EFTA01477363Set 10
2015-12-3069p8,427w
Vehicle Sales Strong
Footnotes: Data as of December 30, 2015.
Source: FactSet, Deutsche Bank Wealth Management.
Manufacturing remains the weak segment of the U.S. economy The broad
Manufacturing Index ... level (-18 million annual
rate) since 2005.
Footnotes: Data as of November 2015.
Source: FactSet, Deutsche Bank Wealth Management.
Footnotes: Data as of 3Q15.
Source: FactSet, Deutsche Bank Wealth Management ... months leading up to
the
election cycles from 1936-2012.
Source: FactSet, Deutsche Bank Wealth Management.
Deutsche Bank
Wealth Management
5
# of years of Presidential Term
EFTA01477370
Shop
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01477363.pdf
EFTA01415820Set 10
2017-10-31222p30,137w
basis
10%
20%
30%
(20%)
(10%)
EFTA01415834
0%
'12
'13
Source: Deutsche Bank, FactSet
'14
'15
'16
CP NTM P/E Premium (Discount) to CNI
'17
DCF Framework supports our view ... WACD
Tax rate
Cost of debt
% equity
% debt
WACC
Source: Deutsche Bank, Company filings, FactSet
44,356
7,991
288
36,077
138
EFTA01415836 ... WACD
Tax rate
Cost of debt
% equity
% debt
WACC
Source: Deutsche Bank, Company filings, FactSet
77,786
10,305
516
66,965
EFTA01415841
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01415820.pdf
EFTA01432866Set 10
2018-07-01106p17,893w
reassuring.
Related DB Research:
European MedTech & Services: 2018E Outlook: Significant Outperformance (Wang)
Source: Factset, Deutsche Bank
Deutsche Bank Research: European Equity Focus — January 2018
17
Fresenius has de-rated over ... Source: Factset
... driving underperformance relative to the market (here, STOXX 600)
20
40
60
80
-60
-40
—20
0
66
54
36
EFTA01432894 ... Source: Factset
20
10-year average
EFTA01432900
> Energy, Materials & Industrials
14 ArcelorMittal — Bastian Synagowitz, BUY, close €28.7, €33 tgt, 15% upside
M Despite having performed well recently, we believe
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01432866.pdf
EFTA01465999Set 10
2013-12-2319p4,004w
Trading Data (FactSet)
Shares Outstanding (mil.)
Float (mil.)
Average Daily Volume
$12.00
185
179
15,567,546
Financial Data (FactSet)
Long-Term Debt/Total Capital (MRQ) 0.2
Book Value Per Share ... Year Price Performance Chart
$25
$20
$15
$10
$5
$0
12/30/11
12/31/12
Sources: FactSet, William Blair & Company
estimates
EFTA01466001
William Blair & Company, L.L.C.
• Of the 640 patients on therapy ... 12/31/10
Source: FactSet and William Blair
12/30/11
12/31/12
Legend: I = Initiation, RI = Reinitiated, @ = Analyst Change PT = Price
Target
Previous Close: $6.43
9/30/13 - PT:$26
10/9/13 - PT:$7
10/18/13
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01465999.pdf
EFTA01414378Set 10
143p21,289w
with IPO sizes of $100mm and greater.
Trading volume in thousands (of units)
Source: FactSet, SEC filings
0.8%
0.3%
$10.13
10.08
DB left led SPACs are: SRAQ, EAGL, PACE, GRSH ... Note: Market data as of July 29, 2016
(a)
Source: Company data, FactSet
Jul-16
9.0
11.0
13.0
Jun-16
€it
€it Hostess Brands
€it
€it
July 5, 2016
Expected ... close. Financials reflect
pro-forma financials as of transaction close.
(a)
Source: Company data, FactSet
(b)
(c)
(d)
Excludes $50mm in convertible preferred stock.
Feb-15
46.0%
\Z AgroFresh
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01414378.pdf
EFTA01077283Set 9
19p10,004w
OECD, J.P. Morgan Securities LLC, September 2010 (c33) Bloomberg, December 2010
(e5) Factset, November 2010 (c34) FGV, IBGE, LCA, Ministerio da Fazenda, September 2010
(c6) J.P. Morgan Securities LLC, September ... Bank, Malaysia Ministry of Finance, Indonesia
Ministry ofFinance, Empirical Research Partners, October 2010
(c26) Factset, November 2010 (c54) Federal Reserve, BEA, Q3 2010
(c27) Corporate reports, Empirical Research Partners ... Gavekal. Centaline, September 2010
(c28) Factset, Q3 2010 (c56) Japan Ministry of Finance, June 2010
(c29) S&P, U.S. Department of Commerce. IMF, corporate reports, (c57) J.P. Morgan PB, Bank
https://www.justice.gov/epstein/files/DataSet%209/EFTA01077283.pdf
EFTA01188461Set 9
2013-03-066p3,664w
Source: Factset, Morgan Stanley Source: Factset, Morgan Stanley.
On US commercial banks, there are plenty of headwinds as well:
** over 10,000 pages of rules & regulations from Dodd-Frank ... Factset, Morgan Stanley. Source: Morgan Stanley.
Remaining questions deal with Dodd-Frank and Volcker Rule implementation. An August 2012 research note from S&P
estimates that such regulations (excluding those
https://www.justice.gov/epstein/files/DataSet%209/EFTA01188461.pdf
EFTA01477939Set 10
2015-12-3162p10,734w
Footnotes: Data as of March 25, 2016.
Data as of March
Source: FactSet, Deutsche Bank Wealth Management.
Global Sovereign Yields Highly Correlated Production Cuts Good; More Needed ... Crude Oil Production
Footnotes: Data as of March 25, 2016.
Source: FactSet, Deutsche Bank Wealth Management.
Deutsche Bank
Wealth Management
Footnotes: Data is as of March 18, 2016.
Source: Bloomberg ... versus five year Treasury. 6 Next 3% move in credit is return
move.
Source: FactSet, Deutsche Bank Wealth Management.
d
Deutsche Bank
Wealth Management
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01477939.pdf
EFTA01478009Set 10
2015-12-3162p10,740w
Footnotes: Data as of March 25, 2016.
Data as of March
Source: FactSet, Deutsche Bank Wealth Management.
Global Sovereign Yields Highly Correlated Production Cuts Good; More Needed ... Crude Oil Production
Footnotes: Data as of March 25, 2016.
Source: FactSet, Deutsche Bank Wealth Management.
Deutsche Bank
Wealth Management
Footnotes: Data is as of March 18, 2016.
Source: Bloomberg ... versus five year Treasury. 6 Next 3% move in credit is return
move.
Source: FactSet, Deutsche Bank Wealth Management.
d
Deutsche Bank
Wealth Management
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01478009.pdf
EFTA01459570Set 10
2015-12-311p258w
monthly and as of December 2015. Footnotes. Data as of December 31. 2015.
Source. FactSet, Deutsche Bank Wealth Management. Source' FactSet. Deutsche Bank Wealth Management
High Yield Selective EM Debt ... December 31, 2015 Footnotes Data as of December 2015. IMF estimate for 2015
Source. FactSet. Deutsche Bank Wealth Management. Source- Bloomberg Finance LP. Deutsche Bank Wealth Manag,,,rnent
Deutsche Bank
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459570.pdf
Beware of negative seasonality'
— Valuations (P/E LTM) remain near a 5YR high and Source: FactSet, Deutsche AWM
economic data has been mixed as seen by the Data as of July ... limited risk for either Figure 2: High yield weakness is energy-related
event. Source: FactSet, Deutsche AWM
Data as of July 30. 2015.
Lastly, corporate America remains healthy and default
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01377505.pdf
Beware of negative seasonality'
— Valuations (P/E LTM) remain near a 5YR high and Source: FactSet, Deutsche AWM
economic data has been mixed as seen by the Data as of July ... limited risk for either Figure 2: High yield weakness is energy-related
event. Source: FactSet, Deutsche AWM
Data as of July 30. 2015.
Lastly, corporate America remains healthy and default
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01458017.pdf
EFTA01459567Set 10
2015-06-301p282w
December 31. 2015. 'See A. B, C explanation on final page.
Source. FactSet: Deutsche Bank Wealth Management. Large Blend 1.4% 2.8% $25 billion
Selectivity Important Selectivity is important when investing ... FrSEiNAREtT Equity Indices. Footnotes: Time period As of June 30, 2015
Source: FactSet, Deutsche Bank Wealth Management Source- Deutsche Bank Wlealth Management Dow jnnes, Raymond arneS, S&P
Deutsche Bank
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01459567.pdf