Summary Becton Dickinson released its Q4 and FY2018 results and FY2019 Guidance on November 6th. Integration of Carefusion and C.R. Bard is proceeding as planned and management expects strong underlying growth of approximately 16% - 17% on a currency-neutral basis which is in excess of the C.R. Bard deal model. BDX expects to deliver adjusted [...]
Summary BR shares dropped ~9.7% upon the November 6, 2018 release of good Q1 2019 results and the reaffirmation of encouraging FY2019 projections. In my August 7th article I indicated I was of the opinion that BR shares were overvalued and that investors should wait for BR shares to pullback. BR’s FY2017 – FY2020 growth [...]
Summary Enbridge released its Q3 results on November 2nd in which it reported a GAAP loss of $0.09B or ($0.05)/share for Q3. This included the impact of a number of unusual, non-recurring or non-operating factors. Q3 Distributable Cash Flow (DCF) was $1.585B versus $1.334B for Q3 2017. Management reaffirmed FY2018 financial guidance with the DCF/share [...]
Summary HSY recently released Q3 2018 results and warned its profits will come under pressure given rising costs. Higher costs will likely persist into 2019 but there are plans to offset these higher costs with strategic price increases on roughly a fifth of HSY products. HSY shares are more suited for investors seeking to avoid [...]
Summary Moody’s (MCO) and S&P Global Inc. (SPGI) command a ~80% market share of the ratings industry. I view these two companies much like I view the VISA and Mastercard oligopoly. MCO released less than stellar Q3 results on October 26th. Its share price has been taking a beating subsequent to the last week of [...]
Summary CNR released its Q3 results on October 23rd and reported quarterly revenue of $3.688B - the highest in its 99 year history. Net income was lower than in Q2 due to higher fuel prices, higher labour costs (increase in headcount and higher training costs for new employees), higher costs as a result of increased [...]
Summary While MMM reported Q3 results on October 23rd and revised FY2018 earnings downward, the revised FY2018 EPS projections are 11 % - 13% higher than FY2017 results. MMM will be holding its Investor Day on November 15th at which time management will lay out its 5-year plan and the framework for that plan. View [...]
Summary UTX released Q3 results on October 23 and provided an upward revision to its adjusted EPS for FY2018. The Rockwell Collins acquisition has received approval from the EU Commission and from the U.S. Department of Justice. The deal is currently under review in China and the acquisition is expected to close in 2 - [...]
Summary Following the 2017 Valspar acquisition, SHW is the leader in the highly fragmented coatings industry with the top 10 suppliers holding a ~55% market share. Goodwill and Intangible Assets now comprises over 64% of SHW’s Total Assets. SHW’s Long-Term Debt to EBITDA ratio upon completion of the Valspar acquisition rose to 4.5Xs. At its [...]
Summary Like the other BAM entities I have analyzed, BEP adheres to BAM’s 5 core principles. BEP has recently initiated a capital recycling program similar to other BAM entities in which it rotates its investment from mature assets with lower IRR potential to new opportunities in which it can generate superior returns. BEP’s current annual [...]
