reports
- Nuno Estácio
Iberian Stocks: Termination of Coverage
Owing to a realignment of its business model, Haitong Bank is terminating coverage of Iberian research. This includes: Mota Engil (EGL PL), Altri (ALTR PL), Ence (ENC SM), Navigator (NVG PL), Semapa (SEM PL), Euskaltel (EKT SM), Cellnex (CLNX SM), Mas Movil (MAS SM), NOS (NOS PL), Sonaecom (SNC PL), Telefonica (TEF SM), Antena 3 (A3M SM), Mediaset España (TL5 SM), Indra (IDR SM), Corticeira Amorim (COR PL), CTT (CTT PL), Ebro Foods (EBRO SM), Ibersol (IBS PL), Logista (LOG SM), Tecnicas Reunida...
EBRO EBRO FOODS SA
CTT CTT - CORREIOS DE PORTUGAL SA
COR CORTICEIRA AMORIM SGPS SA
VID VIDRALA SA
VIS VISCOFAN S.A.
SEM SEMAPA SOCIEDADE DE INVESTIMENTO E GESTAO SGPS SA
SNC SONAECOM SGPS S/A
NOS NOS SGPS SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
IBS IBERSOL SGPS S.A.
NVG NAVIGATOR COMPANY SA
EGL MOTA-ENGIL SGPS SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
CLNX CELLNEX TELECOM S.A.
EKT EUSKALTEL SA
TL5 MEDIASET ESPANA COMUNICACION SA
TRE TECNICAS REUNIDAS SA
IDR INDRA SISTEMAS S.A. CLASS A
TEF TELEFONICA SA
MAS MASMOVIL IBERCOM SA
- Nuno Matias
Sonaecom: Back to attractive levels
Although Sonaecom (SNC) shares were broadly flat in 2018, the company had, in our view, a quite positive year. Firstly its most important asset, NOS (NOS PL, Eur 5.99, BUY, FV Eur 6.90), had another solid year, with group EBITDA and FCFE growing 2.8% and 40%, respectively, resulting in 75% growth in 2016-2018 DPS. 2018 was also marked by the increased visibility of some of SNC’s ‘hidden jewels’, namely Armilar funds through the partial monetization of the gains achieved in one of these fun...
- Nuno Matias
Sonaecom: Return to the mean
We update our numbers post FY17 results and our FV falls from €2.2 to €2.0, mostly reflecting the drop in NOS’ share price. We upgrade the shares from Sell to NEUTRAL as the discount to NAV is back to more normalized levels as the shares have pulled back considerably in recent months. Operationally and from a corporate structure perspective, little has changed at Sonaecom (SNC) and we continue to believe that investors should favour direct exposure to NOS owing to several factors: 1) The d...
- Please Change Name John C Forrey
- Please Change Name Corelli
- Please Change Name Corelli
AECOM: Covenant Quality Pre-Sale Snapshot:$750m _% Senior Notes due 20...
CORPORATES ISSUER IN-DEPTH 15 February 2017 Source Documents: Red OM (15 Feb 2017) Peer Group: » Construction KEY METRICS: Historical financial data (LTM and as of 31 Dec 2016) Total assets = 13,509 Adj. EBITDA = 985 Pro forma financial data (as of 31 Dec 2016) Total debt = 4,174 (All figures in $ millions unless otherwise noted) (Ratios may vary from Moody’s adjusted ratios) See Snapshot User’s G
- Please Change Name Michael Corelli
Moody's assigns Ba3 rating to AECOM's proposed senior unsecured notes
$750 million of debt securities affected. New York, February 15, 2017-- Moody's Investors Service,, has assigned a Ba3 rating to AECOM's proposed $750 million senior unsecured notes due 2027. The company plans to use the proceeds from the notes offering to retire outstanding debt and to pay related fees and expenses. Moody's affirmed AECOM's Ba2 corporate family rating, Ba2-PD probability of default rating, the Ba1 rating on its senior secured credit facilities, the Ba3 rating on...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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