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INX:GS, Aug 24, 11:54 UTC

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Goldman Sachs raises Pro Medicus share price target

GS

The Pro Medicus Limited (ASX: PME) share price raced 16 per cent higher to $31.50 yesterday after it posted a net profit of $19.1 million revenue of $50.1 million for fiscal year 2019. According to financial news wires, UBS raised its valuation on the group to $32.50 but stuck with a fence-sitting ‘neutral rating’, while Morgans raised the shares to an ‘add’ rating, with Bell Potter on ‘hold’. Goldman Sachs also issued a note yesterday and claimed the “valuation leaves little room for error” in cautioning: “Although this is a high-growth company (30% EPS CAGR), the core driver (Visage 7) has been commercial for over a decade, and is not the sort of nascent technology that current valuation multiples would normally be associated with (47x NTM sales, 67x NTM EBITDA, 110x NTM P/E).”. As a result it raised its valuation on Pro Medicus to $27.50 and stuck with a ‘neutral’ rating. Overall then I wouldn’t suggest buying Pro Medicus shares at $30 as its valuation has got ahead of itself for now. If you’re interested in the software-as-a-service space Xero Limited (ASX: XRO) or Infomedia Limited (ASX: IFM) offer better value in my opinion. If you're looking for better value may I suggest The Motley Fool’s #1 BANK STOCK for 2019I own it and Pro Medicus, and they're like chalk and cheese on valuation grounds today....

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Thursday, August 22


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Goldman (GS) to Buy Majority Stake in China Joint Venture

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Goldman Sachs GS has sought regulatory approval for acquiring majority stake in its investment banking joint venture (JV) in China. This move comes on the heels of China’s securities regulator — The China Securities Regulatory Commission (CSRC) — lessening restrictions on foreign ownership of majority control.In a bid to explore opportunities in investment banking operations in China, the U.S.-based bank targets to raise its stake to 51%, up from the existing 33% in Goldman Sachs Gao Hua Securities Co. The venture primarily focuses on equity and debt capital markets along with advisory services on mergers.Notably, Goldman has been in negotiations with Fang for years over restructuring of business in China after regulators permitted foreign firms to acquire majority stakes in local JVs.What's in Store for Goldman?The existing Beijing Gao Hua mainly deals in sales, trading and investment management. Therefore, on acquiring majority stake in Goldman Sachs Gao Hua, the bank will be able to expand its current business operations in China. Further, Morgan Stanley MS and Credit Suisse (CS) have also sought approval for the same this year.Our ViewpointGlobal investment banks’ expansion has been limited in China for the past few years due to restrictions imposed on ownerships. Therefore, with the easing of restrictions, major foreign banks will look to expand in the market. However, the task will be challenging amid ongoing global concerns.For Goldman, the move is expected to enhance profits of its investment banking operations.Year to date, shares of Goldman have appreciated 20.1% compared with 0.7% growth registered by the industry.

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The Home Depot to Present at Goldman Sachs 26th Annual Global Retailing Conference

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ATLANTA, Aug. 22, 2019 /PRNewswire/ -- The Home Depot®, the world's largest home improvement retailer, today announced that Richard McPhail, incoming chief financial officer and current senior vice president of Finance Control and Administration, and Mark Holifield, executive vice president of Supply Chain and Production Development, will present at the Goldman Sachs 26th Annual Global Retailing Conference in New York, NY. The presentation will be webcast live at http://ir.homedepot.com/events-and-presentations. The webcast will be archived and available at the same location approximately one hour after conclusion of the live event. The Home Depot is the world's largest home improvement specialty retailer, with 2,291 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico.

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Wednesday, August 21


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Goldman Sachs explores sale of auto warranty business Safe-Guard -sources

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Goldman Sachs explores sale of auto warranty business Safe-Guard -sources. Aug 21 (Reuters) - Goldman Sachs Group Inc's buyout arm is exploring the sale of Safe-Guard Products International LLC, which could value the auto warranty company at more than $1 billion, including debt, people familiar with the matter said on Wednesday. Goldman Sachs is working with advisers on an auction for Safe-Guard, though there is no certainty a deal will be reached, said the sources, who asked not to be identified because the matter is confidential. Auto warranty businesses have enjoyed favorable market conditions in recent years, as new vehicle sales in the United States have risen steadily since the 2008 financial crisis, aided by strong economic growth and low financing costs. However, the level of new vehicle sales is forecast to dip slightly in 2019, as high inventory and pressure from used car sales weigh on the sector, according to a June report from auto data provider Edmunds.

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Monro, Inc. to Present at the Goldman Sachs 26th Annual Global Retailing Conference

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Monro, Inc. to Present at the Goldman Sachs 26th Annual Global Retailing Conference. ROCHESTER, N.Y., Aug. 21, 2019 (GLOBE NEWSWIRE) -- Monro, Inc. (MNRO), a leading provider of automotive undercar repair and tire services, today announced that Brett Ponton, President and Chief Executive Officer, and Brian D’Ambrosia, Executive Vice President and Chief Financial Officer, will present at the Goldman Sachs 26th Annual Global Retailing Conference in New York, NY. A live webcast of the presentation will be available via the “Investors” section of the Company’s corporate website (corporate.monro.com) and will be archived for at least two weeks. About Monro, Inc. Headquartered in Rochester, New York, Monro is a chain of 1,254 Company-operated stores, 98 franchised locations, eight wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services.

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Goldman moves to take majority control of China joint venture

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HONG KONG (Reuters) - Goldman Sachs <GS.N> has applied for majority control of its Chinese joint venture, the bank confirmed on Wednesday, the latest international bank to do so ahead of Chinese plans to eventually allow foreigners full control. The bank submitted an application with the China Securities Regulatory Commission (CSRC) on Monday to take its stake in Goldman Sachs Gao Hua Securities to 51% - the maximum permitted - from its current 33% holding. Western banks' lack of control over the JVs, along with their limited contribution to revenues, have long been a source of frustration for foreign banks in China. Unlike most of the other joint ventures, Goldman Sachs already has day-to-day operational control of its joint venture, which offers investment banking services such as equities and bond underwriting and deal advice.

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Tuesday, August 20


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Goldman Sachs, China's Ping An back artificial intelligence firm H20.ai

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NEW YORK (Reuters) - Goldman Sachs Group Inc <GS.N>, China's Ping An Global Voyager Fund and others have invested $72.5 million (£59.9 million) in H20.ai, a rapidly growing artificial intelligence startup, the companies said on Tuesday. Founded in 2012, California-based H20.ai is a software company that aims to make it easier for companies that lack the skilled workforce or time to adapt to the rapidly changing artificial intelligence landscape, Chief Executive and founder Sri Ambati said in an interview. Customers like Capital One Financial Corp <COF.N>, Wells Fargo & Co <WFC.N>, Aetna and Booking.com can use H20's platform to automate model building, feature engineering and to pull valuable insights out of large amounts of the companies' proprietary data, Ambati said. At a bank like Goldman Sachs, that may mean H20 works with traders in the fixed-income and equities groups to improve processes related to bond pricing.

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H2O.ai Raises $72.5M Led by Goldman Sachs and Ping An to Democratize AI

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Customers of H2O.ai are becoming AI companies including leaders such as Aetna, Booking.com, Capital One, Comcast, Commonwealth Bank of Australia, Franklin Templeton, Hitachi, MarketAxess, Nationwide Insurance, PwC, Tokio Marine, Wells Fargo and Walgreens, leading AI transformations in their respective verticals. "H2O.ai is democratizing AI and powering the imagination of every entrepreneur and business globally - we are making them the true AI superpowers," said Sri Ambati, CEO and Founder at H2O.ai. We've been deeply impressed with the combination of technical sophistication and ease of use present in all of H2O.ai's offerings, and we look forward to helping expand the H2O.ai footprint in China and across Asia," said Donald Lacey, Managing Director and COO of the Ping An Global Voyager Fund. Since its founding in 2012, H2O.ai has been on a mission to democratize AI for everyone. H2O.ai is poised to win world-wide with its strong global investor base that includes Barclays, Capital One, Crane Ventures, CreditEase, Goldman Sachs, New York Life, Nexus Venture Partners, NVIDIA, Paxion Ventures, Ping An Global Voyager Fund, SST Holdings, TransAmerica, Walden River Wood and Wells Fargo.

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Friday, August 16


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Abercrombie & Fitch Co. to Present at the Goldman Sachs 26th Annual Global Retailing Conference

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NEW ALBANY, Ohio, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Abercrombie & Fitch Co. (ANF) today announced that Fran Horowitz, Chief Executive Officer will present at the Goldman Sachs 26th Annual Global Retailing Conference on Wednesday, September 4, 2019 at 1:40 PM, ET. A live, audio webcast of the fireside chat will be available to the general public on the Investors section of the Company’s website at http://corporate.abercrombie.com at approximately 1:40 PM, ET on Wednesday, September 4, 2019. About Abercrombie & Fitch Co. Abercrombie & Fitch Co. (ANF) is a leading, global specialty retailer of apparel and accessories for Men, Women and Kids through three renowned brands. For more than 125 years, the iconic Abercrombie & Fitch brand has outfitted innovators, explorers and entrepreneurs. Today, the brand reflects the updated attitude of the modern customer, while remaining true to its heritage of creating expertly crafted products with an effortless, American style.

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Indian economy: Weak investment, muted monetary transmission big challenges for Indian economy: Goldman Sachs

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India's GDP growth increased from an average of 6.7 per cent during 2010 to 2014 to 7.3 per cent during 2015 to 2019, while, average inflation has declined from 10 per cent to 5 per cent during the same period. "Despite growth being strong, overall, the investment climate was pretty weak," said Prachi Mishra, India Chief Economist, Goldman Sachs in a podcast wherein she discussed the drivers of India's economy. Goldman Sachs did a macro tour earlier during the year with a large group of investors including policymakers, market participants, bankers and political analysts in Mumbai and Delhi to analyse investor concerns. Some of the concerns which were raised during the tour were muted monetary transmission and slow goods and services tax (GST) collections, she said. "They're asking how likely is an accelerated reform scenario, which can really put India on a growth trajectory, higher growth trajectory close to double digits. And this is something we are watching on closely in terms of any big policy announcements going forward," Mishra said.

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