Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
We’ve moved down our moat rating on Embraer to none from narrow due to the pending divestment of the company’s commercial aviation business to Boeing via a JV. Embraer’s remaining business portfolio will be dominated by no-moat businesses. Our moat rating downgrade pushed our fair value estimate down to $21 per ADR from $23. We’re already modeling in the Boeing JV starting in 2020 because we think it will be consummated at the end of 2019. Our previous narrow moat rating rested on Embra...
We’ve moved down our moat rating on Embraer to none from narrow due to the pending divestment of the company’s commercial aviation business to Boeing via a JV. Embraer’s remaining business portfolio will be dominated by no-moat businesses. Our moat rating downgrade pushed our fair value estimate down to $21 per ADR from $23. We’re already modeling in the Boeing JV starting in 2020 because we think it will be consummated at the end of 2019. Our previous narrow moat rating rested on Embra...
We’ve moved down our moat rating on Embraer to none from narrow due to the pending divestment of the company’s commercial aviation business to Boeing via a JV. Embraer’s remaining business portfolio will be dominated by no-moat businesses. Our moat rating downgrade pushed our fair value estimate down to $21 per ADR from $23. We’re already modeling in the Boeing JV starting in 2020 because we think it will be consummated at the end of 2019. Our previous narrow moat rating rested on Embr...
Narrow-moat Embraer reported weak 2018 results that featured a full-year revenue decline of 13% and adjusted EBIT margins of 4.4%. Embraer also took an impairment on assets related to the Lineage business jet program due to weak demand and faced additional KC-390 charges this quarter. Guidance for 2019 mirrored the initial outlook given at the January investor day: $5.5 billion of revenue at the midpoint coupled with break-even EBIT. We’re maintaining our fair value estimate of $23 per ADR. Th...
Narrow-moat Embraer reported weak 2018 results that featured a full-year revenue decline of 13% and adjusted EBIT margins of 4.4%. Embraer also took an impairment on assets related to the Lineage business jet program due to weak demand and faced additional KC-390 charges this quarter. Guidance for 2019 mirrored the initial outlook given at the January investor day: $5.5 billion of revenue at the midpoint coupled with break-even EBIT. We’re maintaining our fair value estimate of $23 per ADR. Th...
Embraer is selling off 80% of its commercial aviation business to Boeing. Within this business, Embraer boasts the number-one position in the market for commercial aircraft between 70 and 130 seats. However, the Airbus majority stake in the Bombardier C Series program presents a challenge to Embraer's regional jets and this was a major impetus behind the Embraer and Boeing tie-up. Embraer has also focused on developing its defense and security business with support from the Brazilian government....
At its investor day, narrow moat Embraer outlined more details surrounding plans to sell 80% of its commercial aircraft unit to Boeing and gave a guidance update for 2018-20. While the Boeing deal looks attractive--the $3 billion of net proceeds are worth $16 per ADR alone--guidance was weaker than we anticipated. Embraer also revealed plans to make a $1.6 billion special dividend post deal closure to shareholders. The Brazilian government gave its blessing, and Embraer and Boeing are now workin...
Boeing and Embraer finalized the terms of their joint venture in which Boeing will acquire Embraer’s regional jet business for $4.2 billion (up from $3.8 billion) in an all-cash deal. We already baked the new JV into our Embraer model, and because the Boeing price increase is linked primarily to tax and other costs, we’re not updating our $23 fair value estimate for Embraer. We’re in the process of incorporating the JV into our Boeing model and don’t anticipate a significant fair value e...
Boeing and Embraer finalized the terms of their joint venture in which Boeing will acquire Embraer’s regional jet business for $4.2 billion (up from $3.8 billion) in an all-cash deal. We already baked the new JV into our Embraer model, and because the Boeing price increase is linked primarily to tax and other costs, we’re not updating our $23 fair value estimate for Embraer. We’re in the process of incorporating the JV into our Boeing model and don’t anticipate a significant fair value e...
Embraer continues to work through its transition to the new E2 models and the third quarter featured pressure on revenues and profitability due to poor performance out of commercial aviation. Boeing’s acquisition of 80% of Embraer’s commercial jet business looks increasingly likely due to the election of Jair Bolsonaro as Brazil’s next president and after incorporating the transaction we arrive at a new fair value of $23 compared to $25 previously. We’ve maintained our narrow moat rating...
Embraer continues to work through its transition to the new E2 models and the third quarter featured pressure on revenues and profitability due to poor performance out of commercial aviation. Boeing’s acquisition of 80% of Embraer’s commercial jet business looks increasingly likely due to the election of Jair Bolsonaro as Brazil’s next president and after incorporating the transaction we arrive at a new fair value of $23 compared to $25 previously. We’ve maintained our narrow moat rating...
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