document_description: The document is a company summary of The Blackstone Group (BX), detailing its operations in private capital management and financial advisory services. It highlights BX's segments, investment style, and growth potential, particularly in private equity, real estate, and credit. The document also discusses BX's strategic acquisition of a credit fund manager in 2008 and its growth in assets under management. The analysis supports a 'Buy' thesis for BX, positioning it as a top pick in its sector.

title: Alternative Asset Manager Initiation

key_people:
Steve Schwarzman
Pete Peterson

key_organizations:
The Blackstone Group
Deutsche Bank Securities Inc.


source: doj

document_description: The document contains a detailed income statement forecast for BX Credit Segment, including revenue, management and advisory fees, performance fees, investment income, and expenses from 2012 to 2016. It provides a breakdown of various financial metrics and projections for each year.

title: BX Credit Segment Income Statement Forecasts

document_type: tabular


document_description: The document contains a detailed income statement forecast for the BX Advisory Segment, covering the years 2012 to 2016. It includes revenue, expenses, and economic income projections, with specific focus on management and advisory fees, performance fees, investment income, and compensation expenses.

title: BX Advisory Segment Income Statement Forecasts


document_description: Initiating coverage of The Carlyle Group with a Buy rating and $43 price target. Positive catalysts include distributable earnings growth, lower risk profile, and strong fundraising. Risks include economic slowdown and market corrections.

title: Alternative Asset Manager Initiation

document_type: financial

key_locations:
North America
United States

key_organizations:
The Carlyle Group
Deutsche Bank


document_description: The document is a company summary of The Carlyle Group (CG), a global alternative asset management firm. It outlines the company's operations through four segments: Corporate Private Equity, Global Market Strategies, Real Assets, and Solutions. The document discusses CG's investment strategy, its conservative business approach, and its expected long-term financial performance. It also compares CG to its peers, highlighting its diversification and conservative posture.

title: Alternative Asset Manager Initiation

key_people:
Dan D'Aniello
William Conway
David Rubinstein

document_type: correspondence

key_organizations:
The Carlyle Group
Deutsche Bank Securities Inc.


document_description: The document contains key operating metrics and financial forecasts for an alternative asset manager, including income statements, balance sheets, and key fundamental drivers. It provides detailed financial data from 2012 to 2016, including metrics such as effective tax rate, book value per unit, distribution per unit, economic net income, EBITDA, assets under management, and more.

title: Alternative Asset Manager Initiation


document_description: This document contains a detailed income statement forecast for CG Corporate Private Equity, including segment revenue, fund management fees, performance fees, investment income, and expenses for the years 2012 to 2016. The data is sourced from company reports and Deutsche Bank.

title: CG Corporate Private Equity Segment Income Statement Forecasts


document_description: The document is a financial analysis report on KKR & Co., initiated with a Hold rating and a $25 price target. It discusses KKR's valuation, earnings outlook, and risks, highlighting the company's balance sheet strategy and distributable earnings profile. The report forecasts steady DE per unit and evaluates KKR's market performance and risks.

title: Alternative Asset Manager Initiation

key_organizations:
KKR & Co.
Deutsche Bank Securities Inc.


document_description: The document is an investment thesis and outlook for KKR, a leading alternative asset management company. It discusses the firm's market position, valuation, and potential risks and returns over the next 12 months. The document highlights KKR's strong investment performance and fund-raising capabilities but notes potential challenges due to market volatility and the firm's balance sheet strategy. It provides a valuation based on distributable earnings and outlines both downside and upside risks.

title: Alternative Asset Manager Initiation

key_organizations:
KKR
Deutsche Bank Securities Inc.


document_description: The document is a company summary of KKR & Co., a global alternative asset management firm. It discusses KKR's business segments, investment strategies, and risk profile. The document also provides an analysis of KKR's valuation and market position, concluding with a Hold rating due to its higher risk profile and recent market conditions.

title: Alternative Asset Manager Initiation

key_people:
Henry Kravis
George Roberts
Jerome Kohlberg

document_type: other


document_description: The document contains a detailed income statement forecast for KKR's public markets segment, covering fee revenue, investment income, expenses, and economic net income from 2012 to 2016. It includes actual and estimated figures for various financial metrics.

title: KKR Public Markets Segment Income Statement Forecasts

key_organizations:
KKR
Deutsche Bank


document_description: The document contains a detailed income statement forecast for KKR Capital Markets, including fee revenue, investment income, total revenue, expenses, and economic net income projections for the years 2012 to 2016. The data is sourced from company reports and Deutsche Bank.

title: KKR Capital Markets Segment Income Statement Forecasts

key_organizations:
KKR Capital Markets
Deutsche Bank


document_description: Oaktree Capital Group (OAK) is a global investment management firm focused on alternative markets, managing funds in credit-oriented investment strategies. Founded in 1995 by Howard Marks and Bruce Karsh, OAK is known for its credit investment expertise. The firm is seen as a traditional asset manager with an alternative focus, participating in complex capital structures. OAK's financial profile is characterized by a mix of recurring revenue and performance fees, with a conservative value-oriented strategy. Growth opportunities include launching tangential products and benefiting from reduced credit supply from banks, especially in Europe.

title: Alternative Asset Manager Initiation

key_people:
Howard Marks
Bruce Karsh

key_organizations:
Oaktree Capital Group
Deutsche Bank Securities Inc.


document_description: The document contains key operating metrics and financial forecasts for an alternative asset manager, including income statements, balance sheets, and key fundamental drivers. It provides detailed financial data for the years 2012 to 2016, with specific metrics such as effective tax rate, book value per unit, distribution per unit, economic net income, and assets under management.

title: Alternative Asset Manager Initiation


document_description: The document contains a forecast of the income statement for OAK, detailing segment revenue, expenses, and net income from 2012 to 2016. It includes management fees, incentive income, investment income, and various expenses such as compensation, equity-based compensation, and general administrative costs. The forecast also provides adjusted net income per unit at the OCG level.

title: OAK Income Statement Forecast

key_organizations:
Deutsche Bank
Deutsche Bank Securities Inc.


document_description: This document contains financial disclosures related to various asset management companies, including The Blackstone Group, Apollo Global Management, The Carlyle Group, KKR & Co., and Oaktree Capital Group. It outlines recent stock prices and specific disclosures required by U.S. and non-U.S. regulators regarding Deutsche Bank's financial relationships with these companies.

title: Alternative Asset Manager Initiation

document_subtype: financial disclosure

key_organizations:
Deutsche Bank
The Blackstone Group
Apollo Global Management
The Carlyle Group
KKR & Co.
Oaktree Capital Group


document_description: The document provides historical and current recommendations for Oaktree Capital Group (OAK.N) as of January 27, 2014. It includes a target price change and equity rating dispersion. The document also outlines the equity rating key and the percentage of companies with banking relationships for each rating category.

title: Alternative Asset Manager Initiation


document_description: This document contains regulatory disclosures related to Deutsche Bank's equity research, including conflict disclosures, short-term trade ideas, and country-specific disclosures for Australia, New Zealand, Brazil, EU countries, Japan, and Russia.

title: Brokers, Asset Managers & Exchanges - Alternative Asset Manager Initiation

document_date: 28 January 2014

key_locations:
Australia
New Zealand
Brazil
EU countries
Japan
Russia

key_organizations:
Deutsche Bank
Deutsche Securities Inc.


document_description: The document contains financial metrics and analysis related to alternative asset managers, including Blackstone (BX), Carlyle Group (CG), and Oaktree Capital (OAK). It provides stock price history and performance metrics for CG and discusses investment ratings and market positioning for several asset managers.

key_organizations:
Blackstone
Carlyle Group
Oaktree Capital
Apollo Global Management
KKR & Co
Bloomberg Finance LP


document_description: The document discusses the valuation of alternative asset managers (Alts) and suggests a shift from traditional asset manager P/E valuation to a longer-term 'distributable earnings' (DE) approach. It predicts a median 12-13x P/E on 2015 DE forecasts, implying significant price appreciation and total return. The memo highlights positive cyclical and secular themes for Alts, including increased cash distributions, healthy asset growth rates, and rising global allocations to alternative assets.

title: Valuations still attractive as debate on valuing the Alis continues

document_subtype: memo

key_organizations:
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management


document_description: This document is an initiation report on alternative asset managers, discussing investment summaries, key themes, and company analyses for firms like Apollo Global Management, The Blackstone Group, The Carlyle Group, KKR & Co., and Oaktree Capital Group. It includes sections on outlook, valuation, and risks for each company.

title: Alternative Asset Manager Initiation

key_organizations:
Deutsche Bank Securities Inc.
Apollo Global Management
The Blackstone Group
The Carlyle Group
KKR & Co.
Oaktree Capital Group


document_description: The document discusses the valuation of alternative asset managers and predicts multiple expansion. It highlights five key themes for the stock outcomes over the next 12 months, focusing on how alternative asset managers should be valued, particularly on distributable earnings (DE) versus economic net income (ENI). The document suggests a shift in investor approach towards valuing these companies on a longer-term basis, consistent with their investing mandates.

title: Alternative Asset Manager Initiation


document_description: The document discusses the earnings profiles of alternative asset managers in 2014, highlighting potential growth and challenges. It includes a table showing the business mix and revenue type of five alternative managers (APO, BX, CG, KKR, OAK) from 2012-2014. The document also addresses potential risks such as higher interest rates and complex organizational structures.

title: Alternative Asset Manager Initiation

key_organizations:
APO
BX
CG
KKR
OAK
Deutsche Bank


document_description: The document discusses the differentiation of alternative asset managers and their impact on valuations. It includes forecasts for distributable earnings per unit for various firms from 2012 to 2016, along with growth rates. The document highlights the importance of understanding different business attributes across firms, as these should drive performance divergences. It also provides insights into Apollo Global Management's investment strategy and its credit-driven private equity control.

title: Alternative Asset Manager Initiation

key_organizations:
Apollo Global Management
Deutsche Bank Securities Inc.


document_description: The document discusses the earnings variability and investment strategies of alternative asset managers, specifically focusing on The Blackstone Group and The Carlyle Group. It highlights Blackstone's diversified approach and leadership in private equity, real estate, and credit, while noting Carlyle's conservative and consistent growth strategy. The document provides a comparative analysis of these firms' investment styles and future growth prospects.

title: Alternative Asset Manager Initiation

key_people:
Steve Schwarzman
Pete Peterson
Dan D'Anielb
William Conway
David Rubinstein

key_organizations:
The Blackstone Group
The Carlyle Group
Deutsche Bank Securities Inc.


document_description: The document provides an analysis of KKR & Co. and Oaktree Capital Group, focusing on their investment strategies and risk profiles. KKR is noted for its balance sheet growth strategy and high-risk profile, while Oaktree is recognized for its conservative credit investment approach and lower risk profile. The document discusses the valuation and growth opportunities for both firms.

title: Alternative Asset Manager Initiation

key_people:
Henry Kravis
George Roberts
Jerome Kohlberg
Howard Marks
Bruce Karsh

key_organizations:
KKR & Co.
Oaktree Capital Group
Deutsche Bank Securities Inc.


document_description: The document discusses the importance of closed-end fund metrics, particularly in private equity, and their impact on earnings power. It highlights the private equity cycle stages and provides a snapshot of key metrics for alternative asset managers like APO, BX, CG, KKR, and OAK. The document notes strong fundraising in 2013 and the potential for long-term realizations and distributable earnings.

title: Alternative Asset Manager Initiation


document_description: The document discusses changes in business mix for alternative asset managers, focusing on APO's shift towards credit in 2014 due to the acquisition of Aviva assets by Athene. It includes forecasts for business mix and revenue types through 2016, highlighting the impact on pretax economic income and revenue. The document contains detailed tables with financial forecasts and business mix percentages.

title: Alternative Asset Manager Initiation

key_organizations:
APO
Aviva
Athene
Deutsche Bank


document_description: The document provides forecasts for Blackstone (BX) regarding its economic income and revenue growth across various segments such as Private Equity, Real Estate, Hedge Fund Solutions, Credit, and Advisory. It includes detailed tables showing pretax economic income and revenue by type from 2012 to 2016, along with compound annual growth rates (CAGR) and business mix percentages.

title: Alternative Asset Manager Initiation

key_organizations:
Blackstone
Deutsche Bank


document_description: The document provides forecasts for CG's economic income by segment and revenue by type from 2012 to 2016. It includes a detailed table with data on pretax economic income, business mix, and revenue mix by type, along with compound annual growth rates (CAGR) for each segment and revenue type.

title: Alternative Asset Manager Initiation

key_organizations:
Deutsche Bank
CG
Alpinvest


document_description: The document contains financial forecasts and revenue analysis for OAK, an alternative asset manager, from 2012 to 2016. It includes tables detailing pretax economic income, revenues by type, and revenue mix by type, with a focus on fees, carried interest, and principal income.

key_organizations:
Deutsche Bank
OAK


document_description: The document provides forecasts and growth rates for alternative asset managers, including BX, CG, and OAK, for the years 2012 to 2016. It includes tables with annual estimates and growth rates for CB and DB ENI per unit.

title: Alternative Asset Manager Initiation


document_description: The document provides a comparison of Deutsche Bank's forecasts versus Consensus for ENI per unit and distribution per unit for alternative asset managers. It includes detailed tables (Figures 18 and 19) showing these comparisons for the years 2013, 2014, and 2015. The document also outlines Deutsche Bank's valuation methodology, which focuses on a simplified PIE approach on distributable earnings rather than more complex models.

title: Alternative Asset Manager Initiation

key_organizations:
Deutsche Bank
Thomson Reuters


document_description: The document contains valuation analysis for alternative asset managers, comparing their forward P/E ratios with the S&P 500 and traditional asset managers. It includes tables showing historical and target P/E ratios, as well as price targets and fair value estimates for various alternative asset managers.

title: Alternative Asset Manager Initiation


document_description: The document discusses the performance and valuation of alternative asset managers compared to traditional asset managers. It includes figures showing the narrowing P/E gap between the two and provides a summarized valuation and forecast for alternative asset managers, predicting a median 21% total return over the next 12 months.

title: Alternative Asset Manager Initiation


document_description: The document contains a valuation analysis of alternative asset managers, focusing on fee-related earnings, carried interest earnings, and balance sheet values. It includes a sum-of-the-parts analysis for companies like APO and BX, with detailed financial metrics and assumptions.

title: Alternative Asset Manager Initiation


document_description: The document contains a valuation analysis for alternative asset managers CG, KKR, and OAK, conducted by Deutsche Bank. It includes detailed financial metrics such as fee-related earnings, principal investments, accrued carry, and total balance sheet values as of 3Q13. The analysis also provides forward price-to-earnings ratios, assigned book value multiples, and present value calculations per unit.

title: Alternative Asset Manager Initiation


document_description: The document discusses the expected strong pace of realizations in the alternative asset management sector over 2014-15, leading to growth in distributable earnings. It outlines the private equity cycle and provides a forecast for gross realizations by five alternative asset managers (APO, BX, CG, KKR, OAK) from 2012 to 2016. The document also highlights the different stages of the cycle for various funds and the impact of fundraising on realization timelines.

title: Alternative Asset Manager Initiation

key_organizations:
Deutsche Bank
APO
BX
CG
KKR
OAK


document_description: The document discusses the outlook for alternative asset managers, highlighting potential challenges and opportunities in the industry. It covers topics such as realization timelines, interest rate impacts, P/E gaps with traditional asset managers, and taxation and regulatory risks.

key_organizations:
APO
CG
OAK
BX
Deutsche Bank Securities Inc.


document_description: The document is a financial analysis report by Deutsche Bank on Apollo Global Management, initiating coverage with a Hold rating and a $31 price target. It discusses the company's earnings outlook, valuation, and risks, highlighting that distributable earnings are expected to peak in 2013-2014 and decline thereafter. The report also covers the company's risk profile, growth initiatives, and market performance.

title: Alternative Asset Manager Initiation

key_organizations:
Apollo Global Management
Deutsche Bank
Athene
Aviva


document_description: The document contains a table of key operating metrics forecasts for APO, including income statements, profitability, balance sheet, and key fundamental drivers from 2012 to 2016. It includes metrics such as effective tax rate, book value per unit, distribution per unit, economic net income, EBITDA, assets under management, and more.

title: APO Firm-wide Key Operating Metrics Forecasts


document_description: The document contains an income statement forecast for an alternative asset manager, detailing fee revenue, carried interest income, total revenue, expenses, and other income/loss for the years 2012 to 2016. It includes specific figures for advisory and transaction fees, management fees, compensation and benefits, and profit sharing expenses.

title: Alternative Asset Manager Initiation


document_description: This document contains a detailed income statement forecast for the APO Real Estate segment, including revenue, expenses, and net income projections for various quarters and years. It includes figures for fee revenue, management fees, carried interest income, total revenue, compensation and benefits, profit sharing expenses, and other income/losses.

title: APO Real Estate Segment Income Statement Forecast


document_description: The document is an investment thesis and outlook for Blackstone, a leading alternative asset manager. It discusses the firm's growth prospects, valuation, and potential risks. The document highlights Blackstone's diversified business and positive catalysts for growth, including a steep earnings ramp and realization cycle. It also outlines valuation metrics and potential risks such as economic slowdown and market corrections.

title: Alternative Asset Manager Initiation

key_organizations:
Blackstone
Deutsche Bank Securities Inc.


document_description: The document is a company summary of The Blackstone Group (BX), detailing its operations in private capital management and financial advisory services. It highlights BX's segments, including Private Equity, Real Estate, Hedge Fund Solutions, Credit, and Financial Advisory. The document discusses BX's conservative investment style, its growth in real estate and credit expertise, and its potential for superior growth in fee and incentive-based earnings. The document is marked confidential and is related to Deutsche Bank Securities Inc.

title: Alternative Asset Manager Initiation

key_organizations:
The Blackstone Group
Deutsche Bank Securities Inc.


document_description: The document contains key operating metrics and financial forecasts for an alternative asset manager, including income statements, balance sheets, and key fundamental drivers. It provides detailed financial data from 2012 to 2016, including metrics such as book value per unit, distribution per unit, economic net income, and assets under management.

title: Alternative Asset Manager Initiation


document_description: The document contains a detailed income statement forecast for BX Real Estate Segment, including revenue, management and advisory fees, performance fees, investment income, and expenses for the years 2012 to 2016. It provides a breakdown of various financial metrics and projections.

title: BX Real Estate Segment Income Statement Forecasts


document_description: The document contains a detailed income statement forecast for BX Credit Segment, including revenue, management and advisory fees, performance fees, investment income, and expenses for the years 2012 to 2016. It provides a breakdown of various financial metrics such as base management fees, advisory fees, transaction fees, compensation, and economic income.


document_description: The document contains a detailed income statement forecast for BX Advisory Segment, including revenue, expenses, and economic income projections from 2012 to 2016. It includes various categories such as management and advisory fees, performance fees, investment income, and compensation expenses.


document_description: The document contains key operating metrics forecasts for an alternative asset manager, including income statements, balance sheets, and key fundamental drivers. It provides detailed financial data and projections from 2012 to 2016.

title: Alternative Asset Manager Initiation


document_description: The document contains a detailed income statement forecast for CG Corporate Private Equity Segment, including revenue, fees, expenses, and net income projections from 2012 to 2016. It includes specific figures for fund management fees, performance fees, investment income, and various expenses.


document_description: The document contains a detailed income statement forecast for CDGlobal Markets Strategies Segment, covering the years 2012 to 2016. It includes segment revenue, fund management fees, performance fees, investment income, and segment expenses. The data is sourced from company reports and Deutsche Bank.

title: Alternative Asset Manager Initiation


document_description: Initiating coverage of KKR with a Hold rating and $25 price target. KKR units are expected to trade near current levels over the next 12 months due to market debate on KKR's balance sheet strategy and potential market volatility. KKR's distributable earnings profile through 2015 is stable but lacks major growth catalysts. Valuation risks include economic slowdown and market corrections, while upside risks involve stronger than expected distributable earnings and favorable investor perception.

title: Alternative Asset Manager Initiation

key_organizations:
KKR & Co.
Deutsche Bank Securities Inc.


document_description: The document is an investment thesis and outlook for KKR, a leading alternative asset management company. It discusses the firm's market position, valuation, and potential risks and returns over the next 12 months. The document highlights KKR's strong investment performance and fund-raising capabilities but notes potential challenges due to market volatility and the firm's balance sheet strategy. It provides a valuation based on distributable earnings and outlines both downside and upside risks.

title: Alternative Asset Manager Initiation

key_organizations:
KKR
Deutsche Bank Securities Inc.


document_description: The document is a company summary of KKR & Co., a global alternative asset management firm. It discusses KKR's business segments, investment strategies, and risk profile. The document provides an analysis of KKR's investment philosophy, balance sheet strategy, and valuation debate, ultimately assigning a Hold rating due to its higher risk profile.

title: Alternative Asset Manager Initiation


document_description: The document contains a table of key operating metrics forecasts for KKR, including income statement metrics, profitability, balance sheet data, and key fundamental drivers. The data spans from 2012 to 2016, with estimates for certain quarters and years.

title: KKR Firm-wide Key Operating Metrics Forecasts


document_description: The document contains a detailed income statement forecast for KKR's public markets segment, covering fee revenue, investment income, expenses, and economic net income from 2012 to 2016. It includes actual and estimated figures for various financial metrics.

key_organizations:
KKR
Deutsche Bank


document_description: Initiating coverage of Oaktree Capital Group with a Buy Rating and $68 price target. Positive catalysts include acceleration in AuM growth, strong organic growth, and greater investor appreciation for OAK's conservative investment strategy. Earnings outlook suggests DE per unit to drop in 2014 but grow in 2015. Valuation and risks include potential improvement in OAK's P/E ratio and downside risks such as economic slowdown and credit cycle emergence.

title: Alternative Asset Manager Initiation

key_organizations:
Oaktree Capital Group
Deutsche Bank


document_description: The document is an investment thesis and outlook for Oaktree, a credit-focused alternative asset manager. It discusses positive catalysts for OAK units, valuation based on distributable earnings, and potential risks. The document is from Deutsche Bank Securities Inc.

title: Alternative Asset Manager Initiation

key_organizations:
Oaktree
Deutsche Bank Securities Inc.


document_description: The document contains a detailed table of key operating metrics forecasts for an alternative asset manager, including income statement metrics, balance sheet metrics, and key fundamental drivers. The data spans from 2012 to 2016, with estimates for certain quarters and years. Metrics include effective tax rate, book value per unit, distribution per unit, economic net income, EBITDA, assets under management, and more.

title: Alternative Asset Manager Initiation - Key Operating Metrics


document_description: The document contains historical recommendations and target price changes for The Blackstone Group and Apollo Global Management, provided by Deutsche Bank Securities Inc. It includes analyst certification by Brian Bedell and outlines a new recommendation structure as of September 9, 2002.

title: Alternative Asset Manager Initiation

key_organizations:
Deutsche Bank Securities Inc.
The Blackstone Group
Apollo Global Management


document_description: The document provides historical recommendations and target prices for Oaktree Capital Group (OAK.N) as of January 27, 2014. It includes a new recommendation structure and equity rating key, with a focus on expected total returns over a 12-month period. The document also presents equity rating dispersion and banking relationships for North American companies.

title: Alternative Asset Manager Initiation

key_organizations:
Oaktree Capital Group
Deutsche Bank Securities Inc.


document_description: This document is a global disclaimer from Deutsche Bank AG, outlining the reliability of information, potential conflicts of interest, and legal disclaimers related to investment advice and securities transactions. It includes information about Deutsche Bank's global locations and the responsibilities of various regional heads.

title: Global Disclaimer

key_people:
David Folkerts-Landau
Guy Ashton
Marcel Cassard
Richard Smith
Steve Pollard
Michael Spencer
Ralf Hoffmann
Andreas Neubauer

key_locations:
Sydney, Australia
Frankfurt, Germany
Hong Kong
Tokyo, Japan
London, United Kingdom
New York, United States

document_subtype: disclaimer

key_organizations:
Deutsche Bank AG
Deutsche Securities Inc.


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, detailing FX options trades with various trade IDs, counterparties, trade types, dates, amounts, and other financial details. The total valuation is noted as (273,489.11) USD.

title: Deutsche Bank Group Valuation Statement

document_subtype: valuation statement

key_organizations:
Deutsche Bank AG
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC as of February 21, 2014. It includes information on valuation methodologies, potential adjustments, and disclaimers regarding the use of the valuations. The statement is intended for internal use only and highlights that valuations may change over time due to market conditions and other factors.

title: Deutsche Bank Group Valuation Statement

key_people:
Tazia Smith
Gedeon Pinedo
Joseph Cothron
Amanda Kirby
Paul Morris

key_organizations:
Deutsche Bank Group
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing FX options trades with various parameters such as trade ID, counterparty, trade type, trade date, maturity date, settlement date, notional amounts, currencies, option style, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and related entities.

title: RM0081851 Daily Deposit Report

key_people:
Jeffrey Epstein
Dominique Leimer
Darren K. Indyke

document_subtype: financial report

key_organizations:
Summit Equities LLC
Southern Trust Company, Inc.
Southern Financial LLC
Hyperion Air, Inc
JEGE, Inc
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Butterfly Trust
New York Strategy Group, LLC


document_description: A confidential letter from Tazia Smith, Director at Deutsche Bank Securities Inc, to an unspecified recipient. The letter is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).

key_locations: 345 Park Avenue, 26th Floor, New York, NY 10154

document_subtype: letter

key_organizations:
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management


document_description: This document is a financial statement from Deutsche Bank Private Wealth Management for Southern Financial LLC, covering the period from January 1, 2014, to January 31, 2014. It includes details on account valuation, asset allocation, and other financial activities.

title: Deutsche Bank Private Wealth Management Statement

key_locations:
New York, NY
St Thomas, VI
Baltimore, MD

document_subtype: bank statement

key_organizations:
Deutsche Bank Private Wealth Management
Southern Financial LLC
Peregrine LLC
The Bank of New York Mellon Corporation


document_description: The document provides a summary of gains and losses, exchange rate tables, and FDIC insured bank deposits for Southern Financial LLC as of January 31, 2014. It includes realized and unrealized gains/losses, global cash balances in different currencies, and detailed bank deposit activities.

title: Asset Allocation Disclosure and Footnotes

document_subtype: financial statement

key_organizations:
Southern Financial LLC
Pershing LLC
Associated Bank NA
BB&T
Bank of America
Citibank N.A.


document_description: Deutsche Bank Private Wealth Management statement for January 2014, detailing FDIC insured bank deposits, income and expenses.

key_locations:
New York, NY
Baltimore, MD

document_subtype: Bank Statement

key_organizations:
Deutsche Bank Private Wealth Management
Deutsche Bank Securities Inc.
East West Bank
NY Community Bank
Texas Capital Bank
TriState Capital Bank
Union Bank of CA


document_description: This document is a financial statement summarizing income and expenses, distributions, portfolio holdings, and fixed income securities. It includes details on cash balances, margin balances, FDIC insured bank deposits, and asset-backed securities.

key_organizations:
Pershing LLC
The Back of New York
Mean Corpur NY Mac Feshing LLC


document_description: This document is a financial statement from Deutsche Bank Private Wealth Management for the period of January 1, 2014, to January 31, 2014. It details portfolio holdings, including asset-backed securities and mortgage-backed securities, with information on quantities, market values, and unrealized gains or losses.

key_organizations:
Deutsche Bank Private Wealth Management
Deutsche Bank Securities Inc.
Pershing LLC


document_description: The document is a continuation of a portfolio holdings report, detailing U.S. dollar-denominated fixed income securities, asset-backed securities, and corporate bonds. It includes information on quantities, unit costs, market values, unrealized gains/losses, accrued interest, and estimated annual income and yield for various securities.

key_organizations:
IMPAC CMB TR
SG STRUCTURED PRODS INC
HSBC USA INC
JPMORGAN CHASE & CO
PETROLEOS DE VENEZUELA
HEADWATERS INC
EARTHLINK INC
SOUTHERN FINANCIAL LLC
Pershing LLC


document_description: This document is a financial statement from Deutsche Bank Private Wealth Management for the period of January 1, 2014, to January 31, 2014. It details portfolio holdings, including corporate bonds and other securities, with information on acquisition dates, quantities, unit costs, market values, and unrealized gains or losses.

key_organizations:
Deutsche Bank Private Wealth Management
Deutsche Bank Securities Inc.
Peregrine LLC
The Bank of New York Mellon Corporation


document_description: The document is a continuation of a financial portfolio holdings report, detailing U.S. dollar-denominated fixed income securities, specifically corporate bonds. It includes information on acquisition dates, quantities, unit costs, market prices, market values, unrealized gains/losses, accrued interest, and estimated annual income and yield for various securities.

document_subtype: financial portfolio

key_organizations:
BARCLAYS BK PLC
PM ORGAN CHASE
BANK AMER CORP
GENERAL ELEC CAP CORP
LBG CAPITAL NO 1 PLC
Pershing LLC
The Back of New York Mean Corporcus


document_description: This document is a financial statement from Deutsche Bank Private Wealth Management for the period of January 1, 2014, to January 31, 2014. It details portfolio holdings, including equities such as Apollo Global Management LLC, Apple Inc, Ariad Pharmaceuticals Inc, Ascena Retail Group Inc, Biogen Idec Inc, Facebook Inc, Foundation Medicine Inc, and General Electric Co. The statement includes information on quantities, unit costs, cost basis, market prices, market values, unrealized gains/losses, estimated annual income, and estimated yield for each equity.


document_description: This document is a continuation of a portfolio holdings report, detailing U.S. dollar investments in equities and preferred stocks. It includes information on acquisition dates, quantities, unit costs, cost basis, market prices, market values, unrealized gains/losses, estimated annual income, and estimated yields for various securities.

key_organizations:
GENERAL MTRS CO
JP MORGAN CHASE & CO
SANGAMO BIOSCIENCES INC
SANTANDER CONSUMER USA HLDGS INC
TWITTER INC
ALLY FINL INC
GMAC CAP TRI GTD TR


document_description: Deutsche Bank Private Wealth Management statement for January 2014, detailing portfolio holdings including equities, preferred stocks, and options. The statement includes information on quantities, unit costs, cost basis, market prices, market values, unrealized gains/losses, and estimated annual income and yield.

key_locations:
New York
Baltimore

key_organizations:
Deutsche Bank Private Wealth Management
Deutsche Bank Securities Inc.
Southern Financial LLC
Peregrine LLC
The Bank of New York Mellon Corporation


document_description: This document is a financial statement detailing portfolio holdings, including exchange-traded products and cash balances in U.S. dollars and euros. It provides information on unrealized gains/losses, accrued interest, and annual income. The document also includes footnotes on cost basis rules for securities.

key_organizations:
Wisdom Tree
Pershing LLC
Southern Financial LLC


document_description: Deutsche Bank Private Wealth Management statement for Southern Financial LLC for the period 01/01/2014 - 01/31/2014. Includes portfolio holdings, cost basis information, and a schedule of realized gains and losses.

key_organizations:
Deutsche Bank Private Wealth Management
Deutsche Bank Securities Inc.
Pershing LLC
Southern Financial LLC


document_description: This document is a financial statement detailing the schedule of realized gains and losses for a specific period. It includes information on various securities transactions, including disposition and acquisition dates, transaction types, descriptions, quantities, cost basis, proceeds, and realized gains or losses. The document covers both short-term and long-term transactions.

title: Schedule of Realized Gains and Losses

key_organizations:
JP Morgan
JPMorgan Chase & Co
Washington Mutual
Countrywide Home Loans
Global Mortgage Securitization
Bombardier Inc
Deutsche Bank AG
Southern Financial LLC
Pershing LLC
The Bank of New York Mellon Corporation


document_description: Deutsche Bank Private Wealth Management statement for Southern Financial LLC covering the period from January 1, 2014, to January 31, 2014. It includes a schedule of realized gains and losses, cost basis rules, and tax reporting guidelines.


document_description: This document is a financial statement detailing credits and debits for a brokerage account, including securities transactions, dividends, interest, and FDIC insured bank deposits. It includes an activity summary and transactions by type of activity, with specific details on securities bought and sold.

key_organizations:
JP Morgan
Bombardier Inc
General Electric Capital Corporation
Pershing LLC
The Bank of New York Mellon Corporation


document_description: This document is a financial statement from Deutsche Bank Private Wealth Management for the account of Southern Financial LLC, covering the period from January 1, 2014, to January 31, 2014. It details various securities transactions, including purchases and sales of stocks, bonds, and foreign currency, with specific transaction dates, quantities, prices, and amounts in USD and MXN.

key_organizations:
Deutsche Bank Private Wealth Management
Deutsche Bank Securities Inc.
Southern Financial LLC
JPMorgan Chase & Co
Foundation Medicine Inc
Deutsche Bank AG London
Santander Consumer USA Holdings Inc


document_description: This document is a financial statement detailing transactions by type of activity, including dividends, interest, and return of principal received in January 2014. It includes specific transactions with amounts and descriptions.

key_organizations:
SOUTHERN FINANCIAL LLC
Peregrine LLC
The Bank of New York Mellon Corporation


document_description: This document is a financial statement from Deutsche Bank Private Wealth Management for the period of January 2014. It details various transactions including foreign custody fees, cash withdrawals and deposits, and FDIC insured bank deposits and withdrawals. The statement includes transaction dates, descriptions, and amounts in USD.


document_description: The document contains financial transaction data, including FDIC insured bank deposits, a transactions summary in different currencies, cash not yet received, bond maturity schedules, and bond quality ratings. It includes details of amounts, dates, and market values.

key_organizations:
FDIC
Peregrine LLC
The Bank of New York Mellon Corporation
SOUTHERN FINANCIAL LLC


document_description: Deutsche Bank Private Wealth Management statement for Southern Financial LLC for the period 01/01/2014 - 01/31/2014. Includes client service information, account information, pricing, reinvestment, and options details.


document_description: The document provides important information and disclosures related to financial transactions and account management with Pershing. It covers topics such as proxy voting, foreign currency transactions, credit ratings, cash not yet received, bond maturity schedules, and the role of Pershing as a clearing broker. It also includes arbitration disclosures and contact information for Pershing and the financial institution.

key_organizations: Securities Investor Protection Corporation


document_description: This document is a financial statement from Deutsche Bank Private Wealth Management for the period of January 1, 2014, to January 31, 2014. It includes important arbitration disclosures and agreements related to disputes, emphasizing the limitations and rules of arbitration compared to court proceedings. The document also provides contact information for Pershing LLC and mentions the account number associated with Southern Financial LLC.

key_locations:
New York, NY
Jersey City, NJ
Baltimore, MD

key_organizations:
Deutsche Bank Private Wealth Management
Deutsche Bank Securities Inc.
Pershing LLC
Financial Industry Regulatory Authority


document_description: This document is a valuation statement from Deutsche Bank Group, provided by Southern Financial, LLC, detailing various FX-Options trades with their respective trade IDs, counterparties, trade types, dates, amounts, and other financial details. The total valuation is noted as (272,149.95) USD.

title: Deutsche Bank Group Valuation Statement

key_organizations:
Deutsche Bank AG
Southern Financial, LLC


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts as of February 24, 2014. It includes account names, categories, and balances.

title: RM0081851 Daily Deposit Report

key_organizations:
Summit Equities LLC
Southern Trust Company, Inc.
Southern Financial LLC
Hyperion Air, Inc
JEGE, Inc
Plan D, LLC
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Butterfly Trust
New York Strategy Group, LLC


document_description: Andrew Gallivan from Deutsche Bank emphasizes the importance of the SOFIII investment offering and urges colleagues to identify clients for an upcoming luncheon on March 3 to discuss the fund.

key_people:
Andrew Gallivan
Ben Pace

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Asset & Wealth Management


document_description: The document is a fax forwarded by Josie M. Hall, Vice President at Deutsche Bank Alex. Brown, regarding an email about discrepancies in the MXN spot rate on a January monthly statement. The email discusses differences in FX rates and includes highlighted lines for FX currency trades, non-dollar bonds, and exchange rates provided by Pershing. The sender seeks clarification on how Pershing arrives at the exchange rate and mentions an attached email with Bloomberg screen data.

key_people:
Josie M. Hall
Greg
Ziggy
Tazia

document_subtype: fax

key_organizations:
Deutsche Bank Alex. Brown
Deutsche Bank Securities Inc
Pershing


document_description: This document contains a table of USD/MXN currency exchange metrics for January 2014, including last price, high, average, and low values. It also provides chart details such as the source, chart type, and timeframe.

title: USD/MXN Currency Exchange Data

document_subtype: financial data


document_description: Exchange rate data for USD/MXN as of February 27, 2014, with historical data from January 27-28, 2014.


document_description: This document is a financial statement detailing transactions by type of activity for the period 01/01/2014 - 01/31/2014. It includes securities bought and sold, with details on quantities, prices, and amounts in USD and MXN.

key_organizations:
JPMorgan Chase & Co
Foundation Medicine Inc
Deutsche Bank AG London
Santander Consumer USA Holdings Inc
United Mexican States


document_description: This document contains financial data related to the MXN/BGN currency exchange rates and trading volumes. It includes a price interval table with bid, mid, and ask trades, as well as average prices. The data is marked as confidential and is related to a legal case.


document_description: This document contains trading data for the MXN/BGN currency pair, including price ranges, average prices, and trade volumes. It provides a detailed breakdown of bid trades and average prices across different price ranges.

title: MXN BGN Currency Trading Data


document_description: A valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing various financial trades including FxEuroOpt and FXOneBarOneTouchOpt with trade dates, maturity dates, settlement dates, notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and related entities. It includes account names, categories, balances, and a large transaction for Hyperion Air, LLC.

title: RM0081851 Daily Deposit Report

key_organizations:
Summit Equities LLC
Southern Trust Company, Inc.
Southern Financial LLC
Hyperion Air, LLC
Hyperion Air, Inc
JEGE, Inc
Plan D, LLC
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Butterfly Trust
New York Strategy Group, LLC


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various FX-Options trades with trade IDs, counterparties, trade types, dates, amounts, and other financial details. The total valuation is noted as (273,250.81) USD.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and related entities.

title: RM0081851 Daily Deposit Report 20140227


document_description: This document is a confidential communication, possibly containing privileged information, intended for a specific recipient. It includes disclaimers about unauthorized use and mentions Deutsche Bank's non-provision of legal or tax advice. The communication is associated with Jeffrey Epstein and includes instructions for handling if received in error.


document_description: Confidential communication related to Jeffrey Epstein, possibly containing attorney-client privileged or inside information. Unauthorized use, disclosure, or copying is prohibited.


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC as of February 27, 2014. It includes information on valuation methodologies, potential adjustments, and disclaimers regarding the use of the valuations. The statement is intended for internal use only and highlights that valuations may change over time due to market conditions and other factors.

title: Deutsche Bank Group Valuation Statement

key_people:
Tazia Smith
Gedeon Pinedo
Vahe Stepanian
Joseph Cothron
Paul Morris
Amanda Kirby

key_organizations:
Deutsche Bank Group
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, detailing various FX-Options trades with their respective trade IDs, counterparties, trade types, dates, amounts, and other financial details.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts as of February 27, 2014. It includes account names and balances.

title: RM0081851 Daily Deposit Report


document_description: Confidential communication from Deutsche Bank, intended for a specific recipient. Contains disclaimers about unauthorized use and confidentiality, including potential attorney-client privilege and inside information. Emphasizes the need to notify the sender if received in error and to destroy the communication.


document_description: A confidential communication with instructions to destroy the communication and all copies, including attachments. It is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: A communication from Amanda Kirby, Associate at Deutsche Bank Trust Company Americas, containing confidential information and disclaimers about unauthorized use and legal advice.

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Asset & Wealth Management
Deutsche Bank Securities Inc.


document_description: Confidential communication with disclaimers regarding unauthorized use and legal/tax advice.


document_description: Invitation to a luncheon presentation with Adam Graev, Managing Director and Head of Secondaries, America, hosted by DB Private Equity and Private Markets.

title: Luncheon Presentation Invitation

key_people:
Adam Graev
Amanda Kirby

key_locations: The Modern, 9 West 53rd Street, New York, New York

document_subtype: invitation


document_description: A valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing FX-Options trades including trade IDs, counterparties, trade types, dates, amounts, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts as of February 28, 2014. It includes account names, categories, and balances.

title: RM0081851 Daily Deposit Report

key_organizations:
Summit Equities LLC
Southern Trust Company, Inc.
Southern Financial LLC
Hyperion Air, LLC
Hyperion Air, Inc
JEGE, Inc
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Butterfly Trust
New York Strategy Group, LLC
Plan D, LLC


document_description: Lesley informs Paul that she did not hear back from Jeffrey regarding a call with Paul, Tazia, and Vinet. She plans to follow up with Jeffrey the next day.

key_people: Lesley Paul Jeffrey Tazia Vinet


document_description: The document is marked as corrupted or unprintable and cannot be produced. It is labeled as confidential.


document_description: The document contains information about financial offers related to Brent crude oil options, including vanilla and knock-in put options with specific conditions and indicative prices. It also includes contact information for Tazia Smith, a director at Deutsche Bank Securities Inc.

key_organizations:
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management


document_description: The document contains a table displaying the price movement of 'CON4 Comdty' over February 2014 and into March 2014, with specific price metrics such as last price, high, average, low, and previous close. It also includes contact information for various international locations.

title: Price Movement of 'CON4 Comdty'

key_locations:
Australia
Brazil
Europe
Germany
Hong Kong
Japan
Singapore
U.S.


document_description: The document contains a table listing various equities and commodities related to the Energy Renaissance Theme, along with their respective values. It also includes financial metrics such as last price, high, low, average, volume, and SMA(15).

key_organizations:
GE
Hannon Armstrong
Casella Waste
Exxon
Kinder Morgan Inc
Semgroup
Spectra
Cheniere
Approach Resources
Haliburton
China Gas
American Water Works
IHS
CREE INC
Lyondell Basell
Dupont
Worley Parsons
Sunadison
Solar City
Tesla


document_description: A table showing financial metrics related to stock prices, including last price, high, average, low, and previous close.

key_organizations:
Deutsche Bart Securities Inc
Deutsche Asset & Wealth Management


document_description: The document contains a table displaying the stock performance of 'FMI US Equity' from September 2013 to February 2014. Key figures include the last price of 33.48, a high of 39.64 on September 30, 2013, an average of 28.982, and a low of 18.00 on September 24, 2013. The trading volume is indicated as 0.196M.

document_subtype: stock performance data


document_description: A confidential letter from Tazia Smith, Director at Deutsche Bank Securities Inc, related to the Jeffrey Epstein case.


document_description: A confidential memo prepared for Jeffrey Epstein discussing investment opportunities in the energy sector, including specific stocks and commodities. It includes a table of equities and commodities with associated values and a short play on Brent crude.

key_organizations:
Sunedison
Hannon Armstrong
Approach Resources
DB ICG Commodities


document_description: A table showing various metrics related to a financial instrument, including last price, high, average, low, volume, and SMAVG (15).

title: Bloomberg Data

document_type: email

document_subtype: tabular


document_description: A confidential communication from Deutsche Bank with a disclaimer about unauthorized copying, disclosure, or distribution. It also states that Deutsche Bank does not provide legal or tax advice.


document_description: The document discusses energy investment strategies, including a modification of the Energy Renaissance basket, and provides a trade idea for Brent crude oil puts. It mentions specific companies like Sunedison, Hannon Armstrong, and Approach Resources, and discusses a short play on Brent crude oil with specific strike prices and conditions.

key_people:
Jeffrey
Jatin Bindal
Tazia Smith
Ricardo Cunha

key_organizations:
Sunedison
Hannon Armstrong
Approach Resources
ICG Commodities
DBCOEX
DB
Commodity Structuring_Assets
CCRT Corr


document_description: The document contains a table with financial metrics related to stock prices, including last price, high, average, low, and previous close. It also lists contact numbers for various international locations.


document_description: A confidential document from Deutsche Asset & Wealth Management, located at 345 Park Avenue, New York, NY. The document is marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: A table listing various technology equities with associated values and notes, provided by Tazia Smith, Director at Deutsche Bank Securities Inc.

document_subtype: financial table


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing various FX-Options trades including trade IDs, counterparties, trade types, dates, amounts, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts associated with Jeffrey Epstein and related entities. It includes account names, categories, balances, and large transactions for March 3, 2014.

title: RM0081851 Daily Deposit Report 20140304

key_organizations:
Summit Equities LLC
Southern Trust Company, Inc.
Southern Financial LLC
Hyperion Air, Inc
JEGE, Inc
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Butterfly Trust
New York Strategy Group, LLC


document_description: A communication from Aracely Sanchez, Assistant Vice President at Deutsche Bank Trust Company Americas, containing confidential and/or privileged information. The communication includes disclaimers about unauthorized copying, disclosure, or distribution, and notes that Deutsche Bank does not provide legal or tax advice. Attachments related to 'Reg E Disclosure for Remittance Transfer' were mentioned but deleted by Amanda Kirby.

key_people:
Aracely Sanchez
Amanda Kirby

key_organizations:
Deutsche Bank Trust Company Americas
Deutsche Bank Securities Inc.


document_description: Contact information for Tazia Smith, Director at Deutsche Bank Securities, Inc. and Deutsche Asset & Wealth Management.

title: Contact Information for Tazia Smith

document_subtype: contact information

key_organizations:
Deutsche Bank Securities, Inc.
Deutsche Asset & Wealth Management


document_description: A confidential document related to the Jeffrey Epstein case, marked pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, detailing various FX options trades with their respective trade IDs, counterparties, trade types, dates, notional amounts, currencies, and market-to-market values.

title: Deutsche Bank Group Valuation Statement

key_organizations:
Deutsche Bank AG
Southern Financial, LLC


document_description: The document is a daily deposit report for RM code 81851, dated March 4, 2014, listing large, zero, and negative balances for various accounts associated with Jeffrey Epstein and related entities.

title: RM0081851 Daily Deposit Report

key_people:
Jeffrey Epstein
Darren K. Indyke

key_organizations:
Summet Equities LLC
Southern Trust Company, Inc.
Southern Financial LLC
Hyperion Air, Inc
JEGE, Inc
JEGE, LLC
HBRK Associates, Inc
NES, LLC
Butterfly Trust
New York Strategy Group, LLC


document_description: Contact information for Deutsche Bank Securities, Inc. and Deutsche Asset & Wealth Management, including address and phone numbers. Marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: A memo from Deutsche Bank AG's London branch discussing proposed ideas delivered by the DeAwm Key Client Partners (KCP) London desk for discussion purposes only. It emphasizes that these ideas do not create any legally binding obligation and are intended for professional investors who can independently evaluate the strategy, characteristics, and risks associated with the ideas.

key_organizations:
Deutsche Bank AG
DeAwm Key Client Partners (KCP)


document_description: This document contains financial data related to CDSW2 Curncy (CAD SWAP) 2 YR Daily, covering metrics such as Last Price, High, Low, and Spread Summary statistics over the date range September 2013 - March 2014.

title: CDSW2 Curncy (CAD SWAP) 2 YR Daily


document_description: Discussion on unwinding a CAD trade due to higher energy prices and outflows of short CAD expected to support the currency. The trade was initially paid at 1109k, with an indicative unwind level at 5136k, suggesting a 127k gain. Nay Gupta provides an update on the USDCAD, noting higher commodity prices and CAD 2y swap rates, making CAD more bullish than expected.

key_people:
Tazia Smith
Nay Gupta
Vinit Sahni

key_organizations:
Deutsche Bank
DB WM FX Trading


document_description: The document mentions that trades on proposed ideas require internal approvals before execution. It is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: The document contains financial metrics and chart data for CDSW2 Curncy and USSW2 Curncy, including last price, mean, median, standard deviation, and percentiles. It also includes high and low values for specific dates.

title: Financial Metrics and Chart Data


document_description: The document provides a tabular analysis of currency spreads between CDSW2 Curncy and USSW2 Curncy, including last prices, high and low values, and a spread summary with statistical metrics. It also includes chart data descriptions and key entities involved.

title: Currency Spread Analysis


document_description: A communication from the DeAWM Key Client Partners (KCP) London desk discussing proposed ideas for discussion purposes only, without creating any legally binding obligation on Deutsche Bank AG or its affiliates. The ideas are intended for professional investors who can independently evaluate the strategy, characteristics, and risks. All trades on proposed ideas require internal approvals before execution.


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC as of March 5, 2014. It includes exchange rates and notes on the valuation methodology, risks, and disclaimers. The statement is intended for internal use and highlights that valuations may change over time due to market conditions and other factors.

title: Deutsche Bank Group Valuation Statement

key_people:
Tazia Smith
Jabwcpa
Harry Beller
Richard Kahn
Gedeon Pinedo
Vahe Stepanian
Joseph Cothron
Amanda Kirby
Paul Morris


document_description: The document is a daily deposit report listing large, zero, and negative balances for various accounts, including those associated with Jeffrey Epstein and related entities.

title: RM0081851 Daily Deposit Report 20140306


document_description: This document is a valuation statement from Deutsche Bank Group provided to Southern Financial, LLC. It includes valuation details as of March 6, 2014, and outlines the terms and conditions of the valuations, including potential adjustments and disclaimers regarding the use of these valuations.

title: Deutsche Bank Group Valuation Statement

key_people:
Tazia Smith
Jabwcpa
Harrybeller
Richard Kahn
Gedeon Pinedo
Vahe Stepanian
Joseph Cothron
Amanda Kirby
Paul Morris


document_description: This document is a valuation statement from Deutsche Bank AG for Southern Financial, LLC, detailing various financial trades including their types, dates, amounts, and market-to-market values.

title: Deutsche Bank Group Valuation Statement


title: Daily Deposit Report


document_description: The document contains a table of net values on specific dates and a summary of USDCAD spot price history from January 17, 2014, to March 15, 2014. It includes metrics such as last price, high, average, and low values.

title: USDCAD Spot Price History and Net Value Data

key_people:
Vahe Stepanian
Jeffrey Epstein
Nav Gupta
Paul Morris
Vinit Sahni


document_description: Details of a CAD unwind transaction for Jeffrey Epstein, including buy and sell operations with specific financial terms and dates.

key_people:
Jeffrey Epstein
Vahe


document_description: Nav Gupta from Deutsche Bank discusses a strategy involving USDCAD call options to capitalize on potential CAD weakness. The strategy involves a 3-month expiry 1.10/1.13 call spread with a knock-in condition. The document also highlights macroeconomic factors affecting the USDCAD exchange rate.

key_locations:
London
United Kingdom

key_organizations:
Deutsche Bank AG
Deutsche Asset & Wealth Management


document_description: This document is a confidential communication from Tazia Smith, Director at Deutsche Bank Securities Inc, intended for a specific recipient. It contains disclaimers about confidentiality, privilege, and unauthorized use. The communication is associated with Jeffrey Epstein and includes instructions for handling if received in error.

key_people:
Tazia Smith
Jeffrey Epstein


document_description: This is a confidential communication from Deutsche Bank, which may contain privileged information. It includes a disclaimer about the unauthorized use of the communication and clarifies that Deutsche Bank does not provide legal or tax advice.


document_description: The document contains details of two currency option transactions involving USD and CAD, with specified notional amounts, strike prices, expiry dates, settlement dates, and premiums. The transactions are forwarded by Tazia Smith.


document_description: A financial trade report detailing a USDCAD call spread transaction with a notional amount of $10 million USD and a premium of $109,995 paid. The trade involves a 1.10/1.13, 1.17 knock-in call spread with specific settlement and expiry dates.

title: Trade Report 1/17/14

key_people: Jeffrey Tazia

document_subtype: Trade Report


document_description: This document is a confidential communication from Tazia Smith, Director Key Client Partners - US at Deutsche Bank Securities Inc. It contains disclaimers about confidentiality and legal advice, and instructions for handling if received in error.


document_description: Currency exchange transactions involving USD and CAD with specified notional amounts, strike prices, and premium details. Includes expiry and settlement dates.

document_subtype: currency exchange


document_description: Internal trade report detailing a USDCAD 1.10/1.13, 1.17 knock-in call spread purchase by Jeffrey Epstein. The trade involved a notional amount of $10,000,000 USD with a premium of $109,995 paid. The expiry date is set for April 17, 2014, with settlement on April 21, 2014.

title: Trade Report 1/17/14

key_people:
Jeffrey Epstein
Tazia

document_subtype: internal trade report


document_description: Internal memo discussing USDCAD call options and market conditions. The memo suggests buying a 3-month expiry 1.10/1.13 call spread on USDCAD with a knock-in condition. It highlights recent interest rate developments and macroeconomic factors affecting USDCAD.

document_subtype: internal memo


document_description: This document is a communication from Tazia Smith, Director at Deutsche Bank Securities Inc, containing confidential and/or privileged information. It includes disclaimers about unauthorized copying, disclosure, or distribution of the material. The communication is intended for a specific recipient and contains legal and regulatory disclosures.


document_description: The document provides a tabular representation of financial metrics related to price movements of 'CDSW2 Curncy' and 'USSW2 Curncy' from September 2013 to March 2014. It includes statistical data such as last price, mean, median, standard deviation, and percentiles. Additionally, it describes the spread between the two currencies as of March 5, 2014, and includes a histogram of spread values.

title: Price Movements and Spread Analysis


document_description: The document contains confidential information related to the Jeffrey Epstein case, marked as confidential pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: The document contains a table displaying the USDCAD currency exchange rate on a daily basis from January 18, 2009, to January 17, 2014, with specific metrics such as last price, high, average, and low values.

title: USDCAD Currency Exchange Rate Data

document_subtype: currency exchange rate data


document_description: The document contains financial data for CAD BGN currency including last price, high, average, and low values over a specified date range. It includes chart details for a line chart covering the period from 01/17/2014 to 03/05/2014.

title: CAD BGN Curncy Chart Details


document_description: The document discusses the term structure of forward swap rates in CAD and USD, and presents a limited downside play strategy for USDCAD. It includes a graph of swap rates and a strategy involving a 3-month expiry call spread on USDCAD. The document also highlights key macroeconomic factors affecting the USDCAD exchange rate.

title: Term Structure of Forward Swap Rates


document_description: An email from Nav Gupta, Managing Director at Deutsche Bank AG, discussing USDCAD currency data sourced from Bloomberg Finance L.P. The email includes a disclaimer about the non-binding nature of the ideas proposed and confidentiality notice.

document_subtype: email

key_organizations:
Deutsche Bank AG
Bloomberg Finance L.P.


document_description: The document contains a table of net values for specific dates and a summary of USDCAD spot price history metrics including last price, high, average, and low values.

title: USDCAD Spot Price History 1/17/14 through 3/15/14


document_description: Details of a CAD unwind transaction for Jeffrey Epstein, including buy/sell information, currency details, notional amounts, strike prices, and settlement dates.


document_description: Email from Tazia Smith to Jeffrey regarding a USDCAD knock-in call spread trade.

key_people:
Tazia Smith
Jeffrey
Paul Morris

document_subtype: financial


document_description: A financial transaction involving a trade of USD to CAD with specific terms and conditions.

document_subtype: financial transaction


document_description: This document is a correspondence between Nav Gupta, Managing Director at Deutsche Bank AG, and Tazia Smith, Director at Deutsche Bank Securities Inc. It discusses proposed ideas delivered by the DeAWM Key Client Partners MCP London desk for discussion purposes only, without creating any legally binding obligation on Deutsche Bank AG or its affiliates. The ideas are intended for professional investors who understand the associated risks and strategies. The document contains confidentiality notices and disclaimers regarding unauthorized copying, disclosure, or distribution.

key_people:
Nav Gupta
Tazia Smith

key_locations:
London, United Kingdom
New York, NY, USA

key_organizations:
Deutsche Bank AG
Deutsche Asset & Wealth Management
Deutsche Bank Securities Inc


document_description: This document is a confidential communication from Deutsche Bank, emphasizing that it does not provide legal or tax advice. It contains disclaimers about the confidentiality and privileged nature of the information, intended only for the addressee, and warns against unauthorized use or disclosure. The communication is associated with Jeffrey Epstein and includes references to confidentiality under Federal Rules.


document_description: Confidential communication notice regarding the receipt of an email in error and instructions for its destruction.


document_description: This document is a valuation statement from Deutsche Bank Group for Southern Financial, LLC, dated March 7, 2014. It provides an economic assessment of transactions or instruments from Deutsche Bank's perspective, including potential premium adjustments and disclaimers about the accuracy and liability of the valuations.

title: Deutsche Bank Group Valuation Statement

key_people:
Tazia Smith
Gedeon Pinedo
Richard Kahn
Vahe Stepanian

document_subtype: valuation statement

key_organizations:
Deutsche Bank Group
Southern Financial, LLC


document_description: This document is a valuation statement from Deutsche Bank Group, requested by Southern Financial, LLC, detailing various financial trades including trade IDs, counterparties, trade types, dates, amounts, and other financial metrics. The total valuation is noted as (185,338.59) USD.

title: Deutsche Bank Group Valuation Statement


document_description: This document contains financial data related to the stock ticker GILD US, covering a date range from February 7, 2013, to February 7, 2014. It includes metrics such as last price, high and low prices with dates, average price, latest volume, simple moving average, intraday open/high/low, market value, and Y-axis price range.


document_description: The chart displays the stock price and volume for HCA US Equity between March 2013 and March 2014. The last price is 49.55. The volume traded at 15:23 was 2,145,962. The highest price recorded was 51.69 on March 3, 2014, and the lowest was 35.49 on July 3, 2013. The average price was 42.6682.

document_subtype: stock data


document_description: The report provides a financial analysis of HCA Holdings, Inc., reiterating a 'Buy' rating. It discusses Q4 2013 results, 2014 ACA outlook, and provides updated estimates and valuation risks. The report highlights a recovery in surgical trends, conservative ACA guidance, and potential risks related to PPACA implementation and payer mix changes.

title: Deutsche Bank Markets Research - HCA Holdings, Inc.

key_people:
Darren Lehrich
Joshua Kalenderian
Dana Nentin

document_subtype: financial analysis report

key_organizations:
Deutsche Bank
HCA Holdings, Inc.


document_description: This document provides a financial summary of HCA Holdings, Inc. for the fiscal years ending 31-Dec from 2010 to 2015E. It includes detailed financial metrics such as EPS, DPS, BVPS, valuation metrics, income statement, cash flow, balance sheet, and key company metrics. The document also includes growth and profitability analysis, solvency metrics, and contact information for Darren Lehrich at Deutsche Bank.

title: HCA Holdings, Inc. Financial Summary

key_locations:
United States
England

key_organizations:
HCA Holdings, Inc.
Deutsche Bank


document_description: The document reviews HCA Holdings, Inc.'s Q4 2013 earnings, highlighting solid results despite challenging volume conditions. Key points include a 6.7% YoY EBITDA growth, improved surgical trends, and a conservative 2014 guidance. The impact of the Affordable Care Act (ACA) on HCA's financials is discussed, with an expected benefit of 1-2% of EBITDA. The document reiterates a Buy rating with a $58 price target for HCA.

title: Q4'2013 Earnings Review for HCA Holdings, Inc.

key_organizations:
HCA Holdings, Inc.
Deutsche Bank Securities Inc.


document_description: The document provides a detailed analysis of HCA Holdings, Inc.'s same-store trends in healthcare facilities and services, focusing on year-over-year percentage changes in various metrics such as net revenue, admissions, surgeries, and ER visits. It includes a table with data from 2010 to 2013 and discusses surgical trends, highlighting an increase in inpatient and outpatient surgeries and the impact of recent investments in surgical departments.

title: HCA Holdings, Inc. Health Care Facilities and Services Report


document_description: The document provides a balance sheet and cash flow analysis for HCA Holdings, Inc. for the years 2010 to 2013, along with 2014 guidance. It includes detailed financial data such as cash flows from operating activities, capital expenditures, free cash flow, and balance sheet data. The 2014 guidance covers revenue, adjusted EBITDA, adjusted EPS, and capital expenditures, with specific mentions of PPACA benefits and HITECH incentive payments.

title: HCA Holdings, Inc. Balance Sheet and Cash Flow Analysis

key_organizations:
HCA Holdings, Inc.
Deutsche Bank
Deutsche Bank Securities Inc.


document_description: The document provides a financial analysis of HCA Holdings, Inc., focusing on the 2014 EBITDA Bridge and the impact of health care reform. It includes a table detailing the base EBITDA bridge with low, mid, and high estimates, and discusses the effects of the ACA on HCA's financials. Key variables affecting the ACA's impact are outlined, including HIX enrollment, Medicaid expansion, and network participation. The document also notes adjustments to financial estimates due to lower HITECH benefits and slower ACA ramp.

title: 2014 EBITDA Bridge and Health Care Reform Framework

key_locations: CA CO KY NV FL TX


document_description: The document is a consolidated income statement for HCA Holdings, Inc., sourced from Deutsche Bank and company reports. It includes various financial metrics and analyses, such as interest expenses, net income attributable to HCA Holdings, earnings per share, and uncompensated care analysis.


document_description: This document contains important disclosures related to HCA Holdings, Inc., including compensation received by Deutsche Bank for investment banking and financial advisory services, as well as non-investment banking related compensation. It also mentions Deutsche Bank's significant non-equity financial interest in the company.

title: Important Disclosures for HCA Holdings, Inc.


document_description: The document provides historical recommendations and target prices for HCA Holdings, Inc. It includes a table of security prices and recommendations from March 2011 to December 2013, as well as a list of previous and current recommendations. It also outlines a new recommendation structure as of September 9, 2002, and provides an equity rating key and equity rating dispersion and banking relationships.

title: HCA Holdings, Inc. Historical Recommendations and Target Price


document_description: The document contains financial data related to the stock performance of CMCSA US, including price and volume information over a specified time span.


document_description: This document contains financial data related to the stock ticker FFIV US Equity, covering the period from March 2013 to March 2014. It includes metrics such as the last price, high and low prices, average price, current volume, and simple moving average volume.


document_description: The document discusses the consolidation in the frontend space of wireless equipment, driven by Qualcomm's RF 360 solution. It highlights the potential for further mergers among active and passive players to compete with Qualcomm. The document also notes optimism among network equipment vendors about operator spending, particularly with LTE rollouts globally. Updates on companies like Qualcomm, Peregrine, and Audience are provided, detailing their strategies and technological advancements.

title: Wireless Equipment Signals to Noise (S2N)

key_locations: Europe China Africa CALA

key_organizations:
Qualcomm
RFMD
Triquint
Avago
ZTE
Peregrine
Nuijira
Audience
Deutsche Bank Securities Inc.


document_description: The document provides an analysis of various companies' performances and strategies in the wireless equipment sector, particularly following the Mobile World Congress. It covers Blackberry's MDM pricing strategy, Cisco's service provider business transition, F5 Networks' growth opportunities in Telco and Next-Gen Security, CommScope's positive outlook due to LTE and 3G projects, and Ciena's optical network sourcing strategy with Verizon.

key_people: Cisco's mobile networking sales and business leaders

key_locations:
Europe
North America
Latin America
EMEA
APAC

key_organizations:
Blackberry
Cisco
F5 Networks
CommScope
Ciena
Verizon
AT&T
Vodafone
Telefonica
Juniper
Alcatel Lucent
Huawei


document_description: The document discusses the ongoing 4G small cell rollouts and the fiberization of cell towers, with insights from Ciena, Mavenir, Cavium, Ixia, and Ruckus. It highlights the potential for growth in VoLTE and RCS services, the early stage of Cavium's Fusion chip shipments, and the cautious outlook on Ixia's network testing solutions. Ruckus is noted for its traction with cable providers and interest in LTE-over-unlicensed.

key_people: Ciena Mavenir Cavium Ixia Ruckus

key_locations: US Europe

key_organizations:
T-Mobile US
Deutsche Telecom
France Telecom
Vodafone
NSN
Huawei
Samsung
AT&T
Republic Wireless
Deutsche Bank Securities Inc.


document_description: The document discusses the competitive landscape of LTE baseband technology in 2014, highlighting Qualcomm's dominance and the challenges faced by competitors like Mediatek and Intel. It provides insights from the Mobile World Congress in Barcelona and outlines Qualcomm's strategy and market position.

key_people: Qualcomm Mediatek Intel

key_locations: Barcelona Germany

key_organizations: Qualcomm Mediatek Intel Samsung Alcatel


document_description: The document discusses the challenges and opportunities in the LTE chipset market, highlighting Intel's struggles with a two-chip solution and Broadcom's potential with a multi-mode solution. It also touches on the competitive landscape, mentioning Qualcomm's dominance and Mediatek as a credible competitor. The document further explores trends in the smartphone market, including high-end commoditization and the impact of new technologies.

key_people: Intel Broadcom Qualcomm Mediatek Nokia


document_description: The document discusses the commoditization of the smartphone market, highlighting the presence of Chinese OEMs with feature-rich smartphones and wearables. It mentions Firefox's introduction of a low-cost smartphone and Ubuntu's progress as an alternative OS. The document also covers augmented reality solutions by Metaio and Qualcomm, and the iterative nature of handset hardware.

key_organizations:
Firefox
Ubuntu
Metaio
Qualcomm
Skycross
Deutsche Bank Securities Inc.


document_description: The document discusses F5's growth opportunities in Telco Network Intelligence and Next-Gen Security, highlighting design wins in LTE signaling and mobile data traffic management. It emphasizes F5's role in Network Functions Virtualization (NFV) and Network Consolidation, targeting large mobile operators to improve profitability and implement new mobile rate plans.

title: Wireless Equipment - Signals to Noise (S2N)

key_locations:
Latin America
EMEA
APAC
US

key_organizations:
F5
Verizon
AT&T
Vodafone
Telefonica
Deutsche Bank Securities Inc.


document_description: The document discusses F5's security solutions and market position, highlighting the demand for F5's 'best' solutions bundle, which includes security software modules. It mentions F5's potential introduction of subscription services for security and outlines two catalysts for F5's security business in 2015: outbound firewalls and APT defense. The document also includes a valuation and risks section, raising the price target for F5 from $120 to $130 based on growth opportunities in Telco and Next-Gen Security.

key_organizations:
F5
CSCO
PANW
CHKP
Deutsche Bank Securities Inc.


document_description: The document discusses the performance and outlook of CommScope's Wireless business, highlighting its positive trajectory due to infrastructure projects and new product offerings like the Ion-E DAS solution. It also covers the company's confidence in maintaining growth through LTE and 3G projects globally, and mentions a new modular data center solution for enterprises. The document reiterates a 'Buy' recommendation for CommScope, expecting a strong year in infrastructure spending.

key_locations:
North America
Europe
South East Asia
Africa
Russia

key_organizations:
CommScope
Deutsche Bank Securities Inc.


document_description: The document discusses Mavenir's positive outlook on Voice over LTE (VoLTE) network services rollouts in 2014, highlighting customer wins and carrier commitments. It also covers Cavium's early-stage Fusion chip shipments for 3G/4G small cells and potential growth drivers like the Liquid I/O chipset and Project Thunder initiative.

key_people:
Mavenir senior management
Cavium senior management

key_organizations:
Mavenir
T-Mobile US
Deutsche Telecom
France Telecom
Vodafone
Verizon
AT&T
Cavium
Oracle
Nokia Solutions Networks
Huawei
Alcatel Lucent
Samsung


document_description: The document discusses the growth opportunities and challenges for companies like Cavium, Ixia, and Ruckus in the wireless equipment sector. It highlights Cavium's potential growth with new chips, Ixia's moderated growth due to virtualization, and Ruckus's positive outlook with cable providers and potential in mobile strategy.

key_organizations:
Cavium
Ixia
Ruckus
Deutsche Bank Securities Inc.
Global Reach
Republic Wireless


document_description: The document discusses the valuation and risks associated with the data networking sector, highlighting that stocks in this sector trade at a forward P/E ratio of 18-19x CYIS consensus EPS estimates, which is a modest premium to the market multiple. It also outlines key risks such as shifts in IT spending, competitive product launches, and technology disruptions.

title: Networking Sector Valuation and Risks


document_description: This document contains a table of valuation metrics for various securities, including price targets, earnings, and other financial indicators. It is marked as confidential and sourced from Deutsche Bank and company data.

title: Deutsche Bank Securities Inc. Valuation Metrics

document_subtype: Valuation Metrics


document_description: The document contains a table showing handset shipments by region and technology from 2004 to 2016, with estimated figures for 2013 to 2016. It includes data on various regions such as Western Europe, Eastern Europe, Asia, North America, and others, as well as technologies like GSM, WCDMA, LTE, and more.

title: Global Handset Model

document_subtype: Handset Shipments Data


document_description: The document outlines important regulatory disclosures related to Deutsche Bank's equity research, including conflict disclosures, short-term trade ideas, and country-specific regulations. It provides links to additional information and specifies the intended audience for the research in various countries.

title: Regulatory Disclosures

key_locations:
Australia
New Zealand
Brazil
EU countries
Japan
Russia

key_organizations: Type II Financial Instruments Firms Association

key_organizations: The Financial Futures Association of Japan

reference_numbers: Registration number - Registered as a financial instruments dealer by the Head of the Kanto Local Finance Bureau (Kinship) No. 117


document_description: The document provides a stock chart for XOM US Equity covering the period from 2013 to 2014. It includes metrics such as last price, high, average, low, volume, and moving averages.


document_description: The document provides a financial analysis of HCA Holdings and Comcast, including their trading volumes, price history, and price targets. HCA Holdings is described as a 'best in breed' hospital company with a strong operating follow-through, while Comcast is awaiting the finalization of its TimeWarner Cable acquisition.

document_subtype: financial analysis

key_organizations:
HCA Holdings
Comcast
TimeWarner Cable
DB


document_description: This document contains financial data related to stock prices and trading volume for a specific timeframe from March 2013 to 2014. It includes the last price, high and low prices on specific dates, average price, and trading volume.

key_locations: 345 Park Avenue, 26th Floor, New York, NY 10154

key_organizations:
Deutsche Bank Securities Inc
Deutsche Asset & Wealth Management


document_description: Deutsche Bank reiterates a 'Buy' rating for HCA Holdings, Inc. The report highlights a recovery in surgical trends, boosting Q4 EBITDA growth despite weaker inpatient medical trends. Initial ACA guidance is considered conservative, with potential for mid-year revisions. Key takeaways include volume/pricing metrics, 2014 guidance assumptions, and ACA commentary. Updated estimates reflect modest adjustments due to HITECH and ACA ramp. Valuation risks include PPACA implementation and payer mix changes.

document_subtype: Research Report

key_organizations:
Deutsche Bank
HCA Holdings, Inc.


document_description: The document reviews HCA Holdings, Inc.'s Q4 2013 earnings, highlighting solid results despite challenging volume conditions. Key points include a 6.7% YoY growth in EBITDA, improved surgical trends, and a conservative 2014 guidance. The impact of the Affordable Care Act (ACA) on HCA's financials is discussed, with an expected benefit of 1-2% of EBITDA. The document reiterates a Buy rating with a $58 price target for HCA.

key_organizations:
HCA Holdings, Inc.
Deutsche Bank Securities Inc.


document_description: The document is a quarterly variance report for HCA Holdings, Inc. for the fourth quarter of 2013. It includes a detailed earnings variance table comparing the company's actual financial performance against estimates and consensus figures. Key metrics include cash revenue, adjusted EBITDA, and various margin and revenue metrics. The report also provides a brief review of revenue trends, highlighting factors such as pricing growth, admissions declines, and the impact of the two-midnight rule on Medicare admissions.

title: HCA Holdings, Inc. 4Q13 Earnings Variance Report

key_organizations:
HCA Holdings, Inc.
Deutsche Bank
Thomson Reuters


document_description: The document provides a detailed analysis of HCA Holdings, Inc.'s same-store trends in healthcare facilities and services, focusing on year-over-year percentage changes in various metrics such as net revenue, admissions, surgeries, and ER visits from 2010 to 2013. It highlights surgical trends, noting an increase in total same-store surgeries and a shift in the ratio of inpatient surgeries to total admissions, attributed to recent investments in surgical departments and a slowdown in ER volumes.


document_description: The document provides a balance sheet and cash flow analysis for HCA Holdings, Inc. for the years 2010 to 2013, along with 2014 guidance. It includes detailed financial data such as cash flows from operating activities, capital expenditures, free cash flow, and balance sheet data. The document also outlines HCA's 2014 financial guidance, including revenue, adjusted EBITDA, adjusted EPS, and capital expenditures, with comparisons to Deutsche Bank estimates and consensus figures.

key_organizations:
HCA Holdings, Inc.
Deutsche Bank


document_description: The document provides a financial analysis of HCA Holdings, Inc., focusing on the 2014 EBITDA Bridge and the impact of health care reform. It includes a table detailing the base EBITDA bridge with low, mid, and high estimates, and discusses the impact of the Affordable Care Act (ACA) on HCA's financials. Key variables affecting the ACA's net benefit are outlined, including Health Insurance Exchange enrollment and Medicaid expansion. The document also includes new financial estimates for HCA, reflecting adjustments for lower HITECH benefits and a slower ACA ramp.

key_organizations:
HCA Holdings, Inc.
Deutsche Bank
CMS


document_description: Financial analysis of HCA Holdings, Inc. with a focus on lower ACA ramp and better rate/mix due to recent strength in acuity mix.

title: Health Care Facilities and Services


document_description: This document is a financial summary of HCA Holdings, Inc., detailing earnings, growth rates, margin analysis, revenue model, balance sheet, cash flow, and revenue mix from 2008 to 2015. It includes data on revenues, EBITDA, hospital numbers, admissions, and payer mix.

title: HCA Holdings, Inc. - Earnings Model Summary


document_description: The document outlines important regulatory disclosures related to Deutsche Bank's equity research, including conflict disclosures, short-term trade ideas, and country-specific disclosures for Australia, New Zealand, Brazil, EU countries, Japan, and Russia.

title: Regulatory Disclosures


document_description: The document provides an analysis of various companies' performances and strategies in the wireless equipment sector, particularly following the Mobile World Congress. It covers Blackberry's MDM pricing strategy, Cisco's service provider business transition, F5 Networks' growth opportunities in Telco and Next-Gen Security, CommScope's positive outlook due to LTE and 3G projects, and Ciena's optical network sourcing strategy with Verizon.

key_locations:
Europe
CALA
Africa
Asia
North America
Latin America
EMEA
APAC

key_organizations:
Blackberry
Cisco
F5 Networks
CommScope
Ciena
Verizon
AT&T
Vodafone
Telefonica
Alcatel Lucent
Juniper
Huawei


document_description: The document discusses the ongoing developments and future prospects in the telecommunications industry, focusing on companies like Ciena, Mavenir, Cavium, Ixia, and Ruckus. It highlights the progress in 4G small cell rollouts, Voice over LTE network services, and the potential revenue opportunities for these companies. The document also notes the challenges and market positions of these companies in the telecom sector.

key_organizations:
T-Mobile US
Deutsche Telecom
France Telecom
Vodafone
NSN
Huawei
Samsung
AT&T
Republic Wireless
Deutsche Bank Securities Inc.


document_description: The document discusses the competitive landscape of LTE baseband technology in 2014, highlighting Qualcomm's dominance and the challenges faced by competitors like Mediatek and Intel. Qualcomm's announcements at the Mobile World Congress, including new baseband and processor technologies, are noted. Mediatek's and Intel's efforts to gain market share in LTE are also discussed.

document_type: media

key_organizations: Qualcomm Mediatek Intel Samsung Alcatel


document_description: The document discusses the challenges and opportunities in the LTE chipset market, highlighting Intel's struggles with a two-chip solution and Broadcom's potential with a multi-mode solution. It also touches on the competitive landscape, mentioning Qualcomm's dominance and Mediatek as a credible competitor. The document further explores trends in the smartphone market, including high-end commoditization and the impact of new technologies.


document_description: The document discusses the commoditization of the smartphone market, highlighting the presence of Chinese OEMs and the introduction of affordable smartphones like Firefox's S25. It also covers alternative operating systems like Ubuntu and Tizen, and the growing interest in augmented reality solutions from companies like Metaio and Qualcomm. The document notes the iterative nature of handset hardware and mentions Skycross's antenna solution for 4X4 MIMO.

key_organizations:
Firefox
Ubuntu
Metaio
Qualcomm
Skycross
Deutsche Bank Securities Inc.


document_description: The document discusses various developments in the wireless equipment industry, including advancements in MIMO technology, personal encryption and privacy solutions, and Blackberry's new MDM strategy and devices. It also covers Qualcomm's progress in integrated frontend solutions and RFMD's bid for Triquint.

key_organizations:
Blackphone
SPG Technologies
Boeing
Blackberry
Qualcomm
ZTE
RFMD
Triquint
Avago
Deutsche Bank Securities Inc.


document_description: The document discusses the state of the wireless equipment market, focusing on the front-end module (FEM) market and the potential for consolidation among players. It highlights Peregrine's CMOS PA demo, Audience's growth with Chinese OEMs, and their motion technology. The document also mentions the potential for improved relations between Audience and Apple.

key_organizations:
Skyworks
Triquint
Ethertronics
I/O Semiconductor
Peregrine
RFMD
Samsung
Audience
Qualcomm
Apple
Deutsche Bank Securities Inc.


document_description: The document discusses the optimistic outlook for LTE infrastructure growth in 2014, with a focus on small cells and their potential deployment in the latter half of the year. It highlights the role of companies like Spidercloud in the small cell space and discusses Cisco's position in the mobile networking market, including their focus on NFV and Mobile Cloud opportunities.

key_locations:
UK
Europe
China
Africa
CALA
North America
Asia
Western Europe
Northern Europe

key_organizations:
Spidercloud
Vodafone
Cisco
Deutsche Bank Securities Inc.


document_description: The document discusses Cisco's progress and challenges in launching telco-focused service orchestration frameworks and software tools for mobile network services. It highlights Cisco's Virtualized Evolved Packet Core solution and its market strategy for NFV. The document also mentions Cisco's SON software trials with Tier-1 mobile operators and the need for Cisco to enhance its routing portfolio. Additionally, it raises the price target for F5, reflecting growth opportunities in Telco and Next-Gen Security.

key_organizations:
Cisco
Juniper
F5
Deutsche Bank Securities Inc.


document_description: The document discusses F5's growth opportunities in Telco Network Intelligence and Next-Gen Security, highlighting design wins in LTE signaling and mobile data traffic management. It emphasizes F5's role in Network Functions Virtualization and Network Consolidation for large mobile operators.

key_organizations:
F5
Verizon
AT&T
Vodafone
Telefonica
Deutsche Bank Securities Inc.


document_description: The document discusses F5's security solutions and market position, highlighting the demand for their 'best' solutions bundle which includes security software modules. It mentions potential growth catalysts for F5's security business in 2015, including outbound firewalls and APT defense. The document also includes a valuation and risk assessment, raising the price target for F5 from $120 to $130 based on growth opportunities in Telco and Next-Gen Security.

key_organizations:
F5
CSCO
PANW
CHKP
FireEye
Deutsche Bank Securities Inc.


document_description: The document discusses the performance and outlook of CommScope's Wireless business, highlighting their positive stance due to infrastructure projects and new product offerings like the Ion-E DAS solution. It also covers the company's confidence in maintaining growth through LTE and 3G projects globally, and mentions their modular data center solution for enterprises. The document reiterates a Buy recommendation for CommScope, expecting a strong year in infrastructure spending.

key_organizations:
CommScope
Deutsche Bank Securities Inc.


document_description: The document discusses Ciena's market position and opportunities in the optical network upgrade sector, particularly in relation to LTE and 100G upgrades. It highlights Ciena's role as a primary supplier for Verizon's optical network upgrades and potential growth in Carrier Ethernet switches. The document also mentions Ciena's partnership with Ericsson and its implications for network automation in Telco NFV architectural upgrades.

key_organizations:
Ciena
Verizon
Alcatel Lucent
AT&T
Ericsson
Deutsche Bank Securities Inc.