-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
1/22
EUROPE
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
2/22
Austerity measures continue across Europe
Greek debt crisis has not led to financial contagion
Northern Europe (Germany/UK) in better shape than SouthernEurope (Spain/Italy/Greece)
Unemployment rates vary by region
Germany 5.7%, Austria 4.2%, Turkey, 10.2%
Spain 23.6%, Greece 21%
EUROPEAN ECONOMIC UPDATE
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
3/22
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
4/22
Investment: 30% - $30 Million
ARM Holdings (Cambridge, England) Semiconductor Intellectual Property
Taiwan, France, India, Sweden, United States90% Smart Phones; 80% Digital Cameras; 28%
Electronic Devices
iPhones, iPads, iPods, Apple TV devices,Windows, PDAs, Nintendo handhelds, SonysPSP, GPS devices, portable music players, etc.
Zacks ranking = 1, Strong Buy
ARMH ARM HOLDINGS
www.arm.com; www.money.cnn.com; www.investorguide.com; www.zacks.com
http://www.arm.com/http://www.money.cnn.com/http://www.investorguide.com/http://www.zacks.com/http://www.zacks.com/http://www.investorguide.com/http://www.money.cnn.com/http://www.arm.com/ -
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
5/22
ARMH ARM HOLDINGS
This Quarter
03/2012Next Quarter
06/2012This Year
12/2012Next Year
12/2013Average Estimate 0.11 0.12 0.51 0.62
Number of Estimates 7 7 7 5Low Estimates 0.10 0.10 0.45 0.52High Estimate 0.12 0.13 0.56 0.72Year Ago EPS 0.08 0.11 0.42 0.51EPS Growth 41.07% 5.19% 21.77% 20.45%
www.zacks.com
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
6/22
ARMH ARM HOLDINGS
Current Quarter Estimate 0.11 Next Report Date Apr 24, 2012
Next Quarter Estimate 0.12 EPS last quarter 0.12
Current Year Estimate 0.51 Last Quarter EPS Surprise 9.09%
Next Year Estimate 0.62 EPS (Trailing 12 Mos.) .42
Expected Earnings Growth 17.5% PE (forward) 54.63
Expected Sales Growth 8.16% ABR 3
Surprise - Reported Earnings History
12/2011 09/2011 06/2011 03/2011 Average Surprise
Reported 0.12 0.11 0.11 0.08Estimate 0.11 0.10 0.08 0.09
Difference 0.01 0.01 0.03 -0.01 0.01Surprise 9.09% 10.00% 37.50% -11.11% 11.37%
www.zacks.com
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
7/22
Per NASDAQ 4/19/12:
Stock Price $28.91
1 Year Target $33
ARMH ARM HOLDINGS
Number of Shares 1,037,703.20Year Current 1 year 2 year 3 year 4 year 5 year
Price per Share 28.91$ 33.00$ 37.62$ 42.89$ 48.89$ 55.74$
Target Increase 14% 14% 14% 14% 14%
Balance 30,000,000$ 34,244,206$ 39,038,394$ 44,503,770$ 50,734,297$ 57,837,099$
Profit 4,244,206$ 9,038,395$ 14,503,770$ 20,734,298$ 27,837,099$
ROI 14.1% 30.1% 48.3% 69.1% 92.8%
www.nasdaq.com
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
8/22
Interest rates and bond valuation
Increases in interest rates are highly detrimental to bondvaluation
Impact is only realized if bond is sold prior to maturity Treasury notes are held to maturity
Currency exchange rates
Realized return from foreign treasury notes includesadjustment in exchange rates
Payments from purchases of European treasury notes willreflect variances in the Euro/Dollar exchange rate
FOREIGN BOND MARKET BASICS
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
9/22
EURO/DOLLAR EXCHANGE RATE
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
10/22
"The market is almost historically short of euros andlong of dollars, which will make it difficult to pusheuro/dollar lower," said Arne Lohmann Rasmussen,
head of currency research at Danske Bank inCopenhagen.
European bond valuation will not be adversely
affected by Euro/Dollar disparities
Euro/Dollar remains consistently above $1.30despite present debt concerns
EURO/DOLLAR EXCHANGE RATE
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
11/22
SPANISH BOND YIELDS
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
12/22
Investment of $20 million in 10 year Spanish treasury notes ata coupon rate of 6.03% compounded bi -annually
Bi-annual return = (0.0603/2) * $20,000,00
= 0.03015 * $20,000,000
= $603,000 return
Investment would produce a return of $603,000 every six
months for ten years, with a potential for reinvestment
Total realized return of $12,060,000
PROJECTED RETURN ON INVESTMENT
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
13/22
Company engaged in copper mining and electricity p roduction.
Mining : Copper Production and Asphaltite Production.
Energy : Cogeneration energy plants for electricity, energy andvapor generation, and establishing power stations for thegeneration and dis tribution of electricity.
The Company is also involved in the production of fiber andfiber products from glass, mine and mine derivations.
PARK ELECTRIC AND MINING CO.
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
14/22
Investment: 50 % - $50 Million
Turkey - Energy and Mining
Company : Park Elektrik Uretim Madencilik Sanayi ve TAS
Stock Investment
Bloomberg: PRKME TI / Reuters: PRKME IS
Financal Times : PRKME:IST
Park Electric and Mining is a subsidiary of Park Holding A.S
http://www.parkelektrik.com.tr
PARK ELECTRIC AND MINING CO.
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
15/22
PARK ELECTRIC AND MINING CO.
Source : Financal Times Market Data
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
16/22
PARK ELECTRIC AND MINING CO.
Source : Financal Times Market Data
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
17/22
PARK ELECTRIC AND MINING CO.
Source : Financal Times Market Data
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
18/22
PARK ELECTRIC AND MINING CO.
Source : Financal Times Market Data
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
19/22
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
20/22
Mining investments
Park Elektrik increased its concentrated copper capacity 750to 1.2mn tons/year
1.8mn tons/year which is planned to be completed in 2015
Asphaltite 135MW to 405MW in 2015 Park Elektrik will
triple its asphaltite production.
PARK ELECTRIC AND MINING CO.
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
21/22
Energy investments
The company plans to build 50.5MW "run of river type" of HEP Pin Diyarbakr with total capital expenditure of US$60mn for
which the production licence will be valid for 49 years.
Construction of the HEPP is expected to start in 2013 and willtake approximately three years for the plant to generaterevenues.
PARK ELECTRIC AND MINING CO.
-
8/13/2019 Invest in Turkey -Financial Presentation-A.caner
22/22
ht t p : //www. a r m. com/a b out /comp a n y-p r of i le / i n de x . p hp ht t p : //mon e y. cn n . com/2012/03/09/t e chn ology/a r m-i p a d- i n t e l/ i n de x . ht m ht t p : //www. i n ve st or gui de . com/a r t i c le /7556/a r m-holdi n gs-a r mh-p oi se d-t o-b e come -t he -
n e x t - i n t e l - i n t c/ ht t p : //www. za ck s . com/st ock /q uot e /A R M H
ht t p : //www. za ck s . com/r e se a r ch/r e p or t . p hp ? t yp e =e st i ma t e s&t =A R M H ht t p : //www. za ck s . com/r e se a r ch/r e p or t . p hp ? t yp e =e st i ma t e s&t =A R M H
ht t p : //www. b loomb e r g . com/q uot e /PR KM E: T I ht t p : //www. i sya t i r i m. com. t r /We b M a i le r /f i le s_a t t /2_20120313172600304_1. p df
ht t p : //i n ve st i n g . b usi n e sswe e k . com/r e se a r ch/st ock s/sn a p shot /sn a p shot . a sp ? t i ck e r =PR KME:TI
ht t p : //www. r e ut e r s . com/f i n a n ce /st ock s/ove r vi e w? symb ol=PR KM E. I S ht t p : //ma r k e t s . f t . com/R e se a r ch/M a r k e t s/T e a r she e t s/B usi n e ss-p r of i le ? s=PR KM E: I S T ht t p : //www. cn b c . com/i d/47112919
ht t p : //www. b loomb e r g . com/q uot e /G S PG 10Y R : I N D/cha r t ht t p : //www. r e ut e r s . com/a r t i c le /2012/04/19/ma r k e t s- f or e x - i dU S L 6E8F J7N G 20120419 B r e n n a n , C . (2012, A p r i l 20) . I n t e r vi e w b y PEH He a t h [ Pe r son a l I n t e r vi e w] . B on d
r e se a r ch st r a t e gi e s .
REFERENCES
http://www.arm.com/about/company-profile/index.phphttp://money.cnn.com/2012/03/09/technology/arm-ipad-intel/index.htmhttp://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.zacks.com/stock/quote/ARMHhttp://www.zacks.com/research/report.php?type=estimates&t=ARMHhttp://www.zacks.com/research/report.php?type=estimates&t=ARMHhttp://www.bloomberg.com/quote/PRKME:TIhttp://www.isyatirim.com.tr/WebMailer/files_att/2_20120313172600304_1.pdfhttp://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=PRKME:TIhttp://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=PRKME:TIhttp://www.reuters.com/finance/stocks/overview?symbol=PRKME.IShttp://markets.ft.com/Research/Markets/Tearsheets/Business-profile?s=PRKME:ISThttp://www.cnbc.com/id/47112919http://www.bloomberg.com/quote/GSPG10YR:IND/charthttp://www.reuters.com/article/2012/04/19/markets-forex-idUSL6E8FJ7NG20120419http://www.reuters.com/article/2012/04/19/markets-forex-idUSL6E8FJ7NG20120419http://www.reuters.com/article/2012/04/19/markets-forex-idUSL6E8FJ7NG20120419http://www.reuters.com/article/2012/04/19/markets-forex-idUSL6E8FJ7NG20120419http://www.reuters.com/article/2012/04/19/markets-forex-idUSL6E8FJ7NG20120419http://www.reuters.com/article/2012/04/19/markets-forex-idUSL6E8FJ7NG20120419http://www.reuters.com/article/2012/04/19/markets-forex-idUSL6E8FJ7NG20120419http://www.bloomberg.com/quote/GSPG10YR:IND/charthttp://www.bloomberg.com/quote/GSPG10YR:IND/charthttp://www.cnbc.com/id/47112919http://www.cnbc.com/id/47112919http://markets.ft.com/Research/Markets/Tearsheets/Business-profile?s=PRKME:ISThttp://markets.ft.com/Research/Markets/Tearsheets/Business-profile?s=PRKME:ISThttp://markets.ft.com/Research/Markets/Tearsheets/Business-profile?s=PRKME:ISThttp://markets.ft.com/Research/Markets/Tearsheets/Business-profile?s=PRKME:ISThttp://www.reuters.com/finance/stocks/overview?symbol=PRKME.IShttp://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=PRKME:TIhttp://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=PRKME:TIhttp://www.isyatirim.com.tr/WebMailer/files_att/2_20120313172600304_1.pdfhttp://www.bloomberg.com/quote/PRKME:TIhttp://www.zacks.com/research/report.php?type=estimates&t=ARMHhttp://www.zacks.com/research/report.php?type=estimates&t=ARMHhttp://www.zacks.com/research/report.php?type=estimates&t=ARMHhttp://www.zacks.com/stock/quote/ARMHhttp://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://www.investorguide.com/article/7556/arm-holdings-armh-poised-to-become-the-next-intel-intc/http://money.cnn.com/2012/03/09/technology/arm-ipad-intel/index.htmhttp://money.cnn.com/2012/03/09/technology/arm-ipad-intel/index.htmhttp://money.cnn.com/2012/03/09/technology/arm-ipad-intel/index.htmhttp://money.cnn.com/2012/03/09/technology/arm-ipad-intel/index.htmhttp://money.cnn.com/2012/03/09/technology/arm-ipad-intel/index.htmhttp://www.arm.com/about/company-profile/index.phphttp://www.arm.com/about/company-profile/index.phphttp://www.arm.com/about/company-profile/index.php