Kingspan Group Plc. Sector Manager: Daniel Curran. Senior Analyst: Kevin McDonnell. Team Analysts: Jack Kennedy. Ashley Duane.
|
|
- Eugenia Wilcox
- 5 years ago
- Views:
Transcription
1 Kingspan Group
2 T r i n i t y S M F Kingspan Group Plc. Sector Manager: Daniel Curran Senior Analyst: Kevin McDonnell Team Analysts: Jack Kennedy Ashley Duane Dylan Murphy TJ O Sullivan Mark Perham
3 Investment Thesis
4 Summary of Investment Thesis Why invest now? The market cycle is slowly beginning to gain traction. Investing later in the year could minimise future gains. Why invest in this industry? We believe that Kingspan are in a strong industry that is poised for growth after a significant period of decline. Long Tem Outlook Buy Strong Industry, Leadership & Brand Why invest in Kingspan? Kingspan in particular is positioned for sustainable growth. It has a strong management team, and a strong balance sheet which will allow them to make incremental gains in the coming years. How does this fit into the SMF s Portfolio? The 3-4 year investment horizon will allow complete market recovery, and give Kingspan time to expand their business into key regions. Conviction Now
5 Company Overview
6 Introduction: Company Snapshot Recommendation BUY Current Price Price Target 26.4 Upside 5% Timeline 4+ years Market Cap M 52wk range P/E 31.3 Div. Yield 0.72% FCF Yield 5.13% Analyst Consensus Buy or Hold
7 Revenue Breakdown Access Floors 8% Environmental 8% Insulated Panels 59% Insulated Boards 25%
8 Revenue The graph shows that revenue has almost doubled in the 5 years since With the completion of recent acquisitions we believe that this trend is set to continue.
9 T r i n i t y S M F Geographical Breakdown Ireland 4% UK 36% North America 15% Mainland Europe 35% Rest of World 4% Moving forward North America and mainland Europe will be the major growth areas for Kingspan. In the 2016 / 2017 calendar year they will also increase their exposure to the Mexican market.
10 Sales to Profit Breakdown
11 Company SWOT Analysis Strengths Extremely innovative, especially for an industrials company. Large steady investments in R+D. Nimble, despite it s growing size. Company-wide commitment to long-term plan of diversification and supporting environmental endeavours. Strong debt management unwilling to go above 2x Net Debt/EBITDA Weaknesses Opportunities The global green building materials market size is expected to exceed USD 364 billion by Accenture predict that the construction industries in developed countries will grow 36% between now and 2020 Increased regulations concerning green buildings on national and supranational levels. Threats Lack of exposure to developing markets. Losing market share to larger competitors
12 Mergers & Aquisitions European manufacturer and supplier of insulated panels Leading market positions in France and the Benelux. 329 million North American supplier of quality exterior building products Leading supplier to all segments of the construction industry across North America. 139 million
13 Competition Breakdown 25% of the market is controlled by four main companies. Share Price Market Cap P/E Industry Average - 3.7B Kingspan B 31.3 San-Gobain B
14 Business Overview Lead the field in high performance insulation globally with proprietary and differentiating technologies. Achieve greater geographic balance, primarily focusing on The Americas, Western Europe and appropriate developing markets. Become the world s leading provider of low energy building solutions Insulate & Generate.
15 Management Founder Eugene Murtagh, Non-Executive Chairman Founded 1965, Aged 72. CEO Gene Murtagh, Previously COO, Appointed 2004, Age 40. CFO Geoff Doherty, Previously CFO of Green Core, Appointed 2011, Age 43. Raymod Trost, CEO Joris Ide, Appointed 2011, Age 56.
16 Environmental Focus Sustainability Commitment Awarded a position on the CDP Climate A List. Committed to net zero carbon emissions by Business Division Environmental Business Division is responsible for approximately 8% of Revenues. Following a relatively prolonged spell of either stagnant or declining sales, activity has now stabilised. Growing this business more internationally is considered important, with particular emphasis on environmental fuel storage solutions, water and treatment applications.
17 Financial Overview
18 Financials Kingspan impressed throughout a difficult period for the construction industry, and they are thriving again as economic prosperity slowly returns. Kingspan s Revenue, Net Income and EPS have increased every year for the last 5 years. Summary Total Revenue 1.891bn Gross Margin 27.3% EBITDA 187m ROE 13.2% Total Debt/Equity 1.11 Div. Yield 0.72%
19 Income Statement Revenue and ROCE show healthy trends, which look set to continue into the future. Return on Capital Empolyed Employed in % Revenue in Millions of Euro
20 Balance Sheet & Cash Flow Statement This year s financials look set to surpass what was an incredilbe 2014 for the Kingspan Group. Kingspan has sales totalling 2B in the first 9 months of 2015, up 44% year on year. This year trading profit is anticipated to be 250m, up 68% year on year. ( 000) 2013A 2014A 2015E 2016E Cash and Equivalents Total Assets , ,800 Total Debt Total Liabilities , Shareholders Equity Cash Flow Operations
21 Key Ratios At the end of September 2015 the net debt sat at 413m. This figure is up 300m from this time last year, but it is forecast to drop to 380m by the year s end As previously mentioned, Net Debt/Ebitda will not rise above 2 times, due to strong liability management of the firm. Ratios Net debt 18.1% 23.1% 20.3% 12.4% 12.4% Current Ratio Operating Cash flows Net Assets
22 Debt Analysis Capital Structure Market Capitalisation Short Term Debt Long Term Debt Funding comes through a combination of equity and debt. Debt is funded through a combination of syndicated bank facilities, and private placement loan notes. Used for the purchase of acquisitions. 6% 8% 86%
23 Debt Analysis Net Debt/EBITDA Interest Coverage Ratio H H H H H
24 Valuation
25 Competitor Valuations Name P/E Fwd P/E EPS Gr EPS Gr Div Yield Div. Cover ROE EBITDA (mil.) Mkt. Cap YTD. Perf Saint- Gobain % (12.3)% 1.5% % 3, B 14.18% Rockwool % 0.08% 1.05% % B 55.28% Recticel % 0.07% 3.89% % M 20.00% Kingspan % 12.5% 0.72% % B 75.61%
26 Implied Multiples Valuation Metric Median Industry Value Implied Price P/E FWD P/E P/B Average Price EV/EBITDA Model EBITDA: 30,782.9 Low Base High EV/EBITDA EV Cash Debt Value of Equity No. Shares Per Share Value ( ) Potential Upside (8%) 10% 17%
27 Discounted Cash Flow Valuation 2015E 2016E 2017E 2018E 2019E Growth Rate EBIT % Dep & Amor % Def. Taxes n/a Changes WC n/a Capital Exp % Taxes n/a Total FCF n/a Discounted Cash Flow Valuation Terminal Growth 3% Total Enterprise Value WACC 10.8% Total Equity Value Estimated Value per share (+10%)
28 Valuation Weightings Multiples 10% (+5%) Low 20% High 35% Base 35%
29 Risk
30 Qualitative Risk 1. Volatility in Macro Environment: Demand for products is dependent of construction sector which is inherently cyclical. Failure to adapt to this risk could negatively impact financial results for Kingspan. 2. Failure to Innovate: Existing products could be replaced by substitute products that Kingspan doesn t produce, thus their market position could come under pressure. 3. Credit Risks: Kingspan provides credit to it s customers as a part of its services, and there are are associated risks with this. 4. Currency Exposure: Kingspan operates in three main regions, North America, Mainland Europe, and the UK. As such it has exposure to three major currencies. Although, the current currency situation favors Kingspan it may not remain as such.
31 Quantitative Risk
32 Quantitative Risk
33 Summary of Investment Thesis Why invest now? The market cycle is slowly beginning to gain traction. Investing later in the year could minimise future gains. Why invest in this industry? We believe that Kingspan are in a strong industry that is poised for growth after a significant period of decline. Long Tem Outlook Buy Strong Industry, Leadership & Brand Why invest in Kingspan? Kingspan is positioned for sustainable growth. It has a strong management team, and a strong balance sheet which will allow them to make incremental gains in the coming years. Conviction Now How does this fit into the SMF s Portfolio? The 3-4 year investment horizon will allow complete market recovery, and give Kingspan time to expand their business into key regions.
34 Questions
35
Lockheed Martin. Sector Manager: Daniel Curran. Senior Analyst: Kevin McDonnell. Team Analysts: Jason Flynn. Mike Havris. TJ O Sullivan.
Lockheed Martin T r i n i t y S M F Lockheed Martin Sector Manager: Daniel Curran Senior Analyst: Kevin McDonnell Team Analysts: Jason Flynn Mike Havris TJ O Sullivan Mark Perham T R I N I T Y S M F Investment
More informationAlcoa. TRINITY SMF Investment Thesis. Sector Manager: Tim Blythman Senior Analyst: Ellie Hogan Analysts: Rebeca Fryer Sibeal Wheatly & Adam Claffey
Alcoa Pitch Alcoa TRINITY SMF Investment Thesis Sector Manager: Tim Blythman Senior Analyst: Ellie Hogan Analysts: Rebeca Fryer Sibeal Wheatly & Adam Claffey Summary of Investment Thesis The split in the
More informationHyundai Motor Company Pitch
Hyundai Motor Company Pitch Investment Thesis What you re buying 150,000) Summary of Investment Thesis Company Overview Introduction: Company Snapshot Recommendation BUY 3 Year Price v MSCI World *All
More informationForward Looking Statements
Kingspan 2015 Full Year Results 22 nd February 2016 Disclaimer Forward Looking Statements This presentation contains certain forward-looking statements including, without limitation, regarding the Group
More informationKingspan Full Year Results. 23rd February 2018
Kingspan Full Year Results 23rd February 2018 Disclaimer Forward Looking Statements This presentation contains certain forward-looking statements including, without limitation, the Group s financial position,
More informationSector Manager: Richard Sparkes Senior Analyst: Patrick Folan Analysts: Cian Mulcahy, Marie-Louise O' Callaghan, Ioustina Martin
Nestlé Pitch Sector Manager: Richard Sparkes Senior Analyst: Patrick Folan Analysts: Cian Mulcahy, Marie-Louise O' Callaghan, Ioustina Martin Introduction: Company Snapshot Nestlé one year share price
More informationForward Looking Statements
Kingspan Interim Results 22 nd August 2016 Disclaimer Forward Looking Statements This presentation contains certain forward-looking statements including, without limitation, regarding the Group s financial
More informationThe Mondelēz International Pitch
The Mondelēz International Pitch Sector Manager: Richard Sparkes Senior Analyst: Patrick Folan Analysts: Ross Casey, Barry Fitzpatrick Introduction: Company Snapshot Graph of share price for past 12 months
More informationKINGSPAN GROUP PLC HALF-YEARLY FINANCIAL REPORT. for the period ended 30 June 2015
KINGSPAN GROUP PLC HALFYEARLY FINANCIAL REPORT for the period ended 30 June 2015 KINGSPAN GROUP PLC RESULTS FOR THE HALF YEAR 30 JUNE 2015 Kingspan the global leader in high performance insulation and
More informationMSU: Metro Inc. Pitch February 24, 2016
MSU: Metro Inc. Pitch February 24, 2016 Disclaimer The analyses and conclusions of Queen s Capital contained herein are based on publicly available information. The analyses provided may include certain
More informationKINGSPAN 2017 INTERIM RESULTS 18TH AUGUST 2017
KINGSPAN 2017 INTERIM RESULTS 18TH AUGUST 2017 DISCLAIMER Forward Looking Statements This presentation contains certain forward-looking statements including, without limitation, the Group s financial position,
More informationKingspan Full Year Results 25 th February 2013
Kingspan Full Year Results 25 th February 2013 Disclaimer Forward Looking Statements This presentation contains certain forward-looking statements. Actual results may differ materially from those projected
More informationNTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More informationBack to basics. Recommendation and investment thesis. Strengths and opportunities. Weaknesses and threats
SQM-B Target price:clp 24,000 USD 43.9 Recommendation: Buy Risk: Medium Sector: Mining Update report Analyst: Juan Carlos Parra Stock market antecedents Price (CLP/share) 21,397 Price YtD 39.8% IPSA YtD
More informationKINGSPAN GROUP PLC PRELIMINARY RESULTS. Year Ended 31 December 2015
KINGSPAN GROUP PLC PRELIMINARY RESULTS Year Ended 31 December 2015 KINGSPAN GROUP PLC RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 Kingspan, the global leader in high performance insulation and building
More informationIndustry: CABLE TV August 7, 2013 Recommendation: BUY. Company Overview
Price Target $74.09 Price (08/07/2013) $61.11 52-WK ($) 47.71-67.85 Market Cap ($M) $34,000 Outstanding Shares 556 Insider % 7.0 Revenue $30,750 Valuation TEV ($M) $50,590 EBITDA ($M) $7,480 EV/EBITDA
More informationCEMEX Cement. Quarterly Report February 9, CEMEX remains on track to regain its investment grade.
Quarterly Report CEMEX Market Outperformer 2017 Price Target US$11.0 Price 8.9 12M Price Range 4.1/9.5 Shares Outstanding (Mill)* 1,545 Market Cap USD (Mill) 13,797 Float 78.6% Net Debt USD (Mill)** 12,516
More informationEQUITY RESEARCH HOLD Medserv p.l.c. Stock Rating Price target (1Yr) 18 th January 2018
Medserv p.l.c. Stock Rating Price target (1Yr) HOLD 1.21 Executive Summary: We are initiating our coverage with a hold recommendation on Medserv plc ( MDS ). Despite the negative financial performance
More informationINDRA SPAIN \ TECHNOLOGY
INDRA SPAIN \ TECHNOLOGY Company Update NR (prev. Buy) Target: 14.5 (prev. 17) Risk: High STOCK DATA Price 13.97 Bloomberg Code IDR SM Market Cap. ( mn) 2,269 Free Float 59.31% Shares Out. (mn) 162 52-week
More informationCement Sector ARM and Bamburi Valuation Summary 31 st July, 2016
Cement Sector ARM and Bamburi Valuation Summary 31 st July, 2016 Table of Contents I. ARM Cement Limited II. Bamburi Cement Limited III. Comparison 2 3 I. ARM Cement Limited Athi River Mining Company Limited
More informationUtility Sector. Jun Liu, Ran Yan, Hongda Zhang 5/28/2012
Utility Sector Jun Liu, Ran Yan, Hongda Zhang 5/28/2012 Consumer Discretionary 10.04% Dividend Receivables 0.08% Cash 3.83% Telecommunicat ion Services 1.02% Materials 3.93% Consumer Staples 10.95% Information
More informationCaterpillar, Inc. (CAT) October 9, 2016 Industrials Heavy Machinery Stock Rating Hold
The Henry Fund Henry B. Tippie School of Management Casey Farrier Spoden [casey-farrier@uiowa.edu] Caterpillar, Inc. (CAT) October 9, 2016 Industrials Heavy Machinery Stock Rating Hold A weak global economy
More informationONEOK Partners, L.P. ONEOK Partners, L.P. (NYSE:OKS) Applied Portfolio Management. Investment Thesis. Segments Breakdown 5/5/2015
ONEOK Partners, L.P. (NYSE:OKS) ONEOK Partners, L.P. Applied Portfolio Management Publicly traded partnership formed in 1993 o Headquarters: Tulsa, Oklahoma A leading transporter of natural gas and natural
More informationUnion Pacific Corp. Recommendation: BUY. Industrial sector Dawei Zheng. Total Annual Return Est.:
Business Summary: Union Pacific is the largest North American railroad company with a diversified business mix (i.e. Coal 18%, Industrial 19%, Chemicals 16%, Automotive 10%, Agricultural Products 17% and
More informationH H Positive action over the last eighteen months has reduced the fixed costs base by 60mn to offset sales decline;
Press Releases Results for the six months ended 30 June 2009 24/08/2009 Six months ended 30 June 2009 H1 2009 H1 2008 % change at actual rates % change at constant rates Revenue 552.5mn 849.4mn -35% -29%
More informationEnergy Sector SUMMER 2015 ANALYSTS: DANIEL J. ERIN & JONATHAN CREMEANS
Energy Sector SUMMER 2015 ANALYSTS: DANIEL J. ERIN & JONATHAN CREMEANS Agenda Overview Chevron Conoco Phillips Recommendation 2 Overview 3 Business Cycle Energy 4 Industries Energy Equipment & Services
More informationCenturyLink (CTL) College of Charleston Investment Program. Will Dube Emily Rees Adrian Pereira
January 2017 CenturyLink (CTL) Will Dube Emily Rees Adrian Pereira Telecommunications Sector Analyst Telecommunications Sector Analyst Telecommunications Sector Analyst 1 Agenda Investment Thesis CenturyLink
More informationJones Lang LaSalle Inc.
February 13, 2015 Jones Lang LaSalle Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 11/07/2013 Current Price (02/12/15) $160.97 Target Price $169.00
More informationUConn Student Managed Fund Team Gilson
2017 2018 UConn Student Managed Fund Team Gilson Shawn McAuley & Ana Walas Table of Contents Table of Contents Investment Highlights. 3 Basis for Recommendation Business Description 3 Business Overview
More informationCIF Stock Recommendation Report (Fall 2012)
CIF Stock Recommendation Report (Fall 2012) Date: 10/16/2012 Analyst Name: Matt Leid Company Name and Ticker: Salesforce.com (CRM) Section (A) Summary Recommendation Buy: Yes No Target Price: NA Stop-Loss
More informationKINGSPAN GROUP PLC PRELIMINARY RESULTS. Year Ended 31 December 2016
KINGSPAN GROUP PLC PRELIMINARY RESULTS Year Ended 31 December 2016 KINGSPAN GROUP PLC RESULTS FOR THE YEAR ENDED 31 DECEMBER 2016 Kingspan, the global leader in high performance insulation and building
More informationNATIONAL INDUSTRIALIZATION CO. (TASNEE)
ENTITY OF AUDI SARADAR GROUP CURRENT PRICE SAR 24.8 FAIR VALUE SAR 33.2 RATING BUY HIGHLIGHTS Stock Data Ticker NIC AB Bloomberg Median TP (SAR) 41.3 Market Cap (SAR mn) 16,589 Market Cap (USD mn) 4,424
More informationENERGY SECTOR. Mike Essig
ENERGY SECTOR Chris Gagnon Brian Geiser Mike Essig TABLE OF CONTENTS SECTOR OVERVIEW BUSINESS ANALYSIS ECONOMIC ANALYSIS FINANCIAL ANALYSIS VALUATIONS RECOMMENDATION SECTOR OVERVIEW 5.61% S&P 500 SECTOR
More informationCanadian Natural Resources Ltd.
March 12, 2015 Canadian Natural Resources Ltd. (CNQ-NYSE) Current Recommendation Prior Recommendation Underperform Date of Last Change 06/30/2013 Current Price (03/11/15) $28.82 Target Price $30.00 NEUTRAL
More informationSpread Research: Rating Process & Rating Methodology
Spread Research +33 (0)4 78 95 34 04 info@spreadresearch.com Published on September 20, 2016 Spread Research: Rating Process & Rating Methodology EXECUTIVE SUMMARY This document is aimed at providing an
More informationSIG plc 2015 Half Year results. 11 August 2015
SIG plc 2015 Half Year results 11 August 2015 Highlights Group sales +3.1% in constant currency; +0.6% on LFL basis Improving trend in Mainland Europe; LFLs turned positive Q2 2015 UK & Ireland LFL sales
More informationCeylon Cold Stores PLC (CCS:LKR ) A great quarter all around- but too much built into share price: Take profits
Earnings Review - Q1 FY 16 65, Braybrooke Place, Colombo 2, Sri Lanka research@bartleetreligare.com, +94 11 5220200 03 August 2015 Ceylon Cold Stores PLC (CCS:LKR 424.00) A great quarter all around- but
More informationCEMEX Cement. Quarterly Report July 27, CX: Proving the success of its Value-before-Volume strategy.
Quarterly Report CEMEX Market Outperformer 12M FWD Price Target US$10.8 Price 7.1 12M Price Range 3.8/8.6 Shares Outstanding (Mill)* 1,542 Market Cap USD (Mill) 10,976 Float 78.6% Net Debt USD (Mill)**
More informationMagna International Inc.
February 26, 2015 Magna International Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 07/09/2014 Current Price (02/25/15) $110.01 Target Price $116.00
More information2014 MBA SMF ANALYST REPORT
2014 MBA SMF ANALYST REPORT Pornpong Lueang-A-Papong Jonathan Coombes Xin Wang March, 2014 Pornpong Lueang-A-Papong, Jonathan Coombes, Xin Wang Page 1 of 11 JPMorgan Chase & Co (JPM) Sector: Financial
More informationMarathon Petroleum Corporation
January 19, 2015 Marathon Petroleum Corporation (MPC-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 01/07/2014 Current Price (01/16/15) $77.56 Target
More informationOriflame Holding AG FOURTH QUARTER 2018 INVESTOR PRESENTATION
FEBRUARY 14, 9.3 CET Oriflame Holding AG FOURTH QUARTER 218 INVESTOR PRESENTATION Magnus Brännström, CEO Gabriel Bennet, CFO Nathalie Redmo, Sr. Manager IR Important clarifying information IFRS Oriflame
More informationFull Year Results Monday, 1 st March 2010
Full Year Results 2009 Monday, 1 st March 2010 1 1 Disclaimer Forward Looking Statements This presentation contains certain forward-looking statements. Actual results may differ materially from those projected
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
More informationTHE NAVIGATOR COMPANY. 2 nd Quarter earnings support production and price rises. Navigator's key ratios. Source: Company s data, BiG Research
Ticker: NVG PL Recommendation: BUY Share details (EUR) Current price 5.01 Target price Upside 6.39 27.5 Beta 1.0 52w max 6.055 52w low 3.469 1y return () 43.39 3m return () 9.12 Market cap (mn) 3,595 Free
More informationPresented by: David Burke, Emily Finnegan, Katie Twomey & Pierce Healy
Presented by: David Burke, Emily Finnegan, Katie Twomey & Pierce Healy Utility Sector Team Utility Sector contributing Members: David Sheehan Emily Finnegan Katie Twomey Pierce Healy New Sector Manager:
More informationCoca-Cola Enterprises and The Coca-Cola Company Strategically Advance and Strengthen their Partnership. February 25, 2010
Coca-Cola Enterprises and The Coca-Cola Company Strategically Advance and Strengthen their Partnership February 25, 2010 Information & Forward-Looking Statements FORWARD-LOOKING STATEMENTS Included in
More informationTakeaways from Bullish Battery Analyst Day
AUTO & TRUCK MANUFACTURING Sector Weighting Market Weight JOHNSON CONTROLS INC. (JCI $39.52 Outperform) Takeaways from Bullish Battery Analyst Day Upbeat, In-Depth Power Solutions (PS) Analyst Day. Yesterday,
More informationCardinal Health, Inc. - Financial and Strategic SWOT Analysis Review
Publication Date: FEB 2013 7000 Cardinal Place Phone Revenue Dublin, OH Fax Net Profit 43017 Website Employees United States Exchange Industry Company Overview Cardinal Health, Inc. (Cardinal Health) is
More informationCOMPANY PRESENTATION - HEALTHCARE. Anthony Rogers, Thomas Rosol & Dylan Seymour
COMPANY PRESENTATION - HEALTHCARE Anthony Rogers, Thomas Rosol & Dylan Seymour Agenda Overview Business Analysis Financial Analysis Valuation Analysis Company Analysis Recommendation 2 S&P 500 Sector Weight
More informationFORWARD LOOKING STATEMENTS
SECOND QUARTER 2018 FORWARD LOOKING STATEMENTS Forward-looking statements in this presentation, including statements regarding demand, product development and capital expenditure plans and timing of those
More informationTEAM INDEX. Image from: https://commons.wikimedia.org/wiki/file:cdw_logo.svg
TEAM INDEX Image from: https://commons.wikimedia.org/wiki/file:cdw_logo.svg CDW RECOMMENDATION Valuation Date: January 4, 2018 Current Price: $72.93 Ticker: CDW Recommendation: Hold Target Price: $75.33
More informationKINGSPAN GROUP PLC PRELIMINARY RESULTS. Year Ended 31 December 2014
KINGSPAN GROUP PLC PRELIMINARY RESULTS Year Ended 31 December 2014 KINGSPAN GROUP PLC RESULTS FOR THE YEAR ENDED 31 DECEMBER 2014 Kingspan, the global leader in high performance insulation and building
More informationKey estimate revision. Financial summary. Year
: price: EPS: How does our one year outlook change? We retain our positive outlook on WIL and believe that revival in MHCV industry, increasing content per vehicle and opportunity in exports would drive
More informationNext plc (LSE: NXT) BUY Share price: (3 rd March 2016)
Next plc (LSE: NXT) BUY Share price: 39.47 (3 rd March 2016) NXT has a track record of exceptionally high ROIC and ROE. Retail is out of fashion right now as consumer spending is expected to fall and the
More informationSAFARICOM LTD EARNINGS UPDATE MAY 2016
SAFARICOM LTD EARNINGS UPDATE MAY 2016 A I B C A P I T A L L T D We maintain our target estimates and only adjust for time value of money and debt on the valuation. We also factor in current numbers and
More informationIndustrial Sector Analysis
Industrial Sector Analysis Tongren Yan Student Investment Management - BUSFIN 4228 Spring 2016 Spring 2017 Agenda Overview Business Analysis Economic Analysis Financial Analysis Valuation Analysis Recommendation
More informationLookers PLC BUY 26 th Oct, 2017
Recommendation -> Quality franchise available at cheap valuations due to over bearish expectations of near term risks I think Lookers is a BUY as it is a good quality franchise with strong barriers to
More informationFranklin Select U.S. Equity Fund. Advisor Class
Franklin Select U.S. Equity Fund Advisor Class Blend Equity Product Profile Product Details 1 Fund Assets $91,842,807.55 Fund Inception Date 12/13/2007 Number of Issuers 49 NASDAQ Symbol FCEZX Maximum
More informationBharat Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
More informationVITRO Conglomerates. Quarterly Report July 29, VITRO Market Outperformer 12M FWD Price Target P$73.0
Quarterly Report VITRO Market Outperformer 12M FWD Price Target P$73.0 Price 61.1 12M Price Range 36.3/ 66.7 Shares Outstanding (Mill) 483.6 Market Cap (Mill) 1,564 Float 20% Net Debt ( Mill) -424 EV Adj.
More informationPHOTO-ME SUPPORT SERVICES. Laundry Becoming more Material. Interim Results. 11 December 2017 PTHM.L
PHOTO-ME SUPPORT SERVICES PTHM.L 187p Market Cap: 705m SHARE PRICE (p) 190 180 170 160 150 140 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 12m high/low 187.0p / 146.5p Source: LSE Data KEY INFORMATION
More informationDICKER DATA LIMITED ANNUAL RESULTS
DICKER DATA LIMITED ANNUAL RESULTS ANOTHER YEAR OF GROWTH DESPITE SOFT MARKET CONDITIONS Newport Capital produced this report to provide Australian wholesale clients and sophisticated investors with an
More informationUnilever Nigeria Plc. Cost control remains a challenge. Nigeria Equities Consumer Goods July 24, 2015
Unilever Nigeria Plc Nigeria Equities Consumer Goods July 24, 2015 Cost control remains a challenge 1H2015 revenue declines by 1.9% y/y For the six months period to June 2015, Unilever Nigeria recorded
More informationHOLD. Coal India Ltd Coal RETAIL EQUITY RESEARCH. Uncertainty remains. GEOJIT BNP PARIBAS Research
COMPANY UPDATE Dec-15 Jan-16 Feb-16 Mar-16 GEOJIT BNP PARIBAS Research Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 RETAIL EQUITY RESEARCH Coal India Ltd Coal BSE CODE:533278 NSE CODE:
More informationMEDICA casestudy byfranck IMBERT
MEDICA casestudy byfranck IMBERT MEDICA case study 1. Carry out a financial analysis of Medica Medica is a fast growing company (sales rose by 25% over the last 2 years), this growth being both organic
More informationH Results. July 28, 2017
H1 2017 Results July 28, 2017 1. HIGHLIGHTS 2. H1 2017 RESULTS 3. OUTLOOK AND ACTION PLAN FOR H2 2 / H1 2017 KEY FIGURES Sales Actual Like-for-like Operating income Actual Like-for-like 20.4bn +4.4% +3.5%
More informationAGCO Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (AGCO-NYSE) SUMMARY
February 05, 2015 AGCO Corporation Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 12/28/2014 Current Price (02/03/15) $48.96 Target Price $51.00 52-Week
More informationFinancial results & business update. Quarter and year ended 31 December February 2016
Financial results & business update Quarter and year ended 31 December 2015 11 February 2016 Disclaimer 3 Any remarks that we may make about future expectations, plans and prospects for the company constitute
More informationHudson City Bancorp, Inc.
March 20, 2015 Hudson City Bancorp, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 03/20/2015 Current Price (03/19/15) $10.31 Target Price $11.00 52-Week
More informationCullen/Frost Bankers, Inc.
December 26, 2014 Cullen/Frost Bankers, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Neutral Date of Last Change 11/30/2001 Current Price (12/25/14) $70.74 Target Price $74.00
More informationPhillips Carbon Black Ltd
4 Recommendation BUY Snail Pace Recovery CMP (06/02/2013) Rs. 85 Target Price Rs. 110 Sector Stock Details Carbon Black BSE Code 506590 NSE Code Bloomberg Code PHILIPCARB PHCB IN Market Cap (Rs crs) 293
More information2014 E 2015 E 2016 E 2017 E
Equity Research 4 December 2014 Interpump Group Hydraulics M&A may power growth Rating BUY Target price EUR13 Interpump is up 25% since the beginning of the year, bolstered by strong interim results and
More informationGaiam, Inc. Gaiam, Inc. Financial Snapshot. Operating Performance. Fast Facts. SWOT Analysis. [Figure] Gaiam, Inc. - SWOT Profile Page 1
Gaiam, Inc. Fast Facts Headquarters Address Telephone Fax Website Ticker Symbol, Stock Exchange Financial Snapshot Operating Performance The company reported revenue of US$XX million during the fiscal
More informationDetailed Stock Report
Updated March 8, 2013 ROSS STORES INCORPORATED (-O) Retailers / Other Specialty Retailers / Apparel Retailers Description The Average Score combines the quantitative analysis of six widely-used investment
More informationOpus Group. Equity Research. US could be supportive. Buy (Neutral) Target price: SEK 9.00 (10.0) Share price: SEK August, 2015.
Equity Research 21 August, 20 Opus Group US could be supportive Q2 EBITDA slightly better than expected US platform in place Relative pricing in favor Q2 figures The Q2 EBITDA of SEK 94m (88) was 2-3%
More informationQuest for Growth. Press & Analyst Meeting. 27 January 2017
Quest for Growth Press & Analyst Meeting 27 January 2017 1 Agenda 2016 FY results and performance Quest for Growth Comments on quoted portfolio Comments on unquoted portfolio Questions and Answers 2 2016
More informationIMO's current average score of 9 places it within the top 15% of stocks scored. Peers KEY 6 CVE 5 CLL 4 POU 3
- Updated August 30, 2013 IMPERIAL OIL LIMITED (-T) Fossil Fuels / Oil & Gas / Integrated Oil & Gas The Average Score combines the quantitative analysis of five widely-used investment decision making tools:
More informationOriflame Holding AG FIRST QUARTER 2018 INVESTOR PRESENTATION
Oriflame Holding AG FIRST QUARTER 2018 INVESTOR PRESENTATION Magnus Brännström, CEO Gabriel Bennet, CFO Nathalie Redmo, Sr. Manager IR May 4, 09.30 CET IMPORTANT CLARIFYING INFORMATION IFRS Oriflame has
More informationPremier Oil plc (PMO) - Financial and Strategic SWOT Analysis Review. Reference Code: GDGE1287FSA Publication Date: NOV 2014.
Publication Date: NOV 2014 Company Overview Phone Fax Website Exchange Revenue Net Profit Employees Industry Premier Oil plc (Premier Oil) is an independent upstream energy company specializing in the
More informationTOFAS. Company Update. Still offers potential value BUY. Rating. 19 February 2019
Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Company Update TOFAS Still offers potential value Tofas has been a laggard in the last one-year period, due to weaker
More informationCMPC. Target Price Update
CMPC Target Price: CLP 2,350 Recommendation: Buy Risk: Medium 2012-May-08 Sector: Forestry Target Price Update Analyst: Vicente Meschi vicente.meschi@corpgroup.cl Target Price Update Investment Thesis
More informationKINGSPAN GROUP PLC PRELIMINARY RESULTS. Year Ended 31 December 2017
KINGSPAN GROUP PLC PRELIMINARY RESULTS Year Ended 31 December 2017 KINGSPAN GROUP PLC RESULTS FOR THE YEAR ENDED 31 DECEMBER 2017 Kingspan, the global leader in high performance insulation and building
More informationPacific Ethanol, inc. BUY Price Target: $17.21 Key Statistics as of 4/31/2015. Thesis Points: Company Description: NYSE: PEIX
Pacific Ethanol, inc. NYSE: PEIX Analyst: Sector: Benjamin Lunaud Energy BUY Price Target: $17.21 Key Statistics as of 4/31/2015 Thesis Points: Market Price: Industry: Market Cap: 52-Week Range: Beta:
More informationErika Brendan Ying (Charlene) Zhang. Sector Analysis
Erika Brendan Ying (Charlene) Zhang Sector Size of Sector Market Cap (as of March 17, 2015): $3.49T 38 Companies Products categories represented in this sector include beverages (alcoholic and non),
More informationKINGSPAN GROUP PLC HALF-YEARLY FINANCIAL REPORT. for the period ended 30 June 2016
KINGSPAN GROUP PLC HALFYEARLY FINANCIAL REPORT for the period ended 30 June 2016 KINGSPAN GROUP PLC RESULTS FOR THE HALF YEAR 30 JUNE 2016 Kingspan, the global leader in high performance insulation and
More informationAflac Inc., AFL Financials
Aflac Inc., AFL Financials 59.53 Stuart Hatlen Devin Mabra Carson Scovin John Budreau Uyen Tran Thesis We aim to hedge its portfolio s volatility as well as to diversify into a foreign industry. We view
More informationSUMMARY FINANCIAL DATA
Company Initiation (28513) Vaccines set to go global We reinstate coverage of at BUY with a KRW1, target. The company will likely benefit from its recent co-polyester plant capacity additions and subsequent
More informationMotorCycle Holdings (MTO) New HOLD: Harley still lacking traction. Key points. Risks and catalysts
Date Theme Company Update Company MotorCycle Holdings (MTO) New HOLD: Harley still lacking traction We moderate to HOLD (from Buy) with a revised target of $2.36 p/share. We were previously encouraged
More informationCIF Stock Recommendation Report (Fall 2012)
Section (A) Summary CIF Stock Recommendation Report (Fall 2012) Company Name and Ticker: Boeing BA Recommendation Buy: Yes Target Price: $83.00 Sector: Industrials Industry: Aerospace & Defense Market
More informationOur thesis considers the following:
Quarterly Report OMA Market Underperformer 2016 Price Target P$108.8 Price 114.23 12M Price Range 77.19 / 115.63 Shares Outstanding (Mill) 392.2 Market Cap (Mill) 44,796 Float 46% Net Debt (Mill) 2,782
More informationSafe Harbor Pages. Forward Looking Statements
December 2010 Safe Harbor Pages Forward Looking Statements To the extent any statements made in this presentation contain information that is not historical, these statements are forward-looking statements
More informationTime Warner Inc. OUTPERFORM ZACKS CONSENSUS ESTIMATES (TWX-NYSE)
January 07, 2015 Time Warner Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 01/07/2015 Current Price (01/06/15) $82.30 Target Price $90.00 SUMMARY DATA OUTPERFORM 52-Week
More informationCHAPTER 3. Topics in Chapter. Analysis of Financial Statements
CHAPTER 3 Analysis of Financial Statements 1 Topics in Chapter Ratio analysis DuPont equation Effects of improving ratios Limitations of ratio analysis Qualitative factors 2 Determinants of Intrinsic Value:
More informationAmara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales
More informationCoupons.com Incorporated Q Financial Results
Coupons.com Incorporated Q2 2014 Financial Results August 6, 2014 Forward-Looking Statements This presentation and the accompanying oral presentation contain forward-looking statements that are based on
More informationCRH Overview M EDIA PACK J ULY 2012
CRH Overview M EDIA PACK J ULY 2012 CRH Overview 1 CRH... a diversified, international building materials Group Scale.... 36 countries; 3,600 locations; 76k people; Sales 18+Bn (2011) Long-term. record
More informationArrow Electronics, Inc. Second Quarter 2006 Earnings Call. July 25, 2006
Arrow Electronics, Inc. Second Quarter 2006 Earnings Call July 25, 2006 Welcome Sabrina Weaver Director, Investor Relations Safe Harbor Statement Some of the comments to be made on this morning s s call
More informationITC. Rating: Target price: EPS: Relative better visibility despite the smoke, Maintain BUY CMP. Target. Rating. Rs.389. Buy. Rs.
: price: EPS: Relative better visibility despite the smoke, Maintain BUY ITC reported revenues of Rs.~87.2bn (+13% y-o-y), operating profits of Rs.32.8bn (+15% y-o-y) and PAT of Rs.~23.8bn (+16% y-o-y).
More informationPitney Bowes Inc. (PBI-NYSE) Analyst Note
February 03, 2015 Pitney Bowes Inc. (PBI-NYSE) Analyst Note Current Recommendation Prior Recommendation Outperform Date of Last Change 05/01/2014 Current Price (02/02/15) $22.26 Target Price $23.00 NEUTRAL
More information