Volvo Cars IPO deemed unlikely after Geely's Daimler investment
Volvo Cars, the Swedish auto manufacturer, is unlikely to list after news that Chinese owner, Geely, has acquired almost 10% of German Daimler, according to Dagens Industri.
The Swedish business daily reported that a listing of Volvo Cars seemed very likely in 2016 when the company issued preference shares to three Swedish institutions for SEK 5bn (EUR 498m) which could be converted into ordinary shares in conjunction to an IPO. Volvo Cars' managing director, Hakan Samuelsson, also presented the company to potential investors in 2017.
However, the paper reported, citing unnamed observers, that Geely's entry into Daimler has drastically reduced the likelihood of a listing. One unnamed source commented that Geely owner Li Shufu would have to be far more communicative about his plans for Swedish investors to consider investing in an IPO of Volvo Cars.
Moncler Touts New Business Model, Potential Without M&A
Top brass, including chairman and ceo Remo Ruffini, discussed Genius Building project during Capital Markets Day in Milan.
MILAN — “We want to talk to everyone and everywhere, to all generations, with a new language and new concepts,” said Moncler chairman and chief executive officer Remo Ruffini during the brand’s capital markets day on Tuesday. “One house, different voices is not a claim but the essence of our strategy.”
A day after reporting a 27 percent jump in 2017 net profits to 249.7 million euros and a 15 percent gain in revenues, which reached 1.19 billion euros, Moncler touted its new Genius Building project, the flexibility that has allowed installing a new business model and the potential of its online channel, which all contribute to expectations to outperform the luxury industry in 2018. Kicking off Milan Fashion Week, Moncler on Feb. 20 unveiled eight collections under the Genius Building moniker, designed by the likes of Pierpaolo Piccioli, Simone Rocha and Craig Green, which will be dropped throughout the year at different times.
Ruffini ticked off Moncler’s flexibility, which has allowed to “reengineer our business at the speed of digital and become a community,” and its evolution, as Moncler is not only focused on the product but on engaging customers in new experiences. He said he no longer believes in the concept of seasons, and that travel has become an important shopping occasion. “We have a disruptive answer. Indi-visuals expressed through social and visual media. Uniqueness is the milestone of our strategy,” said Ruffini, also emphasizing creativity. “Like love, you must let it run free and wild,” he mused. He believes that new codes allow to reach new customers and create a Moncler community. “If you don’t speak their language, people will not listen,” Ruffini observed, adding that energy and passion are key to success and to creating loyalty to the brand.
Ruffini said Moncler was one of the first companies to forge collaborations with designers and fashion brands, naming Junya Watanabe, Comme des Garçons and Nicolas Ghesquière. “Then we changed strategies and moved to fashion shows, which were not in our DNA, to reach a different client. One-and-a-half years ago, I felt the world was changing thanks to digital, and I had the idea of an editorial project to talk to clients and increase traffic. We just started, but I trust we can develop it, it feels like the right solution for our crowd, while never betraying scarcity or quality.” Throughout the meeting, it was reiterated that the project was not meant for large volumes and that it was more about quality than quantity.
Responding to an analyst, Ruffini said there were no M&A plans. “There is a lot to do and Moncler has strong potential, I don’t see an opportunity,” he said.
Roberto Eggs, chief operating and chief marketing officer, said the company will continue with Moncler’s main collection and that Genius Building is meant “to create desire and expectations, to create content and buzz, to please existing consumers and attract new ones.”
Eggs also highlighted Moncler’s flexibility and ability to react quickly “to young customers that are increasingly buying on impulse.” He said Genius Building was a digital project from Day One, marking the start of a new phase in 2018, which required changes in distribution, design, production and merchandising, with a dedicated, efficient and more flexible supply chain for timely deliveries. For example, he said the first collection to be rolled out will be the one designed by Piccioli, due out on July 2, with Matches. Noir, by Kei Ninomiya, will follow and be available at Dover Street Market. This has allowed Moncler to strike a deal with the retailer — a new distributor for the company — to have a permanent store for Genius Building. Craig Green’s collection will bow in August with Ssense, and Moncler 1952 and the Simone Rocha capsule will be launched in September, followed by Moncler Palm Angels in October. The collections will be available for three weeks to a month. These drops will be followed by a full takeover at Printemps of the Genius Building, for example, and partnerships with Isetan, Barneys with all of the windows, said Eggs, and Tsum, Macau Galaxy, Plaza 66 or Maxfield, among some. Moncler Grenoble will drop in November and a second fragmented delivery will take place in December.
Knitwear, the group’s fastest-growing category, is expected to post a double-digit gain in the 2018-20 period, as are the Grenoble and Moncler Lab brands. The company has hired dedicated designers for the soft accessories category, which has the highest growth potential, Eggs said.
The executive also said a goal was to increase Moncler’s share of digital and outdoor ads by 2020 to 70 percent of media spending and that the plan is to be fully omnichannel and operative by 2019, starting with Europe first, which now accounts for 60 percent of online sales. Moncler is also working to double online revenues in three years from the current 3 percent. Moncler is taking its online channel in-house in South Korea. Chief corporate and supply officer Luciano Santel said it was working transparently with partner Yoox Net-a-porter Group “to implement our technology. Our customer service is in progress to be in-sourced, we are doing tests to understand how to run the business in-house and YNAP is helping. We will see when the contract expires.” Eggs said Moncler “left the door open to internalizing. Client data is the first to go in-house.”
As for its retail channel, Moncler will open two new countries per year, such as Mexico by July 2018, Spain and Portugal in 2019, and Thailand and South Africa by 2020. The plan is to open 15 doors in 2018.
Santel said the mission was “to provide a reliable, lean, efficient and fast organization in line with our business model in five areas — supply chain, information technology, people, logistics and sustainability.” Santel introduced Francesca Bacci, who hails from Valentino and Prada before that, and who joined Moncler in December as its new operations and supply chain director.
“We are timing and planning our supply chain, moving from traditional and sequential to same-time activities, focusing on product industrialization along with product development,” said Bacci, trumpeting Moncler Clinique, which she called “the best production facility for outerwear,” based in Romania. A second building to expand the distribution center in Piacenza, Italy, is being erected and will be completed by May or June.
Responding to an analyst, Ruffini said he did not believe there are direct competitors in terms of design, but that there was the need “to be careful, starting with Prada, but we have strong power and technology in outerwear.”
Santel said the company expects to invest 30 million euros in information technology in the 2018-20 period, highlighting efforts to optimize clienteling, and the launch of a cybersecurity project six months ago.
The company will set up Mon Campus, a one-year academy for young talents, he added.
There are no plans to increase prices in order “to stay attractive for the young generations,” Santel said.
ML
ADMIRAL - Good with PBT 8.6% ahead and EPS 11.3% beat. Divi higher (1990)...+3%
CAPCO - Block sale of 49 apartments at Lillie Square, pricing inline (274)+2-3%
MAN GROUP - EPS 8% ahead with mgmt fee EPS 5% better & perf fees beat(185)+2-3%
AHOLD - Small beat, EBIT 1.2% ahead & net profit big beat on synergies (18).+2%
WEIR - Strong with Q4 order growth of +9% in Minerals and +52% in O&G (2041)+2%
DIALOG - Revs inline, op profit 2.7% below cons but EPS 18% ahead of est(25)+2%
MELIA - EBITDA 1.3% ahead. Mgmt expects significant margin expansion (11).+1-2%
AENA - Good with surprise on cash. Pay-out ratio been increased to 80% (171)+1%
ST JAMES - 1% beat v BAML & NAV per share up to 1068 which is 4% beat (1140)+1%
ACCOR - To sell 55% of Hotel Invest to group of investors for €4.4b (48.6)..+1%
PRYSMIAN - Sales better, 5.4% above cons although margins worse than exp(26)+1%
REPSOL - EBITDA 4% beat, net income 26% ahead but no chat on buybacks (14.4)+1%
TAKEAWAY - Solid results which are largely inline, following Jan update (52)u/c
AMADEUS - Q4 inline with a 3% beat on distribution offsetting IT miss (60)..u/c
T.WIMPEY - Very much inline with strong forward order book & good start(194)u/c
STAN LIFE ABERDEEN - BAML DOWNGRADE to Neutral on too much uncertainty (370)-1%
MINERS - China manuf PMI misses: 50.3 v 51.1; Copper -0.45%,Iron Ore unch.-1-2%
T.PERKINS - Op profit -7% but inline with cons.Outlook little mixed (1413)-1-2%
FERRAGAMO - CEO Eraldo Poletto to leave the company on March the 8th (22.1).-2%
BAYER - EBITDA 9.29 v cons 9.33. Sees core EPS at prior year level (95.7).-2-3%
INDRA - Beat but guide down. Outlook for EBIT growth suggests 10% d/g (11)-2-3%
K+N - EBIT a 1% miss; the net effect of weaker margins & stronger vols (158)-3%
ITV - Mixed. Soft 1Q18 outlook likely to concern although revs 2% ahead(165)-4%
CS
Aareal Bank +1% FY17 inline, dividend 2.5 (cosn 2.24)
Aareal Bank +1% FY17 inline, dividend 2.5 (cosn 2.24)
Admiral Group +5% FY17 Group PBT 5% ahead of cons, dividend flat
Aena +2% FY2017 EBITDA of EUR2517.4m cons EUR2,524m
Ahold Del -1% Solid no's, dividend raised, US strong, Belgium weak
Amadeus UNCH EBITDA slightly ahead, EPS €2.55 vs cons €2.36
Cap & Count +2-3% Lillie Square joint venture has exchanged contracts
Dialog Semi -1-2% Already pre-announced but gross margin light
EFG Int -2% AUM CHf142b (cons 149b), FY17 light, confirms 2019 targets
Erste +1% NII 1.12bn (cse 1.11bn), CET1 13.4%
Ferragamo -3% CEO Eraldo Poletto to step down
Georg Fisch +1-2% Orders 3.5% ahead of CS, sales 2% ahead, EBIT inline
Great Port M/P Company intends to return approximately £306m
Indra -3-4% Rev growth fine, Adj. EBITA light
ITV -2% 2017 numbers in line but guidance weaker
Kloeckner -1% Clean EBITDA €36m Cons €36m, FY18 Guidance inline
K+N -2% Q4 EBIT 4% light, Seafreight light, dividend inline
Man Group +2% Adj PBT ahead, AuM $109.1b and flows $12.8b in line
Merlin Prop +3-5% NAV €13.25 vs CS ests €12.45, earnings also better
Miners -1% Copper -0.30%, Brent -1.00%, Iron Ore -0.10%, China -0.60%
Norsk Hydro -1% Prepares to cut Alunorte production by 50%
Oils -0.5-1% US API 900k build vs a draw of 900k last week
Repsol +1% Adj net EUR703m vs cons EUR554m, net debt 200m beat
Solvay -3% EBITDA €494m Cons €485m, guidance muted
St. James’s UNCH FY17 results broadly in line, divi small better
Sulzer UNCH FY orders CHF 3156m (c 3159m), guidance cautious
Valora -2% FY17 EBIT 0.5% light
Weir M/P FY PBT inline, revs 2% beat, divi slightly light
Wienerber +2% FY EBITDA EU415M est EU411.8M
Whitbread +1% Acquisition of portfolio in Germany
MainFirst Pre Mkt Indications
*ACCOR-Sells 55% of AccorInvest €4.4b,Plans $1.65b buyback............+2% *AHOLD-OP 631m(626),Op Mragin 4%(4),Net Inc 744m(416).................+2% *AENA-FY Rev 4.03b(4.03),Ebitda 2.52m(2.52),Net 1.231m(1.219).........+1% *K&N-FY NI 740m(740),Rev 22.22b(21.83),Ebit 937m(945),Div 5.75........-1% *ALTRAN-FY Rev 2.28b(2.28),EPS 81c(88),Investor plan 28th June........-0.5% *MERLIN PROPS-FY Net Inc 1.1b(794.8),Net Rev 463.3m(483.9)............+1% *SULZER-FY Sales 3.05b(3.02),Ebit 136.5m(141),Order 3.16b.............-2% *DUERR-FY Sales 3.7-3.9b(3.78),FY Ebit Margin 7-7.5%,Q4 Sales ok......-2% *SALVATORE FERRAGAMO-CEO Poletto to step dowm,from 8th March..........+1% *ENDESA-FY Net Income €1.46b(1.4)Net Rev €19.6b(19.38)................+1% *BAYER-FY Sales 35.02b(35.3),Ebitda 9.29b(9.33),Monsanto cls Q2.......-2% *WIENERBERG-FY Rev 3.12b(3.07),Ebitda 415m(411.8),Div 30c(31).........+1%
*SOLVAY-Q4 Rev 2.48b(2.45),Ebitda 494m(489.4),FCF 336m................+1%
*DIALOG-Q4 Rev $464m(463),GM 46.1%(46.4),Q1 Rev 330m-360m(375)........+2% *AALBERTS-FY Rev 2.69b(2.7),Net 238m(234),Div 65c(64),FCF 310m........+1%
*AAREAL-Q4 NII 148m(152),LLP 29m(30),OP 66m(67),NI 44m(38),o/l ok.....+2% *KLOECKNER-FY Sales 6.3b(6.28),Ebitda 220m(220),Net 102m(74),DPS 30c..+3%
*MLP-Q4 Rev 187.5m(190),PT 23m(25.6),Op Ebit 25.3m(20.25).............+4%
*ERSTE-Q4 NI 328.6m(304.8),NII 1.12b(1.11),Rev 1.73b(1.7).............+2% *REPSOL-FY Adj Net 2.4b(2.21),Ebitda 6.7b(6.34),Net Debt 6.3b.........+1%
*EXANE INDICATIONS**
Accor +2%
Admiral +2%
Ahold +2%
Altran +1%
Bayer -1%/-2%
Biomerieux -8%
CAF +5%
Cie +1%
Endesa +1%
Erste B. +1/+2%
Grandvision -3%
Indra +2%
Kloeckner -1%/-2%
Melia unch/+1%
Prysmian +2%
Repsol +2%
Solvay -1%
Vilmorin -5%
Weir +1%
Wienerberger +1%
Dow -1.16% S&P -1.27% NAsdaq -1.23% Russell -1.47%
Stocks in Asia followed their U.S. counterparts lower after hawkish comments from Federal Reserve Chair Jerome Powell and weaker-than-expected economic data from China and Japan. The yen strengthened after the Bank of Japan reduced longer-dated bond purchases. The MSCI Asia Pacific Index dropped, led by financials, technology and materials stocks. Most national benchmarks declined with Chinese and Hong Kong shares underperforming as China’s official manufacturing gauge fell the most in five years in February. Data from Japan also added to the negative sentiment -- factory output fell more than expected in January and retail sales declined last month from December. The dollar held gains and Australian bond yields climbed as 10-year Treasury yields steadied around the 2.90 percent level.
US After Hours AAXN +16%, ETSY +15%, WTW +8%, BKNG +7%, RRC +6% higher, while FTR -19%, TSRO -11%, HTZ -6.5% are lower following earnings guidance
Nikkei -1.44% Hang Seng -1.34% CSI -0.87% Shanghai -0.99% Shenzen +0.16%
Eur$ 1.2236 CNH 6.3275 CNY 6.3277 JPY 107.10 GBP 1.3908 CHF 0.9401 RUB 56.2977 WTI$ 62.84
S&P -0.01% EuroStoxx -0.49% FTSE -0.61% Dax -0.51% SMI -0.53%
Macro :
- *FED FUNDS FUTURES NOW PRICE IN 3 HIKES FOR 2018 AS POWELL TALKS
Keep an eye on :
- AALB NA : Aalberts Full Year Revenue Meets Estimates
- ARL GY : Aareal Bank Full Year Operating Profit Meets Estimates
- AC FP : AccorHotels to Sell Majority Stake in AccorInvest
- ACKB BB : Ackermans Full Year Net Income EU302.5 Mln Vs. EU224.2 Mln Y/Y
- ADM LN : Admiral Full Year Pretax Profit Beats Highest Estimate
- AD NA : Ahold Delhaize 4Q Adjusted Operating Profit Meets Est.
- ALT FP : Altran Full Year EPS Misses Estimates
- ALV GY : Allianz Has Enough Capital for Buybacks and M&A; Buy: Lampe
- AMS SM : Amadeus Full Year Net Income EU1 Bln
- BANI BB : Banimmo Exits French Market With EU14m Unit Sale to Montefiore
- BAYN GY : Bayer Genetically Modified Cotton Talks Stalled on Deal: Rtrs
- BAY GY : Monsanto/Bayer Said on Track for EC Approval, MLex Says
- BEKB BB : Bekaert Full Year Adjusted Ebit Beats Highest Estimate
- BIM FP : BioMerieux Full Year Net Income Beats Highest Estimate
- BME SM : BME Full Year Net Income Meets Estimates
- CA FP : French Retailer System U Considers Venture With Amazon: Figaro
- DBK GY : Deutsche Bank Agrees to Pay $240 Million to Settle Libor Case
- DLG GY : Dialog Semi Fourth Quarter Revenue Beats Highest Estimate
- DIS US : Disney Gets No Subsidy for Paris Investment Iger Tells Figaro
- DUE GY : Duerr Full Year Sales Forecast Midpoint Meets Estimates
- MDF SM : Duro Felguera to Cut 25% of Workforce: El Confidencial
- EBS AV : Erste Fourth Quarter Net Income Beats Estimates
- ELE SM : Endesa Full Year Net Income 4.3% Above Estimates
- EKT SM : Euskaltel Full Year Net Income Misses Estimates
- FOX LN : Foxtons Full Year Revenue GBP117.6 Mln
- G1A GY : GEA Group Downgraded to Hold at DZ Bank; PT 40 Euros
- GOCO LN : Gocompare.com Full Year Revenue GBP149.2 Mln
- GVNV NA : GrandVision Full Year Sales Meet Estimates
- ISN SW : Intershop Full Year Net Income CHF63.5 Mln
- ISP IM : Intesa CEO Says Italy Should Sell Real Estate to Pay Debt: HB
- JLT LN : Jardine Lloyd Thompson Full Year Adjusted EPS Beats Estimates
- KCO GY : Kloeckner Full Year Sales EU6.3 Bln
- KOA FH : Kongsberg Automotive Fourth Quarter Revenue Meets Estimates
- KNIN SW : Kuehne + Nagel Full Year Ebit CHF937 Mln
- LGF/A US : Lions Gate Gains After Variety Says Hasbro Bid $40/Share in 2017
- LGF/A US : Amazon Prime Signs Exclusive Deal for Lionsgate Movies in LatAm
- MAS SM : Masmovil Full Year Revenue Meets Estimates
- MRL SM : Merlin Full Year Net Income Beats Highest Estimate
- NLFSK DC : Nilfisk Sees Full Year Organic Revenue +3% To +4%
- NHY NO : Norsk Hydro Prepares to Cut Alunorte Production by 50%
- TL5 SM : Mediaset Espana Full Year Net Income Beats Highest Estimate
- MEL SM : Melia Hotels Full Year Net Income Beats Estimates
- MLP GY : MLP Fourth Quarter Ebit EU23 Mln
- NFLX US : Netflix Sees Releasing About 700 Pieces of Original Content
- NOKIA FH : Nokia, Ericsson to Supply 5G Equipment for T-Mobile in U.S.
- ORA FP : Orange Says ‘Fully Hedged’ for Coming Years Against Rates Hikes
- OTELLO NO : Otello Fourth Quarter Revenue 1.4% Below Estimates
- REP SM : Repsol Fourth Quarter Adjusted Net Beats Highest Estimate
- RIO LN : Rio Tinto May Raise More Than $5b in 2018 Asset Sales, UBS Says
- SZG GY : Salzgitter Full Year Net Income EU193.6 Mln (1)
- STJ LN : St James's Place FY Adjusted Pretax Profit Beats Est.
- SFL IM : Safilo Takes EU190-200m Non-Cash Goodwill Impairment Charge
- SHP LN : Shire’s Lanadelumab Granted Accelerated Assessment by EMA
- SFER IM : Salvatore Ferragamo CEO Poletto to Step Down
- SOLB BB : Solvay 4Q Adjusted Ebitda Meets Estimates
- SKY LN : Comcast Could Make ‘Knock Out’ Bid for Sky at GBP16, UFP Says
- SUN SW : Sulzer Full Year Ebit CHF136.5 Mln
- TTALO FH : Terveystalo Full Year Dividend Per Share Beats Estimates
- TKWY NA : Takeaway Full Year Revenue Meets Estimates
- TW/ LN : Taylor Wimpey Full Year Revenue 1.0% Above Estimates
- TRS LN : Tarsus Group Full Year Revenue Misses Lowest Estimate
- TPK LN : Travis Perkins FY LFL Revenue Up, Sees ‘Mixed’ Market in 2018
- RIN FP : Vilmorin First Half Sales EU460 Mln
- UBM LN : UBM Full Year Revenue Meets Estimates
- VALN SW : Valora Sees Full Year Ebit CHF87 Mln To CHF93 Mln
- WEIR LN : Weir Full Year Adjusted Operating Profit Beats Estimates
- WIE AV : Wienerberger Full Year Ebitda Meets Estimates
After Hours Summary: AAXN +16%, ETSY +15%, WTW +8%, BKNG +7%, RRC +6% higher, while FTR -19%, TSRO -11%, HTZ -6.5% are lower following earnings guidanceAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: AAXN +16%, ETSY +15%, TIVO +12.2% (also announces plan to explore all alternatives to maximize shareholder value), RRD +8.2%, WTW +7.7%, BKNG +6.8%, ENPH +6.1%, RRC +5.6%, PEN +5.5% (light volume), FRAN +5.2%, OAS +4.5%, VEEV +4.3%, SBLK +3.7%, ESRX +3.1%, SUPN +3%, CWH +2.9%, ALB +2.2%, MTZ +2%, AKAO +1.9% (light volume), IMAX +1.9%, XOG +1.7%, NBR +1.2% (light volume)
Companies trading higher in after hours in reaction to news: PHH +22.7% / OCN +11% (PHH Corp to be acquired by Ocwen (OCN) in an all cash transaction valued at $360 million, or $11.00 per fully-diluted share), STB +21.1% (Student Transportation to be acquired by a group of investors led by CDPQ for US$7.50 per common share in cash), EXPE +2.7% (following BKNG results), VRX +1.5% (Valeant Pharma entered into exclusive license agreement with Kaken Pharmaceutical)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: FTR -19.4% (also suspends the quarterly cash dividend on the common stock), TSRO -10.6%, MNKD -9.8%, MHLD -9.7% (light volume), BGS -9.6%, ACAD -8.1%, CYH -7.8%, BGFV -7.6%, ELF -7.3%, PZZA -6.8%, HTZ -6.5%, GTE -6.1% (light volume), ALRM -5.2%, EOG -4.6%, TDOC -4%, WDAY -3.2%, ROG -3.2%, SSW -3.1% (light volume), TNET -2.6% (light volume), SQ -2.3%, VTVT -2.3% (also files for $250 mln share Class A common stock shelf offering), DXCM -2.2% (light volume), DRYS -1.3%
Companies trading lower in after hours in reaction to news: CELG -6.6% (receives Refusal to File letter from the FDA regarding New Drug Application for ozanimod in development for the treatment of patients with relapsing forms of multiple sclerosis), DISCA -2.5% (still checking - DISCA / SNI set election deadline - expect to consummate the transactions contemplated by the Merger Agreement on March 6, 2018), DM -0.8% (files for $500 mln common units representing limited partner interests shelf offering), RNG -0.6% (announces offering of $350 mln in convertible notes due in 2023), GM -0.4% (announced 40 mln share secondary offering by the UAW Retiree Medical Benefits Trust; GM intends to repurchase a portion of the shares being offered), NTR -0.3% (files $3 bln mixed securities shelf offering)
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>>> Up
* Allianz Upgraded to Buy at Bankhaus Lampe
* HeidelbergCement Up to Neutral After Consensus Cuts: JPMorgan
* KBC Upgraded to Outperform at KBW; PT 84.70 Euros
* MercadoLibre Upgraded to Overweight at JPMorgan; PT $500
* MTU Aero Upgraded to Buy at DZ Bank; PT 166 Euros
>>> Down
* BAT Downgraded to Neutral at Citi
* Bristol-Myers Downgraded to Hold at DZ Bank; Price Target $70
* Campari Downgraded to Sell at Investec
* Engie Downgraded to Hold at HSBC; PT 14.10 Euros
* Gerry Weber Cut to Sell at Independent Research; PT 7 Euros
* H&M Cut to Sell; Citi Says Turnaround Needed Is Too Big
* Legrand Downgraded to Underweight at Morgan Stanley; PT 58 Euros
* PostNL Downgraded to Reduce at HSBC; PT 2.80 Euros
* Standard Chartered Cut to Sell at Independent Research
>>> Initiation
>>> Call