Richard Lashley Shareholder Activists Perspective on Bank Stocks

7/22/2019 Richard Lashley Shareholder Activists Perspective on Bank Stocks

1/39

9td looula]priokvlaue iovestiok mfokress

Lpria =, 08


2/39

L ]dlredfajer Lmtivists Xerspemtive fo @log ]tfmgs

Lpria =, 08


3/39

Jismalibers

0

Iocfrbltifo io tdis jfmubeot is prfvijej `y Pimdlrj Alsdaey, XA Mlpitla, AAM loj tdeir lcciailtes.It bly oft è `lsej fo sfurmes mfosijerej tf è reailàe. Io of mlse is loy iocfrbltifo mfotlioejdereio wlrrlotej fr ibpaiej tf è lo lmmurlte represeotltifo fc clmts fr ftderwise kulrloteej tfè mfrremt fr mfbpaete.

Zdis blterila is oft lo fccer tf seaa fr l sfaimitltifo tf ùy loy semurities jismussej dereio fr loyioterest io tde Ciolomila Ejke Cuoj, A.X. fr loy ftder AX fr Cuoj blolkej fr ljvisej `y XA

Mlpitla (tde Cuojs).


4/39

XA Mlpitlas Iovestbeot Oimde

=

Fver tde Xlst


5/39

XA Mlpitlas

Pimdlrj Alsdaey loj Nfdo Xlaber

Dlve Uoique Experieome & ]giaa ]ets:

Fver tde Xlst


6/39

Ciolomila Ejke Cuoj, AX

Mfosisteotay Plogej Lbfok tde @est Xercfrbiok

Ciolomila ]emtfr Dejke Cuojs5

Plogej lbfok tde @est Xercfrbiok Dejke Cuojs io tde Ciolomila ]ervimes ]emtfr>

(Yelr 08


7/39


8/39

Zde Xfst-Ciolomila Mrisis Xerifj [iaa `e Foe fc tde = @est Zibes

tf Iovest io @log ]tfmgs

;

JF[OZUPO

]&A Mrisis


9/39

Zde @logiok Iojustry is io Bumd @etter ]dlpe Zdlo Mfbbfoay @eaievej

IZ [L] [FP]E io tde PZM Xerifj fc tde Elray CJIM (www.cjim.kfv) loj ]OA Ciolomila, AM


10/39

Iojustry Cuojlbeotlas

Lre Labfst @lmg tf Xre-Mrisis Aeveas

9

@logiok

Iojustry

Lkkreklte

Pesuats

08


11/39

Jespite tde Pe`fuoj ]iome 0889

]blaa/Bij-Mlp @log loj Zdrict ]tfmg

Slaultifos Lre ]tiaa Distfrimlaay Lttrlmtive ]OA Ciolomila AM(


12/39

@log ]tfmg Slaultifo Murve

]blaa Mlps loj Alrke Mlps Bfst Lttrlmtiveay Slauej

]OA Ciolomila AM, ls fc 8


13/39

8

0,888

:,888

3,888

4,888


14/39

8%

58%


15/39

[dy @log B&L [iaa Dlppeo


16/39


17/39

L ]ibpae `ut Eaeklot [ly tf Estiblte l @logs B&L Slaue

(tde Mfst ]lves Jrive B&L Slaue Eveo cfr @logs

tdlt Afse Bfoey fr Blge Afw Peturos)


18/39

Alrke Mfst ]lves Jrive Lttrlmtive Berker Xrebiubs

Ls ]dfwo `y XA Mlpitla Fwoej Xfsitifos

Lmquirej io Berkers ]iome 08


19/39

@logiok ]emtfr Lmtivisb is Pf`ust

Jespite Foay l Dlojcua fc Lmtivists ]umd ls XA Mlpitla

Zdis Lasf Lmmeaerltes B&L N.X. BfrklosEye fo tde Blrgetpu`aisdej Ce`rulry


20/39

Alrke Mlp @log ]tfmg Iovestbeot Ijel>ZLPX [lrrlots


21/39

ZLPX [lrrlots lre lo Lttrlmtive [ly

tf Iovest io ]fbe fc tde Alrker @logs

Zde 0884 ZLPX precerrej issulomes iomaujej wlrrlots

Zde Zrelsury dls lumtifoej fcc severla `log wlrrlots wdimd lre ofw pu`aimay trljej(e.k. Mlpitla Foe, @log fc Lberiml, XOM, Mitikrfup, ^ifos, Mfberiml, et. la.)

Bfst fc tdese wlrrlots expire lt tde eoj fc 08


22/39

[e Xrecer tde ZLPX [lrrlots fc tde @logs Oftej

Olbe Zimger Bgt. Mlp (`ias) Pemeot Xrime Xrime/Z@S % Xrime/08


23/39

Zde NX Bfrklo (NXB) ZLPX [lrrlots (NXB.[])

Lre Lttrlmtive

00

Zde murreot tibe prebiub io tde wlrrlot is foay $0.58, wdimd is extrebeay afw cfr l : yelr wlrrlot mfosijeriok tdlt NXBstloki`ae `ffg vlaue per sdlre is prfnemtej tf krfw $0:.88 (oet fc jivijeojs) `y Fmtf`er 08


24/39

NXB Zlrp [lrrlot IPP ]eositivity Bltrix

(usiok l rloke fc EX] krfwtd rltes loj terbiola 08 Usiok XE rltifos tf prfnemt tde stfmg prime io 08


25/39

Zde Mlpitla Foe (MFC) ZLPX [lrrlots (MFC.[])

Lre Lttrlmtive

0:

Zde murreot tibe prebiub io tde wlrrlot is foay $8.58, wdimd is extrebeay afw cfr l : yelr wlrrlot mfosijeriok tdlt MFCstloki`ae `ffg vlaue per sdlre is prfnemtej tf krfw $=8.88 (oet fc jivijeojs) `y Ofveb`er 08


26/39

MFC Zlrp [lrrlot IPP ]eositivity Bltrix



27/39

Zde XOM Ciolomila (XOM) ZLPX [lrrlots (XOM.[])

Lre Lttrlmtive

03

Zde murreot tibe prebiub io tde wlrrlot is foay $:.88, wdimd is extrebeay afw cfr l : yelr wlrrlot mfosijeriok tdlt XOMstloki`ae `ffg vlaue per sdlre is prfnemtej tf krfw $=


28/39

XOM Zlrp [lrrlot IPP ]eositivity Bltrix



29/39

]blaa-mlp @log ]tfmg Iovestbeot Ijels>

04


30/39

Betrf @lomfrp (BEZP)Iovestbeot Slaue Xrfpfsitifo ]ubblry

Zdis cfrber lcciailte fc Mfbberme @log dls l vlaulàe jepfsit

crlomdise io Meotrla XL

BEZP uses tde Mfbberme @log retlia `logiok bfjea (fpeo ;

jlys l weeg7 alte dfurs7 cfmus fo mdemgiok lmmfuots7 dikd tfumd

loj dikd mfst)

Afw ioterest rltes dlve durt EX] èmluse tdey lre kelrej cfrdikder ioterest rltes

Ouberfus ftder `logs wlot tf ùy BEZP, ùt dlve èeo

reùccej `y BEZP7 BEZP is iostelj pursuiok oew `rlomdes io

tde Xdiaay suùr`s

BEZPs ;8 yelr-faj MEF fwos =88,888 sdlres

XA Mlpitla èaieves tde ùrjeo fc prffc is fo BEZP tf prfve tdltkrfwiok rltder tdlo seaaiok ofw wfuaj prfjume bfre sdlredfajer

vlaue

Est. Murreot B&L Slaue> $0;-$=8 (+ =0% tf +:;%) fr krelter

09

Gey ClmtsBetrf @lomfrp, Iom.

(BEZP)

Zftla Lssets $0.4 @iaaifo

AfmltifoDlrrisùrk, XL

(Meotrla XL)

Mfbbfo ]dlres

Futstlojiok


31/39

Betrf @lomfrp (BEZP)Meotrla XL Cfftpriot explojiok iotf

]u`ur`lo Xdiaay

=8

]furme> ]OA Ciolomila, AM


32/39

Betrf Alks its Xeers io Xrfcitlìaity

=

Dfrizfo @lomfrp (D@OM)

Xfteotila P0888 Jeaete [frtd Fwoiok [detder Zdey Ket Jeaetej fr Oft

Slaulàe, dikd percfrbiok `log io Iojilol loj Bimdiklo

Mfosisteotay rlogej ls foe fc tde tfp percfrbiok mfbbuoity `logs io tde U]

Foe fc foay 3 Olsjlq fr exmdloke aistej `logs ètweeo $


36/39

Crfb l Pemeot Dfrizfo (D@OM) Xreseotltifo

=5


37/39

Dfrizfo (D@OM) is tde

Afwest Slauej Dikd Xercfrbiok $


38/39

]blaa-mlp @log ]tfmg Iovestbeot Ijel>

Iotervest @lomsdlres (I@ML)

Xfteotila P0888 Jeaete [frtd Fwoiok [detder Zdey Ket Jeaetej fr Oft

[dfaeslae jepfsit kltderer loj MPE aeojer witd `rlomdes io OY loj CA (aeojs io ouberfus stltes)

Foe fc foay 3 Olsjlq fr exmdloke aistej `logs tdlt trlje `eafw


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XA Mlpitla Krfup

Richard Lashley Shareholder Activists Perspective on Bank Stocks

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