Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
David Poulet 2013-01 ValueX - Standard Chartered

David Poulet 2013-01 ValueX - Standard Chartered

Ratings: (0)|Views: 56 |Likes:
Published by Guy Spier

More info:

Published by: Guy Spier on Feb 03, 2013
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

02/03/2013

pdf

text

original

 
1
A compounding machine for the price of a Bank 
David Poulet+33 1 47 20 73 39dp@amiralgestion.com
 
2
Important Disclaimers
This presentation has been written in January 2013 for Investment Professionals.
Nothing contained in the present document constitutes a recommendation for the purchase or sale of any security.
Information and views provided may be incomplete, inaccurate or condensed.
 AMIRAL GESTION has a long position in STANDARD CHARTERED.
 
3
STAN has an outstanding track-record
However,
it’s
not just a
very good, very well-managed bank 
such as WELLSFARGO, HANDELSBANKEN or SANTANDER
 
STAN has a singular business model that I will try to summarize
It implies, according to me:- a risk level significantly lower than in traditional banks-
a classification of STAN among the group of “
compounding machines 
” rather than in the “banks’ universe”
 
 
STAN’s valuation ratios:
 
- have been among the lowest over the past 10 years-
are a bargain compared to other “
compounding machines 
 
What I want to highlight in this presentation

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->