• U.S. lawmakers nearing deal with TikTok over security changes to evade sale: report

    U.S. lawmakers nearing deal with TikTok over security changes to evade sale: report

    After years of national security concerns, U.S. lawmakers and popular social media app TikTok, owned by China’s ByteDance ( BDNCE ), are nearing a deal over its data security that would evade a sale of the app, the New York Times signalé .

    The news outlet, citing people familiar with the matter, noted that a preliminary agreement has been drafted to address national security concerns, but terms are still being discussed.

    The Justice Department is leading the negotiations with TikTok and one of its officials, Lisa Monaco, is concerned the terms of the agreement are not stringent enough on China, the Times added, citing two people familiar with the deal. The Treasury Department is also playing a role and is skeptical the agreement would sufficiently comply with national security issues.

    As part of the deal, TikTok would store its American data only on U.S.-based servers, most likely run by Oracle ( NYSE : ORCL ), as opposed to its own servers in Singapore and Virginia. In addition, Oracle ( ORCL ) would monitor TikTok’s algorithms over content recommendations on concerns over Chinese government interference.

    The deal would also see TikTok create a board of security experts who report to the U.S. government.

    In June, TikTok a déclaré it would route all of its U.S. traffic through Oracle’s ( ORCL ) cloud technology infrastructure better-secure the information of its U.S.-based users.

    In 2020, President Trump presque forced a sale of TikTok over national security concerns on worries that data could be sent to China’s Communist Party.

    TikTok ( BDNCE ) a déclaré last week that it would ban all political fundraising on its platform, aiming to reduce politicians’ use of its short-form video site to bolster their campaigns. The U.S. is scheduled to host its mid-term elections in November.

    TikTok’s parent company, ByteDance ( BDNCE ) reportedly offered to buy back $3B worth of the company’s stock as it has paused plans to go public .

    Pour plus de détails, voir :

    U.S. lawmakers nearing deal with TikTok over security changes to evade sale: report
  • Socket Mobile updates barcode scanners to support iOS 16

    Socket Mobile updates barcode scanners to support iOS 16
    • Socket Mobile ( NASDAQ : SCKT ) a annoncé Monday that its entire line of barcode scanners-CaptureSDK- and NFC reader/writers are now fully compatible with iOS 16.
    • In addition to iOS 16 compatibility, Swift Package Manager support has also been added to Socket Mobile’s CaptureSDK. It is iOS’s native package managing solution for Apple developers to manage, distribute, and integrate Swift Packages into an Xcode project.
    • “Now, with iOS 16 support added to CaptureSDK, customers can find new ways to leverage the power and versatility of our barcode scanners and NFC reader/writers,” commented Dave Holmes, Chief Business Officer at Socket Mobile.

    Pour plus de détails, voir :

    Socket Mobile updates barcode scanners to support iOS 16
  • WeTrade Group to hold press conference for “WTPay Global Collection and Payment System’s Online Implementation” in Singapore

    WeTrade Group to hold press conference for “WTPay Global Collection and Payment System’s Online Implementation” in Singapore
    WeTrade Group to hold press conference for “WTPay Global Collection and Payment System’s Online Implementation” in Singapore

    Communiqué de presse

    BEIJING , Sept. 26, 2022 /PRNewswire/ — WeTrade Group Inc. (“WeTrade” or the “Company”) (NASDAQ: WETG), an emerging growth company engaged in the business of providing software-as-a-service (SAAS) and cloud intelligent systems for micro-businesses, today has announced that it will hold press conference for “WTPay, the Global Collection and Payment System’s Online Implementation” in Singapour sur October 18th, 2022 , and will showcase its R&D product “WTPay Global Collection and Payment System” for the first time to the public.

    The WTPay global collection and payment system has six major businesses, including global order collection, global store opening, global collection,  international account management, global remittance and currency exchange, and it provides resource docking in more than 100 countries and 8 mainstream currencies.

    WTPay system supports multiple methods of online payment from customers, including Wechat Pay, Alipay, Visa, Master Card, local E-wallets and mainstream digital wallets in many countries. Meanwhile, it has established strategic alliances with more than 15 payment companies, such as global plus pay inc, flash pay technology INC, pay collection pty ltd, Londres pay pty ltd, lakala Japon co.Ltd, GlobePay Limited, global free pay, second pay financing inc, in an effort to help customers quickly conduct global collection and payment business.

    Mr. Pijun Liu, Chief Executive Officer of the Company, commented, “WTPay system covers over 60% of global enterprise’s collection and payment demands. At the early stage of the system’s implementing, we will focus on promotion and trial regions such as les États-Unis , Singapour , Australie , the Philippines et Indonésie , among others. We welcome more partners to choose Wetrade Group to work with us in building a new economic ecology, thereby contributing to the development of global economic.”

    About WeTrade Group Inc.

    WeTrade Group Inc. is a technical service provider of SAAS and Cloud Intelligent System for micro-businesses, and a pioneering internationalized system in the global micro-business cloud intelligence field and the leader, innovator and promoter of the world’s cloud intelligent system for micro-businesses. WeTrade Group independently developed the cloud intelligent system for micro-businesses (Abbreviation: YCloud). YCloud strengthens users’ marketing relationship and CPS commission profit management through leading technology and big data analysis. It also helps increase the payment scenarios to increase customers’ revenue by multi-channel data statistics, AI fission and management as well as improved supply chain system. As of today, YCloud’s business has successfully landed in mainland Chine et Hong Kong , covering the micro business industry, tourism industry, hospitality industry, livestreaming and short video industry, aesthetic medical industry and traditional retail industry. For more information, please visit https://ir.wetg.group .

    Déclarations prospectives

    This press release contains information about the Company’s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets into its portfolio of products and services, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the technical skills and experience necessary to meet the requirements of its clients, and its ability to protect its intellectual property. The Company’s encourages you to review other factors that may affect its future results in the Company’s annual reports and in its other filings with the Securities and Exchange Commission.

    Cision Voir le contenu original : https://www.prnewswire.com/news-releases/wetrade-group-to-hold-press-conference-for-wtpay-global-collection-and-payment-systems-online-implementation-in-singapore-301632845.html

    SOURCE WeTrade Group INC

  • Quantum Announces Two New Directors

    Quantum Announces Two New Directors
    Quantum Announces Two New Directors

    Communiqué de presse

    Directors to contribute extensive expertise in end-to-end data management solutions

    SAN JOSE, Californie. , Sept. 26, 2022 /PRNewswire/ — Quantum Corporation (Nasdaq: QMCO) (Quantum or the Company) announced today the appointment of Don Jaworski et Hugues Meyrath to the Board of Directors, effective November 9, 2022 .

    “As a fundamental part of executing on our strategic vision and generating value for shareholders, we are committed to maintaining an engaged board comprised of individuals with a deep understanding of the market trends and expanding opportunities for Quantum’s solutions,” stated Jamie Lerner , Chairman and CEO of Quantum. “Don and Hugues are both ideal candidates for the Board, each possessing significant expertise in software product development for data management solutions at large multi-national firms. We look forward to their future contributions as well as valuable insights as Quantum continues to expand our portfolio of end-to-end software solutions for managing customers’ unstructured data.”

    Don Jaworski has more than 40 years of experience delivering complex systems, scaling organizations and building new businesses and currently serves as president and chief operating officer of Lacuna Technologies, Inc., a leader in delivering software to municipalities to operationalize digital infrastructure and manage transportation dynamically. Prior to joining Lacuna, Jaworski was chief executive officer of SwiftStack, Inc., an open-source cloud data management company focused on large scale data applications, which was acquired by NVIDIA. He previously served as senior vice president and general manager of the core platform business at NetApp, Inc., where his team focused on the transition to scale-out systems. Jaworski also served as the senior vice president of product and engineering at Brocade Communications, where he led the company’s successful expansion into enterprise-class data solutions. Prior to Brocade, he led the enterprise security business unit at Nokia. Earlier in his career, he held management positions at Sun Microsystems and Amdahl Corporation. Jaworski received a bachelor’s degree in Computer Science from Bowling Green State University and a Master of Business Administration from Santa Clara University .

    Hugues Meyrath most recently served as chief product officer of ServiceChannel, a market-leading facilities management software platform, which was acquired by Fortive in 2021. Previously, he was vice president at Dell Technologies Capital where he was responsible for driving venture funding and mergers and acquisitions, while also holding other advisory roles for a diverse set of portfolio companies. Prior to its acquisition by Dell Technologies, he served as vice president of product management and business development at EMC Corporation, a globally recognized provider of data backup and recovery services and business continuity products. Meyrath previously held multiple senior leadership roles at Juniper Networks, Brocade Communications and SBS. He was also an equity research analyst covering the storage industry at Credit Suisse First Boston. Meyrath holds a bachelor’s degree in Engineering from the University of Louvain in Belgium and a Master of Business Administration from the University of California, Berkeley .

    About Quantum

    Quantum technology and services help customers capture, create, and share digital content – and preserve and protect it for decades. With solutions built for every stage of the data lifecycle, Quantum’s platforms provide the fastest performance for high-resolution video, images, and industrial IoT. That’s why the world’s leading entertainment companies, sports franchises, researchers, government agencies, enterprises, and cloud providers are making the world happier, safer, and smarter on Quantum. See how at www.quantum.com .

    Quantum, the Quantum logo are registered trademarks of Quantum Corporation and its affiliates in les États-Unis and/or other countries. All other trademarks are the property of their respective owners.

    Contacts pour les relations avec les investisseurs :
    Shelton Group
    Leanne Sievers | Brett Perry
    P: 949-224-3874 | 214-272-0070
    E : sheltonir@sheltongroup.com

    Informations prospectives

    Statements in this press release that are not historical in nature constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (“Exchange Act”). These forward-looking statements are largely based on our current expectations and estimates about future events and financial trends affecting our business.

    These forward-looking statements may be identified by the use of terms and phrases such as “anticipates”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “targets”, “will”, and similar expressions or variations or the negative of these terms and similar phrases. Additionally, statements concerning future matters and other statements regarding matters that are not historical are forward-looking statements, including but not limited to statements related to the anticipated benefits and contributions of Jaworski and Meyrath joining the Board and serving as directors. Investors are cautioned that these forward-looking statements relate to future events or our future performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those discussed in these forward-looking statements include, without limitation, the following: risks related to the need to address the many challenges facing our business; the potential impact of the COVID-19 pandemic on our business, including potential disruptions to our supply chain, employees, operations, sales and overall market conditions; the competitive pressures we face; risks associated with executing our strategy; the distribution of our products and the delivery of our services effectively; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; our stock price performance and general stock market volatility; the impact of political and economic instability and geopolitical tensions, including outbreak of hostilities, wars, or other acts of aggression, such as the current conflict in Ukraine , terrorism and political unrest, boycotts, curtailment of trade, government sanctions and other business restrictions; the outcome of any claims and disputes; and other risks that are described herein, including but not limited to the items discussed in “Risk Factors” in our filings with the SEC, including our Annual Report on Form 10-K filed with the SEC on June 8, 2022 and our Quarterly Report on Form 10-Q filed on 4 août 2022 . We do not intend to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.

    Cision Voir le contenu original pour télécharger le multimédia : https://www.prnewswire.com/news-releases/quantum-announces-two-new-directors-301632482.html

    SOURCE Quantum Corp.

  • Adobe: Time To Be Greedy

    Adobe: Time To Be Greedy


    • Adobe’s fair value is $358, much higher than the current $284 per share.
    • Figma is just getting started. The total addressable market is $16.5 billion by 2025, and if Figma maintains its current market share, it could already generate $5.18 billion in 2025.
    • Adobe’s economic and financial results to date are excellent.
    • Analysts estimate double-digit annual revenue growth through 2026.
    • Adobe is a more efficient company if it leverages Figma’s technologies.

    From being one of the top computer software companies in 2021, in the span of just under a year investors have a totally different perception of Adobe ( ADBE ). Sixty percent far from its all-time high, with limited operating income growth in Q3 , and after a $20 billion acquisition for a company with a Price/Sales of 50x, shareholder confidence is waning. These are the main themes of bearish investors on Adobe, and in this article I will comment on them individually based on my opinion. I could be wrong, but I think the market is punishing this company too much.

    Never try to catch a falling knife

    Adobe’s price per share is objectively in free fall, and this represents the first criticism of this company. What solid company collapses this much? Since November 2021, the price has collapsed by 60%, including almost 30% in this month alone. Undoubtedly, volatility is currently one of the biggest risks as it can lead the price to completely unexpected declines; however, all that does not scare me this time. As long as the falling knife is a leading company in its industry and with a free cash flow margin stably above 40%, catching it may not be all that painful. The risk of overpaying obviously remains, but from a long-term perspective if the company is solid, having taken advantage of short-term volatility may have been the biggest plus. The reasons why I disagree with the motto “never try to catch a falling knife” are attributable to Adobe’s current financial and economic condition: analyzing its financial statements I think it is very difficult to be able to find a weakness.

    Ability to generate income and free cash flow

    On future growth expectations I will talk about that later, for now let’s focus on what Adobe has been up to now. I think it is important to put the big picture in context and understand what kind of company we are talking about.

    Compte de résultat

    Terminal TIKR

    From an income standpoint, the graph speaks for itself.

    • Revenues up every single year as well as gross profit.
    • Operating income up every single year since 2014. Its margin has more than tripled since 2013.
    • Net income growing strongly over the long term. LTM and 2021 results are lower than 2020 due to higher-than-average taxation. In fact, considering pre-tax income, in LTM Adobe generated $5.95 billion versus $4.17 billion in 2020. This has similarly affected the net income margin as well.

    Cash flows

    Terminal TIKR

    In terms of cash flow, the situation becomes even more interesting. Adobe’s subscription-based business model allows for stable and predictable operating cash flow. In addition, since the company does not have high capex, the free cash flow margin is huge: out of $100 in revenue Adobe gets $41.50 in free cash flow. As if that were not enough, free cash flow has increased every single year since 2013, and its margin has also gotten progressively better. Adobe’s ability to generate so much cash is in my opinion its greatest strength, and it is what makes me confident despite the fact that the market is not of the same opinion.

    To conclude the aspect related to the profitability results achieved, let’s take a look at the key profitability ratios to understand how efficient Adobe has been in allocating its resources so far.

    Profitability ratios

    Terminal TIKR

    Once again the results were excellent. Not only because all these values are quite high, but because they tend to have an upward trend. A return on capital of 32% is very close to Microsoft’s 34% to give an idea of how profitable this company is. The drop in ROE compared to 2020 is purely technical since the numerator of this ratio is net income: as previously announced high taxation has negatively affected it.

    Flawless balance sheet

    The ability to generate a huge amount of free cash flow has spilled over the years within the balance sheet.

    Balance sheet

    Terminal TIKR

    Adobe has total debt of only $4.64 billion, payable entirely from total cash and short-term investments, so net debt is negative. Despite the buyback plans that began in 2015, total equity has increased year after year due to growing retained earnings. Overall, we are facing an optimal situation where the company has no difficulty in dealing with debt and continuing its buyback plan. In Q3, 5.1 million shares were purchased at a cost of $1.80 billion, but $8.3 billion of the $15 billion authorized through 2024 still remains. After a collapse of such a magnitude in market capitalization, I would not be surprised if Adobe accentuates its share buyback in the coming quarters.

    In light of these economic-financial considerations, I think it is hard not to say that Adobe is a top-tier company. It is important to point this out because I believe that a 60% drop has a different meaning depending on the company that experiences it, which is why I feel confident about a recovery of Adobe. Past performance does not guarantee future performance, but it does help.

    Adobe shows limited growth

    This is the second criticism leveled against the company. We have seen previously how Adobe’s past has been glorious, but according to bearish investors something is changing and we can already see it from the latest quarterly report . Let’s take a look at what it is all about.

    • Operating income Q3 2022 was $1.48 billion, a growth of only 3% compared to $1.44 billion in Q3 2021.
    • Q3 2022 net income was $1.13 billion, a 6.20% decrease from $1.21 in Q3 2022.

    These results are certainly not positive, but before we panic, I think it is important to understand the causes of this stall. There are two main reasons.

    • Adobe is an international company that operates in multiple geographic areas; therefore, it is subject to foreign exchange risk.

    Revenue by geography

    Adobe Q3 FY2022 Earnings Call Script

    With the recent strengthening of the dollar against major world currencies, all U.S. companies selling abroad have been negatively affected, not just Adobe. It is very complex to operate in the current macroeconomic environment, but I think this is a temporary situation. It is hard to imagine a dollar below parity with the euro as being a permanent situation, but I could be wrong.

    • Adobe in Q3 2022 increased both R&D costs and sales and marketing costs. The former increased by $124 million over Q3 2021 and the latter by $198 million. These are variable costs but still negatively affect short-term profitability, which is why profit is down.

    Overall, excluding variable costs, it is true that profit margins have narrowed, but it is mainly due to exogenous factors related to the current economic slowdown. Also, in terms of revenue growth Adobe achieved the best Q3 2022 in its history.

    Compte de résultat

    Adobe Q3 FY2022

    Revenues for Q3 2022 were up 13% over Q3 2021, a growth not at all obvious during a recession. In particular, it was subscriptions that drove the growth, showing how much Adobe’s products are still in demand. All this, considering that the company managed to keep its gross margin stable (87.7%).

    As for the revenue growth of the different market segments, all of them experienced double-digit growth.

    Growth rates

    Adobe Q3 FY2022 Earnings Call Script

    There has not been a single segment that has struggled to grow, and if it were not for the superdollar, we would now be talking about revenue growth of at least 15 % YoY. As for Q4 2022 guidance, however, the results are not that different from Q3.

    Q4 targets

    Adobe Q3 FY2022 Earnings Call Script

    Double-digit growth is expected for each segment, and the superdollar will still negatively impact, especially the Digital Media segment. These growth rates may be lower than those seen in the past, but one must also put into context how many problems have arisen compared to 1 year ago. In 2021, the major central banks were not adopting restrictive monetary policy, Europe did not have gas supply problems, inflation was not as high, and the Dollar Index was not at a 20-year high. In addition, the size of Adobe has increased from years past; therefore, it is not reasonable to expect the same growth rates. Double-digit growth is still a very good result for such an established company in my opinion. Sometimes focusing too much on the short term clouds the long-term view.

    To conclude the topic related to growth, I will now show you the long-term estimates according to analysts from several Web sites.

    Revenue forecast


    Analysts at stockforecast.com estimate that Adobe’s revenues may grow 11.39% CAGR through 2030. However, in this case we are assuming that FY2022 revenues will be $17.85 billion, which is not yet certain. Also, the CAGR through 2026 is 12.24%.

    Revenue forecast

    Terminal TIKR

    Analystes du terminal TIKR instead estimate revenues through 2026 will grow at a CAGR of 12.09%, thus slightly lower. These forecasts may turn out to be wrong, but I personally would be surprised if growth fell below double digits. All in all, I do not see Adobe as having no growth prospects, and the recent acquisition of Figma may revise these estimates upward.

    Figma has been overpaid

    For those presenting a bearish thesis, this is one of the main issues, perhaps the most important. Since the announcement of the acquisition of Figma for $20 billion, Adobe has plummeted by 25% because according to the market it was overpriced. Several criticisms have also been inflicted on Adobe’s business model: if its competitive advantage is so strong why does it need to buy a small company for $20 billion? All these doubts are absolutely legitimate, but I think the market reacted too much on impulse without analyzing with a cool head what is going on. Here are the main reasons behind my reasoning.

    Unwarranted panic

    To explain why I think the market has been too impulsive I think it is enough to look at the collapse of Adobe’s market cap. From the time of the Figma acquisition announcement to the present (I am considering a price of $280 per share), Adobe has lost about $43 billion in market cap. Even assuming that the Figma acquisition was completely worthless (which it wasn’t), I don’t think a further $23 billion market cap collapse is entirely reasonable. Certainly, the current bearish market is not helping, but I think it is just pure bearish speculation at this point.

    Figma acquisition will not dilute shareholders

    Although Adobe does not currently have $20 billion cash the acquisition of Figma will not dilute its shareholders in the medium term. The deal was reached by paying half cash and half in stock. If the cash is not enough, then Adobe will temporarily increase its debt. The reason why there will be no dilution was clarified by CFO Dan Durn :

    While the transaction is pending, at a minimum we expect to maintain share repurchases sufficient to offset the dilution of equity issuances to Adobe employees.

    In addition, if the company were to opt to increase its debt, it would provide to repay it as soon as possible and then resume the share buyback. In any case, this talk is postponed until 2023, as the acquisition will be subject to regulatory approvals in these months.

    Figma is not a small company

    My impression is that the market is underestimating Figma; therefore, I would like to point out some aspects why I believe this company is better than expected.

    • Figma was created in 2012 and already has 850 employees.
    • Its gross profit is 90% (higher than Adobe) and it is a company that already creates money since its operating cash flow is positive.
    • Expected revenues for 2022 are $400 million and it has a net dollar retention rate of 150%. This company is growing fast.
    • Figma currently owns the leadership of the collaborative design and prototyping market: its part de marché is 31.41% while Adobe XD is about 15%. With this acquisition Adobe is securing about 46% of this market.
    • According to Adobe’s statements, Figma is just getting started. The total addressable market is about $16.5 billion by 2025, and if Figma maintains its current market share it could already generate $5.18 billion in revenues in 2025. Considering these forecasts, it is not that much $20 billion.

    Figma’s technologies improve Adobe as a whole

    Adobe not only shelled out $20 billion to benefit from Figma’s revenues but also to improve the products it already offered previously. In the last few days I have heard about “diworsification” but this is not the case at all, as this acquisition not only provides new market opportunities but also makes the content creation product offerings more complete. Adobe is a more efficient company if it leverages Figma’s technologies, and all of this was discussed at length in the earnings call. Here is an excerpt:

    Adobe and Figma now have a new opportunity to make content creation more efficient, collaborative and fun by bringing together Adobe Express, Acrobat and FigJam, an online whiteboarding solution for teams. With the combination of these products, we can offer tremendous value to hundreds of millions of customers.

    As far as I am concerned, the acquisition of Figma for $20 billion is not wrong, since we are talking about a fast-growing company, a leader in a growing market, and which will bring overall improvement to Adobe’s products through its technologies. Nevertheless, I still respect the opinion of those who are against this acquisition and believe that Adobe should have developed these technologies on its own instead of buying them for $20 billion from Figma. On the other hand, I disagree with those who believe that the Figma acquisition is the beginning of the end of Adobe, this seems to me pure speculation now since it is not supported by the numbers. Large acquisitions are often viewed with skepticism since they tend to shake up the company’s balance, both for the bad and the good.

    How much is Adobe worth?

    Each investment is represented by the present value of future cash flows; therefore, I will use a discounted cash flow to calculate the Adobe’s fair value. To make the valuation more objective, I will construct three models each representing a different scenario. Once the fair value of each scenario is calculated, I will extrapolate the final fair value through a probability-weighted average.

    • The first is the best-case scenario, since the free cash flow estimates by stockforecast.com analysts are met.
    • The second is the normal-case scenario, and considers analysts’ estimates written down by 15% for each year.
    • The third is the worst-case scenario, and considers analysts’ estimates written down by 30% for each year.

    The three models differ in free cash flow, but have some similar characteristics:

    • The cost of equity will be 10% and includes a beta of 1.13 , a country market risk premium of 4.20%, a risk-free rate of 3.75% , and additional risks of 1.50%. The latter were included for the purpose of discounting any problems related to Figma’s operations. As Adobe is a company with negative net debt, the WACC corresponds to the cost of equity.
    • The source of outstanding shares and net debt is Terminal TIKR .
    • The perpetual growth rate will be 2.5%.

    Best-case scenario

    Flux de trésorerie actualisés

    Flux de trésorerie actualisés

    In the best-case scenario Adobe is very undervalued as it has a fair value of $428 per share. In probabilistic terms, I consider this scenario the least likely, therefore, I would give it a 20% probability: I want to be conservative. In this scenario we are assuming that Adobe’s growth will not stop even during the recession.

    Normal-case scenario

    Flux de trésorerie actualisés

    Discounted cash flow (-15%)

    This is the scenario I consider most likely as we have a 15% margin of error for analysts: neither too high nor too low. Again, Adobe is undervalued as it has a fair value of $364 per share. In addition to the margin of error on estimates, at the current price we also fit within a 20% margin of safety. This is an optimal situation in my view. I consider this scenario to be 50% likely.

    Worst-case scenario

    Flux de trésorerie actualisés

    Discounted cash flow (-30%)

    In the worst-case scenario Adobe is always undervalued but the current price does not fit within the margin of safety. This is an extreme situation in my opinion since it would mean that analysts’ estimates will be defeated by 30% every single year, including 2022 which is now only 1 quarter left. Since caution is never too much in financial markets, I wanted to consider this 30% likely scenario anyway.

    Making a probability-weighted average across scenarios, Adobe’s fair value is $358, much higher than the current $284 per share. Overall, I may have been even too conservative in these models, yet Adobe remains a buy. To start building a position at this price I consider it a reasonable choice, but that does not take away from the fact that the risk on this investment is high. I conclude this article with a famous quote from Warren Buffett:

    Be fearful when others are greedy and greedy when others are fearful.

    There is no doubt that the market is currently fearful about Adobe, but how many will be truly greedy?

    Pour plus de détails, voir :

    Adobe: Time To Be Greedy
  • NTT Achieves World’s Fastest Zero-bias Operation of a Graphene Photodetector

    NTT Achieves World’s Fastest Zero-bias Operation of a Graphene Photodetector

    New Research Demonstrates the Promise of Graphene as a Broadband High-Speed Photodetector Material

    NTT Corporation (“NTT”) and the National Institute for Materials Science (NIMS) have jointly achieved the world’s fastest zero-bias operation 1 (220 GHz) of a graphene photodetector (PD) 2 . Furthermore, the research conducted by NTT and NIMS clarified the optical-to-electrical (O-E) conversion process in graphene for the first time. Graphene has high sensitivity and high-speed electrical response to a wide range of electromagnetic waves, from terahertz (THz) to ultraviolet (UV). Thus, it is a promising photodetection material for enabling high-speed O-E conversion at wavelength ranges where existing semiconductor devices cannot operate. However, until now, the demonstrated zero-bias operating speed has been limited to 70 GHz due to conventional device structure and measurement equipment. For this reason, the challenge for graphene PDs is to demonstrate 200-GHz operation speeds and clarify graphene’s inherent properties, such the process of optical-to-electrical conversion.

    In this study, NTT and NIMS demonstrated high-speed operation with a 3dB bandwidth of 220 GHz by removing the current delay caused by the device structure by using zinc oxide (ZnO) thin film as the gate material and by using on-chip THz spectroscopy technology to read out the current at high speed. The research also found a trade-off between operating speed and sensitivity by comparing the characteristics of PDs fabricated with graphene of different qualities. The findings will enable graphene PDs to be optimized according to their intended use, such as in optical sensors prioritizing sensitivity or O-E signal converters prioritizing speed. This groundbreaking research was published online in the British scientific journal Nature Photonics on August 25 th , 2022.

    The research group studied O-E conversion in graphene, focusing on the photothermoelectric (PTE) effect 3 , which enables zero-bias operation required to improve power consumption and the signal-to-noise ratio. Furthermore, the research showed that, contrary to conventional understanding, the response time of the current is almost independent of the size of the PD. Moreover, the time from light irradiation to current generation can be varied significantly from less than 100 fs to more than 4 ps, depending on the carrier density.

    These results demonstrate the potential of graphene as a high-speed broadband PD. However, the graphene in this experiment was exfoliated from graphite, making it unsuitable for mass production. In the future, NTT researchers will evaluate PDs using large-area graphene that can be mass-produced. Researchers have actively been creating materials that do not exist in nature by layering graphene and other two-dimensional materials (single or multi-layered atomic layer materials). Researchers will also search for materials that can achieve even faster operation by making the most of this technology. You can read the full details about this innovation ici .

    1 In graphene especially, zero-bias operation is essential to improve power consumption and signal-to-noise ratio.
    2 A device that electrically detects light by converting optical signals into electrical signals.
    3 Changing the temperature by irradiating the material with light to generate voltage.

    About NTT

    NTT is a global technology and business solutions provider helping clients accelerate growth and innovate digital business models. We provide digital business consulting, technology and managed services for cybersecurity, applications, workplace, cloud, data center and networks – all supported by our deep industry expertise and innovation. As a top-five global IT services provider, our diverse teams deliver services in 190+ countries and regions. We serve 85% of the Fortune Global 100 companies and thousands of other clients and communities. With a 120-year heritage of service and social responsibility, we advocate and act for our clients and a sustainable world. For more information on NTT, visit https://www.global.ntt/ .

    NTT and the NTT logo are registered trademarks or trademarks of NIPPON TELEGRAPH AND TELEPHONE CORPORATION and/or its affiliates. All other referenced product names are trademarks of their respective owners. © 2022 NIPPON TELEGRAPH AND TELEPHONE CORPORATION

    Contact presse :
    Stephen Russell
    Wireside Communications ®
    For NTT

  • Electronic Arts Unveils Roadmap for EA SPORTS(TM) FIFA 23 Esports Ecosystem

    Electronic Arts Unveils Roadmap for EA SPORTS™ FIFA 23 Esports Ecosystem

    EA SPORTS FIFA 23 Global Series to Feature New Flagship Tournament Series, EA SPORTS Cup, and More Ways to Compete

    Electronic Arts Inc. (NASDAQ: EA) today announced an enhanced, reimagined EA SPORTS™ FIFA 23 competitive gaming program showcasing the future of football esports.

    Ce communiqué de presse comporte des éléments multimédias. Consultez le communiqué complet ici : https://www.businesswire.com/news/home/20220926005375/en/

    (Graphique : Business Wire)

    (Graphique : Business Wire)

    Headlining the ecosystem enhancement is the first-ever EA SPORTS Cup. Players representing the world’s top esports organizations and professional football clubs will compete in 2v2 competition through three months of fixtures starting October 17. Tune in weekly on the EA SPORTS FIFA Twitch and EA SPORTS FIFA Esports YouTube channels as Manchester City Esports, Paris Saint-Germain Esports, Fnatic, Complexity and many more showcase world-class football skills. The EA SPORTS Cup culminates January 16-21 with the crowning of a champion and determination on which two teams will advance to the FIFAe Club World Cup 2023 presented by EA SPORTS.

    “Backed by the support of world-class esports organizations and football clubs, the first-ever EA SPORTS Cup is an EA SPORTS FIFA 23 Global Series (FGS 23) monumental moment,” said Brent Koning, VP of EA Esports. “The allure of competition combined with dynamic storytelling unfolding on the pitch will create must-watch entertainment and motivate the masses to start their own competitive journeys in EA SPORTS FIFA 23 .”

    The EA SPORTS Cup is only one piece of the FGS 23 puzzle as this season’s competitive landscape provides a robust tournament structure for players residing in 70 nations the opportunity to become their own respective champion.

    Traditional FGS 23 1v1 competition returns as all will compete on the Road to the FIFAe World Cup 2023™ presented by EA SPORTS. Online 1v1 competition starts with the launch of the EA SPORTS FIFA 23 Ultimate Edition ’s September 27 worldwide release. Spanning the next ten months, competitors will participate in a multitude of 1v1 tournaments.

    • The journey begins in FUT Division Rivals on September 27 with top performers advancing to one of nine FGS Regional Online Qualifiers.
    • The FGS 23 Midseason Major welcomes all eligible players to compete in a massive open bracket in-person in London, England on the weekend of April 7th, 2023.
    • Another path to glory includes competing in an official tournament organized by one of the world’s top football leagues and confederations. More than 30 football league partners and confederations will hold tournaments, giving competitors the opportunity to represent their favorite football club. The biggest and best football esports tournaments are returning as part of FGS 23, including the ePremier League, Virtual Bundesliga, eLaLiga Santander, eLigue 1 Uber Eats, eMLS, eSerie A TIM, KPN eDivisie, CONMEBOL eLibertadores, and the eChampions League. The remaining football league partners will be announced very soon.
    • The top 64 FGS 23 performers, qualifying through either FGS Regional Qualifiers or football league partner successes, will clash at the FGS Playoffs on June 23-25.
    • EA SPORTS FIFA 23 esports competition concludes at the FIFAe World Cup 2023™ in late summer 2023. The top 24 FGS Playoffs performers representing FGS 23’s top stars will compete at the FIFAe World Cup 2023™ where only one will be named world champion.

    “The FGS’s collection of the world’s top stars, top esports organizations, top football clubs, leagues and confederations will showcase the next generation of esports on the Road to the FIFAe World Cup 2023,” said Sam Turkbas, EA SPORTS FIFA Esports Commissioner. “Now when you combine the star power with a robust ecosystem giving players around the world the opportunity to become the next big thing, this is confidently the biggest year in franchise history.”

    The FGS 23 online qualifiers and majors are officially presented by PlayStation and will exclusively be played on the PlayStation®5 consoles.

    For more FGS 23 information please visit the site officiel et suivre @EAFIFAesports .

    EA SPORTS FIFA 23 is developed by EA Vancouver and EA Romania and will be available worldwide on PlayStation 5, Xbox Series X|S, PC, Stadia, PS4, and Xbox One on September 30. Early access for the EA SPORTS FIFA 23 Ultimate Edition begins on September 27, 2022.

    À propos d'Electronic Arts

    Electronic Arts (NASDAQ : EA) est un leader mondial du divertissement interactif numérique. La société développe et fournit des jeux, du contenu et des services en ligne pour les consoles connectées à Internet, les appareils mobiles et les ordinateurs personnels.

    In fiscal year 2022, EA posted GAAP net revenue of approximately $7 billion. Headquartered in Redwood City, California, EA is recognized for a portfolio of critically acclaimed, high-quality brands such as EA SPORTS™ FIFA, Battlefield™, Apex Legends™, The Sims™, Madden NFL, Need for Speed™, Titanfall™, Plants vs. Zombies™ and F1®. More information about EA is available at www.ea.com/news .

    EA, EA SPORTS, and the EA SPORTS logo are trademarks of Electronic Arts Inc. FIFA and FIFA’s Official Licensed Product Logo are copyrights and/or trademarks of FIFA. All rights reserved.

    Catégorie : EA Sports

    Travis Varner, Electronic Arts

  • VinFast and Renesas Sign Strategic Partnership to Advance Automobile Technology

    VinFast and Renesas Sign Strategic Partnership to Advance Automobile Technology

    VinFast, Vietnam’s first global EV maker, and Renesas Electronics Corporation (TSE: 6723), a premier supplier of advanced semiconductor solutions, today announced that the two companies are expanding their collaboration agreement to include automotive technology development of electric vehicles (EVs) and delivery of system components. The signing ceremony of the strategic collaboration was held at VinFast’s factory in Haiphong City, Vietnam earlier this month, which was attended by VinFast’s CEO, Le Thi Thu Thuy and Renesas’ CEO, Hidetoshi Shibata.

    Ce communiqué de presse comporte des éléments multimédias. Consultez le communiqué complet ici : https://www.businesswire.com/news/home/20220926005273/en/

    As part of the newly expanded agreement, Renesas will provide a broader range of products to VinFast, which will include SoCs, microcontrollers, analog and power semiconductors. Renesas will also provide technical support to assist VinFast in developing future automotive applications and mobility services.

    By gaining access to Renesas’ leading-edge technologies and expertise in the automotive industry, VinFast will accelerate the development of new EVs and market expansion with the aim to aggressively increase its annual production and sales.

    The two companies will regularly share product development roadmaps, market trends and requirements, project implementation progress as well as new cooperation opportunities.

    “VinFast is on a course of market expansion worldwide and mass production to ensure the highest vehicle performance and timely delivery to customers” said Le Thi Thu Thuy, Vice Chairwoman of Vingroup and Global CEO of VinFast. “This new partnership with Renesas will give VinFast access to both advanced in-vehicle semiconductor technology as well as high-level system expertise, with the aim to accelerate the development of safe and sophisticated EVs for global markets.”

    “We are committed to supporting the local industry in Vietnam through talent development and business expansion. Since founding our design center in Ho Chi Minh City in 2004, we have continued to expand our presence in Vietnam. We also established a second design center in Da Nang this April,” said Hidetoshi Shibata, President and CEO of Renesas . “The collaboration with VinFast reinforces our commitment. We are thrilled to join VinFast’s journey for their global growth beyond Vietnam. By making EVs more widely available, I am convinced we can lead a greener, safer, and more sustainable way of living.”

    VinFast and Renesas have previously collaborated on automotive infotainment systems, and Renesas’ SoCs (System-on-Chips), R-Car, and analog products have already been implemented in VinFast’s new VF8 and VF9 EV models.

    About VinFast

    VinFast – a member of Vingroup – envisioned to drive the movement of global smart electric vehicle revolution. Established in 2017, VinFast owns a state-of-the-art automotive manufacturing complex with globally leading scalability that boasts up to 90% automation in Hai Phong, Vietnam. Strongly committed to the mission for a sustainable future for everyone, VinFast constantly innovates to bring high-quality products, advanced smart services, seamless customer experiences, and pricing strategy for all to inspire global customers to jointly create a future of smart mobility and a sustainable planet. Learn more at: https://vinfastauto.us .

    About Vingroup

    Established in 1993, Vingroup is one of the leading private conglomerates in the region, with a total capitalization of $35 billion USD from three publicly traded companies (as of November 4, 2021). Vingroup currently focuses on three main areas: Technology and Industry, Services and Social Enterprise. Find out more at: https://www.vingroup.net/en .

    About Renesas Electronics Corporation

    Renesas Electronics Corporation ( TSE: 6723 ) empowers a safer, smarter and more sustainable future where technology helps make our lives easier. A leading global provider of microcontrollers, Renesas combines our expertise in embedded processing, analog, power and connectivity to deliver complete semiconductor solutions. These Winning Combinations accelerate time to market for automotive, industrial, infrastructure and IoT applications, enabling billions of connected, intelligent devices that enhance the way people work and live. Learn more at renesas.com . Suivez-nous sur LinkedIn , Facebook , Twitter , YouTube et Instagram .

    All names of products or services mentioned in this press release are trademarks or registered trademarks of their respective owners.

    Tobias Nguyen
    +84 98 994 8655

    Akiko Ishiyama
    + 1-408-887-9006

  • UiPath Announces Go-to-Market Managed Services Partnership with qBotica for Turnkey Enterprise Automation

    UiPath Announces Go-to-Market Managed Services Partnership with qBotica for Turnkey Enterprise Automation

    New offering from qBotica provides packaged business solutions targeting critical business operations such as revenue cycle management, procurement, accounts payable, and quote generation

    UiPath (NYSE: PATH), a leading enterprise automation software company, today announced an enhanced partnership with qBotica, a Phoenix-based Robotic Process Automation (RPA) company and Diamond-level partner of UiPath. This partnership introduces Automation Cube, qBotica’s go-to-market UiPath managed services practice that offers customers advantages such as lower total cost of ownership and turnkey automation tailored to their industry and operations with a goal of simplifying organizations’ implementation strategy.

    The Automation Cube managed services practice from qBotica marks an expansion of its investment in UiPath as the use of automation grows globally and within industries such as banking and finance, healthcare, transportation and manufacturing, and government.

    qBotica and UiPath have been jointly serving customers across industries, helping support automation journeys as more enterprises strategize to become more agile in the face of macro market pressures as well as rapidly advancing digital transformation initiatives. To meet this increasing demand, qBotica has been steadily building its automation technology portfolio, releasing its DoqumentAI platform and acquiring Qruize, an enterprise integration platform. With this strategic partnership with UiPath, qBotica is now able to address customers across every market segment, from the fast-growing mid-sized clients to enterprise clients.

    “qBotica’s packaged business process automation solutions significantly reduce the time required to execute business processes, freeing our employees to focus on serving our customers,” said Thomas Mazzaferro, Chief Data & Innovation Officer for Western Union. “One of the key use cases where Western Union is using qBotica’s Managed Services Platform DoqumentAI is to automate the production of Digital Statements and e-Receipts solutions. It is encouraging to see DoqumentAI integrating with some of the top software platforms in the world, like UiPath and Snowflake, opening up innovative ways to solve business challenges.”

    Speaking on the partnership, qBotica’s Founder & CEO, Mahesh Vinayagam, said: “We are delighted to have this expanded relationship with UiPath. As businesses worldwide rapidly expand and work to accomplish more of what matters to them in a short time, qBotica’s Automation Cube, which combines the DoqumentAI platform with the UiPath Business Automation Platform, offers businesses turnkey and full-service solutions that will increase productivity, cut costs, and improve operational efficiency.”

    “Automation is fundamental to accelerating the growth of businesses today. We look forward to our partnership with qBotica driving success for customers at various stages of their automation journeys,” said Chris Weber, Chief Business Officer at UiPath. “Customers can derive enormous value from UiPath and qBotica in the form of increased productivity, lower costs, and new efficiencies in their operations.”

    qBotica is an Emerald sponsor of the UiPath FORWARD 5 conference, the largest global gathering of automation professionals, taking place at the Venetian Resort in Las Vegas September 27-29, 2022. To register for the conference, please visit: https://www.uipath.com/events/forward/register .

    To learn more about qBotica and its suite of automation products and services, please contact marketing@qbotica.com or visit the website www.qbotica.com to schedule a discovery call. To learn more about UiPath, please visit www.uipath.com .

    About qBotica

    qBotica is a leading provider of Robotic Process Automation (RPA) as a Service and Intelligent Document Processing and Contact Center Automation. The intelligent bots created by the company combined with their human workforce provide end-to-end business solutions to companies globally. qBotica has helped clients across many industry verticals such as Western Union, Intertape Polymer Group, Polaris Transport, North Star Digital, Exponent Health and TPI Composites by automating several of their business processes.

    À propos d'UiPath

    UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Automatisation des processus robotiques (RPA) avec un ensemble complet de fonctionnalités qui permettent à chaque organisation de faire évoluer rapidement les opérations commerciales numériques.

    Toni Iafrate

    Relations avec les investisseurs
    Kelsey Turcotte

  • Pulse Biosciences Announces FDA 510(k) Clearance for the Treatment of Sebaceous Hyperplasia

    Pulse Biosciences Announces FDA 510(k) Clearance for the Treatment of Sebaceous Hyperplasia

    Additional 510(k) clearance recently received for use of larger spot size treatment tips with the CellFX System

    Pulse Biosciences, Inc. (Nasdaq: PLSE), a novel bioelectric medicine company developing the CellFX® System powered by Nano-Pulse Stimulation™ (NPS™) technology, today announced receipt of U.S. Food and Drug Administration (FDA) 510(k) clearance for its CellFX System, expanding the indication for use to include the treatment of sebaceous hyperplasia in patients with Fitzpatrick skin types I-III. This specific indication clearance enhances the CellFX System’s general indication FDA clearance and enables the Company to support clinics in marketing and promoting CellFX treatments specifically for patients with sebaceous hyperplasia. The clearance was based on clinical data from the Company’s IDE approved study for the treatment of sebaceous hyperplasia.

    The Company also recently received FDA 510(k) clearance of two additional treatment tips with larger spot sizes, specifically 7.5mm and 10mm tip sizes, for treating larger benign lesions. These treatment tips broaden the portfolio of previously available 1.5mm, 2.5mm and 5.0mm treatment tip sizes.

    “We are pleased with the continued advancement of the CellFX System and its capabilities to enhance its value proposition for patients, clinicians and any potential commercial partner. These clearances provide further validation of the system’s strong safety and effectiveness profile,” said Kevin Danahy, President and Chief Executive Officer of Pulse Biosciences. “We would like to thank all of the investigators, the staff at their clinics and the patients who participated in these trials, as well as the FDA for their ongoing collaboration as we endeavor to offer the benefits of NPS technology to more patients.”

    À propos de Pulse Biosciences ®

    Pulse Biosciences is a novel bioelectric medicine company committed to health innovation that has the potential to improve the quality of life for patients. The Company’s proprietary Nano-Pulse Stimulation technology delivers nano-second pulses of electrical energy to non-thermally clear cells while sparing adjacent non-cellular tissue. The CellFX® System is the first commercial product to harness the distinctive advantages of NPS technology to treat a variety of conditions for which an optimal solution remains unfulfilled. The Company is actively pursuing application development in cardiology, oncology, gastroenterology, and other medical specialties. Designed as a multi-application platform, the CellFX System offers customer value with a utilization-based revenue model. Visit www.pulsebiosciences.com pour en savoir plus.

    Pulse Biosciences, CellFX, Nano-Pulse Stimulation, NPS, and the stylized logos are among the trademarks and/or registered trademarks of Pulse Biosciences, Inc. in the United States and other countries.

    Déclarations prospectives

    All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to Pulse Biosciences’ expectations concerning customer adoption and future use of the CellFX System to address a range of dermatologic conditions, statements relating to the Company’s future product development in healthcare outside of dermatology and the Company’s other activities to develop and commercialize NPS technology to drive growth, statements about the Company’s ability to pursue and complete strategic transactions and its prospects to partner any of its programs, whether in dermatology or otherwise, statements relating to the effectiveness of the Company’s NPS technology and the CellFX System to improve the quality of life for patients, and Pulse Biosciences’ expectations, whether stated or implied, regarding whether any regulatory clearances will enhance the value proposition of the CellFX System for patients, clinicians or others, and other future events. These statements are not historical facts but rather are based on Pulse Biosciences’ current expectations, estimates, and projections regarding Pulse Biosciences’ business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” and other similar or related expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond Pulse Biosciences’ control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in Pulse Biosciences’ filings with the Securities and Exchange Commission. Pulse Biosciences undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

    Investisseurs :
    Pulse Biosciences
    Kevin Danahy, PDG
    Groupe Gilmartin
    Philip Trip Taylor

  • Zebra Technologies’ MotionWorks Enterprise Integrates with ServiceNow to Improve Workflow Visibility

    Zebra Technologies’ MotionWorks Enterprise Integrates with ServiceNow to Improve Workflow Visibility

    MotionWorks Enterprise data available on the Now Platform ® empowers businesses with actionable insights

    Zebra Technologies Corporation (NASDAQ: ZBRA), an innovator at the front line of business with solutions and partners that deliver a performance edge, today announced that MotionWorks Enterprise data can be integrated with the ServiceNow ® Hardware Asset Management (HAM) solution. The integration will allow a broader range of transportation and logistics providers, manufacturers, retailers and healthcare organizations to track and trace their physical assets and turn that data into actionable business insights.

    By leveraging real-time location capture technologies like RFID et Bluetooth ® Low-Energy (BLE) , the Zebra’s MotionWorks Enterprise platform collects, manages and analyzes data from tagged resources including personnel, equipment and supplies. The integration of the ServiceNow ® HAM solution with MotionWorks Enterprise data will allow organizations to track and manage the lifecycle of their physical assets like vehicles, tools and equipment, and automatically capture their movement, location and state. MotionWorks Enterprise captures asset data as business workflows trigger events which are directly integrated into the ServiceNow ® HAM management console for enhanced visibility of every tagged asset.

    “Organizations leveraging Zebra’s MotionWorks Enterprise data and HAM Integration give a performance edge to their workers by closing the gap between their physical assets and business goals in collaborative workflows,” said Brent Brown, Vice President and General Manager of Advanced Location Technologies, Zebra Technologies. “Location solutions help businesses create smart, data-powered environments that reflect systems of reality better than traditional systems of record — empowering them to maximize the value of their workforce and optimize business processes.”

    Zebra’s MotionWorks Enterprise is designed to help companies create and manage their operational workflows digitally by tracking tagged resources across an entire organization, from a single location to sites across the globe. Businesses can find Zebra’s MotionWorks Enterprise data on the Now Platform ® .

    “The combination of Zebra’s MotionWorks Enterprise solution with our Hardware Asset Management platform will empower users with unique and invaluable business insights to improve operational efficiency,” said German Bertot, Vice President and General Manager, ITAM, ServiceNow. “By intelligently connecting people, assets and data, Zebra and ServiceNow are helping our shared customers make better business-critical decisions.”


    • Zebra’s MotionWorks Enterprise data is available on the Now Platform ® , enabling manufacturers, retailers, transportation and logistics providers and healthcare organizations to track and trace their physical assets and turn that data into actionable business insights.
    • The ServiceNow HAM ® solution will carry the MotionWorks Enterprise data feed in a single integrated management console enabling businesses to automatically capture movement, state and location data of tagged assets and easily track and manage the lifecycle of material assets.
    • MotionWorks automatically collects, manages and analyzes data from tagged resources including personnel, equipment, and supplies by leveraging automated intelligence and real-time location technologies like RFID and BLE to provide the information needed to improve business workflows.


    Zebra (NASDAQ: ZBRA) empowers organizations to thrive in the on-demand economy by making every front-line worker and asset at the edge visible, connected and fully optimized. With an ecosystem of more than 10,000 partners across more than 100 countries, Zebra serves customers of all sizes – including 84% of the Fortune 500 – with an award-winning portfolio of hardware, software, services and solutions that digitize and automate workflows. Supply chains are more dynamic, customers and patients are better served, and workers are more engaged when they utilize Zebra innovations that help them sense, analyze and act in real time. Zebra recently expanded its industrial automation portfolio with its Fetch Robotics acquisition and increased its machine vision and AI software capabilities with the acquisitions of Adaptive Vision, antuit.ai and Matrox Imaging. Zebra is #25 on Newsweek’s inaugural list of America’s Most Loved Workplaces, #42 on Fast Company’s list of the Best Workplaces for Innovators and #79 on Forbes’ list of America’s 500 Best Midsize Employers. Learn more at www.zebra.com or sign up for alertes de nouvelles . Follow Zebra’s Your Edge blog, LinkedIn , Twitter et Facebook , and check out our Story Hub: Zebra Perspectives

    ZEBRA and the stylized Zebra head are trademarks of Zebra Technologies Corp., registered in many jurisdictions worldwide. ServiceNow, the ServiceNow logo, Now, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries. All other trademarks are the property of their respective owners. ©2022 Zebra Technologies Corp. and/or its affiliates.

    Contact presse :
    Denis Klimentov
    Zebra Technologies

    Industry Analyst Contact:
    Kasia Fahmy
    Zebra Technologies

  • Satellogic Announces Exclusive Agreement with GREEN+ Jurisdictional Programme to Monitor all Subnational Protected Areas on the Planet

    Satellogic Announces Exclusive Agreement with GREEN+ Jurisdictional Programme to Monitor all Subnational Protected Areas on the Planet

    Satellogic will collect high-resolution satellite imagery over all the Earth’s forests until 2025. Derived biomass loss information will be shared publicly, and available to the global citizenry through www.programme.green in agreement with CC35 Capital Cities Secretariat and strategic institutional partners

    Satellogic Inc. (NASDAQ: SATL), a leader in sub-meter resolution Earth Observation (“EO”) data collection, today announced a contract to monitor all subnational protected areas on the planet through the new GREEN+ Jurisdictional Programme. The provision of reliable and consistent high-quality satellite data will be governed by the CC35 Capital Cities Secretariat, the Global Footprint Network and The Energy Coalition, among other respected stakeholders committed to conserving the Earth’s “last lungs.”

    This critical information will enable individuals, organizations, and global markets to accurately monitor the compliance of signatory jurisdictions to avoid deforestation. In light of this new program, which aims to monitor all global subnational areas by 2023 and will be presented at COP27, governments such as Nuevo León, a Mexican state, have committed to increase their protected areas to 30% to reach the United Nations’ 30×30 goal by 2030 and support the new Race to Conservation campaign.

    “This important agreement will make critical information on the loss of our planet’s biodiversity more widely accessible, and thus promote the development of solutions to reverse it. We are confident that our Earth Observation capabilities will help this program accelerate analysis and contribute to positive results for a more sustainable future,” stated Emiliano Kargieman, CEO and Co-Founder of Satellogic.

    Sebastian Navarro, Secretary General of CC35 said: “We will be relentless from the governance of the GREEN+ Program with those who want to continue playing with the future of humanity. Thanks to this robust agreement with Satellogic, the global citizenry will have access to real-time information on deforestation, its changes month-by-month, and the sources that are producing them. This will also generate unprecedented credibility among investors of the carbon credits produced by conservation, as it will produce a double circular target; half of the funds from conservation will go directly to decarbonization.”

    Mathis Wackernagel, creator of the ecological footprint and Founder of the Global Footprint Network added: “Clearly, regions and cities which do not prepare themselves for the inevitable future – one where we will live off conservation and regeneration rather than depletion – are destroying their own options to fully operate while also exacerbating overshoot. Without making the necessary adjustments which would allow them to thrive in a world of climate emergency, resource constraints, and massively reduced fossil fuel use, they are not only stealing from humanity’s future but also thwarting their own abilities to operate in that future. Decision-makers who ignore this reality are the enablers of the ecological Ponzi scheme by which future regeneration is stolen through the depletion of today’s natural capital.”

    Craig Perkins, Executive Director of The Energy Coalition added: “There is an urgent need to understand the cycle between conservation and decarbonization if we are to successfully engage local communities in the transition to a new energy economy. The climate crisis is devastating our ecological capital and we must build programs and initiatives that are committed to ensuring it. We can count on Satellogic to enhance our processes for monitoring forests and under the GREEN+ Jurisdictional Programme also advance the future measurement of energy emissions in the most populated areas of the planet with the aim of achieving more robust and transparent processes.”

    From the GREEN Trust, Alejandro Guerrero, CEO of Lockton for Argentina & Uruguay added: “This exclusive collaboration with Satellogic guarantees the Program’s governance to have and communicate a clear view for the markets on Risk & Prevention concerns, creating a historic opportunity to promote conservation incentives through solid financial tools, increasing liquidity opportunities for forest owners, in this case in the hands of the public sector, to accelerate and expand clean infrastructure implementation timelines.”

    Satellogic recently confirmed that SpaceX will continue to be its preferred vendor for rideshare missions, announcing a new Multiple Launch Agreement for 2023 and beyond, reserving launch capacity for its next 68 satellites. The Company is working towards building the capability to capture every square meter of the Earth’s surface daily in high-resolution for better decision-making at every level around the world.

    About GREEN+ Jurisdictional Programme and GREEN Trust

    The program created in 2022 by an alliance of institutions with extensive experience in regions and cities, in biodiversity, energy transition, artificial intelligence, biocapacity, risk, finance, carbon and other sectors, aims to secure all Subnational Protected Areas on the planet and promote through public-private agreements the creation of greater incentives to ensure conservation to accelerate decarbonization on Race to Zero commitments. In this way and with permanent satellite monitoring, a greater social and environmental impact can be achieved and urban pollution can be reduced in the same jurisdiction.

    This initiative will provide the global citizenry with greater democratization and access to open information on protected areas worldwide that have supporting legislation.

    In addition, through the Program’s partnership with different media outlets, regular conservation status updates will be provided in different languages on the loss of biomass of the Earth’s last lungs.

    According to scientific reports, an increase of 30% to 44% of protected forests is needed by 2030 and this will not be possible without new monitoring, penalization and incentive mechanisms.

    To learn more, visit: https://programme.green

    About Satellogic

    Founded in 2010 by Emiliano Kargieman and Gerardo Richarte, Satellogic (NASDAQ: SATL) is the first vertically integrated geospatial company, driving real outcomes with planetary-scale insights. Satellogic is creating and continuously enhancing the first scalable, fully automated EO platform with the ability to remap the entire planet at both high-frequency and high-resolution, providing accessible and affordable solutions for customers.

    Satellogic’s mission is to democratize access to geospatial data through its information platform of high-resolution images and analytics to help solve the world’s most pressing problems including climate change, energy supply, and food security. Using its patented Earth imaging technology, Satellogic unlocks the power of EO to deliver high-quality, planetary insights at the lowest cost in the industry.

    With more than a decade of experience in space, Satellogic has proven technology and a strong track record of delivering satellites to orbit and high-resolution data to customers at the right price point.

    Pour en savoir plus, veuillez consulter le site : http://www.satellogic.com

    Déclarations prospectives

    This press release contains “forward-looking statements” within the meaning of the U.S. federal securities laws. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements are based on Satellogic’s current expectations and beliefs concerning future developments and their potential effects on Satellogic and include statements concerning Satellogic’s strategies, Satellogic’s future opportunities, and the commercial and governmental applications for Satellogic’s technology. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These statements are based on various assumptions, whether or not identified in this press release. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by, an investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Satellogic. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) Satellogic’s ability to scale its constellation and to do so on Satellogic’s projected timeframe, (ii) Satellogic’s ability to continue to meet image quality expectations, to continue to enhance the capability of its network of satellites and to continue to offer superior unit economics, (iii) Satellogic’s ability to become or remain an industry leader, (iv) the number of commercial applications for Satellogic’s products and services, (v) Satellogic’s ability to address all commercial applications for satellite imagery, changes in the competitive and highly regulated industries in which Satellogic operates, variations in operating performance across competitors and changes in laws and regulations affecting Satellogic’s business, (vi) the ability to implement business plans, forecasts and other expectations, and to identify and realize additional opportunities, (vii) the risk of downturns in the commercial launch services, satellite and spacecraft industry, (viii) the risk that Satellogic and its current and future collaborators are unable to successfully develop and commercialize Satellogic’s products or services, or experience significant delays in doing so, (ix) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (x) the risk of product liability or regulatory lawsuits or proceedings relating to Satellogic’s products and services, and (xi) the risk that Satellogic is unable to secure or protect its intellectual property. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Satellogic’s Annual Report on Form 20-F and other documents filed or to be filed by Satellogic from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Satellogic assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Satellogic can give no assurance that it will achieve its expectations.

    Relations avec les investisseurs :

    M Z Group
    Chris Tyson/Larry Holub
    (949) 491-8235

    Relations avec les médias :

    S atellogic

    GREEN+ Jurisdictional Programme

  • HomeJab Real Estate Photographer Survey Shares “Rants and Raves”

    HomeJab Real Estate Photographer Survey Shares “Rants and Raves”
    HomeJab Real Estate Photographer Survey Shares “Rants and Raves”

    Communiqué de presse

    Experts sound off on the good, the bad, and the ugly found during listing shoots

    CHERRY HILL, N.J. , Sept. 26, 2022 /PRNewswire/ - HomeJab , which provides real estate agents on-demand professional real estate photography services in all 50 US states, released its first annual “Rants and Raves” survey of professional real estate photographers.

    HomeJab, which has delivered more than 4,000,000 images to help real estate agents sell and rent more than $35 billion in listings, polled more than 100 professional real estate photographers for its survey.

    “Research shows time after time that professional real estate photography helps sell homes faster and for more money,” said HomeJab founder and CEO Joe Jesuele . “Most of the time (67%), professional real estate photographers work with highly cooperative sellers. But too often, sellers are not as cooperative as they should be and sometimes, surprisingly, they are uncooperative.”

    According to Jesuele, a leading real estate imaging expert, the HomeJab “Rants and Raves” survey uncovered a series of “best practices” for home sellers, shared almost universally by the photo pros.

    Photographer rants

    Among the survey findings are the Top 5 things professional real estate photographers wish all sellers did (that most don’t do) before a shoot:

    1. Declutter – 95%
    2. Remove objects in the way of a photo (toys, bikes, hoses, etc.) – 86%
    3. Clean the house – 75%
    4. Fix light bulbs – 73%
    5. Clean pathways and driveways (remove cars) – 54%

    The survey also discovered “the one thing that sellers forget” that bothers professional real estate photographers: decluttering avant the shoot. A common complaint of the photo pros was that many sellers attempted to declutter during the shoot, going room by room at the last minute.

    “Moving clutter room-to-room like musical chairs disrupts the flow and slows down the process,” said a real estate photographer from Lakeland, Florida , adding significant additional time to a shoot.

    “Many sellers begin prepping after I arrive,” observed a photographer from Chicago . “They should know the home should be ready upon arrival.”

    Seller raves

    The HomeJab survey also asked professional real estate photographers the one thing sellers do that they appreciate most.

    The consensus: having the house ready when they arrive.

    A photo pro from Austin notes that having the house “decluttered – neat and tidy” is a huge help. A veteran photographer from Greenwood Village, Colorado , adds, “A place that’s ready to go when I arrive – that’s awesome.”

    And when asked, “What is the one thing a seller can do to make your job easier?” there was less universal agreement among professional real estate photographers on advice, including whether the seller should stay – or go.

    While real estate photographers need sellers to stay out of the way of their shoot, some say sellers should leave during the shoot. But other photographers want them within earshot to get permission to make minor adjustments to improve a photo.

    The HomeJab survey also found some photographers don’t want to be interrupted with questions, while others enjoy the banter with a seller.

    The best approach, according to HomeJab’s Jesuele, “Sellers should ask what they can do to make the professional’s job easier at the start. The result will be better photos, the professional tells us.”

    Other suggestions that photographers have for sellers to make their job easier:

    -Control your pets
    -Park cars down the street
    -Be ready to provide access when the photographer arrives

    Advice to real estate agents

    Many photographers also said they rely on the real estate agent working with the seller to ensure the home is decluttered and clean when they arrive for the shoot.

    “Good agents will arrive at a property ahead of time and turn on all the lights and clean up anything that shouldn’t be there,” said a Cherry Hill, New Jersey -based photographer, adding, “Bad agents show up late and demand that everything be cleaned to perfection.”

    Photographers surveyed also shared what they wished every agent told their seller, including these top three recommendations:

    1. Photographers cannot retouch photos, remove something (editing instructions are provided by the seller’s agent and HomeJab handles the editing)
    2. How much time the photographer will need.
    3. Photographers can’t send the photos directly to the seller. Instead, the seller will get them from their agent.

    Other things the HomeJab “Rants and Raves” survey found that professional real estate photographers appreciate most:

    • Have all the lights on, fans and TVs off, and blinds or shades open
    • Secure your pets, keep the house clear of other people, and stay out of the way
    • Make sure access for the photographer is easy and available upon arrival

    “Do not underestimate the photographer,” advises one. “We are part of the success of the property’s sale.”

    Pour en savoir plus HomeJab.com .

    Contact presse :
    Kevin Hawkins (206) 866-1220

    Cision Voir le contenu original pour télécharger le multimédia : https://www.prnewswire.com/news-releases/homejab-real-estate-photographer-survey-shares-rants-and-raves-301633002.html

    SOURCE HomeJab

  • EPR Properties: Buy, Hold, Or Sell?

    EPR Properties: Buy, Hold, Or Sell?


    • One of EPR Properties’ biggest tenants is bankrupt.
    • EPR stock is selling off heavily as a result of it.
    • Are we buying more? Or are we throwing the towel?

    Co-produced by R. Paul Drake

    One of our favorite holdings is EPR Properties ( RPE ). In case you are not familiar with the company, we recommend that you start by reading our thèse d'investissement before going into this update.

    EPR is a net lease REIT like Realty Income ( O ), Agree Realty ( ADC ), and National Retail Properties ( NNN ).

    However, instead of investing in traditional net lease properties such as Walgreens ( WBA ) pharmacies or Dollar General ( DG ) convenience stores, EPR invests in experiential properties such as movie theatres, golf complexes, ski areas, and many others. These properties have provided higher total returns over long time periods, but they are also somewhat riskier and they suffered greatly during the pandemic.

    EPR Properties historic track record

    Propriétés d'EPR

    The big news this month is that Cineworld ( CNNWQ ; CNWGQ ), which owns Regal Cinemas, is filing for bankruptcy.

    Regal is a major tenant of EPR. EPR shares have dropped from around $55 to around $38, or about 30%.

    So what should we do about our EPR holdings? Buy? Sell? Hold?

    We asked our analyst R. Paul Drake to take a deep look. Here follows his report.

    The bottom line at the end is that, in the long run, it matters little what Cineworld does. Looking out five years, EPR ends up with the same earnings, or likely more.

    In both cases, the CAGR to fair value in 5 years would be above 15%. And you would get paid good money to wait.

    But in the worst case, the road there could be rough.

    Looks Like Chapter 11 for Cineworld

    There is entertainment value in the announcements by Regal and their owner Cineworld that preceded the news that they are likely to file. They a déclaré that despite a gradual recovery of demand since reopening in April 2021, recent admission levels have been below expectations. These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022.

    What entertains me about this is that Regal management did not project revenues based on a film slate that has been well known for many months. One wonders where they got their expectations.

    In Chapter 11 bankruptcies, the likely course here, the bankrupt firm can reject its leases and force a renegotiation. Regal might be dumb enough to try that. The problem is that in that case the landlord can just take back the properties, and EPR probably would.

    I covered this aspect at some length in a separate article called EPR Properties: Those Darn Tenants Keep Paying Rent . What the pandemic led EPR to discover is that many of their theatre properties are worth far more for other uses than they are as theatres.

    As CEO Greg Silvers put it at the Citi Global Property CEO Conférence :

    “We sold a theater late last year for industrial conversion, and people were asking us. So, how did they convert the building? They used a bulldozer…”

    He also was asked if they would take advantage of the chance to repossess and sell more theatres if they could, and said yes.

    This makes strategic sense; EPR wants to reduce its fractional theatre exposure (now 41% of base rent). It also makes tactical sense; EPR proved able to sell their theatre properties at a 6% cap rate on the Net Operating Income (“NOI”) they were producing for EPR as theatres.

    The properties they acquire come in at cap rates of around 8%. This makes it accretive to shareholder value to sell theatres and buy something else.

    But perhaps Regal pays as little attention to the value of the theatre properties they lease as they apparently do to the current film slate. We view this as unlikely but suppose Regal rejects the lease and EPR takes the theatres back.

    What happens then?

    After reviewing the basic EPR business model and gaining some context from recent history, we can look at a model assuming that EPR repossesses all Regal theatres.

    EPR Properties – A Simple Summary

    It is worth emphasizing that EPR has a stellar balance sheet and a history of managing it well. There is no risk of bankruptcy for EPR. The issues are earnings and dividends in the near term.

    In the REIT business, what drives growth is increasing the number and value of the properties you hold. EPR is targeting annual acquisitions of $600M.

    This reflects a certain group of people doing the work to find, underwrite, and acquire new properties. The number is not easily moved, although the outcome fluctuates from year to year.

    EPR buys at a cap rate (the ratio of Net Operating Income, or NOI, to price) of 8%. Their base model for growing Funds From Operations, or FFO, works like this:

    EPR Properties growth prospects

    R. Paul Drake

    In the absence of complications, here is how this goes for shareholders. In round numbers, to do $600M in net acquisitions, EPR uses $250M of debt, $50M of retained earnings, and $300M of capital from share issuance. They are and always have been on an external growth model.

    The ballpark increase in the share count is between 6% and 8%, depending on stock price. So FFO/share should grow at perhaps 4% from acquisitions.

    With a dividend that has run above 6% routinely, that pushes the anticipated total economic return above 10%. This is what we would anticipate if Cineworld retains their current leases. Ten years ago, the total return was higher because there was also ongoing multiple expansion.

    Unfortunately, EPR has seen abundant complications since 2017. Looking at these below provides the context from which to build a model for the case that Cineworld rejects the lease and EPR repossesses all the theatres they operate.

    Le site oversimplified summary is this: EPR would lose about $21M per quarter in NOI. In 2021, they were able to sell repossessed theatres at below a 6% cap rate on EPR’s NOI. Assuming they can now get 6.5%, selling all these theatres would produce $1,292M. But the loss of that $21M per quarter would take annual NOI down about 15% first.

    Buying new properties at an 8% cap rate would garner an NOI of about $26M per quarter, a 20% increase on the new, lower NOI. But there are two problems with this. It would not quite make up the difference and it would take years to come about.

    How this might play out is discussed in the next few sections. Readers with less interest in details may want to skip ahead to the section entitled “Summary and Valuation”.

    Context from History

    Here is the history of acquisitions and dispositions for EPR, which does little redevelopment and whose development for designated tenants is included in acquisitions:

    EPR Properties acquisitions and dispositions

    R. Paul Drake

    In the years before 2018, EPR was steadily increasing its annual acquisitions, reaching an average level above $150M per quarter in 2017. Unfortunately, their foray into childhood education facilities proved to be a poor decision with impacts in 2018 and 2019. Then in late 2019, a major theatre acquisition pushed their total for that year back up near $600M.

    I did not explore that period just after 2017 in depth. It is clear that they had major issues with some mortgage loans and that this impacted their pace of acquisitions in 2018.

    We can see the results in the history of two parameters. These are Net Operating Income, or NOI, and Simple Funds From Operation, or SFFO. Here SFFO (to common) is total revenues less property operating expenses, General & Administrative costs (“G&A”), other operating expenses, interest expense, and preferred stock dividends.

    EPR Properties growth over time

    R. Paul Drake

    [For REIT geeks: this SFFO comes out pretty close to the NAREIT FFO. EPR also has pretty small recurring capex as is often true of net lease REITs. They also have small straight-line rent. Between these and other factors, the REITbase AFFO comes out pretty close to the SFFO. So we stick with SFFO below.]

    Looking at the graphic, what is important here is not the lumpiness in 2018, which reflects big and temporary changes in mortgage income and other operating expenses. NOI and SFFO both increased to new highs in 2019, compared to 2016.

    It also matters how a REIT finds the money to fund their net acquisitions. The story for EPR is more complicated than many:

    EPR Properties resources for acquisitions

    R. Paul Drake

    The long-term intent of EPR and most REITs is to use stock issuance, retained earnings, and new debt as the main sources of capital. This was the story from 2012 through 2017.

    But in addition, EPR is in the mortgage loan business on top of their property rentals. They loan money to tenants for construction or other reasons.

    The mortgage portfolio had a balance of $970M at the end of 2017. In 2018 EPR collected $350M from the payment of loans on ski areas and $70M from payment of other loans.

    At the end of 2021, the mortgage portfolio was down to $370M (it includes no loans on theatre properties). On net, the reduction of that portfolio provided resources to support acquisitions in 2018 and 2019.

    EPR entered 2020 with about $500M in cash (gold bar). They intended to use this to acquire new properties. But then the pandemic hit.

    EPR increased their debt by more than $650M in 2020, just to have cash in case governments forced their tenants to stay closed for a very long time. (This involved a $1B draw from a credit revolver.) They entered 2021 with about $1B in cash but by the end of the year had paid down all that temporary debt.

    EPR entered 2022 with nearly $300M in cash and should net about $80M in retained earnings. To meet their guided level of acquisitions for the year, which is $600M at the midpoint, they will need another $245M. My guess is that they will get this by raising more debt, which is what the graphic shows.

    The above discussion informs the history of their net acquisitions of real estate, compared to the resources here:

    EPR Properties net acquisitions

    R. Paul Drake

    We can see that resources and expenditures were in close alignment until the gyrations of the pandemic. Going forward, EPR clearly hopes to get back to steady growth like that of the years before 2017 and has guided for $600M in acquisitions this year at the midpoint.

    But then we get the news of the Cineworld bankruptcy, another ultimate consequence of the pandemic. Cineworld’s problem is not the viability of their theaters. Looking at their financials, operating earnings have covered rent by more than 3x.

    Cineworld’s problem is their debt. If they and their creditors have any sense, they will keep the leases as they are.

    If Cineworld is smart, the current shareholders will get wiped out or nearly so. A bunch of creditors will get equity, and the debt load will be much smaller on the other side.

    But perhaps the group involved will pull a Toys-R-Us and commit financial suicide, ultimately liquidating the company. EPR would get all 52 of its Regal theatres back. Which might happen anyway if Regal rejects the lease.

    What then? Let’s look.

    Model Assumptions for Regal-mageddon

    This section discusses details of my quarter-by-quarter model of how this could play out. Here are the assumptions that make sense to me for an (almost) worst-case model of how EPR could work through these theatres.

    Assume that the payments from Cineworld ($23M per quarter) go away starting in Q4.

    Revenues would grow from income from those theatres, as EPR would operate them until they were sold. Assume that the increase in property operating expenses is balanced by those increased revenues. This seems conservative to me.

    Here are a few other assumptions:

    • Existing rents increase 0.5% per quarter
    • G&A remains at the historical 9% of NOI
    • Other opex increases 4% per quarter, far larger than historical
    • The debt increases as needed to support the acquisitions (see below).
    • The average interest rate increases by 0.1% per year. Note that average debt maturities are long.

    Assume EPR would market all the properties, though they probably would place some of them with other operators. However, concluding and closing the sales takes time. Assume that the (roughly 52) properties are sold over the four quarters of 2024, 25% in each quarter.

    At that Citi conference, Silvers noted regarding theatre sales that “On a cash flow basis, we sold for a sub-six relative to the cash flow that we were enjoying.” Assume a 6.5% cap rate, worse than EPR got in 2021. This will provide $323M per quarter during 2024.

    My first model assumed that EPR sustained their rate of $600M per year in acquisitions. They would then use the proceeds from theatre sales to reduce the need to raise cash.

    However, this did not get FFO/share back up near the current value within 5 years. EPR would want to deploy those funds ASAP, but there is a limit to how much they can ramp up acquisitions.

    My second model, with results shown below, assumes that they manage to push acquisitions up to $850M in 2024 through 2026.

    All the assumptions above seem conservative to me, except the target for acquisitions. But to whatever extent they place those theatres with other operators for similar rent the need to push acquisitions up would drop.

    There ought to be a fair bit of that. Remember, covering rent is not the issue for those theatres.

    The Impact on Earnings

    The earnings increase for the case when Regal does not reject the leases was discussed earlier. Now consider earnings for the case with repossession of all the theatres, followed by their sale according to the assumptions just detailed.

    To make the calculation straightforward, I assumed that EPR first paid down debt using the proportion of the proceeds equal to the original debt issuance (40% of the property value as a theatre). Then they take on new debt when buying the new properties. This is an obvious oversimplification but should not make a difference on net.

    This next graphic shows one way to have that play out in the resources for acquisitions.

    EPR Properties acquisitions

    R. Paul Drake

    In the absence of the theatre sales, every year would look like 2023 and 2027. The reduced share issuance occurs when more cash is available.

    However, the benefit is less than one might hope. For a share price of $50 to $70, the difference in total shares issued is only 5 to 7M out of about 100M in 2027.

    Summary and EPR Stock Valuation

    Comparing the two cases, one with steady leases and the other where EPR gets back all the theatres, here is what happens to FFO/share.

    EPR Properties FFO per share impact of regal

    R. Paul Drake

    FFO/share would drop to slightly below the present dividend in 2023 if the theatres were all repossessed and sold as modeled. After that, it would climb more rapidly, reaching nearly the value obtained in the case the leases are steady.

    All but one of the assumptions above are pessimistic. EPR would manage to quickly place some of the theatres with new operators. In other ways, their earnings would be larger too.

    My expectation would be that FFO/share would not drop as much as shown and would recover to higher level than seen here. But the optimistic assumption that is necessary to make that true is for EPR to ramp up their acquisitions to unprecedented levels for a few years.

    The result of this story has two parts. One of them is that EPR could recover from the repossession of all the Regal cinemas, followed by their sale. But this would take several years. They have not yet finished closing the sale of the last of the 8 theatres they got back in 2020.

    As to valuation, at the current $38 price, the current FFO/share multiple is 8.5. That is just too low. It would price no long-term growth rate on this year’s FFO/share.

    But nobody should mistake EPR for a REIT that merits a 20x multiple, either. They cannot grow fast enough.

    Assume growth of earnings per share at a rate near 3.1%, roughly representative of the base case above. Taking the growth to be indefinite, and applying a 10% discount rate, one gets an earnings multiple of 15x.

    Multiplying the guided 2022 FFO/share of $4.47 times 15 gives you a share price of $67, relevant to the steady lease case. This will go up as FFO/share increases going forward, reaching $81 in 2027.

    In the Regal-mageddon case, the FFO/sh in five years comes in $5.07. This would imply a $76 price. The result for both these cases is that the combination of FFO/share growth and a dividend of 8.6% should generate a total return well above 15% over the next five years.

    But things also could go worse. And the price may take a good while to move much. The market hates uncertainty, and uncertainty has definitely gone up with the announcement from Regal.

    À emporter

    My conclusion is that EPR should not accept a punishing lease renegotiation from Regal and Cineworld. If that is what those parties want, just take back the theatres.

    Perhaps more likely, in the event of lease rejection, would be that EPR demands either the same rent or takes the property. This would produce a case intermediate between those discussed above.

    The entire saga of EPR illustrates the downside of investing in properties at high cap rates. They are that expensive for good reasons.

    Things can and sometimes do go wrong. This hurts returns.

    That is why the market prices such REITs at a high dividend yield. At its current rate of $3.30, the EPR dividend still has 36% to go to return to its 2019 level of $4.50.

    Seeing this any time soon looks unlikely to me. On any path, it looks like EPR will take about 5 years to push FFO/share to $5. The dividend for 85% of that would be $4.25.

    My bottom line is that by holding EPR you will do well within 5 years, and perhaps sooner. You also get paid very well to wait.

    What you choose to do with EPR may reflect your own context. One ultimately expects large gains. EPR is a fine holding for our Core portfolio. A Core-Portfolio investor, likely younger, with a time scale large compared to 5 years, could quite sensibly keep accumulating (and especially if the price keeps dropping). Paul, as a retired investor, prefers positions that seem more likely to produce gains sooner. But selling at a loss would not make sense. There are no grounds for desperation.

    Pour plus de détails, voir :

    EPR Properties: Buy, Hold, Or Sell?
  • Let’s Go Shake The Magic 8 Ball

    Let’s Go Shake The Magic 8 Ball


    • Is the Magic 8 Ball making a comeback?
    • Will the stock market go up or down tomorrow?
    • Should you put all your money into a CD?
    • Or should you buy these 3 blue chip REITs?

    As I said in a previous article a few weeks ago, I’ve been trying to understand the younger generations. Millennials , yes, but Gen Z especially.

    Based on their age alone, they can make the most out of the stock market. And I want to help them do it.

    That’s why I was browsing through Spaces the other day – Twitter ’s ( TWTR ) new feature that allows groups to have audio conversations. There have been some great discussions there that I’ve seen (or heard).

    Maybe I’ll share about them some time. But for now, it was one parting line that really captured my interest: “ Let’s go shake the 8 ball .”

    First, I’ll admit it made me laugh to myself. And then it made me wonder: Is the Magic 8 Ball making a comeback?

    As far as I remember, the toy was popular in the 1960s but didn’t have its real heyday until the 1980s – right along with turtlenecks, Kool-Aid, and mixtapes.

    Regardless, I do understand the sentiment. There’s something to be said about holding the answers in your hand.

    Will the stock market go up or down tomorrow?

    Should you put all your money into a CD?

    Are tech companies going to hit their bottom next week, only to bounce “big time” from there?

    Wouldn’t we all like to know. Of course, we all know on some level – whether we’re Gen Z or Gen X like I am – that it isn’t that simple.

    If only it could be.

    You Deserve Better Than a 50-50 Shot at a Positive Answer

    Here’s something I’m not sure I knew about the Magic 8 Ball (or at least I can’t remember if I knew)…

    It holds 20 different possible answers. According to Wikipedia, 10 of them are positive, five are negative, and the rest are inconclusive. They read as follows:

    • It is certain.
    • It is decidedly so.
    • Without a doubt.
    • Yes, definitely.
    • You may rely on it.
    • As I see it, yes.
    • Most likely.
    • Outlook good.
    • Oui.
    • Signs point to yes.
    • Reply hazy, try again.
    • Ask again later.
    • Better not tell you now.
    • Cannot predict now.
    • Concentrate and ask again.
    • Don’t count on it.
    • My reply is no.
    • My sources say no.
    • Outlook no so good.
    • Very doubtful.

    I would argue that some of those positive ones (the first 10) are pretty inconclusive. I mean, “Signs point to yes?” I’m not sure if I would stake any bets on that.

    But that’s just me personally. Maybe you’re different. Maybe you don’t mind making decisions based on “probably.”

    Now, I’ll be the first to admit – as I always do – that there is no such thing as a definitive yes when it comes to any one individual stock. In fact, I’m not even going to promise you that putting your faith, trust, and money into a well-diversified collection of safe and sound dividend stocks is a guaranteed way to be rich and ready for retirement.

    Magic 8 Balls are for fun. And the kind of crystal balls portrayed in movies and media don’t exist.

    But there are better answers we can get than “Signs point to yes” or even “As I see it, yes.” There are stocks out there that don’t have to rely on opinions at all – whether mine or anyone else’s.

    I’ll Take a Blue-Chip REIT Over a Magic 8 Ball Any Day

    These stocks have already proven themselves over and over and over again until you really can practically rely on them.

    By that, of course, I’m talking about blue-chips.

    Blue-chip real estate investment trusts, or REITs, specifically. As I explained in The Intelligent REIT Investor, “… those who are less adventurous with their money can consider turning to the stalwarts of REITdom.”

    The stability they offer is a beautiful thing considering the turn the markets have taken, where – all of a sudden – as one Yahoo Finance headline stated: “ Wall Street is finally getting the Fed’s message on interest rates …”

    In other words, they’re going down, no longer buoyed by the idea that the Fed will return to easy-cash policies anytime soon. That has a lot of investors nervous, but not me. I know that:

    “Just like every other investment, blue-chips are subject to sector-specific ups and downs here and there. However, they deliver consistently rising growth in FFO [funds from operations], dividends, and asset value over reasonably long periods of time .

    Because they’re financially strong and widely respected, they also tend to have access to additional equity and debt capital that can fuel above-average growth. They rarely provide the highest dividend yields or even necessarily the best total returns. And they’re not usually the type to trade at bargain prices. However, they are the type that provide years of 7%-8% total returns, on average, with only modest risk. “

    As such, they offer much better odds than any Magic 8 Ball can. In fact, they offer much better odds than most any other investment you might make.

    Even in a market like this.

    Alexandria Real Estate ( SONT ): Outlook good

    ARE is a Life Science REIT that owns around 426 properties with GLA of 47.4M square feet, and the occupancy of this space at the latest quarter was 94.7%.

    The company has some extremely strong companies that aren’t going anywhere occupying the top of its ABR list. These include Bristol Myers Squibb ( BMY ), Moderna ( MRNA ), Eli Lilly ( LLY ), Sanofi ( SNY ), and Takeda Pharma ( TAK ).

    ARE began by focusing only on life science and tech, and then further by leasing significant amounts to only the best in the business, and then even more by diversifying to where its top tenant, BMY, is less than 3.6% of the REITs total ABR.

    ARE has been able to generate double digit same store rent growth in each of its last 10 quarters.

    This is an amazing feat and these rising rents, combined with ARE’s ~95% occupancy ratio, has allowed the company to generate strong fundamental growth in quarters.

    ARE’s AFFO is expected to rise by roughly 20% during fiscal 2022 and this, combined with the company’s recent sell-off (ARE shares are down by 35.1% on a year-to-date basis) is resulting in the cheapest forward P/AFFO ratio that we’ve seen attached to ARE in many years.

    ARE’s 5-, 10-, and 20-year average P/AFFO ratios are 28.9, 23.5x, and 21.5x, respectively.

    Looking at the stock’s current share of $142.07 and our current estimate for 2022 AFFO of approximately $6.80/share, we see a forward P/AFFO ratio of 20.9%.

    This represents a 27.7% discount to the stock’s 5-year average.

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    What’s more, the ~20% AFFO growth that we expect to see this year, as well as the ~10% AFFO growth that we expect to follow in 2023 and 2024, are all above ARE’s long-term average growth rates.

    Therefore, it’s reasonable to conclude that ARE should be trading at a premium to its historical averages today , not a discount.

    Relative to today’s prices, that represents an upside potential of approximately 19%.

    When you factor in mean reversion to that 25x level, AFFO growth, and the stock’s steadily growing dividend into future growth expectations, we’re looking at a 20%+ total return CAGR opportunity over the next couple of years.

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    Prologis, Inc. ( PLD ): You may rely on it

    PLD is an industrial REIT that was founded in 1983 and owns over 1 billion square feet of space on four continents (19 countries). On July 13 th , the company announced it was merging with Duke Realty ( DRE ) in a deal in a $26 billion all-stock transaction.

    PLD noted it plans to hold about 94% of Duke’s assets and will divest assets in one key market. The deal adds 1,228 acres to PLD’s land bank and 165 million square feet of industrial assets. Duke’s buildings have a 98.4% occupancy ratio, so the move will provide reliable cash flows from the start.

    The merger also provides PLD with nice exposure to markets in the Southeast, the New Jersey coast and Southern California.

    The company also has a significant “wide moat” cost of capital advantage, which is reflected in iREIT’s perfect “100” quality score and A-ratings from two agencies (Moody’s and S&P).

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    PLD’s balance sheet remains strong with 4.9x Debt/Adj. EBITDA excluding development gains (+20bps q/q). During Q2-22, PLD and its JVs issued $5.1B of debt at a weighted average interest rate of 1.4% ($4.0B refinancing/$1.1B new issuances) and the company has $5.2B in cash and availability.

    Shares are now trading at $108.60 with a P/AFFO multiple of 26.3x (in-line with normal) and a dividend yield of 2.9% (71% payout ratio based on AFFO). Analysts are forecasting average growth (based on AFFO per share) of ~12%in 2023, which translates into our total return estimate of 20% per year.

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    Realty Income ( O ): Without a doubt

    O is a net lease REIT that owns 11,427 commercial real estate properties in 50 states and Europe. The company has been known for owning top notch real estate in the U.S. and in recent years the company has taken advantage of this expertise, combined with low rates across the Atlantic, to build out a European portfolio as well.

    At the end of the second quarter, O owned more than $5 billion worth of European real estate investments, increasing its overall diversification.

    Overall, 43% of Realty Income’s tenants carry investment grade credit ratings, providing peace of mind during markets like this when more and more investors are talking about an impending recession.

    O also maintains a fortress balance sheet (A3 with Moody’s and A- with S&P) – one of only seven S&P 500 REITs with A3/A- ratings or better. This means that the company has significant liquidity ($3.25 billion) and low borrowing costs that support enhanced financial flexibility.

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    With all of that in mind, you’d think that the market would be willing to pay a premium for O shares; but, as you can see below, O is currently trading at a discount to its long-term average P/AFFO multiple.

    Realty Income shares are down by ~12% during the last month and this sell-off has pushed the blended P/AFFO ratio attached to shares down to 16.2x, compared with the normal P/AFFO multiple of 18x.

    The dividend yield is 4.8% and well-covered. We maintain a BUY with a 12-month Total Return forecast of 17%.

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    In Closing…

    I hope you enjoyed my “shake the 8 ball” article and always remember that with dividend paying stocks, especially REITs, there’s no need to “shake the ball” and guess, because when you own shares in these highly predictable stocks…

    “Signs point to yes”.

    As always, thank you for reading and commenting!

    I can assure you, once you begin investing in dividend growth stocks, you will never want to shake the 8 ball again.



    Pour plus de détails, voir :

    Let’s Go Shake The Magic 8 Ball


    FREEHOLD, NJ, Sept. 26, 2022 (GLOBE NEWSWIRE) — UMH Properties, Inc. (NYSE: UMH) today announced that it recently completed the addition of deux tranches to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $34 million. One tranche consists of four communities (the “Community Tranche”) and the other tranche consists of approximately 250 homes located in those communities (the “Home Tranche). Both tranches have a loan term of 10 years with the Community Tranche amortizing over 30 years and the Home Tranche amortizing over 17 years. Interest is at a fixed rate of 5.24%. The proceeds will be used to invest in additional acquisitions, expansions, rental homes and other general corporate purposes, further enhancing our ability to increase shareholder value and provide quality affordable housing in the markets that we serve.

    Samuel A. Landy, President and Chief Executive Officer commented, “We sont proud to announce our community and rental home additions to our Fannie Mae credit facility. We are grateful for our relationship with Wells Fargo and Fannie Mae and look forward to continue working together to provide affordable housing to the Nation.”

    UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 132 manufactured home communities with approximately 25,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, and South Carolina. UMH also has an ownership interest in and operates one community in Florida, containing 219 sites, through its joint venture with Nuveen Real Estate.

    # # # #

    Contact: Nelli Madden

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  • Industrial Logistics Properties Trust Appoints Brian E. Donley as Chief Financial Officer and Treasurer

    Industrial Logistics Properties Trust Appoints Brian E. Donley as Chief Financial Officer and Treasurer

    Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that Brian E. Donley has been appointed as Chief Financial Officer and Treasurer, effective October 1, 2022.

    Mr. Donley has more than 25 years of commercial real estate experience, including expertise in corporate finance and reporting, mergers and acquisitions, capital market transactions and compliance. He has served in various finance and accounting leadership roles at The RMR Group (Nasdaq: RMR) since 1997 and has been promoted to a Senior Vice President of RMR, effective October 1, 2022. Mr. Donley also serves as Chief Financial Officer and Treasurer of Service Properties Trust (Nasdaq: SVC) and is a certified public accountant.

    Mr. Donley succeeds Richard W. Siedel, Jr. as Chief Financial Officer and Treasurer of ILPT. Mr. Siedel continues to serve as Chief Financial Officer and Treasurer of Diversified Healthcare Trust (Nasdaq: DHC) and a Senior Vice President of RMR.

    Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties that serve the growing needs of e-commerce. As of June 30, 2022, ILPT’s portfolio consisted of 412 properties containing approximately 59.7 million rentable square feet located in 39 states. More than 78.0% of ILPT’s annual rental revenues are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR) , a leading U.S. alternative asset management company with more than $37 billion in assets under management as of June 30, 2022 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com .

    A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
    No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

    Kevin Barry, Director, Investor Relations
    (617) 658-0776

  • VirTra Announces 2022 Virtual Annual Meeting of Shareholders on Tuesday, November 8, 2022

    VirTra Announces 2022 Virtual Annual Meeting of Shareholders on Tuesday, November 8, 2022

    CHANDLER, Ariz., Sept. 26, 2022 (GLOBE NEWSWIRE) — VirTra, Inc . (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators and firearms training simulators for the law enforcement and military markets, will hold its 2022 Annual Meeting of Shareholders virtually on Tuesday, November 8, 2022 at 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time) and will be accessible via a live webcast ici .

    Shareholders of record at the close of business on September 23, 2022 will be entitled to vote. Proxy materials and voting instructions can be found on the investor relations section of the company’s website and ici .

    About VirTra
    VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and firearms training simulators for the law enforcement, military, educational and commercial markets. The company’s patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra’s mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com .

    Déclarations prospectives
    The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

    Contact pour les relations avec les investisseurs :
    Matt Glover or Jeff Grampp, CFA

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  • Lilium N.V. publishes convocation and agenda for its upcoming General Meeting of shareholders

    Lilium N.V. publishes convocation and agenda for its upcoming General Meeting of shareholders

    MUNICH, Germany, Sept. 26, 2022 (GLOBE NEWSWIRE) — Lilium N.V. (“Lilium”) (NASDAQ: LILM), today published the convocation notice and agenda for its General Meeting of shareholders (the “General Meeting”), which will be held on Thursday, October 27, 2022 à l'adresse 4:00 p.m. CEST (10:00 a.m. EDT) at the offices of Freshfields Bruckhaus Deringer LLP, Strawinskylaan 10, 1077 XZ Amsterdam, the Netherlands.

    The convocation notice for the General Meeting, the agenda with explanatory notes as well as all ancillary documents relevant for the meeting are available on the Investor’s page of the Company’s website ( https://ir.lilium.com ). Such documents provide further details regarding the General Meeting, including information regarding the record date, voting by proxy, and the live audio webcast of the General Meeting.

    À propos du lilium
    Lilium (NASDAQ: LILM) is creating a sustainable and accessible mode of high-speed, regional transportation for people and goods. Using the Lilium Jet, an all-electric vertical take-off and landing jet, offering leading capacity, low noise and high performance with zero operating emissions, Lilium is accelerating the decarbonization of air travel. Working with aerospace, technology and infrastructure leaders, and with planned launch networks announced in Germany, the United States and Brazil, Lilium’s 800+ strong team includes approximately 450 aerospace engineers and a leadership team responsible for delivering some of the most successful aircraft in aviation history. Founded in 2015, Lilium’s headquarters and manufacturing facilities are in Munich, Germany, with teams based across Europe and the U.S. To learn more, visit www.lilium.com .

    Informations de contact pour les investisseurs
    Folke Rauscher, Lilium
    +49 151 41 45 23 86

    Contact Information for Media

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  • Andrew Bednar is the new CEO of Perella Weinberg Partners

    Andrew Bednar is the new CEO of Perella Weinberg Partners
    • Perella Weinberg Partners ( NASDAQ : PWP ) Co-President Andrew Bednar has been nommé as CEO, succeeding Peter Weinberg effective January 1, 2023
    • Peter Weinberg had informed the Board of his intention to step down from his role as CEO, he will continue to serve as the Chairman of the Board of Directors and Chairman of the working partner committee that controls the Company’s high-vote stock.
    • Andrew Bednar joined the firm at its inception in 2006, has served as Co-President with Dietrich Becker since March 2020 and as a member of the Board of Directors since June 2021.
    • The company also announced Dietrich Becker, a founding partner based in London will become President and continue as a member of the Board of Directors.

    Pour plus de détails, voir :

    Andrew Bednar is the new CEO of Perella Weinberg Partners
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