November 2021 - Page 9 of 28

November 22, 2021

Omarova lays out ‘scary scenario’ in crypto, gets pushback from senators in hearing

Saule Omarova, President Joe Biden’s , sketched out the possibility of “scary” scenarios emerging in cryptocurrency, but faced a mix of skepticism and agreement from senators on her views.

During her appearance before the Senate Banking Committee on Thursday, Omarova — who is being vetted to be the next Comptroller of the Currency, which regulates the majority of the nation’s banks — voiced concerns that large tech companies could control the payment infrastructure in the U.S. if private digital currencies are allowed to thrive, potentially displacing the value of the U.S dollar.

“I’m struggling with your view about digital assets,” Senator Cynthia Lummis (R-WY) told Omarova at the hearing.

When asked by the senator whether she only believes in fiat currency, Omarova replied, “No … My concern is … we may end up in a situation where a large company like a big tech company might control all of the infrastructure through which the money that every American and every American business uses in their daily moves.”

Omarova agreed with Rhode Island Democrat Jack Reid, who posed a scenario in which Facebook designs a digital currency that overtakes the U.S. dollar making the dollar something that can’t be used to regulate our economy.

“National banks would not need a charter, they would just need to get a franchise from Facebook, is that right?” Reid asked.

“That’s correct,” the nominee replied. “This is the scary scenario everyone should take seriously these days.”

Omarova said she worried that embracing private cryptocurrencies could make it harder for the U.S. dollar to remain dominant — a concern .

“My concern is that in the system where a lot of private actors like Facebook can issue their own version of currency, that can potentially outpace and even displace the U.S. dollar,” Omarova told senators.

That could have “implications far beyond what we typically consider in the banking sphere, but might also undermine our sovereignty and the value of the dollar,” she added.

Keep the dollar dominant

WASHINGTON, DC - NOVEMBER 18: Chairman Sen. Sherrod Brown (D-OH) listens during Dr. Saule Omarova's nomination hearing to be the Comptroller of the Currency with the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill on November 18, 2021 in Washington, DC. Senators questioned Omarova about her views and past comments on bank oversight. (Photo by Anna Moneymaker/Getty Images) — WASHINGTON, DC – NOVEMBER 18: Chairman Sen. Sherrod Brown (D-OH) listens during Dr. Saule Omarova’s nomination hearing to be the Comptroller of the Currency with the Senate Banking, Housing and Urban Affairs Committee on Capitol Hill on November 18, 2021 in Washington, DC. Senators questioned Omarova about her views and past comments on bank oversight. (Photo by Anna Moneymaker/Getty Images)

Omarova stated the new technologies offer a lot of potential benefits for better efficiency of payment and transactions as well as financial inclusion. Still, “it does raise a lot of issues with regard to the ability of our nation to maintain the dominant status of the U.S. dollar in the global economy.”

She argued the reason the dollar has retained its dominant status is because the Federal Reserve has been able to maintain the value of the dollar and maintain the money supply in the economy.

When asked by Lummis whether she thought Bitcoin () threatens national security, Omarova said she’s not an expert in bitcoin, but worried that if all U.S. financial transactions were part of a blockchain system. Various actors might be acting in the interest of the U.S. could take control of the system, she suggested.

Omarova added that she worried private companies are pursuing profits, which may cut into the public interest by not allowing equal access to money for everyone.

“I do believe we have government issued money now in this country and it’s working great and I worry about allowing private innovation to undermine a lot of important public policies we need to pursue,” said Omarova.

While she worries about private currencies, Omarova says she favors a over privately issued stablecoins because it’s issued by the government and will ensure access for everyone.

“The one potential advantage of CBDC over privately issued stablecoins is that it will be issued subject to statutory mandate legal decisions made by democratically elected lawmakers,” Omarova told the committee.

“So that will allow the central bank under the oversight of congress to ensure everyone has fair access to new forms of money,” she added.

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November 22, 2021

Toyota Motor Credit Corporation to Provide Consumer Financing Solutions for Great American Outdoors Group, Parent Company of Bass Pro Shops, Cabela’s and White River Marine Group

PLANO, Texas, Nov. 21, 2021 /PRNewswire/ — Today, Toyota Motor Credit Corporation (TMCC) announced the entry into a letter of intent with Great American Outdoors LLC, the parent company of Bass Pro Shops, Cabela’s and the White River Marine Group—makers of such legendary boat brands as Tracker, Ranger, Mako, Hatteras and others. This agreement will expand Toyota’s relationship with Bass Pro Shops and Cabela’s to include offering financial services for the company’s boats, all-terrain vehicle products and other mobility products. Starting in May 2022, Bass Pro Shops Financial Services expects to provide inventory financing for Bass Pro Shops and Cabela’s, its affiliates and authorized independent dealers. Over time, the services are expected to expand to include consumer financing and voluntary protection products and services.

Toyota Motor Credit Corporation Logo

“With this agreement, our commitment to improving the customer experience now extends to every aspect of boat and vehicle ownership,” says Johnny Morris, founder and leader of the Great American Outdoors Group. “Our new agreement with Toyota gives our customers and industry leading independent dealer network access to the world’s best financing options, backed by decades of integrity and service. What excites us the most, however, is further aligning with Toyota, a truly world class company with truly world class, genuine people.”

“We couldn’t be happier to grow our business with Bass Pro Shops and Cabela’s, recognized as North America’s premier outdoor and conservation company,” said Mark Templin, president of TMCC. “We’ve developed a comprehensive suite of proprietary financial services products, exceptional customer service capabilities and best-in-class solutions that are attractive to brands who recognize the need to harness technology and a customer-first mindset in support of growing their brand loyalty, retention and profitability.”

A Longstanding Partnership

In 2020, Toyota and Bass Pro Shops and Cabela’s announced the renewal of their longstanding partnership for an additional five years, which will lead the brands into 20 years of collaboration together. Toyota is the Official Vehicle and Mobility Category Partner of Bass Pro Shops and Cabela’s, and is proud to partner with a brand that aligns with Toyota’s brand ethos, “Let’s Go Places.” In similar style, at Bass Pro Shops and Cabela’s, “Your Adventure Starts Here” helps customers connect with the outdoors through the gear, apparel and expertise they need. Visit the Toyota Newsroom for more information on the Toyota-Bass Pro Shops and Cabela’s history including the new private label relationship.

About Toyota Motor Credit Corporation
Toyota Motor Credit Corporation (TMCC) operates in the United States to offer retail auto financing and leasing to customers through auto dealerships. TMCC has a range of products to meet dealers’ financing needs and also offers extended service contracts and other vehicle and payment protection products through Toyota Motor Insurance Services (TMIS) and its subsidiaries. TMCC offers its finance and protection products to Toyota customers and dealers using the Toyota Financial Services brand name. Lexus Financial Services is the brand for finance and protection products for Lexus dealers and customers. TMCC also offers private label financial services to other mobility product providers, including under the Mazda Financial Services brand. As of March 31, 2021, TMCC employed approximately 3,600 team members nationwide, and has assets totaling nearly $133 billion. It is part of a worldwide network of comprehensive financial services offered by Toyota Financial Services Corporation, a wholly-owned subsidiary of Toyota Motor Corporation.

We announce material financial information using the investor relations section of our website (www.toyotafinancial.com) and SEC filings. We use these channels, press releases, and social media to communicate about our company, our services and other issues. While not all information we post on social media is of a material nature, some information could be material. Therefore, we encourage those interested in our company to review our messages on Twitter at www.twitter.com/toyotafinancial and posts on Facebook at www.facebook.com/toyotafinancial/.

Media Contacts:

Aurelia Vasquez
469-292-3153
aurelia.vasquez@toyota.com

Vince Bray
469-486-9065
vincent.bray@toyota.com

Cision

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SOURCE Toyota Motor Credit Corporation

November 21, 2021

Brussels plans central databases to boost capital markets

Brussels is planning to create US-style central databases that hold information on publicly listed companies and trading activity as part of a push to boost integration of its capital markets.

According to draft documents seen by the Financial Times, the measures will include changes to make it easier for investors to access information on companies operating in the EU and for EU banks and fund managers to find prices of stocks and bonds throughout the single market.

The proposals, set to be formally announced next week, are intended to make the EU more attractive to international investors following the UK’s departure from the single market.

“The EU’s global competitiveness is weakened by the fragmentation of its capital markets,” the draft documents say. Reforms to build a capital markets union “will in turn help companies tap into larger pools of capital held by institutional and retail investors across the EU”, they add.

The EU corporate reporting system, known as the European single access point, would consist of common, free public information about companies and products. At present, most information is scattered across multiple jurisdictions.

The project, aiming to go live in 2024, is likely to be paid for from the EU budget and overseen by Esma, the securities regulator, the documents say.

Authorities want to reproduce some of the benefits of services widely used in the US, the world’s biggest capital market, in many of its reforms. They include the Securities and Exchange Commission’s Edgar system for reporting corporate information and marketwide tapes that record trading information on stock and bond markets.

The European Commission envisages tapes that bundle together information collected from Europe’s patchwork of more than 470 exchanges and trading venues. Europe has long sought a “consolidated tape” but private efforts to build one have failed due to competing commercial interests, as well as slow and patchy data feeds.

“The total cost [to investors] of not having an accurate view of the equities markets can be as high as €10.6bn annually,” the document says.

Regulators have acknowledged that the last attempt to create a consolidated tape, in the 2018 Mifid legislation, failed. Brussels is planning to mandate that data providers supply standardised information to the tapes. Contributors would get “fair remuneration” and a minimum revenue in return, it said.

“Policymaking has typically focused on the needs of the intermediaries and we welcome the increased focus that policymakers now also have on end investors,” said Stephen Fisher, managing director of the global public policy group at BlackRock, at a conference in London on Thursday.

The proposed changes to market infrastructure addressed what he saw as Europe’s main weakness — trading that was fragmented along national lines and that “has held back capital raising and investor participation in capital markets”.

The proposals also include a formal ban on payment for order flow, a controversial practice in which retail brokers hand their orders to market makers in return for a fee. This is widely used in the US and Germany, but effectively banned in most EU countries.

Markus Ferber, a German MEP, welcomed the commission’s decision to address the issue but questioned whether an “outright ban” was the right approach.

The commission also wants to change the caps on the amount of business that can be executed in dark pools — off-exchange venues that fund managers to buy and sell large blocks of shares without disturbing the price on the market.

In addition, there are plans to tighten the rules on “systematic internalisers” — more lightly regulated invitation-only markets run largely by banks and high-frequency traders.

Other proposals include scrapping rules that require clearing houses to clear derivatives on rival exchanges, to build clearing capacity in the bloc after Brexit. Most of the euro clearing business is based in London.

Next year the commission will propose changes to the corporate insolvency framework and make it easier for companies to raise funds on exchanges, according to the draft documents.

Additional reporting by Chris Flood

November 21, 2021

Disney World pauses COVID-19 vaccine mandate

City Journal contributing editor Christopher Rufo stands by his reporting on Disney’s ‘reimagine tomorrow’ program, arguing the company ‘vindicated’ his reporting.

Walt Disney World confirmed to FOX Business Saturday that it has paused its COVID-19 vaccine mandate.

“We believe that our approach to mandatory vaccines has been the right one as we’ve continued to focus on the safety and well-being of our cast members and guests, and at this point, more than 90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of active Florida-based cast members have already verified that they are fully vaccinated,” a Disney spokesperson said. “We will address legal developments as appropriate.”

An internal memo from Disney said that the pause will remain in effect as the company “assesses the new state laws protecting workers from vaccine mandates,” according to FOX 35 Orlando. The station said it had obtained a copy of the internal memo sent to Disney cast members.

In this June 2020 file photo provided by Walt Disney World Resort, new measures are in place to promote health and well-being in restaurants at Walt Disney World Resort. (Photo by Matt Stroshane/Walt Disney World Resort via Getty Images)

DISNEY CRUISE LINE VACCINE MANDATE: PASSENGERS 5 AND OLDER MUST BE FULLY VACCINATED AGAINST COVID-19

Nick Caturano, a cast member at Disney World for more than 16 years, told FOX Business on Saturday that he had heard managers were leaking e-mails detailing the move two hours before the cast members received them.

“For me personally, I was trying to reach out to Disney and reason with them when I wrote my open letter on the website. But, the legislation really put it over the edge, and it looks like Disney must have had an emergency meeting, I’m guessing. And, I heard probably around noon that managers were leaking that they were getting these emails that they were going to stop the mandates. And, as regular cast members, we got it [at around] 2 p.m,” Caturano explained.

Caturano runs the website GoofyVaccine.com, which features an open letter to the company questioning Disney’s vaccine requirements.

In July, Disney said it would make vaccinations mandatory for all on-site salaried and non-union hourly employees in the U.S., giving them a deadline of the end of September.

In August, Disney said it would require union employees to show proof of vaccination by Oct. 22 to remain employed, with the option to request exemptions for medical or religious reasons.

Caturano said his experience becoming infected with COVID-19 was partially what “got [him] to stand up.”

“That and a lot of cast members were looking to me because they were really scared. They didn’t want to lose their job, but they were scared to take the shot because everybody … a lot of us felt that it just wasn’t vetted long enough,” he said, “We weren’t against the vaccine. We just didn’t think that there was enough … We just thought it was too soon to totally trust it, and we just wanted to wait … And then, that just led me to take a stand and I just wanted to reason with Disney, then it turned into something else.”

All of this comes after Florida’s Republican Gov. Ron DeSantis signed special session legislation that puts new restrictions on COVID-19 vaccine mandates by employers.

An entrance to Walt Disney World Resort in Lake Buena Vista, Fla., in August 2015. (iStock / iStock)

“I told Floridians that we would protect their jobs, and today we made that the law,” DeSantis said in a press release this week. “Nobody should lose their job due to heavy-handed COVID mandates, and we had a responsibility to protect the livelihoods of the people of Florida. I’m thankful to the Florida Legislature for joining me in standing up for freedom.”

Effective immediately, private employer COVID-19 vaccine mandates are prohibited. Employers who violate employee health protections will be fined up to $50,000 per violation. Government entities may not require COVID-19 vaccinations of anyone. Educational institutions may not require students to be vaccinated against COVID-19. School districts may not have school face mask policies or quarantine healthy students. Parents and students may sue violating school districts and recover costs and attorney’s fees.

CLICK HERE TO READ MORE ON FOX BUSINESS

Another bill signed by DeSantis prevents the state health officer from mandating vaccines during a public health emergency. He also approved a bill directing the state to begin considering a withdrawal from the federal Occupational Safety and Health Administration, which drafted White House vaccine requirements for private businesses with more than 100 employees.

“We’re making sure that people have a right to earn a living, people have a right to have protections in their place of employment and that parents have protections to be able to direct the upbringing of their kids,” the governor said in a signing ceremony.

Democrats have criticized the bills as politically motivated and dangerous to public health.

“As we would expect, Disney has amended its vaccination policy to comply with Florida law. We believe that all companies in Florida will likewise follow the law signed by Governor DeSantis this week,” the governor’s office said in a statement issued to FOX 35. “Nobody should lose his or her job over these mandates. Disney is a major employer in Florida, and we are proud that the ‘happiest place on Earth’ is here in our state. Governor DeSantis’ leadership has saved countless jobs and livelihoods before this holiday season.

“We hope Disney and any other company that has suspended or terminated workers due to vaccine mandates will consider rehiring them.”

Walt Disney World Resort in Lake Buena Vista, Fla., will reimagine its holiday celebration this year. From Nov. 6 to Dec. 30, the resort’s four theme parks and Disney Springs will be decked with festive décor and offer special merchandise, enchanting

Caturano pointed out to FOX Business that case rates in Florida have dropped since their spike this summer.

“I love that DeSantis has been pushing it, fighting for all of us. He really has been a voice for us, and I think he’s really standing behind the science,” Caturano said.

Florida, especially Miami-Dade County, still ranks among the states with the highest case rates, according to the John’s Hopkins Coronavirus Resource Center.

COVID-19 cases in the U.S. are rising once again, particularly in cold-weather states like Michigan.

Dr. Anthony Fauci, the director of the National Institute for Allergy and Infectious Diseases (NIAID), said this week that there has been an uptick in hospitalizations among people who have been vaccinated but not boosted.

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However, he noted, the majority of hospitalizations are still among those who are unvaccinated.

Data from the U.S. Centers for Disease Control and Prevention (CDC) shows that nearly 196 million Americans are fully vaccinated and 33.5 million people have received a booster dose.

“We have 62 million Americans eligible for vaccines who are still not vaccinated. The data that I show you do not lie. Vaccines protect you, your family and your community,” Fauci said, speaking alongside CDC Director Dr. Rochelle Walensky. “And importantly, it is not too late, as Dr. Walensky has said. Get vaccinated now.”

The Associated Press contributed to this report.

November 21, 2021

Structured Notes Access Added At Fidelity, Envestnet

Structured investments platform provider Simon Markets has partnered with both Envestnet and Fidelity Institutional to provide advisors with easier access to structured products, according to recent announcements from the three firms.

Envestnet’s integration allows advisors using its unified managed account platform to provide end-clients with structured investments as “fee-based solutions,” while facilitating advisor management of the products from within Simon’s software.

Fidelity, which is calling itself the “first clearing and custody firm to offer an integration with Simon,” is making its integration available through Wealthscape. The integration will feature portfolio construction analytics and is accessible via single sign-on.

As Envestnet integrates with Simon over the course of 2022, advisors will eventually be able to not just place structured investments in UMAs, but also include them in proposals, allow advisors to “actively manage” their structured investment books of business, provide advisors and end-client with post-trade data and help advisors fulfill self-paced certification requirements. Features from Simon will eventually be incorporated into financial planning software MoneyGuide, which will feature a module specifically for structured investments, and reporting integrations with Tamarac.

Fidelity’s integration with Simon will similarly feature book of business management and post-trade analysis for advisors, via a feature called “Spectrum.” It will also provide a degree of education and training for advisors interested in structured investments.

Fidelity’s Simon integration is currently available for RIAs, with a “fast-follow for broker/dealer clients in the coming months,” said Scott Bohlen, vice president of transaction solutions at Fidelity Institutional. “While this integration could expand to other platforms or software [beyond Wealthscape], we have nothing else to announce at this time,” he added.

Both Fidelity and Envestnet cited strong advisor demand behind their decisions to partner with Simon and offer easier access to structured investments. At Fidelity, the integration is a “key differentiator,” according to a statement from Thomas Tesauro, president of Fidelity Capital Markets.

But not all industry observers see the same demand. “Not a single investor has ever come to one of these brokerage firms and asked for structured products,” said Andrew Stoltmann, a Chicago securities attorney and former president of the Public Investors Advocate Bar Association (PIABA). “These investments are sold and almost never bought. They are complex. They are opaque. And most investors don’t understand them.”

The increased visibility and accessibility of structured investments in the past five years “is not a good development for investors at all,” he added, blaming their rise in part on brokerages being squeezed on fees because of “the near elimination of commissions and fees.”

Nevertheless, part of the allure of a partnership with Simon is how easy it makes to buy structured investments. In a deal announced earlier this month, the firm partnered with order management system provider +Subscribe. +Subscribe CEO and Founder Rafay Farooqui, praised the partnership, emphasizing the speed of transactions that’s now facilitated by Simon.

Simon is the “preeminent platform with major [structured notes] issuers,” said Keith Styrcula, managing director at i(x) Securities, a New York-based registered broker/dealer focused on impact investments. He founded the Structured Products Association, an industry trade group.

“The promise of the platforms is in expanding the pie of structured investments,” he observed, stating that Simon, alongside Halo Investing and Luma Financial Technologies, are democratizing access to structured notes. “The utility of these instruments is beyond dispute.”

Halo Investing, a startup platform that allows advisors to monitor structured notes for their clients, has seen investments from Allianz Life Ventures. Luma Financial Technologies is another advisor-focused tech platform meant to ease access to annuities and structured products. It is backed by Navian Capital, Bank of America Merrill Lynch and Morgan Stanley and recently launched a comparison tool.

Simon, Halo and Luma have disrupted a corner of the industry once saddled with middlemen and onerous paperwork, Styrcula added. But he isn’t worried that advisors will suddenly clamor into structured notes without doing their own homework. “It’s an acquired taste. It’s not for all financial advisors,” he said. “This is for sophisticated investors.”

Simon Markets has the backing of seven financial institutions, including Barclays, Credit Suisse, Goldman Sachs (the firm that spun it off in 2018), HSBC, JPMorgan, Prudential and Wells Fargo. It announced a $100 million Series B capital raise in July, led by WestCap.

November 21, 2021

Are Institutions Heavily Invested In Laboratory Corporation of America Holdings’ (NYSE:LH) Shares?

The big shareholder groups in Laboratory Corporation of America Holdings (NYSE:LH) have power over the company. Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. Companies that used to be publicly owned tend to have lower insider ownership.

Laboratory Corporation of America Holdings has a market capitalization of US$27b, so it’s too big to fly under the radar. We’d expect to see both institutions and retail investors owning a portion of the company. Our analysis of the ownership of the company, below, shows that institutions own shares in the company. Let’s take a closer look to see what the different types of shareholders can tell us about Laboratory Corporation of America Holdings.

View our latest analysis for Laboratory Corporation of America Holdings

What Does The Institutional Ownership Tell Us About Laboratory Corporation of America Holdings?

Institutions typically measure themselves against a benchmark when reporting to their own investors, so they often become more enthusiastic about a stock once it’s included in a major index. We would expect most companies to have some institutions on the register, especially if they are growing.

As you can see, institutional investors have a fair amount of stake in Laboratory Corporation of America Holdings. This suggests some credibility amongst professional investors. But we can’t rely on that fact alone since institutions make bad investments sometimes, just like everyone does. When multiple institutions own a stock, there’s always a risk that they are in a ‘crowded trade’. When such a trade goes wrong, multiple parties may compete to sell stock fast. This risk is higher in a company without a history of growth. You can see Laboratory Corporation of America Holdings’ historic earnings and revenue below, but keep in mind there’s always more to the story.

Institutional investors own over 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company, so together than can probably strongly influence board decisions. We note that hedge funds don’t have a meaningful investment in Laboratory Corporation of America Holdings. The Vanguard Group, Inc. is currently the largest shareholder, with 11{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of shares outstanding. For context, the second largest shareholder holds about 8.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the shares outstanding, followed by an ownership of 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} by the third-largest shareholder.

Looking at the shareholder registry, we can see that 50{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the ownership is controlled by the top 24 shareholders, meaning that no single shareholder has a majority interest in the ownership.

Researching institutional ownership is a good way to gauge and filter a stock’s expected performance. The same can be achieved by studying analyst sentiments. There are plenty of analysts covering the stock, so it might be worth seeing what they are forecasting, too.

Insider Ownership Of Laboratory Corporation of America Holdings

While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Company management run the business, but the CEO will answer to the board, even if he or she is a member of it.

I generally consider insider ownership to be a good thing. However, on some occasions it makes it more difficult for other shareholders to hold the board accountable for decisions.

Our information suggests that Laboratory Corporation of America Holdings insiders own under 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the company. It is a very large company, so it would be surprising to see insiders own a large proportion of the company. Though their holding amounts to less than 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, we can see that board members collectively own US$144m worth of shares (at current prices). Arguably recent buying and selling is just as important to consider. You can click here to see if insiders have been buying or selling.

General Public Ownership

The general public– including retail investors — own 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} stake in the company, and hence can’t easily be ignored. While this group can’t necessarily call the shots, it can certainly have a real influence on how the company is run.

Next Steps:

It’s always worth thinking about the different groups who own shares in a company. But to understand Laboratory Corporation of America Holdings better, we need to consider many other factors. For example, we’ve discovered 2 warning signs for Laboratory Corporation of America Holdings (1 is potentially serious!) that you should be aware of before investing here.

Ultimately the future is most important. You can access this free report on analyst forecasts for the company.

NB: Figures in this article are calculated using data from the last twelve months, which refer to the 12-month period ending on the last date of the month the financial statement is dated. This may not be consistent with full year annual report figures.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.