WSJ : Movie-Inspired Gadgets In Real Life

Movie-Inspired Gadgets In Real Life

{http://www.wsj.com/articles/movie-inspired-gadgets-in-real-life-1427399252}
From ‘Back to the Future’ hoverboards to ‘Blade Runner’ flying cars and ‘Star Trek’ tricorders—filmmakers’ fantasies are becoming a reality

IT IS 26 YEARS since film fans got a glimpse of what 2015 could be like in the cult movie “Back to the Future Part II.” Marty McFly, played by Michael J. Fox, arrived from the past in his flying, time-traveling DeLorean on Oct. 21 this year. While we can’t yet fuel our cars with household trash, many of the technologies in the world he saw around him are eerily close to what we have today.

Video calling has been available for years; flatscreen TVs are standard; and Google Glass looks remarkably similar to devices worn by the McFly family at dinner. Earlier this year, designers at Nike announced that they are producing a real-life version of McFly’s self-tying “power-lace” sneakers.

The most eagerly awaited innovation from the movie, though, is the iconic hoverboard—a skateboard that floats over ground. Ever since scenes of Mr. Fox zipping around Hill Valley appeared in cinemas in 1989, director Robert Zemeckis—who has admitted that much of the technology in the film was meant as a joke—has been pestered by fans desperate to know when a real hoverboard might be available.

Now, a California-based company claims to have created something close to it. Arx Pax’s Hendo hoverboard harnesses magnetic induction to levitate above metallic surfaces. While not as versatile as Marty McFly’s, it comes pretty close according to a video of skateboarding legend Tony Hawk testing a prototype.

Initially the film, which came out in 1989, gave Greg Henderson, the company’s founder, an idea to solve a bigger problem. It was the year of the Loma Prieta earthquake in California, and Mr. Henderson imagined finding a way to raise buildings’ foundations off shaky ground. But it was only last year that hover technology stepped up a gear. “Launching the hover technology proof of concept to the world in the form of the Hendo hoverboard was a perfect fit. ‘Back to the Future II’ piqued the imagination of fans around the world,” explains Mr. Henderson, who envisions that the applications of hover technology will extend to positively impact “transportation, industrial automation, structural isolation, education and much more.”

Looking through the volumes of patent applications and stalls at consumer electronics shows, it seems there are a growing number of supposedly fictional technologies within our grasp. Could it be that the scientific community, driven by the sight of Hollywood stars playing with futuristic-looking toys, is being inspired by escapist entertainment?

Real Gadgets Inspired by Top Movies
The futuristic gadgets seen in blockbuster films are now becoming reality as science catches up with fantasy. —Richard Gray

of fullscreen
Certainly there is a generation of researchers striving to replicate the technology that appeared in the “Star Trek” franchise. Physicists have already proven that it is possible to teleport the quantum state of a particle a considerable distance in experiments that have drawn comparisons with the USS Enterprise transporter. Last year, scientists at the Australian National University showed that it was possible to push and pull small objects using a laser, suggesting we may be on our way to developing a tractor beam as seen in blockbusters from “Star Wars” to “Star Trek.”

In 2012 the XPrize Foundation, whose board includes film director James Cameron, launched a $10 million contest to create a real-life “Star Trek” Tricorder—a handheld diagnostic device—and there are currently 10 teams from around the world competing.

‘Filmmakers aren’t bound by the laws of physics. They might inspire someone to think around a real-world problem in a different way’
But movie technology doesn’t always jump ahead of reality—even if it appears that way. The jaw-dropping gadgets packed into “Minority Report,” Steven Spielberg’s dystopian vision of 2054, so captured audiences’ imaginations that they almost eclipsed the story. Yet the scenes where Tom Cruise tosses images and video around a room with a flick of his hand were actually based on technology being developed at Massachusetts Institute of Technology.

John Underkoffler, a researcher at the university’s media lab, became a scientific consultant for the 2002 film. After seeing the audience reaction to the technology he had been working on, he left M.I.T. and set up his own company, Oblong Industries, to develop it further. What he has now produced works more intuitively than the system in “Minority Report” and looks more like the computer system used by Robert Downey Jnr. as Tony Stark in “Iron Man”—another movie he advised on.

Mr. Underkoffler acknowledges that cinema can provide important inspiration for developing technologies, but believes that it also serves a deeper purpose. “Movies provide us with the ability to see how technology may function and how people will use it. [They] can explore social and ethical questions that scientists cannot answer themselves,” he says.

Mike Ireland, senior vice president of production at 20th Century Fox, sees the relationship between technology in movies and real life as symbiotic. “It’s a constantly evolving conversation pushing both sides to be more innovative,” he says. “Filmmakers aren’t bound by the laws of physics. They might inspire someone to think around a real-world problem in a different way.”

The power of good filmmaking, Mr. Ireland believes, lies in the ability to connect emotionally with the audience—and one sure way of doing that in an increasingly connected world is through ever-more impressive and inspiring gadgets and personal technology rather than “sweeping sci-fi vistas.”

Perhaps the real power of movies is about persuading the next generation of inventors to push the boundaries of what is possible, just by making the technology look cool.

“Film and technology have always been linked,” says Mr. Ireland. “I think that’s because both traffic in the idea of possibility—of what could be instead of what is. It’s an important relationship that has given us everything from the cell phone to 3D printers. And hopefully, one day soon, a lightsaber.”

And who knows—come October 21, perhaps we should all look to the sky…just in case.

POWER LACES ‘Back to the Future II’ (1989) //
The real deal: Nike MAG power laces

When Marty McFly slips his feet into a pair of Nike high-tops, he is thrilled when they lace up by themselves. Nike has announced that it is making a version of the shoes (due to be available later this year; nike.com) with the self-tying feature included. A patent lodged by the company hints that the shoes have a weight sensor in the heel that triggers a mechanism that pulls the laces tight.

MEMORY CLOTH CAPE ‘Batman Begins’ (2005) //
The real deal: Memory gels

An electrically activated cape which turns into a rigid glider was one of the Dark Knight’s most memorable gadgets. In 2013 scientists, led by Dr. Michael Dickey at North Carolina State University, announced that they had produced a flexible hydrogel that stiffens and changes shape when a current passes through it. As yet, it’s not considered able to support a heavy object like a human body.

FLYING CAR ‘Blade Runner’ (1982) //
The real deal: AeroMobil 3.0

A Slovakia-based company has been developing a flying car since 1989 and its latest embodiment can drive on a road like a normal car, then, with its wings unfolded, take off at 90mph (aeromobil.com). However, the cost, when it does launch, is likely to be beyond mere mortals. Those hoping for something with vertical take-off may need to look to China, where patents have been lodged for a vehicle that uses two large fans to get airborne. Watch this space.

IMPLANTED PHONE ‘Total Recall’ (2012) //
The real deal: Autodesk prototype / Motorola’s digital tattoo

In the 2012 remake of “Total Recall,” the spies have mobile phone devices implanted in their hands that allow them to see who’s calling by touching a glass surface. The reality is still a way off. Autodesk (autodesk.com) has made a cellphone prototype with a speaker and tap sensor that could potentially be worn under the skin. Motorola has released sticky digital “wrist tattoos” that can unlock some of its phones with a tap (motorola.co.uk).

GESTURE-CONTROL ‘Minority Report’ (2002) //
The real deal: Oblong Industries’ Mezzanine / Microsoft’s HoloLens

When Tom Cruise throws holographic images in “Minority Report,” a voice in the room says: “I love this bit.” So did audiences. Ultrasound sensors in Oblong Industries’ Mezzanine system allow users to manipulate images, videos, graphics and documents remotely with hand gestures (oblong.com). Microsoft has teased details (but no release date) of its Holo-Lens headset which enables users to see 3D holographic images (microsoft.com).

HOVERBOARD ‘Back to the Future II’ (1989) //
The real deal: Hendo hoverboard

California-based Arx Pax’s prototype uses magnetic induction to create a magnetic field in non-iron containing conductive materials such as aluminum or copper—so skate parks lined with metal could be the future. The company hopes to test new conductive materials, and is working on a propulsion and steering system. Look out for it in October (hendohover.com).

MEDICAL TRICORDER ‘Star Trek’ (1966-1969) //
The real deal: Tricorder XPrize finalists

Dr. Leonard “Bones” McCoy diagnosed ailments with a sweep of his Tricorder. Now a $10 million prize has been offered by the XPrize Foundation for a product that can diagnose 13 conditions. Patient testing of finalists’ prototypes is due to begin in May. Among them is Scanadu (scanadu.com), a pill-shaped sensor that gives ECG readings and measures heart rate, temperature, blood pressure and oxygen levels.

STICKY GLOVES ‘Mission: Impossible—Ghost Protocol’ // The real deal: Z-Man “Gecko gloves”

In a stunt that only Ethan Hunt could pull, Tom Cruise’s character puts on a pair of electronic gloves that allow him to climb up the sheer face of the world’s tallest building, the Burj Khalifa in Dubai. Funded by the U.S. military, researchers at Stanford University were already developing a material based on the texture of geckos’ feet that works in a similar way. Tests on the gloves (not available to the public, sadly) have allowed a 70kg man to climb sheer vertical glass walls of up to 7.5 meters high.

(BFW) Amazon Says It’s Not in Talks to Acquire Net-a-Porter: Forbes



Amazon Says It’s Not in Talks to Acquire Net-a-Porter: Forbes
2015-03-27 19:18:10.290 GMT


By Dan Hart
(Bloomberg) -- “We are not in talks to acquire Net-a-
Porter,” Amazon spokeswoman tells Forbes.
* NOTE: Earlier, Richemont’s Net-A-Porter, Yoox Said in Merger
Talks Again: Reuters


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Joe Sabo

>>> Weekly Market Update: Mixed Data Blunts Risk On Appetite

Weekly Market Update: Mixed Data Blunts Risk On Appetite


Global equity indices retreated from at or near record high levels this week. Traders noted technical trading around some key sector reversals, historically weak seasonal patterns observed post March options expiration and pre-Q1 earnings releases, and geopolitical worries emanating from the Middle East as all playing a role in reversing equity sentiment. US economic data was mixed but definitively continues to point to a slowdown in Q1 economic activity. The momentum technology and biotech stocks saw a few bouts of selling which garnered attention as they did on a couple of occasions in 2014. There were glimmers of hope in Europe. Measures of confidence among German businesses and consumers saw surprising improvements, while other European nations also saw an uptick in confidence surveys. German and euro zone March preliminary services and manufacturing PMIs surveys beat expectations and rose further into expansion territory. In Asia, China's March HSBC PMI manufacturing survey slipped to an 11-month low amid wider unease about the nation's economy. Chinese officials continue to talk down growth expectations, with Vice Premier Zhang saying China has "paid a price" for very high growth and that high growth levels are "not sustainable." For the week, the DJIA fell 2.3%, the S&P500 lost 2.2% and the Nasdaq dropped 2.7%.

Just before markets closed on Friday, Fed Chair Yellen reiterated that rates are likely to rise this year, but that the path of rates is more important than the timing of rate lift off. She again mentioned that the dollar strength will impact US exports, but said that the currency market has to be put in context, and that other factors like robust consumer spending and foreign central bank stimulus will help the US economy.

Other Fed speakers this week also reiterated that the June, July and September Fed meetings would be live for possible rate hikes. Fed Vice Chair Stanley Fischer said the FOMC would "eventually raise rates by 25 basis points," jesting that this would take Fed policy from "ultra-accommodative" to "extremely accommodative".

US CPI returned to growth in February, delivering the first positive headline CPI reading since October and the first rise in energy prices since June. Domestic gasoline prices rose 2.4%, the largest increase since late 2013. The Fed has asserted that the declines in energy prices are transitory, and this is some of the first hard economic data to support its contention.

Analysts saw the sizable unexpected decline in the February durable goods orders as evidence the global slowdown is starting to show up in US data. Durables and capital goods orders were all down more than 1% in Feb, while the surprising gains in the January report were revised lower. Orders for non-military capital goods (ex-aircraft), a proxy for future business investment, saw their sixth consecutive decline, the longest stretch of decreases since mid-2012.

The February new and existing home sales reports diverged noticeably. The Feb existing home sales echoed the contours of the tepid February permits and starts data out last week, with a reading slightly below expectations and more or less flat with the January figure. The new home sales were unexpectedly strong, widely topping consensus estimates, up nearly 25% y/y and up 87% y/y in the Northeast. The annualized sales rate was the highest in seven years. Weather had been blamed for the sluggish starts, permits and existing home sales, but analysts seemed stumped by the good new home sales, offering explanations based on the limited supply of new homes. Shares of homebuilders got a bump from the data but ended the week more or less flat.

Crude prices retracted most of the losses seen in the first half of March through Thursday. A rebellion by Yemen's Shiite Houthis intensified as the group forced the sitting president to flee the country and took control of the capital. Egypt, Saudi Arabia and other Persian Gulf nations agreed to intervene in the conflict, and the Saudi air force began bombing strategic targets in the country. A ground force is being assembled and may intervene soon. While Yemen has scant oil resources of its own, the conflict is seen as a proxy war between Saudi Arabia and Iran. After dipping below $45 last week, WTI topped out around $52.50 as the Saudis started bombing. Brent rose from lows around $52.80 last week to above $58. Both contracts dipped lower on Friday. US weekly inventory reports didn't help: the DoE report saw the eleventh straight build in oil inventories, with the amount once again widely exceeding expectations.

The beaten-down share of thinly traded rare earth name Molycorp gained nearly 30% on Monday after CBS's '60 Minutes' reported that China has cornered the market on rare earth minerals and highlighted Molycorp's ownership of the only domestic rare earth mine in the US. Analysts cautioned that rare earth metals are neither rare nor expensive, and asserted China's monopoly could easily be broken. Shares of Lumber Liquidators, which have dropped about 60% since a '60 Minutes' exposlast month, got a 10% bump midweek after the Consumer Product Safety Commission made dovish comments on its investigation into CBS's allegations regarding the high toxicity of the company's flooring products.

Kraft Foods and H.J. Heinz are merging in a giant deal that will create the world's fifth largest food and beverage company. Under the terms of the deal, Heinz will return to the public market with a 51% ownership of a new company with $28 billion a year in revenue. Current Kraft holders will own 49%. Kraft's shareholders will receive stock and a special cash dividend of $16.50 per share, financed by a $10 billion investment from Brazil private equity firm 3G Capital and Warren Buffet's Berkshire Hathaway, the two firms that own Heinz. Recall that in 2013, 3G and Berkshire bought Heinz for $23 billion and took the company private. In other news, Lexmark reached a deal to acquire Kofax for $11/share in cash or about $1B, giving the printer firm a stronger position in enterprise software. Friday afternoon, semiconductor names traded higher after a report that Intel is in talks to buy Altera, in what would be Intel's largest ever acquisition.

China HSBC flash manufacturing PMI missed expectations of a 2nd consecutive month of expansion, not only returning into sub-50 contraction but also falling to an 11-month low. HSBC economists cited a renewed fall in total new business and workforce reduction, along with falling import prices as a result of oil-driven disinflation. On Friday, China YTD industrial profits also showed continued decline, falling by -4.2% during the holiday adjusted Jan-Feb period. Given the dearth of evidence for recovery, the Asian Development Bank's 2015 Outlook merely affirmed China GDP forecast of 7.2%, which is still higher than the official target of around 7%. The domestic China Academy of Social Sciences think tank pegged growth for Q1 to slide to 6.85%.

With the one-year roll-off for Japan consumption tax increase fast approaching, both PM Abe and BOJ Governor Kuroda would have preferred to see more concrete signs that their battle to turn back disinflation was yielding results. Instead, Japan's latest nationwide core CPI fell to an 11-month low of 2.0%, while ex-sales tax inflation has actually stalled for the first time in nearly two years. The latest addition to the BOJ board offered a more practical assessment that while remaining committed to the 2% target is important, achieving that goal within the confines of a rigid 2-year timeframe is challenging. Kuroda and Abe also reportedly held meetings early this week amid press speculation of a growing rift between the two men at the helm of Abenomics, with the prime minister supposedly being less inclined to cater to the more fiscally conservative agenda of his advisors.

Fwd:Brie>>>Closing Market: Stock Market Snaps Four-Day Losing Stre

Closing Market Summary: Stock Market Snaps Four-Day Losing Streak

The major averages registered their first advance of the week on Friday with the Nasdaq Composite (+0.6%) ending ahead of the S&P 500 (+0.2%). Despite today's modest uptick, the two indices ended with respective losses of 2.7% and 2.2% for the week.

Overall, the final session of the week was fairly quiet with equity indices bouncing around narrow ranges. The S&P 500 spent the day in a ten-point channel with the bulk of the action occurring near its 100-day moving average (2,058). The benchmark index settled below that level on Thursday, but managed to reclaim that mark today.

Six of ten sectors registered gains with most countercyclical groups showing relative strength. The telecom services sector was an exception, ending flat, while consumer staples (+0.6%), utilities (+0.5%), and health care (+0.7%) posted gains.

Most notably, the third largest sector by weight—health care—was underpinned by biotechnology. The iShares Nasdaq Biotechnology ETF (IBB 347.46, +6.65) surged 2.0%, but still ended the week lower by 5.2%. Today, however, the industry group did some heavy lifting and contributed to the outperformance of the Nasdaq even as large cap technology names struggled.

The technology sector (+0.2%) started in-line with the market, but slumped from its opening high in a move that coincided with Apple (AAPL 123.25, -0.99) turning negative. The stock settled lower by 0.8%, but managed to hold its 50-day moving average (122.67). Meanwhile, high-beta chipmakers traded in mixed fashion until the final hour when it was reported that Intel (INTC 32.00, +1.92) is in talks to acquire Altera (ALTR 44.41, +9.83). The two names soared 6.4% and 28.5%, respectively and the news set a fire under the entire chipmaker space with the PHLX Semiconductor Index surging 2.8%. It is worth noting that the late surge lifted the entire sector into positive territory.  

Elsewhere among cyclical sectors, energy (-0.7%) and financials (-0.1%) lagged while consumer discretionary (+0.5%) and industrials (+0.4%) outperformed.

The energy sector ended the day at the bottom of the barrel, but still finished the week ahead of the remaining cyclical sectors (-0.7%). Crude oil factored into today's weakness as the energy component fell 5.0% to $48.87/bbl and continued its retreat during electronic trading. Despite the plunge, WTI crude gained 4.9% for the week.

Also of note, the financial sector (-0.1%) finished with a slim loss today, but ended the week behind the remaining nine sectors with a 3.0% loss.

On the flip side, the consumer discretionary sector (+0.5%) ended ahead of other cyclical groups with help from homebuilders and retailers. The iShares Dow Jones US Home Construction ETF (ITB 27.79, +0.46) gained 1.7% while SPDR S&P Retail ETF (XRT 100.24, +0.82) advanced 0.8%.

Treasuries spent the day in a steady climb from their overnight lows with the 10-yr yield slipping four basis points to 1.96%.

Today's participation was below average with roughly 725 million shares changing hands at the NYSE floor.

Economic data was limited to Q4 GDP and Michigan Sentiment:
  • GDP growth in Q4 2014 was unrevised in the third estimate and remained at 2.2% after increasing 5.0% in Q3. The consensus expected a revision to 2.4% 
    • Real final sales saw a slight upward revision to 2.3% from 2.1%, but nothing in the data altered the notion that economic growth trends slowed down significantly in the fourth quarter 
  • The University of Michigan Consumer Sentiment Index was revised up to 93.0 in the March final reading from a preliminary reading of 91.2 while the consensus expected a revision up to 92.0 
On Monday, February Personal Income, Personal Spending, and core PCE Prices will be released at 8:30 ET while the Pending Home Sales report for February will cross the wires at 10:00 ET.
  • Nasdaq Composite +3.3% YTD 
  • Russell 2000 +2.9% YTD 
  • S&P 500 +0.1% YTD 
  • Dow Jones Industrial Average -0.6% YTD 

>>> BlackBerry beats by $0.08, misses on revs with 1.3 mln smartphones; reaffirm

BlackBerry beats by $0.08, misses on revs with 1.3 mln smartphones; reaffirms target for FY16 non-GAAP profitability (shares halted -- will resume at 7:30 ET)

Reports Q4 (Feb) earnings of $0.04 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus Estimate of ($0.04); revenues fell 32.4% year/year to $660 mln vs the $778.38 mln consensus.
  • The revenue breakdown for the quarter was ~42% for hardware, 47% for services and 10% for software.
  • During the fourth quarter, the Company recognized hardware revenue on ~1.3 mln BlackBerry smartphones. ~1.6 mln BlackBerry smartphones were sold through to end customers (Street ests near ~1.9 mln), with an ASP of $211 compared to $180 in the previous quarter.
  • Non-GAAP gross margin of 48.3%, with a third consecutive quarter of positive hardware gross margin.
  • Outlook: The Company continues to anticipate positive free cash flow. The Company is expanding its distribution capability, and expects traction from these efforts to manifest some time in fiscal 2016. The company continues to target sustainable non-GAAP profitability some time in fiscal 2016.

>>> Dow Chemical higher by 6% on spin-off/combination of unit with OLN; currentl

Dow Chemical higher by 6% on spin-off/combination of unit with OLN; currently trading around $49.50

Olin: Dow Chemical (DOW) announces spinoff of chlor-alkali and downstream derivatives businesses to combine with Olin Corporation (OLN); transaction is valued at $5 billion

  • Dow announces it will separate a significant portion of its chlor-alkali and downstream derivatives businesses and merge them with Olin (OLN) in a tax-efficient Reverse Morris Trust transaction that creates an industry leader with revenues approaching $7 billion;
  • The transaction is valued at $5 billion, and includes $2.0 billion of cash and cash equivalents to be paid to Dow; an estimated $2.2 billion in Olin common stock using the Olin stock value as of close on March 25, 2015; and approximately $800 million of assumption of pension and other liabilities.
  • Olin expects to achieve annualized cost synergies of a minimum of $200 million, which are anticipated to be fully realized within 36 months.
  • Transaction is highly accretive to Dow and Dow shareholders, with a tax efficient consideration of $5 billion, and a taxable equivalent value of $8 billion.

(BFW) Holcim’s Fourth-Biggest Holder Hasn’t Decided on Voting Yet: FuW


Holcim’s Fourth-Biggest Holder Hasn’t Decided on Voting Yet: FuW
2015-03-27 10:56:50.507 GMT


By Jan-Henrik Förster
(Bloomberg) -- Harris Associates’ David Herro says new
merger terms between Holcim, Lafarge are an “enormous step
forward” though not perfect, according to interview in Finanz
und Wirtschaft.
* As long as CEO succession hasn’t been resolved, Harris
Associates won’t decide on vote
* Says co’s need to solve question as soon as possible
* Says CEO needs operational experience, experience w/
integration of acquisitions
* NOTE: Link to interview (German)
* NOTE: Lafarge-Holcim Merger Logic Questioned by Shareholder
Group
* NOTE: Harris Associates holds 3.19% in Holcim according to
Bloomberg data

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Paul Verschuur

>>> Biomarin Pharm trading higher by 7% on renewed M&A speculation

Biomarin Pharm trading higher by 7% on renewed M&A speculation following Betaville blog post, UBS tgt raise

  • BMRN is trading higher by 7% this morning on renewed M&A speculation after Betaville blog, written by Ben Harrington (formerly of the UK's Telegraph), suggested Shire (SHPG) could be considering a merger with BMRN. 
  • {http://betaville123.blogspot.com/} Link to blog
  • Subsequently, UBS has raised their price target on BMRN to $136 from $112

(CS) Italian luxury : Pausing for breath : Ferragamo cut to Neutral

Pausing for breath
■ Cutting our rating on Ferragamo to Neutral (from Outperform). The
shares are up 40% YTD and have reached our target price. We still like
Ferragamo for its margin expansion story, successful diversification strategy
into handbags, outperformance in China, rising RNOA and best-in-class
TSR at +16% in the next three years. We still believe Ferragamo is amongst
the few stocks in luxury for which we see earnings upgrades in 2015.
However, we feel more meaningful revisions are required to drive the shares
higher at the current valuation level.
■ Preference for Ferragamo over Tod's. We continue to see downside risk
to margin expectations for Tod's as strongly negative LFL poses some risk
of further cost deleverage. We feel management has not yet given enough
confidence that the negative momentum for Tod's brand is about to turn and
diversification into handbags has not worked in the past two years. We are
cutting our earnings estimates by 10% placing us 5% below consensus.
■ Still negative on Cucinelli. Management has started guiding the market
hence producing the first sizeable downgrade since IPO due to pressure on
margin from escalating rental costs. We still struggle to justify a valuation
similar to Hermes given a sharp contrast in margins, RNOA and cash
generation which we do not expect to change in the next few years. Liquidity
is low marking the stock difficult to short. We hence maintain our
Underperform rating.
■ All Italian stocks screening as relatively expensive. Ferragamo appears
to be fairly valued on traditional metrics trading at a 1.6x PE/TSR broadly in
line with the sector at 1.5x. Tod's and Ferragamo trade at 1.8x an d 4.3x
PE/TSR respectively. Finally, none of the stocks look cheap on our EV/IC
framework which takes into account RNOA momentum.