John Meady

Smith & Nephew Counters Soft 1Q Reconstructive Sales with Strength in Wound Management

Smith & Nephew SNN posted first-quarter results that were largely consistent with our expectations, and we are standing behind our fair value estimate of $58 per share. As we had suspected, the growth of reconstructive products slowed considerably as Smith & Nephew’s new product cycle is waning just as competitors are launching new products. Nonetheless,…

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Thankfully, BG’s Earnings Report Uneventful

BG Group BG. reported largely uneventful first-quarter results with most key metrics in line with previous guidance, which provided a welcome respite from previous quarters’ downward production guidance revisions and budget overruns. Total operating profit fell to $2.1 billion from $2.3 billion the year before as lower production and higher operating costs and depreciation offset…

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RSA Releases 1Q Management Statement

RSA Insurance Group RSA released its first-quarter interim management statement, which contained a limited amount of information about its progress so far this year. Reported written premium growth was 7% across the group, due to a combination of acquired premiums and the positive impact of rate gains due to the improving insurance pricing market. The…

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BSkyB Reports Solid Fiscal Q3 Results; Maintaining Our Fair Value Estimate

British Sky Broadcasting BSYBY , known as BSkyB, reported solid fiscal third-quarter results. Revenue increased 7.8% year over year, bringing the nine-month result up 6%, spot on with our full-year projection. We are maintaining our fair value estimate and moat rating. The firm’s growth is being driven primarily by subscriber additions, particularly in its communication…

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