OKLAHOMA CITY — At least two measures passed by the Oklahoma Legislature seek to end personal income tax on military retirement benefits.
LONDON, March 18, 2022–(BUSINESS WIRE)–Membership Collective Group Inc. (NYSE: MCG) (“MCG”, “Company”, “we” or “our”), a global membership platform of physical and digital spaces that connects a dynamic group , diverse and global membership, today announced that its Board of Directors and a relevant subcommittee thereof have authorized a share repurchase program to repurchase up to US$50 million from Class A common shares of the company.
Under the share repurchase program, the Company is authorized to repurchase outstanding Class A common stock from time to time in the open market or in over-the-counter transactions in the United States.
The timing and amount of share repurchases will depend on a variety of factors, including market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or terminated at any time and the Company has no obligation to repurchase any amount of its common stock under the program. The Company intends to make all redemptions in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended. MCG may choose to make some of these redemptions under a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act.
Ron Burkle, Executive Chairman of the Board of Directors, said, “This milestone reflects our belief in the favorable long-term opportunities before us, given the scale and pace of the company’s international growth. .
With an accelerated pipeline of nine new Soho House openings this year and eight to ten a year thereafter, along with increased demand for memberships, expansion into new markets and positive post-Covid momentum, we remain increasingly confident in MCG’s future performance.”
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release that do not relate to historical facts should be deemed to be forward-looking statements, including, without limit, statements regarding our expected financial performance and operating performance for future periods, and statements that include the words “expect”, “intend”, “plan”, “believe”, “project “, “expects”, “estimates”, “may”, “should”, “anticipates” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors which may cause actual results, performance or achievements to be are materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. , including the material factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 2, 2022 and, as such, such factors may be updated from time to time. in our other filings with the SEC, which are available on the SEC’s website at www.sec.gov. In addition, we operate in a rapidly changing environment. New risks appear from time to time. It is not possible for our management to predict all risks, nor to assess the impact of all factors on its business or the extent to which any one factor, or combination of factors, may cause the results actual differ significantly from those contained in the forecasts. – forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the statements. prospective. Accordingly, you should not rely on forward-looking statements as predictions of future events. Additionally, any forward-looking statements made in this release relate only to events or information as of the date the statements are made in this release. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unforeseen events. events.
About the Collective Membership Group:
The Membership Collective Group (MCG) is a global membership platform of physical and digital spaces that connects a dynamic, diverse and global group of members. These members use the MCG platform to work, socialize, connect, create and thrive anywhere in the world. We started with the opening of the first Soho House in 1995 and remain the only company to have developed a private membership network with a global presence. Members around the world engage with MCG through our global collection of 33 Soho Houses, 9 Soho Works, The Ned in London, Scorpios Beach Club in Mykonos, Soho Home – our interiors and lifestyle brand – and our digital channels. LINE and Saguaro hotels in North America are also part of MCG’s broader portfolio.
For more information, please visit www.membershipcollectivegroup.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220318005423/en/
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pugh
Senate Bill 401, by Sen. Adam Pugh, R-Edmond, recently passed the full Senate by a 43-0 vote and is heading to the House.
McDugle
Courtesy
A similar measure, House Bill 3693, by Rep. Kevin McDugle, R-Broken Arrow, awaits House action.
Eliminating remaining income taxes on military retirement benefits would cost the state nearly $5.7 million, according to the Oklahoma House.
But McDugle thinks the cost would be offset by reducing the number of military retirees leaving the state and attracting more military retirees to Oklahoma.
“Under current law, an income tax exemption is permitted for military retirement benefits of any component of the United States Armed Forces,” according to a summary of Bill 3693. “The amount of the The exemption is the greater of 75% of military retirement benefits or $10,000, but cannot exceed the amount included in the taxpayer’s adjusted federal gross income.
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Oklahoma has approximately 36,000 retired military personnel.
Sen. Brenda Stanley, R-Midwest City, introduced the bill in the Senate. She said military retirees usually start a second career.
“They have years of experience in specialist areas. We can use these people in our workforce, and even though their military pension would be exempt, their second career earnings will pump more money into our economy,” Stanley said after the bill passed.
Oklahoma Department of Veterans Affairs Executive Director Joel Kintsel said veterans tend to be very strong and entrepreneurial citizens.
“I think it’s very important to Oklahoma and especially the Oklahoma veteran community,” he said.
Oklahoma is already at a disadvantage because several states like Texas, Missouri, Kansas, Arkansas and Louisiana have eliminated military retiree income taxes, Kintsel said.
Of neighboring states, only New Mexico and Colorado tax military pensions, according to Senate staff.
Michael Stevens, who is retired from the Air Force, currently lives in Victorville, Calif., but plans to move to Broken Arrow.
He’s never been to Oklahoma and has no family in the state, but waiving income tax on military retirement benefits would be a “huge savings for us,” a- he declared.
He also cited the state’s low property taxes, sales taxes, and cost of living as reasons he finds Oklahoma attractive.
He said Broken Arrow is low on crime, congestion and smog.
“So many people want to leave California, but they can’t,” he said. “We are lucky to be in a situation where we can do that.”
Pugh said he’s been working on the issue for five years.
“These are highly skilled professionals, typically in their 40s, looking to start a second career, with many skills that our workforce desperately needs,” Pugh said. “They can help fill the void in critical industries like aviation and engineering, which will be an incredible boon to our economy.”
Tulsa World Opinion: Abolish Oklahoma’s food tax? Plus, public education funding, Oklahoma’s open primary voting
Shoals manufactures balance of system components for solar, energy storage and electric vehicle charging solutions. The company opened a factory in Tennessee and posted record gross revenues and profits in 2021.
Shoals Technologies Group, a provider of Balanced Power Systems (BOS) systems for solar, storage and electric vehicle (EV) charging, announced the opening of a manufacturing facility in Tennessee. The 219,000 square foot facility is expected to enter service in the second quarter of 2022.
The facility is expected to double the company’s manufacturing capacity. He said the new space will allow him to introduce new innovations to the BOS space.
“Our new plant will allow us to optimize our manufacturing lines to increase operational efficiency, increase production capacity and bring new innovations to market to deliver even more value to our customers,” said Jason Whitaker, CEO of Shoals Technologies Group. “In addition, the new facility gives us a significant footprint for the growth of new product lines, particularly our Fuel by Shoals® eMobility solutions for electric vehicle charging, which provide a simpler, more reliable and scalable way to deploy EV charging systems.”
Shoals released its fourth quarter 2021 results, posting record earnings and gross margin. Gross margin for the full year 2021 was 38.8% and orders nearly doubled year over year to a record $299 million. Revenue from its systems solutions grew 29% year-over-year for the fourth quarter of 2021.
Revenue and gross margin increased 21% and 24%, respectively, from 2020 reported figures. Adjusted EDBITA saw modest growth as the company made investments in human capital, international expansion and a new EV business unit.
“As demand for our products accelerates, the current environment is dynamic and we are closely monitoring our supply chain, labor costs, material costs and logistics availability,” said Whitaker.
Fourth quarter revenue totaled $48 million, compared to $38.8 million in the year-ago quarter. Operating income was $2.2 million and net loss was $2.2 million. This compares to the prior Q4 operating profit of $7.2 million and a net gain of $4.2 million. The figures are not directly comparable because prior to its IPO the Company was organized as a tax intermediary partnership rather than a corporation and did not record income taxes. The basic and diluted loss per share was ($0.04).
Shoals said at least half of the solar energy projects installed in the United States in 2020 used its products.
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DUBLIN, March 9, 2022 /PRNewswire/ — The “Global Shaver Market – Forecast from 2021 to 2026” report has been added to from ResearchAndMarkets.com offer.
The global shaver market is estimated at US$11.468 billion in 2019 and is expected to reach US$14.336 billion in 2026 at a CAGR of 3.24% over the forecast period.
A razor belongs to a category of private grooming appliance which is primarily a bladed tool primarily used for hair removal through shaving. Forms of razors include straight razors, safety razors, disposable razors, and electric razors.
The razor blade can be a thin, pointed piece of metal (carbon steel/stainless steel) that is placed on a razor and used to shave or remove hair from the face and other body parts. Historically, razor blades were used alongside a safety razor by men around the world to get rid of facial hair. It has acquired a great quality because it allows an easy and close shave with marginal irritation. Today, the female population uses safety razors and razor blades to get rid of leg, arm and armpit hair.
Due to the increase in population, the fastest growth in the use of razors has been observed in the immediate future. this can be mainly attributed to the most densely populated region in the world and many countries in the region which perceive rapid urbanization. Moreover, at present, spending on skincare products is increasing side by side in this region, which follow one another, boosting the sales of razors in the region.
One of the biggest factors fueling the rise in demand for razors is the growing attention to personal care across the planet. Women measure an extra square when it comes to their appearance and body odor. This prompts them to make razors and razor blades to get rid of unwanted hair. This can be a key factor in expanding the female phase in the razor blades market. Sometimes, due to medical or genetic related reasons, girls could have dark hair on their face. This makes them take the razor blades. Therefore, the female phase is expected to be the fastest growing phase in the coming years.
By type, cartridge, disposable, and electric razors are estimated to hold a major market share. Electric razors, save valuable time, protect sensitive skin and keep sensitive areas from stubble, disposable razors are tons safer than electric or straight razors, and they don’t need to be broken. Cartridge razors were opted for because one of the reasons they are quick shaves is that they don’t offer as close a shave – so there’s less risk of a cut or nick. By the end user, men and women, use razors as it is an important aspect of grooming for both to remove unwanted hair from the desired area. Geographically, the North American region is estimated to hold the largest share of the razor market. The factor contributing to the growth of the market in the Asia Pacific The region is the highest adoption rate of the shaver market demand, driving the growth of the global shaver market.
Increase in demand for disposable razors
Disposable razors offer many benefits to customers, such as infection interference from the application of used blades, sterilization, and enhancement. A growing number of travelers across the planet are adding to the growing demand for use and disposable razors that offer economical and convenient alternatives for men’s grooming.
The authoritative ordinance for disposable razors is expected to experience a decline in adoption levels amid rising customer inclination for electric shavers. As customers jump to realize this, they are turning to the newest innovation in their purchases. As electric shavers provide more convenient shaving results, their surging adoption will hamper the expansion of razor usage and sales throughout the expected amount.
Increased focus on male grooming
Spas and salons catering to men have quickly become all the rage, with an inordinate array of men seeking shaving and haircut recommendations from the professionals used in these places. The increase in paying customers for attention and the growing importance of male grooming in many industries like fashion, aviation and corporate has redefined the business of public convenience grooming and thus created immense opportunities for many companies dealing with such goods.
Personal grooming is completed to ensure general hygiene and proper body cleanliness. With the growing influence of culture, men have become conscious about their looks, with a targeted hairstyle and beard. Thus, men, especially within the relatively lower age groups, are leading the demand, specializing mightily in improving their physical appearance.
Impact of COVID-19 on the Global Shavers Market
COVID-19 has had a negative impact on the global razor market. Razor blade production activities have been hampered due to the closure of factories due to the confinement measures applied throughout the COVID-19 pandemic. Additionally, material shortages occurred and the supply chain was not continuous. However, production activities resumed and the supply chain was rebuilt throughout the post-lockdown as restrictions were lifted. As hair salons, spas and retailers were closed due to government restrictions aimed at curbing the spread of COVID-19, demand for household razor blades increased. Customer’s most popular online channels for ordering and sourcing blades.
Competitive Perspectives
Market leaders in the global razor market are The Procter & Gamble Company, Koninklijke Philips NV, Syska, The Edgewell Personal Care Company, Harry’s, Inc., Nova Electric, American Cutting Edge, Inc., Kai Corporation, Bombay Shaving Company and Ningbo Kaili Holding Group Co. Ltd. Major players in the market are implementing growth strategies such as product launches, mergers and acquisitions, to gain a competitive advantage over their competitors. For example, P&G launched its on-demand hosting in 2017, through which users receive blades delivered to their doorstep simply by texting “BLADES” to the given number.
Main topics covered:
1. Introduction
1.1. Market overview
1.2. COVID-19 scenario
1.3. Market definition
1.4. Market segmentation
2. Research methodology
2.1. Research data
2.2. Hypotheses
3. Executive Summary
3.1. Research Highlights
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Market opportunities
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining power of suppliers
4.4.2. The bargaining power of buyers
4.4.3. The threat of new entrants
4.4.4. The threat of substitutes
4.4.5. Competitive rivalry in the industry
4.5. Industry Value Chain Analysis
5. Global Shavers Market Analysis, By Product Type
5.1. introduction
5.2. Cartridge
5.3. Disposable
5.4. Electric
6. Global Shavers Market Analysis, By Blade Type
6.1. introduction
6.2. Stainless steel
6.3. Carbon steel
7. Global Shavers Market Analysis, By Consumer
7.1. introduction
7.2. Men
7.3. Women
8. Global Shavers Market Analysis, By Geography
8.1. introduction
8.2. North America
8.2.1. United States
8.2.2. Canada
8.2.3. Mexico
8.3. South America
8.3.1. Brazil
8.3.2. Argentina
8.3.3. Others
8.4. Europe
8.4.1. UK
8.4.2. Germany
8.4.3. France
8.4.4. Others
8.5. Middle East and Africa
8.5.1. Israel
8.5.2. Saudi Arabia
8.5.3. Others
8.6. Asia Pacific
8.6.1. Japan
8.6.2. China
8.6.3. India
8.6.4. Indonesia
8.6.5. Taiwan
8.6.6. Thailand
8.6.7. Others
9. Competitive environment and analysis
9.1. Key Players and Strategic Analysis
9.2. Emerging players and market profitability
9.3. Mergers, acquisitions, agreements and collaborations
9.4. Supplier Competitiveness Matrix
10. Company Profiles
10.1. The Procter & Gamble Company
10.2. Koninklijke Philips NV
10.3. Syska
10.4. The Edgewell Personal Care Company
10.5. Harry’s, Inc.
10.6. Nova Electric
10.7. American Cutting Edge, Inc.
10.8. Kai Corporation
10.9. Bombay Shaving Society
10.10. Ningbo Kaili Holding Group Co.Ltd.
For more information on this report, visit https://www.researchandmarkets.com/r/adkt0
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SOURCE Research and Markets
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Chart of the day belongs to oil services company Precision Drilling (NYSE:PDS). I found the stock by first sorting Barchart’s list of bullish moving averages by highest weighted alpha, then using the Flipchart feature to review the charts for consistent price appreciation . Since the Trend Spotter signaled a buy on 1/5, the stock has gained 76.66%
The bullish moving average list helps you find today’s best stocks with short, medium and long term bullish moving average patterns. These large-cap stocks (greater than 300 million) have a 20-day moving average above the 50-day moving average and a 50-day moving average above the 100-day moving average. When the price is above a moving average, it signals an uptrend. Additionally, these stocks have a “Buy” signal from TrendSpotter, are within 20% of their 52-week high, and have a 20-day average volume above 25,000. These additional filters have been added to showcase the best bullish moving average stocks.
TIP: Using FlipCharts, apply your own chart template with a 20, 50 and 100 day moving average to further analyze this group of stocks.
PDS Price vs Daily Moving Averages ( )
Precision Drilling Corporation, an oil services company, provides oil and gas drilling and related products and services in North America and the Middle East. The Company operates through two segments, contract drilling services and completion and production services. The Contract Drilling Services segment provides onshore well drilling services to exploration and production companies in the oil and natural gas industry.
Services in this segment include land drilling, directional drilling and turnkey drilling; and the sourcing and distribution of oilfield supplies, as well as the manufacture, sale and repair of drilling equipment. As of December 31, 2020, it operated 227 land drilling rigs, including 109 in Canada; 105 in the United States; 6 in Kuwait; 4 in Saudi Arabia; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia.
The Completion and Production Services segment provides service platforms for well completion, workover, abandonment, maintenance and re-entry preparation services; well site accommodation; rental of oil field surface equipment; and camping and catering services to oil and natural gas exploration and production companies. This segment operated 123 well completion and workover service platforms, including 113 in Canada and 10 in the United States.
It also had approximately 1,400 oilfield rental items, including surface storage, low-flow sewage treatment, power generation, and solids control equipment; 113 accommodation units on the well site; 966 drill camp beds; 822 basic camp beds; and three cooking dinners in Canada. Precision Drilling Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.
Barchart’s opinion trading systems are listed below. Please note that Barchart Opinion indicators are updated live during the session every 20 minutes and therefore may change during the day depending on market fluctuations. The indicator numbers listed below may therefore not correspond to what you see live on the Barchart.com website when reading this report.
Histogram Technical Indicators:
- 100% Technical Buy Signals
- 165.40+ Alpha weighted
- Gain of 156.36% over the past year
- Trend Spotter Buy Signal
- Above its 20, 50 and 100 day moving averages
- 10 new highs and a 48.97% gain in the past year
- Relative Strength Index 77.62%
- Technical support level at 62.45
- Recently traded at 65.86 with a 50 day moving average of 46.58
Basic factors:
- Market cap $825 million
- Revenue is expected to grow by 31.60% this year and another 10.20% next year
- Revenue is expected to increase by 79.80% this year and another 181.00% next year
Analyst and Investor Sentiment – I don’t buy stocks because everyone is buying, but I realize that if big companies and investors drop a stock, it’s hard to make money against it. -running :
- Wall Street analysts issued 4 strong buy, 7 buy and 3 hold recommendations on the stock
- Consensus target price at 85.18
- Individual investors following the action on Motley Fool voted 1,453 to 43 for the stock to beat the market, with more experienced investors voting 185 to 8 for the same result.
- 7,520 investors are watching the stock on Seeking Alpha
Summary of assessments
Factor Notes
Quantitative ranking
Sector
Energy
Industry
Oil and gas drilling
Ranked in the industry
1 of 8
Classified in the sector
29 out of 252
Ranked Overall
54 out of 4431
]]>AD HOC ANNOUNCEMENT PURSUANT TO ART. 53LR
CHF 0.20 per share, with a payout ratio of 53% Ascom targets single-digit revenue growth for fiscal year 2022 and targets EBITDA margin improvement of approximately 100 basis points (bps) compared to 2021
Ascom sees a clear path to double-digit revenue growth over the next few years and expects an annual EBITDA margin improvement of around 100 basis points through 2025. |
1Constant currencies are calculated by converting numbers using the average exchange rate for the previous year.
2EBITDA, earnings before interest, income taxes, depreciation and amortization, see also definition in the 2021 annual report on page 71.
Revenue growth in challenging environment
Ascom delivered solid revenue growth in 2021, despite continuing challenges from the global Covid-19 pandemic and global component shortages. Net sales increased by 3.7% (2.7% at constant exchange rates) to CHF 291.5 million (2020: CHF 281.0 million).
In 2021, the top performing areas with double-digit revenue growth (at constant currencies) were the UK, France and Spain, as well as the OEM business. The Nordic countries and the Netherlands also posted strong revenue growth rates. In the US and Canada, revenue increased slightly, while the DACH region as well as the rest of the world decreased mainly due to Covid-19 and component-related challenges also in the corporate sector.
The revenue breakdown by market segment showed a strong healthcare sector representing 68% of total revenue (2020: 67%), the enterprise sector representing 24% (2020: 27%) and the OEM business was 8% (2020: 6%) . Software & Solutions revenue increased while recurring revenue represented 25% of total revenue.
Strong growth in order intake and order backlog
In 2021, order intake increased by 6.2% to CHF 342.3 million (4.9% at constant exchange rates). The order book amounted to CHF 256.1 million (2020: CHF 215.6 million) and includes long-term contracts with a magnitude of approximately 48% of the total order book which will be relevant to revenue in 2023 and beyond.
Improved operational profitability
In 2021, gross profit increased compared to the previous year and reached CHF 136.7 million (2020: CHF 133.3 million) with a gross margin of 46.9% (2020: 47.4% ). Gross margin was impacted by higher freight costs, higher component prices in spot markets and a different product mix due to component shortages.
Due to increased volume and lower functional costs, EBITDA improved to CHF 28.7 million (2020: CHF 24.9 million), with an EBITDA margin of 9.8% (2020 : 8.9%) while EBIT increased to CHF 15.8 million (2020: CHF 11.0 million). Ascom ended 2021 with an increased net profit of CHF 13.5m (2020: CHF 6.5m), mainly driven by improved operating results. EPS increased to CHF 0.38 (2020: CHF 0.18).
Solid balance sheet structure
As of 31 December 2021, Ascom had no outstanding borrowings and its net cash therefore increased to CHF 29.5 million (31.12.2020: CHF 12.8 million). Equity amounts to CHF 80.0 million (31.12.2020: CHF 71.1 million), which represents an increase in the equity ratio to 41.1% (31.12.2020: 35.0%).
Ascom aims to become a global leader in real-time communication and collaboration
Ascom is in a unique position to offer a broad portfolio of solutions combining devices, software and services to concretely meet the rapidly changing needs of customers. Ascom aims to become a global leader in real-time communication and collaboration in the acute care, long-term care and enterprise segments.
To lead and implement the next stage of Ascom’s strategy, the Board of Directors has appointed Nicolas Vanden Abeele as the new CEO of Ascom effective February 1, 2022. Drawing on his extensive experience and background successful professional, he will continue to strengthen Ascom’s position in the market. in the areas of communication, collaboration and workflow orchestration, while improving the company’s financial performance.
Outlook
The market environment for 2022 remains challenging, but Ascom is confident that the improvements implemented and the focus on revenue and backlog conversion will result in positive business development in 2022.
Ascom is targeting single-digit revenue growth for fiscal year 2022 and targets an EBITDA margin improvement of around 100 basis points compared to 2021.
Ascom sees a clear path to double-digit revenue growth over the next few years and expects an annual EBITDA margin improvement of around 100 basis points through 2025.
Proposals to the 2022 Annual General Meeting
The Board of Directors proposes to the shareholders the payment of a dividend of CHF 0.20 per share, representing a distribution rate of 53% of the Group’s profit.
All current board members will stand for re-election. The Board of Directors has also decided to renew the audit mandate and proposes KPMG as a new auditor.
Due to the expiry of the existing authorized capital, the board of directors will propose to the shareholders to adapt the articles of association in order to renew the authorization of the authorized capital for a new period of two years.
KEY FIGURES FISCAL YEAR 2021
|
In millions of CHF |
Ascom Group | |||
| exercise 2021 |
S2 2021 |
H1 2021 |
FISCAL YEAR 2020 | |
| Incoming orders |
342.3 |
176.1 |
166.2 |
322.4 |
| Net revenue | 291.5 |
151.4 |
140.1 |
281.0 |
| Gross profit | 136.7 |
69.3 |
67.4 |
133.3 |
| EBIT | 15.8 |
12.4 |
3.4 |
11.0 |
| EBIT margin in % | 5.4% | 8.2% | 2.4% | 3.9% |
| EBITDA | 28.7 |
18.6 |
10.1 |
24.9 |
| EBITDA margin in % | 9.8% | 12.3% | 7.2% | 8.9% |
| Group profit | 13.5 | 6.5 | ||
|
Employees (FTE) as of 31.12. |
1,306 |
1,282 |
The full Ascom Group 2021 Annual Report and 2021 Annual Results Presentation are available in English and downloadable online at: https://www.ascom.com/investors/reports-and-presentations/
the online 2021 Eall-Yeshear C-resultsconference starts at 10:00 CET on Tuesday8 march 2022.
Financial analysts and media representatives can join Ascom conference call in which questions can be asked during the Q&A session after the presentation.
Compose:Link the conference call
(for financial analysts and media representatives only)
Additionally, a live audio webcast which will be provided. This is a non-interactive live audio webcast showing the presentation slides. However, the webcast does not allow questions to be asked. The Q&A session will be broadcast.
Webcast:Live Audio Webcast Link
Attachments
This document does not constitute an offer or solicitation to subscribe, buy or sell securities. This document is not published in the United States of America or the United Kingdom and must not be distributed in any jurisdiction in a manner where such distribution would not comply with regulatory requirements. In particular, this document may not be distributed in the United States, to United States persons, or to publications of general distribution in the United States. Further, Ascom securities have not been and will not be registered in any jurisdiction outside of Switzerland. Securities of Ascom may not be offered, sold or delivered and no solicitation to buy such securities may be made in the United States or to US Persons absent an applicable exemption from the registration requirements of securities laws or in any other jurisdiction and in a manner where such offer, sale, delivery or solicitation may not comply with regulatory requirements (including in the United Kingdom).
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I don’t claim to know how the Russian-Ukrainian war will play out, but I can shed some light on its impact on the US and Eurozone economies. Unsurprisingly, the US economy continues to grow, while the Eurozone economy has taken a serious hit. However, everyone is suffering from higher than expected inflation. Central banks live in fear of war risks and are therefore reluctant to tighten. Consequently, monetary policy is still very accommodative almost everywhere and should not pose a serious risk in the short term.
Chart #1
The February jobs report was quite strong and contained the good news that the labor force participation rate (see bottom chart above) rose significantly. Chart 1 also suggests the reason for the surge, namely the sharp drop in transfer payments. It’s funny how things work: if you pay people who don’t work, you won’t find many who want to work, and when you stop paying them, they’re more likely to work. (Our economy isn’t suffering from a lack of jobs, that’s for sure.)
Graph #2
Graph #2 compares the level of jobs in the private and public sectors. Two positives: private sector employment has recovered almost all of its Covid-related loss, while public sector employment has recovered less than half. (In my book, private sector jobs are much more productive than public sector jobs.) Government has become less obese, and that’s good news.
On the other hand, the level of private sector jobs today is still at least 5 million lower than it might have been in the absence of the Covid crisis.
Graph #3
Swap spreads, shown in Chart 3, are excellent indicators of a) liquidity conditions and b) the outlook for corporate earnings and overall economic health. Swap spreads have increased a bit in the US, but not enough to be cause for concern (in a normal economy, you would expect swap spreads to be 15 to 35 basis points). Conditions in Europe are not as good, however, with swap spreads having reached recession-era levels. Limiting Russia’s ability to use the SWIFT payment system is a significant factor in reducing liquidity abroad.
Graph #4
Chart 4 is my favorite chart for assessing recession risk. All but the last recession have been preceded by very high real yields and a flat or inverted yield curve. We’re not even close to either at this point. Real yields on the fed funds rate are at record (and eye-popping) highs, which means liquidity conditions are plentiful and the Fed and banks are practically begging people to borrow money. Combine that with Chart 3 and you see that the three indicators that normally precede recessions are not in worrying territory at all, at least in the United States.
Graph #5
Chart #5 compares the price of gold to the actual 5-year TIPS yield (inverted, so as to be an approximation of their price). This tells us that TIPS and gold are highly sought after for their risk reduction properties, which means the market is very worried. There’s no shortage of things to worry about, and from a contrary perspective, it’s bullish. The last time the markets were so worried was in the period 2011-2014, when Europe faced the risk of national defaults and the collapse of the euro.
Graph #6
Chart #6 shows the nominal and real 5-year Treasury yields, and the difference between the two (green line), which is the market’s expectation for the average CPI over the next 5 years. Inflation expectations have now reached new highs (about 3.3%) as the market is slowly beginning to see that the surge in inflation that began early last year will not be transitory. I expect these expectations to continue to rise over the next year, which means that nominal interest rates are almost certain to rise significantly.
Graph #7
Chart #7 compares the real yield of the 5-year TIPS to the current real yield of the fed funds rate. In effect, the red line is what the market thinks the blue line will average over the next 5 years. In short, the market thinks the Fed will keep short rates negative in real terms for a long time. Borrowing at a variable rate is therefore likely to be attractive for a while.
Unfortunately, as I have explained many times in recent articles, the persistence of negative real yields contributes to weakening the demand for money, which in turn fuels the fires of current inflation. The Fed will have to do a lot of tightening at some point to bring inflation down.
Graph #8
Chart #8 compares the Vix index (the worry index) to the level of the S&P 500. Whenever the market gets very worried, stock prices drop (unsurprisingly). However, the level of worry is not yet extreme today, so things may get worse before they get better. On the other hand, a healthy dose of worry means the market is prepared for bad news, and that acts as a buffer.
Editor’s note: The summary bullet points for this article were chosen by the Seeking Alpha editors.
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segments: End use (ophthalmology clinics, hospitals, other end uses)
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ABSTRACT-
Global non-mydriatic wearable fundus camera market to reach $192.6 million by 2026
The use of a proper retinal camera is essential for ophthalmologists for accurate diagnosis and treatment of various eye-related diseases. Fundus camera refers to an ophthalmic imaging device, which combines a high resolution camera with a low power microscope. Fundus cameras are typically used in applications such as fundus imaging, fluorescein angiography, paired optic disc imaging, and external photography. Fundus cameras are widely used in the screening and diagnosis of various types of retinal disorders, including diabetic retinopathy, retinal detachment, glaucoma, and age-related macular degeneration. Ophthalmologists, optometrists and others use fundus cameras for screening and diagnostic purposes. A fundus or retinal camera allows practitioners to obtain more in-depth details of the retina and also to record the results for comparison and further study. Both the patient and the practitioner can access in-depth analyzes of the condition and then take action for the treatment of it. Fundus cameras are easy to use devices that can capture detailed images of the retina.
A non-mydriatic fundus camera uses the reflective properties of the retina to provide detail and also store images. Results with a non-mydriatic fundus camera are superior to other tools such as slit lamps and do not require pupil dilation in most cases. The camera helps in the early detection and monitoring of various types of eye disorders, including macular degeneration, diabetic retinopathy and glaucoma. The camera can be easily operated and requires minimal operator training. The benefits of the camera including a wider angle of the targeted area and the availability of different filter choices for image enhancement purposes. On the other hand, non-mydriatic fundus cameras do not offer stereoscopic capability and do not detect abnormalities outside the field of view.
Amid COVID-19 Crisis, Global Non-Mydriatic Wearable Fundus Cameras Market Estimated at US$138.8 million in 2022, is expected to reach a revised size of US$192.6 million by 2026, growing at a CAGR of 7.9% over the analysis period. Ophthalmology clinics, one of the segments analyzed in the report, is expected to grow at a CAGR of 8.2% to reach US$128.6 million at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Hospitals segment is readjusted to a revised CAGR of 7.6% for the next 7-year period. This segment currently accounts for a 21.5% share of the global non-mydriatic portable fundus camera market.
The US market is estimated at $41.9 million in 2022, when China is expected to reach $21.7 million by 2026
The Non-Mydriatic Wearable Fundus Camera Market in the United States is estimated at US$41.9 million in 2022. The country currently accounts for a 30.01% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$21.7 million in 2026 with a CAGR of 9.2% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 6.4% and 7.5% respectively over the analysis period. In Europe, Germany is expected to grow at around 7.3% CAGR while the rest of the European market (as defined in the study) will reach US$23.9 million at the end of the analysis period.
The market is driven by the steady pace of technological advancement, growing eye care awareness, rising geriatric population, and supportive government initiatives. For example, the laws and regulations of the various medical device authorities in Japan as well as the United States requires fundus imaging cameras to be replaced every four years. This not only maintains instrument performance, but also improves treatment and diagnosis. The incorporation of digital technology and artificial intelligence are also some of the factors propelling the growth of portable non-mydriatic fundus cameras.
Since the cost of glaucoma screening, prosthetic eyes, and cataract surgery are covered by Medicare, this is also expected to drive the fundus camera market.
Fundus cameras are used by optometrists, ophthalmologists and other healthcare professionals. These cameras are available as handheld or tabletop devices and manufacturers are introducing new high performance cameras. Many manufacturers are attempting to introduce miniature benchtop fundus cameras, which can display live eye images to aid alignment using infrared illumination. Manufacturers are also developing affordable and effective designs that include automatic transparent tiling, red-free optical filter, compensating lens switch, anterior para position, and split alignment focus. This is also expected to drive the growth of the portable non-mydriatic fundus camera market.
North America and Europe are the main regional markets for portable non-mydriatic fundus cameras. In North America, the growth of the market is driven by increasing geriatric population, high occurrence of diabetic retinopathy and rapid pace of technological advancements. The launch of sophisticated devices combined with the presence of prominent companies in this region is another factor driving the growth of the fundus camera market. An excise duty of 2.5% is levied on all medical devices in North America under the Patient Protection and Affordable Care Act, which may act as a barrier to the growth of the fundus camera market in this region. Europe is another major market for portable non-mydriatic fundus cameras. The high incidence of AMD and the widespread adoption of advanced healthcare technologies are other factors responsible for the increasing use of fundus cameras in Europe. Asia Pacific and China are poised to witness strong growth in demand for non-mydriatic fundus cameras due to rising awareness and development of healthcare infrastructure. Rising medical tourism is also driving the growth of the fundus camera market in Asia Pacific. Continued
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]]>the Global headlamp market review conducted by MarketsandResearch.biz analyzes the verifiable and current prospects and development patterns to gain a critical understanding of these market indicators over the predicted period. The examination assesses the Headlamps market revenue from 2022 to 2028, with 2021 as the base year and 2028 as the projection year.
It inspects the market with regards to classifications, countries, producers/organizations, income supply and transactions by major nations in each of these districts. The review examines the developing and restraining factors of the global Headlamps market. Considering essential examination and optional exploration inside and out, the report has been structured based on late models, valuing potential and verifiable investigation, interest and supply , the monetary situation, the effects of COVID-19 and different points of view. Industry-trained professionals and our in-house space specialists attempt an essential exam.
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The global market is split by Type into
- Less than 200 lumens
- 200-500 lumens
- 500-1200 lumens
- Above 1200 lumens
The report has been segmented by Application into
- Outside
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- Others
Some of the major vendors in the market include
- Princeton Tec
- Petzl
- Nitecore
- Energizing
- Black Diamond
- GRDE
- Rating
- shiny friend
- Thorfire
- Xtreme Bright
- Northbound train
- Aennon
- Lighting never
- VICHELO
- Yalumi Company
- FENIX
- RAYVENGE
- Durability
- Burnishing
- Sun
- outdoor extremist
- Rayfall Technologies
Geographically, the market has been segmented into
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia, Italy and Rest of Europe)
- Asia-Pacific (China, Japan, Korea, India, Southeast Asia and Australia)
- South America (Brazil, Argentina, Colombia and rest of South America)
- Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, South Africa and Rest of Middle East and Africa)
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Consumer spending slumped as lockdowns were mostly lifted in mid-2020 and lingering anxiety about COVID-19 gradually dissipated in 2021. Of course, there are still plenty of cases of COVID, but countries around the world have come a long way. In the United States in particular, the incredible demand has surfaced acutely throughout 2021. Holiday spending has even exceeded economists’ expectations. However, with stimulus checks and unemployment benefits running out, in addition to wage gains not keeping pace with price increases, consumer perception has begun to change. At the beginning of 2022, large price increases have shaken the perception of consumers, at least the average consumer.
With this, investors should be proactive in managing their exposure to Direxion Daily Consumer Discretionary Bull 3X (WANT) stocks, Consumer Discretionary Select Sector SPDR Fund (XLY) and other individual consumer discretionary stocks which are considered to be widely useless in the consumer’s wallet.
Changes in consumer spending
The Bureau of Labor Statistics provides a detailed account in Table A of how the median US consumer spends their gross income. This information only details up to 2020, but we can understand how the 2021 price increases have impacted available savings and spending.
According to data from Rent.com, rental rates for one and two bedroom apartments have increased by more than 20% year over year. However, rent increases on average far exceed rent reductions, with many cities posting increases of 30-100% versus decreases of 4-29%. New homeowners also face higher mortgage payments compared to pre-pandemic levels given soaring house prices and given that 30-year mortgage rates have risen more than 100 basis points in the past six last months. In other words, we have the highest rents and housing costs ever. Additionally, home heating costs have also increased with rising prices for fuel oil, natural gas and propane. Utility electricity costs also increased year over year.
The second largest recurring expense is transportation. Anyone who buys a car, new or old, will face higher car payments, but will benefit from the increased value of their trade-in if they have one. That said, gasoline prices are back to 2014 highs:
For example, an annual gas budget of $2,100 grew to almost $3,000 using the new prices. Food prices have also risen sharply, and have continued to rise by nearly 7% over the past year, as well as restaurant prices:
We can continue here, but the fact is that the most important expenditure items for the average household have increased significantly throughout 2021. On the positive side, wages and salaries have at least exceeded food prices, but are lagging behind other major expenses like housing and transportation.
According to the latest survey conducted by the University of Michigan, consumer sentiment hit a new low of 61.7 in February, which is the weakest number since 2011:
According to the report, consumers are increasingly concerned that their incomes are not keeping pace with inflationary pressures: “Nearly half of all consumers expect their inflation-adjusted income to decline over the coming year.” Such worried behavior, on balance, may cause consumers to cut spending in the short to medium term. This development would be negative for the following consumer discretionary categories:
- Clothing and accessories stores
- Shoes and accessories
- Department stores
- Specialized retail
- Restaurants and canteens
- Casinos, hotels and accommodations
- And potentially home improvement too.
Again, these particular industries are directly related to the aforementioned consumer discretionary ETFs, among others. So far in 2021, WANT and XLY have underperformed the broader market by a decent margin of -34% and -12%, respectively, while the S&P 500 has fallen 8.6%.
Flattening of the yield curve
For those unaware, a flattening yield curve has occurred before every recession over the past 50 years. This is because Treasury yields on shorter-dated bills and bonds will tend to rise equal to or higher than those on longer-dated bonds. The fixed income market is many times the size of stock markets. It is therefore important to at least periodically monitor these trends as they slowly develop over time.
While the second half of 2020 and 2021 showed incredible growth, the yield curve has started to flatten over the past nine months. Specifically, the 2-10y Treasury spread and the 10-30y Treasury spread collapsed:
Interestingly, the 10-year Treasury yield fell to 1.9% as many banks expect the Fed to commit to significant rate hike schedules. For example, Goldman Sachs released a report predicting that the Fed would make seven rate hikes by the end of the year: “Passage to seven tariff increases in 2022” and BofA came out with 11 rate hikes between 2022 and 2023, according to BusinessInsider. If the Fed raised rates in increments of 25 basis points as Goldman predicted, the fed funds rate would be roughly in line with the 10-year rate. And then, based on BofA’s valuation, the yield curve would be inverted, with the fed funds rate even above the 30-year.
According to CME Group’s Fedwatch tool, the market currently believes that the federal funds rate will be around 1.5-1.75% by the end of the year and 2-2.25% higher. by mid-2023. In other words, Goldman is targeting consensus while BofA is anticipating deeper tightening.
While higher rates could offset these inflationary pressures, it is unclear to what extent the Fed will step in and induce a recession as it has repeatedly done in the past. Either way, the Fed is on the right path between controlling inflation and triggering a slowdown, especially with an already pessimistic consumer. Keep in mind that consumer spending drives about 70% of the economy and any other upheaval could cause a major slowdown. The Atlanta Fed has already cut its 2022 first-quarter GDP estimate from 1.5% to 1.3%, which would be the slowest pace since the pandemic began.
Avoid exposure to leveraged ETFs
Consumer discretionary stocks and ETFs have become less attractive after the massive 2021 run. With multiple factors converging on a gloomier economic outlook, investors and traders need to be very careful with their exposure.
The WANT ETF is a leveraged ETF, described as serving the following purpose: “seeks daily investment results, before fees and expenses, of 300% of the daily index performance of selected consumer discretionary sectors.”
Early in the pandemic, consumer discretionary suffered as the WANT ETF fell around 80%. This amount of volatility and risk is not worth any allocation in a risk-averse portfolio. Today, consumer discretionary faces a new set of headwinds, namely excessive cost inflation that trickles down to the consumer. Consumers can only take so much pressure to say enough is enough, and demand for discretionary items declines. Consumer sentiment in March will be telling.
Conclusion
Covering several consumer discretionary stocks, some management teams raised concerns about weak consumer demand in January and February. If this behavior persists into March, consumer discretionary stocks could have tough earnings and earning draws beyond the holiday season and related ETFs would also come under selling pressure. Are we headed for a recession? I think it’s too early to tell, but so far the outlook doesn’t look positive. In addition, monetary tightening is putting pressure on equity market liquidity and could trigger funding strains for highly indebted companies. These risks are circular and should not be ignored. What do you think? Let me know in the comments section below. As always, thanks for reading.
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