EQUITY RESEARCH. Royal Dutch Shell B, Attractively Valued - Buy. Share Price: 2,202p Target Price: 2,500p (+14%) 21 September 2017

Size: px
Start display at page:

Download "EQUITY RESEARCH. Royal Dutch Shell B, Attractively Valued - Buy. Share Price: 2,202p Target Price: 2,500p (+14%) 21 September 2017"

Transcription

1 Royal Dutch Shell B, Attractively Valued - Buy Share Price: 2,202p Target Price: 2,500p (+14%) Royal Dutch Shell B (RDSB.L) recently presented its view of global, long term energy supply and demand. Importantly, Shell is very well positioned to benefit from changes in global energy supply (GES) as the high reliance on hydrocarbons eases and wind and solar power contribute to an increasingly electrified GES arena. That said, the oil price remains a key share price driver for Shell today, and OPEC s statement yesterday that it is considering extending and/or deepening output cuts until March-18, drove Brent Crude up to over US$55 per barrel. At this price, Shell (and its peer BP) are both highly profitable now, having adjusted their cost bases sharply downwards since the oil price slump in Trading on around 6x prospective EV/EBITDA and yielding 6.3%, the stock looks attractive. Buy Shell s View On Changing Global Energy Supply. Shell s recent presentation on global, long term energy supply and demand highlighted just how important hydrocarbons (oil, gas & coal) remain in the global energy system (GES). For example, some 60 years ago, hydrocarbons represented around 80% of the energy system, today the figure is still around 80%, with solar & wind only representing 2% of the GES. Looking forward years however, the 20% which is non- hydrocarbon currently is likely to increase towards 40% of an increasingly electrified GES, dominated by solar and wind power. On Track To Deliver 2020 targets. Shell is on track to deliver upon its 2020 business transformation targets to make the business more competitive and cash flows more resilient through the oil price cycle. Valuation and Recommendation. Trading on 6.0x FY-17 EV/EBITDA and yielding some 6.3%, Shell is attractively valued with higher and more reliable cash flows now feeding through. We expect a fully funded cash dividend this year and next, partly the result of some $10bn in annual cash flow to be generated from new projects initiated between We thus reiterate our Buy recommendation with 2500p target price. Consensus Forecasts & Key Metrics Year to Dec: E 2018E Financials Revenue ($bn) EBITDA ($bn) EBITDA margin (%) 12.7% 16.7% 17.3% EPS ($) DPS ($) Valuation P/E EV/EBITDA DIV Yield (%) 6.3% 6.3% 6.3% Source: Company Historic Data, Consensus Data, Beaufort Estimates Profile Code: A-1-5 Classification & Overview Objective: Growth & Income Risk Score: 5, Time Horizon: Medium (12m) Royal Dutch Shell comprises of a group of energy and petrochemical companies, with operations in four key business areas; Upstream Exploration, Downstream Refining, Integrated Gas and Projects & Technology. The company has class 'A' and 'B' shares, which have identical rights except dividends paid on class 'A' shares have a Dutch source for tax purposes. The shares are traded on the LSE, Euronext and NYSE. Company Details EPIC Code: RDSB.L Data NOS (m) & Free Float % Mkt Cap ($bn) 241 Net Debt : EBITDA (x) Year Beta 1.27 Next Ex-Div Date Next Results: Q Nov Nov-17 Source: Company Data, Consensus Data, Broker Forecasts Share Price History Source: LondonStockExchange.com Revenue Split Source: FY 16 Results Research Analyst Ben Maitland CFA UK Ben.Maitland@beaufortsecurities.com 1

2 RDSB, FCF Likely To Turn Strongly Positive The Cashflow table below summarises our cash flow expectations for Shell for the coming two years. After reporting negative FCF and negative Net cashflow in FY-16, we expect cashflow to turn sharply positive this year, such that the dividend should be fully funded from the businesses cashflows. Like wise in FY-18. RDSB s dividend should be fully funded from FCF this year and next. Strengths Shell has both Upstream and Downstream activities, which provides relative earnings stability under most oil price scenarios. Synergy benefits from the BG deal now starting to flow strongly, with annualised cost savings of over US$ 9billion. Shell does not hedge it s production, thus is well placed to benefit from higher spot crude oil prices. Weaknesses Relatively weak oil price environment (compared to three years ago) may persist for some time, impacting Shell s Upstream profitability. High depreciation charges are depressing reported earnings, making the company look expensive on a P/ E and Dividend cover basis. Underfunded dividend for the past two years, but this is very likely to improve in FY-17E. 2

3 RDSB, Attractively Valued Amidst Its Peers The Oil & Gas peer group valuation chart below highlights, in our opinion, how attractively valued RDSB stock is presently. RDSB is also well positioned to benefit from higher oil prices this year, should OPEC enact its deeper output cuts. RDSB s valuation is attractive in relation to its peers we believe. 3

4 Beaufort Profiling Code Royal Dutch Shell B A-1-5 LETTER CODES A Large market capital company e.g. FTSE 100 B Medium market capital company e.g. FTSE 250 C Small market capital company e.g. AIM NUMBER CODES 1st Recommendation (Scale 1 - to - 5) 1 Buy 2 Long Term Buy (core) 3 Speculative Buy 4 Hold 5 Sell 2nd Beaufort Risk level 1 - low risk ( Scale 1 -to - 10 ) 10 - high risk Key Contacts Head of Retail Broking Costas Costantinou +44 (0) costas.constantinou@beaufortsecurities.com Chief Investment Strategist Mike Franklin +44 (0) mike.franklin@beaufortsecurities.com Head of Online Trading Matthew Giles +44 (0) matthew.giles@beaufortsecurities.com Our Offices London: 63 St Mary Axe, London EC3A 8AA Tel: +44 (0) Bristol: Castlemead, Lower Castle Street, Bristol BS1 3AG Tel: +44 (0) Colwyn Bay: 15 Wynnstay Road, Colwyn Bay LL29 8N Tel: +44 (0) Newcastle: Rotterdam House, 116 Quayside, Newcastle-upon-Tyne NE1 3DY Tel: +44 (0)

5 Recommendation Breakdown During the three months to end-august 2017, the number of stocks on which Beaufort Securities published recommendations was 203, and the recommendations were as follows: Buy - 65; Speculative Buy - 117; Hold - 20; Sell - 1. Full definitions of the recommendations used by Beaufort Securities in its publications and their respective meanings can be found on our website here. Disclaimer This report is published by Beaufort Securities ( Beaufort Securities ). Beaufort Securities is Authorised and Regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange, ISDX and the QCA This research is non-independent and is classified as a Marketing Communication under FCA rules. As such it has not been prepared in accordance with legal requirements designed to promote independence of investment research and it is not subject to the prohibition on dealing ahead of the dissemination of investment research in COBS However Beaufort Securities has adopted internal procedures which prohibit analysts from dealing ahead of nonindependent research, except for legitimate market making and fulfilling clients unsolicited orders. RELIANCE ON THIS NOTE FOR THE PURPOSE OF ENGAGING IN ANY INVESTMENT ACTIVITY MAY EXPOSE AN INDIVIDUAL TO A SIGNIFICANT RISK OF LOSING ALL OF THE FUNDS, PROPERTY OR OTHER ASSETS INVESTED OR OF INCURRING ADDITIONAL LIABILITY. By receiving this document, you will not be deemed a client or provided with the protections afforded to clients of Beaufort Securities. When distributing this document, Beaufort Securities is not acting for any recipient of this document and will not be responsible for providing advice to any recipient in relation to this document. Accordingly, Beaufort Securities will not be responsible to any recipient for providing the protections afforded to its clients. Beaufort Securities may effect transactions in shares mentioned herein and may take proprietary trading positions in those shares, and may receive remuneration for the publication of its research and for other services. Beaufort Securities may be a shareholder in any of the companies mentioned in this report. Accordingly, this document may not be considered as objective or impartial. Additionally, information may be available to Beaufort Securities or the Group, which is not reflected in this material. The remuneration of the author of this report is not tied to the recommendations on any shares mentioned nor to the any transactions undertaken by Beaufort Securities or any affiliate company. Further information on Beaufort Securities policy regarding potential conflicts of interest in the context of investment research and Beaufort Securities policy on disclosure and conflicts in general are available on request. Please refer to This document is not an offer to buy or sell any security or currency. This document does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The appropriateness of a particular investment or currency will depend on an investor s individual circumstances and objectives. The investments and shares referred to in this document may not be suitable for all investors. Past performance is not a guarantee of future performance. Investments may go down in value as well as up and you may not get back the full amount invested. The listing requirements for securities listed on AIM or ISDX are less demanding and trading in them may be less liquid than main markets. This document is based on information Beaufort Securities has received from publicly available reports and industry sources. Beaufort Securities may not have verified all of this information with third parties. Neither Beaufort Securities nor its advisors, directors or employees can guarantee the accuracy, reasonableness or completeness of the information received from any sources consulted for this publication, and neither Beaufort Securities nor its advisors, directors or employees accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document (except in respect of wilful default and to the extent that any such liability cannot be excluded by the applicable law). This document is not to be relied upon and should not be used in substitution for the exercise of independent judgment. This document includes certain statements, estimates, and projections with respect to the anticipated future performance of securities listed on stock exchanges and as to the market for these shares. Such statements, estimates, and projections are based on information that we consider reliable and may reflect various assumptions made concerning anticipated economic developments, which have not been independently verified and may or may not prove correct. No representation or warranty is made as to the accuracy of such statements, estimates, and projections or as to its fitness for the purpose intended and it should not be relied upon as such. Opinions expressed are our current opinions as of the date appearing on this material only and may change without notice. Other third parties may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented in this report. Those reports reflect the different assumptions, views, and analytical methods of the analysts who prepared them. This report has not been disclosed to any of the companies mentioned herein prior to its publication. The information contained in this document is confidential and is solely for use of those persons to whom it is addressed and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. Other persons who receive this document should not rely on it. Beaufort Securities, its directors, officers and employees may have positions in the securities mentioned herein. Company Disclosures for: Royal Dutch Shell B The following disclosures apply: N/A Definitions of Disclosures 1. In the past 12 months, Beaufort Securities Limited or its affiliates have had corporate finance mandates or managed or co -managed a public offering of the relevant issuer s securities or receive compensation for Corporate Finance services from the relevant issuer. 2. Beaufort Securities Limited expects to receive or intends to seek compensation for Corporate Finance Services from this compa ny in the next six months. 3. The investment analyst or a member of the investment analyst s household has a long position in the shares or derivatives of the relevant issuer. 4. The investment analyst or a member of the investment analyst s household has a short position in the shares or derivatives of the relevant issuer. 5. As of the month end immediately preceding the date of publication of this report, or the prior month end if publication is wi thin 10 days following a month end, Beaufort Securities Limited and / or its affiliates beneficially owned 1% or more of any class of common equity securities of the rele vant issuer. 6. A senior executive or director of Beaufort Securities Limited or a member of his or her household is an officer, director or advisor, board member of the relevant issuer and / or one of his subsidiaries. 7. Beaufort Securities Limited acts as corporate broker to the relevant issuer. The investment analyst who is responsible for the preparation of this investment research is employed by Beaufort Securities Limited. 5

EQUITY RESEARCH. Reckitt Benckiser, French s Food business sold. Share Price: 7,936p Target Price: 8,000p* (+1%) 19 July 2017

EQUITY RESEARCH. Reckitt Benckiser, French s Food business sold. Share Price: 7,936p Target Price: 8,000p* (+1%) 19 July 2017 Reckitt Benckiser, French s Food business sold Share Price: 7,936p Target Price: 8,000p* (+1%) Reckitt Benckiser (RB) has announced the sale of its French s Food business for US$ 4.2bn, which is ahead

More information

City of London Investment Group*

City of London Investment Group* For FCA purposes this is a Marketing Communication City of London Investment Group* CLIG LN Tough 1H trading update Financials What s new. CLIG s 1H trading update released this morning reveals details

More information

DX (Group) plc* Industrial Transportation. Successful HMPO tender improves forecast certainty. Price 17.75p. Price Performance. Financial Forecasts

DX (Group) plc* Industrial Transportation. Successful HMPO tender improves forecast certainty. Price 17.75p. Price Performance. Financial Forecasts For FCA purposes this is a Marketing Communication DX (Group) plc* DX. LN Industrial Transportation Successful HMPO tender improves forecast certainty DX has confirmed that it has won the retendering of

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Nov 22, 2017 Page 1 OF 5 Based in London, BP is one of the world's five super majors. BP's operations are fully integrated, consisting of upstream, transportation, trading, refining, petrochemicals,

More information

BTO: Q2/15 Earnings Preview

BTO: Q2/15 Earnings Preview B2Gold Corp. (BTO-T: C$1.69), (BTG-N: US$1.31) August 13, 2015 BUY, High Risk Dundee target: C$2.75 BTO: Q2/15 Earnings Preview Joseph Fazzini, CPA, CA, CFA / (647) 428-8248 jfazzini@dundeecapitalmarkets.com

More information

CITY OF LONDON INVESTMENT GROUP

CITY OF LONDON INVESTMENT GROUP 21 January 2019 Financial Services Daily CLIG.L Line, CLIG.L, Trade Price(Last), 21/01/2019, 384.20, +11.00, (+2.90%) 23/01/2017-21/01/2019 (LON) Price GBp CITY OF LONDON INVESTMENT GROUP F M A M J J A

More information

CITY OF LONDON INVESTMENT GROUP

CITY OF LONDON INVESTMENT GROUP 9 October 2018 Financial Services Daily CLIG.L Line, CLIG.L, Trade Price(Last), 09/10/2018, 409.00, N/A, N/A Market data Source: Eikon Thomson Reuters EPIC/TKR CLIG Price (p) 400.0 12m High (p) 454.0 12m

More information

Record Low Costs At Santander Lead To Q1 Earnings Beat

Record Low Costs At Santander Lead To Q1 Earnings Beat Trevali Mining Corp. (TV-T: C$0.49) May 12, 2016 BUY, High Risk, Top Pick Dundee target: C$1.00 Joseph Gallucci, MBA / (514) 396-0330 jgallucci@dundeecapitalmarkets.com Ian Bjornson, B.Eng / (514) 396-0325

More information

IndigoVision Group (IND LN)

IndigoVision Group (IND LN) I ndigovision Grou p Interim Results IndigoVision Group (IND LN) IT Hardware Current price* 117p CORPORATE Losses narrowing and guidance reiterated FY18 is expected to be a year of stabilisation and management

More information

Phoenix Global Mining 9 October 2015

Phoenix Global Mining 9 October 2015 For distribution only to Investment Professionals, Regulated or Certified Sophisticated Investors with experience in participating in unregulated schemes. Persons who do not have professional experience

More information

Schoeller Bleckmann. Oilfield Services 9 March 2012 BUY BUY. Recent weakness presents good opportunity. Flash Note (SBO AV)

Schoeller Bleckmann. Oilfield Services 9 March 2012 BUY BUY. Recent weakness presents good opportunity. Flash Note (SBO AV) Schoeller Bleckmann Flash Note (SBO AV) BUY BUY Oilfield Services 9 March 2012 Recent weakness presents good opportunity Schoeller Bleckmann s valuation currently stands at a premium compared with its

More information

Hindustan Unilever (RHS)

Hindustan Unilever (RHS) Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16

More information

BUY Price at COB 1 October p 52-week range 39-68p. CSF Group CX6 restructuring. Technology.

BUY Price at COB 1 October p 52-week range 39-68p. CSF Group CX6 restructuring. Technology. 70 65 60 55 50 45 40 35 C SF G R O U P O N D J F M A M J J A S So u r c e : T h o m s o n R e u te r s D a ta s tr e a m Technology 2 October 2012 International Update CSF Group CX6 restructuring CSF has

More information

Goodbaby (1086 HK) Buy (maintained) Target price: HK$ H16 results miss, but margin expansion continues. Equity Research Consumer Discretionary

Goodbaby (1086 HK) Buy (maintained) Target price: HK$ H16 results miss, but margin expansion continues. Equity Research Consumer Discretionary Equity Research Consumer Discretionary Goodbaby (1086 HK) Buy (maintained) Target price: HK$4.20 1H16 results miss, but margin expansion continues Maintain Buy Net profit rose 21% YoY to HK$107m in 1H16,

More information

How to finance the transition to a low carbon economy: Private finance s role Ny-Ålesund Symposium May 2014

How to finance the transition to a low carbon economy: Private finance s role Ny-Ålesund Symposium May 2014 How to finance the transition to a low carbon economy: Private finance s role Ny-Ålesund Symposium May 2014 Andy Howard Didas Research Ltd andy@didasresearch.com +44 207 099 7278 Didas Research is authorised

More information

GAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -

GAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period - 2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361

More information

ContextVision. Expecting solid results and awaiting progress update on research program

ContextVision. Expecting solid results and awaiting progress update on research program 1Q17 Preview (report due April 27 th ) April 24 th 2017 Share price: NOK 61.75 Target: NOK 100.00 (unchanged) Risk: Medium ContextVision Key share data Sector Reuters Bloomberg Health Care COVI.OL COV

More information

Quality assets. Selective and profitable growth. Self-funding business model

Quality assets. Selective and profitable growth. Self-funding business model This presentation has been prepared by EDP Renováveis, S.A. (the "Company") solely for use at the presentation to be made on May 6 th, 2015. By attending the meeting where this presentation is made, or

More information

Falanx Group Ltd. 16 October

Falanx Group Ltd. 16 October Stock Data Share Price: 2.95p Market Cap.: 7.7m Shares in issue: 261.9m Company Profile Sector: Ticker: Exchange: Support Services FLX.L AIM Activities Provider of cyber defence, security and global intelligence

More information

The Reasons Why OSK Holds the Title of Top Pick

The Reasons Why OSK Holds the Title of Top Pick Osisko Mining (OSK-T: C$4.20) November 26, 2013 BUY, High Risk, Top Pick Dundee target: C$7.00 Joseph Fazzini, CPA, CA, CFA / (647) 428-8248 jfazzini@dundeecapitalmarkets.com The Reasons Why OSK Holds

More information

The Company for Cooperative Insurance Insurance TAWUNIYA AB 8010.SE

The Company for Cooperative Insurance Insurance TAWUNIYA AB 8010.SE Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Recommendation Overweight Current Price (SAR) 82.60 Target Price (SAR) 101.13 Upside/Downside (%) 22.4% As of

More information

Anta Sports (2020 HK)

Anta Sports (2020 HK) Equity Research Consumer Discretionary Anta Sports (2020 HK) Buy (maintained) Target price: HK$18.50 Strong FY14 results; order book momentum maintained FY14 results above expectation Net profit jumped

More information

Methodology For Crude Oil And Natural Gas Price Assumptions For Corporates And Sovereigns

Methodology For Crude Oil And Natural Gas Price Assumptions For Corporates And Sovereigns General Criteria: Methodology For Crude Oil And Natural Gas Price Assumptions For Corporates And Sovereigns Primary Credit Analysts: Thomas A Watters, New York (1) 212-438-7818; thomas.watters@spglobal.com

More information

CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.20. Weak 1H17 results, but management s optimistic view on EMU orders eases market concern

CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.20. Weak 1H17 results, but management s optimistic view on EMU orders eases market concern Equity Research Rail Equipment CRRC (1766 HK) Accumulate (maintained) Target price: HK$8.2 Dominic Chan, CFA, FRM SFC CE No. APP69 dominicchan@gfgroup.com.hk +852 3719 1218 GF Securities (Hong Kong) Brokerage

More information

Energy & Natural Resources: Oil & Gas E&P

Energy & Natural Resources: Oil & Gas E&P Southwestern Energy Company (SWN $37.61*) Energy & Natural Resources: Oil & Gas E&P Raise Price Target Houston, TX Outperform February 25, 2011 Price Target: $45.00 STOCK DATA 52 Week Range $45.30 $30.61

More information

Buy Primary Health Properties #

Buy Primary Health Properties # Buy Primary Health Properties # PHP Data Price 107p Target price 125p Market cap 478m Dec 15 EPRA NAV 88p Free float 100% Index FTSE SmallCap Sector Real Estate Next news Aug - Interims UK portfolio 100%

More information

Secondary Contact: Vittoria Ferraris, Milan (39) ; S&P Global Ratings' Base-Case Scenario

Secondary Contact: Vittoria Ferraris, Milan (39) ; S&P Global Ratings' Base-Case Scenario Summary: Hera SpA Primary Credit Analyst: Tobias Buechler, CFA, Frankfurt +49 (0)69-33 999-136; tobias.buechler@spglobal.com Secondary Contact: Vittoria Ferraris, Milan (39) 02-72111-207; vittoria.ferraris@spglobal.com

More information

KWG. Seeking balance between scale and profitability. March 27, 2018 Equity Research. Stock code: 1813.HK Rating: HOLD Price target (HK$) 12.

KWG. Seeking balance between scale and profitability. March 27, 2018 Equity Research. Stock code: 1813.HK Rating: HOLD Price target (HK$) 12. Equity Research Seeking balance between scale and profitability Downgrade to HOLD and revise down TP to HK$12.50: 2017 result missed our estimation; core net profit dropped by 19% YoY, expansion execution

More information

CONSENSUS OPERATING EARNINGS for the S&P 500, MidCap 400 and SmallCap 600 Indices, as well as the Sectors in the S&P /02/18

CONSENSUS OPERATING EARNINGS for the S&P 500, MidCap 400 and SmallCap 600 Indices, as well as the Sectors in the S&P /02/18 CONSENSUS OPERATING EARNINGS for the S&P 500, MidCap 400 and SmallCap 600 Indices, as well as the Sectors in the S&P 500. 02/02/18 Operating EPS Y/Y % chgs. S&P 500 Sector Q1 Q2 2017 Q3 Q4E Year Q1E Q2E

More information

Coal India. Source: Company Data; PL Research

Coal India. Source: Company Data; PL Research Earnings marred by weak realisations; Downgrade to Accumulate September 14, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate

More information

Summary: Petróleos Mexicanos (PEMEX)

Summary: Petróleos Mexicanos (PEMEX) March 4, 2009 Summary: Petróleos Mexicanos (PEMEX) Primary Credit Analyst: Enrique Gomez Tagle, CFA, Mexico City (52) 55-5081-4407; enrique_gomeztagle@standardandpoors.com Secondary Credit Analyst: Jose

More information

5 Stocks to Buy! October Buy: ANTO LN, BP/ LN, NG/ LN, SBRY LN, UU/ LN

5 Stocks to Buy! October Buy: ANTO LN, BP/ LN, NG/ LN, SBRY LN, UU/ LN 5 Stocks to Buy! October 2016 Buy: ANTO LN, BP/ LN, NG/ LN, SBRY LN, UU/ LN The value of investments and any income from them can fall as well as rise and you may lose more than you invested. An investment

More information

VITRO Conglomerates. Company Note March 1, VITRO completes acquisition of the OEM Business from PGW

VITRO Conglomerates. Company Note March 1, VITRO completes acquisition of the OEM Business from PGW Company Note VITRO Market Outperformer 2017 Price Target P$88.5 Price 70.1 12M Price Range 36.3/ 66.7 Shares Outstanding (Mill) 483.1 Market Cap (Mill) 1,703 Float 20% Net Debt ( Mill) 273 EV Adj. (Mill)

More information

Melbana Energy (MAY AU) 07 August 2018

Melbana Energy (MAY AU) 07 August 2018 OIL & GAS FLASHNOTE Melbana Energy (MAY AU) 07 August 2018 20 Stock Data Share Price: A$0.017 Market Cap (M): A$16.7m EV (M): A$13.4m Liquidity (30 day ave) 2.1m Price Chart 0.020 0.018 0.016 0.014 0.012

More information

3,951 EBITDA 1,174 1,153 1,260 1,284 1,332 Outst shares (mn) 57 EBIT Free float (%)

3,951 EBITDA 1,174 1,153 1,260 1,284 1,332 Outst shares (mn) 57 EBIT Free float (%) European Equity Research ACCIONA Facing a Good 2017E Spain Electricity November 7, 2016 (07:15 CET) BUY CURRENT PRICE: 69.01 TARGET PRICE: 82.40 ANA released 9M16 results on Nov 4 and we have adjusted

More information

Carr s Group. Diversification continues to give resilience. PBT up for H117 as UK farmers gain in confidence

Carr s Group. Diversification continues to give resilience. PBT up for H117 as UK farmers gain in confidence Carr s Group Diversification continues to give resilience Interim results General industrials Once again, Carr s Group results demonstrate how diversification gives resilience to cyclicity in any one market.

More information

Luk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary

Luk Fook (590 HK) Hold Target price: HK$ Downgrade to Hold on more challenging HK & Macau market outlook. Equity Research Consumer Discretionary Equity Research Consumer Discretionary Luk Fook (590 HK) Hold Target price: HK$24.60 Albert Yip, CFA SFC CE No. ADT599 albertyip@gfgroup.com.hk +852 3719 1010 GF Securities (Hong Kong) Brokerage Limited

More information

JackpotJoy plc. A transformational year. Revenue and EBITDA slightly ahead of estimates. Strong operating cash flow dividends from 2019

JackpotJoy plc. A transformational year. Revenue and EBITDA slightly ahead of estimates. Strong operating cash flow dividends from 2019 JackpotJoy plc A transformational year FY17 results Travel & leisure 2017 was a transformational year for JPJ, with a successful London listing followed by substantial improvements in the capital structure.

More information

IOOF. Positive flows in 1Q17. FUM and Net Flows for September Qtr Source: Company data, Macquarie Research, Oct 2016.

IOOF. Positive flows in 1Q17. FUM and Net Flows for September Qtr Source: Company data, Macquarie Research, Oct 2016. AUSTRALIA IFL AU Price (at 06:35, 26 Oct 2016 GMT) Outperform A$8.34 Valuation A$ - DCF (WACC 8.8%, beta 1.1, ERP 5.0%, RFR 3.3%) 8.74 12-month target A$ 9.00 12-month TSR % +14.3 Volatility Index Low/Medium

More information

Paysafe Group. Growth normalises. Growth moderates in H117. Pro forma financials show potential impact of deals

Paysafe Group. Growth normalises. Growth moderates in H117. Pro forma financials show potential impact of deals Paysafe Group Growth normalises H117 results Software & comp services Paysafe s H117 results show that organic constant currency growth is moderating to low double-digit rates, after an exceptional period

More information

VETIVA RESEARCH BUY. SEPLAT PETROLEUM DEVELOPMENT COMPANY Outlook remains positive despite earnings miss. Equity Research 9 May 2018

VETIVA RESEARCH BUY. SEPLAT PETROLEUM DEVELOPMENT COMPANY Outlook remains positive despite earnings miss. Equity Research 9 May 2018 NIGERIA EQUITY OIL & GAS EXPLORATION & PRODUCTION SEPLAT Earnings Release VETIVA RESEARCH SEPLAT PETROLEUM DEVELOPMENT COMPANY Outlook remains positive despite earnings miss Reports Q1 18 PAT of $20.6

More information

Coal India. Source: Company Data; PL Research

Coal India. Source: Company Data; PL Research Realisations drive the beat; E auction to surprise positively in H2 November 13, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY

More information

Saudi Arabia BUY. Result Update. Saudi International Petrochemical Company (SIPCHEM) CMP: SR18.2 (as on May 03, 2009) Highlights

Saudi Arabia BUY. Result Update. Saudi International Petrochemical Company (SIPCHEM) CMP: SR18.2 (as on May 03, 2009) Highlights Result Update Saudi Arabia (SIPCHEM) Tickers: SIPCHEM AB (Bloomberg) 2310.SE (Reuters) Listing: Saudi Stock Exchange (Tadawul) CMP: SR18.2 (as on May 03, 2009) May, 2009 BUY Key Data CMP# (SR) 18.2 EPS*

More information

HOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights

HOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization

More information

Jumbo. Sector: Retail. Resilient growth. Greek Equity Research. September 25, Outperform

Jumbo. Sector: Retail. Resilient growth. Greek Equity Research. September 25, Outperform Greek Equity Research Sector: Retail Jumbo Resilient growth FY09 results in line with estimates & guidance Revenues increased by 15.8% to 467.8m, EBITDA increased by 11.1% to 139.6m and EAT increased by

More information

RELIANCE INDUSTRIES LIMITED

RELIANCE INDUSTRIES LIMITED RELIANCE INDUSTRIES LIMITED EDELSTAR FUNDAMENTAL RESEARCH Business Overview RIL is the largest private player in the refining, petrochemical and E&P sectors in India. While RIL s refining complex in Jamnagar

More information

NATIONAL INDUSTRIALIZATION CO. (TASNEE)

NATIONAL 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 information

TAV Airports EARNINGS REVIEW 4Q17. Bottom-line below consensus BUY TRY22.90

TAV Airports EARNINGS REVIEW 4Q17. Bottom-line below consensus BUY TRY22.90 EARNINGS REVIEW 4Q17 Turkey Aviation 22 February 2018 TAV Airports Bottom-line below consensus We reduce our recommendation to Hold, while keeping our target price unchanged at TRY22.90/shr. We believe

More information

Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed

Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Research Update: Highmark Inc. Outlook Revised To Positive From Stable; 'A-' Ratings Affirmed Primary Credit Analyst: Anthony J Beato, New York (1) 212-438-6066; anthony.beato@spglobal.com Secondary Contacts:

More information

MCX Ltd. Rating: Target price: EPS: Is commodity option a game changer for MCX? - Unlikely. Target. Rating CMP. Rs. 1,080 SELL. Rs.

MCX Ltd. Rating: Target price: EPS: Is commodity option a game changer for MCX? - Unlikely. Target. Rating CMP. Rs. 1,080 SELL. Rs. : price: EPS: Is commodity option a game changer for MCX? - Unlikely In the union budget 2015-16, the Finance Minister announced the much anticipated merger of SEBI and FMC. Given the powers accorded to

More information

Vier Gas Transport GmbH (Open Grid Europe Group)

Vier Gas Transport GmbH (Open Grid Europe Group) Summary: Vier Gas Transport GmbH (Open Grid Europe Group) Primary Credit Analyst: Tobias Buechler, CFA, Frankfurt +49 (0)69-33 999-136; tobias.buechler@standardandpoors.com Secondary Contact: Vittoria

More information

Graphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods

Graphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods 1QFY2012 Result Update Capital Goods July 25, 2011 Graphite India Performance Highlights Y/E March (` cr) 1QFY2012 4QFY2011 % chg (qoq) 1QFY2011 % chg (yoy) Net sales 319 303 5.1 258 23.3 EBITDA 61 59

More information

Coal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining

Coal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787

More information

Turkcell EARNINGS REVIEW 4Q17. Digital transformation on track BUY

Turkcell EARNINGS REVIEW 4Q17. Digital transformation on track BUY EARNINGS REVIEW 4Q17 Turkey Telecom Services 16 February 2018 Turkcell Digital transformation on track We maintain our BUY recommendation for Turkcell with a 12M target price of TRY17.54, which offers

More information

China Renewable Energy Investment Ltd (987_HK)

China Renewable Energy Investment Ltd (987_HK) Wednesday, March 21, 2018 www.evaluateresearch.com Target Price HK$ 0.50 Current Price HK$ 0.23 Upside Potential 117% Market Cap. Shares Outstanding HK$ 525 mn $ 66.90 mn 2,364.7 mn Free Float (FF %) 631.9

More information

Coal India. Source: Company Data; PL Research

Coal India. Source: Company Data; PL Research Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%

More information

Inflation Outlook and Monetary Easing

Inflation Outlook and Monetary Easing Thomas Shik Acting Chief Economist thomasshik@hangseng.com Inflation Outlook and Monetary Easing Although annual consumer price inflation rose for a second consecutive month in July, the underlying trend

More information

Nigeria Daily. UBA Q4 results. Why GDP re-basing matters. Daily. Nigeria 20 January 2014

Nigeria Daily. UBA Q4 results. Why GDP re-basing matters. Daily. Nigeria 20 January 2014 UBA Q4 results Nigeria 20 January 2014 Daily Market Update Why GDP re-basing matters Comment on recent news this page Today s headlines page two Recommendations and valuations page three 1 year 31 Dec

More information

Sector Methodology. Quality. Scale. Performance.

Sector Methodology. Quality. Scale. Performance. Sector Methodology Quality. Scale. Performance. Your Guide to CFRA Sector Methodology Quality. Scale. Performance. CFRA s Investment Policy Committee (IPC) consists of a team of five seasoned investment

More information

Bupa Arabia for Cooperative Insurance Co. Insurance BUPA ARABIA 8210.SE

Bupa Arabia for Cooperative Insurance Co. Insurance BUPA ARABIA 8210.SE Jan-17 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Bupa Arabia for Cooperative Insurance Co. Recommendation Overweight Current Price (SAR) 91.95 Target Price (SAR)

More information

2014 E 2015 E 2016 E 2017 E

2014 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 information

Larsen & Toubro Ltd.

Larsen & Toubro Ltd. Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Jan 24, 2018 Page 1 OF 5 General Electric is one of the largest publicly traded companies in the world and is classified as a diversified industrials business. The stock is a component of

More information

Pacific LifeCorp And Insurance Subsidiaries

Pacific LifeCorp And Insurance Subsidiaries Pacific LifeCorp And Insurance Subsidiaries Primary Credit Analyst: Heena C Abhyankar, New York + 1 (212) 438 1106; heena.abhyankar@spglobal.com Secondary Contacts: Elizabeth A Campbell, New York (1) 212-438-2415;

More information

SEVEN-UP BOTTLING COMPANY PLC

SEVEN-UP BOTTLING COMPANY PLC Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 SEVEN-UP BOTTLING COMPANY PLC NSE: 7UP l Bloomberg 7UP NL 2015H1 EARNINGS UPDATE Strong with Enviable Performance though

More information

Analyst's Notes. Argus Recommendations

Analyst's Notes. Argus Recommendations Report created Jan 17, 2018 Page 1 OF 5 Citigroup is one of world's largest banks, with global consumer banking, corporate banking, and investment banking operations. Of the largest U.S. banks, Citigroup

More information

Stock Trader: Budget Beneficiary Stock Larsen & Toubro

Stock Trader: Budget Beneficiary Stock Larsen & Toubro Stock Trader: Budget Beneficiary Stock Larsen & Toubro Amit Gupta Raj Deepak Singh Azeem Ahmad amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com February

More information

How We Rate Sovereigns

How We Rate Sovereigns Criteria Officer, Global Sovereigns: Olga I Kalinina, CFA, New York (1) 212-438-7350; olga.kalinina@standardandpoors.com Primary Credit Analysts: John B Chambers, CFA, New York (1) 212-438-7344; john.chambers@standardandpoors.com

More information

Maruti Suzuki. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research Run continues, Royalty reduction positive ; Buy January 29, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs9,277

More information

Statoil Outlook Revised To Positive; 'A+/A-1' Ratings Affirmed

Statoil Outlook Revised To Positive; 'A+/A-1' Ratings Affirmed Research Update: Statoil Outlook Revised To Positive; 'A+/A-1' Ratings Affirmed Primary Credit Analyst: Alexander Griaznov, Moscow (7) 495-783-4109; alexander.griaznov@spglobal.com Secondary Contact: Edouard

More information

BUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights

BUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due

More information

ASHAKACEM. Vetiva Research. Q3 10 Earnings Release. Margins under pressure? 4 November Fair Value Range N21.76 N24.05

ASHAKACEM. Vetiva Research. Q3 10 Earnings Release. Margins under pressure? 4 November Fair Value Range N21.76 N24.05 Q3 10 Earnings Release Margins under pressure? We maintain our neutral rating on AshakaCem despite its unimpressive performance in its Q2 and Q3 quarterly earnings this year. Since our last Earnings Release

More information

Cummins India Ltd Bloomberg Code: KKC IN

Cummins India Ltd Bloomberg Code: KKC IN Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn

More information

KEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials

KEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials 3QFY2018 Result Update Cable January 25, 2018 KEI Industries Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy 2QFY18 % qoq Net sales 889 715 24 749 19 EBITDA 84 77 10 76 11 EBITDA margin (%) 9.5

More information

CR Lands. Winner of next 5 years, BUY. March 21, 2018 Equity Research. Stock code: 1109.HK Rating: BUY Price target (HK$) 34.74

CR Lands. Winner of next 5 years, BUY. March 21, 2018 Equity Research. Stock code: 1109.HK Rating: BUY Price target (HK$) 34.74 Equity Research Winner of next 5 years, BUY 2017 result: slow growth, but high profitability Revenue slightly improved by 8.5% YoY to HKD 118.5 bn. Thanks to GPM growing by 6.5 pts to 40%, gross profit

More information

Punjab National Bank

Punjab National Bank Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 India Research Banking November 09, 2015 QUARTERLY REVIEW Bloomberg: PNB IN Reuters: PNBK.BO SELL Asset quality improves but recovery

More information

Bharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research

Bharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices

More information

Thermax. Source: Company Data; PL Research

Thermax. Source: Company Data; PL Research Near term outlook muted, working on building a strong base November 11, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price

More information

TVS Motors. Source: Company Data; PL Research

TVS Motors. Source: Company Data; PL Research Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709

More information

MSCI ESG FUND METRICS METHODOLOGY

MSCI ESG FUND METRICS METHODOLOGY MSCI ESG FUND METRICS METHODOLOGY MSCI ESG FUND METRICS METHODOLOGY. Executive Summary May 2017 CONTENTS 1 Executive Summary... 3 1.1 MSCI S Approach To Fund Metrics... 3 1.2 MSCI ESG Fund Metrics Features...

More information

SAFARICOM LTD EARNINGS UPDATE MAY 2016

SAFARICOM 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 information

Summary: Petroleos Mexicanos (PEMEX)

Summary: Petroleos Mexicanos (PEMEX) May 13, 2008 Summary: Petroleos Mexicanos (PEMEX) Primary Credit Analyst: Jose Coballasi, Mexico City (52)55-5081-4414; jose_coballasi@standardandpoors.com Secondary Credit Analyst: Enrique Gomez Tagle,

More information

TCL Communication (2618 HK) Painful transition period. Buy (Maintain) Target Price HK$2.33 Up/downside +28.5% Current price HK$1.

TCL Communication (2618 HK) Painful transition period. Buy (Maintain) Target Price HK$2.33 Up/downside +28.5% Current price HK$1. Securities Analysis (Equity) TCL Communication (218 HK) Painful transition period 1H12 profit warning. TCL Com announced profit warning on 15 Jul and expected to record a significant drop in 2Q12 net profit

More information

Recent Sell-off Represents an Opportunity

Recent Sell-off Represents an Opportunity DCC - Outperform Template Friday,8th December 2016 Recent Sell-off Represents an Opportunity (DCC LN) Wednesday, 26 th July 2017 Closing Price: 68.20 Key Metrics 2018e 2019e 2020e P/E 21.8x 18.8x 18.1x

More information

K3 Business Technology Update on preliminary results

K3 Business Technology Update on preliminary results K3 Business Technology Update on preliminary results Back to business Technology FY12 was a year of integration for K3, digesting the five acquisitions made in H112 and the four in FY11. Despite tough

More information

IGG (799 HK) Buy (maintained) Target price: HK$3.75. Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.

IGG (799 HK) Buy (maintained) Target price: HK$3.75. Strengthened global operation and development capability; maintain Buy but cut TP to HK$3. Equity Research Information Technology IGG (799 HK) Buy (maintained) Target price: HK$3.7 Strengthened global operation and development capability; maintain Buy but cut TP to HK$3.7 Lowerthanexpected 2Q

More information

PALACE CAPITAL PLC (PCA.L)

PALACE CAPITAL PLC (PCA.L) COMPANY NOTE Acquisition 07 August 2017 CORPORATE Current price 370.0p Sector Code Listing SHARE PERFORMANCE (K) 300 250 200 150 100 50 Real Estate Investment 0 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16

More information

Remuneration. April 2018 Shareholder Engagement. Royal Dutch Shell plc. Gerard Kleisterlee Chairman of the Remuneration Committee

Remuneration. April 2018 Shareholder Engagement. Royal Dutch Shell plc. Gerard Kleisterlee Chairman of the Remuneration Committee Remuneration April 2018 Shareholder Engagement Royal Dutch Shell plc Gerard Kleisterlee Chairman of the Remuneration Committee Royal Dutch Shell April 2018 Definitions & cautionary note Reserves: Our use

More information

LG International (001120) Poor 3Q expected to be just a blip WHAT S THE STORY? SUMMARY OF 3Q RESULTS

LG International (001120) Poor 3Q expected to be just a blip WHAT S THE STORY? SUMMARY OF 3Q RESULTS Company Update LG International (112) Poor 3Q expected to be just a blip Jaeseung Baek Analyst jaeseung.baek@samsung.com 822 22 7794 LG International (LGI) yesterday reported that its consolidated sales

More information

SpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research

SpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research Healthy operating performance in Q2 November 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs65 Target Price Rs115 Implied Upside 76.9% Sensex 26,316 Nifty 8,114 (Prices

More information

Figure 1 SAFCO Q1 results Q Q Q (SAR mn) Operating profit % 375.6% 347. Operating margin 47% 8% 30% 40%

Figure 1 SAFCO Q1 results Q Q Q (SAR mn) Operating profit % 375.6% 347. Operating margin 47% 8% 30% 40% Vol mn RSI10 SAFCO Petrochemicals Industrial SAFCO AB: Saudi Arabia US$7.22bn 40% US$5.60mn Market cap Free float Avg. daily volume Target price 62.00-2.6% over current Current price 63.70 as at 8/5/2018

More information

Crompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research

Crompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204

More information

Tullett Prebon (LSE: TLPR LN)

Tullett Prebon (LSE: TLPR LN) December 1, 2008 Financial Services Market Structure & Trading United Kingdom Company Update Rating: Price: Price Target: Bloomberg: BUY 150p 260p LSE: TLPR LN Market Data 52-Week Range: 540p-125p Total

More information

Cummins India. Growth/margin bottoming. Source: Company Data; PL Research

Cummins India. Growth/margin bottoming. Source: Company Data; PL Research Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%

More information

Luk Fook (590 HK) Hold (maintained) Target price: HK$ In line results, 1QFY17 remains weak. Equity Research Consumer Discretionary.

Luk Fook (590 HK) Hold (maintained) Target price: HK$ In line results, 1QFY17 remains weak. Equity Research Consumer Discretionary. Equity Research Consumer Discretionary Luk Fook (590 HK) Hold (maintained) Target price: HK$16.50 In line results, 1QFY17 remains weak In line results Net profit slumped 41% YoY to HK$959m in 1QFY17, in

More information

Graphite India BUY. Performance Highlights CMP. `93 Target Price `124. 4QFY2012 Result Update Capital Goods. Investment Period 12 Months

Graphite India BUY. Performance Highlights CMP. `93 Target Price `124. 4QFY2012 Result Update Capital Goods. Investment Period 12 Months 4QFY2012 Result Update Capital Goods May 11, 2012 Graphite India Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg (qoq) 4QFY2011 % chg (yoy) Net sales 452 437 3.5 304 48.6 EBITDA 83 90 (7.7)

More information

Invesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets

Invesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets Invesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets June 218 John Botham Product Director This presentation is for Professional Clients only and is not for consumer

More information

City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Outlook Stable

City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Outlook Stable Research Update: City of Windsor 'AA' Ratings Affirmed On Low Debt Burden And Exceptional Liquidity; Primary Credit Analyst: Dina Shillis, CFA, Toronto (416) 507-3214; dina.shillis@spglobal.com Secondary

More information

HOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance

HOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and

More information

Technical Analysis: Market Insight

Technical Analysis: Market Insight Technical Analysis: Market Insight October 1987 vs. October 2017 Today (Oct. 19, 2017) marks the 30 th anniversary of Black Monday a global market crash during which the S&P 500 dropped 20% in one day.

More information