reports
- Pedro Fonseca
Fundsmith Emerging Equities Trust - Termination of coverage
Edison Investment Research is terminating coverage on Schroder Asia Pacific (SDP), Fundsmith Emerging Equities Trust (FEET), Cohort (CHRT) and Akobo Minerals (AKOBO). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.
- Pedro Fonseca
Fundsmith Emerging Equities Trust - Stepping forward
Fundsmith Emerging Equities Trust (FEET) has evolved from an emerging markets (EM) consumer-driven growth story since launch in 2014. Its strategy remains to own high-quality companies, but a number of changes in emphasis have been made. The managers have made the portfolio more focused by number of holdings (38 at end-September 2021) and the weighting in technology and healthcare has increased. The team stresses that the fund suits investors with a long-term time horizon, as the underlying stro...
- Pedro Fonseca
Fundsmith Emerging Equities Trust - Stepping forward
Fundsmith Emerging Equities Trust (FEET) has evolved from an emerging markets (EM) consumer-driven growth story since launch in 2014. Its strategy remains to own high-quality companies, but a number of changes in emphasis have been made. The managers have made the portfolio more focused by number of holdings (38 at end-September 2021) and the weighting in technology and healthcare has increased. The team stresses that the fund suits investors with a long-term time horizon, as the underlying stro...
Fundsmith Emerging Equities Trust: 1 director
A director at Fundsmith Emerging Equities Trust sold 7,585 shares at 1,318p and the significance rating of the trade was 52/100. 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 over the last two...
Edison Investment Research Limited: Fundsmith Emerging Equities Trust ...
Edison Investment Research Limited Edison Investment Research Limited: Fundsmith Emerging Equities Trust (FEET): Initiation - Sticking to its guns 01-Feb-2021 / 08:00 GMT/BST London, UK, 1 February 2021 Fundsmith Emerging Equities Trust (FEET): Initiation - Sticking to its guns Fundsmith Emerging Equities Trust (FEET), an emerging markets (EM) consumer theme focused investment trust launched in 2014, has recently undergone a gradual, but notable transition. In May 2019 Michael O'Brien and Sandip Patodia took over day-to-day management from Terry Smith, to focus full-time on ...
Benelux Morning Notes
ALD: Risk to upside for CSR guidance Aperam: Small beat, confident outlook Avantium: Flowing along nicely ArcelorMittal: 8% EBITDA beat and favourable outlook DSM: More nutrition required Fugro: Results better than expected, cash flow in waiting room GBL: Business as usual Nyrstar: Zinc hedges at US$3,000 should give comfort on 2019 earnings Takeaway.com: Continues to deliver Telenet: €600m extraordinary dividend, 2Q beat WDP: Execution good as always, no market rent growth
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/ArcelorMittal, DSM, Wolters Kluwer and Veo...
Industrials: • ArcelorMittal (MTNA) reported strong 2Q18 numbers this morning. EBITDA came in at US$3.07bn, versus US$2.11bn in the same period a year earlier and US$2.51bn in 1Q18. Revenue stood at c.US$20.0bn, as compared to US$17.2bn in 2Q17 and US$19.2bn in the first 3 month period of the year. We view this report card as supportive for spreads and have a preference for the MTNA3 4/21. (For full story, download report) Net debt stood at US$10.5bn at quarter end, versus US$11.1bn at 1Q18. T...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/Deutsche Bank fails test, DSM, BP, Telefó...
The Fed released the results of the second part of the bank stress tests on US banks and European banks' US subsidiaries. The second part is also a qualitative assessment that allows the Fed to conclude whether banks may pay distributions as they have planned. Deutsche Bank's (DB) US subsidiary DB USA Corporation was the only institution to whose capital plan Fed objected to. In addition, Goldman Sachs, Morgan Stanley and State Street received a conditional non-objection to capital plan, for th...
- Reginald Watson
- CFA
DSM/It's a grower, not a shower/BUY
Investors reacted badly to DSM's recent Strategy 2021 reveal as expectations had been built up for a shower of balance sheet fireworks which never materialised. In our view, the market is missing the point that DSM has earned the right to be considered a steady grower and is no longer the M&A show-off it once was.
- Hendrik Wiersma
DSM/Further profit growth and gearing up
DSM[e] presented its 2019-2021 strategic plan today. The company targets a high single-digit annual increase in adjusted EBITDA and an average c.10% annual increase in adjusted net operating cash flow over the period 2019-21, with revenue growth ahead of the market, resulting in an estimated 5% organic growth rate. The new strategy did not include any surprises with respect to the company's capital allocation policy. DSM's balance sheet is underleveraged and management has previously indicated i...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/DSM expects further profit and dividend gr...
DSM (DSM) is hosting its capital markets day today. The company targets a high single-digit increase in adjusted EBITDA and an average c.10% annual increase in adjusted net operating cash flow over the period 2019-2021, with revenue growth ahead of the market, resulting in an estimated 5% organic growth rate.
- Reginald Watson
- CFA
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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