UBS Investment Research
Pantaloon Retail (India) Ltd.

P ositive catalysts ahead [EXTRACT]

􀂄 Positive underlying business due to growth of modern retail sector
We believe the underlying growth in the modern retail sector, which Pantaloon
Retail (India) (PRIL) management expects to grow to US$20-25bn in the next
seven to eight years, will remain a key positive for the company.
􀂄 ROE improvement post divestment
ROE has declined steadily from FY04-05 levels. We do not see a reversal of
returns to earlier levels until divestment of all non-core businesses is complete. We
believe ROEs of the pure retail business will be in the range of 15-18%.
􀂄 Catalysts ahead
Management has guided for near-term divestment of Future Capital Holdings
(FCH), which we believe will be a positive catalyst for the share price. We think
the impact of the high level of debt on the company’s books and the perception of
poor corporate governance have been factored into the share price. On 30 June
2011, the core retail debt/equity ratio was 1.12x. We view FDI in the retail sector
as another catalyst—PRIL is the largest retailer in India and is a key beneficiary of
the change permitting foreign investment in the sector.
􀂄 Valuation: maintain Buy rating and Rs400.00 price target

We derive our price target from a DCF-based methodology and explicitly forecast
long-term valuation drivers using UBS’s VCAM tool. We assume a WACC of 12%.

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Nike has added a new feature to customize the LeBron 12. After seeing the LeBron 12 “Easter” release today, the Swoosh decided to take a characteristic from that colorway and make it available to everyone via their NIKEiD option. Floral print.
Author’s Take
View my take here,Louboutin Homme Sneakers.
You can now add the ideal Spring/Summer print to the Nike?LeBron 12 which is sure to give it a new spark of life. You can design your own colorway of the LeBron 12 and add floral print in a variety of colors on the Hyperposite panels that provide your foot with lock down support. With pretty much every part of the shoe being customizable, the colorway possibilities are truly endless. You won’t get your kicks in time for Easter if you order them now, but you’ll definitely be able to rock them for the rest of Spring and Summer. Head over to nike.com and get to work.
Download the new KicksOnFire app (iOS) (Android) and stay up to date on all the news and release dates you need to know.
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via: NIKE
Aimed for lifestyle flair, this particular Nike LeBron 12 EXT exudes just that with its distinctive multicolored upper in various shades of Pink, Blue,Louboutin Daffodile, Purple, Red,Louboutin Sandales, Yellow, Green and more. The eye-catching theme is nicely offset by translucent overlays, as well as its Hyperposite construction solidifying the composition in crisp White.
Finished off with White laces and an icy translucent outsole, you can find this Nike LeBron 12 EXT “Finish Your Breakfast” at select Nike accounts this Saturday, July 18th for $250.
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Whether its dubbed “Prism,” “Finish Your Breakfast” or “Fruity Pebbles” official images for this vibrant Nike LeBron 12 EXT are now presented.