reports
- Valens Research
TDG - Valens Credit Report - 2024 04 26
Credit markets are overstating credit risk, with a cash bond YTW of 6.901% relative to an Intrinsic YTW of 6.001% and an Intrinsic CDS of 134bps. Furthermore, Moody's is materially overstating TDG's fundamental credit risk with its highly speculative B1 credit rating five notches below Valens' IG4 (Baa2) credit rating. Incentives Dictate Behavior™ analysis highlights mostly negative signals for creditors. That said, most anagement members have low change-in-control compensation relative to thei...
- Valens Research
PBF - Valens Credit Report - 2024 04 22
Credit markets are overstating credit risk with a YTW of 6.853% relative to an Intrinsic YTW of 6.083% and an Intrinsic CDS of 139bps. Meanwhile, credit markets are materially overstating the firm's fundamental credit risk, with its Ba3 credit rating five notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As a positive, management members are material owners of PBF equity relative to their annual compensation,...
First National Financial Corporation: 1 director
A director at First National Financial Corporation maiden bought 10,000 shares at 36.764CAD and the significance rating of the trade was 75/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors o...
- ABGSC Capital Goods Research
- Adrian Gilani
- Arnaud Autier
- Pierre Tegner
Remy Cointreau : Meeting between Emmanuel Macron and Xi Jinping: const...
>Outperform rating maintained with unchanged target price of € 125 - We are maintaining our Outperform rating, with an unchanged target price of € 125. The valuation remains attractive at 24x for NTM P/E, in absolute and relative terms, for a stock with high-quality fundamentals and which should return to growth in FY 2024-25e.The French business daily Les Echos yesterday published an article concerning Xi Jinping’s pledge to Emmanuel Macron to spare the French c...
- Joan Sehim
Thyssenkrupp Elevator : Refinancing bonds is the next step
The company successfully executed an amend and extend transaction on the bulk of its term loan B during March. There is now less pressure regarding the refinancing of the remaining 2027/2028 debt wall, which could happen in the next 12 months and be facilitated by a rather positive outlook. Indeed, we see main credit metrics to improve more significantly in the next quarters, supported by the execution of cost savings, favorable pricing/mix dynamic and progressively declining one...
EQS-News: IBU-tec to supply electric, CO2-saving rotary kiln to Johnso...
EQS-News: IBU-tec advanced materials AG / Key word(s): Incoming Orders/Alliance IBU-tec to supply electric, CO2-saving rotary kiln to Johnson Matthey, building on recent successes in service business 07.05.2024 / 08:18 CET/CEST The issuer is solely responsible for the content of this announcement. Corporate News IBU-tec to supply electric, CO2-saving rotary kiln to Johnson Matthey, building on recent successes in service business Current order volume of the Johnson Matthey project in the seven-digit Euro range Specific design and construction of the rotary kiln to be d...
EQS-News: IBU-tec liefert elektrischen, CO2-sparenden Drehrohrofen an ...
EQS-News: IBU-tec advanced materials AG / Schlagwort(e): Auftragseingänge/Kooperation IBU-tec liefert elektrischen, CO2-sparenden Drehrohrofen an Johnson Matthey und knüpft an jüngste Erfolge im Servicegeschäft an 07.05.2024 / 08:18 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Corporate News IBU-tec liefert elektrischen, CO2-sparenden Drehrohrofen an Johnson Matthey und knüpft an jüngste Erfolge im Servicegeschäft an Auftragsvolumen des aktuellen Johnson Matthey Projekts im siebenstelligen Euro-Bereich Entwicklung des spezifisc...
Form 8.5 (EPT/RI) - Centaur Media plc
Form 8.5 (EPT/RI) - Centaur Media plc FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Name of exempt principal trader:Investec Bank plc(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offereeCentaur Media plc(c) Name of the party to the offer with which exempt principal trader is connected:Investec are Advisor and ...
Novo Nordisk AS: 1 director
A director at Novo Nordisk AS sold 6,311,250 shares at 860.020DKK and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
Brand 24 S.A.: 1 director
A director at Brand 24 S.A. sold 624,281 shares at 33.570PLN and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly...
- Valens Research
NRG - Valens Credit Report - 2024 04 02
Credit markets are overstating NRG's credit risk with a YTW of 5.936 % relative to an Intrinsic YTW of 4.559% and a CDS of 145bps relative to an Intrinsic CDS of 35bps. Furthermore, Moody's is overstating the firm's fundamental credit risk, with its Ba1 credit rating two notches lower than Valens' IG4 (Baa2) credit rating. Incentives Dictate Behavior™ analysis highlights mostly positive signals for credit holders. NRG's metrics should generally drive management to improve all three value driver...
Bancorp Inc: 3 directors
Three Directors at Bancorp Inc bought/sold 16,709 shares at between 31.768USD and 32.614USD. The significance rating of the trade was 64/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over...
Capital Power Corp: 1 director
A director at Capital Power Corp bought 5,000 shares at 35.801CAD and the significance rating of the trade was 58/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Oliver Metzger
Fresenius Medical Care : Q1 review – Good start into the year, adj. EB...
>Q1 review – Ahead of expectations on adj. EPS - Fresenius Medical Care's Q1 2024 revenues of € 4,725m (+0.4% y-o-y, in line with ODDO BHF/consensus) were supported by organic growth of 4.8% at the group level compared with our forecast of 3.8%. Divestments created a headwind of 230bp and forex created a headwind of 220bp. Q1 adjusted EBIT of € 416m (+17.5% y-o-y, margin of 8.8%) was 6%/8% ahead of expectations. Reported EBIT reached € 246m and was in line with e...
- Joan Sehim
Thyssenkrupp Elevator : Refinancing bonds is the next step
The company successfully executed an amend and extend transaction on the bulk of its term loan B during March. There is now less pressure regarding the refinancing of the remaining 2027/2028 debt wall, which could happen in the next 12 months and be facilitated by a rather positive outlook. Indeed, we see main credit metrics to improve more significantly in the next quarters, supported by the execution of cost savings, favorable pricing/mix dynamic and progressively declining one...
- ABGSC Capital Goods Research
- Anders Idborg
- Wim Hoste
Solvay FIRST LOOK: 1Q underlying EBITDA beat, FY guidance maintained
1Q underlying EBITDA dropped by 13.6% organically to 265m which was 13% better than our forecast and 12% above CSS. Solvay reiterated its FY uEBITDA guidance which calls for a 10-20% organic decline vs the restated 2023 base. After the recent spun off of Syensqo, Solvay is a base chemicals group with leading market and technology positions in the vast majority of its businesses. The company will be managed with a conservative financial approach, favouring dividends over aggressive growth and op...
Form 8.5 (EPT/RI) - Abrdn European Logistics Income Plc
Form 8.5 (EPT/RI) - Abrdn European Logistics Income Plc FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Name of exempt principal trader:Investec Bank plc(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offereeabrdn European Logistics Income plc(c) Name of the party to the offer with which exempt principal trader is...
TotalEnergies et SINOPEC renforcent leur coopération
PARIS--(BUSINESS WIRE)-- Regulatory News: A l’occasion de la visite d’Etat en France du Président de la République Populaire de Chine, TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), représenté par Patrick Pouyanné, Président-directeur général, et China Petroleum and Chemical Corporation (« SINOPEC »), représenté par Ma Yongsheng, Président, ont signé un accord de coopération stratégique visant à approfondir leur collaboration, notamment dans les énergies bas carbone. TotalEnergies et SINOPEC travaillent ensemble depuis de nombreuses années, notamment en Angola et au Brésil dans l’Explorat...
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