...European Equity Research UK – Food & Drugs Retailers Madrid, October 6, 2010 TESCO Better International Should Help Re-rating RECOMMENDATION UPGRADED TO BUY FROM HOLD TARGET PRICE RAISED TO GBP490 FROM GBP450 BUY CURRENT PRICE: GBP430 TARGET PRICE: GBP490 Jaime Vázquez (+34) 91 289 5436 javazquez@gruposantander.com Borja Olcese (34) 91 289 1853 fdolcese@gruposantander.com We upgrade Tesco from Hold to Buy and raise our Dec-11 TP from GBp450 to GBp490. The two key highlights from the 1H11 results are the better than expected international LFLs in 2Q and the increased confidence in the US. Management provided more detail than usual at the presentation, which we believe denotes confidence. International LFL: 4.1% in 2Q after 0% in 1Q. We believe LFL is the key driver of CROI and not scale via openings. With better LFLs, the ‘maturing effect’ looks more credible to us. In the four most mature countries, the CROI of the mature assets (>4 years) is 220bp higher than the CROI of all assets. US to break even in 2012E/13E: the improvement in LFLs and other underlying metrics show that the key components of a profitable model are coming together. The worsening of overall losses in 1H from US$132mn to US$143mn is explained by the adverse leverage from new space and the acquisition of two supplier factories (US$10-15mn loss). This is a highly operationally geared business and improving LFLs is therefore key. UK: we agree with management that LFLs (Tesco’s and the industry’s)...
Words: 7867 - Pages: 32
...Caso de estudio: BANCO SANTANDER Responsabilidad Social Empresarial Índice Introducción…………………………….………………………………………….. Página 6 1 Información Básica de la Empresa 1.1) Historia de la Empresa………………………………….…….…….. Pagina 7 1.2) Actividades del Banco Santander………………............................ Página 8 1.3) Sector en el cual opera……………………………... ...................... Página 8 1.4) Productos que ofrece el banco Santander …………………...…... Página 8 1.4.1) Banca Personas…..……………………….…………..…….Página 9 1.4.2) Pequeñas y medianas empresas…………………..….…..Página 9 1.5) Fichas de Bancos fiscalizados por SBIF…..………………………..Página 9 2) Misión, Visión, Objetivos y Estrategia de la Empresa 2.1) Visión …..………………………..…………...…..………………….Página 10 2.2) Misión…..………………………………………………………… ….Página 10 2.3) Valores corporativos………………………………………………..Pagina 11 3) Estrategia de Gobierno Corporativo….………………………..…………….Página 12 4) Stakeholders a los que se Dirige la Empresa …..…………………....…….Página 13 5) Buenas prácticas de RSE o con la sustentabilidad 5.1) Compromiso con la sustentabilidad ………..…………………… Página 14 5.2) Ética Empresarial………………………….………………………...Página 15 5.2.1) Estándares Éticos ….………………………………….…..Página 15 5.2.1)Capacitación en ética….……………………………………Página15 5.3) Compromiso con la comunidad ………………………………..…..Página16 5.3.1) Apoyo a la solidaridad social ……………………………..Página 16 5.3.2) Un techo para chile………………………………….……...Página16 5.3.3)Campaña 1+1 del...
Words: 8013 - Pages: 33
...Global Business Global Business 08 Fall 08 Fall Banco Santander’s Globalization Amir Golafshan - Santander expands abroad – The key factors for its success. Banco Santander’s Globalization Amir Golafshan - Santander expands abroad – The key factors for its success. Fall 11 Fall 11 The Santander Corporation is a banking organization, originated in Santander, Cantabria, north of Spain in 1857. The organization is the largest bank currently in the Eurozone and one of the largest banks in the world considering its market capitalization. Forbes Magazine Global has listed Banco Santander at the 13th largest public organizations in the world with $94.74 Billion market capacity. The company has currently 178,869 employees. The Chairman of the company is Emilio Botin and Alfredo Saenz Abad the CEO. The organization offers the following products, retail banking, commercial banking, asset management, investment banking, private banking, private equity and insurance. However mostly concentrating on retail banking. The merge of Banco Santander, Central Hispano, Central and Banco Hispanoamericano originated BSCH (Banco Santander Central Hispano) in 1999 was the key facture of its growth. Then there was the merge of Santander and Banco Central Hispano (BCH), which later came to conflicts where the BCH executives Jose Amusategui and Angel Corcostegui agreed to accept compensation and retire from the organization. They left the control to chairman Emilio Botin. The...
Words: 934 - Pages: 4
...Mo 30.09.2013 | Case study: MNE competitive advantages | CASES Grolsch: Growing Globally Pankaj Ghemawat, Jordan Mitchell ------------------------------------------------- Top of Form DESCRIPTION Grolsch reassesses its international strategy in light of the company's recent acquisition by SABMiller, the world's second-largest brewer. Grolsch was the 21st-largest global beer brand, sold 51.5 percent of its volume in international markets, and exported to 70 countries. However, its poor profitability in international markets--four countries alone accounting for two-thirds of foreign sales--and churn of markets and distribution partners raised concerns about the company's international strategy and execution. Grolsch's 60 years of history in foreign markets provides a rich backdrop to introduce a range of international strategy topics, including performance assessment, rationale for expansion, market selection, and choice of entry mode. Questions 1) Why did Grolsch globalize, and how well has it performed internationally? 2) What are the key elements and limitations of its emphasis on adaptation, in particular? 3) What changes would you suggest to Grolsch’s historical strategy? Mo 14.10.2013 | Case study: International alliance | UTV and Disney: A Strategic Alliance (A) Atanu Adhikari, Rama Deshmukh ------------------------------------------------- Top of Form DESCRIPTION The case describes the dilemma faced by the senior vice-president of business...
Words: 1429 - Pages: 6
...RBS- takeover by ABN AMRO Consortium bid by 3 banks: Fortis NV, Banco Santander, and Royal Bank of Scotland Contested bid for several months (April 2007 – October 2007) with Barclays Lasalle of Chicago used as poison pill/crown jewel defense mechanism to ward off the hostile, cross border bid Consortium eventually won bid against Barclays but there were elements of risk involved, including excessive focus on profit growth and enlarging shareholder value through reckless, prolonged M&A activity under George Mathewson and his predecessor Fred Goodwin from the late 1990s through October 2008, when the bank was taken into conservatorship by the British government. Fortis was fully nationalized as a consequence of the deal. Bid breakdown: EUR 35.60 in cash (risky short term funding, eroding RBS’s common tier 1 equity position) and .296 RBS shares valued at EUR 71.1 B, excluding the sale of Lasalle. Net of the sale of Lasalle, RBS’s consideration was ~16 billion. Complex structure of consortium (RFS Holdings) may have masked risks and contributed to investor skittishness and erosion of confidence. This, combined with RBS’s role as lead consortium partner led to it absorbing the downside liquidity and credit risks associated with enormous write downs on ABN AMRO’s toxic assets. Timing of deal highly problematic. Deal occurred in the aftermath of the Northern Rock bank run and just as the global financial crisis, perpetuated by mortgage trading in US subprime investments...
Words: 261 - Pages: 2
...Microsoft Dynamics™ GP Human Resources Sample Reports Copyright Copyright © 2007 Microsoft Corporation. All rights reserved. Complying with all applicable copyright laws is the responsibility of the user. Without limiting the rights under copyright, no part of this document may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise), or for any purpose, without the express written permission of Microsoft Corporation. Notwithstanding the foregoing, the licensee of the software with which this document was provided may make a reasonable number of copies of this document solely for internal use. Trademarks Microsoft and Microsoft Dynamics are either registered trademarks or trademarks of Microsoft Corporation or its affiliates in the United States and/or other countries. FairCom and c-tree Plus are trademarks of FairCom Corporation and are registered in the United States and other countries. The names of actual companies and products mentioned herein may be trademarks or registered marks - in the United States and/or other countries - of their respective owners. The example companies, organizations, products, domain names, e-mail addresses, logos, people, places, and events depicted herein are fictitious. No association with any real company, organization, product, domain name, e-mail address, logo, person, place, or event is intended or should be inferred...
Words: 5235 - Pages: 21
...Web Intelligence • Performing on report analysis with Web Intelligence • Filtering Queries using conditions, prompts etc., • Using Combined Queries and merging dimensions • Displaying data in various formats (Ex: Tables, Charts etc.,) Advanced Reporting: • Calculations, Formulas and variables • Ranking Data, using Alerters to highlight data, Formatting numbers and Dates • Understanding Calculation Contexts • Web Intelligence Functions, Operators and Keywords • Calculating values with Smart Measures Universe Designer: • Designer and Universe Fundamentals • Creating a schema with Tables and Joins • Resolving Join problems in a schema • Defining Classes, Objects, hierarchies, using cascading list of values for hierarchies • Testing the universe • Working with OLAP universes Xcelsius 2008: • Application Overview • Creating and Updating Xcelsius visualizations • Using Xcelsius components ( Chart, Containers, Selectors etc.,) • Exporting Xcelsius visualizations to various applications (Power point, PDF, Flash • Creating templates, Alerts and Dynamic visibility • Using Data Manager ( Creating and configuring connections) • Live Office Connections, Query As A Web Service (QWAAS), XML data Connections Crystal Reports: • Report Design Concepts • Designing Optimized Web Reports • Building queries, Filters and prompts • Sorting, Grouping and Totaling of data • Accessing data sources,Creating and updating OLAP reports Business Objects Enterprise Repository: ...
Words: 462 - Pages: 2
...Chapter 9 Writing Short Reports Critical Thinking Questions 1. Discuss the effects of formality and problem length on report makeup as described in the chapter. (LO1) 2. Which of the prefatory pages of reports appear to be related primarily to the length of the report? Which to the need for formality? (LO1) 3. Describe the role and content of a transmittal message. (LO1) 4. Why is a personal style typically used in the transmittal message? (LO1) 5. Explain how to write the executive summary of a report. (LO1) 6. Why does the executive summary include key facts and figures in addition to the analyses and conclusions drawn from them? (LO1) 7. Explain why some routine report problems require little or no introduction. (LO2) 8. Why is the direct order generally used in the shorter reports? When is the indirect order desirable for such reports? (LO2) 9. Describe the organization of the conventional short report. (LO3) 10. What types of problems are written up as letter reports? As email reports? Explain the differences. (LO3) 11. What kinds of information might go into routine operational reports for different kinds of organizations? Why would these organizations need this information regularly? (LO4) 12. Given what you’ve learned about progress reports, suggest an appropriate structure for these reports. What might go into the beginning? What might the middle parts be? What would the conclusion do? (LO4) 13. How might an internal...
Words: 1030 - Pages: 5
...Organizational Structure Paper The Results Companies The results companies was founded by Alan Schein and Robert Rapp as a provider for a dialer-based technology and a telemarketing service. In 1990 these two men founded The Results companies as a small private company. The company continued a strong entrepreneurial business to proactively identify great opportunity, implemented them successfully and responsibly through the years. They experienced significant growth, which increased revenues from around $28 million since 2005 to about $75 million in 2009. Revenue continued to grow in 2010 it reached 81.1 million. They continued to grow so they expanded to 13 locations throughout the United States and around the world in 2011. They have locations in the Philippines (Cebu, Eastwood city, Manila; Pasig city-Alaskaland, Pasig city-Q Plaza, Silver city, Manila. In the United States they have sites in Texas, Florida, two in Virginia, Kansas, Utah, and Illinois. Heredia Costa Rica, and two sites in Mexico. “The Results Companies exceeds its clients’ expectations by providing a better operational foundation while integrating leading processes and systems to drive top-tier performance and quality.” (The Results Companies, 2011) The Results management team is constantly focused on ensuring their clients are receiving high-quality service, along with concentrating on strategies that will lower costs and improve their performance. “Our relationship management methodology is a systematized...
Words: 796 - Pages: 4
...Curriculum Vitae Of Xavier Cooper NAME : Xavier Cooper Personal Details Surname : Cooper Full Names : Xavier Wilray Emmerald Known As : Xavier Address : 18 Catherine Road : Salsoneville : Port Elizabeth : 6059 Telephone Number - Work : 041 402 8800 Home : 041 481 7519 * Cell : 0820815140 * E-mail : Xavier.Cooper@autocast.co.za Identity Number : 701018 5211 085 Home Language : English Other Languages : Afrikaans Notice Period : 1 Month Educational Profile Education and Training Schooling High School : Bethelsdorp High School Year Completed :1990 Standard Attained :Matric Subjects Passed :English, Afrikaans, Biology, Geograhy, Business Economics, Accounting. Higher Education Institution :Bethelsdorp Technical College Year Completed :1992 Qualification Attained :N2 Certificate Subjects Passed :Mathematics, Engineering Science Engineering Drawings, Toolmakers Theory. N3 Drawings. Other Studies/Courses :PC Upgrade and repair Employment Profile Most Recent Employer ...
Words: 307 - Pages: 2
................................... P. 6 Reliability .................................................................................................... P. 7 Clarity ......................................................................................................... P. 8 Conclusion .................................................................................................... P. 9 Bibliography .............................................................................................. P. 10 Introduction Global Reporting Initiative (GRI) is provides the globally applicable guidelines to business organization that voluntary use to design and ensure the quality of their sustainability reports. GRI framework is helping the organization to measure and report the sustainability report’s three aspects that includes economics, environmental and social performance. This framework can be used in any size, industry or location. (G3 guideline, p2) Bel Group is a global brand which supplies different type of cheese and provide food service. Headquarters of Bel Group is in France. It provides their product to...
Words: 2186 - Pages: 9
...jumping from account to account. At first Mr. Malone did not see a reason to purse an investigation, but Mrs. Cooper decided that there was further investigation needed. Mrs. Cooper looked into the report and realized that something was wrong with the reports and confronted Mr. Bobbitt about the findings. Mr. Bobbitt in the audit committee would take a look and see if the findings that Mrs. Cooper were valid. After finding that the findings were valid she then contact Mr. Farrell and he did an external investigation. After further investigation that the mid-level accounting directors Mr. Normand had confessed to just going along with what Mr. Sullivan had explained to him about the reports because he was afraid to tell anyone and wanted to resign. He was afraid that if he told anyone that he would lose his job and had a family to support. When looking at WorldCom situation it was good that the internal auditor committee took charge of the situation when it was brought to them. That was very ethical and then to have the external auditors take over to review the matter was the right step. Now the fact that you had an accountant that your CFO making false reports and switching money around is not very ethical. Not only did your CFO bring another person into the fraudulent reports, but now an external investigation has to be done and reported. There will be hefty fines and jail time for people in the company that went along with unethical behavior. The accounting activity was...
Words: 349 - Pages: 2
...posted a manifesto on his social network page and on February 3, 2013 it all began! His first 2 victims had been shot and killed and there were more deaths to follow. Dorner was after any and all law enforcement and anyone involved with them and LAPD had no idea what else was in store. The manhunt lasted for a little over a week and authorities had no idea where he was or what his next move could have been. Somehow, they caught up with him finally and it all ended with a cabin on fire and Dorner allegedly dead. ABC 7 was not subjective, they reported the information they had, and the reporters did not seem to make subjective comments in the first report. Some information I found odd to be reported was the preschool Dorner attended. Has the reports continued, it started to seem like all the stations were being subjective in their reports. Fox 11 news was the most subjective; the reporters shared how terrible they thought the events were and hoped for Dorner’s capture. In both stations the information that was omitted or never spoken of in detail was how good of a person everyone knew Christopher Dorner as. There were people who wanted to share their experiences with him and who have known him for years and never thought of him as a killer, but apparently none of that mattered at this point. NBC 4 was the most objective, there were no opinions, and they reported the information they had. All news stations seemed to omit any good information on the suspect, but at that point they were...
Words: 1257 - Pages: 6
...Grading system and reporting Name: Institution: Course: Lecturer: Date: Question 1 Advantages of letter grading system • Concise and convenient • Grades are easily averaged • Easy to predict future achievements of students Disadvantages • Proportion of students achieved each grade varies from teacher to teacher • Does not indicate student’s specific strength and weaknesses in learning • Are a combination of achievement, effort, work habits and good behavior Advantages of pass-fail system I. Encourages students to explore new areas even those that they are not fully prepared for II. Permits students to focus on aspects of the course that relate directly to their major field of study. III. Enables students to select their learning experience by removing fear of lower grades Disadvantages I. Offers less information about the performance II. Gives no indication of level of learning hence difficult to predict future performance III. Efforts are directed towards passing rather than achieving higher grades Advantages of standard based system a) Are concise and convenient as they cover broad perspectives b) Provide good compromise of the other grading methods hence the fairest Disadvantages a) It is not goal specific b) Does not indicate strength and weaknesses of students c) Difficult to estimate improvement over short time Advantages of checklist i. Detailed analysis of strength and weaknesses ii. Reminds students, teachers and parents of the objectives...
Words: 353 - Pages: 2
...Laboratory Report Format 1. Title Page: The following is an example of the proper lab report title page format. Of course, you must substitute information pertinent to the specific lab and course. The title page will be a single, whole page. Laboratory Exercise #1 Verification of Ohm's Law by Fred Derf Lab Partner: Jonathan Dough EETH 1811 Electronic Circuit Technology Lecture Section 001 Lab Section 101 Performed on: February 31, 1994 Submitted on: March 1, 1994 To: Dr. Pepper 2. Objective(s) Describe in formal language (third person impersonal) the objective(s) of the lab. State the rules or theories to be investigated in the lab. Rule of thumb: someone else, using the same knowledge you have, should be able to complete the task given this information alone. In some cases, lab objectives may be given to you. You should expand these supplied objectives whenever appropriate. List all components (including values) and major equipment required to perform the exercise. Be sure to include make, model, and serial numbers of all equipment used. This listing should not include items such as meter leads or jumper wires, which are required for the use of the laboratory equipment. By listing the equipment itself it is implied that the necessary meter leads or other connecting apparatus is included. Provide all detailed schematics which, when implemented, will produce the results desired. Do not include developmental schematics here. Computer drawn schematics are preferable...
Words: 772 - Pages: 4
