MU - Valens Credit Report - 2024 04 29

Cash bond markets are slightly overstating credit risk with a YTW of 5.423% relative to an Intrinsic YTW of 4.903% and a CDS of 72bps relative to an Intrinsic CDS of 28bps. Meanwhile, Moody's is overstating MU's fundamental credit risk with its Baa3 credit rating, two notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mixed signals for credit holders. As positives, management members are material owners of MU equity relative to their annual compens...

CIEN - Valens Credit Report - 2024 05 06

Credit markets are slightly overstating CIEN's credit risk with a YTW of 6.602% relative to an Intrinsic YTW of 5.862% and an Intrinsic CDS of 115bps. Furthermore, Moody's is overstating the company's fundamental credit risk, with its speculative Ba1 credit rating three notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights mostly negative signals for credit holders. As a positive, management has low change-in-control compensation relative to thei...

28% adj. EBITDA beat, strong cash flow

Big Artscape-driven beat

Valneva : T1 décevant lié à des contraintes d’approvisionnement – Guid...

>En dessous de attentes en topline et bottom line - Les revenus T1 sont en baisse de 2% à 32.8 M€ (-24% vs css) avec des ventes de produits stables à 32.1 M€ (-21% vs css). Cette performance décevante s’explique principalement par des problèmes d'approvisionnement sur Ixiaro qui ressort en baisse de 5% (-34% vs css). Dukoral affiche une croissance de 10% à 11.3 M€ (+18% vs css) soutenue par la reprise du marché du voyageur. Comme prévu, la distribution pour tiers (-9%...

HOLX - Valens Credit Report - 2024 05 06

Credit markets are slightly overstating HOLX's credit risk with a YTW of 6.029% relative to an Intrinsic YTW of 5.409% and an Intrinsic CDS of 77bps. Furthermore, Moody's is overstating the company's fundamental credit risk, with its speculative Ba1 credit rating three notches lower than Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights positive signals for credit holders.HOLX's compensation framework incentivizes management to improve all three value drivers:...

Cost driven miss in Q1

PSP Swiss Property : Q1 2024 results: Strong results; partially driven...

>Beat in rental income and earnings driven by positive one-offs FY2024 outlook: EBITDA excl. gains/losses on RE investments increased to CHF 300m (was CHF 295m before), for a large extend due to one-off benefits.Like-for-like growth 6.6%, adjusted for two one-off effects 3.3% (FY2023 5.1%). Positive revaluations CHF 31.2m (FY2023 -161.3m or -1.7%). Regular revaluations are done semi-annually and changes in Q1 are due to property-specific changes.PSP d...

NORMA Group SE : Q1 2024 profit margins showing further sequential imp...

>Q1 2024 results look broadly in line with our expectations - Norma’s Q1 2024 reported group sales are down 2% y-o-y to € 309m (in-line with ODDO BHF; -1% vs css) with an organic growth rate of -1%. Group adj. EBIT is +14% y-o-y to € 25.7m (+1% vs ODDO BHF& css) with an adj. EBIT margin of 8.3% in the quarter under review. The sequential improvement of Norma’s adj. EBIT margin (Q1 2023: 7.2%; Q4 2023: Q1 2024: 8.0%) is said to be driven by a more efficient production...

Solvay : A solid quarter despite the large net pricing headwinds

>Pressure on underlying EBITDA less than expected - A good first set of results for the new Solvay, with Q1 24 group revenues of € 1,201m (+6% vs ccs) reflecting -11.9% yoy organic growth mainly as a consequence of lower prices (-14.5% yoy), partially offset by higher volumes (+2.5% yoy). Q1 24 underlying EBITDA came in much stronger than expected at € 265m (-27.2% yoy, -13.6% organically given the exit from the thermal insulation and energy third parties operations) ...

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,...

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...

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...

Clear margin improvement

21% EBITA beat vs. consensus mainly margin-driven. Lower costs and favourable mix to persist, EBITA up by 10-7%. Now trading at 17-15x '24e-'25e EV/EBITA.