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PSI AG. PT revised despite strong 9M/12. Update BUY. Target price: EUR November 01, 2012
- Britney Mitchell
- 3 years ago
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1 November 01, 2012 Europe Germany IT & Software Update BUY Target price: EUR PSI AG PT revised despite strong 9M/12 Overview Industry: Country: ISIN: Reuters: Bloomberg: Website: IT Services & Software Germany DE000A1K0300 PSAGn.DE PSAN GR On 29 October, PSI reported strong 9M/12 results. Total sales came in at 126.7m and thus 8% higher y-o-y. Both EBIT (+19.7% to 7.5m; 5.9% margin) and net income (+64.8% to 5.5m) developed better than sales, which mainly stemmed from higher other operating income and lower effective tax rate y-o-y. Compared to last year, order backlog and intake increased by 6% to 132m and 5% to 145m respectively. Last price: High Low Price 52 W.: Market cap. (EURm) Number of shares (m) Shareholders RWE AG 17.77% Employee consortium 9.35% Harvinder Singh 8.10% Free float 64.78% Performance 4 weeks -5.15% 13 weeks % 26 weeks -7.72% 52 weeks % YTD -2.85% Dividend in EUR in % % % % % 52-Week Chart The best-performing segment in 9M/12 was Infrastructure management, which improved revenues by 26% y-o-y to 18m and more than doubled its operating profit to 2m. It benefitted especially from new orders in Poland and South-East-Asia. With +15% to 64.2m and +25% to 4.5m respectively, sales and EBIT of the segment Production management also showed a strong performance y-o-y, which stemmed among others from robust results of the area metal industry. Despite a significant improvement of profitability, the operating cash flow deteriorated from 6.6m in 9M/11 to -4.4m. The reasons were much higher investments into working capital y-o-y. Together with larger CAPEX, this led to a total cash outflow of 9.7m. As of 30 September 2012, PSI had a cash position of 24.2m and a net gearing of 16.4%. Although PSI s 9M/12 results were good in our view, we have lowered our 12-months DCF-based price target for the stock from previously to due to higher net debt and a reduction of the 2012 EBIT guidance by management from 13-16m to c. 13m. However, as our new PT equals an upside of 32.3% at present, we still rate the stock a Buy. Despite high trading multiples, we continue to believe that PSI s long-term potential is not yet fully discounted in the share price. Key Figures EURm E 2013E EUR PSI AG, RIC: PSAGn.DE Net sales EBITDA EBIT Net income Okt. 11 Jan. 12 Apr. 12 Jul. 12 EPS BVPS Analyst Dr. Norbert Kalliwoda Phone: RoE 12.28% 13.20% 10.49% 10.56% 10.33% 14.84% EBIT margin 4.84 % 5.32 % 6.00 % 6.29 % 7.21 % 9.23 % P/E P/BVPS EV/EBITDA
2 2 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October 2012 Content 1 Company profile Investment case SWOT Analysis Valuation M 2012 financial results Outlook Stock and shareholder structure Profit and loss statements Balance sheets Cash flow statements Financial ratios Disclaimer... 15
3 3 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October Company profile PSI AG is a group of companies with more than 1,500 employees, which develops and distributes software product solutions for process control. These solutions automate complex core processes of PSI s customers in the segments Energy, Production and Infrastructure management. PSI, which was founded in 1969, operates at numerous German and international sites in Europe, Asia and North America. It develops software products and complete systems for the operation of large energy networks and complex production and logistics processes with the objective to design customers value creation processes more efficiently. In the segment Energy management systems, PSI provides solutions for operations management, network utilization, pipeline management, leakage detection and localization, portfolio management, energy trading and distribution. The segment Production creates optimization and control-technical solutions for production, telematics, logistics, metals and mining. In the Infrastructure segment, the company supplies solutions for traffic systems. 2 Investment case In the near future, the key development to be watched will be PSI s success in the energy infrastructure game in Germany. In our view, software systems for the control of energy networks are associated with high switching costs. Energy providers will either switch suppliers or decide to stick to them in the long run. Only the winners of the game will face attractive upgrades and maintenance revenues. Given the number of energy networks, there is no room for many survivors. Coming out as a winner will also clear the way for exports of energy products to countries that follow Germany s approach in the long run. Many other growth opportunities besides energy exist for PSI, however due to the stated reasons a large part of the company s value depends on its success in the German energy segment. PSI s management expect not only increasing revenues but also significant margin improvements. The main drivers of the latter are expected to be (1) scale effects through exports (2) transformation of PSI into a pure software company (3) lower average labor costs resulting from a higher share of the labor pool in target export markets with lower wages and (4) efficiency improvements stemming from a new technology platform. Management expect to increase revenues by an average of 8% a year, while raising EBIT margins by 1% to 2% a year until By that year, 800 of the then 2,000 employees are expected to work in export markets. In the future, management plan to generate 65% of total revenues in the growth markets Brazil, Canada, Eastern Europe, Russia, Asia, Middle East and Turkey. For full-year 2012, PSI guides for order intake of 190m, revenues of c. 180m and an EBIT of c. 13m. We view PSI s competitive position as strong due to the company s focus on its core competency in network control flow systems and experience in this area. In the past, the company has proved to be able to spot market trends and to position itself accordingly to benefit from these trends. In our view, its dominant market position, specialized workforce, ability to innovate and to react flexibly given its size and software focus provide valuable competitive advantages as well as entry barriers particularly in the German energy market. We believe that PSI is well-positioned to benefit from its growth opportunities and reach its stated goals. Our investment case based valuation does not include a premium for a potential takeover of PSI by a competitor. However, we note that speculation about a takeover does provide a bottom for the share price.
4 4 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October SWOT Analysis Strength PSI s focus on core competencies in process control technology with decades of experience, along with its innovation strength and a highly specialized workforce are important competitive advantages and create entry barriers. PSI s products are of high functionality, complexity and carry many unique features. PSI enjoys a first mover advantage and is the quality and volume leader in many of its key growth areas, namely energy smart grid infrastructure, gas & oil, metals, mining and infrastructure. Pilot project approach: When entering new product and geographic markets the company works together with sector leaders on pilot projects. Performing the research and development decentralized at the location of demand translates into a close customer relationship, a gain of sector knowledge, lower market entry risk, as well as the mitigation of financial risk. Opportunities Energy segment: The Energiewende gives PSI the potential to achieve scale effects by shifting its existing product portfolio from high voltage systems to lower network levels. Additionally, the demand for new software solutions such as volatility and resource software components, gas network control systems and software solutions for energy storage systems will increase. Production segment: New sensor and network technology increases data availability in production processes. This opens up new markets for PSI software solutions, which make production processes more efficient. Recent market entries by PSI are PSImining and solutions for the turbine manufacturing and aircraft maintenance sectors. In the automobile sector, new product developments should lead to more orders. Export growth: PSI focuses on Eastern markets as it sees the greatest growth potential there while currently facing low competition locally. A positive effect besides larger revenues and scale effects is the diversification away from a sole dependency on the German market. Expansion takes place by winning key reference customers. Weaknesses Buyers force: PSI main customers operate in capital intensive sectors which naturally consist of a few large players. PSI itself is a medium sized player resulting in an unfavorable negotiating position. However a resulting pricing power of its customer is lessened by the facts that software expenditures should resemble a smaller portion of PSI customers overall budget, that PSI produces high-quality products that make a customer s operation more efficient translating in fast amortization, and PSI s complex products are mainly located in important parts of the value chain where quality is more important than price. Business cycle risk: PSI s customers are mainly from very cyclical sectors. The exposure to business cycle risk is somewhat diminished by the fact that the company delivers products mainly related to efficiency and cost cutting gains. Threats Increasing rivalry among competitors in the Energy Infrastructure market: Large hardware suppliers recently acquired PSI s software competitors. On the one hand, this permits them to differentiate themselves from fellow hardware suppliers. If on the other hand the intention was to gain control of the energy software market then rivalry will intensify e.g. by price competition or hardware suppliers locking their systems to alien software providers. Management note that PSI enjoys greater economic independence in acquiring software related contracts relative to its software competitors, which are now entangled in powerful hardware divisions. A lack of qualified staff evoked from a current structural shortage of supply in the software labor sector would impede the seizure of the company s opportunities. PSI mitigates the risk by investing heavily in the training of its employees and collaborating with universities. Part of the routine software development has been moved to Eastern Europe and the technology platform enables an efficient knowledge transfer and standardization. These moves set free valuable engineering capacity.
5 5 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October Valuation DCF model In order to value PSI, we have used our DCF model, which derives a 12-months price target for stock of Compared to the current market level, this corresponds to an upside of 32.3%. WACC assumptions Growth assumptions Long-term grow th rate 2.0% Assimiliation phase (from 2015) 5 years Sales grow th at the beginning 8.3% Margin development (p.a) -1 BP Equity Risk-free rate 2.2% Market risk premium 6.0% Beta 1.20 Equity costs 9.4% Debt costs Debt costs (before tax) 6.0% Tax rate on interest 30.0% Debt costs (after tax) 4.2% Equity 70 Debt 30 Gearing 42.9% WACC 7.85% Discounted Cash Flow Model (Basis 10/2012) in EURm 2012E 2013E 2014E 2015E 2016E 2017E 2018E 2019E 2020E Net sales (y-o-y change) 6.5% 14.5% 9.8% 8.3% 6.8% 4.0% 3.2% 2.7% 2.0% EBIT (EBIT margin) 7.2% 9.2% 10.3% 11.0% 11.0% 10.9% 10.8% 10.7% 10.6% NOPLAT Depreciation = Net operating cash flow Total investments (Capex and WC) Capital expenditure Working capital = Free cash flow (FCF) PV of FCF's Phase 1 PV of FCFs in explicit period PV of FCFs in terminal period Enterprise value (EV) Net cash / - net debt Investments / - Minorities 0.00 Shareholder value Number of shares outstanding (m) Sensitivity analysis Terminal EBIT margin WACC 7.85% Equity costs 9.4% 7.6% 8.6% 9.6% 10.6% 11.6% 12.6% 13.6% Debt costs before tax 6.0% 4.8% Tax rate 30.0% 5.8% Debt costs after tax 4.2% 6.8% Equity ratio 70.0% 7.8% Debt ratio 30.0% 8.8% Fair value per share in (today) % Fair value per share in (in 12 months) Source: Dr. Kalliwoda Research GmbH WACC
6 6 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October M 2012 financial results Revenues In 9M/12, PSI generated total sales of 126.7m, which improved by 8% y-o-y. The order intake increased by 5% y-o-y to 145m and the order backlog by 6% y-o-y to 132m. While the segment Production management had again the largest share in total sales (50.7%), sales of Infrastructure management grew the most (+26.3% y-o-y to 18m). Due to lower replacements of remote communication units the negative trend in the segment Energy management continued. Compared to 9M/11, its revenues dropped by 5% y-o-y from 47m to 44.5m. 9M/2012 vs previous year in EURm 9M M 2011 change (%) Net sales % EBITDA % EBITDA margin 8.3% 7.8% EBIT % EBIT margin 5.9% 5.4% Net income % Net margin 4.4% 2.9% Source: Company data, Dr. Kalliwoda Research GmbH Sales and EBIT margins according to segments 9M/12 vs. 9M/11 9M M M M 2011 Energy management Infrastructure management Sales m Sales m Share in total sales 35.1% 40.1% Share in total sales 14.2% 12.1% EBIT margin 4.7% 6.5% EBIT margin 11.2% 6.8% Production management Group Sales m Total Sales Share in total sales 50.7% 47.8% change y-o-y 8.0% EBIT margin 7.0% 6.4% Source: Company data, Dr. Kalliwoda Research GmbH
7 7 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October 2012 Profitability Share in total sales 9M/12 vs. 9M/ % 60.00% 58.53% 61.97% 50.00% 40.00% 30.00% 20.00% 17.62% 15.70% 20.85% 19.54% 10.00% 2.28% 2.46% 0.00% CoGS Personnel expenses Depreciation & amortisation Other operating expenses 9M M 2011 Source: Company data, Dr. Kalliwoda Research GmbH With +19.7% to 7.5m and +64.8% to 5.5m respectively, PSI s EBIT and net income developed much better than sales y-o-y. The main reasons were higher operating margins in the segments Infrastructure (11.2% vs. 6.8% in 9M/11) and Production management (7% vs. 6.4%), which together generated 64.9% of PSI s revenues. Net income was additionally positively affected by a significantly lower effective tax rate y-o-y (13.1% vs. 33.6%), which stemmed from tax-losses carried forward. In contrast to the other segments, the operating margin in Energy management went down from 6.5% in 9M/11 to 4.7%. The reasons were the ongoing expansion of international distribution activities and investments into new products and solutions such as Smart Telecontrol Units. Balance Sheet and Cash Flow At the end of September 2012, the most important positions on PSI s balance sheet were (1) equity of 74.6m (2) intangibles assets, which mainly comprised goodwill of 43.9m and (3) receivables from long-term manufacturing of 44m. Interest-bearing debt amounted to 36.5m (thereof long-term pension provisions of 32.2m) and liquid funds to 24.2m. Thus, net gearing equalled 16.4%. Despite strong profitability, PSI s operating cash flow in 9M/12 was significantly below the previous year ( -4.4m vs. 6.6m). The reasons were much higher investments into working capital, which went up from 4.5m in 9M/11 to 10.6m. Together with a cash outflow from investment of 2.5m (9M/11: 0.5) and a dividend payout for 2011 of 3.9m, which was not fully offset by new debt, the total cash outflow in 9M/12 amounted to 9.7m.
8 8 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October Outlook Although 9M/12 results came in strongly in our view, PSI lowered its EBIT forecast for full-year 2012 from previously 13-16m to c. 13m. However, its guidance for order intake (c. 190m) and total sales (c. 180m) remained unchanged. We have adjusted our estimates accordingly, which together with a higher net debt value in 9M/12 has lowered our 12-months price target from previously to In our opinion, management lowered its EBIT guidance for the following reasons: (1) suffering business in the area of control systems for distribution grids due to the new energy policy, which the German government introduced after the nuclear catastrophe in Fukushima in Q1/11 (2) investments into new products and the expansion of international distribution in the area of electrical energy and (3) high costs associated with the migration of all business units to the new, company-wide software platform, which is characterized by improved ergonomics and productivity. Although we forecast that the segment Production management will continue to develop well over the coming quarters, we think that it will not be able to offset the above-mentioned negative effects. For the next years, we expect PSI to strongly benefit from robust demand for its software solutions especially in emerging markets such as Poland, Russia, India and China, where large investments into the modernization of infrastructure e.g. distribution grids are being conducted. With respect to margins, we think that they will be positively affected by the company s new software platform and growing share of employees in low-wage countries. Sales estimates according to segments 2012E-14E in EURm 2012E 2013E 2014E Energy management change y-o-y 6.24% 14.22% 9.53% share in total sales 40.53% 40.43% 40.33% Production management change y-o-y 6.96% 14.99% 10.27% share in total sales 46.55% 46.75% 46.95% Infrastructure management change y-o-y 5.68% 13.61% 8.94% share in total sales 12.92% 12.82% 12.72% Total sales Source: Dr. Kalliwoda Research GmbH Our forecasts 2012E E in EURm 2012E 2013E 2014E Net sales EBITDA EBITDA margin 9.56% 11.58% 12.67% EBIT EBIT margin 7.21% 9.23% 10.32% Net income Net margin 4.27% 5.75% 6.55% Source: Dr. Kalliwoda Research GmbH
9 9 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October Stock and shareholder structure Stock Price Development 130% 120% 110% 100% 90% 80% 70% Shareholder Structure Employee consortium; 9.35% RWE AG; 17.77% Harvinder Singh; 8.10% Free Float; 64.78% PSI AG TecDax DAX Source: Thomson Reuters Knowledge Source: Company data, Dr. Kalliwoda Research GmbH
10 10 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October Profit and loss statements Profit and loss statement - PSI AG Fiscal year in EURm E 2013E Sales split Energy management Production management Infrastructure management Net sales Change in inventories Total Output Cost of goods sold Gross profit Other operating income Personnel costs Depreciation & Amortization Other operating expenses EBIT Net financial results EBT Income taxes Minority interests Net income / loss EPS DPS Change y-o-y Net sales n.a 14.07% 7.96% 6.84% 6.50% 14.50% Total Output n.a 14.17% 7.95% 6.78% 6.68% 14.67% Cost of goods sold n.a 28.66% -7.67% 18.32% 6.68% 14.67% Gross profit n.a 11.16% 11.70% 4.49% 6.68% 14.67% Other operating income n.a 46.59% 85.38% % 43.02% % Personnel costs n.a 11.01% 12.60% 1.71% 6.31% 14.26% Depreciation & Amortization n.a 37.64% 21.87% % 6.50% 14.50% Other operating expenses n.a 8.73% 14.44% 6.56% 8.39% -7.32% EBIT n.a 25.43% 21.76% 12.10% 22.09% 46.52% Net financial results n.a -8.53% 88.26% 18.64% 3.04% 5.00% EBT n.a 31.53% 13.43% 10.74% 26.33% 54.05% Income taxes n.a % % 54.03% % 54.05% Net income / loss n.a 59.49% 6.72% 5.63% 3.64% 54.05% EPS n.a 35.29% -2.17% 4.44% 4.71% 54.05% DPS n.a n.a 9.52% 8.70% 8.00% 7.41% Share in total sales Net sales % % % % % % Total Output % % % % % % Cost of goods sold % % % % % % Gross profit % % % % % % Other operating income 1.54 % 2.26 % 4.19 % 2.98 % 4.01 % 2.01 % Personnel costs % % % % % % Depreciation & Amortization % % % % % % Other operating expenses % % % % % % EBIT 3.93 % 4.92 % 6.00 % 6.29 % 7.21 % 9.23 % Net financial results % % % % % % EBT 3.33 % 4.38 % 4.96 % 5.15 % 6.10 % 8.21 % Income taxes % % % % % % Net income / loss 2.61 % 4.16 % 4.44 % 4.39 % 4.27 % 5.75 % Dr. Kalliwoda Research 2012
11 11 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October Balance sheets Balance sheet - PSI AG in EURm E 2013E Assets Cash and cash equivalents Inventories Trade accounts and notes receivables Receivables from long-term manufacturing Other current assets Current assets Property, plant and equipment Other intangibles assets Goodwill Shares in associated companies Deferred tax assets Non-current assets Total assets Liabilities Fiscal year Trade payables Other liabilities Liabilities from long-term manufacturing Financial liabilities Provisions Current liabilities Long-term bank debt Pension provisions Deferred tax liabilities Long-term liabilities Total liabilities Shareholders equity Minority interests Total equity and liabilities Dr. Kalliwoda Research 2012
12 12 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October Cash flow statements Cash flow statement - PSI AG Fiscal year in EURm E 2013E Net income / loss Depreciation & Amortization Change of working capital Others Net operating cash flow Cash flow from investment Free cash flow Cash flow from financing Change of cash Cash at the beginning of the period Cash at the end of the period Dr. Kalliwoda Research Financial ratios Fiscal year E 2013E 2014E 2015E Gross margin 82.81% 80.63% 83.43% 81.64% 81.64% 81.64% 81.64% 81.64% EBITDA margin 6.88% 7.79% 8.78% 8.64% 9.56% 11.58% 12.67% 13.37% EBIT margin 4.84% 5.31% 5.99% 6.29% 7.20% 9.20% 10.30% 11.00% Net margin 3.21% 4.49% 4.44% 4.39% 4.27% 5.73% 6.53% 7.05% Return on equity (ROE) 12.28% 13.20% 10.49% 10.56% 10.33% 14.84% 16.83% 17.66% Return on assets (ROA) 4.96% 5.81% 5.36% 5.44% 5.42% 7.22% 7.94% 8.34% Return on capital employed (ROCE) 7.81% 7.46% 7.80% 8.41% 8.19% 10.81% 12.01% 12.58% Net debt (in EURm) Net gearing 9.92% 17.70% 18.93% 1.91% -0.38% -7.86% % % Equity ratio 32.86% 42.84% 40.25% 41.51% 41.79% 40.88% 41.26% 42.08% Current ratio Quick ratio Net interest cover Net debt/ebitda Tangible BVPS Capex/Sales n.a % -4.28% -2.56% -2.82% -2.86% -2.78% -2.74% Working capital/sales 8.64% 13.35% 11.30% 6.90% 6.99% 7.08% 7.19% 7.29% EV/Sales EV/EBITDA EV/EBIT P/Tangible BVPS P/E P/FCF Source: Company data, Dr. Kalliwoda Research GmbH
13 13 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October 2012 EURm Revenue growth % Infrastructure management 13.0% Sales split Production management 46.4% Energy management 40.6% E 2013E 2014E 2015E Profitability (%) Margin development EBIT margin Net margin Return on Assets E 2013E 2014E Return on Assets Return on Common Equity E 2013E 2014E Liquid funds (EURm) CAPEX (EURm) E 2013E 2014E E 2013E 2014E P/Tangible BVPS 2.00 Current ratio E 2013E 2014E E 2013E 2014E Source: Company data, Dr. Kalliwoda Research GmbH
14 14 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October 2012 Primary Research Fair Value Analysis International Roadshows Head: Dr. Norbert Kalliwoda Dr. Peter Arendarski Patrick Bellmann CEFA-Analyst; University of Frankfurt/Main; PhD in Economics; Dipl.-Kfm. Senior-Analyst, Msc & Ph.D in Finance (Poznan Univers. of Economics),CFA Level 3 Candidate Junior-Analyst; WHU - Otto Beisheim School of Management, Vallendar (2012) Rüsterstraße 4a Frankfurt Tel.: Sectors: IT, Sof ware, Electricals & Electronics, Mechanical Engineering, Logistics, Laser, Technology, Raw Materials Sectors: Technology,Raw Materials, Banks & Insurances, Financial- Modelling (Quant., Buyside) Sectors: Support Research and Quantitative Approach Robin Andreas Braun Michael John Maximilian F. Kaessens Adrian Kowollik Dr. Christoph Piechaczek Hellmut Schaarschmidt; Dr. Erik Schneider David Schreindorfer Nele Rave Junior-Analyst; University of Frankfurt/Main (2012) Dipl.-Ing. (Aachen) Bachelor of Science in Business Administration (Babson College (05/2012), Babson Park, MA (US)) Dipl.-Kfm.; Humboldt-Universität zu Berlin, CFA Candidate Dipl.-Biologist; Technical University Darmstadt; Univ. Witten-Herdecke. Dipl.-Geophysicists; University of Frankfurt/Main. Dipl.-Biologist; Technical University Darmstadt; Univ. Hamburg. MBA, Economic Investment Management; Univ. Frankfurt/ Univ. Iowa (US). Lawyer; Native Speaker, German School London, Sectors: Support Research and Quantitative Approach Sectors: Chemicals, Chemical Engineering, Basic Metals, Renewable Energies, Laser/Physics Sectors: Financials, Real Estate Sectors: Media, Internet, Gaming, Technology, Eastern European stocks Sectors: Biotech & Healthcare; Medical Technology Pharmaceutical Sectors: Oil, Regenerative Energies, Specialities Chemicals, Utilities Sectors: Biotech & Healthcare; Medical Technology Pharmaceutical Sectors: IT/Logistics; Quantitative Modelling Legal adviser Also view Sales and Earnings Estimates: DR. KALLIWODA RESEARCH on Terminals of Bloomberg, Thomson Reuters, vwd group and Factset Analyst of this research: Dr. Norbert Kalliwoda, CEFA
15 15 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October 2012 DISCLAIMER Empfehlungen Aktienresearch und Einstufungen Credit Research Empfehlungen Aktienresearch DR. KALLIWODA RESEARCH GmbH verwendet ein 5-stufiges Aktien-Ratingsystem. Die Anlageempfehlungen werden bei Veröffentlichung der Analyse hinsichtlich folgender Einstufungen unter Berücksichtigung der zu erwartenden Rendite vorgenommen. Bei vorübergehenden Kursabweichungen außerhalb der unten angegebenen Kursspannen ändern wir nicht zwangsläufig unsere Einstufung. Allerdings ist es für uns ein Anlass, unsere originäre Empfehlung zu verändern. KAUFEN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung von mindestens 10 % aufweisen AKKUMULIEREN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung zwischen 5% und 10% aufweisen HALTEN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung zwischen 5% und - 5% aufweisen REDUZIEREN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung zwischen - 5% und - 10% aufweisen VERKAUFEN: Die Aktie wird auf Basis unserer Prognosen auf Sicht von 12 Monaten eine Kursentwicklung von mindestens - 10 % aufweisen BUY ACCUMULATE HOLD REDUCE SELL Die DR. KALLIWODA RESEARCH GmbH begründet die fairen Werte der untersuchten Aktiengesellschaften auf einer Fundamentalanalyse. Hierzu zählen Discount-Cashflow-Verfahren, Sum-of-the-parts-Verfahren und Peer-Group-Vergleiche. Einstufungen Credit Research Im Zuge der CREDIT RESEARCH Analysen nimmt die DR. KALLIWODA RESEARCH GmbH Einstufungen von einzelnen Anleihen vor. Outperformer: Marketperformer: Underperformer: Die Anleihe ist hinsichtlich ihrer Bonität besser als vergleichende Anleihen. Die Anleihe ist hinsichtlich ihrer Bonität mit dem Markt vergleichbar. Die Anleihe ist hinsichtlich ihrer Bonität schlechter als vergleichende Anleihen. Additional Disclosure/Erklärung DR.KALLIWODA RESEARCH GmbH hat diese Analyse auf der Grundlage von allgemein zugänglichen Quellen, die als zuverlässig gelten, gefertigt. Wir arbeiten so exakt wie möglich. Wir können aber für die Ausgewogenheit, Genauigkeit, Richtigkeit und Vollständigkeit der Informationen und Meinungen keine Gewährleistung übernehmen. Diese Studie ersetzt nicht die persönliche Beratung. Diese Studie gilt nicht als Aufforderung zum Kauf oder Verkauf der in dieser Studie angesprochenen Anlageinstrumente. Daher rät DR.KALLIWODA RESEARCH GmbH, sich vor einer Wertpapierdisposition an Ihren Bankberater oder Vermögensverwalter zu wenden.
16 16 PSI AG Gesellschaft für Produkte und Systeme der Informationstechnologie Update October 2012 Diese Studie ist in Großbritannien nur zur Verteilung an Personen bestimmt, die in Art. 11 (3) des Financial Services Act 1986 (Investments Advertisements) (Exemptions) Order 1996 ( in der jeweils geltenden Fassung) beschrieben sind. Diese Studie darf weder direkt noch indirekt an einen anderen Kreis von Personen weitergeleitet werden. Die Verteilung dieser Studie in andere internationale Gerichtsbarkeiten kann durch Gesetz beschränkt sein und Personen, in deren Besitz diese Studie gelangt, sollten sich über gegebenenfalls vorhandene Beschränkungen informieren und diese einhalten. DR.KALLIWODA RESEARCH GmbH sowie Mitarbeiter können Positionen in irgendwelchen in dieser Studie erwähnten Wertpapieren oder in damit zusammenhängenden Investments halten und können diese Wertpapiere oder damit zusammenhängende Investments jeweils aufstocken oder veräußern. Mögliche Interessenskonflikte Weder DR.KALLIWODA RESEARCH GmbH noch ein mit ihr verbundenes Unternehmen a) hält in Wertpapieren, die Gegenstand dieser Studie sind, 1% oder mehr des Grundkapitals; b) war an einer Emission von Wertpapieren, die Gegenstand dieser Studie sind, beteiligt; c) hält an den Aktien des analysierten Unternehmens eine Netto-Verkaufsposition in Höhe von mindestens 1% des Grundkapitals; d) hat die analysierten Wertpapiere auf Grund eines mit dem Emittenten abgeschlossenen Vertrages an der Börse oder am Markt betreut. Durch die Annahme dieses Dokumentes akzeptiert der Leser/Empfänger die Verbindlichkeit dieses Disclaimers. DISCLAIMER The information and opinions in this analysis were prepared by DR. KALLIWODA RESEARCH GmbH. The information herein is believed by DR. KALLIWODA RESEARCH GmbH to be reliable and has been obtained from public sources believed to be reliable. With the exception of information about DR. KALLIWODA RESEARCH GmbH, DR. KALLIWODA RESEARCH GmbH makes no representation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constitute the current judgement of the author as of the date of this analysis. They do not necessarily reflect the opinions, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate, except if research on the subject company is withdrawn. Prices and availability of financial instruments also are subject to change without notice. This report is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategy in any jurisdiction. The financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decision using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. If a financial instrument is denominated in a currency other than an investor s currency, a change in exchange rates may adversely affect the price or value of, or the income derived from, the financial instrument, and such investor effectively assumes currency risk. In addition, income from an investment may fluctuate and the price or value of financial instruments described in this report, either directly or indirectly, may rise or fall. Furthermore, past performance is not necessarily indicative of future results. This report may not be reproduced, distributed or published by any person for any purpose without DR. KALLIWODA RESEARCH GmbH s prior written consent. Please cite source when quoting.
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- Free Forum – MARK DANNER Author, SPIRAL: Trapped in the Forever War
What will Trump do if there's a terror attack? MARK DANNER points out that it's been 16 years since the attacks of 9/11, and thanks to Bush, Cheney, and Obama, "Donald Trump inherited a government on a permanent wartime footing, actively fighting in six countries, using means both public and secret – including drone strikes and attacks by covert special forces – and doing so with the benefit of never-ending war powers granted by Congress." What could go wrong?
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- Free Forum – JAMIE BARTLETT Author, RADICALS CHASING UTOPIA: Inside the Rogue Movements Trying to Change the World
JAMIE BARTLETT, a Director of the Centre for the Analysis of Social Media for Demos in the UK, is the author with William Heinemann in 2014 of THE DARK NET about hidden internet subcultures. His newest book, just out, is RADICALS CHASING UTOPIA: Inside the Rogue Movements Trying to Change the World. We'll also talk a lot about a recent column he wrote in the Guardian, Forget far-right populism – crypto-anarchists are the new masters.
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- Free Forum – DANNY GOLDBERG In Search of the Lost Chord: 1967 and the Hippie Idea
Ever since he dropped out of college to sample the Summer of Love, DANNY GOLDBERG has been an active participant in culture, counterculture, and politics. In addition to his career in the music business – manager of artists from Bonnie Raitt to Nirvana, chairman of Warner Brothers records – he was co-producer/director of the rock doc No Nukes and CEO of Air America. We talk about all of that as well as his latest book, In Search of the Lost Chord:1967 and the Hippie Idea.
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- Free Forum – JOE CIRINCIONE, President, Ploughshares Fund NUCLEAR NIGHTMARES: Securing the World Before It's Too Late
Nukes – How do we deal with North Korea, Iran, Russia, and Trump?
Remember 2015 when the big nuclear weapons news was the deal negotiated by the Obama administration with Iran? Why is the UN now voicing fears of catastrophe? What role is the new Trump administration playing in the escalation of provocation? Are the UN's fears real and if so, what can we do about it? JOE CIRINCIONE is President of the Ploughshares Fund which supports people and organizations working to reduce and eventually eliminate the dangers posed by nuclear weapons.
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- Free Forum – CHRIS MOONEY, The Republican Brain The Science Behind Why They Deny Science
Originally Aired April 2012
CHRIS MOONEY wrote the best-selling THE REPUBLICAN WAR ON SCIENCE in 2005. This book asks a deeper question. Does science have anything to teach us about why? And it turns out science does. Political parties reflect psychological needs – GOP wedded to certainty, Dems to novelty – and there lies at least one root of our divide.
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- Free Forum – Two warnings from over a decade ago 1) ARUNDHATI ROY, author, essayist, activist. (September 2004) 2) DAVIDSON LOEHR, AMERICA, FASCISM, and GOD (December 2005)
First, the incomparable ARUNDHATI ROY, award-winning novelist, activist and essayist who speaks truth to power. "It was wonderful that on February 15th [2003], in a spectacular display of public morality, 10 million people in five continents marched against the war on Iraq. It was wonderful, but it was not enough."
Then my interview with DAVIDSON LOEHR, minister, Texan, and author of AMERICA, FASCISM AND GOD. "When fascism comes to America, it will gain power by poisoning the channels of communication…and creating an Orwellian kind of 1984."
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- DISRUPTIVE: CONFRONTING SEPSIS – Don Ingber and Mike Super
Welcome to DISRUPTIVE the podcast from Harvard's Wyss Institute for Biologically Inspired Engineering.
In this episode of DISRUPTIVE, we will focus on: CONFRONTING SEPSIS.
Sepsis is a bloodstream infection in which the body's organs become inflamed and susceptible to failure. The leading cause of hospital deaths, sepsis kills at least eight million people worldwide each year. It can be caused by 6 species of fungi and 1400 species of bacteria. Diagnosis takes two to five days, and every hour you wait can increase the risk of death by 5-9%.
"Even with the best current treatments, sepsis patients are dying in intensive care units at least 30% of the time," says one of today's guests, Wyss Senior Staff Scientist Mike Super.
A new device developed by a team at Wyss may radically transform the way we treat sepsis. Their blood-cleansing approach can be administered quickly, even without identifying the infectious agent. In animal studies, treatment with this device reduced the number of targeted pathogens and toxins circulating in the bloodstream by more than 99%.
The mission of the Wyss Institute is to: Transform healthcare, industry, and the environment by emulating the way nature builds, with a focus on technology development and its translation into products and therapies that will have an impact on the world in which we live. Their work is disruptive not only in terms of science but also in how they stretch the usual boundaries of academia.
Don Ingber and Mike Super's Interview transcript
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- DISRUPTIVE: BIO-INSPIRED ROBOTICS features three separate interviews with (1) RADHIKA NAGPAL, (2) ROBERT WOOD, and (3) CONOR WALSH
Welcome to the second episode of my new monthly podcast series produced with Harvard's Wyss Institute for Biologically Inspired Engineering.
DISRUPTIVE: BIO-INSPIRED ROBOTICS features three separate interviews with (1) RADHIKA NAGPAL, (2) ROBERT WOOD, and (3) CONOR WALSH. From insects in your backyard, to creatures in the sea, to what you see in the mirror, engineers and scientists at Wyss are drawing inspiration to design a whole new class of smart robotic devices
In this one, RADHIKA NAGPAL talks about her work Inspired by social insects and multicellular systems, including the TERMES robots for collective construction of 3D structures, and the KILOBOT thousand-robot swarm. She also speaks candidly about the challenges faced by women in the engineering and computer science fields.
In part two, ROBERT WOOD discusses new manufacturing techniques that are enabling popup and soft robots. His team's ROBO-BEE is the first insect-sized winged robot to demonstrate controlled flight.
In part three, CONOR WALSH discusses how a wearable robotic exosuit or soft robotic glove could assist people with mobility impairments, as well as how the goal to create real-world applications drives his research approach.
The mission of the Wyss Institute is to: Transform healthcare, industry, and the environment by emulating the way nature builds, with a focus on technology development and its translation into products and therapies that will have an impact on the world in which we live. Their work is disruptive not only in terms of science but also in how they stretch the usual boundaries of academia.– See more at:
DISRUPTIVE: BIO-INSPIRED ROBOTICS Robert Wood Interview
DISRUPTIVE: BIO-INSPIRED ROBOTICS Conor Walsh Interview
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- Free Forum Q&A – DAVE ZIRIN the Nation Magazine's first sports editor GAME OVER: How Politics Has Turned the Sports World Upside Down
Originally Aired: 2/19/15
When you pick up a newspaper, do you reach first for the sports section? When you sit down in front of a television, do you look first for ESPN or today's hottest game? Does your mood revolve not just around whether the world is better off today but whether the team you root for won or lost?
I love sports. Playing sports, I've probably had more peak moments in which my ego was dissolved and I was able to merge body, mind, and spirit in the pursuit of a goal in full collaboration with others than doing anything else. Sports have always served as a bridge among strangers as well as friends – whether the ability to show up at a basketball court anywhere in the world and join a game within minutes or to strike up a conversation with anyone anywhere regardless of race, class, faith, or nationality. How many fathers and sons have had sports in common when all else seems strained or broken between them?
All of which has a streak of purity about it. But what about professional sports? This week's guest DAVE ZIRIN fills a fairly unique role in our culture. He takes sports seriously enough to be the first sports editor in the 150 year existence of The Nation magazine. He has for years in books, columns, and commentaries examined both the politics of sports as well as the intersection of the two.
Howard Cosell said "rule number one of the jockocracy" was that sports and politics don't mix. In his newest book, Game Over, Zirin asserts that modern professional athletes are breaking that rule like never before. From the NFL lockout and the role of soccer in the Arab Spring to the Penn State sexual abuse scandals and Tim Tebow's on-field genuflections, Dave reveals how our most important debates about class, race, religion, sex, and political power are being played out both on and off the field.
I've left my overzealous interest in sports out of the studio for years, but this week — a couple of weeks after the Super Bowl, not long after Lance Armstrong finally admits to doping, and a few hours before the NBA All Star game – I break that barrier. Dave Zirin and I will talk about specific events and athletes, but we'll also examine the role sports plays in our individual lives and in society.
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- Free Forum Q&A – TEMPLE GRANDIN, one of the most accomplished adults with autism, designer of livestock handling facilities, author, ANIMALS MAKE US HUMAN & (2) WALTER ISAACSON, head of the Aspen Institute, author, EINSTEIN: HIS LIFE AND UNIVERSE
TEMPLE GRANDIN – Originally aired January 2010
WALTER ISAACSON – Originally aired May 2007
Two extraordinary minds: Interviews about a couple of individuals who, though slow learners as children, grew up to do amazing things.
In the first half, I'll talk with Temple Grandin, PhD, probably the most accomplished adult with autism in the world. Now a Professor of Animal Science at Colorado State University and a designer of livestock handling facilities, Grandin, who didn't speak until she was three and a half years old, has become a prominent author, speaker and advocate on the issues of Autism and Asperger's Syndrome. The 2010 HBO film based on her life won seven Emmys, including Outstanding Movie Made for Television, Outstanding Directing – Mick Jackson, and Outstanding Actress – Clare Danes.
In the second half, my guest will be WALTER ISAACSON, former managing editor of TIME magazine and Chairman of CNN, current head of the Aspen Institute, and the author of several bestselling books, including his biography of Steve Jobs. We'll talk about his biography, EINSTEIN: His Life and Universe.
Einstein discovered, merely by thinking about it, that the universe was not as it seemed. His contributions changed the way we conceive of reality. A new biography makes the point that his scientific imagination sprang from his rebellious questioning of authority – a testament to the connection between creativity and freedom. In addition to his scientific genius, he was also noted for his social conscience Besides campaigning for a ban on nuclear weaponry, he denounced McCarthyism and pleaded for an end to bigotry and racism.
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subset: commoncrawl


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We stayed in a 3 star hotel in Bangkok called Taipan, cost ~RM240 per nite, while staying in Le Meridien Jakarta for RM388 per nite. Taipan was OK, while Meridien is really nice.
Duck Ramen that i had in Kim Ramen(Thai airport) cost 275 THB ~~RM27.5... really nice, like the noodle, very filling also.
pork ramen, same price
Le Meridien Jakarta breakfast buffet, mixed fruit with mango yogurt. You could try the buffet for 98,000Rupiah (~RM38)
Weird looking dessert on MAS plane back to Kuala Lumpur, but it actually taste pretty food. It is a pudding with piece of banana on top and thin layer of gelatin on top...2 kinds of sauce, caramel and coconut on each side


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UK Students Take Top Honors at 'University Open'
LEXINGTON, Ky. (June 16, 2014) — Two University of Kentucky art studio students, Roya Ramezankhani and Kwang Won Son, have taken first and third place at the eighth annual "University Open."
Sponsored by LexArts, "University Open" features 33 pieces of artwork from the state's best students, including nine works from UK. The juried competition and exhibition between fine arts majors attending Kentucky universities opened May 16, at the Downtown Arts Center City Gallery. A closing reception for the exhibition will be held as a part of Lexington's Gallery Hop June 20. The show and reception are free and open to the public.
"University Open provides an exceptional opportunity for Kentucky's emerging artists to be critically judged amongst their regional peers," said Jim Clark, president and CEO of LexArts. "It is exciting to see the wealth of talent that exists in this next generation of Kentucky artists."
The 33 pieces of art selected to exhibit at the "University Open" represent eight public and private colleges in the Commonwealth. The winners were announced at an award ceremony during the show's opening reception. Ramezankhani, a 2014 art studio graduate from Lexington, took first place for "Exhale," inkjet photography on silk. She received a cash prize of $500. Son, an art studio senior from Lexington, took third place for his set of ceramics titled "Dragon Pot." He received a cash prize of $100.
This year's guest juror was Mary Rezny, owner of M.S. Rezny Studio and Gallery, a local photography studio that specializes in fine art.
Other UK students whose work was selected to be featured in the "University Open" alongside Ramezankhani and Son are: Hayley Black, a 2014 art studio graduate from Lebanon, Ohio; Katelyn Gabbard, an art studio senior from Frankfort, Ky.; Taran Parsons, an art studio senior from Eastern, Ky.; Melissa Shelton, an art studio and integrated strategic communication senior from Hopkinsville, Ky.; Abigail Taylor, an art studio junior from Lexington; and Ethan Wooldridge, a 2014 art studio graduate from Columbia, Ky.
LexArts is a nonprofit community organization that works for the development of a strong and vibrant community as a means of enhancing the quality of life in Central Kentucky. LexArts provides a wide range of programs designed to integrate the arts into our daily lives. Through its annual Campaign for the Arts, LexArts has raised millions of dollars in support of local arts. In turn, LexArts underwrites the operating expenses for a variety of beneficiary organizations, offers affordable exhibition and performance space for arts organizations, as well as competitive grants for community outreach projects. For more information, visit their website at www.lexarts.org.
The public can view the UK students' winning artwork and art from the state's other featured student artists in the "University Open" through June 20th, at the Downtown Arts Center, located at 141 E. Main St. Gallery hours for viewing are from 10 a.m.-1 p.m. and 2-5 p.m. Tuesdays through Fridays and from 10 a.m.- 4 p.m. Saturdays.
"University Open" will be among the slate of exhibitions included in the Gallery Hop, which will take place from 5 p.m. to 8 p.m. Friday, June 20.
The UK School of Art and Visual Studies in the UK College of Fine Arts is an accredited member of the National Association of Schools of Art and Design and offers undergraduate and graduate degrees in the fields of art studio, art history and visual studies, and art education.
MEDIA CONTACT: Whitney Hale, 859-257-8716; firstname.lastname@example.com


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Babe Ruth's early life gave few hints of the greatness he would achieve. He was born George Herman Ruth, Jr., on Feb. 6, 1895, in Baltimore. His family lived in rooms above the salon his father, George, Sr., owned and operated in a neighborhood on the city's waterfront. Only two of the family's eight children lived to adulthood. Essentially left unsupervised by his parents, the young Ruth often skipped school in favor of stealing, drinking alcohol, chewing tobacco and getting into trouble with the law.
Ruth's behavior resulted in him being sent to the St. Mary's Industrial School for Boys in Baltimore in 1902. The Roman Catholic reform school labeled him incorrigible. Every boy there had to learn a trade for a potential career; in Ruth's case, shirt maker. Following his mother, Kate's, death from tuberculosis in 1912, Ruth became a permanent ward of St. Mary's.
But baseball, not shirt making, was to be Ruth's destiny. He was still living at St. Mary's when the Baltimore Orioles of the International League signed him in February 1914. It was while with the Orioles that he was nicknamed "Babe." The presence of a Baltimore franchise in the new Federal League devastated the Orioles' attendance and forced team owner Jack Dunn to sell Ruth and two other players to the Boston Red Sox on July 9, 1914. Two days later, he made his major league debut at Fenway Park, pitching seven innings for the win but failing to get a hit in two at bats.
Pitching was where the man sportswriters later nicknamed the "Sultan of Swat" first enjoyed major league success. Among American League left-handed hurlers who pitched at least 1,000 innings in the 1910s, Ruth's earned run average (ERA) of 2.19 was the lowest, while his winning percentage (.659) was the highest. He ranked fourth in wins and tied for fourth in shutouts. Ruth recorded some of his most impressive accomplishments on the biggest stage of all: the World Series. His ERA was 0.87 in three Fall Classic starts, and his 29 2/3 consecutive scoreless innings was a record for 43 years. The Red Sox beat the Brooklyn Dodgers 2-1 in Game Two of the 1916 World Series thanks in part to Ruth pitching a 14-inning complete game, which as of July 2013 remained the most innings one pitcher threw in one postseason game.
On May 6, 1918, Ruth hit a home run in his first start playing a different position than pitcher. Shortly after that excursion to first base, Ruth began refusing to pitch, upsetting manager Ed Barrow. Ruth tried to avoid Barrow fining him by joining a shipyard team in Chester, Pa., but Red Sox owner Harry Frazee's threat of legal action convinced him to return to Boston. Ruth's 11 home runs in 1918 tied him for first in the American League, and he led the league in strikeouts (58) and slugging (.555).
Holding out in spring training in 1919 earned Ruth a three-year, $10,000 contract. He proved worth it by hitting 29 home runs that season, breaking a 35-year-old record. Claiming he was worth twice the salary he had agreed to months earlier, Ruth held out again after that season. The financially struggling Frazee responded by selling Ruth to the New York Yankees on Jan. 3, 1920, in exchange for $100,000 and a $300,000 loan acquired by a mortgage on Fenway Park. Although Frazee sold the Red Sox in 1923, his decision would haunt the team for years to come. Between 1920 and 1964, the Yankees won 29 American League pennants, compared to one for the Red Sox. During that same time, the Yankees won 20 World Series, the Red Sox, none.
A full-time outfielder with the Yankees, Ruth obliterated his own record by hitting 54 runs in 1920. In 1921, he had 59 home runs and broke Roger Connor's record for most career home runs (Connor had 138). He had only 35 home runs in 1922, but his $52,000 salary that season easily made him baseball's highest-paid player. The Yankees had a new home for the 1923 season: Yankee Stadium, which one sportswriter credited Ruth with building. Ruth hit 41 home runs, batted .393 and had a record .764 slugging percentage in the stadium's inaugural year. He led the league in home runs with 46 in 1924, but his numbers fell drastically the following year. An intestinal disorder (widely believed to be syphilis) limited Ruth to 98 games and 25 home runs.
Ruth reclaimed his status as the game's preeminent hitter the following season. From 1926-32 he averaged 49 home runs per season, batted in 151 runs and had a .353 batting average. He also led the Yankees to four pennants and three World Series championships in that period. 1927 was a banner year for Ruth. His salary increased to $70,000, and he hit a record 60 home runs. Ruth and Lou Gehrig, who had 47 home runs, became the first pair of teammates in major league history to each hit 30 home runs. Many baseball experts consider the 1927 Yankees - also known as "Murderer's Row" - the greatest team in history.
Yet even Ruth couldn't escape the impact of age. He became increasingly overweight and saw his offensive numbers suffer a steep decline in 1933 and 1934. After the 1934 season, Ruth was released by the Yankees and signed by the Boston Braves. The final three of his 714 career home runs came on May 25, 1935, in Pittsburgh. He only played one inning in his final game on May 30, 1935, before leaving with a knee injury. When he retired two days later, he was the career record holder in home runs, runs batted in, total bases, walks, strikeouts, on-base percentage and slugging percentage. In 1936, he was one of the five original inductees to the Baseball Hall of Fame.
As a player, Ruth was famous for his hard-partying ways and indifference to authority. That behavior came back to haunt him when he tried to become a major league manager. The closest he came was taking a position as a first base coach with the Brooklyn Dodgers in June 1938. He returned to Yankee Stadium to play in a charity game in August 1942. Two charity games in 1943, including one at Yankee Stadium, would be final organized games he ever participated in. Ruth died of throat cancer on Aug. 16, 1948, in New York City. His body lied in state at Yankee Stadium for two days and was seen by approximately 75,000 people.


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Tillinghast merges software
UK/GLOBAL - Tillinghast-Towers Perrin has joined forces with Australian-based Classic Solutions to provide financial modelling software.
Tillinghast will merge its actuarial software business with the software operations at Classic Solutions – forming a new company with Tillinghast as a majority shareholder.
Latest stories
Trustees 'need professional help' on communications, finds British Steel review
Trustees lack expertise, time and resources to develop effective communications on technical pensions issues and need professional help, a major review of the British Steel saga has concluded.
Have your say: Should trustees consult members before superfund buyout?
In this week's Pensions Buzz, we want to know if you think trustees should consult directly with members before agreeing to a DB superfund buyout.
Thousands of savers face a pension shortfall, warns Zurich
Thousands of savers taking tax-free lump sums ahead of retirement are at risk of a pensions shortfall in later life due to neglecting their remaining pot, Zurich has warned.
Pension master trusts: The list of providers
Professional Pensions is looking to update its list of pensions master trusts in the UK ahead of authorisation. Can you help?


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The Best Non-Alcoholic Red Wine Is Made from Beets
Trying to find good, complex non-alcoholic beverages is hard. A lot of them are either super sugary or just plain boring. There's a new trend in the New York restaurant scene, however, that actually sounds delicious. According to Mic, a concoction starring beet juice makes a fantastic faux-wine.
Mic interviewed Eamon Rockey, the General Manager behind Betony, and the creator of the above photo of faux Pinot Noir. For this non-alcoholic beverage, Rockey combines clarified beet juice and chilled oolong tea. As you can see in the photo, the faux wine looks just like the real thing. Rockey says he has seen success with the drink because "it's something [you] can really enjoy with [your] food and it's not overwhelming and doesn't compete with the flavors in a number of dishes."
Beet wine isn't something you can currently find in your grocery store, but I wouldn't be surprised if it becomes available in the near future.
Read More About Beet Wine on Mic: Meet Beet Wine, the Non-Alcoholic Red Alternative That Tastes Just Like the Real Thing


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Valerie Vargas grew up in Scotland, but has lived and worked in London for the last five years.
You can find her at Frith Street Tattoo in SoHo, where she's known for doing the prettiest
"lady heads" in the world. Valerie has only been seriously tattooing since 2007,
so she's proof that talent and hard work will never fail you
Wednesday, September 12, 2012
Tattoo Age - Valerie Vargas [Part 1]
Posted by Alexandre Mesquita at Wednesday, September 12, 2012
Labels: tattoo
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So I totally forgot to tell you guys about my photoshoot and how it went. So as you all know I was picked to be the face of my local shopping centre's fashion show weekend. 9 of us was selected from 100 of applicants to be the face of the billboards for the fashion show weekend. Before the shoot commenced we were taken to Debenhams for the girls and for the 3 remaining guys we were taken to The Body Shop to have our make up done. The girls had a full make-up session and the guys just had a serum put onto our faces to stop us from being shiny and a small amount of concealer to hide any blemishes. After the makeup was done we headed to Toni and Guy where we had our hair done. I was so happy when they said they were going to straighten my hair as it gives me a totally different look! Leaving Toni and Guy they handed us all a goody bag with products that were accustomed to what our hair type was and money off vouchers for the salon. We were all now ready to strut our stuff in front of the camera. We were given 2 outfits each to model. A casual look and a more formal look. My first look I adored (pictured below) They had to swap my jeans as they got my sizes wrong. They thought I had a 34-inch waist when in reality I have a 26-inch waist, so they stylist had to run to Topman to grab me a pair of skinny jeans. But other than that the clothes were amazing. My second outfit was really not to my taste at all. It was a head to toe look of Addidas. Something I most certainly wouldn't wear. But none the less I rocked it! After the photo shoot was done they treated us all to dinner at House of Fraser. On Friday the 9th, they unveiled our photo shoot snaps. I was unable to attend the show because I did a through the night shift. But my manager at work hauled my down there the day after to make sure I got my photo with myself, So excuse my work uniform!
Styling Edit Luke's Look
This week's edition of Luke's Look is focusing on new lines. Lots of new lines have come through on Limited and Indigo. Starting with the look from Indigo's collection Japanese Garden is this stunning and effortless Shirt Dress £39.50. With it's beautiful floral pattern and lightweight chiffon like material it's definitely a summer statement piece. A perfect outfit for a summer nights evening. M&S collection accessories were used to bring this look together apart from the Necklace which is Indigo £19.50. My favourite the Limited Floppy Hat £25, Limited Bag £29.50 and M&S collection high heal sandals £29.50. The second look Ellen is wearing is very grunge and laid back look. It's an everyday outfit that looks cool and effortless. Using Limited's City Preppy collection as the foundation of the look I used the Limited Sleeveless shirt £29,50 which is this seasons colour (Khaki) teamed up with the Limited's high waist skinny jeans £29.50. Layering over the top of this outfit I used M&S collection longline cardigan £35, Limited necklace £18 to add a shimmer of gold to bring the eye to the outfit, M&S collection loafer shoes £25 which are also new in and Limited Floppy Hat £25.
Styling Edit Luke's Look
This weeks fix of Luke's Look was to create inspiring outfits using Per Una. Equipped with my models of different age, I wanted to showcase that Per Una can be styled for any age and different occasions. Using Per Una garments as my foundation I then added M&S and Limited collection accessories and shoes to finish the looks off. Annie's first out just proves you don't have to "dress down" if you're a certain age. Rocking the Lilly Print Jumpsuit £45.00, a perfect summer outfit that oozes confidence and is a really fun alternative to the maxi dress. Teamed up with the bright orange M&S Cross Elastic Sandal £29.50 to give a pop of colour that compliments the floral pattern on the jumpsuit. To top the look off I added the new Limited collection Braid Trim Floppy Hat £25.00. Annie's second look is a very casual laid back look. Wearing the 3/4 Sleeve Floral Kimono Jacket £59.00 with a pair of Roma Rise Slim Leg £39.50 gives this look the effortless casual everyday look. Wearing the Floral Lace Crochet Back Top £29.50 for layering under but to also pick out the colour of the Kimono. To top the look off Annie wore the M&S collection Leather Ballerina Pumps £25.00 and even modeled an M&S collection umbrella £9.50.
Karen's first look I wanted to show that even though Per Una isn't aimed at Karen's age range that they can still rock the collection. The first look is a very formal wedding look, wearing the Double Layered Scallop Floral Lace Dress £55.00, which is perfect for those summer weddings or for that perfect Christmas party, if you don't mind being seen in the same dress twice! Karen also models the Bow Feather Fascinator £12.50, the Faux Leather Envelope Patent Clutch Bag £15.00 and Platform Court Shoes £25.00.Karen's second look is the perfect summer look. Wearing the Tile Print Playsuit £35.00 which is cute and flirty with a print the brings the outfit to life. Teaming this look up with the Per Una Leaf Tassel Necklace £19.50, Crossover Straps Wedge Sandals £35.00, M&S collection Contrast Band Hampton Hat £15.00, Straw Bucket Bag £12.50 and M&S collection sunglasses- £10 to make this outfit summer ready! I hope to inspire people to look at Per Una in a different light and by doing this post I hope I've managed just that
Styling Edit
This blog post isn't anything to do with my own fashion but how I go about fashion where I work, helping customers to be inspired and try something a little different. As people already know I work for Marks and Spencer's, I'm a customer assistant as well as a Visual Merchandiser. For those who are not familiar what a Visual Merchandiser is, I play the role of changing windows, mannequins and any decor in the store. Anything visual I and another member of the team take care of.
Knowing I have my own fashion blog my manager was keen for me to start writing a piece a week for the Facebook like website Yammer, where most of the M&S employees have signed up to. She asked me to choose a model and dress her in the new lines we had in store. So for this weeks piece I decided to pick a nautical theme and run with it.
The Limited Edition collection at Marks and Spencer's has always been my favourite. They capture the young modern woman while adding a little quirky twist. The first outfit I chose was a very clean and formal look. Starting with the stripe cross over crop top was the basis of the nautical theme. Teaming it up with the white culottes and white leather jacket. Finishing the look with a deep tan belt, deep tan loafers and brown sunglasses to give a polished summer look.
The second look I went for was more of a casual holiday look. A stripe dress again to give the foundation of my nautical look. Throwing over an over-sized denim jacket to give the look a more casual approach. Finishing the look with navy plimsolls and the brown sunglasses. Both looks take inspiration from the nautical theme but with a different twist. Head over to Marks and Spencer's website if you love any of the pieces!
Every Tuesday I shall be doing a post for M&S and I shall post it to my fashion blog and Facebook.
Favourite Outfits.
So It's been a while since I did a favourite outfits post and because I brought a new t-shirt yesterday and the sun was shining today, I thought I'd put an outfit together that I really love. I also thought I would showcase my brown hair seeing as people wanted to see it when I got it done. I thought the grey was getting a little too much upkeep and so I thought just going a nice subtle colour close to my natural would look good.
While in Zara the other day I noticed that they had a lot of new prints which were bold and colourful. The t-shirt I'm wearing in my photo at the moment is my most colourful item of clothing. which for me makes me sad. As I'm a colourful person I really need to re-invent my wardrobe and inject so much more colour into it. The t-shirts from Zara are very reasonably priced at £19.99 and very good quality. My trousers are women's trousers/joggers from my work. Marks and Spencer's. They're from the Limited section and are the most comfiest trousers I own. I got them in size 10 thinking they'd fit but they are just a tad big and would have got away with an 8, so I have to keep pulling them up every 5 minutes. The trousers were a good buy as they were £10 in the sale but with my 20% discount I got them even cheaper, I do love a bargain. My sandals are something I wanted last year but silly me left it till the last-minute and didn't get them. However this year I saw them on Topman and had to buy them. They come in Tan or Black. Black just goes with everything so I stuck with black. They're so comfortable and the first time I've ever worn sandals since I was little. I definitely want to buy the tan coloured ones to create new summer outfits with other colours that will go with Tan. The sandals are £60 from Topman but I got them cheaper with a gift card I had from christmas however I do know Zara have some sandals which are very similar!
Perfect Purchases.
I might have gone a little wild with the amount of clothes I have purchased this month due to going on holiday and also my birthday yesterday (March 19th), I wanted to make sure I had some options with my outfits for when I go to Disneyland and Paris for the day.
So let's start with the top left hand corner, we have some sunglasses which were a bargain off eBay at £3.99. I have some very similar with tortoiseshell on the frames. I wanted a simple black pair to just go with any outfit.
Moving down we have some peg leg joggers from the women's section of Marks and Spencers, Limited section. They're super comfy and they were such a bargain at £12.00 then I got my 20% discount on top taking them down to something like £9.60 which was amazing. Originally £35 I just had to have them. They are something to lounge in and if I'm not having a very fashionable day then these will definitely by my go to trousers.
This next one is another bargain. From eBay for just £27.81. This seasons Zara perforated/hole leather jacket. I wanted this from Zara when it first came out and when I saw it on eBay I had to let the bidding war commence. It's such a versatile jacket as it's formal looking yet you can dress it up or down. It's a lightweight jacket also, so it will be perfect for those summer nights that are on the horizon.
This t-shirt has to be my all time favourite of all time. Also from eBay for just £3,00. I just love the slogan "More issues than Vogue" It's so funny and eye-catching. It's perfect to just throw on under a blazer or jacket to give your look an edgy yet sharp look with a bit of humour added to it. I have a Polaroid of me wearing this t-shirt on my birthday evening out with my best friends.
Zara stole my heart on this next purchase. A floral bomber jacket, and can I say a floral bomber jacket done properly. Most of the time they're not very nice floral, but Zara got it and the colouring on this jacket is beautiful. I've wanted for so long and with my Zara gift card I got for my birthday I went and brought it. £39.99 it was but I paid £19.99 due to my gift card. Total bargain!
Mickey mouse are obviously needed as my trip to Disneyland is in 3 days. I've already told my friends that I shall be wearing them everyday with my outfits!
I needed a striped jumper for my "Paris look" for when I go to Paris for the day. I thought my roll neck would work but after wearing the outfit I planned to go to Paris with I didn't like how the blue clashed with the dark camel colour of my trench coat. I saw this jumper on eBay starting bid for 0.99p so I thought I might aswell get it. Originally Topman and £40, I bided and I got another bargain at just £3.00.
Another pair of sunglasses and these are amazing! They have "Cross my heart, hope to die, stick a needle in my eye" around the frames. They're super oversized which I love with any sunglasses, and they're just another fun way to add something different to your outfit. Purchased from Choies, which are a very cheap yet super amazing products seller online!
Zara again with this beautiful floral t-shirt. This t-shirt is very similar to the floral bomber I purchased at Zara. It has the floral pattern along the sides and then meets in the middle. £19.99 for this beauty which I think is very reasonable for a printed t-shirt of this quality.
These sandals from Topman have to be one of my favourite buys. Originally priced at £69.00 I purchased them for just £30. Due to having a Topman gift card that hadn't been used since christmas as well as a 20% off code I found online. I wanted some similar sandals last year which came out around the same time. They're super comfortable and I can't wait to get my summer on and wear them!