# Profoundd archive — Epstein Files # Bates number: EFTA02350939 # Title: From: Richard Kahn # Dataset: 11 # Pages: 5 # Images: 5 detected # Tags: epstein, doj, dataset-11, image-described # Source PDF: https://profoundd.com/epstein-docs/EFTA02350939/download # Doc viewer: https://profoundd.com/epstein-docs/EFTA02350939 # # Text below is what Profoundd has extracted from the source PDF. # 'ocr-enriched' tag means OCR was applied to scan-only pages. # Image descriptions are AI-generated factual captions (llava:13b). #---------------------------------------------------------------------- === SUMMARY === From: Richard Kahn Sent: Tuesday, February 7, 2017 2:40 PM To: jeffrey E. Subject: Fwd: GM US: General Motors Company - GM produces solid 4Q16, taxes drive beat, constructive outlook maintained — first take - NEUTRAL - United States General Motors Co =nbsp; purchase =ate—> 12/9/10 97,525 shares Cost basis 36.77 Dividend yield 4.13% stock at 9:38am =nbsp;35.45 unrealized loss (128,686) Richard =ahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York NY 10022 Begin forwarded message: From === EXTRACTED TEXT === From: Richard Kahn Sent: Tuesday, February 7, 2017 2:40 PM To: jeffrey E. Subject: Fwd: GM US: General Motors Company - GM produces solid 4Q16, taxes drive beat, constructive outlook maintained — first take - NEUTRAL - United States General Motors Co =nbsp; purchase =ate—> 12/9/10 97,525 shares Cost basis 36.77 Dividend yield 4.13% stock at 9:38am =nbsp;35.45 unrealized loss (128,686) Richard =ahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York NY 10022 Begin forwarded message: From: =/b>"Ens, Amanda" Subject: =/b>GM US: General =otors Company - GM produces solid 4Q16, taxes drive beat, constructive =utlook maintained — first take - NEUTRAL - United States Date: =/b>February 7, 2017 at 8:36:31 AM =ST To: =/b>"Rich Kahn" Reply-To: =/b>"Ens, Amanda" EFTA_R1_01328859 EFTA02350939 Rich, as an update in case =ou still hold Global Research General Motors Company GM produces solid 4Q16, taxes drive beat, =onstructive outlook maintained — first take Maintain Rating: NEUTRAL PO: 42.00 USD I Price: 36.83 USD Equity I 07 February =017 Key takeaways • =/span>GM reported 4Q16 op EPS of $1.28, =ell ahead of expectations. The majority of the beat was the result of a =ow tax rate. =/span>On an operating basis all regions =n the auto business were just ahead of our estimates while GM Financial =as just below. =/span>GM reiterated its 2017 EPS outlook =f $6.00-$6.50, which, at the midpoint, is a 2% increase =oY. 2 EFTA_R1_01328860 EFTA02350940 FULL REPORT 4Q16 operating results =argely in-line GM reported 4Q16 operating EPS of =1.28, well above our $1.01 estimate and the Bloomberg consensus of =1.17. The majority of the bottom line beat was the result of a very low =ax rate of just 13.5% (BofAMLe 31.8% =amp; YTD -28%), but on an operating basis all regions in the auto =usiness were just ahead of our estimates. Specifically, GMNA EBIT of =2.6bn (BofAMLe $2.56bn) and a good 8.4% =BIT margin (BofAMLe 9.0%) were driven by =olume on new models, slightly offset by increased product costs and =ix. Europe was also slightly better, printing EBIT of $(246)mm versus =ur $(355)mm estimate, largely driven by a continued focus on cost. =nternational ops EBIT of $316mm (BofAMLe =187mm) was above our estimate due to a similar focus on cost, while =MSA EBIT loss of $(65)mm (BofAMLe =$152mm) benefited from price actions (Table 1). GM Financial EBIT of =193mm was just below our $218mm forecast. We continue to expect GM's =uto results to be led by North America in the next few quarters, driven =y solid volumes, product launches, and the company's go-to-market =trategy, while macro volatility in Europe (i.e. Brexit), continued weakness in South America, =nd the tail risk of an eventual slowdown in China remain risks that, so mar, are being well managed and mitigated by management execution. =/span> 2017 outlook reiterated; =PS of $6.00-$6.50 Consistent with its commentary at =vents over the past few months, GM expects total company earnings to =mprove YoY in 2017. Specifically, GM expects to record 2017 EPS of =6.00-$6.50, which, at the midpoint, is a $0.13/sh increase from the 2016 level, or about 2% =oY. The midpoint of GM's range is also above our estimate of $6.00 and =he Bloomberg consensus of $6.06. Other aspects of GM's 2017 outlook =nclude: (i) higher YoY total revenue, (ii) greater than or equal to YoY =djusted EBIT and EBIT margin, (iii) adjusted auto free cash flow of =$6bn, and (iv) cash returned to shareholders (via dividends, share =epurchases, etc. ) to be greater than the 2016 level. GM did not =rovide an explicit outlook by region, but we expect more color on the =onference call this morning. Balance sheet stalwart; =apital allocation encouraging GM generated $1.7bn of auto free cash =low in 4Q16, which was solid, driven by strong earnings and working =apital. At the end of 4Q GM had gross cash and marketable securities =f $21.6bn and total liquidity of $35.6bn, while net cash stood at a =olid $10.8bn. We would note that the underfunded status of GM's US =ension improved to $7.2bn at the end of 2016 ($10.4bn at year-end 2015) =elped by discretionary contributions and apparently good asset returns. =or full year 2016, GM repurchased $2.5bn of common shares ($1bn in 4Q), =hich was solid. At the Detroit Auto Show earlier this month, GM =nnounced a new $5bn share repurchase program, bringing the total =utstanding authorization to $8bn, or almost 15% of the company's =urrent market cap. In aggregate, we believe management remains =isciplined in its overall capital allocation strategy, and will likely =ontinue to enhance shareholder value via dividends, buybacks, and =&A. However, we believe a more prudent course of actions may be to =uild a bigger cash cushion, so as to further 3 EFTA_R1_01328861 EFTA02350941 ensure its dividend, =olster liquidity, and enhance its ability to invest in =roduction/technology through the next downturn. John Murphy, CFA Research Analyst MLPF&S This report is intended for amanda.ens@baml.com =o:p class=""> Click here to access the =esearch Library Read the research report, available through the link above, =or complete information including important disclosures and analyst =ertification(s). The research report and the link to such report are for the =se of Bank of America Merrill Lynch customers only and all copying, =edistribution, retransmission, publication, and any other dissemination =r use of the contents thereof are prohibited. There may be more recent =nformation available. Please visit one of the electronic venues that =arry BofA Merrill Lynch Global Research reports or contact your Bank of =merica Merrill Lynch representative for further information. "Bank of =merica Merrill Lynch" is the marketing name for the global banking and =lobal markets businesses of Bank of America Corporation. Click here to stop or =odify the delivery of Research via Emails. Publication: 60362967-11708784.pdf 4 EFTA_R1_01328862 EFTA02350942 Recipient: amanda.ens@baml.com http://rsch.baml.com/r?q=WOXIfclnwJj4XrLObsc5nxg&e=richa=dkahn12%,40gmail.com&h=u9a81Q This message, and any attachments, is for the intended =ecipient(s) only, may contain information that is privileged, =onfidential and/or proprietary and subject to important terms and =onditions available at http://www.bankofamerica.com/emaildisclaimer. If you are =ot the intended recipient, please delete this message. 2223572 5 EFTA_R1_01328863 EFTA02350943 === IMAGE DESCRIPTIONS === [Image 1] The image shows a page from a document, which appears to be a financial or business report. The text is too small to read in detail, but it includes various sections with headings such as "Full Report," "Summary," and "Financial Results." There are tables and figures with numbers and percentages, which are typical elements of financial reports. The document is structured with numbered paragraphs a [Image 2] The image shows a document that appears to be a research report or a summary of findings. The document is titled "REPORT" and includes a date and a name at the top, which is redacted. The text is in English and discusses the results of a study or investigation, mentioning topics such as "RESEARCH," "REPORT," "RESEARCH," "REPORT," and "RESEARCH." There are also references to "RESEARCH," "REPORT," " [Image 3] The image shows a document with text and numbers. It appears to be a financial or accounting document, possibly a statement or invoice, given the presence of numerical figures and a list of items or services with corresponding costs. The document is titled "Statement of Accounts" and includes sections such as "From," "To," "Amount," and "Description." There are also references to "General Motors C [Image 4] The image displays a document with text, which appears to be a financial or business report. The document is structured with headings and bullet points, and it includes numerical data and text descriptions. The visible text includes the names of companies, financial figures, and a section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations." The document i [Image 5] The image appears to be a photograph of a printed document, specifically a letter or an email. The document contains a header with a web address and a disclaimer about the message being confidential. Below the header, there is a recipient's email address followed by a subject line. The body of the document is not visible in the image provided. The document is printed on standard letterhead paper,