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

EFTA00301317Set 9

2014-06-1818p8,334w

Overall this analysis provides increased confidence in ow positive MA thesis, and we increase EPS estimates by 3%/7%/1% for 2014-2016 for HUM to $7.80/$9.121$10.43 respectively ... assumed market share losses. • Raising HUM 2015 EPS by 7% with de minimis updates to rest of coverage universe. We are raising ow HUM 2015/216 EPS estimates ... market share gains) and earnings. We continue to see a path to $10+ of EPS by 2016 for Humana with another $1+ of potential upside from additional capital deployment

https://www.justice.gov/epstein/files/DataSet%209/EFTA00301317.pdf

EFTA00295400Set 9

2014-05-0819p10,768w

note serves as a follow up to ow first look at CAR's IQ EPS of $0.16 beating our Leisure estimate of $0.06 and the Street's $0.08 (with ... summer reservations booked at this point (during the Q that generates -65% of FY EPS). 3) CAR's pricing N.A. RPD guidance of +1% includes Payless, which is expected ... 2012A 2013A 2014E 2014E 2015E 2015E Company Data (Prey) (Curd (Prey) (Curt) Price ($) 51.79 EPS Reported ($) Date Of Price

https://www.justice.gov/epstein/files/DataSet%209/EFTA00295400.pdf

EFTA01415820Set 10

2017-10-31222p30,137w

reversal in recent relative value trends. All told we forecast CP to grow EPS at double the rate of CNI (+30% for CP vs. +15% for CNI cumulatively through ... reversal in recent relative value trends. All told we forecast CP to grow EPS at double the rate of CNI (+30% for CP vs. +15% for CNI cumulatively through ... capacity investments to retake market share. We expect this to translate to 30% cumulative EPS growth over the next two years, reflecting midsingle digit revenue growth, significant operating leverage

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

EFTA01140256Set 9

2013-06-2010p8,168w

report° Hereditary breast and ovarian cancer 604370 20301425 Adult BRCA? 113705 AD KP and EP 612555 BRC42 600185 Li-Fraumeni syndrome 151623 20301488 Child/adult TP53 191170 AD KP and EP ... Peutz-leghers syndrome 175200 20301443 Child/adult STK;I 602216 AD KP and EP Lynch syndrome 120435 20301390 Adult MLH? 120436 AD KP and EP MSH2 609309 MSH6 ... Familial adenomatous polyposis 175100 20301519 Child/adult APC 611731 AD KP and EP MYH-associated polyposis; 608456 23035301 Adult MUTYH 604933 AR' KP and EP adenomas, multiple colorectal, 132600 FAPtype

https://www.justice.gov/epstein/files/DataSet%209/EFTA01140256.pdf

EFTA00287263Set 9

2013-06-2010p8,168w

report° Hereditary breast and ovarian cancer 604370 20301425 Adult BRCA? 113705 AD KP and EP 612555 BRC42 600185 Li-Fraumeni syndrome 151623 20301488 Child/adult TP53 191170 AD KP and EP ... Peutz-leghers syndrome 175200 20301443 Child/adult STK;I 602216 AD KP and EP Lynch syndrome 120435 20301390 Adult MLH? 120436 AD KP and EP MSH2 609309 MSH6 ... Familial adenomatous polyposis 175100 20301519 Child/adult APC 611731 AD KP and EP MYH-associated polyposis; 608456 23035301 Adult MUTYH 604933 AR' KP and EP adenomas, multiple colorectal, 132600 FAPtype

https://www.justice.gov/epstein/files/DataSet%209/EFTA00287263.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

EFTA01100347Set 9

2014-07-2918p7,458w

demand and reduced Jermaine Brown 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 $6.70-$7.00 reaffirmed (cons: $6.93) jermaine-r.brown@db.com Eastman reported Q2 EPS of $1.92, up 7%, and $0.08 or 4% above consensus. An unplanned outage at Eastman's Kingsport plant ... Intermediates {SFI),), EBIT by $10MM (evenly divided between Advanced Matis, Fibers and SFI) and EPS by $0.05. Prior to the los outage, consensus was $1.88. A lower than expected

https://www.justice.gov/epstein/files/DataSet%209/EFTA01100347.pdf

EFTA01367816Set 10

1p888w

Title Date .0 c What if Fed relents on hikes for 2015> A little EPS upside. but more PE risk 15-May-I5 The pressure release valve gets stuck Treasury ... Meet & Maintain is new Beat & Raise Results'gudes support $118 S&P EPS 17-Apr-I5 The hunt for sales growth 13-Jul-14 What to expect ... guidance' Burden on 2H for up 2015 S&P EPS 12-Apr-15 Help wanted. A participation spurt with releble productivity needed 2-Jul-14 The many measures

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367816.pdf

EFTA01458537Set 10

2015-10-021p404w

October 2015 US Equity Insights 30 S&P EPS will be weak, weakest sales/EPS growth yet of the profit recession The DB Profit Indicator is a diffusion style index based ... Exports and Oil prices. At -47 it suggests flat to slightly down y/y 3Q EPS. Btm-up 30 EPS is now $29.04, or -4.4% y/y on -3.40/6 say sales ... EPS growth likely slows at Financials to flat ex litigation given soft capital markets conditions. Health Care EPS should be up high single-digit. Btm-up Tech EPS growth

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458537.pdf

EFTA01459072Set 10

2015-11-201p496w

November 2015 US Equity Insights S&P intrinsic valuation model An EPS discoun r1 odei Our intrinsic valuation model combines our detailed S&P EPS analysis with our intrinsic ... fair that we could intrinsically value the S&P 500 based upon our EPS estimates. Our EPS intrinsic value model discount model is consistent with the principles underlying a dividend ... model (DDM) or a discounted cash flow (DCF) model, but the direct input is EPS and not DPS. Our full valuation model, shown on page 21, can be daunting upon

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459072.pdf

EFTA01115312Set 9

2013-07-1915p9,295w

increased investments led to non-GAAP operating income of $3.998 and non-GAAP EPS of $9.56, 8% and 12% below our expectations. Higher expenses were evident in Sales & Marketing ... Google Inc. gross revenue of $59.6B and $70.28 along with non-GAAP EPS of $43.66 and S52.18. Our revenue changes are negligible, but our EPS comes down ... price target is based on —16x 2015E non-GAAP EPS of$62.14. Google Inc (GOOG;GOOG US) FYE Dec 2012A 2013E 2013E 2014E 2014E 2015E 2015E Company Data (Prey) /Curd

https://www.justice.gov/epstein/files/DataSet%209/EFTA01115312.pdf

EFTA01462482Set 10

2014-02-0460p8,663w

pricing (conservative). Updated estimates: modest adjustments to reflect HITECH, slower ACA ramp 2014 EBITDA / EPS are $7.05B / $3.92 from $7.145B / $4.17. We come out above guidance ... EBITDA / $3.45-$3.75 EPS ) due to underlying growth and ACA. Our model now reflects higher S/O, slightly lower HITECH benefit, slightly lower ACA ramp but slightly better rate/mix. Valuation ... PPACA, payer mix changes, Medicare/Medicaid cuts. Forecasts And Ratios Year End Dec 31 FY EPS (USD) EV/EBITDA Adjusted EBITDA Source: Deutsche Bank estimates, company data 1 Includes the impact

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

EFTA00390701Set 9

2013-05-088p2,645w

keep down operating costs & strong guidance (trading +8%) • McKesson net off 50% but eps beat & 2014 eps view midpt above estimates (trading +1.4%) EFTA00390701 • Mondelez eps beat (profit ... spinoff impacts) but raised yr eps view (CLSA downgrades) • TripAdvisor O1 sales & eps beat forecasts & reaffirms year revenue growth (trading -1.4%) • Whole Foods beat & raised as SSS trends accelerated (announced ... light, T-Mobile USA ok (trading +3.9%) • Brenntag O1 net, EBITDA, rev, income miss, EPS below, well positioned to deal with challenges (trading -4.3%) • Lanxess Q1 revs inline, EBITDA

https://www.justice.gov/epstein/files/DataSet%209/EFTA00390701.pdf

EFTA02114020Set 10

2014-02-198p2,006w

holder Lavazza enters new stock purchase pact to keep % ownership (trading +3.4%) • Analog Devices eps inline, guides better, boosts div and increases buyback by $16 (trading +1.7%) • CF industries ... eps beat on better sales, reaffirms forecast and boosts dividend (trading +0.6%) • Flowserve reaffirms forecast for 2014, reports better revs and raises dividend (trading -0.2%) • Panera Bread Q4 eps beats ... guides below consensus, company-owned sss + 1.7% (trading - 3%) • Flour Corp Q4 eps beat but revenues miss, year-end backlog drops 8.6% (trading +0.6%) • Potbelly eps beats estimates and sees

https://www.justice.gov/epstein/files/DataSet%2010/EFTA02114020.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

EFTA01447637Set 10

2014-07-291p762w

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/EFTA01447637.pdf

EFTA01459059Set 10

1p572w

Deutsche Bank Securities Inc IFigure 6: S&P 2016 EPS scenarios C cn m Poor globalBroth (Oita -5%) .o o c. A continued walk recession, yet 2%. US 'mirth with ... Global recession and flat US GDP g Sales% Profits % 2015 2016 y/y 2016 EPS 2015 2016 yh 2016885 2015 2016 y/y 1016 EPS 2°15 2016 sit 1016 EPS ... EPS Cons Onc 27% 25% 1153 128 10.8% 14.39 1155 125 82% 14.05 115.5 125 82% 14.05 115.5 122 56% 13.72 115.5 110 -4.8% 12.37 C ,,, 0 Coos StaDleS

https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459059.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