Epstein Files Search

EFTA01476303Set 10

2015-11-20252p27,629w

November 2015 US Equity Insights Figure 61: 3Q15 Sales and EPS growth by sector Sales y/y EPS y/y -20% Cons Disc Ex Auto & Home Builders Cons Staples Energy Financials Health ... Quarterly EPS ($/sh) Pro-forma EPS 10.0% 3.6% -11.7% -11.1% -9.4% -14.2% -67.1% -34.7% -28.6% -14.4% 156.9% 53.0% 0.20 39.1% 0.00 EFTA01476441 ... EFTA01476442 31.04 30.90 120.84 28.70 30.35 30.25 30.35 119.65 125.20 Litigation EPS ex. EPS y/y % Charges Litigation

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

EFTA01474964Set 10

2015-10-02168p16,614w

target despite our fundamental longer-term S&P EPS and 10yr real interest rate views (cost of equity base) still being intact. But we acknowledge that our timing ... stick with our 2016 end target of 2300, which assumes $125+ of S&P EPS in 2016. We make no changes to our sector strategy. But if any new strategy ... tweaks it would be to Borrow & Buy more Utility & Telecom stocks. 3Q S&P EPS will be weak, weakest sales/EPS growth yet of the profit recession The DB Profit Indicator

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474964.pdf

EFTA01432866Set 10

2018-07-01106p17,893w

organic EBITDA growth and debt pay down (c28ppts). EBITDA growth could fuel 10% pa EPS growth, while debt pay-down further shifts the EV to equity. — Attractive dividend (c7ppts upside ... already be well-established. IICatalysts: US tax reform (could add 5-8% to EPS); FY17 results end Feb; FDA comments through 2018 Related DB Research: What's going on (Gallagher ... Research: European Equity Focus — January 2018 10% EBITDA (operational) growth Assoc. and mins. Incremental EPS at higher P/E multiple Source: Deutsche Bank estimates; assumes 10% EPS growth Operational drivers

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

EFTA01920613Set 10

2014-06-1436p8,997w

issued by Saudi Arabia's government against Shi'ite activists in the Eastern Province (EP) since sectarian unrest erupted in this strategically vital region of the Kingdom during ... dampen anti-government sentiment in the Shi'ite EFTA_R1_00363819 EFTA01920631 majority EP, they appear to have succeeded comparatively well in other parts of the country where the Sunni ... given that most of the Kingdom's natural resource wealth is derived from the EP, further sectarian unrest could have significant geopolitical ramifications for the country, the region, and Saudi

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01920613.pdf

EFTA01459628Set 10

2016-02-081p485w

February 2016 US Equity Insights 4Q EPS Tracker ("In defense of Banks," starts on page 9) 317 S&P 500 companies comprising 79% of S&P earnings have reported ... companies beat on EPS with a weighted average beat of 1.3% (2.1% ex Energy, 3.6% ex Energy & Fin). 33% of companies beat on sales with a weighted average miss ... Energy, -0.6% ex Energy & Fin). Banks reported decent EPS growth on cost cuts and less litigation, but slow revenue growth. Higher credit costs and weaker capital markets revenue will

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459628.pdf

EFTA00301083Set 9

2014-06-1214p8,264w

months, providing upside to margin targets. We edged up Bloomberg JPMA ANDERSON <GO' 2014/2015 EPS above consensus to $4.00/$5.20, with an additional $0.15/$0.35 in William S Thompson EPS ... Even Venezuela is improving with a recent agreement on receivables and additional activity. • Raising EPS estimates slightly, more upside from buybacks. We raised 2014/2015 EPS to $4.001$5.20 from ... could see -$2bn in buybacks in 2014 (would add —$0.15 to our '14 EPS) and another 42.5bn in 2015 (adds —$0.35 to our '15 EPS). Haillburton Company

https://www.justice.gov/epstein/files/DataSet%209/EFTA00301083.pdf

EFTA01367800Set 10

1p504w

Valuetion Mode] %%P KO Capialbad EPSVolulloa t&PSCO D uovr.lAxl,ri S11P 603 Lonete. EPS I OPS Orcrea S&P SCO Co,: of EOut( & '0' Book 1,•19* Duge* erre ... SEPtW 1001,11VO *tt DIt'e 'no,n•I 2016E• S&P 500 EPS 1121 D6% 'noens 2016E• SVIK* OPS 6420) 06‘'n:nr4,1201Se 2P SODowecøa ... GC/Out.rwn 39% • lig '24- (GL na p ratrun• %IP 500 EPS nalød tenne rønstmem 37% • istra nø»P tO owt•I•Way . 2r.-<"‘ril FP; .02 CG EPS 4ecaa1

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367800.pdf

EFTA02113512Set 10

2014-02-258p2,046w

AVGO, EIX, FSLR, MIDD, RRC, SBAC Ws after close*" • Stifel Financial reports Q4 adj eps ahead of estimates, FY results increased 24% yoy (trading +5.9%) • Tenet Healthcare reports better eps ... slowing rev per admit growth, joins CommonWell (trading - 4.1%) • Sina beats eps estimates on increased advertising on Weibo which more than doubled its revs (trading -2.4%) • Mineral Technologies (MTX) increases ... income guidance 13% below market (trading -7.3%) • BASF O4 revs better, EBITDA ahead, EPS fine, mixed outlook in challenging environment (trading - 1.7%) • Oerlikon FY revs inline, EBITDA shade better, sees

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02113512.pdf

EFTA01459746Set 10

2016-02-081p547w

value banks using steady-state PEs based on 1/ real COE applied to normal EPS. This means the fair dividend yield is real COE • dividend payout ratio. Fair ... real COE. The focus in valuing banks is normalized EPS and cost of capital, not long-term growth potential. Loan growth has been slow and is likely to stay ... higher present value of any income stream regardless of source. But estimating steady-state EPS and the often multiyear path to such EPS is the crucial consideration for value stocks

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459746.pdf

EFTA01462051Set 10

2014-07-291p771w

destocking, lower demand and reduced operating rates. With valuation a compelling 10.6x '15 EPS vs 14.8x for Dow Research Associate and Q2 evidencing a more predictable and resilient ... guidance of 56.70-37.00 rear firmed (cons. 36 931 Eastman reported Q2 EPS of $1.92, up 7%, and $0.08 or 4% above consensus. An unplanned outage at Eastman's Kingsport ... EBIT by S10MM (evenly divided between Advanced Mat'ls, Fibers and SFI) and EPS by $0.05. Prior to the 105 outage, consensus was $1.88. A lower than expected tax rate

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01462051.pdf

EFTA02145737Set 10

8p1,904w

First Solar "expected revenue' fell 15% last yr & guidance below estimates (trading -10%) • Avago eps beats but profit flat & Q2 outlook light (cfo Bettinger steps down) (trading inline) • DreamWorks reports ... leaks complicate discussions (KD8 GY -3.42%) • EADS O4 sales & EBIT better, strong FCF, EPS beats, Airbus solid, reassuring guidance (trading +6.3%) • ABI Q4 sales/EBITDA inline, EPS light, div ahead ... better, positive outlook for 2013 (trading -0.33%) • Weir Group FY sales/revs light, EBITDA inline, EPS better, oil & gas weak, strong after-market (trading +2%) • Temenos O4 good, EBIT slight better

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02145737.pdf

EFTA00796512Set 9

2017-05-0314p10,174w

Otjeciive 155.00 USD Our PO of $155 is unchanged. based on 14x Cl SE EPS of $11.14. Date Established 16-Mr2017 Investmen Opinion B1-7 Estimates (Sep) 52-Week Rance ... 2015A 2016A 2017E 2018E 2019E Uhl Val Imo)/ Shares Ou 854.536 USD 15.793.1 S EPS 922 8.31 9.22 10.94 12.06 p GAAP EPS 922 8.36 9.18 10.94 12.06 Intel EPS ... Change (YoY) 429% .9.9% 11.0% 18.7% 10.2% Average Daly Value (mn) 3379.95 USD Consensus EPS (Bloomberg) 8.96 10.24 10.75 Bol/118. Ticker !Exchange AAPL

https://www.justice.gov/epstein/files/DataSet%209/EFTA00796512.pdf

EFTA01308891Set 10

2004-08-0635p13,897w

ieved approximately $3500 briefcase. Epstein advised was taken from the tha sequential or recorded. Eps t he did not know if the cash was tein further advised ... first was over Sept 1, 2003. The second in mid September, 2003. Eps time was a weekend incidents because he was tein stated he did not rep ort these ... specific incide possibly had mispla nt told me that he had ced the money. Eps purchased a spy cam tein Okeechobee Blvd. and era from a store on clock

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01308891.pdf

EFTA01100261Set 9

2016-02-2939p20,086w

12/16e 12/17e CRISPR/Cas9 to edit (replace/remove) bad genes with good genes and achieve ModeiWare EPS (S) (4.79) (233) (1.16) (L81) a therapeutic benefit in patients with genetic diseases. This approach ... differs Prior ModelWare EPS (1) from the more commonly known gene therapy in that it can accurately remove P/E NM NM NM NM and replace genes instead of inserting ... gene sequence without specificity Consensus EPS ($)1 Div yld (%) as happens in gene therapy. Thus, the potential of CRISPR is broad with Unkst oihemiie noted, all metrics am based

https://www.justice.gov/epstein/files/DataSet%209/EFTA01100261.pdf

EFTA01097655Set 9

2015-01-13160p88,327w

Danbury Resources (DNR) Rosetta Resources (ROSE) Diamond Back Energy (FANG) Samson Resources (SAIVST) EP Energy (EPE) Sanchez Energy (SN) Exco Resources (XCO) SandRidge (SD) Forest Oil/Sabine (FSTO) SM Energy ... Bonanza Creek (BCEI 122 Concha Resources (CXO) 124 Diamond Back Energy (FANG) 126 EP Energy (EPEI 128 Lightstream Resources (LTSCN) 130 Magnum Hunter Resources (MHRI 132 Midstates Petroleum ... EP Energy 92/Et $2,500 $2,500 $2,500 $1,849 74% 99% 97% 95% 99% 95% 92% HIE Halton Resources Caa1(Stabk)/CCC.IStable

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

EFTA00055963Set 9removed from DOJ

447p159,019w

I4MdT Eloskr* S CIA Iii.lingte EPS-MIA L+. jthuhile)FesrE-:-.-1/0154(4.1 cit( • EPSTED3 A i.e_EPs-rEW. rs c17k re_ EFSIVN. IS 5 Inn PST &'1k is /4,5i C171 ... 1.nrnake is 1-4tri6 dyes Cr tower \Asi4 -..i:o0 Iljanch EPs hoc en-Fel-ea a. fewV9(t Waing tivoit-arn, ;1 c1 of shift kbef1- MqvcTle ... pcirtu.\ 51 kl‘k -6;17q*ed afST-n -i-05.. . ;5 sie_ep a AM tPathbrezaciPrOA KSJ rA-maizzlesmais--,4%. Im4,c, i6 si tirTA

https://www.justice.gov/epstein/files/DataSet%209/EFTA00055963.pdf

EFTA01473288Set 10

2015-05-0644p6,337w

Ratios Year End Mar 31 Sales (CNYm) EBITDA (CNYm) Reported NPAT (CNYm) Reported EPS FD(CNY) DB EPS FD(CNY) OLD DB EPS FD(CNY) % Change DB EPS growth ... Source: Deutsche Bank estimates, company data 1 DB EPS is fully diluted and excludes non-recurring items 2 Multiples and yields calculations use average historical prices for past years ... Company Metrics Sales growth (%) 10 20 30 40 50 0 DB EPS growth (%) EBITDA Margin (%) EBIT Margin (%) Payout ratio (%) ROE (%) Capex/sales (%) Capex/depreciation (x) Net debt/equity (%) Net interest cover (x) Source

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473288.pdf

EFTA00059941Set 9

2019-08-1229p2,623w

FaCI-e ,^ Igo?' A 11 2/421,_131/4 Ep s Fes, ricepigarno_ kcsS Irn eW EciaallEgisi-aLIX_CtsppsevaS_Ack ttl y64 7/'1 be:to_list,y-A4(s ckftd-bmuskig ... geil nybk-1; EFTA00059947 Cpri0 katibassilnassezpositil; lib - -11-rog-FIARS y ep -147adt2,F..psr5..ps) is - rm_. ASJ /141 ... LEPn-Nis JAA4-104.EA3‘rEa1/4 -17R: 1A,Awka ±0% LZ cfs 7 EP 1-15-rersi Lc-5 Liva.ksEe5a- r- 1)14- Vs' ;PGA, EFTA00059948

https://www.justice.gov/epstein/files/DataSet%209/EFTA00059941.pdf

EFTA01447936Set 10

2014-06-091p716w

Price Target 48.00 Airlines 52-week range 02.23 - 17.36 EPS momentum carrying into 2H DAIRY 2014/2015; Raising estimates/PT michom linenbero Research Analyst 1+11 212 250-9254 EPS momentum iven ... oarninott 1+11212 250-9319 We are raising our June O 2014 EPS estimate to $1.05 (vs. consensus of $1.02) douglas.runteedb.com from $1.00 as strong revenue and lower fuel prices ... such, we Price Target 40.0010 48.00 1 20.0% are raising our 2014 and 2015 EPS estimate to $3.05 (vs. consensus of $3.04) EPS ILISO) 2.86 to 3.05 1 7.0% from

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01447936.pdf

EFTA00795782Set 9

2010-09-0262p16,749w

grades for various temperatures surrounding the pump. U.S. UNITS OF MEASURE Temperature AGMA Industrial EP Gear Oil +50°F to +155°F AGMA No. 6 EP or ASTM/ISO Grade ... AGMA No. 5 EP or ASTM/ISO Grade No. 220 (viscosity 918 to 1122 SSU 100°F) -20°F to + 60°F AGMA No. 2 EP or ASTM/ISO Grade ... Temperature i AGMA Industrial Gear Oil +10°C to +68°C AGMA No. 6 EP or ASTM/ISO Grade No. 320 (Viscosity

https://www.justice.gov/epstein/files/DataSet%209/EFTA00795782.pdf