Others Coverage Flashcards
Dominos four European countries?
Germany, France, Belgium, Netherlands
Where is Dominos Euro store opportunity the largest?
Southern France and Southern Germany. 60 million people, 7000 pizza stores, 1200 McDonalds stores, 140 Dominos stores.
What are banks SCA all about?
Advanced Accreditation as opposed to Standard Accreditation. Means better risk weightings, thus lower capital against same loan. Also, bank can only grow as fast as their ROE given need capital against loans to grow loan book
What is Albumin?
Albumin is a globular protein found in humans (most abundant plasma protein found in mammals). It is important for the proper distribution of body fluids between intravascular compartments and body tissue. It also acts as a plasma carrier.
What is Immunoglobulin?
Also known as an antibody, a protein which is produced by plasma cells and used by the immune system to neutralise pathogens (bacteria and viruses).
What is plasma-derived factor VIII?
pdFVIII developed in the 1980s for people with haemophilia A, and was the most important output component from plasma fractionation at the time. Haemophilia A is a deficiency in factor VIII a blood clotting agency, suffering from it causes increased bleeding.
What is revenue mix of blood plasma fractionation?
IG most commercial at 40% of revenue from a litre of blood. IG is a commodity, lower price higher volume. Albumin is c10-15% and plasma-derived factor VIII (pdFVIII) has 15-20% as well. (Note Albumin is higher volume but much lower value).
First and last litre economics?
The “first litre” of plasma describes a litre of fractionated plasma from which all the plasma proteins are sold by the company. They include all its commercial products, and generate the maximum amount of revenue from each product made from this “first litre” of plasma fractionated. As more plasma is fractionated, the quantities of product which have low demand (due to smaller patient populations) such as factor IX, antithrombin III, etc., are sufficient to meet these demand requirements. However, there is still enough demand for other fractions, such as factor VIII, due to large patient populations. Therefore, the company continues to fractionate enough plasma to make factor VIII until its demand is met. As more plasma is fractionated, one-by-one, all the protein products are made in sufficient quantities to meet heir respective demands. Eventually, only one product remains to justify fractionation. It is the product with the highest demand, requiring the highest volume of fractionated plasma. The point at which a company stops plasma fractionation for obtaining the last remaining products is called its “last litre.” Its needs not be the point where the last protein’s demand is met.
Three points to CSL leadership?
(1) Highest margin producer (Profit / Plasma collected) given location of collection centres of lower socio economic areas which means cheaper rent but higher volume throughput as they need the income; (2) Largest R&D platform means can monetise incremental parts of fractionated plasma = more revenue / plasma collected; (3) CSL 112 is game changing targeting deadly second heart attack - if successful changes the economics of IG given CSL112 a mass market drug
CSL margin tree?
Tree of gross margin: IG gets 5% EBIT margin, Albumin gets to c15%, pdFVIII (Haemophilia A) gets to 25%, pdFIX (Haemophilia B) gets to c32%; and specialty products gets right up to 52%.
CSL’s Seqirus strategy?
Transition the influenza vaccines from trivalent to quadrivalent vaccines. Trivalent vaccines only served three flu strands (2x influenza A strands, and 1x B strand) even though four exist (a second B strand). Thus quadrivalent gives broader protection against circulating flu viruses.
COH TAM and penetration?
500k installed globally, 7.5mn TAM = 7% pen. Of the sensorineural hearing loss markets, children at 60% penetrated in developed markets, 10% in developing, and adults are 3%.
COH main competitors; key differentiator?
Advanced Bionics (Sonova) and MED-EI. COH investing materially more $ in R&D.
What are three layers of the business for CTD?
Processes, Lightening, Smart Portal. Processes are the back-office integration of all systems (ie, reporting, admin, accounting) - this is all done ex the US whereby there’s four accounting systems sucking data into a data warehouse. Lightening is a booking tool that is just a content aggregator, it APIs to NDC/hotels/GDS/airlines etc. Smart Portal sits above the transaction and holds all the profile data on the traveller, it can connect to any booking tool and gets most efficiencies when used in conjunction with Lightening: it does the smarts (ie, fair forecaster)
Resmed’s main products are primarily focused on what two respiratory disorders?
Obtrusive Sleep Apnea (OSA) and Chronic Obtrusive Pulmonary Disease (COPD)
