(DAKT - - $16.12) 26, 2003 DAKT
|
|
- Natalie Short
- 5 years ago
- Views:
Transcription
1 Dennis Nielsen (612) Consumer Products - Durables August 26, 2003 Financial Summary Rev (mil) A 2004E July $40.2 $44.1 $48.9A Oct $41.6 $48.1 $54.8E Jan $30.9 $38.2 $43.6E April $36.1 $47.4 $54.3E FY $148.8 $177.8 $201.6E P/Sales 2.0x 1.7x 1.5x EPS A 2004E July $0.08 $0.16 $0.22A Oct $0.10 $0.21 $0.20E Jan ($0.02) $0.10 $0.11E April $0.08 $0.17 $0.21E FY $0.25 $0.64 $0.74E P/E 64.4x 25.2x 21.8x Price: $ Week Range: $19.38-$8.55 Target: $22 Rating: BUY Shares Outstanding: 18.6 mil Float: 13.5 mil Mkt. Capitalization: $300 mil Avg. Volume: 123,800 Instit. Ownership: 37% BV / Share $3.74 Debt / Tot. Cap.: 6.2% Est. LT EPS Growth: 20% Exp. Next Rpt. Date: 11/20 Company Description Daktronics, Inc. designs, manufactures, sells and services dynamic visual communication systems for customers worldwide. Since inception in 1968, the Company has installed tens of thousands of scoreboards and display systems in more than 70 countries. Daktronics, Inc. (DAKT - $16.12) DAKT reports record Q1 results. BUY Key Points: Q1 revenue increased 11% to record $48.9 million. Q1 earnings increased 38% to $4.3 million, also record quarterly net income. Reported EPS of $0.22 was ahead of guidance of $0.13 to $0.19. Backlog was up sharply to $56 million from $50 million at year-end and at Q Guidance remains for FY 2004 revenues to increase to a range of $195 to $210 million, up 10% to 18% from We expect earnings to increase accordingly. Q2 guidance is for revenues to increase to $50 to $55 million with EPS in a range of $0.15 to $0.22 compared to last year s $48 million and $0.21. We raised our FY 2004 EPS estimate a penny to $0.74. Our price target remains $22 based on a P/E multiple of 30x our FY04 (April) EPS estimate of $0.74. Investment Recommendation: Daktronics reported Q1 results that set records for the period and exceeded our estimates. Revenue for the period increased 11% to $48.9 million slightly below our estimate. Net income for the quarter, however, improved to $4.3 million vs. $3.1 million a year ago. EPS of $0.22 was up 34% compared to last year s result and ahead of our estimate of $0.18. The net income margin was a record 8.8% in Q Daktronics continued to receive strong order flow. Backlog at the end of Q1 was $56 million compared to $50 million at the end of Q4. The Company announced several high-profile sports applications, including major league football sites. The backlog includes transportation and commercial application orders as well. Guidance for FY2004 was not changed and the company expects revenues to increase 10% to 18% and earnings to increase accordingly. During Q1, the Company paid off over $3 million in long-term debt, and increased cash by $2 million. We are impressed by the strength of the Company s business and have raised our FY04 EPS estimate. The stock is rated BUY with a 12-month price target to $22. Source: Reuters Feltl and Company Research Department. 120 South Sixth Street, Suite 2600 Minneapolis, MN Please see important disclosures at end of report.
2 First Quarter FY2004 Results Daktronics reported record first quarter sales and earnings for the period ended August 2, Revenues for the 13-week period increased 11% to $48.9 million. Net income increased 38% to $4.3 million, or $0.22 per share, versus $3.1 million, or $0.16 per share, a year ago. Both sales and net income were records for any quarter in the company s history. EPS guidance for the quarter was $0.13 to $0.19. First quarter sales included several major league sport display systems for Lambeau Field, Soldier Field in Chicago and the new home of the Philadelphia Eagles, among others. Commercial backlog increased with the booking of standard products and large horse racing systems in California and Paris. Gross margin for Q1 increased 100 basis points to 35.7% of sales compared to the period a year ago. Sequentially, gross margin increased 260 basis points compared to Q4. The Company continued to enjoy lower raw materials costs during the quarter, but attributed the strong gross margin to excellent on-site installation management on several large systems. Going forward, we look for gross margins to decline modestly, but remain above 30%. Operating expenses of $10.8 million increased 4.5% from the comparable period a year ago, but declined as a percent of sales. General & administrative, and product design & development expenses each increased as a percent of sales compared to the year ago period while selling expenses declined. The operating margin for Q was 13.7% of sales compared to 11.4% for Q1 in The net margin for Q was an all-time record 8.8% of sales. Daktronics ended the quarter with a backlog of $56 million compared to a backlog of $50 million at the end of the year. The first quarter marked the 6 th consecutive quarter with a backlog of $50 million or more. The Company continued to strengthen its balance sheet during the quarter. Long-term debt, including the current portion, was reduced $3.7 million to $4.6 million, down from $13.8 million in April Long-term debt represents 6.2% of total capital, down from 21.2% at that time. Daktronics ended the quarter with $11.2 million in cash up from $9.3 million at fiscal year-end. Working capital was $39.3 million. Outlook & Valuation The company provided guidance for Q2 and for fiscal year 2004 with the Q1 earnings release. Sales for the second quarter are expected to be in a range of $50 to $55 million, with earnings in the range of $0.15 to $0.22 per share. For the year, revenues are expected to be in the range of $195 to $210 million, up 11% to 18% over the FY 2003 results. The company went on to say that earnings are expected to increase accordingly, despite slightly lower projected gross margins. Our model for the fiscal year 2004 has been revised to conform to the guidance provided by the company. We expect the company to continue to demonstrate solid growth in the sports and transportation sectors of their business with improving contribution from the commercial sector as the economy improves. The company derives approximately two-thirds of sales from the sports market, approximately 15% from the commercial sector and 10% from transportation. The balance is derived from service, primarily. Page2 Daktronics, Inc. (DAKT) 8/26/03
3 The company has guided expectations for slightly lower gross margins in 2004 than seen in Favorable pricing on some projects and some raw materials seen in 2003 are not expected to be repeated in the coming year. Nonetheless, we expect overall operating profit margins to advance slightly with continued expense management and operating leverage. Our forecast is for sales to advance about 13% to $201.6 million and operating margins to increase to 11.5% in 2004 from 11.2% for Net income is expected to reach $14.7 million, up 18%, and EPS is projected at $0.74 compared to $0.64 reported for Valuation Method for Determining Price Target Our 12-month price target of $22 is based on the stock trading at 30 times our FY04 EPS estimate of $0.74. DAKT currently trades at 21.8 times projected FY04 EPS. We think the stock can support a premium valuation to its growth rate based on its leadership position, solid operating performance, the diverse markets it serves and its ongoing investment in technology. Risks To Achievement of Price Target The computer-programmable information display industry is highly fragmented and intensely competitive in certain markets. There are several established manufacturers of competing products who may have greater market penetration in certain markets or greater financial resources than Daktronics. The Company s products are often included in their customers marketing budgets, therefore, to some extent, the Company can be competing at times with other forms of advertising, such as television, print media or fixed display signs. Daktronics backlog includes customer sales agreements and purchase orders that it expects to complete within 12 months. However, sales agreements and purchase orders are subject to cancellation or delay with little or no penalty, backlog is not necessarily indicative of future net sales. The Company has found areas, both domestically and internationally, that prevent or restrict the installation of outdoor signs and computer-programmable information displays. These concerns are generally related to aesthetics or driver safety if an animated or moving display is located near a road or highway. These factors may prevent or limit the Company from selling products in certain areas. Readers should recognize that the risks noted here or referenced do not represent a comprehensive list of all risk factors or potential issues, nor all factors that may preclude price target achievement. Additional risk factors exist and are outlined in the Company s SEC filings. Analyst Certification I, Dennis Nielsen, certify that the views expressed in this research report accurately reflect my personal views about the subject company and its securities. I also certify that I have not been, am not, and will not be receiving direct or indirect compensation related to the specific recommendations expressed in this report. Page3 Daktronics, Inc. (DAKT) 8/26/03
4 Daktronics, Inc. Summary Financials Source: Company reports and Feltl and Company. FY01 FY02 Q1A Q2A Q3A Q4A FY03A Q1A Q2E Q3E Q4E FY04E Figures in (000) expcept per share amts. 8/3/02 11/2/02 2/1/03 5/3/03 8/3/03 11/2/03 2/1/04 5/3/04 Net Sales $152,331 $148,773 $44,107 $48,074 $38,220 $47,364 $177,764 $48,918 $54,800 $43,600 $54,300 $201,618 % change in sales 23.5% -2.3% 9.6% 15.6% 23.8% 31.2% 19.5% 10.9% 14.0% 14.1% 14.6% 13.4% Cost of Sales: 107, ,741 28,783 32,288 25,855 31, ,633 31,468 37,264 29,648 36, ,304 Gross Profit 45,221 45,032 15,324 15,786 12,365 15,657 59,131 17,450 17,536 13,952 17,376 66,314 Selling 18,805 22,009 6,807 5,974 5,868 6,317 24,966 6,429 6,700 6,500 6,600 26,229 General & Administrative 6,280 6,478 1,652 1,683 1,824 2,263 7,422 2,122 2,200 1,840 1,934 8,096 Product Design & Development 5,685 7,442 1,830 1,721 1,534 1,833 6,918 2,205 2,400 2,100 2,120 8,825 Operating Income 14,451 9,103 5,035 6,408 3,139 5,244 19,825 6,694 6,236 3,512 6,722 23,164 Non-Operating Income (Expense) Interest Income Interest Expense (1,599) (1,542) (255) (226) (195) (222) (897) (234) (150) (150) (150) (684) Other 346 (242) Income Before Income Taxes 13,965 8,142 5,158 6,401 3,186 5,851 20,596 7,131 6,356 3,632 6,842 23,961 Income tax provision 5,275 3,245 2,024 2,376 1,288 2,419 8,107 2,812 2,447 1,398 2,634 9,292 Minority interest in inc. of subsidiary (10) (21) (31) (11) (11) Net Income $8,685 $4,892 $3,134 $4,025 $1,888 $3,411 $12,458 $4,308 $3,909 $2,234 $4,208 $14,658 % change in N.I. 39.5% -43.7% 99.1% 99.7% n.m % 154.7% 37.5% -2.9% 18.3% 23.4% 17.7% Diluted earnings per share $0.46 $0.25 $0.16 $0.21 $0.10 $0.17 $0.64 $0.22 $0.20 $0.11 $0.21 $0.74 % change in EPS 36.1% -44.7% 100.8% 98.7% n.m % 151.0% 33.9% -5.4% 17.4% 22.2% 15.7% Weighted average shares 18,874 19,230 19,292 19,308 19,697 19,739 19,514 19,804 19,825 19,850 19,925 19,850 % of Sales: Cost of Sales 70.3% 69.7% 65.3% 67.2% 67.6% 66.9% 66.7% 64.3% 68.0% 68.0% 68.0% 67.1% Gross Profit 29.7% 30.3% 34.7% 32.8% 32.4% 33.1% 33.3% 35.7% 32.0% 32.0% 32.0% 32.9% Selling 12.3% 14.8% 15.4% 12.4% 15.4% 13.3% 14.0% 13.1% 12.2% 14.9% 12.2% 13.0% General & Administrative 4.1% 4.4% 3.7% 3.5% 4.8% 4.8% 4.2% 4.3% 4.0% 4.2% 3.6% 4.0% Product Design & Development 3.7% 5.0% 4.1% 3.6% 4.0% 3.9% 3.9% 4.5% 4.4% 4.8% 3.9% 4.4% Operating Income 9.5% 6.1% 11.4% 13.3% 8.2% 11.1% 11.2% 13.7% 11.4% 8.1% 12.4% 11.5% Net Income 5.7% 3.3% 7.1% 8.4% 4.9% 7.2% 7.0% 8.8% 7.1% 5.1% 7.7% 7.3% Tax Rate 37.8% 39.9% 39.2% 37.1% 40.4% 41.3% 39.4% 39.4% 38.5% 38.5% 38.5% 38.8% Backlog at period end $51,000 $50,000 $51,000 $51,000 $50,000 $50,000.0 $56,000 Balance Sheet Data: Cash & cash equivalents $2,896 $2,097 $3,232 $8,991 $8,863 $9,277 $11,182 Accounts receivable $21,090 $17,878 $24,670 $19,410 $15,274 $25,912 $24,716 Inventories $19,719 $16,472 $18,482 $16,248 $17,018 $14,863 $17,827 Working capital $26,967 $28,353 $32,333 $37,079 $37,453 $39,700 $39,307 Long-term debt $10,344 $9,574 $8,947 $7,631 $5,926 $8,400 $4,628 Shareholders' equity $45,823 $51,501 $54,816 $58,900 $61,146 $65,303 $69,864 Book value $2.55 $2.82 $2.99 $3.21 $3.32 $3.52 $3.74 Page4 8/26/03
5 Feltl and Company Rating System: Feltl and Company utilizes a four tier rating system for potential total returns over the next 12 months, and a three-tier system for risk assessment. Potential Total Return Assessment Strong Buy: The stock is expected to have total return potential of at least 30%. Catalysts exist to generate higher valuations, and positions should be initiated at current levels. Buy: The stock is expected to have total return potential of at least 15%. Near term catalysts may not exist and the common stock needs further time to develop. Investors requiring time to build positions may consider current levels attractive. Hold: The stock is expected to have total return potential of less than 15%. Fundamental events are not present to make it either a Buy or a Sell. The stock is an acceptable longer-term holding. Sell: Expect a negative total return. Current positions may be used as a source of funds. Related Risk Assessment Speculative: Business and financial risks are significantly greater than the market risk. The company has an inconsistent operating history and the share price may have significant volatility. Aggressive: Business and financial risks are higher than the market risk. The company has a history of revenue growth and/or operating profits. The share price may be more volatile than the general market. Market: Business and financial risks are in line with the general market. Disclosure Statement The information contained in this report is based on sources considered to be reliable, but not guaranteed, to be accurate or complete. Any opinions or estimates expressed herein reflect a judgment made of this date, and are subject to change without notice. This report has been prepared solely for informative purposes and is not a solicitation or an offer to buy or sell any security. The securities described may not be qualified for purchase in all jurisdictions. Because of individual requirements, advice regarding securities mentioned in this report should not be construed as suitable for all accounts. This report does not take into account the investment objectives, financial situation and needs of any particular client of Feltl and Company. Some securities mentioned herein relate to small speculative companies that may not be suitable for some accounts. Feltl and Company suggests that prior to acting on any of the recommendations herein, the recipient should consider whether such a recommendation is appropriate given their investment objectives and current financial circumstances. Past performance does not guarantee future results. Conflicts of Interest Investors should assume that Feltl and Company is seeking or will seek investment banking or other business from the companies in our research universe. From time to time, Feltl and Company, or its officers, directors or agents, or members of their families, may have a position in securities mentioned and may make purchases or sales of the same in the open market or otherwise, and may own options, rights or warrants to purchase the same. Feltl and Company may be a market maker and may act as principal or agent with respect to the sale or purchase of securities mentioned, and may have managed or co-managed a public offering of the securities mentioned within the last three years. Additional information is available upon request. Feltl & Company does make a market in the subject security at the date of publication of this report. As a market maker, Feltl & Company could act as principal or agent with respect to the purchase or sale of those securities. As of the end of the month preceding the date of publication of this report, Feltl & Company did not beneficially own 1% or more of any class of common equity securities of the subject company. Feltl & Company has not been engaged for investment banking services with the subject company during the past twelve months and does not anticipate receiving compensation for such services in the next three months. The analyst or any member of his/her household does not hold a long or short position, options, warrants, rights or futures of this security in their personal account(s). The analyst has not received any compensation for any investment banking business with this company in the past twelve months and does not expect to receive any in the next three months. Page5 8/26/03
6 No director, officer or employee of Feltl & Company serves as a director, officer or advisory board member to the subject company. Feltl & Company has not served as a broker, either as agent or principal, buying back stock for the subject company s account as part the company s authorized stock buy-back program in the last twelve months. Feltl & Co. may possibly serve as the company s broker, either as agent or principal, as part of the company s authorized buy-back program in the next three months. There is not any actual material conflict of interest that either the analyst or Feltl and Company is aware of. Feltl and Company Ratings Distribution Ratings Distribution for Feltl & Co. 8/26/03 Hold 17% Sell 3% SB/Buy 80% Feltl and Company provided investment banking services for 4% of the research covered companies over the last twelve months, of which one was rated Buy/Strong Buy and none were rated Hold. Buy-1/30/03 $18 Pr.Tgt. Buy-2/20/03 $19 Price Tgt. Buy-6/05/03 $22 Pr. Tgt. Buy-8/26/03 $22 Pr. Tgt. Date Nature of Report Rating Price Target 1/30/03 Coverage Initiated BUY $17-$19 2/20/03 Quarterly update BUY $18-$20 6/05/03 Quarterly update BUY $22 8/26/03 Quarterly update BUY $22 Page6 8/26/03
7 EQUITY CAPITAL MARKETS DIRECTORY RESEARCH DEPARTMENT Ernest W. Andberg, CFA Dennis E. Nielsen, CFA Richard A. Ryan (612) Joseph P. Sullivan, CFA (612) INSTITUTIONAL SALES: (866) Thomas Pierce Senior Vice President Institutional Sales (612) Mark Hagen (612) Paul M. Manley Ryan Quade (612) TRADING: (866) Jo Pihl Senior Vice President (612) James G. Fredericks Vice President Manager, Equity Trading (612) Joseph G. Fredericks (612) Daniel L. Hennen (612) William W. Koop (612) Deborah L. Zieman Institutional Sales Trading (612) /03/ SOUTH SIXTH STREET SUITE 2600 MINNEAPOLIS, MINNESOTA (612) (866) MEMBER SIPC & NASD
Micro Component Technology (MCTI - $0.43) Q4 Results Below Estimates Key Points:
Richard A. Ryan raryan@feltl.com (612) 492-8841 Semiconductor Cap. Equipment February 17, 2005 Financial Summary Rev(mil) 2003 2004 2005E Mar $ 2.2 $ 4.3 $2.3E Jun $ 2.3 $ 4.2 $2.8E Sep $ 2.9 $ 3.9 $3.5E
More informationMINE SAFETY APPLIANCES CO. (MSA - $63.27) Q3 Better Than Expected BUY Aggressive
Richard A. Ryan raryan@feltl.com (612) 492-8841 Safety Equipment Manufacturer November 6, 2003 Financial Summary Rev 2002 2003E 2004E (mil) March $128.1 $160.4A $175.1E June $141.9 $176.4A $192.0E Sept.
More informationStellent, Inc. (STEL - $8.59)
Richard A. Ryan raryan@feltl.com (612) 492-8841 Enterprise Software August 7, 2006 Financial Summary Rev(mil) 2005 2006 2007E Jun $22.3 $28.6 $32.3A Sep $28.0 $30.1 $33.4E Dec $27.7 $31.7 $34.8E Mar $28.5
More informationAstronics Corporation (ATRO - $16.35) Coverage terminated.
Richard A. Ryan raryan@feltl.com (612) 492-8841 Aerospace Supplier May 12, 2008 Financial Summary Rev(mil) 2007 2008E 2009 Mar $ 42.9 $ 41.1 - Jun $ 41.4 - Sep $ 37.7 - Dec $ 36.3 - FY $158.2 P/Sales 0.8x
More informationDomino s Pizza, Inc.
Feltl and Company Research Department 225 South Sixth Street, Suite 4200 Minneapolis, MN 55402 1.866.655.3431 Mark E. Smith mesmith@feltl.com 612.492.8806 Domino s Pizza, Inc. Company Description: Domino
More informationCompex Technologies, Inc. (CMPX - $4.89)
Ernest W. Andberg, CFA ewandberg@feltl.com (612) 492-8836 Medical Devices February 10, 2005 Financial Summary Rev(mil) 2004 2005E 2006E Sep $19.2 $21.7A $ Dec $22.5 $25.2A $ Mar $21.7 $24.6 $ Jun $22.7
More informationHibbett Sports Inc. (HIBB - $50.89) BUY
Hibbett Sports Inc. Company Description: Hibbett Sports Inc. operates 848 sporting goods stores in the United States with most stores located in the Southeast. Hibbett is a full service sporting goods
More informationAmerican Vanguard (AVD - $25.01) STRONG BUY
American Vanguard American Vanguard is a small but rapidly growing manufacturer and marketer of crop protection products like insecticides, herbicides, and fungicides for use by a variety of farmers. In
More informationDigi International, Inc.
Feltl and Company Research Department 225 South Sixth Street, Suite 4200 Minneapolis, MN 55402 1.866.655.3431 Jay M. Meier jmmeier@feltl.com 612.492.8847 Digi International, Inc. Company Description: Digi
More informationVascular Solutions, Inc.
Vascular Solutions, Inc. Vascular Solutions is a medical device company focused on developing products for the interventional radiology and cardiology markets. Current product offerings include the Duett
More informationMEDNAX, Inc. Better than expected results inline with our propriety research; raising estimates
MEDNAX, Inc. Feltl and Company Research Department 2100 LaSalle Plaza 800 LaSalle Avenue Minneapolis, MN 55402 1.866.655.3431 Matt J. Weight mjweight@feltl.com 612.492.8812 Healthcare Services August 1,
More informationMINE SAFETY APPLIANCES CO. (MSA - $47.98) Initiating Coverage BUY Aggressive
Richard A. Ryan raryan@feltl.com (612) 492-8841 Safety Equipment Manufacturer August 20, 2003 Financial Summary Rev 2002 2003E 2004E (mil) March $128.1 $160.4A $175.1E June $141.9 $175.9A $192.0E Sept.
More informationSynovis Life Technologies, Inc. (SYNO - $17.89) HOLD. Dennis E. Nielsen, CFA (612)
Dennis E. Nielsen, CFA denielsen@feltl.com (612) 492-8806 Medical Devices June 2, 2003 Financial Summary Rev (mil) 2002 2003E 2004E Jan $8.0 $12.5A Apr $9.5 $15.3A Jul $10.7 $14.0E Oct $11.8 $14.5E FY
More informationVascular Solutions, Inc. (VASC - $9.21)
Medical Devices March 23, 2005 Financial Summary Rev(mil) 2004 2005E 2006E Mar $4.4 $7.0E $ Jun $5.2 $7.6E $ Sep $5.9 $8.6E $ Dec $6.7 $9.9E $ FY $22.3 $33.0E $45.0E P/Sales 5.9x 4.0x 2.9x EPS 2004 2005E
More informationElectronic Arts Inc. EA NASDAQ Neutral-2 Good 2Q Results; Neutral Rating Based on Stock Valuation
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics EA - NASDAQ (as of 10/31/17) $119.60 Two Year Price Target N/A 52-Week Range $73.74 - $122.79 Shares Outstanding (mil) 309 Market Cap. ($mil) $36,956 3-Mo.
More informationDexCom, Inc. (DXCM - $15.73) HOLD. Feltl and Company Research Department 2100 LaSalle Plaza 800 LaSalle Avenue Minneapolis, MN
DexCom, Inc. Company Description: DexCom is a real-time diagnostics medical device company focused on the continuous glucose monitoring (CGM) market for both diabetics and critical care patients. The company
More informationNote Important Disclosures on Pages 5-6 Note Analyst Certification on Page 5
COMPANY UPDATE ESTIMATE CHANGE Key Metrics FELE - NASDAQ - as of 2/20/18 $39.85 Price Target -- 52-Week Range $36.00 - $47.20 Shares Outstanding (mm) 46.6 Market Cap. ($mm) $1,856.9 1-Mo. Average Daily
More informationDexCom, Inc. (DXCM - $14.30) HOLD. Feltl and Company Research Department 2100 LaSalle Plaza 800 LaSalle Avenue Minneapolis, MN
DexCom, Inc. Company Description: DexCom is a real-time diagnostics medical device company focused on the continuous glucose monitoring (CGM) market for both diabetics and critical care patients. The company
More informationDaVita Inc. (DVA - $119.21) BUY. Feltl and Company Research Department 2100 LaSalle Plaza 800 LaSalle Avenue Minneapolis, MN
DaVita Inc. Company Description: DaVita Inc. provides dialysis services for patients suffering from chronic kidney failure, which is known as end stage renal disease (ESRD) in the United States. Feltl
More informationResearch Report- Update
The Standard of Excellence in the Microcap Market Member: NASD, SIPC Buy Research Report- Update Robert C. Schroeder UFP Technologies, Inc. May 15, 2000 Ticker: UFPT--$2.56 (NASDAQ) FY1997 FY1998 FY1999A
More informationDexCom, Inc. Tickled pink Q3 EPS less red than our estimate and new G4 color choice
DexCom, Inc. Company Description: DexCom is a real-time diagnostics medical device company focused on the continuous glucose monitoring (CGM) market for both diabetics and critical care patients. The company
More informationAutoZone, Inc. EQUITY RESEARCH QUARTERLY UPDATE OUTPERFORM. Quick Read: Sales a Bit Soft, But Results Solid. September 22, 2016
EQUITY RESEARCH QUARTERLY UPDATE September 22, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $900.00 AZO - NYSE $751.45 3-5 Yr. EPS Gr. Rate 14% 52-Wk Range $819.54-$681.01 Shares Outstanding 30.8M
More informationElectronic Arts Inc. EA NASDAQ Neutral-2 Fiscal 3Q Results Don t Tell the Story of Bright Future, Long-term Growth Prospects
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics EA - NASDAQ (as of 1/30/18) $118.70 Current intra-day price (1/31/18) $127.81 Two Year Price Target N/A 52-Week Range $80.40 - $122.79 Shares Outstanding (mil)
More informationSodaStream Follow-Up: 1Q Results Better Than Expected; Guidance Raised; Wal-Mart!!!
EQUITY RESEARCH COMPANY UPDATE May 9, 2012 Stock Rating: OUTPERFORM 12-18 mo. Price Target $55.00 SODA - NASDAQ $36.90 3-5 Yr. EPS Gr. Rate 30% 52-Wk Range $79.72-$27.60 Shares Outstanding 19.9M Float
More informationActivision Blizzard, Inc. ATVI NASDAQ Underperform-2
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics ATVI - NASDAQ (as of 8/4/17) $62.01 Price Target N/A 52-Week Range $35.12 - $64.06 Shares Outstanding (mil) (basic) 754 Market Cap. ($mil) $46,756 3-Mo. Average
More informationNote Important Disclosures on Pages 6-7 Note Analyst Certification on Page 6
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics GOOGL - NASDAQ - as 4/23/18 $1,073.81 Price Target $1,100 52-Week Range $866.11 - $1,198.00 Diluted Shares Outstanding (mil) 703.5 Market Cap. ($mil) 1-Mo.
More informationKona Grill, Inc. (KONA - $11.28) Initiating Coverage Growth
Mark W. Moeller mwmoeller@feltl.com (612) 492-8849 Upscale Casual Restaurants September 30, 2005 Financial Summary Rev(mil) 2004A 2005E 2006E Mar $5.3 $8.0A $10.3E Jun $5.6 $8.9A $11.5E Sep $6.6 $9.0E
More informationAlphabet Inc. GOOGL - NASDAQ Neutral -1
COMPANY UPDATE / ESTIMATE CHANGE / TARGET CHANGE Key Metrics GOOGL - NASDAQ - as of 10/30/17 $1,033.13 Price Target $1,100 52-Week Range $743.59 - $1,063.62 Diluted Shares Outstanding (mil) 703.5 Market
More informationNote Important Disclosures on Pages 5-6 Note Analyst Certification on Page 5
COMPANY UPDATE / TARGET CHANGE ESTIMATE CHANGE Key Metrics SR - NYSE - as of 8/1/17 $73.40 Price Target $90.00 52-Week Range $59.54 - $73.70 Shares Outstanding (mm) 48.3 Market Cap. ($mm) $3,542.2 1-Mo.
More informationBTO: 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 informationCompany Report. TCL Comm (2618 HK) Strong FY15E ahead backed by solid product roadmap in smartphone/wearables/apps/cloud; Reiterate BUY BUY
Company Report China Merchants Securities (HK) Co.Ltd. Hong Kong Equity Research TCL Comm (2618 HK) Strong FY15E ahead backed by solid product roadmap in smartphone/wearables/apps/cloud; Reiterate BUY
More informationO'Reilly Automotive, Inc. Quick Read: Weather Likely Weighed Upon Sales a Bit
EQUITY RESEARCH QUARTERLY UPDATE July 27, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $300.00 ORLY - NASDAQ $277.51 3-5 Yr. EPS Gr. Rate 18% 52-Wk Range $284.66-$225.12 Shares Outstanding 99.4M
More informationOramed Pharmaceuticals Inc. (ORMP $7.21*)
Oramed Pharmaceuticals Inc. (ORMP $7.21*) Healthcare: Specialty Pharmaceuticals Buy; $20.00 PT; $104.2M Market Cap Company Update Tuesday, April 17, 2018 Revenue/EPS for 2Q18 in Line/Beat Estimates; Time
More informationNote Important Disclosures on Pages 6-7 Note Analyst Certification on Page 6.
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics FUN - NYSE (as of 11/2/17) $65.42 Two Year Price Target $77.00 52-Week Range $58.05 - $72.56 Shares Outstanding (mil) (basic) 56.1 Market Cap. ($mil) $3,669
More informationArcimoto, Inc. FUV - $ NASDAQ Buy
Craig Irwin, (646) 358-1910 cirwin@roth.com Annapoorni C.S, CFA, (646) 616-2791 acs@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH December 28, 2018 Cleantech & Industrial
More informationAnalyst's Notes. Argus Recommendations
Report created Jul 23, 2015 Page 1 OF 5 Boeing manufactures commercial jetliners and military aircraft as well as rotorcraft, electronic and defense systems, missiles, satellites, launch vehicles, and
More informationAlphabet Inc. GOOGL - NASDAQ Neutral -1
COMPANY UPDATE / TARGET CHANGE ESTIMATE CHANGE Key Metrics GOOGL - NASDAQ - as of 5/1/17 $932.82 Price Target $1,000.00 52-Week Range $672.66 - $935.82 Diluted Shares Outstanding (mil) 702.0 Market Cap.
More informationStryker Corp. Post-4Q15 Thoughts
EQUITY RESEARCH QUARTERLY UPDATE January 27, 2016 Stock Rating: PERFORM 12-18 mo. Price Target $104.00 SYK - NYSE $96.02 3-5 Yr. EPS Gr. Rate 9% 52-Wk Range $105.34-$86.68 Shares Outstanding 378.4M Float
More informationHOLD. 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 information1 st Quarter 2016 Earnings Conference Call Transcript
1 st Quarter 2016 Earnings Conference Call Transcript May 4, 2016 Overview*: BDC reported 1Q16 consolidated revenues of $543.8M. On a year-over-year basis, EBITDA margins of 16.4% increased 90 basis points
More informationArcimoto, Inc. FUV - $ NASDAQ Buy
Craig Irwin, (646) 358-1910 cirwin@roth.com Annapoorni C.S, CFA, (646) 616-2791 acs@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH February 15, 2019 Cleantech & Industrial
More informationThe Ensign Group, Inc. (NASDAQ:ENSG)
The Ensign Group, Inc. (NASDAQ:ENSG) ENSG - Thesis Remains Intact; Reiterate MO MARKET OUTPERFORM COMPANY UPDATE Post Acute Care - Facilities February 14, 2013 Kevin Campbell, CFA, Managing Director kcampbell@avondalepartnersllc.com
More informationSterling Construction Company, Inc. Rating: Hold
ENGINEERING & CONSTRUCTION Richard S. Paget, CFA 212-218-3894 rpaget@morganjoseph.com Christopher Bamman 212-218-3989 cbamman@morganjoseph.com Company Update / Estimates Change May 11, 2006 Key Metrics
More informationCentury Plyboards (India)
: price: EPS: How does our one year outlook change? We continue to maintain our positive stance on Century Plyboards (CPBI) as it is one of the leading players in the organized plywood market and third
More informationUNITEDHEALTH GROUP INC
07-16 09-16 11-16 01-17 03-17 05-17 07-17 HEALTHCARE SERVICES Managed Care Market Overweight UNITEDHEALTH GROUP INC (UNH $187.96 Outperform) Expect Strong Q2 + Focus on Early 2018 Commentary Look for solid
More information3,746 2,551 3, NIM
4QFY17 Result Update Institutional Equities Capital First 11 May 2017 Reuters: CAPF.BO; Bloomberg: CAFL IN Net Interest Income Up, But Offset By Elevated Credit Costs Although the net interest income or
More informationPharming Group NV (OTC: PHGUF) PHARM.AS AEX Buy
Scott R. Henry, CFA, (949) 720-7123 shenry@roth.com Sales (800) 933-6830, Trading (800) 933-6820 Healthcare: BioPharmaceuticals COMPANY NOTE EQUITY RESEARCH May 18, 2017 Pharming Group NV (OTC: PHGUF)
More informationRepco Home Finance REPCO IN
11 August 2014 Price: `431 India Banking & Financial Services Company Update BUY Repco Home Finance REPCO IN 12m Price Target: `460 Steady quarter REPCO reported 1Q15 net profit at `248mn, up 11% YoY and
More informationCalAmp Corp. CAMP - $ NASDAQ Buy
Scott W. Searle, CFA, (646) 616-2782 ssearle@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH June 28, 2018 Technology: Communications, Wireless & IoT CalAmp Corp. CAMP
More informationAAON, Inc. (AAON) NEUTRAL Price Target: $33 Price: $ Sidoti & Company, LLC
November 1, 2018 Intraday Note Raise Earnings Estimates; Earnings Release AAON, Inc. (AAON) Equity Research Increase 2019 EPS Estimate After This Morning s Solid 3Q:18 Report; 3Q:18 EPS Of $0.27 Beat Our
More informationAnalyst'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 informationDarden Restaurants, Inc.
Darden Restaurants, Inc. DRI: Reports Solid Performance; Expectations Were Pretty High Despite Evidence Segment Is Slowing Our View: We reiterate our OW rating following shares coming under pressure because
More informationNote Important Disclosures on Pages 5-6 Note Analyst Certifications on Page 5
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics WGL - NYSE - as of 2/7/18 $85.41 Price Target -- 52-Week Range $81.59 - $86.89 Shares Outstanding (mm) 51.4 Market Cap. ($mm) $4,386.0 1-Mo. Average Daily Volume
More informationSmall-Cap Research. Atossa Genetics (ATOS-NASDAQ)
Small-Cap Research August 15, 2013 Grant Zeng, CFA 312-265-9466 gzeng@zacks.com scr.zacks.com 111 North Canal Street, Chicago, IL 60606 Atossa Genetics (ATOS-NASDAQ) ATOS: Record revenue reported in 2Q13
More informationSmall-Cap Research. Integral Technologies, Inc. (ITKG-OTC) ITKG: Upcoming Revenue Catalysts OUTLOOK SUMMARY DATA ZACKS ESTIMATES
Small-Cap Research November 24, 2015 M. Marin 312-265-9211 scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Integral Technologies, Inc. (ITKG-OTC) ITKG: Upcoming Revenue Catalysts Current Recommendation
More informationCentury Plyboards (India)
: price: EPS: How does our one year outlook change? Century Plyboards (India) (CPBI) 2QFY17 revenues grew by 6% yoy driven by 2% yoy growth in plywood products and 11% yoy growth in laminate products.
More informationAutoNation, Inc. AN: Company-Specific Headwinds Continue to Weigh on Results, but Cost Controls are Improving
Consumer: Automotive Retail AutoNation, Inc. AN: Company-Specific Headwinds Continue to Weigh on Results, but Cost Controls are Improving Maintaining SW: 1) auto retail industry growth outlook remains
More informationCummins Inc. Nice Second-Quarter EPS Beat but Not Immune to Second-Half Slowdown. Equity Research Global Industrial Infrastructure Capital Goods
Equity Research Global Industrial Infrastructure Capital Goods August 02, 2016 Cummins Inc. Nice Second-Quarter EPS Beat but Not Immune to Second-Half Slowdown Summary/Quick take. Cummins reported a solid
More informationINSTITUTIONAL RESEARCH Technology COMPANY UPDATE Member FINRA/SIPC
INSTITUTIONAL RESEARCH Technology COMPANY UPDATE Member FINRA/SIPC Toll Free: 561-391-5555 www.dawsonjames.com 1 North Federal Highway - Suite 500 Boca Raton, FL 33432 Pareteum (NYSE American/TEUM) BUY
More informationSTEC Inc. Bringing Out the Big Gun--2H Contract Ups Visibility, Ests, PT, Everything
EQUITY RESEARCH COMPANY UPDATE July 16, 2009 Stock Rating: OUTPERFORM 12-18 mo. Price Target $45.00 STEC - OTC $27.59 3-5 Yr. EPS Gr. Rate 105% 52-Wk Range $28.37-$3.42 Shares Outstanding 48.4M Float 31.7M
More informationSynthetic Biologics (SYN) Rating: Buy
Earnings Update Healthcare August 15, 2013 h (SYN) Rating: Buy Andrew S. Fein 212-356-0546 afein@hcwco.com Continue to View Trimesta Deal in Multiple Sclerosis as NT Value Driver: Reiterate BUY and $4
More informationAveda Transportation and Energy Services Inc. (AVE-V)
Aveda Transportation and Energy Services Inc. (AVE-V) Strong Q3 Results Driven by Impressive US Growth November 5, 2013 Michael Mills, CFA (902) 425-8897 mmills@beaconsecurities.ca Aveda reported inline
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 28 th August 2009. BOC HONG KONG (HOLDINGS) LIMITED ( 中銀香港 )
More informationThe Medicines Company Model Update; Busy Catalyst Calendar Ahead
EQUITY RESEARCH QUARTERLY UPDATE March 23, 2016 Stock Rating: PERFORM 12-18 mo. Price Target NA MDCO - NASDAQ $31.48 3-5 Yr. EPS Gr. Rate NA 52-Wk Range $43.79-$25.27 Shares Outstanding 68.9M Float 67.1M
More informationSocket Mobile, Inc. (SCKT) NR Price Target: $6 Price: $4.04 Risk Rating: M. Sidoti & Company, LLC
October 27, 2017 Company Sponsored Research Morning Meeting Note Earnings Release Socket Mobile, Inc. (SCKT) Equity Research Maintain $6 Price Target; Robust Demand From Application Developer, Despite
More informationSTMicroelectronics N.V.
ENN Europe France Semiconductors 11 Aug 2004 Deutsche Bank STMicroelectronics N.V. Reiterate cautious industry stance and lowering price target Recommendation Buy Price at 11 Aug 2004 EUR 13.94 Target
More informationCalgon Carbon Corporation Rating: Hold
WATER COMPANIES Christopher Bamman 212-218-3989 cbamman@morganjoseph.com Richard S. Paget, CFA 212-218-3894 rpaget@morganjoseph.com Company Update / Estimates Change February 25, 2008 Key Metrics CCC -
More informationAllscripts Healthcare Solutions, Inc.
HEALTHCARE: Healthcare Technology Company Update / Estimates Change Allscripts Healthcare Solutions, Inc. MDRX: Continuing the String of Bookings We reiterate our SW rating on Allscripts (MDRX) due to
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
More informationBARNES GROUP INC. REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS
Barnes Group Inc. 123 Main Street Bristol, CT 06010 NEWS RELEASE REPORTS SECOND QUARTER 2018 FINANCIAL RESULTS Sales of $375 million, up 3%; Organic Sales up 1% Operating Margin of 17.0%; Up 120 bps from
More informationDollarama Inc. Q2 F2017 Preview. (1) Growth expected to continue (2) A deeper look at valuation HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $97.04 Stock Rating: Outperform (Unchanged) Target: $105.00 (Was $104.00) Risk Rating: Average (Unchanged) Est. Total Return: 8.6% Stock Data: 52-week High-Low (Canada) Bloomberg $98.94 - $66.32
More informationResMed, Inc. (RMD - $29.84) HOLD. Feltl and Company Research Department 2100 LaSalle Plaza 800 LaSalle Avenue Minneapolis, MN
ResMed, Inc. Company Description: ResMed develops, manufactures and distributes medical equipment for treating, diagnosing, and managing sleep-disordered breathing (SDB) and other respiratory disorders.
More informationCEVA Inc. CEVA - $ NASDAQ Buy
Suji Desilva, CFA, (415) 306-5120 sdesilva@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH August 07, 2018 Semiconductors & IT Hardware CEVA Inc. CEVA - $32.55 - NASDAQ
More informationSavaria Corporation. Q2/17 Results. Span contribution begins; guidance revised (unsurprisingly) upwards HIGHLIGHTS. The NBF Daily Bulletin
SIS (T) $15.06 Stock Rating: Outperform Target: $17.00 Risk Rating: Above Average Est. Total Return 14.6% Stock Data: 52-w eek High-Low $17.55 - $7.74 Bloomberg/Reuters SIS CN / SIS.TO Shares Outstanding
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Paul Sham 26 th March 2010. ICBC (ASIA) LIMITED ( 工銀亞洲 ) Sector : Banking
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationEAST ASIA SECURITIES COMPANY LIMITED 9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: Research: Facsimile:
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Vincent Leung 31 st July 2007. HANG SENG BANK LIMITED ( 恒生銀行 ) Sector
More informationSuzlon Energy Ltd RESULT UPDATE 16th August, 2017
RESULT UPDATE 16 th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationSodaStream Follow-Up: Very Strong 4Q Results Reflect Broad-Based Growth; Estimates Raised
EQUITY RESEARCH COMPANY UPDATE March 1, 2011 Stock Rating: OUTPERFORM 12-18 mo. Price Target $48.00 SODA - NASDAQ $39.68 3-5 Yr. EPS Gr. Rate 30% 52-Wk Range $46.88-$20.00 Shares Outstanding 19.2M Float
More informationDetour Gold Corporation (DGC-T)
Detour Gold Corporation (DGC-T) Q2 Results Advancing Towards Full Production August 6, 2014 Michael Curran, CFA (416) 507-3950 mcurran@beaconsecurities.ca Detour Gold s focus is the continuing ramp up
More informationCredit Suisse 6 th Annual Industrials Conference November 2018
Credit Suisse 6 th Annual Industrials Conference November 2018 Safe Harbor This presentation includes forward-looking statements which are statements that are not historical facts, including statements
More informationInvestor Deck December 2018
Investor Deck December 2018 Safe Harbor This presentation includes forward-looking statements which are statements that are not historical facts, including statements that relate to the mix of and demand
More informationDollarama Inc. Q4 F2017 Results. A straight-forward beat and other notable business updates HIGHLIGHTS. The NBF Daily Bulletin.
DOL (T) $110.88 Stock Rating: Outperform (Unchanged) Target: $122.00 (Was $113.00) Risk Rating: Below Average (Unchanged) Est. Total Return: 10.4% Stock Data: 52-week High-Low (Canada) Bloomberg $104.94
More informationNote Important Disclosures on Pages 5-6 Note Analyst Certification on Page 5
COMPANY UPDATE / ESTIMATE CHANGE Key Metrics COP - NYSE - as of 7/27/17 $44.66 Price Target $65.00 52-Week Range $38.80 - $53.17 Shares Outstanding (mm) 1248.7 Market Cap. ($mm) 1-Mo. Average Daily Volume
More informationJ&P Avax. Hefty upside, but no catalysts. Greece, Construction. June 4, 2010
Greece, Construction J&P Avax Hefty upside, but no catalysts June 4, 2010 Current price 1.45 Target price 5.40 From 6.50 Upside potential 272.4% Remains Outperform Key data Reuters code AVAr.AT Bloomberg
More informationHANG SENG BANK LIMITED ( 恒生銀行 )
9/F, 10 Des Voeux Road Central, Hong Kong. Dealing: 3608 8000 Research: 3608 8097 Facsimile: 3608 6132 HONG KONG RESEARCH Analyst: Kevin Tam 1 st August 2006 HANG SENG BANK LIMITED ( 恒生銀行 ) Sector : Banking
More informationPlease see pages 8 and 9 of this publication for important certification and disclosure information.
Industry: Financial Services GICS Sector/ Sub code: Financials Sector / Banks (GIC Code: 40 / Sub code: 4010) Company Summary: Lending Club ( LC, or the Company) is the world s largest online marketplace
More informationDr Reddy s Laboratories
: price: EPS: How does our one year outlook change? We maintain rating on DRRD post the company s 3QFY16 results Revenue growth for the quarter was muted (3% yoy) due to disappointing performances in Russia
More informationCALAVO GROWERS, INC. ANNOUNCES FISCAL 2017 FOURTH QUARTER AND FULL-YEAR RESULTS
For: Contact: Calavo Growers, Inc. Lee E. Cole Chairman, President and CEO (805) 525-1245 CALAVO GROWERS, INC. ANNOUNCES FISCAL 2017 FOURTH QUARTER AND FULL-YEAR RESULTS ----------------------- Fourth
More informationComcast EQUITY RESEARCH QUARTERLY UPDATE OUTPERFORM. Comcast 2Q16 Follow-Up: Raising Price Target to $74, 8x 2017E EBITDA.
EQUITY RESEARCH QUARTERLY UPDATE July 29, 2016 Stock Rating: OUTPERFORM 12-18 mo. Price Target $74.00 CMCSA - NASDAQ $67.86 3-5 Yr. EPS Gr. Rate 17% 52-Wk Range $68.36-$50.01 Shares Outstanding 2,446.0M
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
More informationAnalyst'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 informationCLICK TO EDIT MASTER TITLE STYLE Market Perspective
Market Perspective Global Earnings Remain Supportive November 8, 2017 Keith Lerner, CFA, CMT Managing Director, Chief Market Strategist 2017 SunTrust Banks, Inc. SunTrust is a federally registered service
More informationFAB UNIVERSAL CORPORATION $150M Hidden Value
COMPANY UPDATE FAB UNIVERSAL CORPORATION $150M Hidden Value Rob Goldman April 25, 2013 rob@goldmanresearch.com Aaron Schweitzer aaron@goldmanresearch.com FAB UNIVERSAL CORPORATION (NYSE MKT FU - $4.04)
More informationGillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance
2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings
More informationKey estimate revision. Financial summary. Year FY15 121, % 16, % FY16E 137, % 20,
: price: EPS: How does our one year outlook change? We maintain rating on Aurobindo post the company s 3QFY16 results. Revenue growth for the quarter was 10% yoy: US sales of $238mn (vs. estimate of $251mn
More informationOTC Markets Group Inc. (OTCM) NR Price Target: $30 Price: $29.80 Risk Rating: H. Sidoti & Company, LLC
September 29, 2017 Company Sponsored Research Morning Meeting Note Raise Price Target; Raise Earnings Estimates OTC Markets Group Inc. (OTCM) Equity Research Raise Target To $30 (From $27) As We Introduce
More informationNote Important Disclosures on Pages 6 and 7. Note Analyst Certification on Page 6.
COMPANY UPDATE / ESTIMATE CHANGES Key Metrics IRET - NASDAQ (as of 12/11/2017) $5.88 Price Target N/A 52-Week Range $5.60 - $7.28 Shares & Units Outstanding (mm) 135 Market Cap. ($mm) $794 3-Mo. Average
More informationPEDEVCO Corp PED - $ NYSE:MKT Buy
Joe Reagor, (949) 720-7106 jreagor@roth.com Sales (800) 933-6830, Trading (800) 933-6820 COMPANY NOTE EQUITY RESEARCH June 23, 2015 Resources: Oilfield Services PEDEVCO Corp PED - $0.50 - NYSE:MKT Buy
More informationTTK Prestige. Channel-check takeaways Growth recovery pace sees moderation, competitive headwinds continue to prevail. Target CMP. Rating Rs.
Channel-check takeaways Growth recovery pace sees moderation, competitive headwinds continue to prevail Growth traction turns subdued in 4Q - Our channel-check interactions on a pan India basis is indicating
More information