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Advisory Board PresentationAIM XLIV | May 1, 2017
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AIM XLIVAnalyst Introductions
Conor LarkinBuffalo, New YorkAlign Technology, Calavo Growers
AruhanInner Mongolia, ChinaVersik Analytics, Infinera
Sylvia BandaCarmel, IndianaActivision Blizzard, Royal Caribbean
Andy BurrowNorth Lawrence, OhioWabtec Corporation, Kroger
Samuel ChitritSan Antonio, TexasAlphabet, Facebook
Jason DavisKennewick, WashingtonExxon Mobil, M&T Bank
Graham GardnerRochester, New YorkIntel, Exelon
Meng LiHebei, ChinaNvidia, Analog Devices
Elizabeth SadlerBoston, MassachusettsMosaic, Palo Alto Networks
Bhavuk GhaiPatiala, IndiaMarket Axxess, LAM Research
Silei LiGuangdong, ChinaGilead Sciences, Walgreens Boots Alliance
Karissa SchuchardtSheboygan, WisconsinHerman Miller, CVS Health
Sean HanleyChicago, IllinoisAmerican Tower, IBM
Garrett LoganBoston, MassachusettsDigital Realty Trust, Francesca’s
Jessie SunJiangsu, ChinaEquifax, Vulcan Materials
Dylan KoehlerLakeville, Connecticut Hanesbrands, Mas Tec
Elizabeth LynchGrosse Pointe Farms, MichiganKinder Morgan, Target Corp.
Fernando TurrentMexico City, MexicoUnder Armour, AECOM
Andrew RoehlGreenville, South CarolinaVeriSign, Thermo Fisher Scientific
Patrick VeltmanRichmond, VirginiaTotal System Services, Synchrony Financial
Nancy XiaFujian, ChinaMicrosoft, Priceline
Ross ZimmermanUtica, MichiganRockwell Collins, Intercontinental Exchange
2
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AgendaCourse OverviewEconomic OutlookPortfolio PerformanceSelection MethodologySecurity AnalysisAIM XLIV Review
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Course OverviewFundamentalsAnalyst ResponsibilitiesInvestment Philosophy
Applied Investment Management Winter 2017
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• Hands-on immersion in portfolio management
• Bridges course work with practical experience• Weekly presentations, final board presentation to the advisory
panel composed of key industry executives• Analysts selected on application basis considering:
• Academic performance• Relevant work experience • Personal goals
• 1st Half:• Inherit stock from the previous portfolio• Thorough analysis; reports findings to investment team
• 2nd Half:• Select a stock to research and pitch• Class builds and executes a portfolio of existing and
pitched stocks
Course OverviewFundamentals
Course Outline
Course Objectives
AIM
5
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• Execute a series of reports on individual stocks culminating in a valuation of that firm
• Analysts maintain coverage of their stocks and sectors, updating the class on pertinent developments
• Beyond individual assignments, analysts must participate through questions and comments to hold each other accountable
• Monthly Economic and Portfolio Performance Updates
• Industry and Sector Outlook Reports
• AIM Alumni communication through Newsletter and Webpage
Course OverviewAnalyst Responsibilities
Individual Responsibility Team Projects
• Each day, an analyst acts as “CIO” and leads the course like a meeting –working down agenda items
• Discussions flow from analyst questions, and contributions are moderated by peers not professors
• During portfolio selection each analyst has an equal voice
Student Driven Classroom
6
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• Outperform the S&P since inception
• Bottom-up approach, accompanied by top down consideration
• Well-researched trade decisions that contribute to the growth of the portfolio’s value for the use of future classes
• Common equities traded on major US exchanges
• Target allocation (±10%): • 35% Small & Mid Cap• 65% Large Cap
• No stock > 10% of portfolio
• Portfolio Sector weights ≅ S&P 500 weights
Investment Constraints
Investment Philosophy Allocations
Course OverviewInvestment Philosophy & Policies
Sector Proposed Portfolio S&P 500
Technology 27% 22%
Financials 12% 14%
Healthcare 8% 14%
Consumer Discretionary 15% 12%
Industrials 12% 10%
Consumer Staples 12% 9%
Energy 4% 7%
Utilities 4% 3%
Real Estate 8% 3%
Materials 0% 3%
Telecomm 0% 2%
7
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Economic OutlookUnited States EconomyCurrent Political EnvironmentMarket Reactions to Political EventsGlobal EconomyInvestment Considerations Economic Takeaways
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United States EconomyEconomic Overview
University of Michigan Consumer Sentiment U.S. GDP 2014-2016
USD Index Non-Farm Payrolls Additions
$14
$15
$16
$17
$18
$19
$20
$ tr
illio
nsReal Nominal
8486889092949698
100
Consumer Sentiment Moving Avg
0
50
100
150
200
250
300
May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17
Thou
sand
s of J
obs A
dded
Payroll Number Moving Average
90
92
94
96
98
100
102
104
BrexitTrump Election
Fed Hike
Source: S&P Capital IQ, Bloomberg, FRED, Bureau of Labor Statistics, University of Michigan 9
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• Expected to raise rates 2-3 more times in 2017 (50-75bps)
• Target 2% inflation rate
• Real GDP growing at moderate pace
• Unemployment rate of 4.7% is positive indicator
• Real personal consumption and investment spending both increased in Q4-16
United States EconomyFederal Reserve Policy
U.S. 10-Year Treasury Note Existing Home Purchases
Federal Reserve Minutes Personal Consumption
$11.4$11.5$11.5$11.6$11.6$11.7$11.7$11.8
$ bi
llion
s
1.3
1.5
1.7
1.9
2.1
2.3
2.5
2.7
Yiel
d
5.1
5.2
5.3
5.4
5.5
5.6
5.7
5.8
Mill
ions
of h
omes
pur
chas
ed
Source: S&P Capital IQ, Bureau of Economic Analysis 10
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• Election called for $1.0T - $1.5T stimulus package focused on infrastructure
• Tabled the issue until 2018
• Not included in Trump FY-17 Budget submitted to Congress
• Push for ACA repeal
• Negotiations directly with pharmaceutical companies
• Ability to buy insurance over state lines
• Ryan pulls AHCA after CBO estimated 24 million would lose coverage
• Strategy of letting Obamacare collapse on itself
• Trump Tax Plan:• 35% to 15% corporate taxes• 7 to 3 Income Brackets with top at 35%
• CBO: Trump Tax Plan +$10T to the Federal Deficit• Dismantle CFPB in the Federal Courts• Major cuts EPA
Current Political ClimateUnpredictable Trump Agenda
Infrastructure Healthcare
Trade Taxes & Regulation
63.7%
36.3%
S&P 500 % of FY-16 Revenue
United States
Rest of the World
Source: NPR, The Wall Street Journal, The New York Times, CNBC, Congressional Budget Office, The Hill 11
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Source: S&P Capital IQ
Benchmark Returns
Index Election to March 1Since
March 1
S&P 500 12.4% -2.2%
Russell 2000 18.6% -3.7%
MSCI World 10.1% -1.0%
MSCI China 5.3% 2.0%
Industry Sector Industry Group
% S&P 500
Election to Mar. 1
Since Mar. 1
Consumer Discretionary
Automobiles and Components 0.6% 15.1% -8.6%Consumer Durables and Apparel 1.3% 4.3% -1.2%Consumer Services 1.7% 18.2% 3.0%Media 3.6% 18.1% 0.4%Retailing 5.5% 11.1% 0.7%
Consumer Staples
Food and Staples Retailing 2.4% 4.6% -0.7%Food, Beverage and Tobacco 5.8% 6.0% 1.3%Household and Personal Products 1.9% 5.3% -0.3%
Energy Energy 6.0% 7.8% -4.0%
FinancialsBanks 5.8% 36.9% -10.6%
Diversified Financials 5.5% 24.8% -7.3%Insurance 2.5% 16.7% -4.2%
HealthcareHealthcare Equipment and Services 5.0% 14.4% -1.6%Pharmaceuticals, Biotechnology and Life Sciences 7.8% 11.5% -3.8%
IndustrialsCapital Goods 6.9% 17.4% -2.3%Commercial and Professional Services 0.6% 12.6% -1.2%Transportation 2.1% 19.6% -5.6%
Information Technology
Semiconductors and Semiconductor Equipment 3.1% 15.2% 0.9%
Software and Services 16.0% 11.5% 0.9%Technology Hardware and Equipment 5.2% 22.1% -1.1%
Materials Materials 2.7% 16.4% -3.1%Real Estate Real Estate 2.9% 8.5% 2.6%Telecomm Telecomm 2.2% 10.7% -2.4%
Utilities Utilities 3.0% 6.9% 2.0%
-10%
-5%
0%
5%
10%
15%
20%
25%
Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17
% R
etur
n
S&P 500 Russell 2000 Index MSCI World Index MSCI China
Market ReactionsSignificant Political Events Driving Industry Performance
12
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Source: S&P Capital IQ, The New York Times, The International Monetary Fund, The British Broadcasting Company, Euromonitor International
• Breakup?• Rise of the Alt Right• French Election R1: Macron: 24.0% | Le Pen: 21.3%• Brexit – Target 2019
• Surprise Election: June 2017• Polling: Conservatives 48% | Labor: 22%• Economy stabilized since exit vote
• Germany & France: consumer confidence & markets climb• Japan: Slow but consistent (1-2%) economic growth• China:
• 6.9% Q1-17 GDP Growth – strong growth in retail• Est. $1.1T in implied capital outflows (08/15 – 12/16)
• India: highs in GDP growth, consumer confidence
Future of the European Union Economic Overview
IMF Growth Projections Global Currency Performance vs. USD
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022
$ bi
llion
s
U.S.
E.U.
S. America
China
$0.80
$0.90
$1.00
$1.10
$1.20
$1.30
$1.40
$1.50
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17
Euro
Pound
Yen (100x)
Swiss Franc
Global EconomyConsistent Growth Throughout
13
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• Increases in employment & disposable income will continue to drive investments & spending
• The Fed is pushing inflation at a conservative pace and continuously adjusting to the political landscape
• Foreign Direct Investment in the United States is at historical highs
• NYT (03/31): “Caution Signals Are Blinking for the Trump Bull Market” - Shiller
Source: The Bureau of Economic Analysis, Yale University, The New York Times, The Federal Reserve Bank of Atlanta
Upside Downside
$0$50$100$150$200$250$300$350$400$450
$0
$500
$1,000
$1,500
$2,000
$2,500
1980 1985 1990 1995 2000 2005 2010 2015
Real S&P Com
posite Earnings
Real
S&
P Co
mpo
site
Sto
ck
Pric
e In
dex
Index Price
Earnings$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$ bi
llion
s
Foreign Direct Investment
0.0%
1.0%
2.0%
3.0%
Atlanta FED Q1-17 Annual GDP Growth Forecast
Max: 3.5% Projections:
• S&L: -2.0%
• PCE: -0.9%
• Gov.: -0.6%
Min: 0.5%
Investment ConsiderationsBull & Bear Indications
14
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Diversification
Tariff Risk
Trump Bounce
• Increased our position in Financials & Consumer Discretionary to capture market upside; decreased in Technology, Industrials, and Energy
• Accounted for market upside with projected future returns and the risks presented by potential political events
• Considered segmented geographic revenue in earnings analysis to account for threats of trade wars
Economic TakeawaysAIM Portfolio Strategies
15
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Portfolio PerformanceAIM Portfolio ReturnsRisk-Adjusted PerformanceAttribution AnalysisTop & Bottom PerformersPortfolio Additions & DeletionsFinalized Portfolio
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Portfolio PerformanceKey Themes
AIM Portfolio Returns
Risk-Adjusted Performance
Attribution Analysis
Top and Bottom Performers
Finalized Portfolio
• Long-term outperformance muted by near-term underperformance
Portfolio Additions and Deletions
• Beta to S&P 500 dropped below 1.0 during last 12 months; Sharpe Ratio below benchmark indices indicates disappointing results for riskiness of portfolio
17
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Portfolio PerformanceHistorical Returns Against Benchmarks
Cumulative Return of $1 Investment Since Inception (as of March 31, 2017)
Source: BNY Mellon Statement 18
$9.04
$5.94
$5.82
$5.73
$-
$1
$2
$3
$4
$5
$6
$7
$8
$9
$10
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
AIM HBI Russell 2000 S&P 500
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Portfolio PerformanceHistorical Returns Against Benchmarks
Returns Against Benchmark Indices (as of March 31, 2017)
11.6%
6.0%
11.8%10.9%
17.2%
10.4%
13.3%
8.6%
26.2%
7.2%
12.4%
8.6%
20.4%
9.4%
13.1%
8.8%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
1 Year 3 Years 5 Years Since Inception
AIM S&P 500 Russell 2000 HBI
Source: BNY Mellon Statement 19
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Source: BNY Mellon Statement
Portfolio PerformanceRisk Profile
Beta to Benchmark Indices (as of March 31, 2017)
0.88
1.06 1.04
0.28
0.570.63
0.59
0.92 0.93
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1 Year 3 Year 5 Year
AIM vs. S&P 500 AIM vs. Russell 2000 AIM vs. HBI
20
-
Source: BNY Mellon Statement
Portfolio PerformanceRisk-Adjusted Performance
Jensen’s Alpha (as of March 31, 2017)
21
-2.76
-4.57
-1.75
4.15
1.82
3.81
0.01
-2.38
-0.23
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
1 Year 3 Year 5 Year
AIM vs. S&P 500 AIM vs. Russell 2000 AIM vs. HBI
-
Source: BNY Mellon Statement
Portfolio PerformanceRisk-Adjusted Performance
Sharpe Ratio (as of March 31, 2017)
22
1.61
0.53
1.01
2.63
1.00
1.28
1.90
0.52
0.88
2.38
0.83
1.16
0.0
0.5
1.0
1.5
2.0
2.5
3.0
1 Year 3 Year 5 Year
AIM S&P 500 Russel 2000 HBI
-
AIM Portfolio Returns
Risk-Adjusted Performance
Attribution Analysis
Top and Bottom Performers
Finalized Portfolio
Portfolio PerformanceKey Themes
• Allocation effect + Selection effect = Net management effect
Portfolio Additions and Deletions
• Consumer Goods at the bottom end of recent performance Technology and Real Estate at the top end of recent performance
23
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Portfolio Performance Attribution Analysis: 5-Year Annualized
-2.0
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
Financials Health Care Utilities ConsumerDiscretionary
ConsumerStaples
Energy InformationTechnology
Materials TelecommServices
Industrials Real Estate
Allocation Effect Selection Effect Total Net Management Effect
Source: BNY Mellon Statement 24
-
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
Financials Health Care Utilities ConsumerDiscretionary
ConsumerStaples
Energy InformationTechnology
Materials TelecommServices
Industrials Real Estate
Allocation Effect Selection Effect Total Net Management Effect
Portfolio Performance Attribution Analysis: 1-Year Annualized
Source: BNY Mellon Statement 25
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Source: S&P Global, BNY Mellon Statements Note: Green indicates current compliance and red indicates incompliant
Portfolio PerformanceTarget Weighting
Target Portfolio Weights Current Configuration
19.6%Information Technology,
41.7%
Financials, 4.2%Health Care,
8.3%
Consumer Discretionary,
8.3%
Industrials, 16.7%
Consumer Staples, 0.0%
Energy, 8.3%
Utilities, 0.0%Real Estate,
8.3%
Materials, 4.2% Telecomm, 0.0%
10.2%
Information Technology,
22.1%
Financials, 14.4%
Health Care, 13.9%
Consumer Discretionary,
12.3%
Industrials, 10.1%
Consumer Staples,
9.3%
Energy, 6.6%
Utilities, 3.2%
Real Estate, 2.9%
Materials, 2.8%
Telecomm, 2.4%
26
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Portfolio Performance Top and Bottom Performers: Holding Period Return
-38.4%
-10.4% -8.3% -8.2% -8.2%-7.1% -4.6%
-3.1% -0.2%
0.2% 2.2%5.5% 6.2% 7.2% 7.4% 7.8% 8.1% 8.3%
11.0%16.7% 17.1% 18.5% 18.9%
22.0%
34.5%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
UA
MOS
GILD
XOM
MLH
R
HBI
WAB
VRSK KM
I
INTC CO
L
INFN
NVD
A
MSF
T
GOOG
L
GOOG TS
S
VRSN
MKT
X
EFX
ALGN F
B
DLR
AMT
ATVI
PERFORMANCE SINCE DECEMBER 7, 2016
Stocks added by AIM XLIII on December 7, 2016
Company Industry ReturnActivision Blizzard Technology 34.51%American Tower Real Estate 21.95%Digital Realty Trust Real Estate 18.88%Facebook Technology 18.54%Align Technology Healthcare 17.14%
Top 5 PerformersCompany Industry ReturnUnder Armour Consumer Goods -38.38%Mosaic Basic Materials -10.40%Gilead Sciences Healthcare -8.28%ExxonMobil Energy -8.23%Herman Miller Consumer Goods -8.22%
Bottom 5 Performers
Source: BNY Mellon Statement, Yahoo! Finance 27
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Portfolio PerformanceKey Themes
Finalized Portfolio
• 13 additions and 11 deletionsPortfolio Additions and Deletions
• Allocation shift toward Consumer Staples, Consumer Discretionary, and Financials, away from IT and Industrials
AIM Portfolio Returns
Risk-Adjusted Performance
Attribution Analysis
Top and Bottom Performers • Consumer Goods at the bottom end of recent performance Technology and Real Estate at the top end of recent performance
28
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Portfolio PerformanceAllocation: Inherited Portfolio
Consumer Discretionary, 5.4%
Energy, 6.6%
Financials, 4.5%
Healthcare, 7.3%
Industrials, 17.9%
Information Technology,
39.2%
Materials, 3.7%
Real Estate, 8.8%
Source: BNY Mellon Statement 29
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Source: BNY Mellon Statement
Portfolio PerformanceAdditions and Deletions
Portfolio Additions
Company IndustryRoyal Caribbean Consumer DiscretionaryPriceline Consumer DiscretionaryFrancesca's Consumer DiscretionaryCVS Consumer StaplesKroger Consumer StaplesCalavo Growers Consumer StaplesICE FinancialsSynchrony Financial FinancialsThermo Fisher Scientific HealthcareAECOM IndustrialsAnalog Devices TechnologyPalo Alto Networks TechnologyExelon Utilities
Portfolio Deletions
Company IndustryHanesbrands Consumer DiscretionaryExxon Mobil EnergyAlign Technology HealthcareVerisk Analytics IndustrialsEquifax IndustrialsWestinghouse Airbrake IndustrialsMosaic Company MaterialsNvidia TechnologyIntel TechnologyInfinera TechnologyVerisign Technology
30
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Portfolio PerformanceAllocation: AIM XLIV Portfolio
Information Technology,
27%
Financials, 12%Health Care,
8%
Consumer Discretionary,
15%
Industrials, 12%
Consumer Staples,12%
Energy, 4%
Utilities,4% Real Estate,
8%
Source: BNY Mellon Statement 31
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Source: BNY Mellon Statement, AIM / Xia 2017
Portfolio PerformanceSector Allocation
AIM XLIV Final Portfolio vs. S&P 500 (As of April 18, 2017 )
As of October 31, 2016 27%
12%
8%
15%
12% 12%
4% 4%
8%
0% 0%
22%
14% 14%12%
10% 9%
7%
3% 3% 3% 2%
0%
5%
10%
15%
20%
25%
30%
AIM XLIV S&P 500
32
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Portfolio PerformanceKey Takeaways
AIM Portfolio Returns
Risk-Adjusted Performance
Attribution Analysis
Top and Bottom Performers
Finalized Portfolio
• Long-term outperformance muted by near-term underperformance
• Allocation effect + Selection effect = Net management effect
• Consumer Goods at the bottom end of recent performance Technology and Real Estate at the top end of recent performance
• 13 additions and 11 deletionsPortfolio Additions and Deletions
• Allocation shift toward Consumer Staples, Consumer Discretionary, and Financials, away from IT and Industrials
• Beta to S&P 500 dropped below 1.0 during last 12 months; Sharpe Ratio below benchmark indices indicates disappointing results for riskiness of portfolio
33
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Security AnalysisCompany & Industry OverviewFundamental AnalysisDiscoveryEarnings AnalysisBeta AnalysisRelative ValuationDiscounted Cash Flow ValuationAlternative Valuation
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• Investment committee-based process• Multiple portfolios considered• 22 equal votes
• 2-minute “quick pitch”
• Initial round voting – 80% threshold
• Actively updated:• Portfolio allocations vs. S&P 500• Small/Mid/Large cap mix
• Second round voting – filled last third of open slots
Course OverviewPortfolio Selection Process
Methodology Process
Stock Ticker Analyst SectorMarket
CapCurrent
Portfolio? RecTargetPrice
Round 1Yes
Round 1No %
Round 2Yes
Round 2No
Exxon Mobil XOM Jason Davis Energy Large Yes Sell 83.17$ 8 14 36% 22
Facebook FB Sam Chitrit Technology Large Yes Buy 166.87$ 21 1 95%
Francesca's FRAN Garrett Logan Consumer Discretionary Small No Buy 21.34$ 14 8 64% 13 9
Gilead Sciences GILD Silei Li Healthcare Large Yes Buy 91.79$ 16 6 73%
Hanesbrands HBI Dylan Koehler Consumer Discretionary Mid Yes Buy 29.90$ 14 8 64% 11 11
Herman Miller MLHR Karissa Schuchardt Industrials Small Yes Hold 34.60$ 11 11 50% 15 7
IBM IBM Sean Hanley Technology Large No Sell 179.71$ 0 22 0% 22
ICE ICE Ross Zimmerman Financials Large No Buy 76.92$ 19 3 86%35
Stocks
StockTickerAnalystSectorMarket CapCurrent Portfolio?RecTargetPrice% Upside (as of 4/18/17)DetailDECISIONRound 1YesRound 1No%Round 2YesRound 2NoR2 %R3 YesR3 NoR3 %R4 YesR4 NoR4 %
Exxon MobilXOMJason DavisEnergyLargeYesSell$ 83.172.6%1.) Earnings highly dependent on market price of oil2.) Saudi Aramco IPO will likely redistribute portions of the energy market 3.) Very little intrinsic upsideNO81436%220%
FacebookFBSam ChitritTechnologyLargeYesBuy$ 166.87Revenue growth >30% each year since 2010.Earnings growth > 20% each year since 2010.User-base expected to reach 2 billion in 2017.Little debt -> Keep 100% of cash flows.Concern: Shareholder litigation regarding proposed new class of publicly-traded stock.YES21195%
Francesca'sFRANGarrett LoganConsumer DiscretionarySmallNoBuy$ 21.34Francesca's high cash yield combined with the potential to invest in new stores at a high return (22% ROA, 35%ROE) gives Francesca’s both an attractive valuation and a bright futureYES14864%13959%91243%13862%
Gilead SciencesGILDSilei LiHealthcareLargeYesBuy$ 91.7939.0%The market is not positive toward Gilead Sciences due to its underperformance in the HCV segment and potential competitors in the HIV segmet. The market price is around the worst case in the DCF valuation and way lower than multiples valuation. The sharp decrease in the HCV sales is expected. However, with 78% of patients on a Gilad HIV product, they are dominating the HIV market in the US. Steady growth in the HIV segment will partially compensate for its declining sales in HCV segment. Besides, with well-balanced product pipeline and strong cash flow, Gilead Sciences still has growth potential in new product launch and grow through acquisiton. In conclusion, the investment thesis is hold. YES16673%
HanesbrandsHBIDylan KoehlerConsumer DiscretionaryMidYesBuy$ 29.90NO14864%111150%41719%
Herman MillerMLHRKarissa SchuchardtIndustrialsSmallYesHold$ 34.6010.4%Progress on strategic agenda as a global, multi-channel modern lifestyle brand Organic revenue growth supported by expanded retail studio footprint and diversified distribution Continued operational excellence of low fixed costs and lean manufacturingYES111150%15768%13862%
IBMIBMSean HanleyTechnologyLargeNoSell$ 179.715.4%NO0220%220%
ICEICERoss ZimmermanFinancialsLargeNoBuy$ 76.92YES19386%
InfineraINFNAruhanTechnologySmallYesBuy$ 10.819.0%1) Technological advantage with Photonic Integrated Circuits2) Entered two fast growing segments: metro and datacenter interconnect-expected to gain market share in these two segments in the next few yearsNO91341%220%
IntelINTCGraham GardnerTechnologyLargeYesSell$ 36.08-1.2%-Mature company going through aggressive transformation-PC will suppress revenue for 3-5 years-Little growth potential in the next few years -Revenue growth is based on large bets in new segments where the demand and industry is unknown (driverless cars)-Reliance on high growth of small business unitsNO2209%220%
Kinder MorganKMIElizabeth LynchEnergyLargeYesBuy$ 26.0022.0%Top performer in the Energy sector through the last 18 Months of low oil prices.Upside potential driven through guarenteed cashflows from service fees associated with LNG and petroleum product transfer services. Contracts are long term and revenues are hedged so KMI is much less risky than multidisiplenary energy firms like BP or Royal Shell. Nearly 100% of profits are in the US, so the firm is also protected through possible Trump trade shake-ups. Outlook very consistent upside until the next AIM trading cycle.YES18482%
KrogerKRAndy BurrowConsumer StaplesLargeNoBuy$ 34.521.) Top tier if not best loyalty and data gathering program 2.) Lack of true comps keeps spotlight off of it in markets 3) Most integrated of any traditional grocery chain, opportunity to spin assets if times get tough (Real Estate, Jewelry, Convenience, Pharmacy, Manufacturing)) YES16673%
Lam ResearchLRCXBhavuk GhaiTechnologyLargeNoBuy$ 138.909.0%It is one of the leading semi-conductor equipment manufacturers and is expected to maintain is leading position in the future.China to Invest $160 bln in Semiconductor manufacturing by 2025. LRCX, has long standing relationships and partnerships in China and is expected to gain much business from the growing demand in China.NO111150%101245%91243%81338%
M&T BankMTBJason DavisFinancialsLargeNoBuy$ 162.786.0%1.) Stock performs with industry and outperforms peers during positive economic times2.) Outperforms industry during negative economic times 3.) Protection against downcycle with low non-performing portfolio and low BetaNO14864%81436%61529%
MarketAxessMKTXBhavuk GhaiFinancialsMidYesBuy$ 229.0025.0%Catalyst 1: Continued market share expansionHigh-grade bond trading segment: Market share from 14.1 percent to 16 percent. While, within the . Eurobond segment: Market share from 4 percent to 7.1 percent Catalyst 2: Diversification – Strong International growthMKTX’s US corporate bond trading volume: Grew at 26 percent MKTX's Eurobond and Emerging Markets volumes: Grew by 79 percent and 54 percentYES220100%15768%
MastecMTZDylan KoehlerIndustrialsMidNoSell$ 39.50NO0220%220%
MicrosoftMSFTQing XiaTechnologyLargeYesBuy$ 84.1228.6%1) Pushing forward a successful cloud strategy2) MS Enterprise: strong market share across OS, Office, cloud, and database3) Overall strategy and EPS benefited by LinkedIn acquisitionYES20291%
Mosaic CoMOSElizabeth SadlerMaterialsMidYesBuy$ 31.6216.9%Stock price has depreciated since final valuation. It seems to be hovering around $27/$28. Would change investment thesis if there are other stocks with greater upside to addNO71532%220%
NvidiaNVDAMeng LiTechnologyLargeYesSell$ 86.11-13.2%1)Trading price is higher than NVIDIA’s intrinsic stock price2)Competition from AMD in the gaming market 3)Many qualified semiconductor company well positioned for IOTNO31914%220%
Palo Alto NetworksPANWElizabeth SadlerTechnologyLargeNoBuy$ 120.4010.4%Trading at/below its 52 week low, so if believe in the company and industry it could be a long-term value play as the stock appreciates. Has see significant depreciation over the past month due to earnings miss that hit stock ~20-30%.YES16673%
PricelinePCLNQing XiaConsumer DiscretionaryLargeNoBuy$ 20.3715.6%1) No. 1 player in online travel booking market (forward 7-year revenue CAGR 10%), benefit from large scale and network effect2) Previous 10-year revenue and net income CAGR 20%+; well-managed: net profit margin 20%; ROE: 23%3) Growth potential from superior position in Asia, especially China, continued leadership in Europe, and expanding presence in vacation rentals and restaurant bookingsYES16673%
Rockwell CollinsCOLRoss ZimmermanIndustrialsLargeYesHold$ 101.13NO13959%91341%15671%
Royal CaribbeanRCLSylvia BandaConsumer DiscretionaryLargeNoBuy$ 106.1911.4%Significant upside potential in capturing growing Chinese market, A part of an oligopoly (#2 player) in the space, Significant strides in credit health and decreased costsYES18482%
Synchrony FinancialSYFPatrick VeltmanFinancialsLargeNoBuy$ 36.30YES16673%
Target CorporationTGTElizabeth LynchConsumer DiscretionaryLargeNoHold$ 61.1914.0%trading at a 52 week low and has been for the past 6 weeks since a missed Q4 2016 earnings report. Valuation shows that in the next few months they are due for a price correction up to fair valueLong term growth is very slow and will not pick up for at least 2 years.NO0220%220%
Thermo Fisher ScientificTMOAndrew RoehlHealthcareLargeNoBuy$ 160.805.3%TMO is a well diversified, low risk stock that presents consistent growth propects over the next five years. Their M&A activity and income growth are why analysts present this stock as a strong buy with a mean projection around $172.YES20291%
Total Systems ServerTSSPatrick VeltmanTechnologyMidYesBuy$ 59.00YES15768%15768%13862%
Under ArmorUAFernando TurrentConsumer DiscretionaryMidYesSell$ 23.0920.9%Brand is loosing its luster, they are loosing there edgy designs and young people dont like their gear. Its a very risky stockYES111150%111150%15671%
VerisignVRSNAndrew RoehlTechnologyMidYesSell$ 82.03-7.2%While VRSN's revenue and income growth has been "utility" consistent the firm appears to be correctly/slightly over valued at this point in time and does not present significant upside moving forward.NO0220%220%
Verisk AnalyticsVRSKAruhanIndustrialsLargeYesBuy$ 91.1213.0%1) Near monopoly in insurance 2) Great customer relationship3) Great organic and inorganic growthyes121055%101245%81338%
VulcanVMCJessie SunMaterialsLargeNoSell$ 68.001) Intrinsic value is far below the current price: $118 on April 17. 2) The PE ratio in this industry is 50% higher than S&P even after omiting outlier company.NO2209%220%
Walgreens Boots AllianceWBASilei LiConsumer StaplesLargeNoSell$ 77.89-5.0%Walgreens Boots Alliances Inc. (WBA) is a well-run drug retailer with strong operations capability and a prospect to achieve long-term steady growth. However, both FCFF model and the multiples valuation model indicates that it is slightly over-valued. The investment thesis is hold/sell. NO0220%220%
Westinghouse Airbrake Technologies CorporationWABAndy BurrowIndustrialsMidYesSell$ 77.931.) Continued weakness in high margin freight segment 2.) Integration risk of Faiveley Transport Group acquisition 3.) Highly susceptible to trade policy & FX (Over 2/3 of est. 2017 sales will be from Non-USA, a headwind of approx. $65M in 2017 ) NO1215%220%
AIM Compliance
NameTickerMarket CapSectorStock
Royal CaribbeanRCLLargeConsumer Discretionary1Market Cap# stocksProposed PortfolioIPS ParametersAbs DifferenceAcceptable?
PricelinePCLNLargeConsumer Discretionary2Large1246%65%19%NO
Under ArmorUAMidConsumer Discretionary3Small & Mid519%35%16%NO
Francesca'sFRANSmallConsumer Discretionary417
CVSERROR:#N/AERROR:#N/AERROR:#N/A5
KrogerKRLargeConsumer Staples6Sector Weights# stocksProposed PortfolioS&P 500 (MC)Abs DifferenceAcceptable?
Calavo GrowersERROR:#N/AERROR:#N/AERROR:#N/A7Technology415%22%7%NO
Kinder MorganKMILargeEnergy8Financials312%14%3%YES
ICEICELargeFinancials9Health Care28%14%6%NO
Synchrony FinancialSYFLargeFinancials10Consumer Discretionary415%12%3%YES
MarketAxessMKTXMidFinancials11Industrials28%10%2%YES
Thermo Fisher ScientificTMOLargeHealthcare12Consumer Staples14%9%5%NO
Gilead SciencesGILDLargeHealthcare13Energy14%7%3%YES
Align TechERROR:#N/AERROR:#N/AERROR:#N/A14Utilities00%3%3%YES
Verisk AnalyticsVRSKLargeIndustrials15Real Estate00%3%3%YES
AECOMERROR:#N/AERROR:#N/AERROR:#N/A16Materials00%3%3%YES
Herman MillerMLHRSmallIndustrials17Telecommunication Services00%2%2%YES
American TowerERROR:#N/AERROR:#N/AERROR:#N/A1817
Digial Realty REITERROR:#N/AERROR:#N/AERROR:#N/A19
Activision BlizzardERROR:#N/AERROR:#N/AERROR:#N/A20
AlphabetERROR:#N/AERROR:#N/AERROR:#N/A21
MicrosoftMSFTLargeTechnology22
FacebookFBLargeTechnology23
Analog DevicesERROR:#N/AERROR:#N/AERROR:#N/A24
Palo Alto NetworksPANWLargeTechnology25
Total Systems ServerTSSMidTechnology26
AIM Preferred
NameTickerMarket CapSectorStock
Royal CaribbeanRCLLargeConsumer Discretionary1Market Cap# stocksProposed PortfolioIPS ParametersAbs DifferenceAcceptable?
PricelinePCLNLargeConsumer Discretionary2Large1246%65%19%NO
Under ArmorUAMidConsumer Discretionary3Small & Mid519%35%16%NO
Francesca'sFRANSmallConsumer Discretionary417
CVSERROR:#N/AERROR:#N/AERROR:#N/A5
KrogerKRLargeConsumer Staples6Sector Weights# stocksProposed PortfolioS&P 500 (MC)Abs DifferenceAcceptable?
Calavo GrowersERROR:#N/AERROR:#N/AERROR:#N/A7Technology415%22%7%NO
Kinder MorganKMILargeEnergy8Financials312%14%3%YES
ICEICELargeFinancials9Health Care28%14%6%NO
Synchrony FinancialSYFLargeFinancials10Consumer Discretionary415%12%3%YES
MarketAxessMKTXMidFinancials11Industrials28%10%2%YES
Thermo Fisher ScientificTMOLargeHealthcare12Consumer Staples14%9%5%NO
Gilead SciencesGILDLargeHealthcare13Energy14%7%3%YES
Rockwell CollinsCOLLargeIndustrials14Utilities00%3%3%YES
AECOMERROR:#N/AERROR:#N/AERROR:#N/A15Real Estate00%3%3%YES
Herman MillerMLHRSmallIndustrials16Materials00%3%3%YES
American TowerERROR:#N/AERROR:#N/AERROR:#N/A17Telecommunication Services00%2%2%YES
Digial Realty REITERROR:#N/AERROR:#N/AERROR:#N/A1817
Activision BlizzardERROR:#N/AERROR:#N/AERROR:#N/A19
AlphabetERROR:#N/AERROR:#N/AERROR:#N/A20
FacebookFBLargeTechnology21
MicrosoftMSFTLargeTechnology22
Analog DevicesERROR:#N/AERROR:#N/AERROR:#N/A23
Palo Alto NetworksPANWLargeTechnology24
Total Systems ServerTSSMidTechnology25
ExelonERROR:#N/AERROR:#N/AERROR:#N/A26
-
Security AnalysisEquities & Focus of Analysis
Current Holdings
Discounted Cash Flow Earnings Discounted Cash FlowCompany & Industry
Discounted Cash Flow Company & Industry
Company & Industry Discovery BetaEarnings
Company & Industry Relative Analysis Technical AnalysisDiscounted Cash Flow
36
-
Price (as of 4/18/17): $183.06TTM Price-to-Earnings: 56.6xMarket Capitalization: $6.9 bnDividend Yield: 0.57%TTM Earnings Per Share: $3.35
MarketAxess HoldingsNYSE: MKTX
One-Year Price Chart
Focus
Company & Industry Overview
$120
$130
$140
$150
$160
$170
$180
$190
$200
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Source: Bloomberg 37
-
• Traditionally, big banks provided liquidity by holding bonds on their balance sheets. However, post the 2008 financial crisis the Basel III accord and the Volcker Rule have forced banks to clean up their balance sheets.1,2
• Also, since 80 % of bond trading is carried out on phone investors are looking for alternative platforms in search of liquidity and better price discovery.2
• The firm holds 80 percent market share in the electronic corporate bond trading in US, leading Bloomberg and Tradeweb.3
• The firm has implemented the RFQ platform which allows for online bond trading which reduces the average transaction cost by 3 basis points in yield, or $1,800 per million traded.1
MarketAxess HoldingsCompany & Industry Overview
Company Background Historical Margins
Industry Background High Grade Trading Volume
0
100
200
300
400
500
600
700
800
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
Billi
ons (
shar
es)
0%
10%
20%
30%
40%
50%
60%
FY 11 FY 12 FY 13 FY 14 FY 15 FY 16
Operating Margin Net Profit Margin
Source: 1. Company Filings, 2. Bloomberg, 3. TRACE data, FINRA 38
-
MarketAxess HoldingsCompany & Industry Overview
Revenue Segments Market Share Expansion
56%
39%
5%
High GradeHigh Yield/Eurobonds/Emerging MarketsOther Liquid Products
0%
2%
4%
6%
8%
10%
12%
14%
16%
High Grade BondMarket
High Yield BondMarket
Eurobonds Market Emerging Markets
FY 14 FY 15 FY 16
Source: Company Filings 39
-
MarketAxess HoldingsValuation, Investment Thesis & Portfolio Decision
Valuation Method Weight Valuation ContributionDiscounted Cash Flow 100% $229.00 $229.00Forward P/E 0% $146.00 $0.00Forward EV/EBITDA 0% $91.00 $0.00LTM EV/Sales 0% $74.00 $0.00Intrinsic Value $229.00Price (as of April 18, 2017) $183.06Estimated Upside / (Downside) 25.1%
Recommendation: Buy Portfolio Decision: Retain
Investment Thesis
1. Company is well-positioned for growth with market share growing across each of its product offerings in FY15 and FY162. International revenue streams with the Eurobond and Emerging Markets trading volumes growing at 79% and 54%, respectively3. Current low interest rate environment and the increased volatility in the debt markets, augurs well for corporate bond trading
40
-
Price (as of 4/18/17): $66.06TTM Price-to-Earnings: 6.8xMarket Capitalization: $86.6 bnDividend Yield: 18.20%TTM Earnings Per Share: $10.08
Gilead Sciences, Inc. NYSE: GILD
One-Year Price Chart
Focus
Fundamental Analysis
$65
$70
$75
$80
$85
$90
$95
$100
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Source: Yahoo! Finance 41
-
Gilead Sciences, Inc. Fundamental Analysis
DuPont Analysis
Sales & Profitability Growth Analysis
$0
$5
$10
$15
$20
$25
$30
$35
0%
20%
40%
60%
80%
100%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$ bi
llion
s
Net Sales Gross Margin EBIT Margin Net Profit
28%
40%
0%
10%
20%
30%
40%
50%
60%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Return on Capital % Cash reinvestment ratio
ROE
Financial Leverage ROA
Profit Margin
Asset Turnover
ROE
Financial Leverage ROA
Profit Margin
Asset Turnover
MRKGILD 0.87 0.12
0.48 0.140.56 0.40
3.26 1.570.27 0.056
Source: S&P Capital IQ, 10-K 42
-
Gilead Sciences, Inc. Valuation, Investment Thesis & Portfolio Decision
Valuation Method Weight Valuation ContributionDiscounted Cash Flow 85% $86.08 $73.17Forward P/E 5% $121.28 $6.06EV/EBITDA 5% $135.30 $6.76EV/Revenue 5% $115.87 $5.79Intrinsic Value $91.79Price (as of April 18, 2017) $66.06Estimated Upside / (Downside) 38.9%
Recommendation: Buy Portfolio Decision: Retain
Investment Thesis
1. The competitive advantages of Gilead Sciences lie in strong R&D capability and healthy product pipeline.2. The strong cash flow and healthy financial position supports continuous R&D activities and potential acquisitions. 3. Gilead Sciences is currently undervalued according to both methods.
43
-
Price (as of 4/18/17): $31.25TTM Price-to-Earnings: 15.1xMarket Capitalization: $1.96 bnDividend Yield: 2.17%TTM Earnings Per Share: $2.17
Herman MillerNYSE: MLHR
One-Year Price Chart
Focus
Earnings Analysis
$26
$27
$28
$29
$30
$31
$32
$33
$34
$35
$36
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Source: Yahoo Finance, AIM / Schuchardt 2017 44
-
• Developed EPS forecasts for next two quarters and next two fiscal years using projected financial statements
• Suggests strong seasonality of earnings
• Estimates track with management guidance and street consensus
• Seasonal sales drive estimates
• Historical trends as a percentage of sales used for other income statement items
• Consistent turnover ratios based on 10-year annual data
• Balance Sheet values held constant as a percentage of sales
Herman MillerEarnings Per Share Forecast
Pro Forma Assumptions EPS Surprise
Overview Seasonal Revenue
14.6%
21.0%
6.9%
17.1%
7.7%
-3.2% 0.0%
20.7%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
$0
$100
$200
$300
$400
$500
$600
2013 2014 2015 2016 2017
$ m
illio
ns
Q1 Revenue Q2 Revenue Q3 Revenue Q4 Revenue
Source: Bloomberg, AIM / Schuchardt 2017 45
-
Herman MillerEarnings Per Share Forecast
$0.38$0.52 $0.53
$2.04$2.14
$0.31
$0.55 $0.56
$2.05$2.17
$0.33
$0.55 $0.57
$2.07$2.20
$0.33
$0.55 $0.58
$2.08$2.20
$0.39
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
3Q 2017 4Q 2017 Q1 2018 FY 2017 FY 2018
AIM / Schuchardt 2017 Analyst Low Analyst Median Analyst High Actual
Source: Bloomberg, AIM / Schuchardt 2017 46
-
Herman MillerValuation, Investment Thesis & Portfolio Decision
Valuation Method Weight Valuation ContributionDiscounted Cash Flow 80% $34.63 $27.70Forward P/E 6.67% $33.27 $3.33Forward EV/EBITDA 6.67% $37.68 $3.77Forward P/BV 6.67% $32.93 $2.20Intrinsic Value $34.60Price (as of April 18, 2017) $31.25Estimated Upside / (Downside) 10.7%
Recommendation: Neutral Portfolio Decision: Retain
Investment Thesis
1. Progress on strategic agenda as a global, multi-channel modern lifestyle brand2. Organic revenue growth supported by expanded retail studio footprint and diversified distribution3. Continued operational excellence of low fixed costs and lean manufacturing
47
-
Price (as of 4/18/17): $49.17Market Capitalization: $38.6 bnDividend Yield: 0.58%TTM Earnings Per Share: $1.28
One-Year Price Chart
Focus
Beta
Activision Blizzard, Inc.NASDAQ: ATVI
$32
$34
$36
$38
$40
$42
$44
$46
$48
$50
$52
Apr-16 Jun-16 Jul-16 Sep-16 Nov-16 Dec-16 Feb-17 Apr-17
Source: Yahoo! Finance, S&P Capital IQ, Bloomberg, AIM / Banda 2017 48
-
Beta Calculation (5-Year)
Public Estimates Beta
Bloomberg 1.04
Thomson Reuters 1.09
Google 1.03
Activision Blizzard, Inc.Beta Analysis
Regression Daily Weekly Monthly
Calculated 1.04 1.08 1.10
Adjusted for Mean Reversion 1.02 1.05 1.07
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
-20.0% -10.0% 0.0% 10.0% 20.0% 30.0%
ATVI
Mon
thly
Ret
urns
S&P 500 Monthly Returns
Source: Yahoo! Finance, S&P Capital IQ, Bloomberg, Reuters, Google, AIM / Banda 2017 49
-
Activision Blizzard, Inc.Valuation, Investment Thesis & Portfolio Decision
Valuation Method Weight Valuation ContributionDiscounted Cash Flow 85% $54.90 $46.67Forward P/E 5% $57.98 $2.90EV/EBITDA 5% $39.04 $1.95P/BV 5% $53.74 $2.69Intrinsic Value $54.20Price (as of April 18, 2017) $49.17Estimated Upside / (Downside) 10.2%
Recommendation: Buy Portfolio Decision: Retain
Investment Thesis
1. The firm has posted strong early results as a result of its KING acquisition2. Significant growth rates in international markets (Asia Pacific) have proven promising3. Company is well-positioned to capture the move to digital-gaming through streamlined content and acquisition activity
50
-
Price (as of 4/18/17): $116.32TTM Price-to-Earnings: 49.9xMarket Capitalization: $9.5 bnDividend Yield: n/aTTM Earnings Per Share: $2.33
Align TechnologyNASDAQ: ALGN
One-Year Price Chart
$65
$70
$75
$80
$85
$90
$95
$100
$105
$110
$115
$120
$125
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
Source: Capital IQ, Yahoo! Finance
Focus
Discounted Cash Flow
51
-
• Competitive advantage mainly reliant on over 400 domestic and 300 foreign patents
• Key patents will begin to expire in 2017• 40 “key early” patents expire in October
• Management claims competitive advantage will be maintained via “tooth movement” algorithms
• Maintains significant operations in Mexico and Costa Rica
Source: Company filings, Credit Suisse, William Blair, Piper Jaffray, Tindera “Out of Silicon Valley, A Billion-Dollar Orthodontics Business Built With Plastic And Patents”, AIM/ Larkin 2017
Best Base Downside
Share Price $143.27 $101.11 $69.26
Probability 30% 60% 10%
Weighted Average Share Price $110.57
Current Share Price (4/18/17) $116.32
% Implied Premium (4.9%)
• Best Case Scenario – Management target for operating margin hit. Revenue growth remains high on ability to sustain competitive advantage. No border tax.
• Base Case Scenario - Margins improve, but miss management guidance or hit at low end of range. Growth is slowed as new players enter market. Border tax equivalent to 5%.
• Worst Case Scenario - New treatment facilities see no gains in margin improvement. Revenue growth slows as new players enter market. Border tax forces production into the US and ALGN is now taxed at 35%.
Share Price Scenario Analysis FY 2016 Revenue Breakdown
Company Facts Scenario Overview
53%
30%
6%
11%
North America Aligners International Aligners Other Scanners
Align TechnologyDiscounted Cash Flow
52
-
2017 2018 2019 2020 2021 2022 2023
Revenue 1,252.7 1,434.3 1,620.7 1,807.1 1,987.8 2,156.8 2,307.8
% Growth 16.0% 14.5% 13.0% 11.5% 10.0% 8.5% 7.0%
Upside 18.5% 17.0% 15.5% 14.0% 12.5% 11.0% 9.5%
Base 16.0% 14.5% 13.0% 11.5% 10.0% 8.5% 7.0%
Downside 13.5% 12.0% 10.5% 9.0% 7.5% 6.0% 4.5%
Align TechnologyDiscounted Cash Flow
Sensitivity Analysis
Revenue Build WACC
Source: Company filings, Capital IQ, AIM/ Larkin 2017 53
### 8.9% 9.4% 9.9% 10.4% 10.9%1.5% $103.49 $98.70 $94.87 $90.70 $87.342.0% $108.86 $103.38 $99.05 $94.37 $90.612.5% $115.07 $108.75 $103.80 $98.50 $94.283.0% $122.33 $114.96 $109.24 $103.19 $98.413.5% $130.94 $122.23 $115.55 $108.56 $103.104.0% $141.30 $130.83 $122.93 $114.77 $108.474.5% $154.03 $141.20 $131.69 $122.03 $114.68Te
rmin
al G
row
th R
ates
Weighted Average Cost of Capital
Master
Ticker:ALGNCase Trigger2
Period:IQ_FY
Reporting Type:LBest Case2016-20202021-2025
Period/Filing Mode:PRevenue Growth20.0%7.0%
Currency:USDGross Margin75.0%75.0%
Conversion Mode: CSG&A Expense (as a % of sales)47.5%47.5%
R&D (as a % of sales) 7.0%7.0%
Color Scheme
BLUEInputs (historical,assumptions, drivers)Base Case
BLACKcalculations & references on same worksheetRevenue Growth17.5%7.0%
GREENreferences from another worksheetGross Margin75.0%75.0%
REDwarnings to another user or links to another modelSG&A Expense (as a % of sales)47.5%47.5%
DARK REDformula linking to CapIQR&D (as a % of sales) 7.0%7.0%
Worst Case
Revenue Growth15.0%7.0%
Gross Margin75.0%75.0%
SG&A Expense (as a % of sales)47.5%47.5%
R&D (as a % of sales) 7.0%7.0%
Scenario Assumption Notes: Best Case Scenario - Mgmt target for operating margin is hit. Revenue growth remains high on ability to sustain competitive advantage. NO border tax.Base Case Scenario - Margins improve, but miss management guidence or hit at low end of range. Growth is slowed as new players enter market. Border equivalent to 5%.Worst Case Scenairo - New treatment facilities see no gains in margin improvement. Revenue growth slows as new players enter market. Border tax forces production into the US and ALGN is now taxed at 35%.
Synethic Credit Rating
Issue: ALGN has no debt but has operating leases. Assumptions need to be made in order to assume a cost of debt needed to capitalize long-term debt.
Facts
ALGN has a ROC beetween 14.5-19.5% over the past five year, which is consistent with companies rated BBB-A according to the Credit Ratings Reference Guide.
ALGN has an unused credit facility with Wells Fargo that provides a revoloving line of credit of up to $50 million charged at 1.75% + LIBOR
Comparabe companies COO & XRAY have current ratings of BBB+ & BB+ respectively
COO has current long term term loans with a cupon of 5.000% (Although the have not raised long term debt since 2013)
XRAY has a current weight average cupon rate of 2.2% for its long term debt
Given the high ROC of ALGN and the current cupon rates for comparable companies, a 2.50% cost of debt will be used to capitalize ALGN operating leases.
Assumptions: Leases after a 5 year period are due in the 6th year.
_CIQHiddenCacheSheet
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