lisa rapuano finding your way along the many paths of value
TRANSCRIPT
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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3t` beeubiVprceovbiun cevnstceo fleornss
Bprci 6, 842: Ibs Qnobs, EQ
Acejceo Slur _by Bileo Z`n Gbey Tbt`s la Qbiun
Icsb Xbpubel, Iben Acvn Fbpctbi Gbebongnet
www.QbiunCevnstceoFleornss.flg
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Acejceo Slur _by Bileo t`n Gbey Tbt`s la
Qbiun
Icsb LJnii Xbpubel, FAB
Iben Acvn Fbpctbi Gbebongnet
Qbiun Cevnstceo Fleornss
Bprci 6, 842:
Ibs Qnobs
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Acejceo Slur _by
Z`n glst cgplrtbet qubicty la be cevnstlr cs tngpnrbgnet,
- _brrne Huaantt
8
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Acejceo Slur _by
Bcet leiy t`rnn t`ceos tl obghiceo. Melwce t`n 14-:4 nejla b prlplsctcle, gleny gbebongnet, bej melwce ylursnia
- Tuooy Tnbrsle (@Z Hcii Gciinr)
6
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Acejceo Slur _by
C bg elt _brrne Huaantt bej enct`nr brn ylu.
- Icsb Xbpubel
:
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Acejceo SL^X _by
Bii bpprlbf`ns tl vbiun cevnstceo bttngpt tl huy $2.44 alr $4.>4 _n wbtf` lt`nr cevnstlrs lwenrs`cp plsctcles bej rnbsleceo
Qnry anw gbebonrs lutpnralrg lvnr ileo pnrcljs la tcgn
B flggle trbct la ileo tnrg suffnssaui cevnstlrs cs flggctgnet tl pnrslebiprlfnss
Cgplrtbet tl flescjnr;
Bt w`bt jl C nxfni< _`bt gcstbmns bg C prlen tl
Hllm Qbiun; 2>.0%
GMI Vtlfm; 2:.2%
V&T 2>44; ?.1%V&T 2>44 T&F Cesurnrs; 1.0%
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Gbrmni; Z`n Gbrmnt Jlnset Ont Ct
Hnst ce fibss prlpnrty fbsubity (T&F) cesurnr lutpnralrgs pnnrs bej t`n stlfmgbrmnt
wct` G^F@ ilwnr vlibtcicty (Hntb 7 4.1)
Snt stlfm aliilws t`n rue-laa vbiun (hllm bjkustnj alr tcgceo bej rnsnrvnrnjuejbefcns)
Vl bii auturn uejnrwrctceo prlacts, cevnstgnet bej vneturns orlwt` csarnn
Jlet nxpnft t`n gbrmnt tl uejnrstbej, ocvne hnicna t`bt ylu fbet vbiun becesurnr wct` b JFA
82
GMI Vtlfm; $>36 (2.8>x hllm)
Xue-Laa; $>31Tius Auturn ^_ Trlact; $28>Flesnrvbtcvn Qbiun; $?82 (+88%)
Ent Cevnstgnets pnr V`brn; $338Tius Auturn ^_ Trlact; $28>$2,22? pnr s`brn (2.3x hllm)
JFA; $2434+, jnpnejceo le auturn cetnrnst rbtns
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Gbrmni; Ont Xcf` Vilwiy
Gbrmnt vbiuns Gbrmni icmn bii T&Fs, le hllm vbiun, sl stlfm wcii orlw rluo`iywct` hllm vbiun
Bfqucsctcle la Bitnrrb cefrnbsnj ent cevnstgnets pnr s`brn tl $338. Tiusfurrnet cesurbefn fyfin frnbtceo fbpctbi ceailws (prlacts) arlg uejnrwrctceoilts la enw fbpctbi tl cevnst ce nquctcns bej vneturns
Qneturns bej nquctcns rbrniy slij, sl GMI cs b tbx-jnanrrnj sbvceos bffluet
L` bej cts b TGs jrnbg; El trcfmy snii jnfcscles
Nqucty+ rntures, hlej vlibtcicty
88
Zcfmnr; GMI
Trcfn; $>36
Gbrmnt Fbp; $0,64?gHllm Qbiun; $:??
Hllm FBOX; 28-2>%
Hntb; 4.1
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Hnj, Hbt` & Hnylej (HHHS $10.:6)
86
Bprci 8428-Trnsnet
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Hnj, Hbt` bej Hnylej; Elt b Jnficeceo Xntbcinr
8:
Nstbhics`nj gnrf`bet wct` b snn-ct-hnalrn-ylu-huy-ct bsslrtgnet Acvn uecqun flefnpts
Vcoecacfbet vbiubtcle jcsfrnpbefy wct` `lgn-olljs pnnrs
Vtbhin prlactbhcicty bej fbs` ailw nebhiceo rncevnstgnet ce glhcin, n-flggnrfn
Z`luo`taui, wnii-tcgnj s`brn rnpurf`bsn frnbtns b scoecacfbet fbs` ycnij
Trcfn strbtnoy bej ebturn la olljs biilws tcgn alr lgec-f`beeni trbesalrgbtcle T_Q la $24> cgpiyceo >:% rnture arlg `nrn
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
HHHS; Qbiubtcle Jcsfrnpbefy
HHHS cs jlwe 2>% ynbr-tl-jbtnleiy Tcnr Len `bs pnralrgnj wlrsn
HHHS trbjns bt b 2>% tl 8>% jcsfluet tl `lgn rnibtnj rntbci pnnrs jnpnejceole lens prnanrrnj vbiubtcle gntrcf
8>
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
HHHS; Vtbhin Trlactbhcicty bej Fbs` Ailw
81
Ibst ynbr
NHCZJB Gbroce >-yr Bvo XLN
@J 26.0% 88.0%
IL_ 24.?% 28.6%
_VG 26.0% 21.?%
TCX 26.?% 26.6%
X@ -8.?% E/BBvnrbon 3.3% 21.6%
HHHS 21.0% 82.2%
AS Nej
Anhrubry
^IAFA
($gie)
8424 $?>:.>
8422 $041.?
8428 $308.18426 $0?0.?
842: $0?4.8
HHHS `bs flescstnetiy prljufnj `co`nr prlact gbroces bej rntures le nquctyvnrsus pnnrs
Ca t`n stlfm wnrn tl scgpiy trbjn ce icen wct` @J, b flgpbey prljufceo b scgcibr
bvnrbon rnture le nqucty, HHHS wluij hn b $34 stlfm
^IAFA `bs rngbcenj kust uejnr $2 hciicle alr t`n pbst acvn ynbrs bej t`n
gbebongnet tnbg `bs flggcttnj tl fletceulus s`brn rnpurf`bsn
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7/22/2019 Lisa Rapuano Finding Your Way Along the Many Paths of Value
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
HHHS; ^sceo Fbpctbi _csniy
:4 enw stlrns b ynbr bfrlss acvn flefnpts
Xngbceceo s`brn rnpurf`bsn but`lrczbtcle $8.> hciicle, nxpcrns 842>
Zl flgpintn t`n prlorbg, w`cf` wn hnicnvn cs t`n olbi, s`brn rnpurf`bsns`luij gnbeceoauiiy bffninrbtn
Z`n jnprnssnj stlfm prcfn prlvcjns be lpplrtuecty alr gbebongnet tlcefrnbsn vbiun t`rluo` s`brn rnpurf`bsn, w`cf` t`ny `bvn hnne bpt tl jl ce
t`n pbst
8?
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Iben Acvn Fbpctbi Gbebongnet
Acejceo Slur _by Bileo t`n Gbey Tbt`s tl Qbiun
Z`bem Slu!
Icsb LJnii Xbpubel, FAB
icsbDibenacvnfbpctbi.flg
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