Category: Mergers & Acquisitions

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Analysis, BioTech, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Weak Discretionary Spending in Europe Keeps Capgemini’s Growth in Check

Capgemini CAP reported first-quarter results that were largely in line with our expectations, and we are maintaining our EUR 39 fair value estimate and narrow moat rating for the company. Capgemini’s first-quarter revenue fell 1.7% to EUR 2.5 billion as the company’s cyclical businesses reported weak numbers amid sluggish economic conditions in Europe. The company’s results would have been worse if not for a stable … Continue reading Weak Discretionary Spending in Europe Keeps Capgemini’s Growth in Check

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Analysis, BioTech, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Sanofi Posts Slightly Weak First Quarter, but Wide-Moat Segments Continue to Perform Well

Sanofi SNY reported first-quarter results that fell short of both our and consensus expectations, but we don’t expect any significant changes to our fair value estimate for the company. Further, Sanofi’s wide moat divisions of diabetes, vaccines, consumer, and rare disease drugs posted solid gains, reaffirming our overall wide moat rating for the firm. Within diabetes (the company’s largest drug franchise), Lantus once again drove … Continue reading Sanofi Posts Slightly Weak First Quarter, but Wide-Moat Segments Continue to Perform Well

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Analysis, BioTech, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Vallourec Feels No Slowdown in Oil & Gas, Maintains Guidance After Strong Start to 2013

Vallourec maintained its guidance for 2013, even after a meaningful margin increase in the first quarter. The company generally reports lower profitability in the first quarter, with meaningful improvement in the second and third quarters. But with a 15.7% EBITDA margin to start the year, the company could be tracking well ahead of our fullyear forecast of 16.5%. Management was mum on whether the typical … Continue reading Vallourec Feels No Slowdown in Oil & Gas, Maintains Guidance After Strong Start to 2013

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Analysis, BioTech, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Banco Popular Reports Profit in 1Q

Spain’s Banco Popular earned EUR 104 million in the first quarter, up 4% from the year-ago quarter (and compared with a loss of EUR 2.5 billion in the trailing quarter on heavy loss provisioning). Net interest income fell 14.5% compared with the year-ago quarter as Popular, like many banks, saw continued low rates squeeze margins. EUR 194 million of gains on asset sales offset the … Continue reading Banco Popular Reports Profit in 1Q

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Analysis, BioTech, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Lower Impairment Charges Boost Danske Bank’s First-Quarter Results

Danske Bank DANSKE reported net profit of DKK 1.5 billion for first quarter 2013 (DKK 1.5 per share), higher than year ago profit of DKK 783 million (DKK 0.8 per share). Return on equity for first quarter 2013 equaled 4.3% compared with 2.5% a year ago. With much lower impairment charges in its non-core Ireland segment, overall profitability improved despite lower net interest income. With … Continue reading Lower Impairment Charges Boost Danske Bank’s First-Quarter Results

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Analysis, BioTech, Commodities, Diversified Tech, Finance, Global Equity, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Siemens Delivers Second-Quarter Results; Orders Improve on Large Project Wins

Siemens SI delivered mixed results in the second quarter as the company managed to hold income flat in light of declining revenue, but strong order growth offers some promise for the future. As is the case with typical quarters with the company, Siemens had several impairment and restructuring related charges in the second quarter that muted operating earnings, but free cash flow from operations increased … Continue reading Siemens Delivers Second-Quarter Results; Orders Improve on Large Project Wins

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