Investment Rating - The report maintains an overweight stance on Financials and Industrials sectors, indicating a positive outlook for these areas [6][31]. Core Insights - The equity market has shown resilience despite new tariff announcements due to limited import cost exposure for S&P 500 industries, perceived temporary nature of higher tariff rates, and significant drawdowns already experienced by tariff-sensitive equities [5][7]. - The new tax bill is supportive of large-cap equity indices, with reinstated and expanded expensing likely to lower the "cash" tax rate, positively impacting cash flow for companies, particularly in Tech, Communication Services, and Healthcare sectors [21][22][30]. - Earnings revisions breadth has improved significantly, transitioning from -25% in mid-April to +3% currently, which has supported market stability amid trade and macroeconomic uncertainties [6][13]. Summary by Sections Tariff Impacts - Limited import cost exposure for S&P 500 industries due to exemptions and ongoing negotiations has mitigated immediate risks from tariffs [5][8]. - Significant risks remain if tariff rates on China increase or if the USMCA exemption for Mexico is discontinued, which could affect multiple industries with high import cost exposure [10][21]. Tax Bill Implications - The "One Big Beautiful Bill" is expected to enhance cash flow for large-cap corporates through upfront R&D expensing and bonus depreciation, particularly benefiting capital-intensive sectors [21][30]. - The Foreign-Derived Intangible Income (FDII) incentive is designed to encourage US companies to retain intellectual property domestically, benefiting sectors with significant foreign sales [34][35]. Earnings Revisions and Market Trends - The breadth of earnings revisions has shown a positive trend, with Financials and Industrials sectors experiencing the most significant rebounds [6][13][24]. - The upcoming earnings season is expected to reflect a low bar for 2Q earnings, with a consensus expectation of 4% year-over-year EPS growth and 3% sales growth [52][63].

Tax Policy & Economic Impact - The 2017 Tax Cut and Jobs Act included progrowth elements through redesigning the tax code [5] - The corporate tax rate cut was considered a thoughtful and well-done aspect of the 2017 tax law [3] - Individual tax provisions were temporary due to affordability and lower priority for economic growth [3] - Letting the 2017 tax cuts expire would have resulted in a tax hike for everyone [6] Bipartisan Elements & Middle Class Tax Cuts - The middle class tax cuts, Main Street 20% tax deduction, and child tax credit were intended to be bipartisan [5] - A significant portion of tax cuts will accrue to those who pay taxes [5] Medicaid & Social Safety Net - Dramatic cuts to Medicaid could increase the number of uninsured by 12 million [8] - Medicaid is considered a cost-effective program because it pays providers so little [10] - Philosophical opposition exists to leaving individuals without treatment, suggesting upfront insurance coverage is preferable [11][12]

Tax Reform - The government's approach to tax reform has been least impressive [1] - Britain's tax system is full of provisions that distort the economy and block growth [1]

Financial Performance - 2017 - Earnings from continuing operations increased from $232.4 million in 2016 to $284.2 million in 2017[10], which includes a $39.5 million benefit from tax reform[11] - Consolidated earnings increased from $63.7 million in 2016 to $280.4 million in 2017[13], including a $39.5 million benefit from tax reform[14] - Construction Services reported earnings of $53.3 million in 2017[22], including a $4.3 million income tax benefit[23], and record revenues of $1.37 billion[23] - Construction Materials reported earnings of $123.4 million in 2017[25], including a $41.9 million income tax benefit[26] Segment Performance - 2017 - Electric & Natural Gas Utility reported earnings of $81.6 million[17], including a $6.4 million charge from tax reform[17], with increased retail sales volumes for both electric (2%)[17] and natural gas (13%)[17] - Pipeline & Midstream reported earnings of $20.5 million[20], including a $200,000 charge from tax reform[20], reflecting the sale of Pronghorn assets in January 2017[20] Outlook and Guidance - 2018 EPS guidance is projected to be in the range of $1.25 to $1.45[43] - Construction Services anticipates 2018 revenues between $1.45 billion and $1.60 billion[39] - Construction Materials anticipates 2018 revenues between $1.8 billion and $1.9 billion[42] Capital Program and Dividends - The company's total capital forecast for 2018-2022 is $2.323 billion[46], allocated to Utility ($1.508 billion), Construction ($466 million), and Pipeline & Midstream ($349 million)[46] - The company has increased its dividend for 27 consecutive years[50] and has made dividend payments for 80 consecutive years[49, 50]

Financial Performance - 2018 - Earnings from continuing operations reached $284.2 million, with EPS at $1.45, including a $39.5 million or $0.20 per share benefit from tax reform[16] - Consolidated operations earnings were $280.4 million, with EPS at $1.43, including a $39.5 million benefit from tax reform[19] - The Electric & Natural Gas Utility reported earnings of $84.7 million, which includes a $6.4 million decrease resulting from tax reform[22, 23] - Pipeline & Midstream reported earnings of $28.5 million, including a $4.2 million tax benefit[25, 26] - Construction Services reported record earnings of $64.3 million and record revenues of $1.37 billion[28, 29] - Construction Materials reported earnings of $92.6 million and record revenues of $1.93 billion[31, 33] Outlook and Guidance - 2019 - The company anticipates EPS in the range of $1.35 to $1.55 for the consolidated business[51] - Construction Services expects revenue between $1.35 billion and $1.50 billion in 2019[47] - Construction Materials projects revenue between $2.0 billion and $2.15 billion in 2019[50] Capital Program and Dividends - The company has a total capital forecast of $2.642 billion for 2019-2023[53] - The 2018 annualized dividend was $0.81 per share[57]

OneMain Holdings, Inc. (NYSE: OMF) 4Q 2017 Earnings Presentation February 14, 2018 Important Information This document contains summarized information concerning OneMain Holdings, Inc. (the "Company") and the Company's business, operations, financial performance and trends. No representation is made that the information in this document is complete. For additional financial, statistical and business related information, as well as information regarding business and segment trends, see the Company's most rec ...

Financial Performance & Outlook - American Water's Q4 2017 adjusted EPS was $0.69, compared to $0.57 in Q4 2016[15] - Full year 2017 adjusted EPS was $3.03, up from $2.84 in 2016[15] - The company affirms a long-term EPS compound annual growth rate (CAGR) of 7-10%[11, 26] - 2018 GAAP EPS guidance range is $3.22-$3.32[11, 41, 42] Impact of Tax Reform - Tax reform is expected to be accretive to earnings on a long-term basis[27, 34, 46] - The company anticipates a reduction in the federal tax rate from 35% to 21%[33] - Tax reform is expected to be earnings neutral due to rate base increase from lower deferred taxes[33] Capital Investment & Efficiency - The company is targeting $8.0 - $8.6 billion in five-year capital investment[11, 28, 36, 46] - The company is focused on improving O&M efficiency through technology, supply chain, and cost management[11, 28, 46] - The company is aiming for a 32% Regulated O&M Efficiency Ratio target by 2022[56, 57] Regulated Business & Acquisitions - Pennsylvania rate case settlement approved for additional annualized revenues of $62 million[53] - The company has closed 16 acquisitions in 2017, serving 39,514 customers[55, 109] - The company has pending acquisitions that will serve approximately 23,000 customers[55, 111]

.@SteveForbesCEO shares a blunt message to Republican Senators: stop the carping over the Big Beautiful Bill and make it better by ditching the "revenge tax," ending capital gains taxes, and adding more reforms that will unleash the economy. #WhatsAhead https://t.co/KaWk3HwheB ...

.@SteveForbesCEO shares a blunt message to Republican Senators: stop the carping over the Big Beautiful Bill and make it better by ditching the "revenge tax," ending capital gains taxes, and adding more reforms that will unleash the economy. #WhatsAhead https://t.co/cc2VvAV7ER ...

Investment Rating - The report does not explicitly provide an investment rating for the social protection financing industry in Senegal Core Insights - Social protection is a central pillar of Senegal's development strategy, with the Vision Senegal 2050 placing it at the heart of the new development model [28] - Despite recent developments, the Senegalese social protection system remains insufficient to meet the population's needs, with less than one in four Senegalese benefiting from a social protection program [29] - The expansion of the fiscal space, particularly through increased tax revenues, is a prerequisite for enhanced financing of social assistance [31] Summary by Sections 1. Estimating Financing Needs for Social Protection - The current level of social protection spending in Senegal is low, amounting to 387 billion FCFA, or 2.4% of GDP in 2022, which is below many comparable developing countries [40] - The composition of social protection expenditures is diverse, with a significant portion allocated to non-contributory and contributory programs related to old age, health, poverty, and national solidarity [45] 2. Mobilizing More Tax Revenues for Social Protection Financing - The tax pressure rate in Senegal was 19.8% of GDP in 2022, with potential additional tax revenues estimated at around 3% of GDP through tax reform [31] - The report emphasizes the need for a tax reform that focuses on broadening the tax base rather than increasing rates, which are already high [32] 3. Prioritizing Budgetary Commitment for Social Protection - A cautious approach to earmarking revenues is recommended, as prioritizing budgetary commitments is preferable to rigid earmarking mechanisms that create budgetary inflexibilities [31] 4. Developing Contributory Schemes - The low level of social contributions is attributed to a narrow tax base and relatively low ceilings, with significant financial viability challenges within the health branch of contributory schemes [94][101] 5. Strengthening the Formal Economy and Engaging Self-Employed Workers - The extent of informal work hampers social protection financing, necessitating differentiated formalization strategies based on the profiles of informal workers [107][110] 6. Enhancing Social Compliance - Social evasion poses a major challenge for financing contributory schemes, requiring measures to strengthen compliance and improve the collection of social contributions [134][135] 7. Towards a Gradual Financing Strategy for Social Protection - Achieving universal social protection requires both the extension of social assistance and contributory schemes, with options and costs for gradual expansion discussed [140][141]