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,…
Abbott Laboratories ABT reported solid second-quarter performance that underscored the strength of its presence in emerging markets, where robust growth continues. While second-quarter results have not spurred a change in projections for the rest of this year or 2014, we may see $40 per share, which was primarily driven by a lower cost of equity…
Exelon is the largest U.S. competitive power generator with roughly 35 gigawatts of power generation, including the nation’s largest nuclear fleet with 19 GW of capacity, as a result of its all-stock merger with Constellation Energy, which closed in 2012. Exelon is also the nation’s secondlargest regulated distributor of electricity and gas (6.6 million customers)…
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…
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…
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…
