CenterPoint Energy Inc. (CNP-NYSE)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "CenterPoint Energy Inc. (CNP-NYSE)"

Transcription

1 December 30, 2014 CenterPoint Energy Inc. (CNP-NYSE) Current Recommendation Prior Recommendation SUMMARY DATA NEUTRAL Underperform Date of Last Change 06/29/2009 Current Price (12/29/14) $24.29 Target Price $ Week High $ Week Low $21.54 One-Year Return (%) 9.02 Beta 0.44 Average Daily Volume (sh) 4,246,618 Shares Outstanding (mil) 430 Market Capitalization ($mil) $10,445 Short Interest Ratio (days) 1.84 Institutional Ownership (%) 79 Insider Ownership (%) 1 Annual Cash Dividend $0.95 Dividend Yield (%) Yr. Historical Growth Rates Sales (%) N/A Earnings Per Share (%) 4.8 Dividend (%) 4.0 using TTM EPS 19.1 using 2014 Estimate 20.8 using 2015 Estimate 19.7 Zacks Rank *: Short Term 1 3 months outlook * Definition / Disclosure on last page 4 - Sell SUMMARY CenterPoint Energy reported favorable third-quarter 2014 results with both earnings and revenues surpassing the Zacks Consensus Estimate. The quarterly performance benefited primarily from an increased customer count. However, the bottom line decreased year over year due to higher operation and maintenance expenses. Gradual improvement in Houston s economy boosts the company s performance and will likely continue doing so in the future. A stable liquidity position backed by strong cash generation capacity and systematic investments in infrastructure projects will also drive upcoming results. However, uncertain outcomes of impending rate cases and dependence on retail electric providers for rate payments may impede growth. Thus, we are maintaining our Neutral recommendation in the stock. Risk Level * Type of Stock Low, Large-Blend Industry Util-Elec Pwr Zacks Industry Rank * 110 out of 267 ZACKS CONSENSUS ESTIMATES Revenue Estimates (In millions of $) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) ,084 A 1,525 A 1,705 A 2,138 A 7,452 A ,388 A 1,894 A 1,640 A 2,184 A 8,106 A ,163 A 1,884 A 1,807 A 1,445 E 8,299 E ,120 E 1,366 E 1,966 E 8,386 E Earnings Per Share Estimates (EPS is operating earnings before non-recurring items, but including employee stock options expenses) Q1 Q2 Q3 Q4 Year (Mar) (Jun) (Sep) (Dec) (Dec) 2012 $0.30 A $0.27 A $0.40 A $0.28 A $1.25 A 2013 $0.35 A $0.30 A $0.35 A $0.26 A $1.26 A 2014 $0.43 A $0.25 A $0.33 A $0.16 E $1.17 E 2015 $0.36 E $0.21 E $0.30 E $1.23 E Projected EPS Growth - Next 5 Years % Zacks Investment Research, All Rights reserved S. Riverside Plaza, Chicago IL 60606

2 OVERVIEW Houston, TX-based CenterPoint Energy Inc. (CNP) is a domestic energy delivery company that provides electric transmission & distribution, natural gas distribution and competitive natural gas sales and services operations. The company serves over 5 million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas. The company owns interest in a midstream partnership (Midstream Partnership). CenterPoint Energy s reportable business segments include the following: Electric Transmission & Distribution: CenterPoint Houston engages in electric utility operations. It is a transmission and distribution electric utility that operates entirely within the state of Texas. On behalf of the retail electric providers (REPs), CenterPoint Houston delivers electricity. CenterPoint Houston provides transmission services under tariffs approved by the Texas Utility Commission. In Electric Reliability Council of Texas, Inc. (ERCOT), the end-users purchase their electricity directly from certificated REPs. CenterPoint Houston delivers electricity to REPs in its certificated service area by carrying lower-voltage power from the substation to retail electric customers. CenterPoint Houston s operations include construction and maintenance of electric transmission and distribution facilities, metering services, outage response services and call center operations. CenterPoint Houston s electric transmission business, along with those of other owners of transmission facilities in Texas, supports the operation of the ERCOT independent system operator (ERCOT ISO). Natural Gas Distribution: Natural Gas Distribution consists of intrastate natural gas sales to, and natural gas transportation and distribution for, residential, commercial, industrial and institutional customers. As of Dec 31, 2014, the segment serves customers in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma and Texas. Energy Services: The segment, through CenterPoint Energy Services, Inc. and its subsidiary, CenterPoint Energy Intrastate Pipelines, LLC, provides variable and fixed-priced physical natural gas supplies mainly to the commercial and industrial customers and electric and gas utilities. Midstream Investments: In Mar 2013, CenterPoint Energy inked a master formation agreement with OGE Energy Corp. and the affiliates of ArcLight Capital Partners, LLC to form Enable Midstream Partners as a private limited partnership. On May 1, 2013, the parties completed the process and Enable Midstream Partners became the owner of considerably all of CERC Corp. s former Interstate Pipelines and Field Services operations. Other Operations: This division consists of office buildings and other real estate used for the company s business and other corporate activities that support its business operations. REASONS TO BUY A steady growth in the customer count has mainly driven CenterPoint Energy s performance over the last several quarters. During the third quarter of 2014, the company s customers under Electric Transmission & Distribution and Natural Gas Distribution segments increased around 2.2% and 1.1% year over year, respectively. In addition, customers of Energy Services also surged during the quarter from the prior-year level. Ongoing economic development in CenterPoint Energy s operating territories primarily boosted customer count. At 2013-end, the customer count under Electric Transmission & Distribution, Natural Gas Distribution and Energy Services increased roughly 2%, 1% and 7.2% year over year, respectively. The increasing customer headcount is expected to prevail in the future primarily due to economic recovery of Houston, subsequently boosting forthcoming utility demand. Equity Research CNP Page 2

3 CenterPoint Energy is investing substantially to expand its operations to cope with increasing utilities demand. The company is currently focused on upgrading infrastructure and improving reliability. CenterPoint Energy s capital expenditure during the third quarter had stood at around $0.36 billion, up 8.8% year over year on higher investments in both the Electric Transmission & Distribution and Natural Gas Distribution segments. The company intends to invest a total of $1.4 billion in 2014, higher than $1.27 billion a year ago. Under the Electric Transmission & Distribution division, CenterPoint Energy plans investments of roughly $3.7 billion through This fund will be utilized primarily for system modernization initiatives, maintenance projects and installation of meter-reading technology. The company also plans to invest $0.3 billion to a construct a portion of the Brazos Valley Connection Project, previously known as the Houston Import Project. On the other hand, the company intends to spend around $2.2 billion under its for natural gas utilities through , primarily for replacing its aging infrastructure, implementation of modern technology and investments in the Minnesota Belt Line Project. These initiatives will collectively enable CenterPoint Energy to provide reliable services besides meeting increasing customer demand. CenterPoint Energy continues to maintain a stable liquidity position, which allows it to follow its systematic capital spending program. As of Sep 30, 2014, the company had cash and cash equivalents of $0.23 billion and available liquidity of around $2.03 billion under total bank facilities. In addition, the company showed its efficiency of holding a stable cash generating capacity. In the first nine months of 2014, CenterPoint Energy s operating cash flow was around $1.12 billion. the company cash flow from opertaing activities at 2013-end had stood at $1.61 billion. Apart from utilizing funds in infrastructure projects, a favorable financial positon will support CenterPoint Energy s practice of regular dividend payments. The company aims to increase its dividend at a compound annual growth rate of 8% 10% between 2014 and In the first nine months of 2014, the company paid around $0.31 billion as common dividends, up 14.6% year over year. These initiative will enable CenterPoint Energy to attract more investors to the stock. REASONS TO SELL The performance of CenterPoint Energy s regulated electricity and natural gas utilities depends upon rate relief at regular intervals in its different service areas. Any adverse decision in pending regulatory cases can impact the company s earnings substantially. The proceeds are used to finance a portion of its expansion program. An adverse regulatory decision will force the company to refund the incremental bill it has charged from its customers. A substantial portion of CenterPoint Energy s operations are located along the gulf coast of the U.S., a high-risk area with strong hurricane activity. This exposes the company s utility plants to damage and expenditures associated with storm-related restoration. In spite of having general liability and property insurance, insurance coverage may not cover all expenses incurred by the company. CenterPoint Energy s unit, CenterPoint Houston s performance depends primarily on timely payment of fees by retail electric providers (REP). The company supplies electricity to customers on behalf of the REP in exchange of fees. If any third-party provider fails to pay fees on time, CenterPoint Energy s performance will be impacted adversely. Equity Research CNP Page 3

4 RECENT NEWS CenterPoint Energy Beats on Earnings on New Customers Nov 5, 2014 CenterPoint Energy, Inc. reported third-quarter 2014 earnings of $0.33 per share, surpassing the Zacks Consensus Estimate by 6.5%. The upside resulted primarily from a higher customer count in spite of mounting expenses and a milder summer. However, the reported number was 5.7% lower than the prior-year adjusted profit of $0.35 per share. Total Revenue CenterPoint Energy s total revenue for the reported quarter was $1,807 million, beating the Zacks Consensus Estimate by 6.2%. Quarterly revenues also increased 10.2% from $1,640 million in the yearago period. Operational Results Total expenses rose 12.8% year over year to $1,574 million, primarily due to a rise in operation and maintenance, natural gas and depreciation and amortization expenses. The company s operating income decreased 4.5% year over year to $233 million in the reported quarter. Interest expense in the reported quarter remained flat at $118 million as compared to the year-ago quarter. In the reported quarter, customer count increased by roughly 2% from the prior-year quarter leading to an improved sales volume. Segment Results The Electric Transmission & Distribution segment reported an operating income of $232 million, down 2.9% year over year. Natural Gas Distribution reported an operating loss of $8 million as compared to the operating income of $5 million in the year-ago quarter. The Energy Services segment s operating income was $6 million, up from $2 million a year ago. The operating income of the Other Operations segment was $3 million as compared to the operating loss of $2 million in the prior-year quarter. Financial Condition As of Sep 30, 2014, CenterPoint Energy reported cash and cash equivalents of $230 million, up from $208 million as of Dec 31, Total long-term debt was $7,797 million as of Sep 30, 2014, down from $7,817 million at the end of Dec 31, In the first nine months of 2014, the company s net cash from operating activities was $1,124 million, lower than $1,132 million in the year-ago period. In the reported quarter, CenterPoint Energy s total capital expenditures increased to $358 million from $329 million in the year-ago period, primarily on the back of higher investments in both the Electric Transmission & Distribution and Natural Gas Distribution segments. Equity Research CNP Page 4

5 Guidance CenterPoint Energy maintained its 2014 earnings guidance at $1.14 $1.21 per share. The company reaffirmed its 2014 earnings expectation from Midstream investments to be in the range of $0.42 to $0.45 per share. It has also reaffirmed its 2014 earnings forecast for its utility operations at $0.72 to $0.76 per share. VALUATION Shares of CenterPoint Energy are presently trading at 19.1 trailing 12-month multiple, compared to the 21.9x average for the industry and 19.2x for S&P 500. Over the last five years, the company s shares have traded in the range of 11.9x to 19.8x trailing 12-month earnings. Moreover, the company has a trailing 12-month ROE of 12.4%, higher than the industry average of 3.7%. Our $26.00 price objective reflects 7.2x trailing twelve month cash flow. Key Indicators F1 F2 Est. 5-Yr EPS Gr% P/CF 5-Yr High 5-Yr Low CenterPoint Energy, Inc. (CNP) Industry Average S&P PPL Corporation (PPL) N/A Public Service Enterprise Group Inc. (PEG) Northeast Utilities (NU) Calpine Corp. (CPN) N/A 24.4 TTM is trailing 12 months; F1 is 2014 and F2 is 2015, CF is operating cash flow CenterPoint Energy, Inc. (CNP) P/B Last Qtr. P/B 5-Yr High P/B 5-Yr Low ROE D/E Last Qtr. Div Yield Last Qtr. EV/EBITDA Industry Average S&P N/A 1.9 N/A Equity Research CNP Page 5

6 Earnings Surprise and Estimate Revision History Equity Research CNP Page 6

7 DISCLOSURES & DEFINITIONS The analysts contributing to this report do not hold any shares of CNP. The EPS and revenue forecasts are the Zacks Consensus estimates. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts personal views as to the subject securities and issuers. Zacks certifies that no part of the analysts compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. This report is not to be construed as an offer or the solicitation of an offer to buy or sell the securities herein mentioned. Zacks or its officers, employees or customers may have a position long or short in the securities mentioned and buy or sell the securities from time to time. Zacks uses the following rating system for the securities it covers. Outperform- Zacks expects that the subject company will outperform the broader U.S. equity market over the next six to twelve months. Neutral- Zacks expects that the company will perform in line with the broader U.S. equity market over the next six to twelve months. Underperform- Zacks expects the company will under perform the broader U.S. Equity market over the next six to twelve months. The current distribution of Zacks Ratings is as follows on the 1141 companies covered: Outperform %, Neutral %, Underperform 5.7%. Data is as of midnight on the business day immediately prior to this publication. Our recommendation for each stock is closely linked to the Zacks Rank, which results from a proprietary quantitative model using trends in earnings estimate revisions. This model is proven most effective for judging the timeliness of a stock over the next 1 to 3 months. The model assigns each stock a rank from 1 through 5. Zacks Rank 1 = Strong Buy. Zacks Rank 2 = Buy. Zacks Rank 3 = Hold. Zacks Rank 4 = Sell. Zacks Rank 5 = Strong Sell. We also provide a Zacks Industry Rank for each company which provides an idea of the near-term attractiveness of a company s industry group. We have 264 industry groups in total. Thus, the Zacks Industry Rank is a number between 1 and 264. In terms of investment attractiveness, the higher the rank the better. Historically, the top half of the industries has outperformed the general market. In determining Risk Level, we rely on a proprietary quantitative model that divides the entire universe of stocks into five groups, based on each stock s historical price volatility. The first group has stocks with the lowest values and are deemed Low Risk, while the 5 th group has the highest values and are designated High Risk. Designations of Below-Average Risk, Average Risk, and Above-Average Risk correspond to the second, third, and fourth groups of stocks, respectively. Research Analyst Copy Editor Content Ed. Lead Analyst QCA Priyam Bhattacharya Sayantani Sinharoy Shrabana Mukherjee Shrabana Mukherjee Jewel Saha Equity Research CNP Page 7

SUMMARY. Risk Level *

SUMMARY. Risk Level * March 09, 2015 AGL Resources Inc. Current Recommendation Prior Recommendation Neutral Date of Last Change 03/09/2015 Current Price (03/06/15) $47.11 Target Price $43.00 UNDERPERFORM SUMMARY (GAS-NYSE)

More information

Concur Technologies, Inc.

Concur Technologies, Inc. September 15, 2014 Concur Technologies, Inc. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 04/17/2014 Current Price (09/12/14) $110.06 Target Price $116.00

More information

Climate Technologies (14.3%) provides heating, air conditioning, and refrigeration solutions.

Climate Technologies (14.3%) provides heating, air conditioning, and refrigeration solutions. December 08, 2014 Emerson Electric Co. Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Outperform Date of Last Change 05/14/2006 Current Price (12/05/14) $64.88 Target Price $68.00 52-Week

More information

ITT Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (ITT-NYSE)

ITT Corporation NEUTRAL ZACKS CONSENSUS ESTIMATES (ITT-NYSE) January 08, 2015 ITT Corporation Current Recommendation Prior Recommendation Outperform Date of Last Change 10/19/2014 Current Price (01/07/15) $37.66 Target Price $40.00 NEUTRAL (ITT-NYSE) SUMMARY ITT

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * December 10, 2014 ACE Limited (ACE-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 10/17/2013 Current Price (12/09/14) $116.06 Target Price $139.00 OUTPERFORM SUMMARY ACE

More information

China Life Insurance Co. Ltd.

China Life Insurance Co. Ltd. December 05, 2014 China Life Insurance Co. Ltd. Current Recommendation Prior Recommendation Neutral Date of Last Change 12/05/2014 Current Price (12/04/14) $55.15 Target Price $66.00 OUTPERFORM SUMMARY

More information

Companhia Energetica de Minas Gerais

Companhia Energetica de Minas Gerais February 25, 2015 Companhia Energetica de Minas Gerais (CIG-NYSE) NEUTRAL Current Recommendation Prior Recommendation Outperform Date of Last Change 06/15/2014 Current Price (02/24/15) $4.41 Target Price

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * November 23, 2012 Walter Energy (WLT-NYSE) Current Recommendation Prior Recommendation Neutral Date of Last Change 09/05/2012 Current Price (11/21/12) $28.83 Target Price $26.00 UNDERPERFORM SUMMARY Walter

More information

SUMMARY. Risk Level *

SUMMARY. Risk Level * October 20, 2014 BP plc (BP-NYSE) Current Recommendation SUMMARY DATA NEUTRAL Prior Recommendation Underperform Date of Last Change 09/16/2012 Current Price (10/17/14) $41.44 Target Price $44.00 52-Week

More information

Small-Cap Research. CytoSorbents Cp (CTSO- NASDAQ) CTSO: Strong Recovery in Product Sales Following Sales Force Restructuring OUTLOOK SUMMARY DATA

Small-Cap Research. CytoSorbents Cp (CTSO- NASDAQ) CTSO: Strong Recovery in Product Sales Following Sales Force Restructuring OUTLOOK SUMMARY DATA Small-Cap Research January 14, 2016 Brian Marckx, CFA bmarckx@zacks.com Ph (312) 265-9474 scr.zacks.com 111 North Canal Street, Chicago, IL 60606 CytoSorbents Cp (CTSO- NASDAQ) CTSO: Strong Recovery in

More information

CenterPoint Energy Electric & Natural Gas Utilities in Texas Bill Rogers, EVP & Chief Financial Officer Scott Doyle, SVP Regulatory & Public Affairs

CenterPoint Energy Electric & Natural Gas Utilities in Texas Bill Rogers, EVP & Chief Financial Officer Scott Doyle, SVP Regulatory & Public Affairs CenterPoint Energy Electric & Natural Gas Utilities in Texas Bill Rogers, EVP & Chief Financial Officer Scott Doyle, SVP Regulatory & Public Affairs September 30, 05 Cautionary Statement This presentation

More information

Omnicom Group Inc. (NYSE: OMC)

Omnicom Group Inc. (NYSE: OMC) Apr 16, 2015 Omnicom Group Inc. (NYSE: OMC) $ 77.39 USD ( As of 04/15/15 ) Zacks Rank 3-Hold Style Scores: Growth: Value: Momentum: Data Overview 52 Week High-Low $80.52 - $64.93 20 Day Average Volume

More information

Small-Cap Research. CYREN Ltd (CYRN-NASDAQ) CYRN: Zacks Company Report OUTPERFORM- New Products Gaining Distribution and Generating First Sales

Small-Cap Research. CYREN Ltd (CYRN-NASDAQ) CYRN: Zacks Company Report OUTPERFORM- New Products Gaining Distribution and Generating First Sales Small-Cap Research February 25, 2015 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 CYREN Ltd (CYRN-NASDAQ) CYRN: Zacks Company Report OUTPERFORM-

More information

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures Nov 14, 2014 Healthcare OptimizeRx Platform Potential Continues to Grow Other OTC OPRX Buy Rating Unchanged Current Price $0.87 Target Price $4.00 Market Capitalization 20.32M Shares Outstanding 23.36M

More information

Spectra Energy Reports Fourth Quarter and Year-End 2007 Results

Spectra Energy Reports Fourth Quarter and Year-End 2007 Results Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: February 6, 2008 Spectra Energy Reports Fourth Quarter and Year-End 2007 Results Fourth

More information

Spectra Energy Reports Second Quarter 2007 Results

Spectra Energy Reports Second Quarter 2007 Results Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: August 6, 2007 Spectra Energy Reports Second Quarter 2007 Results Second quarter reported

More information

Trailing PE 15.1. Forward PE 11.8 SAMPLE. Buy 42 Analysts. 1-Year Return: 16.4% 5-Year Return: 105.2%

Trailing PE 15.1. Forward PE 11.8 SAMPLE. Buy 42 Analysts. 1-Year Return: 16.4% 5-Year Return: 105.2% ORACLE CORPORATION (-N) Last Close 34.93 (USD) November 18, 2013 NEW YORK Exchange AVERAGE SCORE Avg Daily Vol 17.7M Market Cap 156.9B POSITIVE OUTLOOK: 's current score of 8 places it among the top quartile

More information

Small-Cap Research. Net Element Inc. (NETE-NASDAQ) NETE: Management Buys Stock to Fund Working Capital While Debt is Renegotiated OUTLOOK SUMMARY DATA

Small-Cap Research. Net Element Inc. (NETE-NASDAQ) NETE: Management Buys Stock to Fund Working Capital While Debt is Renegotiated OUTLOOK SUMMARY DATA Small-Cap Research September 17, 2015 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 10 S. Riverside Plaza, Chicago, IL 60606 Net Element Inc. (NETE-NASDAQ) NETE: Management Buys Stock to

More information

Prospect Capital Corporation (NASDAQ: PSEC)

Prospect Capital Corporation (NASDAQ: PSEC) Analyst Rating About Prospect Capital Corporation Prospect Capital Corporation (Prospect Capital) is a financial services company that lends to and invests in middle market privately-held companies. The

More information

EQUITY RESEARCH. S&P Sector Information Technology Industry Software/Computer Services. (Million) (Billion) Bloomberg Yield Forward

EQUITY RESEARCH. S&P Sector Information Technology Industry Software/Computer Services. (Million) (Billion) Bloomberg Yield Forward M.A. W M.A. WRIGHT FUND EQUITY RESEARCH Robert J. Schafer Siebel Systems Inc. NYSE: SEBL Buy schafrob@rice.edu March 05, 2002 MARKET DATA Price 3-05- 02 Close $32.94 52-Wk Range Low Mid- Sept. 12.24 to

More information

Ituran Location & Control Ltd. In-line Quarter, Big Dividend, Maintain Outperform

Ituran Location & Control Ltd. In-line Quarter, Big Dividend, Maintain Outperform EQUITY RESEARCH COMPANY UPDATE February 23, 2012 Stock Rating: OUTPERFORM 12-18 mo. Price Target $16.00 ITRN - NASDAQ $13.47 3-5 Yr. EPS Gr. Rate 8% 52-Wk Range $16.96-$11.27 Shares Outstanding 21.0M Float

More information

Spectra Energy Reports Third Quarter 2007 Results

Spectra Energy Reports Third Quarter 2007 Results Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: November 6, 2007 Spectra Energy Reports Third Quarter 2007 Results Third quarter ongoing

More information

TD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8

TD is currently among an exclusive group of 77 stocks awarded our highest average score of 10. SAMPLE. Peers BMO 9 RY 9 BNS 9 CM 8 Updated April 16, 2012 TORONTO-DOMINION BANK (THE) (-T) Banking & Investment Svcs. / Banking Services / Banks Description The Average Score combines the quantitative analysis of five widely-used investment

More information

Spectra Energy Reports First Quarter 2009 Results

Spectra Energy Reports First Quarter 2009 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 5, 2009 Spectra Energy Reports First Quarter 2009 Results Reported net income (controlling

More information

Merchant Services (25%) provides merchant services to financial institutions and other organizations primarily in the U.S.

Merchant Services (25%) provides merchant services to financial institutions and other organizations primarily in the U.S. July 11, 2014 Total System Services Inc. Current Recommendation Prior Recommendation Underperform Date of Last Change 07/11/2014 Current Price (07/10/14) $31.69 Target Price $38.00 OUTPERFORM (TSS-NYSE)

More information

NRG Energy. Lack of Texas summer pressures guidance

NRG Energy. Lack of Texas summer pressures guidance 08/10/12 09/10/12 10/10/12 11/10/12 12/10/12 01/10/13 02/10/13 03/10/13 04/10/13 05/10/13 06/10/13 07/10/13 UTILITIES & POWER Regulateds Market Weight Integrateds Market Underweight IPPs Market Overweight

More information

Fidelity Bankshares, Inc.

Fidelity Bankshares, Inc. Savings & Loans October 19, 2005 Gary P. Tenner, CFA 404 926-5156 Ö~êó íéååéê]êüåçkåçã= Lauren M. Johnson 404-926-5438 ä~ìêéå àçüåëçå]êüåçkåçã= ==== Summary Fidelity Bankshares, Inc. Rating: Neutral Estimate

More information

Market Capitalization $1.8 Billion

Market Capitalization $1.8 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F HOLD December 13, 2015 SDAQ: HOLD RATING SINCE 01/27/2014 BUSINESS DESCRIPTION RealPage, Inc. provides demand software and software-enabled services

More information

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012

SUPPLEMENTAL INVESTOR INFORMATION. Fourth Quarter 2012 SUPPLEMENTAL INVESTOR INFORMATION Fourth Quarter 2012 Kevin Bryant Tony Carreño VP Investor Relations and Strategic Director Investor Relations Planning & Treasurer 816-556-2782 816-654-1763 anthony.carreno@kcpl.com

More information

New Issue: MOODY'S: CITY OF SAN DIEGO'S SUBORDINATED WATER REVENUE REFUNDING BONDS RATED Aa3

New Issue: MOODY'S: CITY OF SAN DIEGO'S SUBORDINATED WATER REVENUE REFUNDING BONDS RATED Aa3 New Issue: MOODY'S: CITY OF SAN DIEGO'S SUBORDINATED WATER REVENUE REFUNDING BONDS RATED Aa3 Global Credit Research - 27 Mar 2012 SENIOR LIEN BONDS' Aa2 RATING AFFIRMED SAN DIEGO PUBLIC FACILITIES FINANCING

More information

Spectra Energy Reports Fourth Quarter and Year-End 2011 Results

Spectra Energy Reports Fourth Quarter and Year-End 2011 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: February 2, 2012 Spectra Energy Reports Fourth Quarter and Year-End 2011 Results Company

More information

YHOO is currently among an exclusive group of 157 stocks awarded our highest average score of 10. Peers BIDU 9 LNKD 5 FB 4 NFLX 3

YHOO is currently among an exclusive group of 157 stocks awarded our highest average score of 10. Peers BIDU 9 LNKD 5 FB 4 NFLX 3 - Updated August 30, 2013 YAHOO! INC. (-O) Software & IT Services / Software & IT Services / Internet Services The Average Score combines the quantitative analysis of six widely-used investment decision

More information

Market Capitalization $11.2 Billion

Market Capitalization $11.2 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY December 13, 2015 BUY RATING SINCE 04/20/2012 TARGET PRICE $15.03 BUSINESS DESCRIPTION KeyCorp. operates as the bank holding company for KeyBank

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

Arrow Electronics, Inc. (NYSE: ARW)

Arrow Electronics, Inc. (NYSE: ARW) Jul 08, 2015 Arrow Electronics, Inc. (NYSE: ARW) $ 56.27 USD ( As of 07/07/15 ) Zacks Rank 3-Hold Style Scores: Growth: Value: Momentum: Data Overview 52 Week High-Low $64.67 - $46.42 20 Day Average Volume

More information

Automatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited)

Automatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited) Automatic Data Processing, Inc. and Subsidiaries Consolidated Statements of Earnings (In millions, except per share amounts) (Unaudited) 2006 (B) 2005 (C) 2006 (B) 2005 (C) Revenues, other than interest

More information

The reduction of tax loss carry-forwards by $5.8 million. These were set to expire before the company expected to be able to use them.

The reduction of tax loss carry-forwards by $5.8 million. These were set to expire before the company expected to be able to use them. Small-Cap Research March 4, 2014 Lisa Thompson 312-265-9154 lthompson@zacks.com scr.zacks.com 111 North Canal Street, Chicago, IL 60606 CYREN (CYRN-NASDAQ) CYRN: First New Cloud Product Rolled Out to Customers

More information

Oracle Corp. (ORCL) Sounds like we should forget about move to subscription accounting. The Goldman Sachs Group, Inc.

Oracle Corp. (ORCL) Sounds like we should forget about move to subscription accounting. The Goldman Sachs Group, Inc. Oracle Corp. (ORCL) Sounds like we should forget about move to subscription accounting. The Goldman Sachs Group, Inc. March 9, 2006 In-Line/Attractive United States Technology Software Stock data Price

More information

Financial Analysis Project. Apple Inc.

Financial Analysis Project. Apple Inc. MBA 606, Managerial Finance Spring 2008 Pfeiffer/Triangle Financial Analysis Project Apple Inc. Prepared by: Radoslav Petrov Course Instructor: Dr. Rosemary E. Minyard Submission Date: 5 May 2008 Petrov,

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent

More information

Market Capitalization $31.0 Billion

Market Capitalization $31.0 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate HOLD HOLD RATING SINCE 09/03/2015 BUSINESS DESCRIPTION Emerson Electric Co. provides technology and engineering solutions to

More information

GlaxoSmithKline Consumer Healthcare

GlaxoSmithKline Consumer Healthcare Strong pricing power, Attractive valuations "BUY" February 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs5,837

More information

S&P 500 Low Volatility Index

S&P 500 Low Volatility Index S&P 500 Low Volatility Index Craig J. Lazzara, CFA S&P Indices December 2011 For Financial Professional/Not for Public Distribution There s nothing passive about how you invest. PROPRIETARY. Permission

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

General Information about Factor Models. February 2014

General Information about Factor Models. February 2014 February 2014 Factor Analysis: What Drives Performance? Financial factor models were developed in an attempt to answer the question: What really drives performance? Based on the Arbitrage Pricing Theory,

More information

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings

Performance Food Group Company Reports First-Quarter Fiscal 2016 Earnings NEWS RELEASE For Immediate Release November 4, 2015 Investors: Michael D. Neese VP, Investor Relations (804) 287-8126 michael.neese@pfgc.com Media: Joe Vagi Manager, Corporate Communications (804) 484-7737

More information

Utilities Company Presentation. Luke MacAdam

Utilities Company Presentation. Luke MacAdam Utilities Company Presentation Luke MacAdam Agenda Sector Recap Review Current Holding Review Alternative Suggestions Financial Analysis & Valuations Recommendation Questions & Class Vote 2 Sector Presentation

More information

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010

BUY. ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16. CMP 1677.00 Target Price 1880.00. SEPTEMBER 2 nd, 2015 SYNOPSIS ISIN: INE738I01010 BUY CMP 1677.00 Target Price 1880.00 ECLERX SERVICES LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 2 nd, 2015 ISIN: INE738I01010 Index Details Stock Data Sector IT & ITes BSE Code 532927 Face

More information

A case for high-yield bonds

A case for high-yield bonds By: Yoshie Phillips, CFA, Senior Research Analyst MAY 212 A case for high-yield bonds High-yield bonds have historically produced strong returns relative to those of other major asset classes, including

More information

Maruti Suzuki. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research Q3 results subdued, Outlook remains good; BUY January 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs4,103 Target Price Rs4,844 Implied Upside 18.1% Sensex 24,470 Nifty

More information

BDI BioEnergy Internat. 14.5 Buy

BDI BioEnergy Internat. 14.5 Buy 20/08/13 20/10/13 20/12/13 20/02/14 20/04/14 20/06/14 20/08/14 20/10/14 20/12/14 20/02/15 20/04/15 20/06/15 MATELAN Research Update Note Price as of 20/08/15: 10.80 21 August 2015 Company / Sector Fair

More information

(713) 627-5353 (713) 627-4747 (24-hour media line) (713) 627-4600. Date: May 3, 2013

(713) 627-5353 (713) 627-4747 (24-hour media line) (713) 627-4600. Date: May 3, 2013 Media: Analysts: Caitlin Currie (713) 627-5353 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 3, 2013 Spectra Energy Reports First Quarter 2013 Results Reported net income

More information

GAIL (India) Ltd. INR 346

GAIL (India) Ltd. INR 346 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 India Equity Institutional Research Oil & Gas RESULT UPDATE GAIL (India) Ltd. INR 346 Good performance; Near term outlook looks stable BUY GAIL reported

More information

Market Capitalization $13.9 Billion

Market Capitalization $13.9 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 06/09/2009 TARGET PRICE $262.38 BUSINESS DESCRIPTION W.W. Grainger, Inc. distributes maintenance, repair,

More information

Order Authorizing Securitization of Certain Additional Transition Costs and Related Transactions

Order Authorizing Securitization of Certain Additional Transition Costs and Related Transactions SECURITIES AND EXCHANGE COMMISSION (Release No. 35-28040; 70-10329) CenterPoint Energy, Inc., et al. Order Authorizing Securitization of Certain Additional Transition Costs and Related Transactions September

More information

INDUSTRY ANALYSIS. Fundamental Analysis. Current Market Price: $37.96 Fair Price (Conservative): $42 Expected Return: 12% Address

INDUSTRY ANALYSIS. Fundamental Analysis. Current Market Price: $37.96 Fair Price (Conservative): $42 Expected Return: 12% Address HURON CONSULTING GROUP, INC. (NSQ: HURN) Current Market Price: $37.96 Fair Price (Conservative): $42 Expected Return: 12% Address Website Exchange Industry Market Cap $ 870.9 52 Week Range $ 37.67-38.17

More information

Spectra Energy Reports First Quarter 2012 Results

Spectra Energy Reports First Quarter 2012 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 4, 2012 Spectra Energy Reports First Quarter 2012 Results Reported net income from

More information

Private drilling fluid technology service leader

Private drilling fluid technology service leader 21 March 2012 Equity Research Report Company Research Petroleum & Petrochemical Sichuan Renzhi Oilfield Technology Services (002629) Investment value analysis report Private drilling fluid technology service

More information

Micron Technology, Inc. (NASD: MU)

Micron Technology, Inc. (NASD: MU) Jun 11, 2015 Micron Technology, Inc. (NASD: MU) $ 25.02 USD ( As of 06/11/15 ) Zacks Rank 4-Sell Style Scores: Growth: Value: Momentum: Data Overview 52 Week High-Low $36.49 - $25.19 20 Day Average Volume

More information

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009

IntercontinentalExchange Fourth Quarter & Year-End 2008. Earnings Presentation February 10, 2009 IntercontinentalExchange Fourth Quarter & Year-End 20 Earnings Presentation February 10, 2009 Forward-Looking Statements Forward-Looking Statements This presentation may contain forward-looking statements

More information

S&P 500 outlook: Close to peak for 2015

S&P 500 outlook: Close to peak for 2015 S&P 500 outlook: Close to peak for 2015 August 12, 2015 Markets and Products Analysis INVESTMENT PORTOFOLIO ANALYSIS DIVISION Important Disclaimer in page 2 1 Disclaimer Disclaimer: The information herein

More information

Energy Future Holdings Reports First Quarter 2013 Results

Energy Future Holdings Reports First Quarter 2013 Results News Release FOR IMMEDIATE RELEASE Energy Future Holdings Reports First Quarter 2013 DALLAS May 2, 2013 Energy Future Holdings Corp. (EFH) today reported consolidated financial results for the first quarter

More information

Conference Call Participants

Conference Call Participants Airfreight & Surface Transportation Airfreight & Logistics Market Underweight Railroads Market Weight Trucking Market Weight Truck OEMs & Suppliers Market Weight October 13, 2014 Conference Call on Rail

More information

The Value of a Home. RCIO Monthly Market Advisor

The Value of a Home. RCIO Monthly Market Advisor The following information and opinions are provided courtesy of Wells Fargo Bank N.A RCIO Monthly Market Advisor The Value of a Home JULY 16, 2015 Regional Chief Investment Officers Sean McCarthy, CFA,

More information

Midwest Utilities Seminar 2014

Midwest Utilities Seminar 2014 Midwest Utilities Seminar 2014 Cautionary Statement Regarding Forward-Looking Information Much of the information contained in this presentation is forward-looking information based upon management s current

More information

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research

Bharat Electronics. Strong margins, improved inflows! Source: Company Data; PL Research Strong margins, improved inflows! January 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,228 Target Price Rs1,353

More information

Canadian Life Insurance Industry

Canadian Life Insurance Industry A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September

More information

Chapter 2.2. Company Fundamentals

Chapter 2.2. Company Fundamentals 1 Chapter 2.2 Company Fundamentals 0 Contents COMPANY FUNDAMENTALS Company fundamentals such as how much money is the company earning and how efficiently is the company utilizing its resources drive the

More information

The Ramco Cements. Source: Company Data; PL Research

The Ramco Cements. Source: Company Data; PL Research Robust performance; remains the best play on Southern region February 09, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price

More information

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK

DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Research Report DEUTSCHE ASSET & WEALTH MANAGEMENT REAL ESTATE OUTLOOK Second Quarter 2013 Economic Outlook Business and consumer spending to drive recovery Quantitative easing beginning its expected unwinding

More information

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015

NEUTRAL. Weak FY14, but positive outlook thereafter. June 5 th, 2015 EQUITY RESEARCH FY14 Update June 5 th, 2015 Weak FY14, but positive outlook thereafter NEUTRAL Current Share Price ( ): 3.4 Target Price ( ): 3.8 Enertronica 1Y Performance 120 Weak FY2014 figures, due

More information

A case for high-yield bonds

A case for high-yield bonds By: Yoshie Phillips, CFA, Senior Research Analyst AUGUST 212 A case for high-yield bonds High-yield bonds have historically produced strong returns relative to those of other major asset classes, including

More information

Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative)

Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative) Fiscal year ending March 2008 3rd Quarter Financial Results (cumulative) January 2008 Osaka Gas Co., Ltd 1 I. Consolidated results for 3rd quarter and full-year forecast Management information is available

More information

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3

Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Siddharth Rajeev, B.Tech, MBA, CFA Analyst November 5, 2015 Trxade Group, Inc. (TCQB: TRXD): Record Revenues in Q3 Sector/Industry: E-commerce Market Data (as of November 5, 2015) Current Price $1.15 Fair

More information

NN GROUP FINANCIAL SUPPLEMENT 1Q2016

NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are

More information

Q1 Financial Report March 31, 2016

Q1 Financial Report March 31, 2016 Q1 Financial Report March 31, 2016 TABLE OF CONTENTS Financial Highlights. 1 Letter to Shareholders. 2 Management s Discussion and Analysis. 4 Consolidated Financial Statements. 30 Notes to Consolidated

More information

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016

JSW Energy Ltd. Interest expenses dragged the bottom-line BUY. Jan. 25, 2016 JSW Energy Ltd. Interest expenses dragged the bottom-line JSW Energy Ltd. (JSWEL) reported a mixed set of numbers for Q3 FY16 quarter. The company reported a consolidated total operating income of Rs.

More information

Oceaneering Reports First Quarter 2016 Results

Oceaneering Reports First Quarter 2016 Results PRESS RELEASE Oceaneering Reports First Quarter 2016 Results April 25, 2016 Houston, Texas Oceaneering International, Inc. ( Oceaneering or the Company ) (NYSE:OII) today reported net income of $25.1 million,

More information

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research

20 May 2015 OpenLimit Holding AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Switzerland / Software Primary exchange: Frankfurt Q1 figures PRICE TARGET 1.10 loomberg: O5H GR Return Potential 37.3% ISIN: CH0022237009 Risk Rating High STRONG SALES

More information

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD

CMP: 1152.10 JUNE 2016 SWARAJ ENGINES LTD Index Details SWARAJ ENGINES LTD Result Update (PARENT BASIS): Q4 FY16 Stock Data Sector Auto Parts & Equipment BSE Code 500407 Face Value 10.00 52wk. High / Low (Rs.) 1207.90/762.00 Volume (2wk. Avg.)

More information

52-Week High 68.99. Trailing PE 40.3. 52-Week Low 36.26. Forward PE 33.6. Buy 38 Analysts. 1-Year Return: 34.9% 5-Year Return: 292.

52-Week High 68.99. Trailing PE 40.3. 52-Week Low 36.26. Forward PE 33.6. Buy 38 Analysts. 1-Year Return: 34.9% 5-Year Return: 292. LEMON ATHLETICA (-O) Last Close 65.74 (USD) Avg Daily Vol 1.7M 52-Week High 68.99 Trailing PE 40.3 Annual Div -- ROE 22.6% LTG Forecast 16.5% 1-Mo -2.4% March 20, 2015 NASDAQ Exchange Market Cap (Consol)

More information

Market Capitalization $11.2 Billion

Market Capitalization $11.2 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY June 12, 2016 BUY RATING SINCE 05/25/2016 TARGET PRICE $83.25 BUSINESS DESCRIPTION Dover Corporation manufactures and sells a range of equipment

More information

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME

More information

Arrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios

Arrow Reports Solid First Quarter Operating Results and Strong Asset Quality Ratios 250 Glen Street Glens Falls, NY Contact: Timothy C. Badger Tel: (518)745-1000 Fax: (518)745-1976 TO: All Media DATE: Tuesday, April 19, 2011 Arrow Reports Solid First Quarter Operating Results and Strong

More information

Market Capitalization $86.5 Billion

Market Capitalization $86.5 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY January 11, 2016 BUY RATING SINCE 07/24/2009 TARGET PRICE $162.27 BUSINESS DESCRIPTION 3M Company operates as a diversified technology company

More information

Market Capitalization $30.5 Billion

Market Capitalization $30.5 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 09/12/2013 TARGET PRICE $14.28 WIT BUSINESS DESCRIPTION Wipro Limited operates as an information technology

More information

Market Capitalization $49.3 Billion

Market Capitalization $49.3 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 02/08/2013 TARGET PRICE $51.18 MET BUSINESS DESCRIPTION MetLife, Inc. provides life insurance, annuities,

More information

Safe Harbor This material includes forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking s

Safe Harbor This material includes forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking s Fixed Income Investor Meetings New York City & Boston February 1-2, 2011 Safe Harbor This material includes forward-looking statements that are subject to certain risks, uncertainties and assumptions.

More information

Sagicor Life Jamaica Limited Gail Ansine Mgr. Research & Fin. Analysis gansine@scotiadbg.com

Sagicor Life Jamaica Limited Gail Ansine Mgr. Research & Fin. Analysis gansine@scotiadbg.com ($) (Units) March 14, 2012 Sagicor Life Jamaica Limited Gail Ansine Mgr. Research & Fin. Analysis gansine@scotiadbg.com Company & Industry Overview Sagicor Life Jamaica is the leading life insurance Company

More information

Management s Discussion and Analysis

Management s Discussion and Analysis Management s Discussion and Analysis of Financial Conditions and Results of Operations For the quarter and six months ended June 30, 2012 All figures in US dollars This Interim Management s Discussion

More information

U.S. EQUITIES: VALUATION & FUNDAMENTALS

U.S. EQUITIES: VALUATION & FUNDAMENTALS LM Market Insight: U.S. EQUITIES: VALUATION & FUNDAMENTALS APR 2016 THIS MATERIAL IS ONLY FOR DISTRIBUTION IN THOSE COUNTRIES AND TO THOSE RECIPIENTS LISTED. PLEASE REFER TO THE DISCLOSURE INFORMATION

More information

NORTHWESTERN ENERGY REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS

NORTHWESTERN ENERGY REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS NorthWestern Corporation d/b/a NorthWestern Energy 3010 W. 69 th Street Sioux Falls, SD 57108 www.northwesternenergy.com NYSE: NWE FOR IMMEDIATE RELEASE NORTHWESTERN ENERGY REPORTS THIRD QUARTER 2015 FINANCIAL

More information

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3.

Kingdee (268 HK) Buy (maintained) Target price: HK$3.58. Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$3. Equity Research Information Technology Aug 2, 21 Kingdee (28 HK) Buy (maintained) Target price: HK$.8 Solidifying leadership in cloud services; maintain Buy but revise TP down to HK$.8 Lower-than-expected

More information

Market Capitalization $58.9 Billion

Market Capitalization $58.9 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F Annual Dividend Rate BUY BUY RATING SINCE 08/16/2010 TARGET PRICE $153.78 BUSINESS DESCRIPTION NextEra Energy, Inc., through its subsidiaries, generates,

More information

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16

BUY RSWM LTD SYNOPSIS. CMP 292.20 Target Price 336.00. SEPTEMBER 1 st 2015. Result Update(PARENT BASIS): Q1 FY16 BUY CMP 292.20 Target Price 336.00 RSWM LTD Result Update(PARENT BASIS): Q1 FY16 SEPTEMBER 1 st 2015 ISIN: INE611A01016 Index Details Stock Data Sector Textiles BSE Code 500350 Face Value 10.00 52wk. High

More information

Presentation to the Staff Subcommittee on Gas 2010 NARUC Winter Committee Meetings Washington, D.C. February 14, 2010

Presentation to the Staff Subcommittee on Gas 2010 NARUC Winter Committee Meetings Washington, D.C. February 14, 2010 Presentation to the Staff Subcommittee on Gas 2010 NARUC Winter Committee Meetings Washington, D.C. February 14, 2010 CenterPoint Energy, Inc. promotes the direct use of natural gas through energy efficiency

More information

Market Capitalization $473.2 Billion

Market Capitalization $473.2 Billion BUY HOLD SELL A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F BUY July 19, 2016 SDAQ: BUY RATING SINCE 07/19/2016 TARGET PRICE $963.09 BUSINESS DESCRIPTION Alphabet Inc., through its subsidiaries, provides online

More information

Mouwasat Medical Services Company - Mouwasat

Mouwasat Medical Services Company - Mouwasat Recommendation Overweight Fair Value (SR) 92.00 Price as of 2 nd of March 2014 (SR) 81.75 Expected return 12.5% Company data Tadawul symbol 4002.SE 52- week high (SR) 94.00 52-week low(sr) 52.25 YTD change

More information

2 September 2015 YOC AG. FIRST BERLIN Equity Research

2 September 2015 YOC AG. FIRST BERLIN Equity Research FIRST ERLIN Equity Research RATING Germany / Advertising Primary exchange: Frankfurt, Xetra Q2/15 Results PRICE TARGET 2.80 loomberg: YOC GR Return Potential 29.6% ISIN: DE0005932735 Risk Rating High SALES

More information