ADIDAS: Managing expectations in an uncertain world and ahead of the CMD is… challenging! | Conviction BUY | EUR325(+9%)
ADIDAS - Conviction BUY | EUR325(+9%)Managing expectations in an uncertain world and ahead of the CMD is… challenging!
Q3 sales in line but EBIT ahead of expectations
Q4 outlook: ADS deliberately cautious
China back to growth in Q4
Normalisation of inventory levels progressing according to plan
Share buyback programme to dividend payment to resume next year
FY20 estimates nudged down by 2%, MT stance confirmed
ACM Managed Dollar Income Fund is a non-diversified, closed-end management investment company. This closed-end investment fund is designed for investors who seek high current income and capital appreciation. In order to achieve this objective, Co. invests primarily in high-yielding, U.S. and non-U.S. fixed income securities, denominated in U.S. dollars, that it expects to benefit from improving economic and credit fundamentals. Co. may utilize leverage through the investment techniques of reverse repurchase agreements and dollar rolls. As of Sept 30 2007, Co. had total assets of $192,614,325 and investment portfolio totalled $178,906,534.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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