working capital assumptions The business plan prepared by management is based on a bottom ... expenditure • Steroids - Farmabios' management expects to consolidate this business, by ■ Replacement and extraordinary maintenance capex equal to EUR 1.5 maintaining its current customer base and by trying to enter ... products through the new sterile steroids facility. The business plan ■ Security and environmental & health capex: stable investment of EUR foresees a yearly average growth rate of 5.0% for steroids

https://www.justice.gov/epstein/files/DataSet%209/EFTA01077699.pdf

EFTA01476303Set 10

2015-11-20252p27,629w

healthy S&P EPS growth in 2016 Strong revenue growth at Health Care, better capex on productivity enhancers like tech equip/software, slower but still strong revenue growth at consumer oriented ... Exports: 7.8% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% Figure 25: Capex growth is key for healthier S&P Sales growth y/y % chg 1967 capex slowdown ... capex slowdown -20% -15% -10% -5% 0% 5% 10% 15% 20% EFTA01476370 25% FY2015 estimates 1962-69 Domestic infrastructure GDP: 4.7% Capex: 8.7% Recession Avg 1951-1970 GDP: 3.7% Capex

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01476303.pdf

EFTA01188511Set 9

2013-03-0827p11,302w

Structural Changes Driving Alpha Opportunity 12 • Power Prices are Skewed to the Upside 12 • Capex (ex-US) is Rebounding Post-Recession 14 5. Substantial Alpha Opportunities Follow Periods of Underperformance ... have a 25-50% earnings impact on several European utilities. o Global utility capex (ex-US) is rebounding after a recession-driven slowdown: • System-enhancing transmission capex is accelerating ... have been managed and confidence has returned, and companies have begun spending previously-delayed capex needed to ensure system reliability. This collectively has prompted utility stakeholders to pick

https://www.justice.gov/epstein/files/DataSet%209/EFTA01188511.pdf

EFTA02705694Set 11

2014-06-3019p5,521w

alixed CapEx (370) % Margin 0/11 Ws 402% 58,0% 61.7% 64.8% 665% 674% 67.5% 67.6% Nel Terminal ... Satellite CapEx Inman NRECapF.x Increase Em Ownendi ... detailed discussions with and proposals from 15.1% vendors 10.0% - — We increased manufacturing and launch capex by 20% and NRE capex by 100%, significantly increasing required capital 0.0% 0 Satellite

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02705694.pdf

EFTA01415820Set 10

2017-10-31222p30,137w

cumulatively through 2019), which together with capex and free cash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer ... cumulatively through 2019), which together with capex and free cash trends should drive re-rating at CP and de-rating for CNI. In this report we present a primer ... Precision Railroading. The combination of CNI's slower prospective earnings growth and high capex (20% of sales) implies 15.5x P/E under our DCF-derived methodology, implying potential

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01415820.pdf

EFTA01432866Set 10

2018-07-01106p17,893w

conditions and ageing assets should provide a supportive environment. IIIP growth has historically led capex growth by around one year, and from unsustainably low levels we believe a rebound ... improving gas industry fundamentals from cost efficiencies, investment discipline, consolidation and end-market stabilisation. Capex to sales has fallen from c14% in 2012/13 to c12% in 2016, and consolidation should ... over 20% of pro-forma EBIT — of which $1bn is cost savings and $200m capex savings). — The key logic is diversification (geographical and end-user), given complementary regional

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01432866.pdf

EFTA02705504Set 11

2014-06-3017p4,878w

alixed CapEx (370) % Margin 0/11 Ws 402% 58,0% 61.7% 64.8% 665% 674% 67.5% 67.6% Nel Terminal ... Satellite CapEx Inman NRECapF.x Increase Em Ownendi ... detailed discussions with and proposals from 15.1% vendors 10.0% - — We increased manufacturing and launch capex by 20% and NRE capex by 100%, significantly increasing required capital 0.0% 0 Satellite

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02705504.pdf

EFTA01097655Set 9

2015-01-13160p88,327w

management teams were bullish in the face of increasing service costs, and capex budgets looked to be rising as higher than anticipated oil prices drove greater than expected cash flow ... response Other non.OPEC 44.4 44.8 45.1 45.5 0.4 0.3 0.6 Risk of delays, disruption & capex cuts Non-OPEC Supply 54.6 56.5 57.8 58.8 1.8 1.3 13 OPEC NGLa ... eamings, we use that. Otherwise, we used the street consensus with adjustments to both capex and production based on credit rating. With that in mind, in 2015, we assume

https://www.justice.gov/epstein/files/DataSet%209/EFTA01097655.pdf

EFTA01380760Set 10

2015-10-071p619w

cash position. USD5bn San* one. art Olaf Rosa* Elm\ rtiotivated is Petrohrw to reduce capex further' One of the key initiatives a levered cyclical company normally takes (or is forced ... creditors to take) during a downcycle is to significantly cut capex, in addition to cutting costs and dividends and selling non-core assets, particularly in more capital intensive industries like ... much such company actually does reduce its capex depends on its cash burn, funding gap, cost profile and access to credit. Cutting capex beyond the level to sustain production levels

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380760.pdf

EFTA01385332Set 10

2018-01-031p676w

impressive improvement in efficiencies during FY 15-16 - both in terms of cost reduction (capex and opex) as well as optimization of well productivity. In this effort, they were helped ... deliver either (i) higher production (2-12% higher vs. original guidance) with capex unchanged or even lowered or (ii) similar production with sharply lower capex (eg: DNR capex budget taken ... guidance revision stands out - production target has been raised by 12% even as capex has been lowered by 4%. For another 4 names, both production and capex guidance have been

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385332.pdf

EFTA01378484Set 10

2015-10-071p619w

cash position. USD5bn San* one. art Olaf Rosa* Elm\ rtiotivated is Petrohrw to reduce capex further' One of the key initiatives a levered cyclical company normally takes (or is forced ... creditors to take) during a downcycle is to significantly cut capex, in addition to cutting costs and dividends and selling non-core assets, particularly in more capital intensive industries like ... much such company actually does reduce its capex depends on its cash burn, funding gap, cost profile and access to credit. Cutting capex beyond the level to sustain production levels

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378484.pdf

EFTA01357784Set 10

2015-01-131p479w

earnings, we use that. Otherwise, we used the street consensus with adjustments to both capex and production based on credit rating. With that in mind, in 2015, we assume ... follow the consensus estimates as given; street consensus for 66s is generally +/- 10% YoY capex growth with corresponding production growth rates in the 20-30% YoY area. For B-rated ... credits, we assume a decrease in capex of 25% YoY with a 5 percentage point decline in the corresponding expected consensus production growth. For CCC-rated credits, we again assume

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357784.pdf

EFTA02029821Set 10

2020-10-1524p12,977w

FY13, we estimate Dana will generate $424mm in core free cash flow (EBITDA less capex, interest and taxes), which represents 47% of its outstanding debt. Dana's bond covenants ... cash bum is offset by £0.5bn in estimated working capital inflows, JLR's capex should ANALYS remain elevated for the next couple years ... potential for projects in Brazil and Saudi Arabia, FOCUS we project 2014-15 capex to average £2.7bn per year. These levels of capex arc £1.0bn above the average

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02029821.pdf

EFTA01434677Set 10

2018-02-2291p10,836w

walk for XPO. ■ UPS - Downgrading to Hold (lowering PT to $115): Following 4Q capex guidance- which was worse than even the most bearish expectationsDeutsche Bank Securities Inc. Amit Mehrotra Research ... Trucking U.S. Transportation we have reduced confidence in UPS' ability to control burgeoning capex, with capital intensity expectations more than doubling as a % of sales in just the last 12mo ... CAGR vs. 2017 and even higher on a FCF basis given lower capex, which under any reasonable valuation scenario equates to much higher equity value). See details within this note

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01434677.pdf

EFTA01367334Set 10

2015-05-311p438w

Integrated Oil US Integrated Oils Capex Reductions Show me the money (or ack therecyr) In addition to the relatively robust queue of project starts, the production outlook is largely supported ... what we have seen in global capex trends, where cuts have been disproportionately driven by major project deferral (ie. FID delays, with volume impact felt 3-5 years out), rather ... than cuts to brownfield/maintenance spend. In other words, the nature of the capex cuts are likely to have a significant impact on production growth in the latter part of this

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367334.pdf

EFTA01378478Set 10

2015-10-071p644w

aradb.COM Buy the '17s; Rest of Curve Is Neither Steep Nor Low-priced Enough * Capex and apex cuts as well as domestic price increases are positive but not enough ... significantly mitigate the large funding gap This week's announcement of capex and opex cuts for 2015 and 2016 and last week's domestic fuel price increases are positive news ... majority stakes are sold Petrobras announced on Monday evening a reduction in the capex and opex excluding raw materials guidance for 2015 and 2016. The capex guidance was reduced

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01378478.pdf

EFTA01380756Set 10

2015-10-071p644w

aradb.COM Buy the '17s; Rest of Curve Is Neither Steep Nor Low-priced Enough * Capex and apex cuts as well as domestic price increases are positive but not enough ... significantly mitigate the large funding gap This week's announcement of capex and opex cuts for 2015 and 2016 and last week's domestic fuel price increases are positive news ... majority stakes are sold Petrobras announced on Monday evening a reduction in the capex and opex excluding raw materials guidance for 2015 and 2016. The capex guidance was reduced

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01380756.pdf

EFTA01462482Set 10

2014-02-0460p8,663w

Cash Flow (USDm) Cash flow from operations Net Capex Free cash flow Equity raised/(bought back) Dividends paid Price Performance ... flow from operations (CFFO) was $1.226 billion -2.9% yoy, with Q4'2012 $1.263 billion. Capex was $596 million or 6.7% of net revenues vs. Q4'2012 of $594 million ... Capital expenditures as % of net revenue Free cash flow: Free cash flow (excluding acquisition capex) Free cash flow, net of non-controlling interest Balance sheet data: Cash

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01462482.pdf

EFTA01357808Set 10

2015-01-131p487w

this would be one of the major factors in determining the FY 15 capex program. Besides a solid financial profile, XEC's asset quality and strong operational momentum are both ... unparalleled. In its core Permian play (-55% of FY 14E Permian capex budget), XEC has successfully drilled longer laterals with upsized fracs providing solid upside to well returns ... Mmcfe/d. Driven by the positive developments in Mid-Continent (24% of FY 14 Capex), XEC plans to increase capex in this play for FY 15. The quality Permian and Cana

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01357808.pdf