Atlantic Equities - DowDuPont Inc (DWDP) Tax and equity earnings drive Q4 beat

Report

Atlantic Equities

Colin Isaac

Tax and equity earnings drive Q4 beat

DowDuPont reported a solid beat driven by higher equity earnings and a low underlying tax rate. The synergy target was raised by 10%, and the demerger is now expected to complete in H219.

01/02/2018 4 EN

Underlying

DowDuPont Inc

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Provider

Atlantic Equities

Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.

Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.

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Analysts

Colin Isaac

Other Reports on these Companies

Atlantic Equities

Materials: Dropping Coverage

Effective immediately we are discontinuing coverage of Air Products (APD), CF Industries (CF), DowDuPont (DWDP), LyondellBasell (LYB), Mosaic (MOS), Nutrien (NTR) and Praxair (PX) following the departure of the sector analyst. Going forward, investors should not rely on our previously published notes, ratings, price targets or estimates for the above companies as they will not be updated following the discontinuation of coverage.

August 30, 2018 August 30, 2018 3 EN

Morningstar

Weather Delays and Reduced Supply Highlight Our 1Q Earnings Takeaways for the Agriculture Space

Unfavorable weather weighed on first-quarter results for many of the agriculture companies we cover, as a delayed start to the U.S. planting season reduced sales across every crop input category. While seed sales should bounce back in the second quarter, we expect less total nitrogen and crop chemicals will be used in 2018 as the late start reduces midseason applications. However, stronger potash demand outside of North America should more than offset stagnant or slightly reduced demand in North...

May 15, 2018 May 15, 2018 14 EN

BusinessWire

LPGA, Dow Partner to Bring New Team Competition to Michiganâ€™s Great Lakes Bay Region Starting in 2019

MIDLAND, Mich.--(BUSINESS WIRE)-- The Ladies Professional Golf Association (LPGA) and The Dow Chemical Company (Dow) announced today a new official LPGA Tour event coming to Michigan’s Great Lakes Bay Region next summer. The Dow Great Lakes Bay Invitational, a 72-hole team event, will debut at Midland Country Club from July 17-20, 2019. The partnership between Dow and the LPGA is initially for five years. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180510005803/en/ ...

May 10, 2018 May 10, 2018 1 EN

Model update

This report contains forecasts updated for reported Q218 results. Neither our financial nor PSU estimates are materially changed and we remain Overweight with a 12m PT of $365.

October 1, 2018 October 1, 2018 5 EN

Kunaal Malde ... (+2)

Kunaal Malde
CFA

V/MA: strong core, adjacencies more competitive

V/MA remain core long term holdings with secular cash to card tailwinds driving strong growth long term, supported by developments such as contactless. Valuation remains reasonable, although newer growth areas such as B2B face greater competition. We remain Overweight V/MA, raise our price targets to $173 and $250 respectively and currently favour V which trades on a PE of 28x, three turns lower than MA.

October 1, 2018 October 1, 2018 17 EN

John Heagerty ... (+3)

John Heagerty
Nadja Heini
CFA

Banks: Trading update and 3Q18 preview

Market volatility has moderated significantly since the beginning of the year, ceasing to be a tailwind for the banks' trading revenues in 3Q18. Despite the strong IB pipelines (announced M&A is up 40% YTD), fee pools have been affected by timing issues and are down 15-20% across the industry for the current quarter. Medium term, the outlook remains positive thanks to improving GDP growth, benign credit conditions, rising interest rates and a deregulatory focus. We have lowered our 3Q18 EPS estimates by 3% on average. Our longer term forecasts decline only modestly by 1%. C remains our t...

September 27, 2018 September 27, 2018 14 EN

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Tax and equity earnings drive Q4 beat

Materials: Dropping Coverage

Weather Delays and Reduced Supply Highlight Our 1Q Earnings Takeaways for the Agriculture Space

LPGA, Dow Partner to Bring New Team Competition to Michiganâ€™s Great Lakes Bay Region Starting in 2019

Model update

V/MA: strong core, adjacencies more competitive

Banks: Trading update and 3Q18 preview

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