Category: Tech IPO

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

BMW Races Past Street Consensus, Confirms Full-Year Guidance; Maintaining Our EUR 85 FVE

Narrow-moat, negative-moat-trend rated Bayerische Motoren Werke AG BMW reported better than expected first-quarter 2013 earnings per share results of EUR 1.99. This was EUR 0.22 ahead of the Street consensus EPS estimate of EUR 1.77, but EUR 0.06 below last year’s EUR 2.05 result. Demonstrating the reason for our narrow-moat rating, despite the decline in European volume and the competitive pricing in the region, BMW … Continue reading BMW Races Past Street Consensus, Confirms Full-Year Guidance; Maintaining Our EUR 85 FVE

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

Strong First-Quarter Results at Swiss Re

Swiss Re SREN had a very profitable first quarter, led by a 53% increase in its Property and Casualty segment on a year-over-year basis. The combined ratio in this segment was 70%, reflecting a dearth of catastrophe events and favorable reserve development which reduced the ratio by 8 points. Life and Health reinsurance net income improved slightly from last year while Corporate Solutions was up … Continue reading Strong First-Quarter Results at Swiss Re

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

Weatherford’s 1Q Results Are Respectable Given Recent History; Net Debt Position Worsens

Weatherford’s WFT first-quarter results were respectable given its recent history, but it still has many areas that can be improved. Revenue was $3.8 billion, up 7% from the prior year, while down 5% sequentially. Segment operating income was $429 million, roughly flat compared with the prior quarter’s $432 million (excluding items), but a decline of 23% from the prior year, thanks to weaker North American … Continue reading Weatherford’s 1Q Results Are Respectable Given Recent History; Net Debt Position Worsens

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

Swisscom Reports Light 1Q Results, but We’re Maintaining Our Fair Value Estimate

Swisscom SCMN reported first-quarter results that were a bit light, but we are maintaining our fair value estimate and moat rating for now. The firm’s revenue declined 2.4% year over year versus our full-year projection of a decline of 0.6%. Swisscom showed good subscriber growth, but weak average revenue per user, or ARPU. In Switzerland, the firm’s broadband base improved 4.1% to 1.75 million, its … Continue reading Swisscom Reports Light 1Q Results, but We’re Maintaining Our Fair Value Estimate

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

Goldcorp Incurs Elevated Cash Costs in 1Q While Increasing Production

Goldcorp GG reported disappointing first-quarter results Thursday, with considerable production growth that was met with sizable cost inflation. While the firm’s key growth projects remain on track to boost production, we believe its elevated operating expenses do not show signs of material remission. Goldcorp’s cost position rests near the middle of the industry cost curve, which is the primary reason we don’t think it enjoys … Continue reading Goldcorp Incurs Elevated Cash Costs in 1Q While Increasing Production

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

Valeant Reports In Line 1Q, Again Exceeds Synergy Targets

Valeant VRX reported first-quarter results that were largely in line with our expectations and we do not anticipate making any changes to our fair value estimate or moat rating. Revenue grew 25% and cash EPS grew 43% over the prior year, largely because of the integration of Medicis. The firm continues to see very strong performance in the emerging markets, and shows no signs of … Continue reading Valeant Reports In Line 1Q, Again Exceeds Synergy Targets

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