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Sponsored by CapitalIQ

Breakthroughs in Equity Research

8:15     Registration - Breakfast
8:45       Welcome Address

9:00     Yves Trudel
Overview and Recent Evolution in Equity Research
This presentation provides an overview of recent breakthroughs in equity research. It also depicts the evolution within the past years of the CFA curriculum dedicated to equity investments.

9:45      Replaced by Capital IQ presentation

10:30    Break

11:00   Rafael Resendes
Corporate Performance, Valuation, and Market Performance
This presentation explains how the market rewards and punishes firms on the basis of
  -  Economic performance
  -  Management quality
  -  Deviations from intrinsic value
It will provide an overview of how GAAP distorts the measurement of a firm’s true economic performance and the underlying strengths and weaknesses of alternatives, such as EVA and CFROI.

12:00    Lunch
12:45   Tullio Cedraschi
The Crisis:  Where were the Financial Analysts? 

2:00    Tim Gaumer
Applying Earnings Quality Analysis to Your Process
StarMine’s research in the area of earnings quality indicates that there are multiple sources of corporate earnings, all with varying levels of sustainability. This presentation provides an indepth look at what these sources are and how they determine the degree to which reported earnings are both reliable and likely to persist. Mr. Gaumer will explore several recent case studies where impending earnings disappointments were precluded by clear signals that earnings quality was deteriorating. This vibrant discussion is geared toward defining how earnings quality analysis can be used to enhance portfolio returns.

2:45   Raul Guerrero
Real Options in Context
Real option is a method for valuing the ability of corporate managers to change direction as new strategic conditions are revealed.    This presentation explains why the real options approach belongs in the analyst’s toolkit as an important extension of discounted cash flow.  The discussion will first place real options in context relative to other tools analysts use.  It will then discuss the four building blocks for beginning to work with real options. 

3:30   Break

4:00   Roger Giraldeau
Valuation Method at BDC Subordinate Financing Group