Seltzer Studio Graphics Portfolio 2009: Design, Illustration & Studio Art
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Table of Contents
This book and all its contents copyright Š2009 Thomas Seltzer. All rights reserved.
Seltzer Studio Graphics Tom Seltzer, principal designer 40 Dean Street, #3a Brooklyn, NY 11201 Phone: (917) 805-3300 email: artboy@seltzerstudio.com Website: http://www.seltzerstudio.com Blogs: http://seltzerillustration.typepad.com/illustrationblog/ http://seltzerstudio.com/dailydog.htm
Marketing & Identity.......................................................................1 Including print and web advertising, logos, brochures, custom publications and other collateral materials 4
Editorial Design............................................................................. 27 For magazines and electronic publications
Corporate development teams – actual and virtual 31 77%
Percentage of organizations in which skills are resident Functional linkage strength Graphics.................................................................... (average strength of external link, 5 = strongest)35
Information Charts, tables, time-lines and more
70 4.6
3.9
38 3.9
4.5
3.7
31 21
35
4.0
3.3 18
11
3.3 10
3.0
2.6 10
9
3.64.6
677%
Operations Legal Treasury Sales & Tax IT/ Other Risk Human Illustration...................................................................................... 47 marketing knowledge management resources Work in a variety of techniques, including pen, brush & Source: Ernst & Young computer color, watercolor and gouache
Finance/ accounting
Strategic planning
47
It’s not enough to be a “print designer” or a “web designer” these days. A successful designer has to create images that move seamlessly from one medium to the other. The picture is only as good as the concept. Fortunately, good drawing is good thinking.
Marketing & Identity
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Wednesday, October 8
Helping Hands Join The Deal – the business and financial newsweekly covering the world of dealmaking – on October 8 as we bring together an excellent panel of corporate development and alternative investment professionals to discuss their knowledge of the African marketplace.
I wanted make sure to start off this portfolio with a Moderated by the Africa Venture Capital Association’s managing story about the come from. Everybody director, Mawuli Ababio,where this Webinar will offer ideas insights on successful investment and advisory strategies. Topics to be discussed include: asks, and it’s nice once in awhile to have an answer. ➤ Africa’s investment trends, opportunities and performance levels ➤ The private equity and venture capital industry Here goes: ➤ Africa’s current fiscal, regulatory and legal environment ➤ Best practices, with a look at successful transactions
I had an “emergency” request. A client needed an ad to go to press the next day Be there as we profile those firms finding success in Africa! in a magazine published in Africa, promoting a webinar whose topic was, not For more information on Webinar sponsorship and participation opportunities, coincidentally, foreign investment in Africa. The client had copy and specs contact Graeme McQueen at +44.20.7936.9692 or gmcqueen@TheDeal.com. but nothing else. Could I please, you know, come up with something? To RSVP, contact Mark Bailey at +1.212.313.9358 or mbailey@TheDeal.com.
Truth be told, I love a job with a tight deadline, because it means that Presented by there’s no chance of it being revised to death. And the pressure seems to give a job momentum. I immediately opened up a map of Africa on my computer, to see if the shape suggested something to me. And it did. It looked like a profile of a rhino, facing east, without the horn. And so the stress of the job had worked: it had taken me only moments to come up with a completely stupid, unusable idea. Often that takes me hours. If a rhino was a lousy idea, I figured, lions or zebras or ladies with baskets on their heads would be lousy too. Still, I decided to stick with the map of Africa, because that’s pretty much the way that Africa is shaped. So I did something I rarely do: I doodled. I’m not kidding, by the way. Most of my best work comes from closing my eyes and envisioning the job before I put pencil to paper, or stylus to tablet, or whatever. Sometimes I’ll halfway imagine something and rough it out in a series of worked-over sketches. But I almost never just start scrawling away without purpose or aim. I was therefore shocked to discover that just throwing a curved shape behind the left side of the map suggested a hand holding up the continent. I matched it with another curve and the other side, and suddenly an image had almost taken shape. It looked like two hands were holding up something that was being weighed down in the middle. This suggested to me a bag or a purse, and I then just drew a bunch of coins – yens, euros, dollars and pounds – falling into the middle to make the depression. A little refining of the shapes, a little texture and – who’d a thunk it – I had my image. I didn’t even have to worry the color: obviously Pan-African colors were the way to go.
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Foreign Investing in Africa Webinar Wednesday, October 8
Join The Deal – the business and financial newsweekly covering the world of dealmaking – on October 8 as we bring together an excellent panel of corporate development and alternative investment professionals to discuss their knowledge of the African marketplace. Moderated by the Africa Venture Capital Association’s managing director, Mawuli Ababio, this Webinar will offer insights on successful investment and advisory strategies. Topics to be discussed include: ➤ ➤ ➤ ➤
Africa’s investment trends, opportunities and performance levels The private equity and venture capital industry Africa’s current fiscal, regulatory and legal environment Best practices, with a look at successful transactions
Be there as we profile those firms finding success in Africa! For more information on Webinar sponsorship and participation opportunities, contact Graeme McQueen at +44.20.7936.9692 or gmcqueen@TheDeal.com. To RSVP, contact Mark Bailey at +1.212.313.9358 or mbailey@TheDeal.com.
Presented by
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A Pipeline for Mergers & Acquisitions When The Deal launched its Pipeline web product, the question wasn’t so much about imagery – that was almost a given – as about how best to communicate the breadth and depth of the product. After a barrage of banner and print ads, I designed a three-dimensional brochure to introduce the product. This springloaded box popped open from its mailer. Each side detailed some of the key features. The front housed a short but lavishly illustrated instructional brochure along with a salesperson’s business card.
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The pipeline imagery worked equally well in web banners and print ads. But the highlight of the campaign was the pop-up 3-D box (top) that housed the brochure.
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A Splash of Color Perfect Pasta had everything going for it: great tasting food, a strong concept (a watch-while-they-make-it pasta bar) and an enthusiastic owner who wanted to make it a viable franchise. To that end, I designed a huge amount of collateral but focused on the posters, which were designed to be repurposed for signage, decor and advertising. The look was a cleaned up version of Art Nouveau, done as vector graphics so that the pictures could be infinitely scalable, and work as well on-line as off.
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These posters were used as interior and exterior signage, and the images were also retooled for print and web advertising.
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The landscape image below was originally eight feet long, meant to cover a wall so as to save on franchise decorating costs.
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Searching for Blue Skies This campaign began with our clear-eyed businessman scanning he skies for deals, but by the time the brochure was ready to launch, the market was down 1,000 points and dropping steadily. Instead of changing the campaign midstream, I suggested that we show our man scanning for blue skies ahead. Fortunately, the light blue was a cheerful contrast to the all-business sepia we had been running.
The original campaign, below, and the revised blue skies brochure, right.
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WELCOME
The Face of Emerging Markets Investing BRICs is an acronym for Brazil, Russia, India & China, the four most promising emerging markets. Because they’re all over the globe, it’s difficult to highlight them on a conventional map, and it’s even harder to make the image memorable. However, lay them out (in scale!) just right, and a face of genius emerges.
April 12, 2007 • The Westin New York at Times Square • New York City Supporting sponsor
Exhibitor
Silver sponsor
Analytics partners
Media partners
Affiliate partner
Presented by
Association partners
VOICE OF THE DEAL ECONOMY
The Einstein-ish figure featured in a number of spot illustrations (samples shown here) of the event’s brochure.
Expert journalists (unrivalled command) Key leaders x DEALMAKERS
=
In-depth market knowledge
THE DEAL BRICS SYMPOSIUM
Buyout or venture inves tor + strategic corporate acquisition professional + expert M&A advisor + er services lead professional
Expert keynotes and panelists
(NETWORKING OPPORTUNITIES)
Unrivalled perspective
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WELCOME
April 12, 2007 • The Westin New York at Times Square • New York City Supporting sponsor
Exhibitor
Silver sponsor
Analytics partners
Media partners
Affiliate partner
Association partners
Presented by
VOICE OF THE DEAL ECONOMY
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nitoring
SYMPOSIUM the pulse of
healthcare deals and dealmaking
Speeding the Pulse of Healthcare For an important business sector, healthcare suffers from an image problem: advertisers never, ever want healthcare to be associated with sick people. This leads to an endless parade of antiseptic images. For this conference on healthcare dealmaking, I used the standard iconography (stethoscopes, thermometers, etc.) as though it were on the cover of a pulp novel, to make potential attendees want to delve into the mystery of healthcare dealmaking.
WELCOME
NSOR
NETWORKING SPONSOR
EXHIBITOR SPONSORS
PRESENTED BY
The on-site signage (right) and print ads began a theme that ran through the conference brocchure (top right).
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By 2009, bruising economic events meant that there was no sense in distancing healthcare from health woes, as long as healthcare dealmaking could be portrayed as a curative. The follow-up campaign at right.
SAVE THE DATE! March 10, 2009, New York, NY
THE DEAL’S
HEALTHCARE
DEALMAKING SYMPOSIUM 2009
FOR SPONSORSHIP OPPORTUNITIES, please contact your sales representative or Allan Cunningham, VP, Marketing at 212.313.9162 or email acunningham@thedeal.com. FOR REGISTRATION INQUIRIES, please email dealevents@thedeal.com.
WWW.HEALTHCAREDEALMAKING.COM
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PRESENTED BY
THIRD ANNUAL
CONVERGENCE 2.0 Trailblazing technologies, revolutionary deals, breakthrough profits • Presented by The Deal and Tech Confidential
TH E
FUTURE OF TMT
Convergence Charging Ahead
DEALMAKIN
G
IS
O
COMING THIS JUNE 9, 2008
STR E A M S
C H A N GPID
Register by April 11, 2008 and receive $400 off the standard conference rate. Use promotion code CN08DA1.
RA
E
VOICE,
nolo n g - e gi e s d g e
B
THE DEAL READERS SAVE $$$!
M
t echl e e d i
ERG S & ERS
The Paley Center for Media New York City
Y
“Convergence” is a slippery term. Everybody in media talks about it, but even they have trouble defining it. It involves old media and new media merging through a series of technological advances, business acquisitions and shifting customer expectations. My idea was to actually use all the terms to form a picture of business running forward as fast as it can.
www.TheDeal.com/convergence2008 or call The Deal Events Hotline at 212.313.9291 for the latest details and to register.
AL
PR ITABOFILITY
DE
O B IL IT
OG IA Y
OL
PE
E V ENUE
M
T
M E L EC &A CH ED O M N
TE
N DIA/ MEE W B U Y DIA M OUT
NEW R
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TAM LD & DA E
MAKING
T EB N
WO N T E
C MEDIA PARTNERS
Voice of the Deal Economy
AFFILIATE PARTNERS
ANALYTICS PARTNER
ASSOCIATION PARTNER
June 9, 2008 • The Paley Center for Media • New York City
Stormy markets, Lucrative opportunities
3rd ANNUAL
PRESENTED BY
Trailblazing technologies, revolutionary deals, breakthrough profits • Presented by The Deal and Tech Confidential
THE DEAL’S FIFTH ANNUAL PRIVATE CAPITAL SYMPOSIUM May 14, 2008, Jumeirah Essex House, New York, NY
THE
FUTURE OF TMT
DEALMAKING
IS
PRESENTED BY
Voice of the Deal Economy
MEDIA PARTNERS
AFFILIATE PARTNERS
www.TheDeal.com/ ANALYTICS PARTNER ASSOCIATION PARTNER pcsymposium2008
STR E A M S
CH A N GPID
RA
E
VOICE , VIDEO
n o lo n g - e gi e s d g e
B t echl e e d i
E V ENUE
MAKING
opportunities, please contact Allan Cunningham, Managing Director, Events, at 212.313.9162 or acunningham@TheDeal.com.
AL
Hotline at 212.313.9291 for themore latest details and For information on to register. sponsorship and exhibitor
ERG S & ERS LITY
PR ITABOFILITY
SAVE THE DATE! THE DEAL READERS www.TheDeal.com/ COMING JUNE 9, SAVE $$$! Register by convergence2008 2008, The Paley Center April 11, 2008 and receive or call The Deal Events
for Media, New York City $400 off the standard conference rate. Use promotion code CN08DA1.
PE
NEW R
LO A G
Y
Trailblazing technologies, revolutionary deals, breakthrough profits PRESENTED BY THE DEAL AND TECH CONFIDENTIAL
N DIA/ MEE W B U Y DIA M OUT M O BI
CONVERGENCE 2.0
M
T
M E L EC &A CH ED O M NO I
TE
DE
THIRD ANNUAL
O
TAM LD & DA E
T EB N
WO N T E
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WWW.THEDEAL.COM/CONVERGENCE2008 OR CALL THE DEAL EVENTS HOTLINE AT
AGENDA HIGHLIGHTS » Industry in Review: Deals & trends plus the 12-month outlook » Newspapers, broadcasters, and iPods: A look at regulation in the digital era » VC investment in a capital-efficient age PRESENTED BY
Voice of the Deal Economy
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» Monetizing online video & music » Mobile broadband: Is the walled garden crumbling? » Activists hedge funds and media companies: Pests or prophets?
212.313.9291. EXCLUSIVE OFFER TO THE DEAL READERS! Save an extra $50 off the current early bird price of $995 when you register by April 30, 2008. Use promotion code CN08DL2.
MEDIA PARTNERS
AFFILIATE PARTNERS
ANALYTICS PARTNER
ASSOCIATION PARTNER
3rd ANNUAL
CONVERGENCE 2.0
Trailblazing technologies, revolutionary deals, breakthrough profits
June 9, 2008 The Paley Center for Media New York City
PRESENTED BY
Voice of the Deal Economy
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The Running Man sprinted through print ads (opposite page), postcards (this page), posters and web banners
Number one Amongst the Number Crunchers In the world of M&A, the real dealmakers aren’t the Learjet crowd. The people who make the deals happen are the paper pushers, the number crunchers, the guys with the office pallor. The Deal wanted to create an award for them, and it was my idea to have the award composed of the data the dealmakers so desperately needed, as found in the pages of The Deal’s own magazine.
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The Best Lids in the USA Vintage Silhouettes makes hand-crafted fedoras. The owner/milliner wanted a website and accompanying ad campaign, but had a problem. He had just built a new workshop and equipped it with high-end felts, vintage ribbons, and hard-to-find hat blocks. This didn’t leave him with much money for advertising, and even hiring a good photographer would have been prohibitively expensive since he was located in rural Oregon, hours away from an urban center. We made a virtue of a shortcoming and designed the site and ads to center around silhouettes fashioned on classic movie stars. The homemade photos were run small, in a layout reminiscent of Paul Rand’s design for the now defunct Disney hatters.
The print ad for VS Hats has run basically unaltered for the last couple of years. The owner sees no need to update it, as he’s been struggling to keep up with orders since the campaign launched. The website (opposite page) has undergone a couple of revisions, to keep up with the ever-expanding number of designs.
The “Uptown”
Hand-crafted hats by Art Fawcett
T
he quiet elegance of bespoke. Each hat individually hand-made to the wearer’s exact size from 100% pure beaver fur felt, antique grosgrain ribbon and bridal silk liners. Available in the limited edition styles shown here or to the customer’s own specifications.
The “HST”
The “Bourbon Street”
VS CUSTOM-CRAFTED HATS www.vintagesilhouettes.com 888-270-3984
©2006 VS Custom-Crafted Hats
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A New Image for Imago Imago Relationships International is a non-profit dedicated to training therapists in the Imago technique, a practical, dialoguecentered workshop-oriented type of couples counseling. Imago came the Studio because it needed collateral material that reflected the sophistication of its ideas. Our trial by fire was a brochure for its annual conference, to be held in Albuquerque, New Mexico. We needed to both showcase the destination and to tie it together with the subject of the conference. Happily, we succeeded well enough to count this as the first of several forthcoming projects.
There’s a famous poster entitled “Doors of New Mexico” that you can find all over the Southwest. The cover of this publication is an homage to that image, with also a way of inviting the participants to delve into Imago. The other pictures in this brochure had similar dual meanings. Plus they’re gorgeous.
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Wireless Bonanza Signals Research Group (SRG) is my oldest client. It specializes in objective, rigorous scrutiny of the technologies that run the wireless industry. SRG publishes an information graphics-laden biweekly newsletter, frequent white papers, webmail updates and this year published a 1,000 page economic state-of-the-industry report.
SRG carries its look across a myriad of publications, ranging from (below, left to right) newsletters, white papers, industrywide reports, presentations to posters (opposite page).
March 2008
Redefining Research Volume 5, No. 4 March 2, 2009 Michael W. Thelander (510) 338 1284 mike@signalsresearch.com www.signalsresearch.com
Subscription information Signals Ahead is published 18 times per year and is only be available to our paid subscribers. For our corporate customers, we have established the following rate structure. Corporate rates Single user1 .............................. $1,495 Group license2 .......................... $3,995 Global license........................... $7,995 Platinum package3 ................. $9,495 Payment options To subscribe to Signals Ahead, please fill out the form on the last page of this issue and return it to us or contact us via email at sales@signalsresearch.com and we will respond to your inquiry. This process is also automated on our web site at www. signalsresearch.com. Once payment is received, we will notify you of your user account information. We accept checks and all major credit cards and can create an invoice upon request. Terms and conditions Any copying, redistributing, or republishing of this material, including unauthorized sharing of user accounts, is strictly prohibited without the written consent of SRG. Effective January 1, 2005, the singleuser license increased to $1,495.
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D
InterDIgItal MobIle broaDbanD MoDeM HSPa bencHMark reSultS
epending on your perspective, operators at this year’s Mobile World Congress were either shunning or embracing LTE. Our view is that the answer is a little bit of both. What has happened is that operators are now more likely to openly embrace HSPA/HSPA+, but from our perspective this does not necessarily mean that they are delaying the deployment of LTE. Operators with legacy UMTS infrastructure will likely deploy new infrastructure that supports multiple air interfaces and then leverage the new hardware in order to make the leap to LTE. For many operators the forklift upgrade will still occur, but it will occur before they get around to LTE. The time is now for vendors to lock in LTE contracts through new HSPA contracts and/or for the WiMAX community to pick off a few operators. Once HSPA is deployed it will be too late in the game. LTE advocates are trumpeting the peak capabilities of LTE, suggesting that the industry still hasn’t learned its lesson when it comes to hyping a technology. The reuse of the 3G cell site grid, done in order to minimize CapEx and OpEx, will be a critical factor that will limit the data rates of LTE, such that when normalized for the amount of utilized Prepared by spectrum and the number of antennas, the typical end-user data rate will remain largely Signals Research Group, LLC unchanged or only modestly higher than what can be achieved with HSPA/HSPA+. Further, latency and the limitations of the Internet will make it highly unlikely that the Whitepaper developed for InterDigital, Inc. uber-high data rates will ever be realized with most applications. Nonetheless, at least a few operators are planning to launch LTE in early 2010. Unfortunately, the go-to-market release of the standard is still a month away and GCF/ CCF certified LTE handsets will not be available until late 2010 or more likely 2011. When UMTS was launched at the beginning of the decade a few operators learned a very important lesson. Could history be repeating itself? Hopefully, these operators will be www.signalsresearch.com able to leverage their vendors to “make it happen” on their own. LSTI is also in place to facilitate vendor field tests and interoperability, but such efforts will not be completed until mid 2010.
www.signalsresearch.com
The Dollars anD sense of BroaDBanD wireless From 700mhz in AmericA to 3500mhz in VietnAm
Quantifying the Performance caPabilities of the slimchiP reference Design in a commercial hsPa network February 2009
MWC 2009 – Brother, can you steal me a dime? At this year’s Mobile World Congress we presented at a GSMA sponsored seminar on mobile broadband wireless as well as daily presentations on the economics of femtocells on behalf of the Femto Forum. Both presentations can be downloaded from the home page of our website in the Presentations section.
If you are attending CTIA Wireless in Las Vegas next month and you would like to schedule a meeting, please contact us to arrange a meeting time and place. We will be there throughout the entire event. In a year of economic downturn, the number On behalf of InterDigital Inc., Signals Research Group, LLC conducted a multi-day HSPA benchmark test of InterDigital’s SlimChip of registered attendees far exceeded numreference the design in a commercial Category 10 HSPA network. We attest that we independently managed and conducted the tests in a fair manner that did not help nor hinder the solutions that we tested and that this whitepaper accurately reflects our test methodology and the results that we obtained. Signals Research Group is also the author of the Signals Ahead research newsletter, which includes its widely recognized “Chips and Salsa” series of reports, with a subscriber base that is located on five continents and which spans the entire wireless ecosystem.
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The Dollars anD sense of
700Mhz in The UniTeD sTaTes A Block Licensees
AT&T Mobility Spectrum Assets (700MHz/1700MHz)
U.S. Population Density
Block A Winners Verizon Wireless US Cellular Cavalier CenturyTel
POP/km2 700MHz Spectrum
Triad 700 Miller 2 BEA Winners 1 BEA Winners
Cellular South Cox Wireless Continuum 700 LL License
1700MHz Spectrum
B Block Licensees
>16,000 8,000 –16,000 5,000 –8,000 3,000 –5,000
2x5 MHz 2x10 MHz 2x15 MHz
No Spectrum 2x6 MHz 2x12 MHz
Verizon Wireless Spectrum Assets (700MHz/1700MHz)
1,000 – 3,000 400 – 1,000 200 – 400 100 –200
50 –100 25 –50 0 –25 Federal Land Area
Leaseable Cell Sites
Block B Winners AT&T Mobility US Cellular Verizon Wireless CenturyTel
Broadband Cox Wireless PCS Wireless VentureTel 700
Triad 700 Miller Cavalier Cellular South
6 CMA Winners 5 CMA Winners 4 CMA Winners 3 CMA Winners
700MHz Spectrum
2 CMA Winners 1 CMA Winners
1700MHz Spectrum
2x11 MHz 2x17 MHz 2x23 MHz
2x10 MHz 2x20 MHz Leasable Cell Site
Coverage-Related Gross Capital Investment ($) per POP by CMA License Area
<$4 $4 â&#x20AC;&#x201C; $6 $6 â&#x20AC;&#x201C; $8 $8 â&#x20AC;&#x201C; $10
$10 â&#x20AC;&#x201C; $15 $15 â&#x20AC;&#x201C;$20 $20 â&#x20AC;&#x201C; $30 $30 â&#x20AC;&#x201C; $40
$40 â&#x20AC;&#x201C; $50 $50 â&#x20AC;&#x201C; $60 > $60
The Impact of Frequency
The Impact of Service Concept
Key Assumptions
No. of Coverage Cell Sites â&#x20AC;&#x201C; full mobility
No. of Coverage Cell Sites â&#x20AC;&#x201C; 700MHz
â&#x17E;¤ The center map shows the coverage capital investment per POP of a 2x5MHz OFDMA network that supports full mobility in each CMA license area, excluding the license cost.
..#)++ ..#)++
â&#x17E;¤ We assume that the operator is a new entrant that leverages a well-established ecosystem of leasable sites in the United States, for a large portion of its sites. To the extent that a new cell tower is required,()#-*, we assume that the operator sells the tower to a tower leasing company or ()#-*, makes it available to other operators, thereby amortizing a significant portion of the fixed cost.
()#-*, ()#-*,
â&#x17E;¤ We assume that the operator is deploying a remote radio head (RRH) architecture, which
*(#).' *(#).'
minimizes both capital investment and operating expenses.
.#,/0 .#,/0
*,#-.( *,#-.(
.#,/0
.#,/0 â&#x17E;¤ We assume that the operator leases bandwidth on a Microwave radio/Metro Ethernet +#-,) +#-,)
()#-*, ()#-*, .''D?q .''D?q
(.''D?q (.''D?q
(0''D?q (0''D?q
),''D?q ),''D?q
Gross Capital Investment per POP â&#x20AC;&#x201C; full mobility
=lcc DfY`c`kp =lcc DfY`c`kp
EfdX[`Z EfdX[`Z
J\d`$=`o\[ J\d`$=`o\[
*#/*, *#/*,
backhaul network in urban and suburban areas. We also assume that the operator deploys a â&#x20AC;&#x153;bare bonesâ&#x20AC;? core network versus planning for network traffic that +#-,) could develop over the first +#-,) *#/*, *#/*, couple of years. These assumptions minimize the calculated â&#x20AC;&#x153;coverage onlyâ&#x20AC;? capital investment while leasing the backhaul network shifts a large portion of cost from capital to operating expenses.
=`o\[ =`o\[
EfdX[`Z J\d`$=`o\[ =`o\[ â&#x17E;¤ The number of =lccp DfY`c\ cell sites in the center map and the four bar charts is estimated by morphology =lccp DfY`c\ EfdX[`Z J\d`$=`o\[ =`o\[
Gross Capital Investment per POP â&#x20AC;&#x201C; 700MHz
(dense urban, urban, suburban, rural cluttered, and rural open) within each license area using the COST231 & HATA propagation models.
â&#x17E;¤ The network coverage used in the calculations for the center map and the four bar charts reflects the FCC B Block coverage requirements (70% of geographic area) for the year 2019.
+0%.0 +0%.0
â&#x17E;¤ Coverage excludes government land (as allowed by the FCC), except where satellite data indicates population clusters exist. /%,*
/%,* /%,*
/%,*
â&#x17E;¤ The government land was determined by analyzing the NOAA DMSP-OLS Nighttime Lights Time Series database as well as other sources of information.
)'%-* )'%-*
â&#x17E;¤ The full mobility network in the center map is designed to achieve a minimum uplink data
,%)/ ,%)/
)*%+/ )*%+/
*%+( *%+(
/%,* /%,* .''D?q .''D?q
(.''D?q (.''D?q
(0''D?q (0''D?q
),''D?q ),''D?q
=lcc DfY`c`kp =lcc DfY`c`kp
EfdX[`Z EfdX[`Z
,%)/ rate of 128kbps with a 90% probability of coverage ,%)/ from an indoor location using a mobile device. Higher uplink data rates are possible with a lower probability of coverage while average downlink data rates could easily exceed several Mbps. *%+( *%+(
)%0' )%0'
)%0' â&#x17E;¤ By our definition, a nomadic network uses a desktop CPE and achieves a minimum uplink data
=`o\[ =`o\[
rate of at least 256kbps with an 80% probability. A semi-fixed network uses a window-mounted antenna to provide in-building coverage and achieves a minimum uplink data rate of at least 256kbps with an=lccp DfY`c\ 85% probability. A fixed EfdX[`Z network leverages an outdoor mounted antenna and J\d`$=`o\[ =`o\[ =lccp DfY`c\ J\d`$=`o\[ =`o\[ achieves a minimum uplink data rate of atEfdX[`Z least 512kbps with a 90% probability.
J\d`$=`o\[ J\d`$=`o\[
)%0'
Analysis based on work done in conjunction with The Dollars and Sense of Broadband Wireless: from 700MHz in America to 3500MHz in Vietnam and The Dollars and Sense of 700MHz in the United States. Please contact us at information@signalsresearch.com or at +1 510 273 2439 in order to obtain additional information about these reports and other services that Signals Research Group offers. You may also visit our website at www.signalsresearch.com. The research, views and opinions expressed in this poster reflect those of Signals Research Group, LLC. We have made every effort to verify the accuracy of our work which includes extensive modeling and a large list of assumptions, many of which are not specifically provided on this poster. We are not responsible for any inaccuracies that might have been erroneously introduced and we are not responsible for informing readers of errors that we might later discover or of assumptions used in doing this analysis which we might later change. Copyright Š2008, Signals Research Group, LLC.
http://www.signalsresearch.com/ +1 510 273 2439
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Layout and type may be the keys to editorial design, but I secretly love supplying all the bits that the art director isn’t supposed to bother with – the infographics, the spot illustrations, etc. It’s not quite as interesting as getting to work with top-notch talent, but it’s close. It’s also extremely cost-effective for clients looking for a fully rendered project on a limited budget.
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Editorial Design
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A New Face for Health Data Management My tenure at Source Mediaâ&#x20AC;&#x2122;s HDM started with a top-to-bottom redesign of the magazine, shedding its left-in-the-waiting-room-since-1988 look for a sleek, modern design that featured some of the best contemporary illustrators.
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Taking DM Review Out of Its Cave Database management is a subject that can induce more torpor than ardor, but in my tenure as art director, I was able to rouse some top-notch illustrators and photographers to make the most of the subject for Source Media.
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Electronic Flowers in a Print Desert for DealView Not to knock the Web, but itâ&#x20AC;&#x2122;s difficult to read lengthy stories online, layout and typography are limited, and artwork is low resolution and often low impact. It is, however, a superb way to distribute information. This full-color electronic newsletter for KPMG blended the best of both worlds. The format of this PDF was landscape, so that it could print out in full resolution on a color printer or be read easily in full-screen mode on a monitor. Articles were hot-linked from the cover and the Table of Contents for easy access. And the artwork featured complex information graphics, original illustration and stock photography, for a very reasonable price.
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Layout and type may be the keys to editorial design, but I secretly love supplying all the bits that the art director isn’t supposed to bother with – the infographics, the spot illustrations, etc. It’s not quite as interesting as getting to work with top-notch talent, but it’s close. It’s also extremely cost-effective for clients looking for a fully rendered project on a limited budget.
www.seltzerstudio.com | 34
Information Graphics
8 3.9
erations
4.5
3
31 21
Legal www.seltzerstudio.com | 35
Treas
Making Art of Numbers All of the graphics on this spread all originally accompanied articles in various magazines. The charts themselves are pretty simple â&#x20AC;&#x201C; straightforward bar charts, line charts, pie charts, maps, etc. The challenge here was not in figuring out how to show a complicated data set, but in making the numerical underpinnings of the articles immediately understandable. In other words, the graphics had to function like illustration: they had to both serve the story and stand on their own as an attractive visual element on the page.
Corporate development teams â&#x20AC;&#x201C; actual and virtual 77%
Percentage of organizations in which skills are resident Functional linkage strength (average strength of external link, 5 = strongest)
70 4.6
3.9
38 3.9
4.5
3.7
31 21
Finance/ accounting
Strategic planning
Operations
Legal
Treasury
4.0
3.3 18 Sales & marketing
11
3.3 10
Tax
IT/ knowledge
10 Other
3.64.6
3.0
2.6 9
677%
Risk management
Human resources
Source: Ernst & Young
www.seltzerstudio.com | 36
Oil industry mergers from 1991 to 2000 Total = 2,600 Pipelines and other means for transporting crude oil 2%
Refining and retail sales 13%
Exploration & production 85%
Source: Government Accountability Office
www.seltzerstudio.com | 37
1/16/04 Sale of 6/04 Pending sale of French cable operator 29.2% stake in French Noos. Selling to French In this article about a television On the other hand, not all data sets are simpleMediaréseaux, and straightforward. station, M6 of Johnin underlying debt level on British utilities company, this one chart had to subsidiary show the change a month-by month basis, the sizes of the key acquisitions and divestments that drove the Malone’s UnitedGlobalCom changes, and explain the causes of some of those points. regret with this chart Inc.data Selling for My 7.25only times is that it’s so compressed vertically. Still, the whole point was to tell this very, very compli2004 Ebitda. Will own cated story in as compact a way as possible in order to make room for more story on the page, maximum 20% stake in so making it too much taller would have defeated the whole purpose. Mediaréseaux €1.0 €660 mill.
S. specialized ary, Nalco (€3.6) m of Apollo GS Capital one Group LP; astewater €619 mill.)
Worth Maybe 2,000 Words
€4.3 11/03
12/03
1/04
2/04
3/04
Total debt 2/28/04: €13.9
Total debt 11/31/03: €15
4/04
4/14/04 Syndicated loan (retires 5/27/03 loan)
9/02
10/02
11/02
12/02
Total debt 6/30/02: €28.2
4/24/03 Fortis shares sale
2/28/03 Listed securities sale
Divestments (€bill.)
As divestments went up, debt came down 8/02
6/04
�€4.0 bill.
WHAT A DIFFERENCE A YEAR MAKES
7/02
5/04
1/03
2/03
5/16/03 Sale of 75% of British water utility, Northumbrian � Debt deconsolidation: €1.8 � Cash sale to pension fund consortium: €1.3 � IPO
€1.8
€1.1 3/03
4/03
€3.1 5/03 6/03
€2.5 €3.0
Debt level (€bill.)
10/03
5/27/03 Syndicated loan 6/5/03 Bond issue Total debt 12/31/02: €26
www.seltzerstudio.com | 38
7
7/03
11/4/03 Sale of U.S. specialized chemicals subsidiary, Nalco (€3.6) Sold to consortium of Apollo Management LP, GS Capital Partners, Blackstone Group LP; Sale of Spanish wastewater company, Cespa (€619 mill.)
1/16/04 Sale of 29.2% stake in French television station, M6
€1.0
€4.3 8/03
Total debt 6/30/03: €20.3
9/03
10/03
11/03
6/04 Pending sale of French cable operator Noos. Selling to Mediaréseaux, French subsidiary of John Malone’s UnitedGlobalCom Inc. Selling for 7.25 times 2004 Ebitda. Will own maximum 20% stake in Mediaréseaux
12/03
1/04
€660 mill. 2/04
Total debt 11/31/03: €15
www.seltzerstudio.com | 39
3/04
Total debt 2/28/04: €13.9
4/04
5/04
�€4.0 bill.
4/14/04 Syndicated loan (retires 5/27/03 loan)
6/04
Paper Tiger Re c ding yc le ca
(fol
3
s, tu
Lumber ($20/mbf)
Coate
$0.44
$0.06
$0.15
be
rbo
ard
d Pap
Structural Panels ($20/msf)
$0.10 $0.11
dP ape
Un iq s& urb ue a core n s, gy pe an lo ima rd cati l: psum ay ➤ on Sma sw faci ll Lo ts ith , old ngs, of 10 0 er m nich con -30 il soli em 0 to ls in arke da ns tio ts) n in ➤ Ke rece y nt pu cost yea rch rs ase comp ➤ o de Ea rn ne nents rgy SS ings :W (magazi CC le ast vera nes, ma ep ap il order ge er :C catalog ➤ & SA Coati s, annu ng R, al rep JS pigme is typica orts, bro ,R lly a nts an KT, chure d latex mixture ➤ s, lab of cla Produ els) y, ce mixtu d in varie ➣ res: Heavi ty of erweigh ➣ (annua weight: – ts & LightCo fib we er with chel reports, bro ated free woods ight – Coate sheet chures mical d (LW ➤ , etc.) Based (magazine pulp C) gro Earni s, Made prima ngs lev rily on catalogs, etc und PCH, erage mecha .) W : BOW, nical pulp MEA, IP,
ments
aft d n)
rton
➤
ers
$0.43
Bleached & Unbleached Kraft Paper
$0.11
$0.10
$0.14
$0.83
$0.04
$0.03
➤
High-strength product used primarily for bags & sacks
➤
Sometimes run on “swing” machines that can also produce containerboard
$0.13
➤
Substitution by plastics has cut into market
➤
Earnings leverage: GP, GCR, SSCC
(bags, sacks, wrapping)
$0.17
)
BS ard (S
$0.32
$0.31
$0.10
$0.20
o tes) apecurb ps & pla ed kP rtons, % of mil ca er 70 Blegacach the rtons, ol ov % of contr
➤
(foldin ➤
$273
$232
$499
$427
0
4Q1993
4Q1994
$202
$196
4
4Q1990
1Q1991
➤
sue
Tis
➤
Big
Co
(line
nta
rboa
ine
g ind est , co ust ton na rrug ry ge Lin atin ma e gm rke corr rboa ediu t in rd ug m) ate (fla the ➣ d co t ex Pro nta terio du ine long ced r su pr rs) ➤ -fib rfa er ch imarily Co ces ➣ Use rr on w em surf ugati ical ith un and of recy ace ng pulp blea incr cled Me ) ched ➣ easi ➣ diu fiber Fibe Pur , ng m es r= with high (flu mar t com sem ➣ ted in th in A Rec ket m iche sia inte eU yc pulp odity mic & Eu .S. and led rio in in al pu r rope grow med dust lp or ium ➣ in ry, Trad g is 25 recy next -30% cled ($10 itional to ly of U -30/ ➤ ton) sells .S. Ea mar rnin to lin at sl ket SS erbo ight di CC gs le scou ard , TIN vera nt g ,W (news LL, e: GC papers) WY, R, PK GP, IP ➤ G , J Produ S, ced us pulp ing pri made marily from mech ➤ softw Cana an ica oo dia l ds ➤ leadin ns & Scan Lots g pro dinav of co duce nsoli ians ➤ rs datio are Recy n ➣ Ab cled itibi/D news push onohue print ➣ UP in Eu M/Kym has rope mene and U. been a big ➣ Sto ra/Ens S. o ➣ No rske Sko g/Fletc her ➤ Earni ngs lev erage : ABY, BOW
rd
➤
d
egrated paper and
d parties (mostly paper basis
uced in large sheets on es
rbo
ard
News
rboard
products are made on nes
he length of a football continuous sheet e.
nt
e head box onto a e sheet is formed.
red onto a continuous series of huge steel ection.
scores of huge superremove most of the
s with kage ard s: Lin price perbo ng pa stable mpeti ively & co Relat t pulp st marke greate s grade s show de gra r-end Highe ➤ PCH ity stabil : IP, W, erage ngs lev Earni
en be tt, ve ha , Sco ies &G an (P mp ons al, co ti pit ue era p ca tiss lp op -u r e ) u jo fre Ma ing p Clark g, y tin ns ➤ ) sell berl O rke o pers ma opti s WM Kim ia e n r d P, , s o fibe :G lum els cu ge vo tow Fo ease er era ns ➤ lev low pki incr gs an l na cia me rnin ts pulp Ea t, fa igh ➤ rgin et: (toile we ine = vi ark htsue Lig mach ym tis e/ er b r er s ➤ tissu ed fib pe um rie rial cycl va cons er dust = re Fib nded & in er ➤ Bra cial nsum ➣ mer co Com er-end ➣ low
capitale products.
e at end of machine or
rs ols 70 r playe contr Top fou market; US t the US permarke to pa erted world conv pulp ed g Bleach foldin ➤ ting for s board y-coa uid d: cla for liq coate lene ten thy Of lye ➤ ns, po carto
Deutsche Bank’s Mark Wilde covered the paper industry, and he wanted to help establish himself as the preeminent analyst in the field. To make sure that his was the first number that anyone called, he decided to distribute posters about the industry with his contact info prominently displayed. This left the problem of how to display different types of paper (and stats about the industry itself) on a poster attractive enough to be hung. The first poster I created (this page) was a simulated trompe l’oeil collage, simulated because neither camera nor scanner were able to show enough texture to differentiate between grades. Thank you, Photoshop. The following year’s poster (opposite) was meant to show the more optimistic outlook for the industry with a paper kite held aloft on winds of earnings.
Uncoated Free Sheet
(copy paper, envelope stock and business forms) ➤
Uncoated white paper produced with chemical pulp
➤
Plantation hardwoods are well-suited to uncoated white paper
➤
Large-volume machines now in 250,000-350,000/tpy range
➤
U.S. & Scandinavians are major players; Brazil & Indonesia are expanding rapidly
➤
Earnings leverage: BCC, GP, IP, WY, WLL
ra ural Ketc.) ed Nat cartons,
folding clay riers, Coverat with age car duct type
oardLinerb ng coati
➤
➤
➤
Smaller, older machines can prosper: Glatfelter, Wausau, FiberMark
rages,
ve
be s for system es ging Packa orblad & raz razors
pro
Mead lly by globa onal nated ernati Domi ood Int Riverw
&
ods wo undetc.) ts Greroinserts,ed amoun d ap it e sp at new h lim t
➤
ncory paper,
n wit spri lp pu ew al lp rn ecto nic l pu lde (dir a cha no Me emic do ch ➤ uce of rod np s e e Oft chin ➤ ma
U
Many niche markets remain: currency paper, book papers, healthcare products, cigarette paper, etc. ➣
K) ft (CN
(be
➤
ted r is pe f coa pa o C) ce d (S aran e ere nd e app W ale BO r-C to giv price BY, pe r r: A Su hed we fo lo is ge fin er at era p lev pa gs rnin Ea ➤
“Paper 101: 2001” Photo illustration. Original size: 22 x 36 inches
Funny thing about photographing or scanning white paper: it comes out plain white.Which is just what you want, of course – unless you’re trying to create a trompe l’oeil paper poster.
RIGHT
Re cy g ca cle
(fold in
The fuzzy stuff in the bottom right hand corner is paper pulp, which my clients insisted I include. I had to invent “Scotch tape” to “hold it” in place, a concept at least three degrees removed from reality.
s,
Earnings Sensitivity to Commodity Price Movements
Coate
Uncoated Coated Coated Market Pulp Newsprint Groundwoods Groundwoods Freesheet ($50/m. ton) ($50/m. ton) ($50/s. ton) ($50/s. ton) ($50/s. ton)
Uncoated Freesheet ($50/s. ton)
Tissue 5% Price Change
Unbleached Kraft Paper ($50/s. ton)
Containerboard ($50/s. ton)
Bleached Recycled Paperboard Paperboard ($50/s. ton) ($50/s. ton)
Coated Kraft Paperboard ($50/s. ton)
Lumber ($20/mbf)
Abitibi-Consolidated
$2.90
Boise Cascade Corp.
$5.14
Bowater Inc.
$6.70
Caraustar Industries
$1.66
$0.06
Structural Panels ($20/msf)
$5.65
P.H. Glatfelter Co.
$1.49
International Paper
$4.67
$0.15
Jefferson Smurfit Group
$4.34
$0.06
Louisiana Pacific
$1.74
$0.11
The Mead Corp.
$3.10
$0.19
$0.10 $0.82
$0.13
$0.36
$3.72
Rock-Tenn Company
$1.21 $5.01
Wausau-Mosinee Paper Corp.
$0.79
$0.44
$0.06
$0.39 $0.01
$0.04
$0.41
$0.10
$0.06
$0.47
$0.20
$0.24
$0.04
$0.41
$0.17
$0.77
$0.04
$0.52
$0.04
$0.35
$0.17
$1.45
$0.02
$0.05
$0.04
$0.08
$0.12
$0.04
$0.15
$0.43
$0.33
Bleached & Unbleached Kraft Paper
$0.11
$0.10 $0.83
$0.04
$0.03
➤
High-strength product used primarily for bags & sacks
➤
Sometimes run on “swing” machines that can also produce containerboard
$0.13
➤
Substitution by plastics has cut into market
➤
Earnings leverage: GP, GCR, SSCC
$0.69 $0.16
$0.07
$0.04
(bags, sacks, wrapping)
$0.90
$1.04 $0.04
$1.54 $0.32
Westvaco Inc.
$2.80
Weyerhaeuser Co.
$3.93
$0.33
Willamette Industries
$4.67
$0.10
$0.25 $0.03
$0.06
$0.10 $0.08
$0.17
$0.12
$0.18 $0.33
$0.02
$0.25
$0.50
$0.58
$0.03
$0.49
$0.32
$0.31
$0.10
$0.20
) pecuprbs &oa plates d Pa tons, of ache milk car r 70% Ble tons, l ove of the contro ding car (fol
Commodity Prices
➤
Current Price (2/01/01)
$890
NA
Cyclical Peak (10 year)
$1,000
$750
$925
$1,240
$1,270
$1,180
NA
Date
4Q1995
$680
4Q1995
1Q1996
4Q1995
4Q1995
3Q1995
$400
$415
$715
$700
$840
$650
4Q1993
1Q1994
2Q1997
3Q1992
3Q1996
4Q1992
Cyclical Trough (10 year) Date
$610
$755
$925
$930
$740
$460
$890
$610
$755
$273
$232
$740
$530
$930
$700
$755
$499
$427
4Q2000
3Q1995
3Q1995
2Q1995
4Q2000
4Q1993
4Q1994
$530
$300
$680
$480
$580
$202
$196
1Q1994
2Q1997
1Q1994
4Q1993
1Q1994
4Q1990
1Q1991
NA
ers)
s, wel
(to
Papermaking is a large-scale, capitalintensive process. Products range from global commodities to specialty niche products.
Wood Fiber (logs, chips, sawdust)
Virgin Fiber Pulp Two basic processes:
Softwood (long fiber) – pine, spruce, fir Uses: Newsprint, coated paper, paperboard, market pulp
1) Mechanical (groundwood) pulp:
Hardwood (short fiber) – oak, aspen, eucalyptus Uses: Uncoated white paper, tissue, selectively in paperboard
Wastepaper Many grades: Old newspapers thru envelope clippings Global commodity: Largest volume export from U.S. Extremely volatile prices
a) Mechanical splintering of fibers against stone or metal grinding surfaces. Lower cost, lowerquality pulp Uses: Newsprint, telephone directory, and light-weight coated (LWC) papers 2) Chemical pulp: a) Chemical cooking of wood to remove the lignin which binds fibers together Unbleached pulp for packaging board (linerboard/coated natural kraft) ends here b) Bleaching to whiten the pulp. Chlorine gas and/or chlorine compounds are the most common bleaching agents. Uses: Coated and uncoated white papers, bleached paperboard (milk cartons, etc.) and as a “sweetener" in newsprint and light-weight coated papers
Wastepaper Mix with water & remove contaminants (staples, wire, glue, etc.)
➤
diap
es lum
vo to wer ins n lo sue napk Tisilet, facial eights mea t: ➤
Making Pulp
with kages oard ces: Lin paperb ble pri peting ely sta Relativ pulp & com t marke atest w gre grades des sho d gra -en Higher ➤ ty PCH stabili IP, W, erage: gs lev Earnin
➤
s ls 70% r player contro Top fou market; US t erthe US marke to pap world verted p con ed pul Bleach folding ➤ ing for oat board liquids : clay-c coated hylene for Often yet ➤ pol s, carton
EPS in Canadian Dollars, EPS sensitivities are converted to C$ at an exchange rate of 0.68 Fiscal year ends 9/30 Fiscal year ends 10/31 Source: Deutsche Banc Alex. Brown estimates and industry data
Fiber
)
S rd (SB
$0.07
$0.02
ers
$0.14
$0.14
$0.27 $0.18
ard
$0.43
$0.64 $0.04
NA
Temple-Inland Inc.
$0.11
$0.25
$0.25
NA
Potlatch Corp. Smurfit-Stone Container Corp.
$1.58
$1.34
$2.04
Packaging Corp of America
$0.55 $0.21
$0.59
Gaylord Container Corp. Georgia Pacific Corp.
rbo
d Pap
(Earnings per Share)
1995A Peak Earnings
dP ape
tube Uni s& urba que an core n im s, gy pe al r da loca psum tio : Sm ➤ y ns al faci Lo with l, ol ts ngs, of 10 0- der m nich cons ill 30 em olid 0 to s in arke atio ns ts) n in ➤ Key rece nt pu cost year rcha co ➤ s sed mpo Ea ne en rn ergy nts: SS ings (magaz Was CC leve ines, tepa rage mail ord pe er :C r& catalo ➤ SA Coatin gs, ann R, g ual rep JS pigme is typica orts, bro ,R lly a nts and KT, mixtu chures latex ➤ re of , labels Produ clay, ) ced in mixtu variety ➣ res: Heavier of we -we igh ➣ ight: – (annua ts & Light-w Coa fiber eight with chel reports, bro ted free woods – Coa sheet chures ted (LW mical ➤ , etc.) Based (magazine pulp C) gro Earnin Made primaril s, catalo und gs lev gs, y on me PCH, erage: chanic etc.) W BOW, al pul MEA, p IP,
EPS Sensitivity
Ultimately, I had to simulate the whole poster in PhotoShop. So no trees were killed to make this poster. Except for the ones that were.
rton
➤
➤
Co
(line
nta
ine
➤
Big rboa ge indu st rd, corr stry tonn ag Line e m ugatin gm arke corr rboa ediu t in rd ug m) ated (fla the t ➣ Prod cont exte aine rior long uced rs) surf ➤ -fibe prim aces Cor ➣ r ch arily Use on w em surf rugatin ical ith un and of recy ace) pulp blea gM incr cled ch ed ➣ ea ➣ ed, ium Fibe Pure sing fiber r= with high (flu mar st com sem ➣ ted in th in As Recy ket m iche inte e U. ia & pulp odity mic and cled S. rior Euro in in al pu grow med dust pe lp or ➣ ing ium is ry, Trad recy next 25-3 cled ($10 itional 0% to ly of U. -30/ ➤ ton) sells Ea S. m rnin to lin at sl arke SS erbo ight di t CC gs le scou vera ard , TI N, nt ge WLL : (news , W GCR papers Y, PK , GP, ) IP, ➤ G Produ JS ced usi , pulp made ng prima rily from ➤ softwo mechanic Canad ods al ians ➤ & Sca leadin Lots ndina g pro of con vians ducer solida ➤ are s Recyc tion ➣ Abi led new tibi /Do push nohue sprint ➣ UPM in Eu has /Kymm rope ene and U.S been a big ➣ Sto ra/Enso . ➣ Nor ske Sko g/Fletc her ➤ Earnin gs lev erage: ABY, BOW
Most pulp is produced at integrated paper and paperboard mills “Market pulp” is sold to third parties (mostly paper mills) and traded on a global basis Market pulp is typically produced in large sheets on a pulp dryer & stacked in bales
rbo
ard
Newsp
Making Paper and Paperboard
rint
Most paper and paperboard products are made on fourdrinier-type paper machines A modern paper machine is the length of a football field & produces 20-30’ wide continuous sheet moving at 3,000+ feet/minute.
Key Pieces of Equipment Wet end: Pulp flows from the head box onto a continuous wire screen where sheet is formed. Press section: Sheet transferred onto a continuous fabric and passes between a series of huge steel rollers known as the press section.
Coaters: Coating can be done at end of machine or off the machine.
rgin w ine ke = vi hth mar tissue Lig mac e/ er by er tissu ed fib per um ries rial cycl va cons er dust = re Fib nded & in er ➤ Bra cial nsum ➣ mer co m nd Co er-e ➣ low
➤
How Pulp Is Used
Dryers: Paper speeds around scores of huge superheated steel cylinders which remove most of the remaining moisture.
n ee , tt eb hav , Sco ies &G an (P , mp ions ital co ue perat cap o tiss -up or pulp rk) ee aj fr M ng g, Cla tin ns ➤ selli berly ke O o ar ti M p W Kim n m er o GP, b so e: cu se fi g Fo ea ra ➤ leve incr gs nin pulp Ear
Uncoated Free Sheet
(copy paper, envelope stock and business forms) ➤
Uncoated white paper produced with chemical pulp
➤
Plantation hardwoods are well-suited to uncoated white paper
➤
Large-volume machines now in 250,000-350,000/tpy range
➤
U.S. & Scandinavians are major players; Brazil & Indonesia are expanding rapidly
➤
Earnings leverage: BCC, GP, IP, WY, WLL
➤
Many niche markets remain: currency paper, book papers, healthcare products, cigarette paper, etc. ➣
Smaller, older machines can prosper: Glatfelter, Wausau, FiberMark
) , erages (CNK for bev Kraft tems ing sys es aturcaraltons, etc.) Packag razorblad & ing tedrierN s, fold razors clay Coa car with duct verage ➤
Mark Wilde (+1) 212 469 5570 mark.wilde@db.com
David S. Martin (+1) 212 469 5580 david.s.martin@db.com
(be ➤
ype pro oard-t Linerb ad & by Me coating bally al d glo minate Internation ➤ Do ood Riverw
s ood ndw c.) rouserts, et ounts d G er in d am
➤
Kendall Dorminey (+1) 212 469 5525 kendall.dorminey@db.com
te wspap limite rint coa per, ne with Uirenctory pa nical pupulplp der newsp (d
➤
www.seltzerstudio.com | 40
ol ha al on Mec emic ch uced of prod en s Oft hine ➤ mac
r is ated pe co of ) pa (SC ance ar red de appe OW alen ve e Y, B er-C to gi pric AB er Sup hed for: low is fin r at rage pe leve pa gs rnin Ea ➤
“Paper 101: 2002” Photo illustration. Original size: 22 x 36 inches
LEFT
1. Newsprint (Newspapers) � Produced using primarily mechanical pulp made from softwood pulp � Canadians & Scandinavians are leading producers � Lots of Consolidation ➛ Abitibi/Stone/Rainy River/Donohue/ Quno/Champion-Papco
01 1 r e wn Bro lex.
nk A
e Ba tsch
Deu
ivity
sit Sen ings re)
Earn (Earn
ing
a r Sh s pe t Pulp Marke .ton) ($50/m
print News .ton) ($50/m
to
d Coate ods ndwo ated Grou .ton) Unco woods ($50/s nd Grou .ton) ($50/s
ice y Pr
odit
m Com
d Coate et he Frees .ton) ($50/s
$0.8
(Directory paper, newspaper inserts, etc.)
nts
eme Mov
ard d inerbo ache Conta 0/s.ton) Unble Paper ($5 e Kraft .ton) Tissu ice ($50/s 5%Pr ge Chan
ated Unco heet Frees .ton) ($50/s
hed Bleac ard rbo Pape .ton) ($50/s
aft d Kr Coate rboard cled Pape .ton) Recy ard ($50/s rbo Pape .ton) ($50/s
4
$0.0
4
$0.2
er Lumb bf) ($20/m
1 $0.2 9 $0.4 9 $0.2 1 $1.6
$0.0
7
$0.0
3 $0.1 3 $0.1
1 $0.1 3 $0.1
3 $0.1
6 $0.1
5 $0.1 2 $0.0
(Magazines, mail order catalogs, annual reports, brochures, labels)
5
$0.0
0 $0.8 1 $0.0
2
1 2 2 3 6 $0.5 $0.5 2 $0.3 $0.6 $0.4 4 8 $0.6 0 1 $0.0 $0.1 $0.1 1 5 $0.4 8 7 0 $0.2 $0.0 $0.2 $0.0 $0.3 0 1 9 9 $1.8 4 $0.1 $0.1 1 $0.2 ty $0.0 8 5 ed 9 4 sitivi 5 $0.6 3 $0.6 $0.0 lidat Sen $0.0 $0.0 .0 5 S so $0 8 p. EP $0.9 8 $0.6 Cor i-Con 9 $0.0 0 $0.1 Abitib Cascade 7 $0.1 2 1 $0.0 $0.4 4 $0.0 1 6 Boise er Inc. stries 5 $0.1 $0.0 $0.1 7 at $0.2 8 9 $0.3 3 Bow star Indu 4 $0.0 0 $0.0 1 $1.0 $0.2 4 $0.1 0 p. Carau r, Inc. $0.0 .04 Cor $0.1 $0 ta fic 7 6 Dom ia Paci $263 .41 $0.0 $2.3 $0 rg 4 r 9 Geo r $427 $322 $0.0 $0.1 elte Pape roup 94 4 6 G 7 Glatf ational 6 4Q19 $499 $745 $0.0 $0.8 $0.0 $0.0 urfit rn p. 93 8 1 Inte son Sm $229 8 Cor 4Q19 $755 $575 $0.0 $0.0 $0.0 cific er 01 00 9 Jeff ana Pa 8 $830 1Q20 $265 4Q20 1 $700 $1.5 ica $0.1 si $0.1 aco 92 mer 95 Loui .25 $415 $930 3Q19 $580 estv 2Q19 of A .39 $0 6 p $0 dW .0 95 94 $0 Mea $720 g Cor Inc. $530 3Q19 $480 1Q19 , agin 1 95 93 7 NA Pack & Talbot $740 $0.1 $680 3Q19 3 4Q19 $0.0 2 $0.0 94 60 A 00 p. 5 2000 19 N $7 .0 Pope h Corp. pany or 4Q $3 1Q $0 tc er C 80 om 97 tain $530 Potla $820 $1,1 2Q19 nn C Con 95 5 k-Te 94 70 NA 3Q19 Roc fit-Stone J 3 1Q19 $0.0 $750 $1,2 Y 95 40 0 p. $650 Smur Enso O Inc. 4Q19 $740 $1,2 $0.4 r Cor 92 95 4Q19 Stora e-Inland ee Pape $810 4Q19 $925 $480 pl in 01 m os 96 20 00 Te M 3Q $7 1Q19 $750 r Co. sau$480 92 Wau haeuse 95 3Q19 $715 00 ge 4Q19 er chan ices $1,0 97 Wey an ex 95 2Q19 ity Pr /02) $415 4Q19 C$ at mod ) e (2 d to 94 Com erte year Pric 1Q19 $400 conv (10 rent are Cur al Peak 1993 vities 4Q ) iti ns lic year S se data Cyc (10 stry rs; EP du gh lla y d in Date Trou an Do pacit es an nadi lical de caestimat in Ca 5 Cyc rldwi n 9/30 EPS 0.6 Date
ds ’s wo Brow of rate l year en a Enso Alex. or nc Fisca d on St he Ba sc Base : Deut ce Sour
� Super-Calendered (SC) paper is finished to give the appearance of coated paper at a lower price. � Earnings Leverage: ABY, BOW, SEO
3. Coated Papers
1 $0.4
0 $0.1
3
� Mechanical pulp with limited amounts of chemical pulp � Often produced on older newsprint machines
1 $0.4
0 $0.1 8 $0.0 2 $0.2
9 $1.1
6
$0.3
1
Papco � Recycled newsprint has been a big push in Europe and U.S. � Earnings Leverage: ABY, BOW, SEO
2. Uncoated Groundwoods tural Struc ls Pane sf) ($20/m
1
Pap
➛ Bowater/Avenor/Halla/Coosa Pines/ Newsprint South/Alliance ➛ Norske Skog/Hansol/Fletcher-
� Coating is typically a mixture of clay, pigments and latex � Produced in variety of weights & fiber mixtures: a) Light-weight – coated groundwoods (magazines, catalogues, etc.). Made primarily with mechanical pulp.
b) Heavier-weight – coated free sheet (annuals, reports, brochures). Made with chemical pulp � Earnings Leverage: BOW, DTC, MWV, IP, PCH, SPP, SEO
4. Uncoated Free Sheet (Copy paper, envelope stock and business forms) � Produced with chemical pulp � Large-volume machines now in 250,000-350,000/tpy range � U.S. & Scandinavians are major players, Brazil is expanding rapidly � Plantation hardwoods are well-suited to make uncoated white paper
3
� Many niche markets remain where smaller, older machines can prosper (Currency paper, book papers, healthcare products, cigarette paper, etc.): ➛ Key players: Glatfelter, Wausau, FiberMark � Earnings Leverage: BCC, DTC, GP, IP MWV, SEO, WY
5. Tissue (Toilet, facial napkins towels, diapers) � Light weights mean lower volumes per machine � Fiber varies by market: ➛ Virgin pulp = branded consumer tissue ➛ Recycled fiber = Commercial & industrial tissue/lower-end consumer
4
ilde 5570 kW Mar 212 469 db.com (+1) .wilde@ k mar rtin . Ma 5580 om id S Dav 212 469 in@db.c (+1) .s.mart id y e dav min om Dor 5525 db.c dall Ken 212 469 iney@ (+1) all.dorm d ken
� Some major tissue companies have sold pulp operations to focus on marketing and free-up capital � Earnings Leverage: GP, KMB, PCH, PG, SCA, WMO
6. Bleached & Unbleached Kraft Paper � High strength product used primarily for bags and sacks � Made primarily from virgin pulp � Substitution by plastics has cut into the market
5
� Sometimes run on “swing” machines also capable of producing containerboard � Earnings Leverage: JS, MWV, TIN
7. Containerboard (Linerboard & Corrugating Medium) (The largest market in the industry on a tonnage basis)
7
� Linerboard (flat exterior on corrugated boxes): ➛ Fiber = Primarily unbleached, long-fiber from chemical pulp ➛ Use of recycled fiber is high in Asia and Europe, and increasing within the U.S. ➛ Consolidation has increased over recent years – still a ways to go ➛ Purest commodity in the industry, next to market pulp
� Corrugating Medium (fluted interior of corrugated sheet): ➛ Fiber = semichemical pulp or recycled ➛ Recycled medium is 25-30% of U.S. market and growing ➛ Traditionally sells at slight discount ($10-40/ton) to linerboard � Earnings Leverage: BCC, DTC, GP, IP, JS, LPX, PKG, SSCC, TIN, WY
8. Coated Natural Kraft (CNK) (Beverage carriers, folding cartons, etc.) � Linerboard-type product with clay coating � Packaging system for beverages
8
10
� Dominated globally by MeadWestvaco & Riverwood International � Earnings Leverage: MWV
9. Bleached Paperboard (SBS) (Folding cartons, milk cartons, cups & plates)
9
� Paperboard made from bleached pulp � Often coated: Clay coating for folding cartons, polyethylene for liquid packaging � Consolidated: Top 4 players control over 80% of the US market, US controls roughly 70% of the world market
� Relative price stability in higher-end grades � Some linkage with market pulp and competing paperboard grades � Earnings Leverage: GP, IP, JS, MWV, PCH, SEO
10. Recycled Paperboard (Folding cartons, tubes & cores, gypsum facing, niche markets): � Unique animal: ➛ Small, older mills in urban locations with 100-300 tons per day � Relatively stable markets, stable margins
Papermaking is a large-scale, capital-intensive process. Products range from global commodities to specialty niche products. Wood products and converted products (packaging) are less capital intensive.
� Lots of consolidation in recent years � Key cost components: wastepaper & purchased energy � Earnings Leverage: CSAR, JS, RKT, SSCC, TIN
Fiber
Making Pulp
Making Paper
Fiber is the building block of all paper products.
Pulp comes from two sources: virgin fiber and wastepaper.
� Wood Fiber (logs, chips, sawdust)
Most paper and paperboard products are made on fourdriniertype paper machines.
� Virgin Fiber: Two Basic Processes
➛ Softwood (long fiber) – Pine, spruce, fir Uses: Newsprint, coated paper, paperboard, market pulp
➛ Hardwood (short fiber) – Oak, aspen, eucalyptus Uses: Uncoated white paper, tissue, selectively in paperboard
1) Mechanical (groundwood) pulp: Mechanical splintering of fibers against stone or metal grinding surfaces. Produces lower cost, lower quality pulp. Uses: Newsprint, telephone directory, and light-weight coated papers
2) Chemical Pulp: Chemical cooking of wood to remove the lignin which binds fibers together
� Wastepaper ➛ Many Grades: Old newspapers and old corrugated containers through envelope clippings
a) Unbleached: Brown pulp used directly after the cooking process Uses: linerboard, grocery sack, coated natural kraft (CNK)
➛ Global Commodity: Largest volume export from U.S.
b) Bleached: Pulp is bleached to whiten. Chlorine gas and/or chlorine compounds are the most common bleaching agents. Uses: coated and uncoated white papers, bleached paperboard (milk cartons, etc.), and as a “sweetener” in newsprint and LWC
➛ Extremely Volatile Prices
Unfo crack neith phy c or th it.
My w sens kite. next hour the p
(Bags, sacks, wrapping)
6
Paper-Making 101
follo l’oeil have origa
� Wastepaper ➛ Mix with water & remove contaminants (staples, wire, glue, etc.) Uses: C&I tissue, newsprint, recycled boxboard, and containerboard
� Modern Paper Machines ➛ The length of a football field; Produces 20-30’ wide continuous sheet moving at 3,000+ feet/minute; Capacity can be 300-450K tons per year
� Older Paper Machines ➛ Relatively small; Produce an average of 25-75K tons per year; More versatile and generally used for niche products
� Key pieces of equipment ➛ Wet End: Pulp flows from the head box onto a continuous wire screen where the sheet is formed. ➛ Press Section: Sheet transferred onto a continuous fabric and passes between a series of huge steel rollers known as the press section. Water continues to drain from the paper. ➛ Dryers: Paper speeds around scores of huge super-heated steel cylinders which remove most of the remaining moisture. ➛ Coaters: Coating can be done at end of machine or off the machine.
www.seltzerstudio.com | 41
My c Over told they Me a tried
LEFT Not the most typical layout for a calendar, I grant you, but my instructions were to make sure all five graphics were of exactly equal size. So typical, schmipical, as my grandmother, a strict grammarian, January I love these posters, mostly because they were such hard work.would never say. Deutsche Banc Alex. Brown
2001
Medical Device and Hospital Supply
Triumphs of Technology Management
Sun
rthopedics
7 14
Mon 1 8 15
Tue 2 9 16
Wed 3 10 17
Thu 4 11 18
Fri 5 12 19
Sat 6 13 20
21 28
22 29
23 30
24 31
25
26
27
Sun
Mon
Tue
Wed
4 11
5 12
6 13
7 14
Thu 1 8 15
Fri 2 9 16
Sat 3 10 17
18 25
19 26
20 27
21 28
22
23
24
Sun
Mon
Tue
Wed
4 11
5 12
6 13
7 14
Thu 1 8 15
Fri 2 9 16
Sat 3 10 17
Pittsburgh Conference on Analytical Chemistry and Applied Spectroscopy, PITTCON 2001 New Orleans, LA • March 4–9, 2001
18 25
19 26
20 27
21 28
22 29
23 30
24 31
The American College of Cardiology, Comprehensive Cardiology Orlando, FL • March 18–21, 2001
Sun 1 8 15
Mon 2 9 16
Tue 3 10 17
Wed 4 11 18
Thu 5 12 19
Fri 6 13 20
Sat 7 14 21
22 29
23 30
24
25
26
27
28
Sun
Mon
6 13
7 14
Tue 1 8 15
Wed 2 9 16
Thu 3 10 17
Fri 4 11 18
Sat 5 12 19
North American Society of Pacing and Electrophysiology, 22nd Annual Scientific Sessions Boston, MA • May 2–5, 2001
20 27
21 28
22 29
23 30
24 31
25
26
Deutsche Banc Alex. Brown, Health Care 2001
The two medical device posters were wall-sized beasts that had to show oversized images Vivid colors in a poster like this of these devices. But the photos I had to work with were terrible – undersized, out of focus, serve many purposes.They can February grainy catalog clippings. But by turning them into duotones, I was able to mask their bring life to an otherwise dull imperfections by making them key to the look of the finished project. The first poster subject.They can impart a strong (opposite page) was done in an especially vibrant palette, thesense second year’s poster (this of visual rhythm.They can page) inMarch a more subdued Deutsche Bank blue. also distract from the fact that the American Academy of Orthopaedic Surgeons, 68th Annual Meeting San Francisco, CA • February 28–March 4, 2001
sourceelaborate photos areinformation blow-ups from The “Making of a Microchip” poster (following spread) is the most crummy little inch-and-a-half scans, graphic I’ve ever done. Tying together the 20 steps of chip manufacture with financial I hope. information about the key companies was a layout challenge, but the hardest part was April coming up with 20 illustrations that clearly show the processes (finding reference was a weeks-long project). The poster has had a long and proud life. Originally sent out framed to key clients of Deutsche Bank, it was later used at Washington University to teach undergraduates about chip making. May “Medical Device and Hospital Supply: 2002” Computer Baltimore,rendering. MD • May Original 8–10, 2001size: 22 x 34 inches The Paris Course on Revascularization Paris, France • May 22–25, 2001 American Society of Mass Spectrometry ASMS 2001 Chicago, IL • May 27–31, 2001
LEFT With a c told me that make due wi from annual r he, he had w turers for hig
Proteomics
June
terventional Cardiology
Sun
Mon
Tue
Wed
Thu
Fri 1
Sat 2
3 10 17 24
4 11 18 25
5 12 19 26
6 13 20 27
7 14 21 28
8 15 22 29
9 16 23 30
Sun 1
Mon 2
Tue 3
Wed 4
Thu 5
Fri 6
Sat 7
8 15 22 29
9 16 23 30
10 17 24 31
11 18 25
12 19 26
13 20 27
14 21 28
Almost to a sent brand n previous year Except for th anything.
July American Association of Clinical Chemistry, 53rd Annual Meeting & Clinical Lab Expo Chicago, IL • July 29–August 2, 2001
August Sun
Mon
Tue
Wed 1
Thu 2
Fri 3
Sat 4
5 12 19 26
6 13 20 27
7 14 21 28
8 15 22 29
9 16 23 30
10 17 24 31
11 18 25
Cardiology
Hence the el doctored, du version.
Neurological
September Sun
Mon
Tue
Wed
Thu
Fri
Sat 1
2 9 16 23 30
3 10 17 24
4 11 18 25
5 12 19 26
6 13 20 27
7 14 21 28
8 15 22 29
European Society of Cardiology, XXIII Congress of the ESC Stockholm, Sweden • September 1-5, 2001 Transcatheter Cardiovascular Therapeutics, 12th Annual Symposium Washington, DC • September 11–16, 2001
October Sun
Mon 1
Tue 2
Wed 3
Thu 4
Fri 5
Sat 6
7 14 21 28
8 15 22 29
9 16 23 30
10 17 24 31
11 18 25
12 19 26
13 20 27
Tue
Wed
Fri 2 9
Sat 3 10
16 23 30
17 24
The Institute for Genomic Research, 13th International Genome Sequencing and Analysis Conference San Diego, CA • October 25–28, 2001
Genomics/ Proteomics
Orthopedics
Deutsche Banc Alex. Brown
November Sun
Mon
4
5
6
7
Thu 1 8
11 18 25
12 19 26
13 20 27
14 21 28
15 22 29
Medical Device and Hospital Supply
American Heart Association, 74th Scientific Sessions Anaheim, CA • November 11–14, 2001
American Academy of Ophthalmology New Orleans, LA • November 11–14, 2001 January Sun Mon
Tue 1
Wed 2
Thu 3
Fri 4
Sat 5
February Sun Mon
Tue
Wed
Thu
Fri 1
Radiological Society of North 6 7 8 9 10 11 12 3 4 America, 5 6 7 8 13 14 15 16 17 18 19 10 11 12 13 14 15 RSNA 20 21 2001 22 23 24 25 26 17 18 19 20 21 22 27 28 29 31 24 25 26 27 28 Chicago, IL30• November 25–30, 2001
Sat 2 9 16 23
Sun
Mon
Tue
Wed
Thu
Fri
2 9 16 23 30
3 10 17 24 31
4 11 18 25
5 12 19 26
6 13 20 27
7 14 21 28
Sat 1 8 15 22 29
4 11 18 25
Tue 5 12 19 26
Wed
Thu
6 13 20 27
7 14 21 28
Fri 1 8 15 22 29
Sat 2 9 16 23 30
ACC, American College of Cardiology, 51 Annual Scientific Sessions Atlanta, Georgia March 17 – 20
American Academy of Orthopaedic Surgeons, Annual Meeting 2002 Dallas, Texas • February 13 –17
December
March Sun Mon 3 10 17 24 31
April Sun 7 14 21 28
Mon 1 8 15 22 29
Tue 2 9 16 23 30
2002 Wed 3 10 17 24
Thu 4 11 18 25
Fri 5 12 19 26
Sat 6 13 20 27
AANS 2002, American Association of Neurological Surgeons Annual Meeting Chicago, Illinois • April 6 –11
May Sun
Mon
5 12 19 26
6 13 20 27
Tue 7 14 21 28
Wed 1 8 15 22 29
Thu 2 9 16 23 30
Fri 3 10 17 24 31
Sat 4 11 18 25
Deutsche Banc Alex. Brown Health Care 2002 Baltimore, Maryland • May 7–9
Mon 3 10 17 24
Tue 4 11 18 25
Wed
Thu
Fri
5 12 19 26
6 13 20 27
7 14 21 28
Sat 1 8 15 22 29
Fri 6 13 20 27
Sat 7 14 21 28
ASMS, American Society of Mass Spectrometry, 50 Annual Conference on Mass Spectrometry Orlando, Florida • June 2–6
NASPE, North American Society of Pacing and Electrophysiology, 23 Annual Scientific Sessions San Diego, California May 8 –11
PITTCON, Pittsburgh Conference on Analytical Chemistry and Applied Spectroscopy New Orleans, Louisiana • March 17– 22
June Sun 2 9 16 23 30
ADA 2002, American Diabetes Association San Francisco, California June 14 –18
PCR, Paris Course on Revascularization Paris, France • May 21–24
July Sun 7 14 21 28
Mon 1 8 15 22 29
Tue 2 9 16 23 30
Wed 3 10 17 24 31
Thu 4 11 18 25
Fri 5 12 19 26
Sat 6 13 20 27
Sheryl F. Zimmer (+1) 212 469 5418 sheryl.zimmer@db.com
Bruce N. Jacobs, CFA (+1) 617 261 3604 bruce.jacobs@db.com
AACC, American Nimesh S. Shah Association of Clinical Chemistry (+1) 212 469 7417 Orlando, Florida July 28 –August 1 nimesh.shah@db.com
Annie J. Cheng (+1) 212 469 5322 annie.cheng@db.com
Adam K. Galeon (+1) 617 261 3699 adam.k.galeon@db.com
Robert W. Carroll (+1) 212 469 8529 robert.carroll@db.com
August Sun Mon
Tue
Wed
4 11 18 25
6 13 20 27
7 14 21 28
5 12 19 26
ESC, XXIV Congress of the European Society of Cardiology Berlin, Germany August 31–September 4
Thu 1 8 15 22 29
Fri 2 9 16 23 30
Sat 3 10 17 24 31
September Sun Mon 1 2 8 9 15 16 22 23 29 30
www.seltzerstudio.com | 42
Wed 4 11 18 25
Thu 5 12 19 26
TCT 2002, Transcatheter Cardiovascular Therapeutics Washington, D.C. September 24 –29
Deutsche Bank
Deutsche Bank
Tue 3 10 17 24
Fri 6 13 20 27
Sat 7 14 21 28
October Sun Mon 6 13 20 27
7 14 21 28
Tue 1 8 15 22 29
Wed 2 9 16 23 30
Thu 3 10 17 24 31
Fri 4 11 18 25
The Institure for Genomic Research, 14 International Genomic Sequencing and Analysis Conference Boston, Massachussets October 2–5
Sat 5 12 19 26
November Sun Mon 3 10 17 24
4 11 18 25
Tue 5 12 19 26
Wed
Thu
6 13 20 27
7 14 21 28
Fri 1 8 15 22 29
Sat 2 9 16 23 30
American Heart Association, 75 Annual Scientific Sessions Chicago, Illinois November 17–20
December Sun Mon 1 2 8 9 15 16 22 23 29 30
Tue 3 10 17 24 31
Wed 4 11 18 25
Thu 5 12 19 26
RSNA 2002, Radiological Society of North America 88 Scientific Assembly and Annual Meeting Chicago, Illinois December 1–6
AAO, American Academy of Ophthalmology Orlando, Florida • October 20 –23 NASS, North American Spine Society, 17 Annual Meeting Montreal, Canada October 30 –November 2
Sheryl F. Zimmer Bruce N. Jacobs, CFA (+1) 212 469 5418 (+1) 617 217 6262 sheryl.zimmer@db.com bruce.jacobs@db.com
Nimesh S. Shah (+1) 212 469 7417 nimesh.shah@db.com
Annie J. Cheng (+1) 212 469 5322 annie.cheng@db.com
Robert W. Carroll (+1) 212 469 8529 robert.carroll@db.com
Adam K. Galeon (+1) 617 217 6254 adam.k.galeon@db.com
Computer rendering. Original size: 22 x 34 inches
Deutsche Banc Alex. Brown
2001
January Sun
Management
Cardiac Rhythm
Medical Device and Hospital Supply
Orthopedics
7 14
Mon 1 8 15
Tue 2 9 16
Wed 3 10 17
Thu 4 11 18
Fri 5 12 19
Sat 6 13 20
21 28
22 29
23 30
24 31
25
26
27
Thu 1 8 15
Fri 2 9 16
Sat 3 10 17
February American Academy of Orthopaedic Surgeons, 68th Annual Meeting San Francisco, CA • February 28–March 4, 2001
Sun
Mon
Tue
Wed
4 11
5 12
6 13
7 14
18 25
19 26
20 27
21 28
22
23
24
Sun
Mon
Tue
Wed
4 11
5 12
6 13
7 14
Thu 1 8 15
Fri 2 9 16
Sat 3 10 17
Pittsburgh Conference on Analytical Chemistry and Applied Spectroscopy, PITTCON 2001 New Orleans, LA • March 4–9, 2001
18 25
19 26
20 27
21 28
22 29
23 30
24 31
The American College of Cardiology, Comprehensive Cardiology Orlando, FL • March 18–21, 2001
Sun 1 8 15
Mon 2 9 16
Tue 3 10 17
Wed 4 11 18
Thu 5 12 19
Fri 6 13 20
Sat 7 14 21
22 29
23 30
24
25
26
27
28
Sun
Mon
Tue 1
Wed 2
Thu 3
Fri 4
Sat 5
6 13 20 27
7 14 21 28
8 15 22 29
9 16 23 30
10 17 24 31
11 18 25
12 19 26
March
April
May North American Society of Pacing and Electrophysiology, 22nd Annual Scientific Sessions Boston, MA • May 2–5, 2001 Deutsche Banc Alex. Brown, Health Care 2001 Baltimore, MD • May 8–10, 2001 The Paris Course on Revascularization Paris, France • May 22–25, 2001 American Society of Mass Spectrometry ASMS 2001 Chicago, IL • May 27–31, 2001
Proteomics
Genomics/
June Sun
Mon
Tue
Wed
Thu
Fri 1
Sat 2
3 10 17 24
4 11 18 25
5 12 19 26
6 13 20 27
7 14 21 28
8 15 22 29
9 16 23 30
Sun 1
Mon 2
Tue 3
Wed 4
Thu 5
Fri 6
Sat 7
8 15 22 29
9 16 23 30
10 17 24 31
11 18 25
12 19 26
13 20 27
14 21 28
Sun
Mon
Tue
Wed 1
Thu 2
Fri 3
Sat 4
5 12 19 26
6 13 20 27
7 14 21 28
8 15 22 29
9 16 23 30
10 17 24 31
11 18 25
July American Association of Clinical Chemistry, 53rd Annual Meeting & Clinical Lab Expo Chicago, IL • July 29–August 2, 2001
August
September Sun
Mon
Tue
Wed
Thu
Fri
2 9 16 23
3 10 17 24
4 11 18 25
5 12 19 26
6 13 20 27
7 14 21 28
Sat 1 8 15 22 29
Thu 4 11 18 25
Fri 5 12 19 26
Sat 6 13 20 27
The Institute for Genomic Research, 13th International Genome Sequencing and Analysis Conference San Diego, CA • October 25–28, 2001
American Heart Association, 74th Scientific Sessions Anaheim, CA • November 11–14, 2001
30
European Society of Cardiology, XXIII Congress of the ESC Stockholm, Sweden • September 1-5, 2001 Transcatheter Cardiovascular Therapeutics, 12th Annual Symposium Washington, DC • September 11–16, 2001
October Sun
Interventional Cardiology
7 14 21
Mon 1 8 15 22
Tue 2 9 16 23
Wed 3 10 17 24
28
29
30
31
November Sun
Mon
Tue
Wed
4
5
6
7
Thu 1 8
Fri 2 9
Sat 3 10
11 18 25
12 19 26
13 20 27
14 21 28
15 22 29
16 23 30
17 24
American Academy of Ophthalmology New Orleans, LA • November 11–14, 2001 Radiological Society of North America, RSNA 2001 Chicago, IL • November 25–30, 2001
Hospital Supplies
December Sun
Mon
Tue
Wed
Thu
Fri
2 9 16 23 30
3 10 17 24 31
4 11 18 25
5 12 19 26
6 13 20 27
7 14 21 28
Sat 1 8 15 22 29
Sheryl F. Zimmer (+1) 212 469 5418 sheryl.zimmer@db.com
Bruce N. Jacobs, CFA (+1) 617 261 3604 bruce.jacobs@db.com
Nimesh S. Shah (+1) 212 469 7417 nimesh.shah@db.com
Annie J. Cheng (+1) 212 469 5322 annie.cheng@db.com
Adam K. Galeon (+1) 617 261 3699 adam.k.galeon@db.com
Robert W. Carroll (+1) 212 469 8529 robert.carroll@db.com
www.seltzerstudio.com | 43
Deutsche Bank
LEFT Not the mo for a calendar, I instructions wer five graphics we size. So typical, s grandmother, a would never say
Vivid colors in a serve many pur bring life to an o subject.They ca sense of visual r also distract fro source photos a crummy little in I hope.
The Making of a Microchip
2
1
Quartz or Sand (SiO) is processed to form pure silicon, which is then melted in a quartz crucible.
A notch or flat is grounded into the ingot to provide orientation for the wafers. The ingot is then sawed into wafers, typically using a diamond blade.
A seed crystal is lowered into the molten silicon and then slowly pulled out to create a solid crystal ingot.
The wafers are rounded, and then polished to a mirror-like finish. Wafers are then cleaned and inspected for flatness and impurities.
7
6
The Reticle (Mask) inspection tools use sophisticated image acquisition technology and image processing algorithms to capture the defects on the highly precise and sensitive reticles.
Etching removes the dielectric or conductive material below, leaving the pattern of the mask on the wafer.
A plasma etch process uses both chemical and physical means to etch away material off the wafer surface. Chemically reactive ions formed in the plasma react with the surface material, removing it and allowing it to be pumped away. Also, the plasma ions accelerate toward the wafer surface and physically sputter away the surface material.
RETICLE INSPECTION: . MN . . . . .
KLA-Tencor: . Lasertec Corp: . Applied Materials: . Carl Zeiss: . Horiba Instruments: .
11
To deposit thin films of dielectric material on the wafer, Chemical Vapor Deposition (CVD) is typically used on more advanced devices. In a CVD process, gases are pumped into a heated chamber which react chemically and then form a thin film of the desired material onto the surface of wafer. Some CVD chambers also use a plasma to generate highly reactive species to participate in the chemical reactions, thus speeding up the deposition process and achieving better surface coverage.
SPIN-ON DIELECTRIC: . MN
16
Defect Review (DF) SEMs identify and then classify defects on the wafer (such as particles, scratches or residue) to find sources of the defect.
Analyst Name (+) xxx xxx xxxx analyst.name@db.com Analyst Name (+) xxx xxx xxxx analyst.name@db.com
Metallization is the process of depositing a thin layer of metal on the wafer to form interconnects – electrical conducting paths that provide the electrical connections of the IC components.
Applied Materials: . Novellus: . Tokyo Electron: . ASM International: . Hitachi-Kokusai Elec.: .
. Tokyo Electron: . . Tokyo Ohka Kogyo: . . Dainippon Screen: . . Semix: .
Deutsche Bank Note: Objects not shown to scale. Processes have been simplified for the sake of visual clarity. Many of these steps are repeated hundreds of times to make a single chip. For added information, please contact your Deutsche Bank representative. For added amusement, keep in mind all processes are performed by people wearing bunny suits. Copyright © Deutsche Bank Securities, Inc. .
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. . . . .
Applied Materials: . Lam Research: . Tokyo Electron: . Hitachi: . Anelva: .
Photoresist
12
CVD: ,. MN . . . . .
ETCH: ,. MN
dielectric
Physical Vapor Deposition (PVD), also known as “sputtering,” is typically used to lay down liners (Ti, TiN, TiW, TaN, etc.) and seed layers (Al, Cu). In the PVD process, an inert gas, such as argon, is introduced into an ultra-high vacuum chamber. A plasma
is struck, and argon ions are accelerated into a target material, which is physically “sputtered” off and knocked onto the surface of the wafer. CVD processes are typically used to fill contacts (W) and vias (W, Al, Cu) and deposit blanket metal films (Al, W).
PVD: ,. MN . . . .
Applied Materials: . Ulvac: . Anelva: . Novellus: .
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The wafer processing sequence includes multiple steps of dielectric deposition, thermal processing, patterning, etching, metal deposition, CMP and wafer inspection. At the end of the wafer processing sequences, a thin layer of nitride is deposited as a passivation layer to protect the underlying metal layers.
Metal
3
Epitaxial silicon, a base layer of extremely pure silicon grown in a perfectly uniform crystalline structure, is used in some semiconductor devices to enhance device performance.
. MN ASMI: . Applied Materials: . LPE: . Toshiba Machine: . Moore Epitaxial: .
5
Photoresist, a light-sensitive material, is spun onto the wafer. Once developed, photoresist is etch resistant and helps to transfer an image of a mask onto the surface of the wafer.
OXIDATION/DIFFUSION FURNACE: ,. MN
EPITAXIAL SILICON:
. . . . .
4
Oxidation is the process of growing silicon dioxide on the wafer. Silicon dioxide serves as an insulating layer, also known as a dielectric.
Thermal Energy
. . . . .
A mask is placed above the wafer and UV light is flashed through the mask, exposing the resist.
Tokyo Electron: . Hitachi-Kokusai Elec.: . Silicon Valley Group: . ASM International: . Koyo Lindberg: . Silicon Dioxide
Expitaxial Silicon Insulating Layer (Dialectric)
Silicon
8
9
The remaining photoresist is removed by ashing. This patterning process is repeated many times during the wafer processing sequence.
Ion Implantation is the process in which dopant ions are embedded into the wafer surface. In an implant tool, a focused beam of ionized dopant atoms is accelerated to a high enough speed to penetrate the wafer.
WET STATIONS: ,. MN . . . . .
IMPLANT: ,. MN
Dainippon Screen: . Tokyo Electron: . S.E.S. Co.: . SCP Global Tech.: . Kaijo Corp.: .
. . . . .
14
13
Copper is the newest conducting material being used for interconnects due to its low resistivity and resistance to electromigration. Copper fill is accomplished by Electro-Chemical Deposition (ECD), where the wafer surface is submerged in an electrically charged chemical bath (electrolytic plating bath). By applying a bias, the resulting chemical reaction deposits a thin film of Cu onto the surface of the wafer.
ECP: . MN . . . . .
Novellus: . Semitool: . Applied Materials: . Ebara: . CuTek: .
Chemical Mechanical Polishing (CMP) planarizes the wafer, ensuring a flat wafer surface before patterning, and also replacing certain etch steps. During CMP, a polishing head presses on a rotating wafer against a rotating abrasive pad. A wet chemical slurry containing a micro-abrasive is placed between the wafer and pad to ensure the wafer surface is smooth and flat.
Copper
. . . .
. . . .
The wafer is then held in place, and separated into die using a precision saw.
Tokyo Seimitsu Co.: . Tokyo Electron: . Electroglas: . Karl Suss: .
The die are then attached to the lead frame either by soldering the die by plating the back with gold or using a paste to glue the die to the lead frame.
Nitride
The next step is wire bonding, where the bonding pads on the die are connected to the lead frame by use of small gold wires.
DICING SAWS: . MN . . . . .
Disco Corporation: . Tokyo Seimitsu Co.: . Machine Technology: . Han-Mi Co.: . Kulicke & Soffa: .
WIRE BONDING: ,. MN . Kulicke & Soffa: . . Shinkawa Ltd: . . ASM Pacific: . . ESEC: .
Reticle
Photoresist
10 RTP: . MN . . . . .
Applied Materials: . Steag: . Dainippon Screen: . Axcelis: . Ultratech Stepper: .
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Scanning Electron Microscopes (SEMs) use an electron beam to image and measure a feature on a semiconductor wafer at a very high resolution. CD-SEMs measure the “critical dimensions,” i.e., feature sizes of the chips, to assure the accuracy of the manufacturing process
PROCESS CONTROL (WAFER METROLOGY, INSPECTION AND REVIEW): ,. MN . . . . .
Applied Materials: . Ebara: . Speedfam: . Lam Research: .
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PROBERS AND HANDLERS: . MN
STEPPER: ,. MN . Nikon: . . ASM Lithography: . . Canon: . . Silicon Valley Group: . . Ultratech Stepper: .
Annealing processes are often used to activate implanted ions and also to repair damage and smooth out rough surfaces on the wafer. Annealing can be done either in a batch furnace or in a single wafer Rapid Thermal Processing (RTP) chamber.
CMP ,. MN
18
Wafer probing is the process in which the die on the wafer are checked to determine if it functions correctly. Wafers are placed onto a wafer prober, and pointed metal probes make contact with bonding pads and supply the necessary currents and voltages to the die under test. The die that function properly are left alone, and the die that fail are marked with a drop of ink.
Axcelis: . Varian: . Applied Materials: . Hitachi: . Anelva: .
TRACK: , MN . Tokyo Electron: . . Dainippon Screen: . . Silicon Valley Group: . . FSI International: . . Karl Suss: .
MASK MANUFACTURING: . MN . Applied Materials: . . Toshiba Machine: . . Hitachi: . . Micronic Laser Systems: . . JEOL: .
KLA-Tencor: . Hitachi: . Applied Materials: . Therma-Wave: . FEI: .
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The die are then packaged in a protective material to protect them against the environment, remove heat and allow for signals and power to be delivered to the chip.
MOLDING/ENCAPSULATION: . MN . . . . .
TOWA Corp: . Dai-Ichi Seiko: . Apic Yamada: . Be Semiconductor: . Han-Mi Co.: .
After packaging, the ICs go through a final test where TEST (ATE) run through several electrical . TK and thermal tests to ensure . TK quality of the ICs. . TK . TK . TK
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Illustration combines graphic designâ&#x20AC;&#x2122;s problem solving with the pure joy of drawing. If it looks like Iâ&#x20AC;&#x2122;m having fun, I am. For more samples, please see www.theispot.com.
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Illustration
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Striped White Jack and Meg White, ex-spouses, fake siblings Pen, brush, ink, computer color
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A Bust of Murrow Contemplating Stewart and Colbert The look of journalismâ&#x20AC;&#x2122;s new faces Pen, brush, ink, computer color
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Magnetic Hospitals Small hospitals use high technology to attract nurses. Pen, brush, ink, computer color
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Camouflaging the Wounded The Pentagon systematically under-records the numbers of seriously wounded soldiers. Pen, brush, ink, computer color
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King of Kingâ&#x20AC;&#x2122;s County Marty Markowitz looms large as Brooklynâ&#x20AC;&#x2122;s Borough President. Pen, ink, brush, watercolor, gouache
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A Face Like a Map of Old, Weird America Tom Waits Pen, brush, ink, computer color
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How Worried Should You Be About Swine Flu? Even the Vice President wants his family off the subway... Pen, brush, ink, computer color
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Perfectly Safe Parenting Making sure your kid never has an accident, or a moment of danger, or an instant of fun Pen, brush, ink, computer color
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Has the Organic Food Movement Become Too Sanctimonious? An Inquisition into purity of ingredients Pen, brush, ink, computer color
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Thinking About the Loss of Intellectual Property Every thought put on the Internet immediately becomes available to the public, whether intentionally or not Pen, brush, ink, computer color
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Speaking the Same Language Doctors contemplate the intricacies of the myriad types of electronic health records (Calligraphy by Bernard Maisner) Pen, ink, brush, watercolor, gouache
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Dog-Day Late Afternoon Frontispiece to forthcoming graphic novel Part-Time Dog Pen, brush, ink, computer color
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Charles Mingus Bangs Out a Few Notes The famously pugnacious bass player creates his famous sound. Watercolor, gouache, computer color
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Looking Over His Shoulder The very young Keith Richards, Mick Jagger, John Lennon and Paul McCartney all had hits with Bo Diddleyâ&#x20AC;&#x2122;s music. Pen, brush, ink, computer color
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All Hail the Emperor! George W. Bush, resplendent in his glory Pen, brush, ink, computer color
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For even more revealing artwork, proceed to www.seltzerstudio.com Illustration by Thomas Seltzer â&#x20AC;˘ (917) 805-3300 â&#x20AC;˘ artboy@seltzerstudio.com
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The Awesome Power of a Fully Operational Mothership George Clinton brings down some company. Pen, brush, ink, computer color
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The Comeback Britney Spearsâ&#x20AC;&#x2122;s memorable VMA performance Pen, brush, ink, computer color
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The Godfather of Soul! The Minister of the New, New Super Heavy Funk! The Hardest Working Man in Show Business! Soul Brother Number One! Mr. Dynamite! The Godfather of Funk! Mr. Please Please Please! Please give him a hand! Pen, brush, ink, computer color
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For 15 years, Seltzer Studio Graphics has been creating design and illustrations for clients such as American Lawyer, The Deal LLC, Deutsche Bank, Kleinwort-Dresdner-Wasserstein, The New York City Opera, The New York Times, UBS and Wyeth Pharmaceuticals. To contact us for assignments, please call us at 917 805 3300 or email us at artboy@seltzerstudio.com
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