Expenses – Club Mouche Odet http://club-mouche-odet.com/ Tue, 22 Nov 2022 19:36:52 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://club-mouche-odet.com/wp-content/uploads/2021/06/icon-3.png Expenses – Club Mouche Odet http://club-mouche-odet.com/ 32 32 UPDATE: GoFundMe account set up for Sulfur woman’s funeral expenses https://club-mouche-odet.com/update-gofundme-account-set-up-for-sulfur-womans-funeral-expenses/ Tue, 22 Nov 2022 18:16:32 +0000 https://club-mouche-odet.com/update-gofundme-account-set-up-for-sulfur-womans-funeral-expenses/ UPDATE: Creating a GoFundMe Account for Sulfur Woman’s Funeral Expenses Posted at 12:11 p.m. on Tuesday, November 22, 2022 Stephany Fong and her daughter, Dani. (Special for the American press) A GoFundMe account to cover funeral expenses for Stephany Fong, 32, was organized by Sylvia Avery and Amanda Keller. “At this time, we would like […]]]>

UPDATE: Creating a GoFundMe Account for Sulfur Woman’s Funeral Expenses

Posted at 12:11 p.m. on Tuesday, November 22, 2022

A GoFundMe account to cover funeral expenses for Stephany Fong, 32, was organized by Sylvia Avery and Amanda Keller.

“At this time, we would like to ask for help from the community again – not just for Stephany but her family, Dani and Shelby,” they said on the page.

The GoFundMe goal was set at $10,000. After 2 p.m., over $8,000 was raised. The funding will be used for Fong’s funeral expenses. Any excess money will be set aside for her daughter, Dani.

“Stephany was loved by so many. She will be forever missed,” Avery and Keller said. “Please keep her family in your thoughts and prayers during this difficult time.”

On Saturday, Fong was reported missing after leaving the Sulfur Wagin Cajun bar at 5 a.m. that morning. After two days of searching, his body was recovered Monday evening from his submerged vehicle in the Bayou of India.

According to Calcasieu Parish Sheriff’s Office Sheriff Tony Mancuso, the investigation is being treated as a precautionary homicide, but foul play is not suspected. The coroner’s office is determining the cause of death.

Donations can be made to https://gf.me/v/c/4g9/funeral-expenses-for-stephany-fong

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What does home liability insurance cover? https://club-mouche-odet.com/what-does-home-liability-insurance-cover/ Thu, 17 Nov 2022 21:50:00 +0000 https://club-mouche-odet.com/what-does-home-liability-insurance-cover/ When you host friends and family for a gathering, you don’t expect anyone to sustain a life-changing injury. But unfortunately, accidents happen. Your home insurance’s liability coverage can help cover the costs associated with injuries and property damage when these incidents occur. What is liability insurance? Liability insurance is part of your home insurance policy […]]]>

When you host friends and family for a gathering, you don’t expect anyone to sustain a life-changing injury. But unfortunately, accidents happen. Your home insurance’s liability coverage can help cover the costs associated with injuries and property damage when these incidents occur.

What is liability insurance?

Liability insurance is part of your home insurance policy and protects you against lawsuits for injury or damage to the property of others. This coverage also extends to other members of your household, including pets.

For example, let’s say you’re having a pool party and your neighbor slips on the deck. Your neighbor may choose to sue you for medical bills related to the pool injury. At that time, your liability insurance will come into effect and will pay both your legal and medical expenses. This saves you from facing the financial ruin of paying the expenses out of pocket.

Now, let’s say your neighbor chooses not to sue you, but needs your help paying for his medical bills. In this case, your insurance company can always cover these costs as a sign of goodwill.

What does liability insurance cover?

Liability insurance covers your attorney’s fees if you are sued over an incident that causes injury to someone outside your household or damages someone else’s property. This includes all medical bills and associated payments awarded in a lawsuit.

Here is what liability insurance covers:

Medical payments for guests

If someone is injured on your property, your liability insurance may choose to pay their medical bills either as a result of a lawsuit or as an act of goodwill. Coverage protects you financially from being held personally responsible for expenses incurred.

Let’s say someone new comes to your house and your dog bites the stranger out of fear. This person sees a doctor after being bitten and receives a bill for the emergency room visit. Your liability insurance would kick in if that person then decides to sue you for damages, Wilson says.

Damage to property of others

If you cause an accident that unintentionally damages someone else’s property, your liability insurance can help pay for that damage.

Imagine that your children are playing soccer in the garden. Halfway through the game, one of the children throws the ball through the neighbor’s window and breaks it. Your liability insurance would also kick in and pay for the window repair.

Legal fees

If someone is injured or their property is damaged in an accident, they may decide to sue you. In this case, your liability insurance will help pay the legal costs, whether or not you are responsible for the accident.

For example, say your postman is trying to deliver a package when he slips and falls on your porch. During the fall, he suffered life-threatening injuries and decides to sue you for payment. Instead of paying a lawyer out of pocket, which could cost you thousands of dollars, your insurance company will step in and cover those costs.

But, there is a limit to what liability coverage will pay if you are sued.

Now let’s say your postman slipped because you forgot to salt your porch. Your postman decides he wants compensation beyond the amount of his medical bills to punish you for your negligence in salting the porch. This additional claim for compensation is called punitive damages, which is not covered by liability coverage.

Liability coverage limits

The amount your liability coverage will pay is limited based on your policy limit, which typically ranges from $100,000 to $500,000. When determining how much coverage you need, consider your overall financial situation, the risks in your home and the items on your property, says Ted Olsen, vice president of Goosehead Insurance.

Suppose a lawsuit finds you responsible for an injury a guest suffered at your home and the judge orders you to pay $500,000 in medical expenses. If this regulation could potentially consume your net value completely, then consider opting for the maximum amount of coverage offered.

On the other hand, certain items like swimming pools can increase the risk of a customer being involved in an accident and filing a liability claim against you. In addition, recreational vehicles such as snowmobiles, four-wheelers and jet skis may pose a higher risk of loss. Because of this, the The Insurance Information Institute recommends increase the minimum coverage limit to at least $300,000 if you own any of these items.

“Going from $100,000 to $500,000 can cost you between $10 and $20 a year, so it’s inexpensive to go upscale,” says Olsen. “It’s important that you have enough cover when something like this happens.”

If you have reached your maximum liability coverage but think you need additional protection, you may also consider adding a umbrella liability insurance. This add extra coverage beyond your liability coverage.

Is liability insurance only available for your home?

No, you can purchase liability insurance for your car or a recreational vehicle such as an ATV, golf cart, snowmobile or dirt bike. It is also available for boats and jet skis. In these cases, liability coverage helps pay for bodily injury and property damage to those affected by the incident.

For example, let’s say you and your friend are snowmobiling. Your friend accidentally hits a mailbox and breaks his arm. Your liability insurance on your snowmobile would pay for both the damage to the mailbox and the medical expenses incurred in the accident.

It is important to note that this coverage is separate from your home insurance. You must purchase additional coverage to insure these items.

What is not covered by liability insurance?

Generally, liability insurance helps you pay for expenses related to an accident in which another person is injured or their property is damaged. Your liability insurance would not cover your personal medical expenses or those of any member of your household. It also does not cover damage to your own property, even if the damage is caused by another person.

There are a few other cases where your liability insurance would not apply, including:

  • Punitive damages in a lawsuit
  • Intentional damage, such as intentionally injuring a guest
  • Criminal acts, such as arson that burns down your neighbor’s property
  • Damage caused by normal wear and tear, including damage caused by animals and insects
  • Injury or damage related to a business that runs out of your home

The take-out sale

Unfortunately, accidents do happen and sometimes the associated costs can be devastating to your financial security. Liability coverage is meant to be a proactive way to plan for any unforeseen accident that may arise. It’s important to be transparent with your insurance agent about potential items and hazards in your home, so they can help you get enough coverage.

“To me, liability is the most important reason we have insurance, because it’s the one thing that can completely change our lives,” Olsen says. “Simply because someone else’s life changed for the worse.”

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Rising Costs and Taxes Lower Teo Seng’s Q3 Net Profit by 77% https://club-mouche-odet.com/rising-costs-and-taxes-lower-teo-sengs-q3-net-profit-by-77/ Tue, 15 Nov 2022 10:35:41 +0000 https://club-mouche-odet.com/rising-costs-and-taxes-lower-teo-sengs-q3-net-profit-by-77/ KUALA LUMPUR (November 15): Teo Seng Capital Bhd’s net profit plunged 77.34% to RM516,000 in the third quarter ended September 30, 2022 (3QFY22), from RM2.28 million in the same quarter a year ago one year, driven by higher operating expenses, financial expenses and tax expenses. This was due to a 15.26% increase in revenue to […]]]>

KUALA LUMPUR (November 15): Teo Seng Capital Bhd’s net profit plunged 77.34% to RM516,000 in the third quarter ended September 30, 2022 (3QFY22), from RM2.28 million in the same quarter a year ago one year, driven by higher operating expenses, financial expenses and tax expenses.

This was due to a 15.26% increase in revenue to RM166.58 million from RM144.53 million a year earlier, according to the stock market filing of the poultry farming company.

Teo Seng’s operating expenses increased by 27% year-on-year (year-on-year) to RM174.08 million in 3QFY22 from RM137.14 million, while financial expenses increased by 10% year-on-year from RM1.6 million to RM1.76 million.

Tax charges also jumped to RM5.42 million, a huge jump of 53.17% from RM3.54 million in 3QFY21.

As a result, its earnings per share fell to 0.18 sen per share in 3QFY22, from 0.77 sen per share.

For the cumulative nine months ended September 30, 2022 (9MFY22), Teo Seng recorded a net profit of RM8.61 million compared to a net loss of RM9.05 million in 9MFY21, while cumulative revenue increased by 24.69% to reach RM471.32 million, from RM378 million previously.

Given the high cost of animal feed and government egg subsidy, the directors of the company are of the view that financial performance remains challenging for the remaining three-month period ending December 31, 2022 (4QFY22 ).

Shares of Teo Seng closed down 0.5 sen or 0.63% at 79 sen on Tuesday (November 15th), giving it a market capitalization of RM237 million.

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Reimbursement of sales promotion expenses incurred by credit card to directors cannot be refused: ITAT https://club-mouche-odet.com/reimbursement-of-sales-promotion-expenses-incurred-by-credit-card-to-directors-cannot-be-refused-itat/ Sat, 12 Nov 2022 10:29:43 +0000 https://club-mouche-odet.com/reimbursement-of-sales-promotion-expenses-incurred-by-credit-card-to-directors-cannot-be-refused-itat/ By Rasheela Basher – November 12, 2022 3:59 p.m. The Income Tax Appeal Tribunal (ITAT), Bombay Bank, while removing a disallowance, ruled that reimbursement of sales promotion expenses incurred by credit card to directors of the Company is allowable under the provisions of the Income Tax Act, 1961. The assessee, M/s. Well Wisher Construction Pvt. […]]]>

The Income Tax Appeal Tribunal (ITAT), Bombay Bank, while removing a disallowance, ruled that reimbursement of sales promotion expenses incurred by credit card to directors of the Company is allowable under the provisions of the Income Tax Act, 1961.

The assessee, M/s. Well Wisher Construction Pvt. Ltd challenged an appraiser’s order in which the officer dismissed the business promotion expenses claimed by the assessee, observing that the evidence is only hotel bills from VIVANTA Holiday Village in Goa and credit card payments made on behalf of both directors. The AO observed that the assessee did not provide any information regarding meetings, lectures, presentations, etc. that had taken place. As a result, he concluded that these were simply personal expenses debited from the profit and loss account of the company and rejected the total sum of Rs 2,42,514/- in the assessment.

On first appeal, the CIT(A) upheld the order. Before the Tribunal, the assessee argued that he is in the business of real estate development and that, in this regard, the administrators had to meet various people in various places to market the real estate project for the purpose of selling apartments. Therefore, the business link is proven beyond doubt.

Shri M.Balaganesh (accounting member) & Smt Kavitha Rajagopal (Judicial Member) observed that since the payments had been made on credit cards belonging to the directors, the assessed company had reimbursed the same to the directors.

“It is not of a personal nature. Further, payment to Ambey Valley City was made by check No. 003239 to the bank account of the company valued in the amount of Rs 1,55,411/-. The entire of the invoices issued by the various vendors was duly filed by the assessee before the ld.AO Without examining any of these invoices, the ld.AO, out of mere suspicion, conjecture and conjecture, treated the entire expenditure as being of a personal nature and was dismissed. We hold that the action of Ld. AO and Ld. CIT(A) is certainly unsustainable in the eyes of the law. The observations we have made above for ground 1 above above as well as the cited case law would also apply to this ground. Consequently, we order the ld.AO to remove the rejection made for trade promotion expenses in the amount of Rs 2,42,514/-”, said the ITA.

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Ms. Well Wisher Construction Pvt. Ltd v Deputy Commissioner of Income Tax

Counsel for the Appellant: Shri Khushiram Jadhwani

Counsel for the Respondent: Shri Manoj Kumar Singh

CITATION: 2022 TAXSCAN (ITAT) 1672

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Scorpio, keep an eye on your expenses today; see astrological predictions for all zodiac signs https://club-mouche-odet.com/scorpio-keep-an-eye-on-your-expenses-today-see-astrological-predictions-for-all-zodiac-signs/ Sun, 06 Nov 2022 01:57:37 +0000 https://club-mouche-odet.com/scorpio-keep-an-eye-on-your-expenses-today-see-astrological-predictions-for-all-zodiac-signs/ Daily Horoscope November 6 The weekend has finally started and it’s time to relax! Do you plan to go out with your friends and family or do you plan to stay home and enjoy? Whatever your plans, be sure to check your daily astrological forecast so you can make balanced decisions. You may be planning […]]]>

Daily Horoscope November 6

The weekend has finally started and it’s time to relax! Do you plan to go out with your friends and family or do you plan to stay home and enjoy? Whatever your plans, be sure to check your daily astrological forecast so you can make balanced decisions. You may be planning a big move or making a minor change in your life, but whatever you do, please check to see if the stars are aligned in your favor.

So why are you still waiting? Find out how the stars have aligned for you today by watching the astrological prediction.

horoscope today, November 62022:

Ram

It’s a sunny, sparkling day, and the stars mean success. If you’re feeling creative, just grab a brush or try a new recipe. Make an effort to focus on saving despite these financial advantages. It’s a good time for investments, but if you decide to go ahead with investing money, be sure to get expert advice.

Bull

Your romantic relationship is going to work on an overdrive today, says Ganesha. You will discover answers to the most subtle aspects of your love life. All in all, you’ll have a refreshing creative outlook throughout the day. It is an auspicious day for those who cherish unrequited love, says Ganesha.

Gemini

You should keep in mind that you should focus on your own image and position in society rather than worrying about the actions of others. Those working in retail will see an unprecedented surge in profits today, Ganesha says.

Cancer

You will try to improve ties with your loved ones. Your dedication and dedication will benefit the future. You will have physical and mental happiness. You will keep your future in mind. This will boost your self-confidence. Ganesha’s blessings are with you.

Leo

You will be confused with workplace issues today. You must accept your current situation for what it is and strive to resolve your immediate concerns to find your way in life. This period of doubt will pass very soon, says Ganesha.

Virgin

Your beloved will not only give you a surprise today, but also demand one, says Ganesha. There may be good news on the business side. Ganesha says recognize your old mistakes so you don’t repeat them and make plans for the future. It is not necessary to hesitate to take the advice of a loved one, because it will only benefit you, and later in the day you may have a good time together.

Balance

Ganesha says you will get all your questions answered. You tend to worry about little things and problems. You will be able to earn from different sources today. Ganeshji assures that if you keep your mind balanced you will get amazing results in your work.

Scorpio

You can meet people with different tastes and temperaments, says Ganesha. Some may surprise you, while others may simply shock you. Sometimes it’s hard to understand when people react with indifference to your success. Handle it with intelligence and diplomacy. Financially, it would be necessary to control your expenses, because you may overspend your money on luxury comforts and entertainment items.

Sagittarius

You have suffered the adverse effects of a late stressful lifestyle. But not anymore, because you realize the importance of good health. Maintaining good health will begin with good news of a promotion or a raise at work. It leaves you happy and satisfied, says Ganesha.

Capricorn

Today you’ll love holding a cup of hot coffee in one hand, relaxing, and walking down memory lane to cherish golden moments. You may want to give your romantic relationship another chance as you develop tastes for your ex-boyfriend/girlfriend. Ganesha finds you busy in many social gatherings today.

Aquarius

You pick up your pace and try to do everything to achieve your goals, but you won’t be able to complete the tasks on time. Don’t lose hope because tomorrow will be a different day, says Ganesha. Give yourself time to unwind and relax. You have worked very hard and Ganesha assures that your efforts will not go unnoticed.

Pisces

You need to focus more on your personal life and seriously think about the changes you need to make. You are guided more by your heart in these areas. However, there is nothing to worry about, as this is a golden period for you. Today should be a progressive day that will bring a lot of positive changes in your life, says Ganesha.

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Greenlight Re Q3 combined ratio deteriorates to 115.3% as spending increases https://club-mouche-odet.com/greenlight-re-q3-combined-ratio-deteriorates-to-115-3-as-spending-increases/ Thu, 03 Nov 2022 14:52:45 +0000 https://club-mouche-odet.com/greenlight-re-q3-combined-ratio-deteriorates-to-115-3-as-spending-increases/ The company reported operating losses per share of $0.56, up 33.3% from the same period last year. Greenlight Re reported a net underwriting loss of $18.9 million for the third quarter, up 50% from the loss for the same period last year. In the third quarter of this year, Greenlight reported losses of $19.5 million […]]]>

The company reported operating losses per share of $0.56, up 33.3% from the same period last year.

Greenlight Re reported a net underwriting loss of $18.9 million for the third quarter, up 50% from the loss for the same period last year.

In the third quarter of this year, Greenlight reported losses of $19.5 million from Hurricane Ian and $3.2 million from Typhoons Nanmadol and Hinnamnor.

In comparison, in the same quarter last year, the company reported a net underwriting loss of $12.6 million and recorded $25.9 million in losses from Hurricane Ida, floods and storms. hailstorms in Europe and the South African riots.

Growth: Greenlight Re reported gross written premium of $155 million for the third quarter, up 20.1% from the same period last year.

He said growth was primarily in personal property, general liability and financial and other specialty businesses. The growth was partially offset by Greenlight’s decision to reduce road accident and workers’ compensation exposure earlier this year.

Investment: Net investment income fell 70.3% in the quarter. Total investment income was $11.6 million, more than double the $4.08 million in the prior year period.

The company’s investment portfolio returned 3.6%, representing $8.5 million in income from the Solasglas fund.

Comment: Simon Burton, CEO, said: “The combined impact of natural disasters, continued inflation and rising interest rates has weighed heavily on reinsurers’ balance sheets.

“Our relatively modest decline in book value per share of 3.9% during the quarter is a testament to the strength of our investment platform and risk management approach. Looking ahead, we are well positioned to benefit of a market that continues to move in our favour.”

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Liz Truss’ travel expenses questioned as ‘rock star rider’ is revealed https://club-mouche-odet.com/liz-truss-travel-expenses-questioned-as-rock-star-rider-is-revealed/ Sun, 30 Oct 2022 18:12:23 +0000 https://club-mouche-odet.com/liz-truss-travel-expenses-questioned-as-rock-star-rider-is-revealed/ Sign up to the Inside Politics email for your free daily briefing on the biggest stories in British politics Get our free Inside Politics email Liz Truss’s travels abroad as Foreign Secretary and Minister for International Trade led her to make demands resembling a rock star ‘jumper’, according to a new biography of the ex-PM […]]]>

Liz Truss’s travels abroad as Foreign Secretary and Minister for International Trade led her to make demands resembling a rock star ‘jumper’, according to a new biography of the ex-PM .

Labor has questioned claims made on behalf of Ms Truss for her overseas trip following excerpts from the book Out of the Blue: The Inside Story of Liz Truss’s Unexpected Rise and Rapid Fall.

Ms Truss asked for a bottle of sauvignon blanc from the fridge in any accommodation and wanted bagels or sushi for lunch – with ‘absolutely no mayonnaise on anything, ever’.

She was demanding on coffee, according to excerpts serialized in the Sunday timeexpecting double espressos served in a white sized to-go cup.

Former assistant Kirsty Buchanan said Ms Truss drank “about 42,000 espressos a day or she did when I worked for her… she would sit there with a huge meatball sub or eat three croissants at breakfast -lunch”.

Labour’s shadow attorney-general Emily Thornberry questioned government statements made on Ms Truss’s behalf – saying she would ‘keep digging’ based on the details in the book.

The senior MP said on Sunday she had “sought answers” from the Department for International Trade (DIT) on why “zero non-travel costs were reported for these trips”.

Ms Thornberry tweeted: “The DIT claimed that – during these three trips, amounting to a fortnight abroad – Truss had not incurred a penny of hotel, food, drink and other expenses.”

She added: “From the back of today’s excerpts you can judge the credibility of that.”

The book also details the time and energy spent arranging desired photo shoots for Ms. Truss during overseas trips.

A source said a shooting at the Shibuya zebra crossing in Japan’s capital Tokyo was ‘so dangerous’, adding: ‘There was traffic everywhere and she kept going through it, take after take, even when the traffic kept coming.”

Freedom of Information requests revealed that a freelance photographer had been hired for a trip to Australia at a cost of £1,483 for photos such as the photo of Ms Truss on a British-made Brompton bike with an umbrella Union Jack in front of Sydney Harbour.

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How Canadians can cut spending as recession fears grow https://club-mouche-odet.com/how-canadians-can-cut-spending-as-recession-fears-grow/ Fri, 28 Oct 2022 02:37:40 +0000 https://club-mouche-odet.com/how-canadians-can-cut-spending-as-recession-fears-grow/ As a university student in southern Ontario, Kathleen Cassidy was looking for a way to stretch your dollars. While shopping at her local grocery store, she found coupons and thus began a lifelong commitment to rarely paying full price. Now, 10 years later, she’s gained a massive following on social media, helping Canadians plan their […]]]>

As a university student in southern Ontario, Kathleen Cassidy was looking for a way to stretch your dollars. While shopping at her local grocery store, she found coupons and thus began a lifelong commitment to rarely paying full price.

Now, 10 years later, she’s gained a massive following on social media, helping Canadians plan their way to more affordable grocery bills.

Read more:

Soaring food inflation worries 72% of families with children, according to an Ipsos poll

Cassidy started out with the “Living on a Loonie” Instagram profile, before expanding her presence to TikTok.

“I think coupons and saving money are really what you make of them, and it really feels different for every family because you have different circumstances,” she explained.

“From planning meals to checking what’s in your cupboard, creating your shopping list, matching prices, using physical coupons or cashback apps – everything it can save you money.”

The story continues under the ad

Why Loyalty Pays

Another option indicated by Cassidy is your grocery store’s loyalty points or rewards program. Loyalty programs are often simple to sign up for and points accumulate quickly.

The PC Optimum program, for example, allows members to earn points on their purchases at participating stores and redeem points to lower their bills.

While many Canadians are looking to get their spending under control, Cassidy adds that points can also be used to help pay for holiday expenses.


Click to play the video:


Grocery hacks to drive food prices to four-decade highs


One of the questions she is often asked is where to find coupons – she says many can be found by browsing the aisles of grocery stores.

“It’s a bit of a treasure hunt, but you have to keep an eye out,” she says. But they can also be found online.

The story continues under the ad

“There are many websites from which you can actually print coupons, or some will even mail them directly to your home for free.”

Cassidy also compiles links to coupons and makes them available online.

“I’ve had the opportunity to connect with thousands of Canadians and it has warmed my heart to receive these messages: going on vacation that I saved up for is really great,” says -she.

Where to reduce your expenses?

Melissa Leong is the author of Happy Go Money: Spend smart, save smart and enjoy life. When it comes to savings, she recommends taking a close look at your overall spending.

The best and easiest area to start, she says, is your discretionary spending. This includes entertainment, restaurants and subscriptions.

Then there’s the matter of fixed costs like your cell and internet plans.

“See if you can call your service providers and ask for a better deal,” Leong encourages Canadians.

While the thought of any form of negotiation may seem daunting to some, she adds that standing up for yourself is crucial.

The story continues under the ad

“It’s your hard-earned money that you should try to keep as much as possible,” she adds. “Approach it with the attitude that if you don’t ask, you don’t get.”

Read more:

As inflation soars, Canadians are finding creative ways to save and cut costs

Leong suggests contacting the customer service department of one of your service providers to explain your financial situation and define your needs. And in order to give yourself more clout, she recommends learning about what the competition is offering.

“When a storm comes in, you want to make sure you plug the holes in your boats. That means paying off your debts and having a lifeboat are essential. And so it’s an emergency fund – three months of cash living expenses in an easily accessible location.


Click to play the video:


How Canadians could be affected by a recession


© 2022 Global News, a division of Corus Entertainment Inc.

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Caesars Entertainment: not well placed to fight against inflation https://club-mouche-odet.com/caesars-entertainment-not-well-placed-to-fight-against-inflation/ Mon, 24 Oct 2022 09:36:00 +0000 https://club-mouche-odet.com/caesars-entertainment-not-well-placed-to-fight-against-inflation/ atosan Company Overview: History and Operations of Caesars Entertainment Caesar Entertainment (NASDAQ:CZRlisten)) is one of the largest casino operations in the United States, controlling 46 casinos (including 20 owned and 26 leased), primarily in Nevada. In 2020, they merged with “Former Caesars”, in a deal valued at about $17 billion. As a result, the new […]]]>

atosan

Company Overview: History and Operations of Caesars Entertainment

Caesar Entertainment (NASDAQ:CZRlisten)) is one of the largest casino operations in the United States, controlling 46 casinos (including 20 owned and 26 leased), primarily in Nevada. In 2020, they merged with “Former Caesars”, in a deal valued at about $17 billion. As a result, the new CZR saw its long-term net debt increase from $2 billion to $10 billion (2019 vs. 2020), new lease funding obligations of $12 billion and goodwill of $9 billion. The result of the merger is a behemoth that now controls 47,700 hotel rooms and 2,900 table gas across the United States.

While EBITDA grew from $700m in 2019 to over $2.9bn in 2021 (post-covid), net leverage went from 2.85x to 4.0x, leaving a much riskier business with a lower margin of error. Cash flow also hasn’t had a good time, with FCF consistently negative post-merger as the company’s M&A spending far exceeds CFO.

And what is the position of the shareholders after the merger? Well, about $3 billion of the acquisition cost was borne by shareholders through a capital raise in 2020.

Outstanding CZR Shares

Number of shares outstanding (Look for Alpha Charting)

Outstanding shares have fallen from 68 million at the end of 2017 to 213 million today, marking a substantial dilution of existing shareholders, who have seen their weight (and their voting rights) reduced by around 70%. A 10% owner in 2017 would now end up with only 3% of the capital.

Caesar’s real problem: a huge balance sheet full of variable-interest debt

Like many other businesses that require large PP&E assets and capital expenditures, Caesars has a ton of long-term debt on its balance sheet. This debt, mainly in the form of term loans and credit facilities, results from the merger completed in 2020.

Caesars Entertainment long-term debt

long-term debt (CZR Last 10-Q)

This is what the facilities look like in their docs. It is very clear that the main problem is the variable rates, which are applied to 6 different installations for a total amount of approximately $6.6 billion in book value. Usually, companies prefer to hedge themselves by entering into interest rate swap contracts, in order to be covered in case the FED decides to raise rates by 3% in 9 months. Well, CZR is pretty much fully exposed instead, with the swap only covering $1.2 billion in variable interest debt and expiring in December 2022.

This means that from January 2023, the company will be 100% exposed to $6.6 billion in variable debt, which will be subject to rates 3-4% higher than in January 2022 (depending on the amount that the FED will continue to raise). Calculating the additional expenses using an average increase of 350 basis points, CZR would have to pay around $210-230 million in additional interest. That may sound reasonable for over $13 billion in outstanding debt, but in reality, it’s about 10% of 2021 Adj. EBITDA and 17% of operating cash.

For a company with an already deeply negative FCF, this is certainly not a good addition to expenses, which will only further reduce shareholder value, as it is clearly already compressed by the enormous importance of creditors.

Caesars Entertainment Interest Charge

Interest expense (Custom table)

This chart shows how much interest expense is, as a % of EBITDA, and it’s clear that even after a return to normal post-Covid, the business is still struggling to contain interest expense. Indeed, it is expected to rise from around 80% of EBITDA to over 90% in 2022, due to both higher tariffs and lower EBITDA.

Inflation: expect higher rental charges and lower income

As I had previously anticipated, the company currently operates 26 of its 48 casinos under lease agreements, entered into after the merger closed. In particular, VICI Properties is the main lessor with 18 properties under their agreement, so basically they own the business. Under their rental agreement there is a dangerous clause (for CZR) which is a rent increase based on the increase in CPI (i.e. inflation) over the last fiscal year .

This means that from January 2023, they will be subject to an 8-10% increase in their rent charges of $1.1 billion, which means an additional rent charge of $90-110 million ( which is actually recorded as interest).

And then there is the other important question: how will demand be affected by inflation hitting consumers? I see two main problems: a direct effect due to the decline in purchasing power and an indirect effect due to the increase in interest charges on mortgages (caused by the rise in rates). Both of these factors could lead to less travel to Vegas and therefore less spending at Caesars establishments. This could happen during a very delicate and fragile trend back to pre-covid levels, as many statistics suggest there is still much to recover.

Caesars Entertainment - Las Vegas Tourism Statistics

Las Vegas Tourism Statistics (LVCVA )

This official report released by authority LVCVA shows that visitors are still 11% lower than in 2019 and hotel occupancy (crucial for CZR) is down about the same.

Caesars Entertainment - Las Vegas Hotel Occupancy

Las Vegas Tourism Statistics (LVCVA)

Inflation reaching the positive trend seen so far in 2022 could be deadly for many casinos and hotels.

Modeling Scenarios: CZR Fair Value Measurement

In recent years, Caesars’ EV has exploded following the merger completed in 2020.

Fair value of CZR shares

CZR VE (Look for Alpha Charting)

Right now, he stands at $33 billion, with $8.5 billion in net worth and $24.5 billion in debt. Excluding liabilities derived from leasing obligations, this latter figure can be reduced to $14.5 billion (total EV of $23 billion).

To correctly price CZR, I will use a DCF model with different scenarios: low, medium and best case, as well as a scenario with price, which is derived from reverse engineering the current market value of CZR shares (this is i.e. market capitalization). This scenario with embedded pricing will help us understand the assumptions the market is making (roughly) about CZR’s future growth, margins and Capex requirements; and possibly free cash flow available for distribution. To end up with a valuation of $8.5 billion, the market expects the following from CZR (according to my model):

  1. Growth rate between 14% (2022) and 3% (from 2026).

  2. EBITDA margin increasing from 26% (2022) to 28% (2024 and beyond).

  3. FCF between $57 million (2022) and $2.5 billion (end of period, 2030).

To calculate FCF, I use net income, not NOPAT, to properly include interest expense from leases and long-term debt, which is an appropriate cost weighting for shareholders. All of the above assumptions, when calculated in the model, result in a net fair value of $35 per share, close to the $39 it currently trades at. To give some perspective, their current unadjusted EBITDA margin is 23-24% for the last 6 months and 27% for 2021, while FCF was negative $300m and $6bn. in 2021 and 2020 respectively, due to costly acquisitions. .

Let’s see the assumptions of the other scenarios:

  • Worst case scenario: Revenue growth rate of 3%, EBITDA margin of 12% (2022) to 14% (2024 and beyond), FCF between -1.1 billion (2022) and $700 million (2030 ), mainly due to margins unable to cover interest costs.

  • Medium case: revenue growth rate between 10% (2022) and 2% (2026 and beyond), EBITDA margin increasing from 21% in 2022 to 25% from 2026 and beyond, FCF between – 500 million (2022) and 2.1 billion dollars in 2030.

  • Best case: revenue growth rate between 14% (2022), 5% (2024) and 3% after 2024, EBITDA margin starting at 27% and increasing to 29% after 2026, FCF between $86 million (2022 ) and $3.5 billion (2030).

Caesars Entertainment planned FCF

CZR FCF expected (Homemade DCF model)

The results with the probabilities I assigned for each scenario are as follows:

  • Low scenario: EV of $3 billion, resulting in net worth of $0. The probability of this scenario is 10%.

  • Average case: EV of $16 billion, resulting in a net worth of $2.2 billion ($11.5 per share). The probability of this scenario is 70%.

  • Best case: EV of $30 billion, giving a net worth of $16 billion ($80 per share). The probability of this scenario is 20%.

This distribution is clearly distributed in favor of the best scenario, compared to the worst, but the result remains quite bearish, suggesting an overall fair value per share (weighted average) of $24. From the current share price of $39, that’s about a 40% decline.

Conclusion

Caesars Entertainment is not well positioned to weather the current environment of rising rates, inflation and rents. In my view, their reliance on expensive variable interest debt to fund their expensive acquisitions could soon turn negative in the form of lower CFO and FCF, which would effectively hurt shareholders. After calculating their fair value and taking into account all the factors that could put pressure on the business in the following months, I conclude that CZR is a sell with a target price of $24.

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Former President Donald Trump said 15 of the documents seized at Mar-a-Lago were his personal property. And the House Jan. 6 committee subpoenas Trump.

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