The People’s Bank of China (PBOC) announced the elimination of the original lending rate floor of 30% discount to benchmark, allowing banks to lend at any discount to benchmark lending rates as they see fit. The PBOC scrapped the cap on lending rates in 2004, and this move will fully liberalize lending rates for banks….
‘ second-quarter earnings demonstrate the strength of the company’s business model and underlying profitability, as highly efficient and productive new plants drove improvement in the electricity segment and the company’s dominance in lower-heat geothermal continued to produce strong results. During the quarter, Ormat earned $0.41 per share excluding noncash derivative gains and the gain on…
Many agree with Dell’s special committee’s assertion that Michael Dell’s bid of $13.65 per share is the best offer available to shareholders, constituting a superior offer to Carl Icahn’s partial buyout proposal. A growing number of major shareholders have voiced their dissent, and on the eve of the vote, nearly 30% of Dell’s shares had…
Google posted second-quarter financial results that were modestly below forecasts for both revenues and earnings. The share price was beginning to bake in some overly optimistic expectations and it is no surprise that the market paused following the results. Given the relatively conservative view and after comparing our long-term discounted cash flow model to the…
Dunkin’ Brands offers investors one of the more compelling domestic and international growth stories in consumer cyclicals with an exceptionally strong free cash flow profile. Dunkin’ can extend its brand reach beyond its core markets, as management has improved franchisee cash-on-cash returns in more nascent Western and Midwest markets through better site selection, national advertising,…
Media reports over the weekend suggested Valeant Pharmaceuticals VRX held merger discussions with Actavis ACT , which may now have stalled on financial considerations. Valeant had been signaling that it was seeking to pursue a large acquisition or a merger of equals, so the magnitude of the deal was not surprising, but we were a…
