EFTA01437758Set 10
2016-10-18227p26,387w
implied cap rate, a 7% discount to consensus NAV (8%
discount to DBe), roughly in-line with historical FFO and FAD multiples, and
a
still wider (44bps) dividend yield spread ... expect the slowdown vs. 1H16 to be gradual with 90bps of deceleration in 3Q
(DBe: +4.1%) followed by
another 70bps in 4Q (DBe: +3.4%)
IIUpdate on West Coast markets, most ... Actual
3Q16
DBe
$1.37
$1.49
DBe
2016
Cons
$1.44
Pre 3Q GuidePost 3Q Guide
$5.50 - $5.55
$5.65 - $5.75
Pre 3Q GuidePost 3Q Guide
EFTA01437889
DBe
$5.53
$5.73
DBe
Cons
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437758.pdf
EFTA01473288Set 10
2015-05-0644p6,337w
total
RMB304b (+157% YoY, versus DBe of RMB279.) PC-based GMV, however,
came in 7% shy of DBe. Mgmt described overall demand (esp mobile GMV) as
solid ... delivered March Q total GMV of RMB600b (+40%YoY/-24%QoQ), 0.3%
higher than DBe. Blended take rate was 2.17% (flat YoY), some 7bps higher
than DBe Mobile take rate ... 75bps YoY), 4bps higher than DBe. PC
take rate meanwhile was 2.63% (flat YoY), or roughly 17bps higher than DBe.
Total revenue was RMB17.4b
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473288.pdf
higher fixed cost organisations, lower-than-expected CAPEX.
base and revenue per unit (DBe); as well as a weaker tire demand and ■ Fresenius - FREG.DE: General downside risks relate to healthcare ... negative consequences for Fresenius. Company specific downside
the following assumptions: for the tire market (DBe: -25-30% gearing on risks relate to rising cost inflation not adequately covered by reimbursement ... potential future acquisitions, more-than-expected easing of
15-20% gearing to the upside (DBe). drug shortages in the US and/or production issues at Kabi, rising competition
and/or less-than
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01385543.pdf
EFTA01308629Set 10
2009-07-2140p5,993w
EPSTEIN, JEFFil*T O 100 2200 14
CHAIM . *DBE I ,. 10*3 4iirr)
.3:• ,-.=,
7,1.11 5,
Rao 1 oil
91/91 39,1 A001S710 341191Y13484 616,-099 52.91 .11). /61/16
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01308629.pdf