EFTA01411427Set 10
2015-05-31202p28,772w
defensive positioning — 4Q15 annualized outspend (% of market cap), net
debt/total cap, div yield, FCF yield, EV/DACF multiple, CF/DAS growth, and
liquids leverage (the lower the better) — we find that ... Yield
(Curr)
1.6%
1.3%
4.5%
1.4%
0.7%
1.4%
3.0%
3.2%
1.6%
3.9%
0.1%
FCF Yield
2015E
-5.7%
-4.4%
-6.6%
-1.2%
-3.1%
EFTA01411507
-10.9%
-7.8%
-11.9%
-7.9%
-3.3%
-1.0%
2016E ... Debt/TC
4
2
1
6
5
9
7
8
10
3
11
Div Yield FCF Yield EV/DACF
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01411427.pdf
EFTA01432866Set 10
2018-07-01106p17,893w
support the dividend post 2020. The cash
generation potential is impressive, with a 2018E FCF yield of 18.0%.
IIStock is still cheap at 1.2x 2018E P/TNAV, despite 30% rise ... group's positioning
IICash flow generation is structurally weak. The meagre 2.6% FCF yield
is linked to thin margins in a tough competitive environment and a high tax
rate ... debt of c.$10bn, vs Q4 run rate EBITDA of
$8bn. Its strong 2018 FCF yield of 8-11% suggest high potential for
attractive cash returns mid-term
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01432866.pdf
EFTA01434658Set 10
2018-02-2219p4,458w
tonnage,
U.S. IP) seemingly firing on all cylinders.
Valuation and risks
Today's forward FCF yield of 4.8% on 2019e FCF equates to equity value of
$111
per share. Ultimately ... expect FCF yield to continue to contract (which
would
increase equity value), as investors increasingly prescribe a more reasonable
multiple for XPO's secular growth prospects ... multiple of 11.5-12x (vs. 9.5x today), which would
imply
a forward FCF yield of about 4%. Applying a 4% forward yield to our 2019 FCF
estimate equates
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01434658.pdf
EFTA01043533Set 9
2017-06-145p1,662w
Yield): $35bn market cap, $12mn ADTV (Largest telco in Saudi, 11% FCF yield,
6.5x EBITDA)
Samba (4.4% Yield) :$22bn market cap, $5mn ADTV (Best play on US rate hikes
https://www.justice.gov/epstein/files/DataSet%209/EFTA01043533.pdf
EFTA00634188Set 9
2017-06-2111p3,894w
Yield): $35bn market cap, $12mn AOTV (Largest telco in Saudi, 11% FCF yield, 6.5x EBITDA)
• Samba (4.4% Yield) :$22bn market cap, $Smn ADTV (Best play on US rate hikes
https://www.justice.gov/epstein/files/DataSet%209/EFTA00634188.pdf
EFTA01388673Set 10
2018-07-201p665w
sales. From a stock standpoint applying next year's FCF to current year FCF yield (4.4%) translates to
a share price of $132, or 34% upside vs. current levels, with ... clear path to our $133 price target, which is based on
an unchanged 4.5% fcf yield. Maintain Buy/Top Pick.
Martin Zeman
Director I Key Client Partners
Deutsche Bank Wealth Management
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01388673.pdf
EFTA01438159Set 10
2018-07-203p934w
sales. From a stock standpoint,
applying next year's FCF to current year FCF yield (4.4%) translates to a
share price of $132, or 34% upside vs. current levels, with ... clear path to our $133 price target, which is based on an
unchanged 4.5% fcf yield. Maintain Buy/Top Pick.
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Martin Zeman
Director I Key Client Partners
Deutsche
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01438159.pdf
EFTA01367347Set 10
2015-05-311p341w
defensive positioning - 4015 annualized outspend (% of market cap), net
debt/total cap, div yield, FCF yield, EV/DACF multiple, CF/DAS growth, and
liquids leverage (the lower the better) - we find that
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01367347.pdf