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....
No-moat Rowan posted a net loss of $14.3 million in fourth-quarter 2018 and closed the year with its first annual operating loss since the dawn of the offshore drilling downturn in 2014. Direct operating costs were flat for the company as a whole in 2018 vs. 2017, despite the sequential revenue decrease of 36%. In particular, the deepwater segment was weak (with a nearly negative 100% gross margin) owing to an average utilization rate of 30% for the year. Operating costs for the deepwater unit r...
No-moat Rowan posted a net loss of $14.3 million in fourth-quarter 2018 and closed the year with its first annual operating loss since the dawn of the offshore drilling downturn in 2014. Direct operating costs were flat for the company as a whole in 2018 vs. 2017, despite the sequential revenue decrease of 36%. In particular, the deepwater segment was weak (with a nearly negative 100% gross margin) owing to an average utilization rate of 30% for the year. Operating costs for the deepwater unit r...
We are lowering our fair value estimates for offshore drillers, in the range of about 10%-20%. Our Transocean fair value estimates move to $6.50 per share from $8.25, Diamond to $10.50 from $12, Ensco to $3.75 from $4.40, Rowan to $10 from $11, and Noble to $2.50 from $2.90. The lower fair value estimates stem from decreases in our long-term floater rig demand forecasts, which lead to lower utilization and pricing forecasts for each of the drillers. Our no-moat ratings for each of the names are ...
We are lowering our fair value estimates for offshore drillers, in the range of about 10%-20%. Our Transocean fair value estimates move to $6.50 per share from $8.25, Diamond to $10.50 from $12, Ensco to $3.75 from $4.40, Rowan to $10 from $11, and Noble to $2.50 from $2.90. The lower fair value estimates stem from decreases in our long-term floater rig demand forecasts, which lead to lower utilization and pricing forecasts for each of the drillers. Our no-moat ratings for each of the names are ...
Offshore drillers Ensco and Rowan shook the industry on Oct. 8 by announcing an agreement to merge the two firms. Completion of the transaction is expected in first-half 2019, pending shareholder and regulatory approvals. The combination is a true merger of equals, with a stock-for-stock transaction valuing the firms roughly equivalently to their current market capitalization ratio. The combined company would have a total market enterprise value of about $12 billion, nearly on par with industry ...
Offshore drillers Ensco and Rowan shook the industry on Oct. 8 by announcing an agreement to merge the two firms. Completion of the transaction is expected in first-half 2019, pending shareholder and regulatory approvals. The combination is a true merger of equals, with a stock-for-stock transaction valuing the firms roughly equivalently to their current market capitalization ratio. The combined company would have a total market enterprise value of about $12 billion, nearly on par with industry ...
Offshore drillers Ensco and Rowan shook the industry on Oct. 8 by announcing an agreement to merge the two firms. Completion of the transaction is expected in first-half 2019, pending shareholder and regulatory approvals. The combination is a true merger of equals, with a stock-for-stock transaction valuing the firms roughly equivalently to their current market capitalization ratio. The combined company would have a total market enterprise value of about $12 billion, nearly on par with industry ...
Offshore drillers Ensco and Rowan shook the industry on Oct. 8 by announcing an agreement to merge the two firms. Completion of the transaction is expected in first-half 2019, pending shareholder and regulatory approvals. The combination is a true merger of equals, with a stock-for-stock transaction valuing the firms roughly equivalently to their current market capitalization ratio. The combined company would have a total market enterprise value of about $12 billion, nearly on par with industry ...
Moody's Investors Service ("Moody's") placed Ensco plc's (Ensco) ratings under review for downgrade following its announcement to acquire Rowan Companies, Inc. (Rowan, B3 developing) in an all-stock transaction on October 8, 2018. Ensco's ratings under review include its B2 Corporate F...
Key Points: • Offshore oil drillers continue to develop positively. Long-term trends are attractive. • As highlighted in Friday's Vital signs, the Financial Sector continues to weaken. Without a reflex rally this Sector will be up for a downgrade to Underweight. • Healthcare continues to be leadership.
• Offshore oil drillers continue to develop positively. Long-term trends are attractive. • Basic Materials are breaking down. The Sector is hitting a new RS lows. • The Financial Sector is also showing a sign of weakness as the RS is also hitting a new 52-week low. Not a good sign for the overall market.
Shifting to large-cap overweight Supporting our bullish outlook, the S&P 500's steady uptrend remains intact despite China opting to give the Trump administration the silent treatment, calling off high-level trade talks. Additionally, the large-cap (S&P 500) vs. small-cap (S&P 600) ratio is breaking out to multi-month highs; shift to an overweight of large-caps... see chart below. • Sector Relative Strength Rankings (RSRs). Health Care remains atop our rankings from both a cap- and equal-wei...
Key Points: • A number of Auto Component suppliers are showing signs of possible bottoms and reversals. • Offshore oil drillers continue to develop positively. Long-term trends are attractive. • The industrial Manufacturing Sector is increasingly showing positive inflections. • Communication equipment and electronic component suppliers continue to develop positively.
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