Full Report Available at Are You Doubling Down on Your Aussie Large Cap Exposure? The release of financial accounts is one of the few occasions we get a look at the full portfolio of a LIC or LIT. With the completion of results season for the majority of LICs and LITs at August-end we got a look at the portfolios and thought it was a good time to take a look at whether Australian Large Cap LICs offer a level of diversification or whether investors are doubling down on their stock exposure in t...
Full report available at LMI Market News Initiated Coverage on Loomis Sayles Global Equity Fund (Quoted Managed Fund) (ASX: LSGE) During the month, we initiated coverage on Loomis Sayles Global Equity Fund (Quoted Managed Fund) (ASX: LSGE), which listed on the ASX on 1 October 2021. LSGE provides exposure to the Loomis Sayles Global Equity Opportunities Strategy, which was established in October 2004. The Responsible Entity (RE) is Investors Mutual Limited who has appointed Loomis, Sayles & ...
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....
Loomis reported a solid Q2 with US operations already above pre-pandemic levels and Europe strengthening as lockdowns ease, implying a US-style recovery in H2e in our view. We see Loomis as a solid recovery case and a well-financed company. For the first time, it is adding share buybacks to its capital-allocation model. We expect it to provide updated financial targets later this year. We reiterate our BUY and have raised our target price to SEK380 (370).
We expect Loomis’ Q2 performance to mirror lockdowns in its markets, suggesting a similar pattern to recent quarters – i.e. a strong US, but weaker European operations, ahead of a US-type recovery in H2. While Loomis is still trading 40% below pre-pandemic levels, we see a solid recovery case and a very well financed company likely to come back with updated, ambitious financial targets. We reiterate our BUY and have raised our target price to SEK370 (350).
Loomis ended a mixed Q1 with a record-strong US performance and a European operation struggling due to Covid-19 lockdowns. We see a potentially solid recovery case and a very well financed company. Given the weak share price during the pandemic, we believe share buybacks could be a good opportunity for Loomis. The board is warming to the idea as a capital allocation tool and now has a mandate from the AGM. We reiterate our BUY and SEK350 target price.
We see Loomis’ Q1 performance mirroring the lockdown levels in its operating countries, suggesting a similar pattern to recent quarters, with a strong US and weaker European operations. The acquisition of SecurePost AG in Switzerland looks highly synergetic to us, and we would expect Loomis to return with an ambitious new set of targets for the coming period. We see a potentially solid recovery case, and consider Loomis well financed, at an attractive valuation. We reiterate our BUY and have rai...
Loomis ended a mixed 2020 with record-strong US performance and record-high FCF generation, but with a European operation struggling in a Covid-19 lockdown environment. We see a potentially solid recovery case and a very well financed company. Given the weak share price recently, buying back its own shares could be the best investment opportunity for Loomis, with its board warming to the idea as a capital allocation tool. We reiterate our BUY and SEK335 target price.
We have lowered our forecasts as Loomis’ markets endure renewed lockdowns, suggesting a longer-drawn-out normalisation, in combination with less favourable FX. Revisiting the fundamentals, we find strong support from our updated Loomis Sweden and cashless society cases, while we believe the inherent value in SafePoint is now better exposed. We reiterate our BUY and SEK335 target price, based on greater prospects of Loomis’ substantial ‘financial muscle’ being reinvested effectively, SafePoint re...
Loomis’ US performance continues to impress with record profit margins and the European challenge eased during Q3, with FCF generation remaining solid. We reiterate our BUY, and have raised our target price to SEK335 (320) with the stock in deep-value territory. The investment case seems solid based on US CMS/Safe-Point growth and Europe in turnaround mode. We see additional prospects in Loomis’ substantial ‘financial muscle’ being reinvested effectively, SafePoint reaching its full potential an...
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