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Exam Code: ICBRR Practice exam 2022 by Killexams.com team
International Certificate in Banking Risk and Regulation (ICBRR)
GARP International health
Killexams : GARP International health - BingNews https://killexams.com/pass4sure/exam-detail/ICBRR Search results Killexams : GARP International health - BingNews https://killexams.com/pass4sure/exam-detail/ICBRR https://killexams.com/exam_list/GARP Killexams : Sanofi: Arguably One Of The Most Undervalued Pharma Stocks
Sanofi Distribution Centre in Kirkland, Quebec, Canada.

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Thesis

I am bullish on Sanofi (NASDAQ:SNY) as I see the company undervalued as compared to both the company’s financials and competitors (EU pharma peers). Valued at an estimated 2023 P/E of below x13, the market prices Sanofi like a value trap. Instead, I argue the company should be priced at GARP. Based on a residual earnings valuation model, anchored on analyst EPS consensus, I see more than 50% upside. My target price for the stock is $77.11/share.

About Sanofi

Sanofi is a leading global pharmaceutical company, with strong research and innovation capabilities. The Company researches, develops, manufactures and distributes prescription pharmaceuticals and vaccines. Sanofi specializes in areas such as rare diseases, immunology, diabetes, oncology and cardiovascular health. Notable best-selling pharmaceuticals of the company’s portfolio include Aubagio, Lantus, Lovenox, Plavix, Allegra, Doliprane, and Dupixent. Sanofi operates three major segments: pharmaceuticals which accounts for approximately 70% of the company’s total revenue, vaccines with about 17%, and consumer healthcare with about 13%. Geographically, Sanofi's biggest market is the United States with about 225% of total sales, followed by Europe with about 25% and the rest of the world accounting for the remainder.

Arguably Undervalued

I believe Sanofi is deeply undervalued, as the biotechnology company is trading at an expected 2023 P/E of x12 and a P/B of x1.7. EV/EBITDA is below x9. Sanofi is trading at an approximate 25% discount to European pharma peers, anchored on both P/E and P/B. Notably, these are multiples frequently ascribed to value traps, which I see as highly unjustified. With a long term CAGR from 2022 to 2029 of about 8%, as estimated by analyst consensus (Source: Bloomberg Terminal), I argue that Sanofi should trade at a GARP valuation. Accordingly, this should imply a multiple expansion of at least 50%.

Sanofi Valuation

Seeking Alpha

The GARP argument is supported by a strong drug pipeline. Notably for the next 24 month, investors should expect more visibility for new pharma initiatives including Fitusiran, Efanesoctocog Alfa, and Rilzabrutinib, which might kindle an upside move for the company’s shares. Moreover, I believe the market still underestimates the sales potential of Sanofi’s key growth driver Dupixent, which is estimated to more than double 2021 sales number to achieve more than >€13 billion peak sales.

Dupixent is an injectable medicine developed to treat atopic dermatitis. The drug was initially approved by the FA in March 2017 and has quickly grown to become one of the world's best-selling drugs--continuously surpassing analyst expectations. For pharma-experts and interested readers, here is a great article to learn more about the drug and its success: Dupixent drives Sanofi to hike its full-year profit forecasts.

Strong Financials

Sanofi’s financials look very attractive. In 2021, the company generated $46.3 billion of revenues and $7.8 billion of net income (approximately 17% margin). For the same period, Sanofi expensed more than $6.7 billion of R&D investments, or about 15% of total revenues. I also like Sanofi’s balance sheet. As of March 2022, the company recorded $13.6 billion of cash and short term investments against $25.5 billion of total debt. Given that Sanofi recorded operating cash-flows of $12.4 billion in 2021, the company’s approximate $12 billion net-debt position should be no concern to investors. In fact, I see Sanofi’s financial position as more than strong enough to justify both attractive shareholder distributions and M&A optionality. Going forward, analysts are positive on Sanofi. For 2022, 2023, 2024 and 20224, consensus estimates Sanofi’s revenues at $4.3 billion, $43.9 billion, $45.85 billion and $48 billion. Respectively, GAAP net income is estimated at $8.3 billion, $8.7 billion, $9.5 billion and $10.5 billion, which indicates a CAGR of >8%. (Source Bloomberg Terminal, July 22)

Residual Earnings Valuation

While Sanofi's multiples relative to peers point to a strong undervaluation, let us now look at Sanofi's valuation in more detail. I have constructed a Residual Earnings framework based on the analyst consensus forecast for EPS 'till 2025, a WACC of 9% and a TV growth rate equal to nominal GDP growth. Although the effective cost of capital for Sanofi is considerably below 9% (about 8.3% according to the Bloomberg terminal as of 22. July 2022), I think an adjustment upwards to 9% is reasonable in order to reflect a conservative valuation.

In addition, the long-term growth assumption equal to zero might definitely be an underestimation, in my opinion, but I prefer to be conservative. If investors might want to consider a different scenario, I have also enclosed a sensitivity analysis based on varying WACC and TV growth combination. For reference, red cells imply an overvaluation, while green cells imply an undervaluation as compared to Sanofi's current valuation.

Based on the above assumptions, my valuation estimates a fair share price of $77.11/share, implying a 53.7% upside potential based on accounting fundamentals.

Sanofi Valuation Residual Earnings

Analyst Consensus Estimates; Author's Calculation

Sensitivity Table Sanofi Valuation

Analyst Consensus Estimates; Author's Calculation

Risks

Although I think Sanofi is significantly de-risked at the current valuation of about x12 P/E, an investment is not without risk. The primary risk, as for every pharma company, is competitive pressure to innovate successfully and to legally protect and defend intellectual property. Apart from that, investors should consider the general risk sources such as management execution of strategic ambitions, operational efficiency and currency exposure.

Conclusion

In my opinion, Sanofi is an underappreciated gem. A global pharma company with strong innovation capabilities trading at a x12 PE is just too attractive to ignore. Compared to peers, as calculated by Seeking Alpha, the company is about 30 to 40 percent undervalued. This is slightly less than my personal calculated undervaluation of about 50%. I initiate coverage with a buy recommendation and set a $77.11/share target price.

Thu, 28 Jul 2022 17:31:00 -0500 en text/html https://seekingalpha.com/article/4527299-sanofi-one-of-the-most-undervalued-pharma-stocks
Killexams : GARP and UNEP Finance Initiative Share New Collaborative Paper on Climate Risk Management

Article content

media

Special joint report offers insights into creating board-level climate dashboards

JERSEY CITY, N.J. — The thought leadership arm of the Global Association of Risk Professionals (GARP), GARP Risk Institute (GRI), published a special climate risk report today created in collaboration with the United Nations Environment Programme Finance Initiative (UNEP FI).

Titled “ Steering the Ship: Creating Board-Level Climate Dashboards for Banks,” the paper offers a comprehensive framework for establishing board-level climate dashboards that can be used to report decision-useful climate information and metrics. Developed through insights from 50 top financial institutions, including BNP Paribas, Bradesco, ING, MUFG, Santander, TD Bank and Wells Fargo, it covers the “what,” “why,” and “how” of creating a climate dashboard while addressing some of the key related challenges banks are facing.

Article content

Within companies, boards play a pivotal role in steering their organization through the increasingly complex and challenging climate risk landscape. According to GARP’s 2021 Climate Risk Management Survey, 92% of financial institutions report that their boards have oversight over climate risk management. But some supervisory reports have noted that boards lack appropriate management information and metrics with which to perform this oversight.

“As climate change risks increase worldwide, company boards will be critical in ensuring their firms remain resilient and on a path to net zero,” said Jo Paisley, president of GRI. “It is the board’s responsibility to decide how it intends to oversee risk management policies and practices, and a climate dashboard is likely to become an increasingly useful way for the board to discharge this responsibility.”

The report clarifies the different types of boards within banks to ensure a common understanding of terminology, before discussing the range of perspectives that a bank board should consider, with examples of information relevant to each. It examines common challenges that banks face in creating dashboards, but also provides concrete direction for how to structure an effective climate dashboard, providing high-level and detailed examples of dashboards — both hypothetical and from published reports.

“Bank boards now have the tools to understand the impacts climate change will have on their business,” said Maxine Nelson, senior vice president of GRI. “A board-level dashboard with key climate metrics is an excellent way to start to convey the breadth and depth of issues that banks increasingly need to navigate and to help them align their business with the goals of the Paris Agreement.”

To access the full paper, visit GARP’s Climate Risk Resource Center.

About the Global Association of Risk Professionals

The Global Association of Risk Professionals is a non-partisan, not-for-profit membership organization focused on elevating the practice of risk management. GARP offers the leading global certification for risk managers in the Financial Risk Manager (FRM®), as well as the Sustainability and Climate Risk (SCR®) Certificate and ongoing educational opportunities through Continuing Professional Development. Through the GARP Benchmarking Initiative and GARP Risk Institute, GARP sponsors research in risk management and promotes collaboration among practitioners, academics, and regulators.

Founded in 1996, governed by a Board of Trustees, GARP is headquartered in Jersey City, N.J., with offices in London, Beijing, and Hong Kong. Find more information on garp.org or follow GARP on LinkedIn, Facebook, and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220712005182/en/

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Mon, 11 Jul 2022 12:01:00 -0500 en-CA text/html https://vancouversun.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/garp-and-unep-finance-initiative-share-new-collaborative-paper-on-climate-risk-management
Killexams : 2 Farm Equipment and Heavy Machinery Stocks for the GARP Investor

There are some investors who believe growth is important, but do not want to pay too much for it. As a result, they are looking for stocks in which growth and value work together, laying a strong foundation for an investment they hope will be successful.

Five common fundamental indicators that growth at a reasonable price, or GARP, investors refer to when assessing a stock's prospects are:

  1. Trailing 12-month and forward PEG ratios less than or equal to 2.

  2. An average annual net income margin growth rate of more than 5% over the past five years.

  3. Annual profit is projected to increase by more than 10% every year for the next five years.

  4. A positive trend in annual operating income over the past five years.

  5. A price-earnings ratio of less than or equal to 25.

Thus, GARP investors may want to consider the following stocks since they meet the above criteria.

Caterpillar

The first stock GARP investors may want to consider is Caterpillar Inc. (NYSE:CAT), a Deerfield, Illinois-based manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines that it supplies worldwide.

The stock closed at $194.86 per share on Monday for a market cap of $100.28 billion and a price-earnings ratio of 15.76. The trailing 12-month PEG ratio was 0.86 and the forward PEG ratio was 1.33 based on the past five-year Ebitda growth rate of 18.30% and the projected five-year earnings per share growth rate of 11.84%.

2 Farm Equipment and Heavy Machinery Stocks for the GARP Investor

The annual net income margin increased 154.52% per year over the past five years (fiscal 2017 through fiscal 2021), while annual operating income grew 22.97% per year over the same period. For fiscal 2021 (which ended Dec. 30, 2021), the annual net profit margin was 12.73%, while the annual operating income was $6.87 billion.

The share price has dropped 9.56% over the past year, fluctuating within a 52-week range of $167.08 to $237.90.

On Wall Street, the stock has four strong buy, seven buy, 11 hold and two underperform recommendation ratings. The average target price is $220.04 per share.

Deere

The second stock GARP investors may want to consider is Deere & Co. (NYSE:DE), a Moline, Illinois-based global manufacturer and supplier of farm and heavy construction machinery.

The stock closed at $338.19 per share on Monday for a market cap of $103.03 billion and a price-earnings ratio of 17.59. The trailing 12-month PEG ratio was 0.98 and the forward PEG ratio was 1.41 based on the past five-year Ebitda growth rate of 18% and the projected five-year earnings per share growth rate of 12.50%.

2 Farm Equipment and Heavy Machinery Stocks for the GARP Investor

The annual net income margin increased 21.38% per year over the past five years (fiscal 2017 through fiscal 2021), while annual operating income grew 33.83% per year over the same period. For fiscal 2021 (ended Oct. 31, 2021), the annual net income margin was about 13.68%, while the annual operating income was $7.49 billion.

The share price has fallen by 7.55% over the past year, fluctuating within a 52-week range of $283.81 to $446.76.

On Wall Street, the stock has four strong buy, three buy, 14 hold and one underperform recommendation rating. The average target price is $384.86 per share.

This article first appeared on GuruFocus.

Tue, 02 Aug 2022 07:38:00 -0500 en-US text/html https://finance.yahoo.com/news/2-farm-equipment-heavy-machinery-191730126.html
Killexams : Add These 4 GARP Stocks to Your Portfolio for Maximum Returns

If you're looking for a profitable portfolio of stocks that will offer the best value and growth investing, try the growth at a reasonable price or GARP strategy.

The strategy helps an investor gain exposure to stocks that are undervalued and have impressive growth prospects. Unlike a blend strategy, a portfolio that uses GARP investing is expected to include stocks that offer the best of both value and growth investing. Ulta Beauty ULTA, Broadcom AVGO, Automatic Data Processing ADP and Dollar General DG are some GARP stocks that hold promise.

GARP Metrics – Mix of Growth & Value Metrics

The GARP strategy seeks to offer an ideal investment by utilizing the best features of both value and growth investing. Investors adopting the GARP approach prefer to buy stocks that are priced below the market or any reasonable target determined by fundamental analysis. These stocks also have solid prospects in terms of cash flow, revenues, earnings per share (EPS) and so on.

Growth Metrics

Both strong earnings growth history and impressive earnings prospects are the main concepts that GARP investors borrow from the growth investing strategy. However, instead of super-normal growth rates, pursuing stocks with a more stable and reasonable growth rate is a tactic of GARP investors. Hence, growth rates between 10% and 25% are considered ideal under the GARP strategy.

Another growth metric considered by both growth and GARP investors is the return on equity (ROE). GARP investors look for strong and higher ROE than the industry average to identify superior stocks. Moreover, stocks with positive cash flows find precedence under the GARP plan.

Value Metrics

GARP investing gives priority to one of the popular value metrics — the price-to-earnings (P/E) ratio. Though this investing style picks stocks with higher P/E ratios compared to value investors, it avoids companies with extremely high P/E ratios. Moreover, the price-to-book value (P/B) ratio is considered.

Using the GARP principle, we have run a screen to identify stocks that should offer solid returns in the near term.

Screening Parameters

Along with the criteria discussed in the above section, we have considered a Zacks Rank #1 (Strong Buy) or 2 (Buy).

Last 5-year EPS & projected 3-5-year EPS growth rates between 10% and 25% (Strong EPS growth history and prospects ensure improving business.)

ROE (over the past 12 months) greater than the industry average (Higher ROE compared to the industry average indicates superior stocks.)

P/E and P/B ratios less than M-industry average (P/E and P/B ratios less than that of the industry indicate that the stocks are undervalued.)

Here are four of the five stocks that made it through the screen:

Ulta Beauty is a leading beauty retailer in the United States, which offers a wide range of products, including cosmetics, fragrance, skincare, hair care, bath and body products, and salon styling tools in stores. The company currently carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.

Ulta Beauty has a trailing four-quarter earnings surprise of 49.84%, on average. The Zacks Consensus Estimate for fiscal 2022 earnings has been unchanged at $20.07 per share over the past 30 days.

Broadcom is a designer, developer and global supplier of a broad range of semiconductor devices focused on complex digital and mixed-signal complementary metal oxide semiconductor-based devices and analog III-V-based products. The company currently flaunts a Zacks Rank #1.

Broadcom has a trailing four-quarter earnings surprise of 2.19%, on average. The Zacks Consensus Estimate for its 2022 earnings has moved north by 0.3% to $37.06 per share over the past 30 days.

Automatic Data Processing is a provider of cloud-based Human Capital Management technology solutions, including payroll, talent management, human resources and benefits administration, and time and attendance management. The company currently carries a Zacks Rank #2.

Automatic Data Processing has a trailing four-quarter earnings surprise of 6.23%, on average. The Zacks Consensus Estimate for fiscal 2022 earnings has moved north by 0.1% to $6.98 per share over the past 30 days.

Dollar General is one of the largest discount retailers in the United States, which offers a wider selection of merchandise, including consumable items, seasonal items, home products and apparel. The company carries a Zacks Rank #2 at present.

Dollar General has a trailing four-quarter earnings surprise of 2.78%, on average. The Zacks Consensus Estimate for fiscal 2022 earnings has moved north by 0.2% to $11.49 per share over the past 30 days.

Get the remaining stock on the list and start putting this and other ideas to the test. It can all be done with the Research Wizard stock picking and back testing software.

The Research Wizard is a great place to begin. It's easy to use. Everything is in plain language. And it's very intuitive. Start your Research Wizard trial today. And the next time you read an economic report, open up the Research Wizard, plug your finds in, and see what gems come out.

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Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.

Disclosure: Performance information for Zacks' portfolios and strategies are available at: https://www.zacks.com/performance.


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Automatic Data Processing, Inc. (ADP) : Free Stock Analysis Report
 
Dollar General Corporation (DG) : Free Stock Analysis Report
 
Ulta Beauty Inc. (ULTA) : Free Stock Analysis Report
 
Broadcom Inc. (AVGO) : Free Stock Analysis Report
 
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Mon, 25 Jul 2022 04:32:00 -0500 en-SG text/html https://sg.news.yahoo.com/add-4-garp-stocks-portfolio-142302443.html
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