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Quantitative Analysis
s is a regular issuer of traded financial instru Lynch, through business units other than Bo th, and rea
arkets. Much has been written on the timing, funding and process by which corporate tax reform could be enacted. In this report, we use House Speaker Paul Ryan’s Blueprint proposal as a starting point in quantifying the impact of corporate tax reform on the S&P 500, with some scenario analysis to account for
Page: HOUSE_OVERSIGHT_023071 →thus remain parked offshore, allowing corporations to avoid the tax hit associated with bringing them back to the US. Both Trump and the House (under Ryan) have proposed a mandatory tax of overseas earnings of US firms’ foreign subsidiaries at reduced rates, such that this cash can be brought back and p
Page: HOUSE_OVERSIGHT_023074 →u rading position (long or short} in the securiti Lynch, through business units other than Bo ith, and re
ch should be an attractive tailwind to DOV’s Energy segment. Tax Policy: Our estimates are based on 29% tax rate in ‘17/18. We calculate that under Ryan’s proposed plan, we can see about 19% upside to EPS. We estimate that under Trump’s proposed plan, we can see about 24% upside to EPS. Catalysts: J
Page: HOUSE_OVERSIGHT_014625 →Earnings Preview
Issuer prior to making an investment decision. | Lynch is under no obligation to ensure that such menti
&S +1 415 676 3574 [email protected] Ryan Goodman, CFA Research Analyst MLPF&S +1 415 676
Page: HOUSE_OVERSIGHT_014887 →Entities connected to both Paul Ryan and ILynch

Jeffrey Epstein
PERSON
Donald Trump
PERSON
George W. Bush
PERSON
Marc Rich
PERSON
United States
LOCATION
Barack Obama
PERSONDoug Band
PERSON
United Kingdom
LOCATION
Middle East
LOCATION
U.S. Treasury
ORGANIZATION
Xi Jinping
PERSON
Venezuela
LOCATION
Puerto Rico
LOCATION
Mobile
LOCATION
Jeff Sessions
PERSON
Columbia University
LOCATION
Michael Bloomberg
PERSON
Tokyo
LOCATION
North America
LOCATION
Bahrain
LOCATION