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...
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,...
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...
>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...
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...
Jyske Bank annoncerer nyt aktietilbagekøbsprogram Bestyrelsen i Jyske Bank A/S (Jyske Bank) har besluttet at udnytte bemyndigelsen til at erhverve egne aktier givet på generalforsamlingen den 21. marts 2024. Aktietilbagekøbsprogrammet omfatter aktier for en maksimal værdi af 1,5 mia. kr. Programmet løber i perioden fra og med den 3. juni 2024 til senest den 31. januar 2025 efter bestemmelserne i EU’s markedsmisbrugsforordning, EU forordning nr. 596/2014 af 16. april 2014. Betingelser for aktietilbagekøbsprogrammet Formålet med programmet er en nedsættelse af aktiekapitalen i...
Jyske Bank announces share repurchase programme The Supervisory Board of Jyske Bank A/S (Jyske Bank) has decided to exercise the authority to repurchase shares granted by the Annual General Meeting on 21 March 2024. The share repurchase programme covers shares at a maximum value of DKK 1.5 billion. The programme runs as from 3 June 2024 and up to and including 31 January 2025. The share repurchase programme is initiated and structured in compliance with the EU Market Abuse Regulation and EU Commission Regulation No. 596/2014 of 16 April 2014. Conditions for the share repurchase pr...
Interim Financial Report, Q1 2024 Net interest income rose by 11% to DKK 2,462m (Q1 2023: DKK 2,224m)Core income was up by 4% to DKK 3,430m (Q1 2023: DKK 3,310m)Core expenses rose by 5% to DKK 1,557m (Q1 2023: DKK 1,480m)Loan impairment charges amounted to an expense of DKK 82m (Q1 2023: DKK 96m)Net profit was nearly unchanged at DKK 1,286m (Q1 2023: DKK 1,289m).Capital ratio at 22.0%, of which common equity tier 1 capital ratio at 16.6% (Q1 2023: 19.6% and 15.4%, respectively)Dividend of DKK 500m, corresponding to DKK 7.78 per share, adopted at the Annual General Meeting and paid out to th...
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 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) 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 ...
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...
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...
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...
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...
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...
>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...
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...
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