Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
Every year dedicated value investors from around the world make their way to Italy to exchange investment ideas.
It is a unique event in a great location far from the madding crowd.
Link to the event.
http://www.valueinvestingseminar.it/pages/eng/index.asp
This is the presentation I gave this year.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
Every year dedicated value investors from around the world make their way to Italy to exchange investment ideas.
It is a unique event in a great location far from the madding crowd.
Link to the event.
http://www.valueinvestingseminar.it/pages/eng/index.asp
This is the presentation I gave this year.
Financial Analysis - PetroChina Company Limited explores, develops, and produ...BCV
Financial Analysis - PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products
Analyst webcast presentation Royal Dutch Shell second quarter and half year r...Shell plc
Presentation slides of the analyst webcast Peter Voser, Chief Executive Officer of Royal Dutch Shell, hosted of the 2011 second quarter results on Thursday July 28, 2011 at 13:30 BST (14:30 CEST / 08:30 EDT).
Media webcast presentation Royal Dutch Shell second quarter and half year res...Shell plc
Presentation slides of the media webcast Peter Voser, Chief Executive Officer of Royal Dutch Shell, hosted of the 2011 second quarter results on Thursday July 28, 2011 at 09:00 BST (10:00 CEST / 04:00 EDT)
Media webcast presentation Royal Dutch Shell third quarter 2011 resultsShell plc
Simon Henry, Chief Financial Officer of Royal Dutch Shell will host a live audio webcast of the 2011 third quarter results on Thursday October 27 2011, 09:00 BST (10:00 CEST / 04:00 EDT).
Financial Analysis - PetroChina Company Limited explores, develops, and produ...BCV
Financial Analysis - PetroChina Company Limited explores, develops, and produces crude oil and natural gas. The Company also refines, transports, and distributes crude oil and petroleum products
Analyst webcast presentation Royal Dutch Shell second quarter and half year r...Shell plc
Presentation slides of the analyst webcast Peter Voser, Chief Executive Officer of Royal Dutch Shell, hosted of the 2011 second quarter results on Thursday July 28, 2011 at 13:30 BST (14:30 CEST / 08:30 EDT).
Media webcast presentation Royal Dutch Shell second quarter and half year res...Shell plc
Presentation slides of the media webcast Peter Voser, Chief Executive Officer of Royal Dutch Shell, hosted of the 2011 second quarter results on Thursday July 28, 2011 at 09:00 BST (10:00 CEST / 04:00 EDT)
Media webcast presentation Royal Dutch Shell third quarter 2011 resultsShell plc
Simon Henry, Chief Financial Officer of Royal Dutch Shell will host a live audio webcast of the 2011 third quarter results on Thursday October 27 2011, 09:00 BST (10:00 CEST / 04:00 EDT).
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Managing marketing information to gain customer insights
Goldfarb Increase in Stake Presentation
1. PDG Realty increases its stake in
Goldfarb to 75%, and acquires an option
to purchase an additional 5%
Investors Relations:
Michel Wurman
Investors Relations Director
João Mallet
Investors Relations Manager
Gustavo Janer
IR Analyst
Telephone: +55 (21) 3504 3800
E-mail: ri@pdgrealty.com.br
Website: www.pdgrealty.com.br/ir
1
2. Agenda
Deal Rationale
Increase of PDG Realty´s stake in Goldfarb
PDG Realty Business Model
Final Comments
2
3. Deal Rationale
Consolidation of PDG Realty´s position as one of the leaders in operations within the mid
and mid-low income segment.
Opportunity to accelerate investments in the market segment with the largest repressed
demand on Brazilian real estate market.
Investment in a company with proven execution capacity and great potential growth.
Stake acquisition based on accretive valuation.
Arbitrage opportunity on discounts between listed companies versus private equity
investments.
Reaffirm and reiterate the strategic alignment between the current shareholders of
Goldfarb and PDG Realty.
3
4. Increase to 75% of PDG Realty´s stake in
Goldfarb
The company has over 40 years of experience and is one of the largest
developers and homebuilders in the country focused in popular and economic
units.
Successful business model based in 3 main principles:
– Focus in market segment (popular and economic units).
– Standardization of the development process resulting in low operational
costs.
– Production and sales verticalization.
One of the largest Caixa Econômica Federal associative credit operators.
4
5. Increase to 75% of PDG Realty´s stake in
Goldfarb
In Goldfarb’s original strategic business plan, 5 to 5.5 thousand units were expected to be
launched in 2007, 7 thousand units in 2008 and 10 thousand units in 2010.
After the recent capitalizations of the company, its strategic business plan was reviewed:
Goldfarb expects to launch 7 to 8 thousand units in 2007 and 9.5 to 10.5 thousand units
already in 2008.
Expected Units to be launched- Goldfarb (thousand units launched)
12000
9.5 - 10.5
10000
8000 7.0 - 8.0
7.0
6000 5.0 -5.5
4000
2000
0
2007 2008
Original Strategic Plan Review 5
6. Increase to 75% of PDG Realty´s stake in
Goldfarb
Goldfarb is exclusively focused in the market segment that concentrates the biggest and most promising
consumer demand (popular and economic).
Number of Residences (2006) Main Competitors Target-segment
Habitational
Deficit
1.7 million 4% > 20 MW
3.7 million 7% 10 < > 20 MW
8.7 million 18% 5 < > 10 MW
37.3 million 71% <5 MW
Total Residencies: 51.6 million
MW: Minimum Wage 6
7. Acquisition Structure
• We are increasing, once again, our stake in Goldfarb by 5% reaching 75%.
• PDG Realty’s acquisition structure will be concluded as follows:
- Assuming an equity value of R$ 800 million for Goldfarb, PDG Realty will increase its capital by
R$100 million, issuing shares representing 3.33%. Consequently, PDG Realty's stake in Goldfarb will reach
73.33%.
- Goldfarb’s current shareholders will increase the capital of a holding company by which they
will hold 100% of the company, paid up through issue of common shares by Goldfarb equivalent to 1.67%
of its capital.
- PDG Realty will incorporate the holding company by increasing its capital and issuing 681,818
new common shares.
• The holding shareholders are subject to a 9 month lock up period of 75% of their shares, with 25% of the
shares being unlocked on a quarterly basis.
• Furthermore, PDG Realty now holds an option with expiration in December 31, 2008 to acquire an
additional 5% stake of Goldfarb, reaching 80%. The option will be exercised in the same terms as the ones
described above: considering an equity value of R$900 million, PDG Realty will increase Goldfarb’s capital by
R$100 million and issuance of 1,136,364 shares of PDG Realty.
7
8. Successful track record
PDG Realty´s track record proves its ability to continuously originate co-developments and private
equity opportunities.
Additional Acquisition of
acquisition 14,5% stake
JV of 21%
JV Acquisition Joint Venture
Set-06
of 20% stake PDG & Abaurre
Private JV
Acquisition of
Equity... Acquisition of Joint Venture 30% stake
40% stake CHL & PIAL
Additional JV Additional
Feb-06 acquisition acquisition
of 10% Sale of of 5%
JV April-07
May-06 Nov-06 Feb-07 20% stake
Set - 07
June-07 August-07
44 projects launched July - 07
21 projects launched
14 projects launched R$ 250 mm
2003 -2006 2Q07
1Q07 Debenture
issuance
IPO
...and co-development
Jan-07 investments.
8
9. Portfolio Investments
Even in a competitive environment PDG Realty was able to make important acquisitions in accretive
deals.
Current portfolio enables strong presence in all market segments:
Rental Income
Mid to low income Mid to high income Land parceling Services
Properties
Part.: 75%
Focus: São Paulo, Rio de Janeiro Part: 17% Part.: 50% of a joint venture Part: approx. 14,5%
and Espirito Santo Focus: São Paulo Focus: São Paulo Focus: São Paulo, Rio de
Part: 17% (indirect)
Janeiro, Bahia, Minas Gerais
Focus: São Paulo
and Rio Grande do Norte
Part: 50%
Focus: Rio de Janeiro JV
Joint Venture
Focus: Rio de Janeiro
Part: 50% of a joint venture
Focus: Bahia
JV
Joint Venture
Focus: Niteroi, RJ
JV
Joint Venture
Focus: Espirito Santo
Part: 30% 9
Focus: Argentina
10. Closing Remarks
Flexibility to capture a large range of investment opportunities and
Flexibility market trends
Expertise and capacity to invest in different:
– Geographic regions
Diversification – Markets
– Income segments
Count on the best
Ability to “hire” the best management in the industry and leverage on
management teams in their specific and local knowledge
the industry
Additional capital gain Capital gain potential from portfolio investments since PDG will help its
potential invested companies to grow and access equity capital
Management with strong real estate expertise, financial background
Management expertise and return oriented culture to implement PDG Realty´s business
strategy
The right platform to accomplish a sustainable long term growth
Unique business model in the Brazilian real estate market 10