THREADNEEDLE ASSET MANAGEMENT LTD May 15‚ 2015 Lisa D. Ellis (Senior Analyst) • lisa.ellis@bernstein.com • +1-212-756-1855 Harshita Rawat‚ CFA • harshita.rawat@bernstein.com • +1-212-969-6228 Zhe Shen • zhe.shen@bernstein.com • +1-212-823-3627 Visa-Visa Europe: Answers to the Top 25 FAQs‚ Including our Accretion Math and Deep Dive on Yields Ticker MA V SPX Rating CUR O O USD USD 13 May 2015 Closing Price 92.52 68.65 2098.48 Target Price TTM Rel. Perf. 108.00 77.00 13.1% 18.9% EPS P/E 2014A
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Reformation in Europe(1500-1620) Causes for reformation Conflicts between European nation states People at bottom of social structures tired of being at the bottom Invention of the printing press leading to more people reading and interpreting bible and noticing how corrupt Catholic Church is. Sale of indulgences sold by john Tetzel Modern Devotion or Brothers of Common Life Established by Gerard Groote Based out of Zwolle and Deventer in the Netherlands Stressed having a personal relationship
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Strategy 2020 Europe 2020 is a 10-year strategy proposed by the European Commission on 3 March 2010 for advancement of the economy of the European Union. It aims at "smart‚ sustainable‚ inclusive growth" with greater coordination of national and European policy. It follows the Lisbon Strategy for the period 2000–2010. On 26 March 2010‚ the European Council agreed on the key elements of the new strategy. President Herman Van Rompuy who chaired the meeting pointed out that the strategy sums up the
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Honda in Europe Introduction The Honda Motor Company first entered the European market in the early 1960s through the sale of motorcycles. Honda’s motor vehicle sales in Europe have been relatively poor‚ especially in the previous five years. And Honda executives wonder why their global strategy is sputtering. History of Honda and Automobile Industry In 1946‚ Souichiro Honda founded the Honda Technology Institute. The Company started as a motorcycles producer and by the 1950s had become
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Europe Day Celebrating the creation of the European Union. Europe Day commemorates 9 May 1950‚ when the then French Foreign Minister Robert Schuman presented his proposal on the creation of an organised Europe‚ to help maintain peaceful relations between European countries. This proposal‚ known as the ’Schuman declaration’‚ is considered to be the act that created what is now the European Union. Today‚ the 9th of May has become a European symbol (Europe Day) which‚ along with the flag‚ the
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European brands to differentiate its product line. Whirlpool‚ Bauknect‚ and Ignis. Regional brands like Laden which was sold exclusively in France were also created. MARKET SHARE 13%. Value Chain Analysis of Whirlpool Europe Manufacturing through 11 plants‚ 10 in Europe and 1 in Africa. Typical flow of goods: FROM Point of Origin: One of the Manufacturing Units. TO Contact Point 1: One of Two central distribution Centres. TO Contact Point 2: One of 12 regional Distribution
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Godiva International is comprised of three decision centers Godiva Europe‚ Godiva USA and Godiva Japan called the triadic enterprise. A recent reorganization effort by Charles van der Veken led to an operating profit of 13 million Belgian francs although he inherited a 10 million franc deficit when he inherited his responsibilities as president of Godiva Europe. Despite a recent surge in operating profits‚ Godiva Europe faces some challenges in their home market as well as the global market
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Catholic church. The Dark Ages is a historical period in the first part of the Middle Ages. The term Dark Ages emphasizes the cultural and economical deterioration that occurred in Europe following the decline of the Roman Empire. In document 1 it states that many invasions broke out. The conditions in Europe were terrifying. No trading occurred‚ ceasing terror‚ and peasants abandoned fields to avoid violence. European society has no longer any government. In document 3 it describes the invasion
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Feudalism ran deep in parts of Western Europe and went as far as Japan. These places differed greatly. Society‚ religion and art demonstrated how different they really are. Their economies‚ however‚ illustrates how similar these two countries can be. The religion in the two feudal periods differed in many ways. Feudal Europeans showed devotion to the Catholic Church. Their devotion ran very deep and grew greatly over time. While future Feudal Japanese peoples’ cooperation between monastatic orders
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Before Mcdonald’s entered in to the European market few people thought that fast food could be successful in Europe why do you think Mcdonald’s succeeded? Answer: There was a time not so long ago when U.S. fast-food giant McDonald’s was viewed by European consumers as the advance scout of what the French loudly decried as American cultural imperialism. The Golden Arches‚ ran the prevailing European line‚ were a threat to the Continent’s refined palates and appreciation of the civilized sit-down meal
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