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ANALYST DIRECT

Investment Grade

-	Autos: Carol Levenson
-	Basic Industries: Carol Levenson
-	Brokers: Kathy Shanley
-	Capital Goods: Carol Levenson
-	Consumer: Carol Levenson
-	Energy: Phil Adams
-	Finance (F.I.R.E.): Kathy Shanley
-	Food: Dave Novosel
-	Healthcare: Carol Levenson
-	Retailing, Leisure: Carol Levenson
-	T.M.T.: Dave Novosel
-	Transportation: Phil Adams
-	Utilities: Phil Adams

High Yield

-	Aerospace & Defense: Evan Mann
-	Airlines: Vicki Bryan
-	Autos, Auto Suppliers: Evan Mann
-	Broadcasting & Cable: Kim Noland
-	Building Products: Vicki Bryan
-	Consumer: Kim Noland
-	Food: Vicki Bryan
-	Retail, Gaming, Leisure: Kim Noland
-	Healthcare: Vicki Bryan
-	Homebuilding: Vicki Bryan
-	Industrials: Vicki Bryan
-	Media: Kim Noland
-	Metals & Industrial Services: Evan Mann
-	Paper & Forest: Kim Noland
-	Telecom: Kim Noland
-	T.M.T. Dave Novosel
-	Transportation: Vicki Bryan

Emerging Markets

-	Cedric Rimaud
-	Alexandre Dray
-	Nuj Chiaranussati

General

-	Research@GimmeCredit.com


Microsoft 09-29 02:13 GMT (Report with Analyst's Data Sheet) Microsoft, although apparently a much better match than Oracle, lost out on the bidding for TikTok. But it may have saved itself some headaches, given the...
Winning In Games by Dave Novosel, CFA


Ashland 09-29 01:52 GMT (Report with Analyst's Data Sheet) Ashland Global Holdings' (ASH) fiscal 2020 third quarter adjusted EBITDA was in line with the company's mid-July financial update.
Margin Improvement by Evan Mann, CFA


Toronto-Dominion Bank 09-28 02:42 GMT (Report with Analyst's Data Sheet) Toronto Dominion Bank (TD), which has a strong retail presence in both Canada and the United States, has remained profitable this year, but has...
Strange Times by Kathleen Shanley, CFA


JBS S.A. 09-28 02:31 GMT (Report with Analyst's Data Sheet) Around the world, global investors are revisiting their strategies around Environmental, Social and Governance (ESG) practices. Companies like JBS S.A. (JBSSBZ)...
ESG Concerns by Cedric Rimaud, CFA


Rite Aid 09-28 02:11 GMT (Report with Analyst's Data Sheet) Rite Aid (RAD), as an essential provider of retail drug and pharmacy benefit services, continues to benefit from the effects of COVID-19. The drugstore chain...
Reason To Exist by Kim Noland


Gilead Sciences 09-24 16:08 GMT (Comment) Gilead Sciences priced $7.25 billion of bonds yesterday in seven tranches. The primary use of...
Acquisition by Carol Levenson, CFA Gilead Sciences priced $7.25 billion of bonds yesterday in seven tranches. The primary use of the proceeds will be to fund its pending $21 billion cash acquisition of Immunomedics. Some funds will also be used to refinance 2021 bond maturities. The company plans to use cash and marketable securities (which totaled $21 billion at June 30) to fund the remaining $15 billion, and to pay $6 billion with incremental debt. The company is paying a steep price for Immunomedics (a 108% market premium), but it can afford to do so. Pro forma leverage will increase from 2.3x to 2.8x (assuming Immunomedics breaks even on EBITDA), but net leverage will be considerably lower and Gilead generates billions in annual free cash flow. We expect leverage to be reduced over time through EBITDA growth and debt reduction with free cash flow. We are initiating coverage of Gilead in light of the new issuance, with an "outperform" on the new ten-year, priced at T+100. We will have more in an upcoming full report.


General Mills, Inc. 09-23 13:00 GMT (Comment) General Mills posted a 10% increase in organic net sales for the fiscal first quarter...
Earnings by Dave Novosel, CFA General Mills posted a 10% increase in organic net sales for the fiscal first quarter ended August 30th. Organic growth was impressive in every segment except Convenience Stores & Foodservice, which continues to be hampered by the closing of restaurants, lodging and convenience stores. Volume increases accounted for 8% of the gain while price/mix contributed the other 2%. Gross margins were up 170 basis points, reflecting the benefit of fixed cost leverage in the supply chain. Operating margins rose by 310 bps, attributable to the gross margin improvement as well as lower mark-to-market and restructuring charges. These savings more than offset the higher spending on media. GIS generated $160 million of free cash flow in Q1, and used $80 million to reduce debt. Leverage is now down to 3.7x. The company did not provide financial guidance but expects high single-digit aggregate retail sales growth in the North American retail categories in Q2. Unfortunately, operating margins are expected to decline because of higher costs to serve demand, including increased utilization of external manufacturing capacity. In addition, last year GIS enjoyed a timing related manufacturing leverage benefit. Full-year margins are expected to be flat as the scale benefits and holistic margin management savings are offset by input cost inflation, increased investments in brands and capabilities, and higher ongoing health and safety-related expenses. However, we expect some debt reduction with the company's excellent free cash flow.

Gimme Credit Investment Grade has just initiated coverage of Microsoft .

H&R Block 09-18


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