Roche reported top-line results for the third quarter that put it on track to meet our expectations for the full year. Roche’s oncology drug portfolio and diagnostics segment form the basis of its personalized medicine strategy, feeding into the firm’s strong intangible assets and wide economic moat. At constant currencies, Roche’s sales were up 8%…
Banco Bradesco reported net income of BRL 3 billion (about $1.4 billion) for the third quarter. This was a 3.5% increase sequentially and 6.5% on a year-over-year basis. We are maintaining our narrow-moat rating and our fundamental outlook for the company at this time. Net interest income was BRL 11.7 billion, up 17% sequentially from…
Sigma-Aldrich reported third-quarter results in line with our expectations. Management increased the lower end of its EPS outlook on a favorable tax benefit, which is generally consistent with our EPS estimate for the year. Regardless, the company’s low-single-digit revenue growth trajectory remains on track with our forecast, and we’re leaving our fair value estimate and…
Despite relatively steady performance from the energy and pulp segments, UPM’s quarterly EBITDA contracted 20% year over year; EBITDA from the paper business was nearly halved over the same period. As the world’s largest producer of graphic paper, UPM remains highly dependent on its paper business, where volume continues to decline–European magazine papers fell 6%,…
Idexx Laboratories posted solid third-quarter results that fell squarely within expectations. The firm has made progress in its remodeling of its salesforce structure to a new configuration that makes it easier for customers to interact with a single point of access at Idexx, and we expect this reorganization should manifest itself in further growth over…
Banco Bilbao Vizcaya Argentaria announced that it is reducing its 15% stake in China CITIC Bank to 9.9% in order to increase its Basel III capital ratio. Because it will be below 10%, the CITIC stake will no longer be considered a “significant” investment, which alters the accounting methodology. The accounting will change from the equity…
