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Bank of America (BAC)
Founded in 1874, Bank of America (BAC), with just over $2.3 trillion in total assets, is the world’s 9th largest bank and the 2nd largest U.S. megabank. The company operates over 4,400 branches in the U.S., as well as more than 16,000 ATMs. In total, Bank of America has 47 million U.S. consumer and business relationships. Source: Bank of America Investor Presentation Bank of America primarily operates in four main business segments, with the bulk of its income generated from its core consumer and corporate banking divisions: Consumer Banking (38% of revenue, 38% of profit): provides retail banking services such as checking, savings, and money market accounts, as well as credit and debit cards. Global Wealth & Investment Management (21% [...]
Energy Transfer Partners (ETP)
Founded in 1995, Energy Transfer Partners (ETP) is one of America's largest midstream master limited partnerships, or MLPs. The company is part of the larger Energy Transfer family of companies and MLPs, which is overseen by founder and CEO Kelcy Warren. Warren owns 17% of Energy Transfer Equity (ETE), the sponsor and general partner of Energy Transfer Partners. Energy Transfer Partners serves nine of America's largest 10 shale oil & gas formations via its large and vertically integrated network consisting of: Over 30,000 miles of natural gas, natural gas liquids (NGLs), refined products, and crude oil pipelines 11.5 billion cubic feet per day of gas gathering capacity 15 billion cubic feet per day of gas transportation capacity 3.8 million barrels [...]
Bank of Nova Scotia (BNS)
Founded in 1832, Bank of Nova Scotia (BNS) is one of Canada's dominant banking institutions. The firm provides a broad range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. The bank, commonly referred to as Scotiabank, has about $900 billion in assets and serves over 24 million customers via approximately 3,000 branches operating in nearly 50 countries. Approximately 55% of the bank's revenue is generated from net interest income (i.e. lending operations), with the remaining 45% from non-interest income sources including credit card fees, mutual funds, investment management, underwriting fees, trading revenues, and more. Scotiabank has three primary business units: Canadian Banking: (46% of [...]
Costco (COST)
Costco (COST) was founded in 1976 and pioneered the wholesale warehouse retail business model. The company is one of the world’s largest sellers of groceries, alcohol, diamonds, electronics, prescription drugs, tires, gasoline, and even travel services. Costco operates nearly 750 store locations in 11 countries today. Source: Costco Investor Presentation While Costco is the world’s second largest retailer by sales (behind only Walmart), the firm generates the majority of its profits from its annual $60 and $110 executive membership fees which make up about 2% of total revenue but account for about 70% of income. The company has built up a base of 92.2 million cardholders around the world representing 50.4 million households. The company is working hard to [...]