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...We were struck by a note out yesterday from Morgan Stanley’s Mike Wilson, who a week ago declared the ERP had entered a “death zone” for equities, building on this low-ERP point....
...ve missed any important valuation measures, I’m interested to hear from readers....
...Sorry for all this boring arithmetic, I will make an interesting point soon, I promise....
...once notorious for her tendency to grab the breasts of TV fashion makeover candidates is standing in her office, describing the significance of her company’s new enterprise resource planning software, or ERP...
...She wrote: “Am I supposed to be enjoying watching transmission happening in front of my eyes?”...
...“Managing working capital has always been a fundamental business discipline, but I am sure I’m not the only CFO to say that cash management has now become a daily obsessive focus,” says Mr Collins at BDO...
...On our warranted ERP, driven by credit spreads and ISM, we are now close to fair value, but on end-21 projections see a fair value of c3500....
...Over FY13-19A, FirstGroup invested £2.25bn in capex/M&A for £65m incremental EBIT (i.e. an incremental pre-tax ROI <3%)....
...“The official explanation is they are ‘optimising’, but I think this is unreasonable, because they are cutting a lot of product lines that still make money: databases, ERP [enterprise resource planning],...
...Your feedback I’d love to hear from you. You can email me on michael.mackenzie@ft.com and follow me on Twitter at @michaellachlan....
...“The more I got involved in rare earths, the more I realised these elements are going to be in increasing demand [in electric vehicles],” says Mr Clarke....
...It is something of a bible for long-term investors, and I will be diving into it in due course....
...While I understand the impulse, I think it is dangerous for three reasons. The first is that “normal” is a subjective judgment....
...In some of my more gamesome moments I have challenged students to produce an article about the ERP which made a useful contribution to our understanding of the way financial markets work....
...Strine noted that, unlike the supply side ERP, the Barra beta’s reliability is not presently supported by the weight of any reliable professional or academic literature....
...This may reflect the modesty and good manners of those I teach but also, I hope and believe, the fact they are too sensible to wish to defend the way this often ill-defined and generally useless concept...
...Our proxy of the S&P500 equity risk premium (ERP) has declined from a peak of 6.9% in the summer of 2012 to 4.8% currently, as a result of the rally in equities and the rise in bond yields....
...As I have argued before, any rise in the bond yield as QE ends may be offset by a fall in the ERP, leaving the valuation of equities protected as bond returns become negative....
...The core of enterprise IT – infrastructure, applications such as ERP, information and sourcing – was built for the IT past and needs to be renovated for the digital future....
...If you believe, as I do, that the norm is closer to that reflected in the average since 2008 (about 1 to 1.5%), the correction is about half way over.Think global, not local: As companies, notwithstanding...
...While he admits it is not necessary for every corporate finance chief to understand the intricacies of implementing a particular IT strategy, he says: “I would challenge a chief financial officer to have...
...But in others, technology product development will shift to the business leaders, and the CIO will provide shared services like data centers, email, and ERP (enterprise resource planning) to these new product...
...“From the start, I knew that I didn’t want to be replacing the ERP system further down the line.”...
...As CFO, I am interested in taking the business forward to success and to do that the CIO and I need to work together …Separately, we will fail.”...
...“I never had that in 32 years in computing.”...
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