Not exact matches
These risks and uncertainties include: Gilead's ability to achieve its anticipated full year 2018 financial results; Gilead's ability to sustain
growth in revenues for its antiviral and other programs; the risk that private and public payers may be reluctant to provide, or continue to provide, coverage or reimbursement for new products, including Vosevi, Yescarta, Epclusa, Harvoni, Genvoya, Odefsey, Descovy, Biktarvy and Vemlidy ®; austerity measures in European countries that may increase the amount of
discount required on Gilead's products; an increase in
discounts, chargebacks and rebates due to ongoing contracts and future negotiations with commercial and government payers; a larger
than anticipated shift in payer mix to more highly
discounted payer segments and geographic regions and decreases in treatment duration; availability of funding for state AIDS Drug Assistance Programs (ADAPs); continued fluctuations in ADAP purchases driven by federal and state grant cycles which may not mirror patient demand and may cause fluctuations in Gilead's earnings; market share and price erosion caused by the introduction of generic versions of Viread and Truvada, an uncertain global macroeconomic environment; and potential amendments to the Affordable Care Act or other government action that could have the effect of lowering prices or reducing the number of insured patients; the possibility of unfavorable results from clinical trials involving investigational compounds; Gilead's ability to initiate clinical trials in its currently anticipated timeframes; the levels of inventory held by wholesalers and retailers which may cause fluctuations in Gilead's earnings; Kite's ability to develop and commercialize cell therapies utilizing the zinc finger nuclease technology platform and realize the benefits of the Sangamo partnership; Gilead's ability to submit new drug applications for new product candidates in the timelines currently anticipated; Gilead's ability to receive regulatory approvals in a timely manner or at all, for new and current products, including Biktarvy; Gilead's ability to successfully commercialize its products, including Biktarvy; the risk that physicians and patients may not see advantages of these products over other therapies and may therefore be reluctant to prescribe the products; Gilead's ability to successfully develop its hematology / oncology and inflammation / respiratory programs; safety and efficacy data from clinical studies may not warrant further development of Gilead's product candidates, including GS - 9620 and Yescarta in combination with Pfizer's utomilumab; Gilead's ability to pay dividends or complete its share repurchase program due to changes in its stock price, corporate or other market conditions; fluctuations in the foreign exchange rate of the U.S. dollar that may cause an unfavorable foreign currency exchange impact on Gilead's future revenues and pre-tax earnings; and other risks identified from time to time in Gilead's reports filed with the U.S. Securities and Exchange Commission (the SEC).
I have ignored reasons that might justify lower
discount rates or higher GDP adjustments for China mainly because the purpose of this essay is to explain why the U.S. multiple is so much higher
than China's, and of course these reasons exist, but I think whatever the correct ratio should be, there is no question that advanced economies always justify higher multiples
than developing economies because they tend to be economically more diversified and politically more stable, and they usually have institutions, including clearer legal and regulatory frameworks, more sophisticated capital allocation processes, less rigid financial systems, and smaller state sectors (which make smooth adjustment, one of the most valuable and undervalued components of long - term
growth, more likely).
It should have been obvious more
than a decade ago that
growth in China was so directly dependent on credit expansion and so indirectly dependent on balance - sheet effects (the latter is far more important
than most analysts understand but very poorly understood) that we should have
discounted altogether Beijing's promises that it would be relatively easy to rein in credit expansion.
While value was even cheaper in early 2016, today's
discount still places the
growth / value spread more
than one standard deviation below the long - term average.
During the tech bubble
growth stocks became more expensive, pushing the value
discount to more
than 70 % at the market peak in 2000.
In fact, Canada could offer even better prospects for
growth than the States as the market for
discount retailers is relatively less saturated over the border.
During the tech bubble
growth stocks became more expensive, pushing the value
discount to more
than 70 % at the market peak in 2000.
In short, you'd have the opportunity to 1) capture a double - digit annualized yield or 2) pick up a high quality dividend
growth stock at an even larger
discount than what it's already trading for.
While value was even cheaper in early 2016, today's
discount still places the
growth / value spread more
than one standard deviation below the long - term average.
Companies that are able to pass on inflation to customers could increase their expected
growth rates by more
than the rise in the nominal
discount rate.
Financial advisors feeling the pressure from robo - advisors and
discount brokerages to lower their fees should think again: Advisors who dropped their prices in 2017 had lower revenue
growth and took in fewer assets
than advisors who didn't lower fees, according to a PriceMetrix report cited by WealthManagement.com.
Value stocks» outperformance is even more pronounced for small and mid cap companies, because they tend to trade at even bigger
discounts due to illiquidity and lack of analyst coverage, as well as being able to achieve higher
growth rates
than larger companies.
PEG ratios work for core and
growth investors, but the PEG ratio hurdles needed for investment are lower
than most investors think, so long as the expected rate of return (
discount rate) is high.
Despite the trust's name, it has long focused more on value
than growth stocks (think Shell and Lloyds), which hasn't been working — the trust has underperformed the FTSE All - Share over three and five years and the shares have traded at a nasty
discount to net asset value.
The Memphis - based firm operates more
than 700
discount stores mostly in the southern U.S. and got an A for value and B for
growth.
[And look at the equity markets: They certainly seem to have this potential
growth differential / lag more
than priced in — Europe's now on at least a 30 % P / E
discount to the US.]
Which is not to imply I'm suddenly turning pessimistic here — ultimately, I still won't be surprised to see any lowering of long - term earnings
growth expectations more
than offset by falling
discount rates & escalating valuations (particularly for a new global Nifty Fifty).
Shouldn't equity markets respond or
discount wholesome
growth rather
than be muscled higher?
If a business is valued as a perpetuity and the company has a higher
growth rate
than discount rate, the
discounted cash flow method would return an infinite value of a business.
In fact, the company found that
growth among SKUs that were
discounted online was no stronger
than that experienced by comparable SKUs with well - enforced MAP or iMAP policies.
The difference between Professor Nordhaus's optimal carbon tax policy and a fifty - year delay policy is insignificant economically or climatologically in view of major uncertainties in (1) future economic
growth (including reductions in carbon emissions intensity); (2) the physical science (e.g., the climate sensitivity); (3) future positive and negative environmental impacts (e.g., the economic «damage function»); (4) the evaluation of long - term economic costs and benefits (e.g., the
discount rate); and (5) the international political process (e.g., the impact of less
than full participation).
The budget showed federal government revenues in the coming year would be $ 3.4 billion lower
than anticipated just four months ago, reflecting the weakest two quarters of economic
growth since the 2008 - 09 recession and a steep
discount on Western Canadian oil prices.
Foresters has more
than 3 million customers who have access to wealth creation,
growth, and protection products, as well as other types of
discounted services and items.
Guess what — Samsung's Galaxy S7 and Galaxy S7 edge are just as expensive as the iPhone 6s and 6s Plus (though Samsung sales are helped much more by
discounts and promotions
than iPhones), yet Samsung posted a 17 %
growth in profit following a strong first quarter.
This value - oriented strategy would call for purchasing the building at a
discount, in an area expected to experience faster
than average
growth.
While it could be tempting for investors to
discount these markets, they also mostly offer slow, but steady,
growth with less risk
than some of the faster - growing areas.