Equity research - Hapag-Lloyd, AG

Mestrado Bolonha em FinançasEste documento foi escrito de acordo com o formato de relatório recomendado pelo Instituto CFA, contendo informação pública e está dividido nas seguintes secções: Descrição do Negócio, Análise Ambiental, Social e Governança, Visão Geral da Indústria e Posicionamento Competitivo, Resumo do Investimento, Avaliação, Análise Financeira, Riscos de Investimento incluindo um Apêndice. A Hapag-Lloyd pertence à indústria de transporte marítimo de contentores que é o sangue vital da economia global. Sem o transporte marítimo, o comércio internacional não seria possível. A companhia é considerada a 5ª maior empresa de transporte marítimo de contentores em termos de capacidade, com 1.8m TEU (milhões de vinte-pés equivalentes) e um valor de mercado de € 35,398m, operando em todo o mundo em mais de 600 portos e com escritórios em 131 países. Dentro da cadeia de suprimentos, a empresa presta serviços de transporte de contentores desde a origem até o destino utilizando navios marítimos. A Hapag-Lloyd tem uma recomendação de investimento "NEUTRA", com um PA (Preço Alvo) de €222.69/ação no final de 2022 estimada usando o método DCF, correspondendo uma variação potencial de 9.5% em relação ao preço de fechamento de €203.4 em 5 de agosto de 2021, mas com risco médio. A razão dessa recomendação deve-se principalmente ao ambiente de mercado desafiador, com a pandemia COVID-19 e diversas interrupções econômicas na cadeia de suprimentos. Em relação às tendências atuais do setor, a tecnologia está ganhando cada vez mais espaço, especialmente com o surto da pandemia, e as empresas de transporte de contentores estão mais focadas em modernizar sua frota e reduzir sua pegada de carbono. Espera-se que a Hapag-Lloyd continue a ter um desempenho sólido e continue a crescer, ainda que lentamente, o que significa que continuará a ser capaz de distribuir pelo menos 30% de seus lucros aos seus acionistas.This document was written in accordance with the report format recommended by the CFA Institute, based on public information and is divided into the following sections: Business Description, Environmental, Social and Governance Analysis, Industry Overview and Competitive Positioning, Investment Summary, Valuation, Financial Analysis, Investment Risks including an Appendix. Hapag-Lloyd belongs to the container liner shipping industry which is the life blood of the global economy. Without liner shipping, international trade would not be possible. The company is considered the 5th largest container liner shipping company in terms of capacity, with 1.8m TEU (millions twenty-foot equivalent) and a market value of €35,398m, and operates worldwide in more than 600 ports and with offices in 131 countries. Within the supply chain, the company provides shipping services of carriage of containers from the origin to the destination using ocean vessels. Hapag-Lloyd has a "HOLD" investment recommendation, with a PT (Price Target) of €222.69/share at the end of 2022 estimated using the DCF method, corresponding a potential 9.5% change from the closing price of €203.40 on August 5, 2021, but with medium risk. The reason for this recommendation is mainly due to the challenging market environment, with the COVID-19 pandemic and several economic disruptions in the supply chain. Regarding current trends in the industry, technology is gaining more and more space, especially with the outbreak of the pandemic, and container shipping companies are more focused in modernizing their fleet and reducing their carbon footprint. Hapag-Lloyd is expected to continue to perform solidly and will continue to grow, albeit slowly, meaning it will continue to be able to distribute at least 30% of its profits to its shareholders.info:eu-repo/semantics/publishedVersio

Charles G. Calder House Rehabilitation Plan

Upon completion and proper drying time of new plaster, sand all walls to an even smooth surface and apply base coat followed by Linen White paint by Benjamin Moore (flat) on all wall surfaces. Ceilings are all to be painted a flat Ceiling White by Benjamin Moore. Woodwork that has been painted in the past (not stained) is all to receive semi-gloss Bright White paint by Benjamin Moore. No less than two coats throughout on all painted surfaces

Le risque opérationnel dans le système bancaire conventionnel et participatif au Maroc : une étude empirique

Le développement économique va de pair avec la disponibilité des financements et à l’image de ce qui se passe à travers le monde, les financements proviennent majoritairement du système bancaire. Au Maroc, les demandes de lignes de crédits aux particuliers comme aux entreprises, évoluent d’un jour à l’autre. Sauf que, dans le processus d’octroi de crédit, plusieurs risques peuvent se présenter et constituer un élément qui impacte négativement le fonctionnement et le rendement de ces institutions de crédits. D’une variété de risques, le risque opérationnel émerge dans l’ensemble des opérations bancaires. Ce papier a pour objectif de traiter le risque opérationnel lié aux opérations d’octroi de crédit dans les institutions bancaires conventionnelles et participatives nouvellement implantées au Maroc. &nbsp

A questão das aldeias comunais em Moçambique : a integração das famílias camponesas na Aldeia Comunal de Ximbongweni em Guijá, Província de Gaza (1977-1990)

A presente tese objetiva analisar o processo de integração das famílias camponesas na Aldeia Comunal de Ximbongweni, 1977-1990. A aldeia de Ximbongweni faz parte de sete (7) aldeias comunais formadas na região agrária do vale do Limpopo, concretamente no Distrito do Guijá, imediatamente após os seguintes eventos: a) político – III Congresso da Frelimo – e b) natural – cheias no vale –, ocorridos, em fevereiro de 1977. Para tanto, partimos da constatação de que, as cheias foram o pretexto político para a formação da aldeia de Ximbongweni, em seguimento da socialização do campo, baseada no “roteiro da libertação”. Defendemos a hipótese segundo a qual, o processo da integração foi complexo, não somente devido ao legado das cheias e nem ao desconhecimento da essência do programa da aldeia, porém, pelo “despreparo” das estruturas políticas em Guijá que, quer seus argumentos às inquietações socioculturais das famílias, como sobre os desdobramentos do programa, foram dúbios. Para a realização deste objetivo; avaliação da viabilidade do problema de pesquisa e sanção/negação da hipótese, tomamos o campesinato, como sujeito e não mero objeto. Por conseguinte, metodologicamente baseamo-nos na História oral, que proporcionou-nos as ferramentas teóricas para a realização da pesquisa de campo, que decorreu no Posto Administrativo de Chivonguene, “antiga” Aldeia Comunal de Ximbongweni. A partir do cruzamento das fontes orais com bibliográficas e documentais, problematizamos as seguintes temáticas: (i) região de Ximbongweni, Ca. 1820-1975; (ii) gênese da aldeia comunal; (iii) povoamento da aldeia; (iv) cotidiano das famílias aldeadas e (v) colapso da aldeia. Ao que, concluímos: o campesinato baseando-se em “profecias” tradicionais duvidara completamente, da “utopia” do desenvolvimento centrado na aldeia, por isso resistiu em aldear-se. Enquanto o Estado recorria a todas suas formas de violência, o campesinato apelava para todas suas formas de resistência, desde o enfretamento – “a revolta de Ximbongweni” –, à “resistência cotidiana” – cujos exemplos captamos em várias práticas tradicionais reproduzidas no pós-integração, sob olhar impávido da Direção da aldeia. As nuances da “profecia” e “utopia”, possibilitaram-nos mobilizar o conceito de “afrotopia” por defender ser possível, quanto necessário, a formação de comunidades/sociedades baseada em diálogos e cedências entre distintas ou divergentes ordens do saberes “tradicionais” e conhecimentos “modernos”.This thesis intends to analyse the process of integration of peasant families in the Communal Village of Ximbongweni between 1977 and 1990. The village of Ximbongweni is part of seven (7) communal villages formed in the agrarian region of the Limpopo valley, specifically in the District of Guijá, immediately after the following events: a) political – III Congress of Frelimo – and b) natural – floods in the valley –, taken place in February 1977. Furthermore, we notice the floods were the political pretext for the formation of the village of Ximbongweni, subsequently socialization of the countryside, based on the “route of liberation”. We defend the hypothesis according to which the integration process was complex, neither only due to the legacy of the floods nor to the unknowing the essence of the village program, but due to the “unpreparedness” of the politic structures in Guijá, which either their arguments to address sociocultural concerns of the families, or the development of the program, were dubious. For achievement this goal; evaluation of the feasibility of the research problem and sanction/rejection of the hypothesis, we take the peasantry as a subject and not a mere object. Furthermore, methodologically, we based on oral history, which provided us the theoretical tools to carry out the field research, which took place at the Administrative Post of Chivonguene, the “former” Communal Village of Ximbongweni. From the crossing of oral sources with literature and documents, we discussed the following themes: (i) region of Ximbongweni, ca. 1820-1975; (ii) genesis of the communal village; (iii) settlement of the village; (iv) daily life of the village families and (v) collapse of the village. Then we concluded: the peasantry, basing itself on traditional “prophecies” had completely doubted the “utopia” of village-centered development, therefore resisted settling. While the state resorted to all its forms of violence, the peasantry appealed to all its forms of resistance, from confrontation – “the revolt of Ximbongweni” – to “everyday resistance” – whose examples we captured in various traditional practices reproduced in the post-integration, under the undaunted eye of the village management. The nuances of "prophecy" and "utopia" enabled us to mobilize the concept of "aphrotopia" by defending that it is possible, as necessary, to form communities/society based on dialogues and concessions between distinct or divergent orders of "traditional" knowledge and “modern” knowledge

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OBJECTIVES: Movement in the magnetic fields around MRI systems showed acute negative effects on concentration, memory, visuo-spatial orientation and postural body sway. A crucial role of the vestibular system has been hypothesised. We aimed to gain more insight whether subjects with a relatively (un)sensitive vestibular system performed differently on cognitive tasks when (moving) in a the static magnetic field of an MRI scanner.\n\nMETHOD: In a double blind randomised cross over experiment 36 healthy volunteers underwent several cognitive tasks in 4 experimental sessions. Two were exposure conditions near a 7 Tesla (T) MRI system with personal exposure of 1.0 T. In one of these conditions additional time-varying magnetic fields of 2.4 T/s were induced by making standardised head movements. Of the two sham conditions (0 T) one was with and the other without such head movements. Vestibular sensitivity of each subject was assessed by the rotary chair test, the caloric reflex test and self-reported sensitivity to motion sickness.\n\nRESULTS: Linear mixed models are currently in progress to test cognitive performance in a magnetic field for subjects with a low, normal and high sensitive vestibular organ. Preliminary results seem to suggest some differential cognitive effects of magnetic field exposure according to relative vestibular sensitivity. Further results will be presented at the conference.\n\nCONCLUSIONS: These findings are important to better understand a possible working mechanism evoking these cognitive effects. Moreover, these finding can form a basis for the design of relevant protective and precautionary control measures for employees working close to an MRI system

Le risque opérationnel dans le système bancaire conventionnel et participatif au Maroc : une étude empirique

Le développement économique va de pair avec la disponibilité des financements et à l’image de ce qui se passe à travers le monde, les financements proviennent majoritairement du système bancaire. Au Maroc, les demandes de lignes de crédits aux particuliers comme aux entreprises, évoluent d’un jour à l’autre. Sauf que, dans le processus d’octroi de crédit, plusieurs risques peuvent se présenter et constituer un élément qui impacte négativement le fonctionnement et le rendement de ces institutions de crédits. D’une variété de risques, le risque opérationnel émerge dans l’ensemble des opérations bancaires. Ce papier a pour objectif de traiter le risque opérationnel lié aux opérations d’octroi de crédit dans les institutions bancaires conventionnelles et participatives nouvellement implantées au Maroc

The acceptability of iterative reconstruction algorithms in head CT: An assessment of sinogram affirmed iterative reconstruction (SAFIRE) vs. filtered back projection (FBP) using phantoms

Computed tomography (CT) is the primary imaging investigation for many neurologic conditions with a proportion of patients incurring cumulative doses. Iterative reconstruction (IR) allows dose optimization, but head CT presents unique image quality complexities and may lead to strong reader preferences. OBJECTIVES: This study evaluates the relationships between image quality metrics, image texture, and applied radiation dose within the context of IR head CT protocol optimization in the simulated patient setting. A secondary objective was to determine the influence of optimized protocols on diagnostic confidence using a custom phantom. METHODS AND SETTING: A three-phase phantom study was performed to characterize reconstruction methods at the local reference standard and a range of exposures. CT numbers and pixel noise were quantified supplemented by noise uniformity, noise power spectrum, contrast-to-noise ratio (CNR), high- and low-contrast resolution. Reviewers scored optimized protocol images based on established reporting criteria. RESULTS: Increasing strengths of IR resulted in lower pixel noise, lower noise variance, and increased CNR. At the reference standard, the image noise was reduced by 1.5 standard deviation and CNR increased by 2.0. Image quality was maintained at </=24% relative dose reduction. With the exception of image sharpness, there were no significant differences between grading for IR and filtered back projection reconstructions. CONCLUSIONS: IR has the potential to influence pixel noise, CNR, and noise variance (image texture); however, systematically optimized IR protocols can maintain the image quality of filtered back projection. This work has guided local application and acceptance of lower dose head CT protocols.N/

Les déterminants de la performance des hôpitaux : Une Revue de littérature

Hospital performance is a multidisciplinary and polysemous concept. The interest shown by scientific researchers in the subject of performance continues to grow from year to year. Moreover, a multitude of internal and external factors influence hospital performance. The aim of this study is therefore to identify and summarise, by means of a review of the scientific literature, the various determinants and factors that have an impact on hospital performance. The study was carried out by means of a systematic literature review aimed at gathering, summarising and analysing relevant studies on the concept of hospital performance and its determinants. This review is based on scientific articles cited and selected from internationally recognised journals related to the science of medicine. Selected articles include those that have used ratio methods, data envelopment analysis, stochastic frontier models and econometric models such as Tobit regression, to assess the determinants of hospital efficiency.&nbsp; Hospital performance is influenced by a panoply of determinants and factors that can be subdivided into two broad categories: internal determinants, which are distinguished in particular by the following factors (status, size, specialisation or polyvalence hospital, university or non-university hospital, etc.), and external determinants, which are distinguished in particular by the following factors (status, size, specialisation or polyvalence hospital, university or non-university hospital, etc.). The results show that no single factor is effective in remedying hospital inefficiencies in isolation from others. Thus, the determinants of hospital performance are diverse and interconnected, and cannot be treated separately. Hospital performance should be approached in a multi-disciplinary way, covering several dimensions and factors, in order to gain a comprehensive view and assess the level of influence on hospital efficiency and performance. &nbsp; Key words: Hospital Performance, Efficiency, Determinants of hospital performance. JEL Classification&nbsp;: H51 Paper type: Theoretical Research.La performance hospitalière est un concept multidisciplinaire et polysémique. L’engouement des chercheurs scientifiques sur la thématique de la performance ne cesse d’augmenter d’une année après l’autre. D’ailleurs des multitudes de déterminants internes et externes influent sur la performance à l’hôpital. De ce fait l’objectif de ce travail est d’identifier et synthétiser par le biais d’une revue de littérature scientifique les différents déterminants et facteurs qui impactent la performance hospitalière. &nbsp;Ainsi l’étude est réalisée grâce à une revue de littérature systématique qui vise à rassembler, synthétiser et analyser les études pertinentes sur le concept de la performance hospitalière et ses déterminants. Cette revue est issue des articles scientifiques cités et sélectionnés dans des revues reconnues à l’échelle internationale et en rapport avec la science de la médecine. Les articles sélectionnés comprennent ceux qui ont utilisé la méthode des ratios, l’analyse par enveloppement des données, les modèles de frontière stochastique et les modèles économétriques tels que la régression Tobit, afin d’évaluer les déterminants de l'efficacité à l’hôpital.&nbsp; La performance hospitalière est influencée par une panoplie de déterminants et facteurs qui se subdivisent entre deux grandes catégories&nbsp;: les déterminants internes qui se distinguent&nbsp; notamment par les facteurs suivants&nbsp;; (Statut, Taille,&nbsp; hôpital de spécialisation ou de polyvalence, Hôpital universitaire ou non-universitaire et d'autres facteurs tels que la composition des cas et le ratio patient hospitalisé /patients de jour)&nbsp; et les déterminants externes et hors hôpital&nbsp; qui comprennent essentiellement&nbsp;: (l'emplacement géographique, la concurrence et les systèmes de remboursement). Les résultats montrent qu'aucun facteur n'est efficace pour remédier aux inefficacités des hôpitaux isolement des autres. Ainsi les déterminants de la performance à l’hôpital sont divers et interconnectés les uns avec les autres, et qui ne peuvent être traité séparément. La performance hospitalière devrait être abordée dans une approche multidisciplinaire qui couvre plusieurs dimensions et facteurs afin d’avoir une vision exhaustive et évaluer le niveau d’influence sur l’efficacité et la performance hospitalière.&nbsp; &nbsp; Mots clés&nbsp;: Performance Hospitalière, Efficacité, Déterminants de la performance hospitalière. Classification JEL&nbsp;: H51 Type d’article&nbsp;: article théorique. &nbsp

Improved VSF Algorithm for Smooth Surface Reconstruction from Sparse Medical Data

This paper presents a Modified Variational Splines Fitting (MVSF) algorithm for surface reconstruction using thin plate splines on scattered patches or points of originally smooth surfaces. In particular, a more accurate derivation of the discrete equations for the energy corresponding to the thin plate model is introduced. The results obtained on simulated data show that the proposed algorithm converges faster than the original VSF algorithm. Additionally, we discuss an approach for choosing the algorithm’s parameters using a cross validation technique. Results obtained with the modified algorithm are compared to those using a Frequency Fourier-based 3D Harmonic modelling (3DHM) algorithm and show that the proposed algorithm gives an improved performance under the small sample size condition. The developed model has been successfully applied for real biomedical data; in particular for the reconstruction of left ventricle of human heart

Homogénéisation et prise en compte des effets de bords : Application à la thermique.

Ce travail concerne la modélisation multi-échelle de la conduction dans les matériaux composites à microstructure périodique. La méthode des développements asymptotiques est utilisée pour déterminer la conductivité homogénéisée et formuler les problèmes de couche limite pour corriger la solution au voisinage des bords, sur la base des travaux d'H. Dumontet en élasticité. Des exemples numériques avec la méthode des éléments finis seront présentés