PLD - Prologis, Inc.
| Previous Close | 82.43 |
| Open | 82.66 |
| Bid | 77.50 x 1000 |
| Ask | 84.00 x 800 |
| Day's Range | 80.66 - 82.88 |
| 52 Week Range | 55.21 - 83.99 |
| Volume | 1,889,841 |
| Avg. Volume | 2,224,241 |
| Market Cap | 50.93B |
| Beta (3Y Monthly) | 1.07 |
| PE Ratio (TTM) | 29.98 |
| EPS (TTM) | 2.69 |
| Earnings Date | Oct 14, 2019 - Oct 18, 2019 |
| Forward Dividend & Yield | 2.12 (2.57%) |
| Ex-Dividend Date | 2019-06-12 |
| 1y Target Est | 83.32 |
- Bloomberg•22 hours ago
CSX Leads Industrial Earnings Off the Rails
(Bloomberg Opinion) -- To get Brooke Sutherland’s newsletter delivered directly to your inbox, sign up here.It’s going to be unbearably hot across much of the U.S. this weekend, but the early returns on industrial earnings have been decidedly cool. A nearly 30% run in CSX Corp. shares heading into its second-quarter earnings report suggested this was a company where investors thought they could find shelter amid a growing body of worrisome manufacturing data. They were wrong. The shares slumped more than 10% the day after CSX reversed a forecast for low single-digit growth in revenue this year and predicted instead that revenue would dip as much as 2%. The East Coast railroad says it’s being cautious, but the time for conservatism is when you start the guidance-giving process, so that strikes me as an inadequate explanation for such a deep cut. CEO James Foote said the macroeconomic backdrop was one of the most “puzzling” he’s ever experienced and that there are no concrete signs of improvement in weak coal, intermodal and industrial volumes.Elsewhere in transportation, J.B. Hunt Transport Services Inc. and West Coast railroad Union Pacific Corp. actually saw their shares pop on earnings, but that seems to be a case of more realistic expectations than a drastically more positive view of the macroeconomic environment. J.B. Hunt was essentially flat going into earnings, for example, and Union Pacific had sold off in sympathy with CSX before it reported. Union Pacific said it expects second-half volume to be down about 2%, which implies a decline for the full year compared with an earlier call for a low-single digit gain – basically mimicking CSX’s move. The other challenge with CSX is that it appears to be far enough along in its conversion to precision-scheduled railroading that there isn’t as much fat left to cut as there is at Union Pacific. But it’s track record of improved performance is still relatively short, capping its ability to make market share gains amid a surplus of capacity and lower spot rates in the trucking market. Bloomberg News’s Cameron Crise points out the sharp divergence in the performance of S&P 500 railroads and FedEx Corp. over the past, calling it a proxy of sorts for the trade war-inspired slowdown that’s hit companies with international exposure like FedEx harder than those focused on the domestic market. If U.S. railroad stocks fail to recover from the CSX-inspired selloff and the gap to FedEx narrows, that could be a sign that the domestic economy and the bull market are running out of steam, he writes. FedEx, of course, has plenty of idiosyncratic issues holding back its stock. The company’s annual report filed this week included interesting disclosures abut the risk of an activist shareholder getting involved and some additional detail on the logistics investments that could render Amazon.com Inc. a competitor. Things were a bit better at the multi-industrial companies, but there was still cause for concern. Textron Inc. said its aviation backlog slipped by $100 million in the second quarter as macroeconomic concerns and President Donald Trump’s threat to impose wide-ranging tariffs on Mexico spooked business-jet customers. That’s counteracted by Honeywell International Inc.’s report of double-digit sales growth for new business jet equipment, but still a troubling sign of just how nervous people are about making big investments. You can usually count on Honeywell to churn out an earnings beat, and the company didn’t disappoint, raising its profit guidance for the full year. But the outlook wasn’t as robust as some analysts were expecting. Organic sales growth of 5% could end up being the pace to beat this quarter, but that was weaker than anticipated and a forecast for 2% to 4% growth in the third quarter would suggest an accelerating slowdown. The dynamic of somewhat disappointing sales numbers but steady earnings growth in some ways reinforces Honeywell’s argument that last year’s breakups and a pristine balance sheet will make it more resilient in a downturn, but I remain unconvinced that margins for anything except funeral homes are recession-proof. It helped Honeywell that the sales weakness was mostly confined to its safety and productivity solutions unit, the smallest of its four main businesses, and aerospace remained impressively robust with 11% organic sales growth. The industrial companies on tap to report earnings next week may not be so lucky, particularly 3M Co., which seems destined for yet another guidance cut to reflect the deepening slowdown.ALL BOEING WANTS FOR CHRISTMAS IS A FLYABLE MAXBoeing Co. this week pre-announced a $4.9 billion after-tax second-quarter charge to reflect its estimate of compensation owed to airlines grappling with a grounding of the beleaguered 737 Max that’s now entering its fifth month. American Airlines Group Inc., Southwest Airlines Co. and United Airlines Holdings Inc. this week pulled the Max from their schedules through the beginning of November – a timeline that jibes with Boeing’s call for the plane to return to service during the fourth quarter. But the risk remains that the grounding stretches into 2020. The Federal Aviation Administration, mindful of restoring its reputation as the global standard-bearer of safety protocol, is keen to coordinate a return to service with European and Asian regulators. And while a fix for the flight-software system linked to the Max’s two fatal crashes has essentially been completed, there remain hurdles to remedying a separate issue with a microprocessor that was identified in June, including convincing the FAA that a software update is sufficient, according to the Wall Street Journal. Even if Boeing can get the plane recertified and flying again by the fourth quarter, it matters a great deal which particular month that happens. Airlines estimate it will take a month to 45 days to complete the maintenance necessary to bring the Max jets they already operate out of storage, which is to say nothing of the additional planes they had been expecting to support busy schedules. I would imagine airlines’ demands for compensation would rise materially if they are forced to scramble and reassess capacity for holiday flights. Ryanair Holdings Plc said this week it’s prudently planning for a December return of the Max, but pared its growth plans for the 2020 summer travel season. It can only accept six to eight new Max planes per month, which will leave the budget airline with about half of the fleet it had been planning on for that peak season. Data points like that make me highly skeptical of Boeing’s aspirations to ramp up to a 57-per-month production pace for the 737 program in 2020.A WORD ON WAREHOUSESThere has been a surge of spending over the past few years on industrial warehouse assets. The latest deal came this week , when Prologis Inc. agreed to buy Industrial Property Trust and its 236 properties in areas such as the San Francisco Bay Area, Chicago and New Jersey for about $4 billion. This follows Prologis’s acquisition of DCT Industrial Trust Inc. last year for more than $8 billion and its pursuit earlier this year of GLP Pte’s U.S. warehouse assets, which ultimately went to Blackstone Group LP instead for $18.7 billion. Meanwhile, Tom Barrack’s Colony Capital Inc. is exploring a sale of its unit that owns warehouses as part of a strategic review meant to resuscitate its plunging market value, according to Bloomberg News. I understand the logic of these deals: Retailers are under immense pressure to build out their e-commerce capabilities and shorten their delivery times and on the face of it, that trend looks less vulnerable to the trade war and macroeconomic uncertainties than many others. Even so, it gives me pause to hear Honeywell say customers for its Intelligrated warehouse-automation business are pushing major system rollouts into the second half of the year. Intelligrated is still growing rapidly, with organic sales growth of more than 20% for the first half of 2019, and Honeywell CEO Darius Adamczyk said he knew for a fact that the delayed orders hadn’t gone away. But going back to my earlier comment about funeral homes, I’m getting less confident that even this trend can withstand the test of a true downturn. I asked Bloomberg Opinion's retail expert Sarah Halzack what she thought. She pointed out that companies like Walmart Inc. and Williams-Sonoma Inc. are too far along in converting their businesses to e-commerce to back out, whereas those who are already struggling such as J.C. Penney Co. will find it harder to justify making those kinds of investments.DEALS, ACTIVISTS AND CORPORATE GOVERNANCEJohn Flannery has resurfaced. The former CEO of General Electric Co. will now be an advisory director to Charlesbank Capital Partners, a middle-market private equity firm managing more than $5 billion of capital. I’ve always felt a bit bad for Flannery, who spent 30 years working his way up the ladder at GE and finally ascended to the CEO post, only to find out that his actual job was going to be more akin to a garbage man. Sure, he made his share of mistakes as CEO. But the reality is he was probably never going to last in that job no matter what he did. GE needed one CEO to publicize and unearth the skeletons in its closet ($22 billion goodwill writedown on the disastrous Alstom SA deal, $15 billion reserve shortfall in the long-term care insurance business) and another CEO to try to fix the mess. That’s now Larry Culp. Still, it has to sting a bit that Steve Bolze, Flannery’s competitor in the race to succeed Jeff Immelt, is a senior managing director at Blackstone, a slightly more prominent firm than Charlesbank. Bolze is blamed by many investors for mismanaging GE’s power unit and exacerbating the financial pain from a slump in gas turbine demand.Crane Co.’s bid for Circor International Inc. got a last minute surge of support. Mario Gabelli’s Gamco Investors Inc. agreed to tender shares to Crane after the buyer raised its price to $48 a share earlier this month. Roughly 45% of outstanding Circor shares have been elected to be tendered, people familiar with the matter told Bloomberg News. That’s not enough to force a merger (although there are still a few more hours before the tender offer expires at midnight), but it should be enough to get the attention of Circor’s board’s. In the wake of the Crane offer, Circor laid out a bold (and by nature, rather fluffy) plan to boost margins and lower debt. Shareholders are now signaling quite loudly that they don’t have much faith in the company’s ability to follow through. It’s pretty remarkable to see this level of pushback outside of an annual meeting, though. I had worried Crane’s bid might have been the victim of bad timing, with its offer becoming public a few weeks after Circor’s 2019 meeting. The fact that Circor’s board had privately received the Crane offer prior to the meeting and didn’t feel a need to tell investors about it has been one of Gabelli’s chief criticisms. This level of support from Circor shareholders may save Crane from having to wait a year to relaunch its bid with a proxy fight.Osram Licht AG, the lighting maker that’s agreed to sell itself to Bain Capital and Carlyle Group LP, disclosed this week that Austrian industrial manufacturer AMS AG had made a fresh offer for the company at a higher price. Bain and Carlyle are offering 35 euros per share, or 3.4 billion euros ($3.8 billion), while AMS had proposed to pay 38.50 euros per share, or about 3.7 billion euros. The problem is, AMS itself is valued at less than what it offered for Osram; it’s had negative free cash flow for at least the past two years; and it’s already carrying about 1.2 billion euros of net debt. Osram agreed to let AMS perform due diligence, but said the probability of a deal materializing was “rather low.” Literally the same day that its latest offer was disclosed, AMS said it was walking away. In some ways that’s actually kind of surprising – why wouldn’t you take the opportunity to do due diligence? But anyway, this amusing M&A adventure has now come to an end.Callon Petroleum Co. agreed to buy Carrizo Oil & Gas Inc. in an all-stock transaction valued at $3.2 billion including debt. Bernstein analyst Bob Brackett called it a “pretty lame deal all-in-all”, while my Bloomberg Opinion colleague Liam Denning said the merger sounds a “distinct sad-trombone note.” Carrizo helps Callon double down on the Delaware Basin with contiguous acreage and lets it add free cash flow on the cheap, but it also dilutes its status as a pure-play operator by adding acreage the Eagle Ford region, where it may be harder to find cost savings. Some investors may have viewed Callon as a target and are disappointed to see it on the other end of a deal. The consolidation of shale players is healthy and necessary, Liam writes. But the fact that Carrizo has chosen to sell at a modest premium when its stock was trading at the lowest levels in a decade is pretty telling, too.CRH Plc agreed to sell its European plumbing and heating-distribution business to Blackstone for 1.64 billion euros ($1.9 billion). CEO Albert Manifold has been trying to steer the company toward higher growth markets including cement and raise money for acquisitions. This deal helps it do both. Davy analyst Robert Gardiner says the purchase price is attractive at about 16 times earnings before interest and taxes.BONUS READING Saturday Will Be Hot. Oil and Gas Will Be Not: Liam Denning Axalta Is Said to Draw Interest From Kansai Paint and PPG Ex-Cons Find Second Chances Easier to Get in Tight Labor MarketThe Moon Is the Next Frontier in Rivalry Between China and U.S. Porch Pirates Spot Criminal Opening in Amazon Prime Day BonanzaTo contact the author of this story: Brooke Sutherland at bsutherland7@bloomberg.netTo contact the editor responsible for this story: Beth Williams at bewilliams@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
- Zacks•yesterday
Can Industrial REITs Ride High Amid Supply & Trade Woes?
In a rising e-commerce market, Industrial REITs are poised to gain amid resilient consumer sentiment, low unemployment level and rising wages, though trade tensions and rising supply remain concerns.
- Zacks•2 days ago
The Zacks Analyst Blog Highlights: Southern Company, Prologis, Delta Air Lines, Occidental Petroleum and Dollar General
The Zacks Analyst Blog Highlights: Southern Company, Prologis, Delta Air Lines, Occidental Petroleum and Dollar General
- Bloomberg•2 days ago
Blackstone Is Seeking Sale of Some Warehouses from GLP Deal
(Bloomberg) -- Blackstone Group LP is talking with prospective buyers for some of the warehouses it will amass as part of an $18.7 billion acquisition agreed to last month with GLP Pte Ltd., according to people with knowledge of the matter.The investment firm has solicited interest for bespoke portfolios of properties from suitors including Prologis Inc., said some of the people, who asked not to be identified because the discussions are private. At least one portfolio is valued at $1 billion or more, one of the people said.Representatives for Blackstone and Prologis declined to comment.It’s not uncommon for real estate investors to divest non-core or non-strategic holdings they amass from large transactions. Blackstone sold a myriad of properties to a variety of buyers as part of its almost $40 billion purchase of Equity Office Properties Trust in 2007.Warehouse tenants such as Amazon.com Inc. got a respite in the second quarter from what’s been a tight market. The available supply of U.S. industrial and logistics real estate -- the sum of vacant space as well as occupied space being marketed for new tenants -- snapped a streak of declines that lasted 34 quarters, according to a report this week from CBRE Group Inc.Still, big landlords remain bullish there will be ongoing institutional investment in the sector. Colony Capital Inc. is exploring the sale of its warehouse business, which may fetch more than $5 billion, Bloomberg reported this week.To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Steve Dickson, Daniel TaubFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Thomson Reuters StreetEvents•2 days ago
Edited Transcript of PLD earnings conference call or presentation 16-Jul-19 4:00pm GMT
Q2 2019 Prologis Inc Earnings Call
- CorpGov.com•3 days ago
Report of Colony Capital Asset Sale Surfaces After CorpGov Predicts Breakup
By John Jannarone Colony Capital (ticker: CLNY) is exploring a sale of its industrial real-estate unit, according to a Bloomberg report Wednesday, news that comes less than a week after CorpGov published an an analysis showing the company could be more valuable if it were broken up or sold outright. The asset, which is structured […]
- Zacks•3 days ago
Top Analyst Reports for Southern Company, Prologis & Delta Air Lines
Top Analyst Reports for Southern Company, Prologis & Delta Air Lines
Motley Fool•4 days agoPrologis Inc (PLD) Q2 2019 Earnings Call Transcript
PLD earnings call for the period ending June 30, 2019.
- Benzinga•4 days ago
Prologis Gobbles Up Chunk Of Industrial Real Estate In $4 Billion Deal
Logistics real estate company Prologis, Inc. (NYSE: PLD) announced that it had signed an agreement to acquire Industrial Property Trust, Inc. (IPT) in its second quarter 2019 earnings report. The cash transaction of $3.99 billion, including the assumption of IPT's debt, is expected to close in the fourth quarter of 2019 or the first quarter of 2020. The acquisition includes 236 properties and 37.5 million square feet of industrial real estate, 96 percent of which is located in Prologis' existing markets.
- Zacks•4 days ago
Prologis (PLD) to Buy IPT for $3.99B, Beats Q2 FFO Estimates
Prologis' (PLD) deal to acquire Industrial Property Trust will help gain premium assets in preferred submarkets. Also, with solid customer demand, the company put up a decent show in Q2.
- Benzinga•4 days ago
Prologis Buys Black Creek's Platform For $3.9B
Prologis, Inc. (NYSE: PLD ) will acquire Black Creek Group’s investment platform, Industrial Property Trust Inc., in an all cash transaction valued at approximately $3.99 billion. The transaction will ...
- Zacks•4 days ago
Liberty Property's (LPT) Piedmont Triad Now 95% Occupied
With five agreements to lease industrial space at Piedmont Triad, Liberty Property (LPT) reaches more than 95% occupancy in the Triad, which reflects solid demand for quality properties in the region.
- Bloomberg•4 days ago
Prologis to Buy Black Creek's IPT for $4 Billion
(Bloomberg) -- Prologis Inc. agreed to buy warehouse owner Industrial Property Trust for about $4 billion to bulk up its business catering to companies such as Amazon.com Inc. and FedEx Corp.The cash deal, which includes the assumption and repayment of debt, will probably close late this year or early next, Prologis said Monday, confirming an earlier report by Bloomberg. The portfolio includes 236 properties in areas such as Southern California, the San Francisco Bay Area, Chicago, Atlanta, Dallas, Seattle and New Jersey -- with about 96% in markets Prologis is present. Combining businesses will lower costs relative to assets, it said.“This is a high quality portfolio that we think is really strategic,” Prologis Chief Executive Officer Hamid Moghadam said in a phone interview.Warehouses and logistics are increasingly favored parts of the real estate market, in part due to strong growth and occupancy rates. Demand from corporations stems from a necessity to meet customer expectations for faster delivery times. The growth of e-commerce would probably insulate the sector from some of the impact from the Trump administration’s tariffs on goods from China, analysts from Green Street Advisors said in May.Prologis, with a market value of more than $50 billion, doesn’t intend to raise equity to finance the deal. But it does aim to sell about 20% of IPT’s assets, Moghadam said. Three-quarters of that will happen in markets in which the company is already active, and the rest in places such as Salt Lake City and Memphis, where it isn’t seeking a presence.IPT, a nontraded real estate investment trust, was put on the block in February by its owner Black Creek Group LLC, Bloomberg reported at the time.Prologis was among bidders vying to own GLP Pte’s U.S. operations earlier this year, but was beaten out by Blackstone Group LP, which clinched the $18.7 billion deal. Still, the warehouse owner acquired DCT Industrial Trust Inc. last year for more than $8 billion, its second-largest deal after merging in 2011 with AMB Property Corp.“This is not our first rodeo, this is a very bite-sized deal for us and we feel confident about not only closing this transaction in a timely manner but properly integrating the portfolio and realizing the synergies,” said Moghadam. “We’ve got this down to a science,” he said.His firm estimates general and administrative expenses relative to assets under management will decrease 4%. It expects the transaction will be accretive to annual funds from operations, a metric used by REITs, by 5 cents to 6 cents a share.Other portfolios Prologis has eyed in the past year would have resulted in a larger portion of sales, Moghadam said. The REIT would have retained around 70% of GLP U.S.’s portfolio, a number that would have dropped further if it had bought IDI Logistics, he said.(Updates with Prologis CEO’s comments from third paragraph.)To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.netTo contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, David Scheer, Dan ReichlFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Reuters•4 days ago
UPDATE 2-Prologis to buy IPT for about $4 bln
Prologis Inc said on Monday it would buy Black Creek Group's Industrial Property Trust Inc (IPT), a portfolio of U.S. industrial properties, in an all-cash deal valued at about $4 billion. Prologis expects the deal to add to its annual core funds from operations by about 5 to 6.1 cents on a per share basis. Morgan Stanley & Co LLC and Eastdil Secured LLC are the financial advisers to IPT while Hogan Lovells served as the legal adviser, real estate investment firm Black Creek, which created IPT in 2012, said in a separate statement.
- Reuters•4 days ago
Prologis to buy IPT for $3.99 bln
- GlobeNewswire•5 days ago
Black Creek Group Industrial Real Estate Investment Platform to be acquired by Prologis for $3.99 Billion
Black Creek Group, a Denver-based real estate investment manager and development firm with a more than 25-year history, today announced its sponsored investment platform, Industrial Property Trust Inc. (IPT), has entered into a merger agreement pursuant to which it will be acquired by an affiliate of Prologis, Inc. (PLD) in an all cash transaction valued at approximately $3.99 Billion, subject to adjustment for certain transaction costs. The transaction will not include IPT’s minority ownership interests in its two unconsolidated joint venture partnerships. IPT’s board of directors unanimously approved the transaction.
- PR Newswire•5 days ago
Prologis Reports Second Quarter 2019 Earnings Results and Announces the Signing of a Definitive Agreement to Acquire IPT
SAN FRANCISCO , July 15, 2019 /PRNewswire/ -- Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, reported results for the second quarter of 2019 and announced that, subsequent to quarter ...
- TheStreet.com•5 days ago
[video]Prologis Expected to Earn 38 Cents a Share
Prologis, Inc. is expected to report adjusted net income of $195.9 million, or 38 cents a share, on sales of $698.8 million before the market opens on Tuesday, based on a FactSet survey of 7 analysts. Prologis is currently trading at a price-to-forward-earnings ratio of 45.1 based on the 12-month estimates of 7 analysts surveyed by FactSet. In the upcoming quarter analysts are forecasting adjusted net income of $279.4 million, or 50 cents a share, on sales of $711.8 million.
- Investopedia•8 days ago
Topping Patterns in Real Estate ETFs Suggest Selling
A double top pattern may usher in selling ahead of a likely rate cut. Consider these tactics to profit from falling REIT prices.
- Zacks•8 days ago
Key Factors to Impact Prologis' (PLD) Earnings This Season
Prologis' (PLD) Q2 results likely to reflect solid fundamentals of industrial real estate market, backed by a strengthening e-commerce market, though supply is also rising.
- Zacks•9 days ago
Is it Apt to Hold Liberty Property in Your Portfolio Now?
While Liberty Property (LPT) is selling non-core properties to harvest value and reposition its portfolio, higher supply of industrial space is leading to lesser scope for rent and occupancy growth.
- Zacks•9 days ago
Terreno Issues Q2 Activity Update, Portfolio Occupancy Down
While Terreno Realty's (TRNO) efforts to fortify its industrial portfolio will likely boost Q2 profitability margins, sequential decline in the company's occupancy is a concern.
- CorpGov.com•9 days ago
Blackwells May Be the Antidote for Colony Capital’s Suffering
Colony Capital Appears Undervalued with a Sum of the Parts Valuation Over $11 per Share By John Jannarone Colony Capital (ticker: CLNY) is a maze of real-estate assets that many investors have elected to avoid. But with activist Blackwells Capital’s pressure on the company, there is a clear path to big rewards. With a […]
- Zacks•11 days ago
Duke Realty (DRE) Building Spec Warehouse in O'Hare Submarket
Duke Realty's (DRE) construction of the warehouse on a speculative basis seems a strategic fit as the market enjoys low vacancy rate and fewer sites for new development projects.
- Markit•11 days ago
See what the IHS Markit Score report has to say about Prologis Inc.
Prologis Inc NYSE:PLDView full report here! Summary * Bearish sentiment is low * Economic output for the sector is expanding but at a slower rate Bearish sentimentShort interest | PositiveShort interest is low for PLD with fewer than 5% of shares on loan. The last change in the short interest score occurred more than 1 month ago and implies that there has been little change in sentiment among investors who seek to profit from falling equity prices. Money flowETF/Index ownership | NeutralETF activity is neutral. The net inflows of $5.89 billion over the last one-month into ETFs that hold PLD are not among the highest of the last year and have been slowing. Economic sentimentPMI by IHS Markit | NegativeAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Financials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however, and is easing. Credit worthinessCredit default swapCDS data is not available for this security.Please send all inquiries related to the report to score@ihsmarkit.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
