3-5 раз в неделю надо будет брать английский текст и делать из него краткую русскую выжимку по шаблону:
а) с акциями какой компании и что предлагается сделать (купить или продать)
б) чем занимается компания, о которой идет речь, краткая выжимка истории или текущих показателей
в) почему принято решение купить или продать - один-два основных аргумента
г) риски-недостатки этого решения, один-два основных аргумента
Важно получить короткий и ясный контент, не механически переводить оригинальные тексты.
Образец оригинала ниже. Тестовое задание - сделать из него адаптацию по нашей схеме.
Shortly after the opening bell, we will be initiating a position in Wells Fargo (WFC) , buying 1,500 shares at a bid/ask of around $33.32/33.35. Following the trade, WFC will represent 1.40% of the portfolio.
We are bringing WFC out of the Bullpen this morning and adding a position to the portfolio. You can read our initial Bullpen post here.
First off, we understand how some club members may be worried about Wells Fargo from an Environmental, Social, and Corporate hear your concerns, but what must be understood is that there has been a complete leadership overhaul at the top of the company and the bad actors who promoted a toxic cross-selling culture are long gone.
Charlie Scharf, the brilliant former CEO of Visa (V) and Bank of New York Mellon (BNY) , became CEO of Wells Fargo in October 2019 and we think he has been hard at work turning around the business, building a much more accountable and responsible bank. You can read more about some of the changes he has put in place in the article here.
One current priority of management is to rapidly reduce expenses and improve efficiencies. Over the past few years, the bank's efficiency ratio -- also known as a bank's "overhead ratio," a metric that measures operating expenses as a percentage of revenues -- has been running far too high relative to peers, with 2019's level at 68.4% and 2020's expected to increase to 76.3%. Scharf has previously stated that Wells Fargo needs to reduce annual expenses by about $10 billion to match the efficiency of its peers, and we think 2021 will mark the beginning of when costs actions lead to lower expenses.
On current valuation perspective, we think WFC is a compelling opportunity because it has the lowest multiple in its peer group in a period when the banks are rapidly re-rating higher due to improvements in credit, a steeping yield curve with higher longer rates, and the return of share repurchases.
On capital allocation front, Wells Fargo slashed its dividend payment last summer and the current yield does not offer much at roughly 1.22%, but we see plenty of room for improvement in the coming years as net income begins its journey back toward normalization.
Of course, our initiation would have been better served into Monday's selloff, but even with the move in the stock this week and its expected pre-market open this morning, the shares trade slightly above par to WFC's third-quarter 2020 tangible book value per share level of $32.23. We believe there is more room for upside here, both on further multiple expansion closer to peers at roughly 1.4x and also on book value growth as the economy improves, costs are reduced, excess capital is returned to shareholders, and eventually, the asset cap on the bank put on by the Fed is lifted.
We are starting relatively small in WFC as we, of course, want to leave room to scale into the position over time. While we believe the stock has significant room for upside, we also recognize that stock has made a big move ahead of its earnings report next Friday, Jan. 15. If the earnings report results in a sell-the-news event because of the stock's recent run higher, we would welcome this pullback as an opportunity to accumulate more shares.
Thinking about earnings further, on the conference call next week management is expected to provide more detail into their turnaround strategy. Reports, such as from Bloomberg here, have suggested part of this strategy includes building out a bigger investment bank. A push into creating more fee-based revenue streams should be viewed as a positive because it reduces the volatility of earnings.
We are initiating a position with a price target of $37, representing a price to tangible book value multiple of nearly 1.1x on the consensus estimated end of year 2021 tangible book value and roughly 16.75x consensus estimated 2021 EPS. That being said, we see room for upside to earnings should management reduce expenses quicker than expected.