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.
>Results and leverage should improve in 2023, successful product launches and litigation remain key risks on the name - After several years of decline, we expect revenues to return to stable to positive growth in 2023. Improving AJOVY and AUSTEDO revenues as well as new product launches should offset the persisting decline in COPAXONE sales and price pressure in the generics business in the US. We also believe that ongoing efficiency measures will help to contain cost...
>Results and leverage should improve in 2023, successful product launches and litigation remain key risks on the name - After several years of decline, we expect revenues to return to stable to positive growth in 2023. Improving AJOVY and AUSTEDO revenues as well as new product launches should offset the persisting decline in COPAXONE sales and price pressure in the generics business in the US. We also believe that ongoing efficiency measures will help to contain cost...
Teva released reassuring results in Q2 2022 at the end of July with a return to positive revenue growth on constant currency and the confirmation of most of its full-year targets. The revenue objective was cut owing to the appreciation of the US dollar whilst the guidance for EBITDA ($ 4.7-5.0bn) and FCF ($ 1.9-2.2bn) is intact. - The Q2 results publication was also marked by the unveiling of (1) the company’s long-term targets and (2) an in-principle nationwide agreement in the U...
Teva released reassuring results in Q2 2022 at the end of July with a return to positive revenue growth on constant currency and the confirmation of most of its full-year targets. The revenue objective was cut owing to the appreciation of the US dollar whilst the guidance for EBITDA ($ 4.7-5.0bn) and FCF ($ 1.9-2.2bn) is intact. - The Q2 results publication was also marked by the unveiling of (1) the company’s long-term targets and (2) an in-principle nationwide agreement in the U...
Teva's spreads have slightly underperformed peers, driven by mixed legal developments with the group settling a number of cases on favourable terms but failing to reach a final resolution in the crucial opioid case. Spreads hit a one-year high in December in the wake of the New York State liable verdict but rapidly subsided as the group in February settled claims in Texas on terms mirroring a possible upcoming national framework. Currently, spreads remain more than 150bp wider th...
Teva's spreads have slightly underperformed peers, driven by mixed legal developments with the group settling a number of cases on favourable terms but failing to reach a final resolution in the crucial opioid case. Spreads hit a one-year high in December in the wake of the New York State liable verdict but rapidly subsided as the group in February settled claims in Texas on terms mirroring a possible upcoming national framework. Currently, spreads remain more than 150bp wider th...
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....
On the back of solid FY results and new legal developments, we revisit our recommendation on Teva's bonds. Our 'Buy' case on the whole curve remains valid as Teva's short-term prospects are buttressed by solid liquidity, a good operational momentum while longer-term investors will benefit from good market fundamentals through the cycles and Teva's leading positions. We also deem legal risks manageable. Against that backdrop, the 100bp spread premium of Teva's bonds on other 'BB'-...
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