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Morgan Stanley 02-25 03:13 GMT  
(Report with Analyst's Data Sheet) 
Charles Schwab changed the game in retail brokerage last year, when it made a bold decision to eliminate online stock trading commissions, and then...
Retail Play by Kathleen Shanley, CFA
Grupo Televisa SAB 02-25 03:12 GMT  
(Report with Analyst's Data Sheet) 
The latest results published by Grupo Televisa S.A.B (TELEVIS) demonstrate a very solid operating performance, in line with our previous analysis. As...
Solid Performance  by Cedric Rimaud, CFA
Telefonica 02-24 14:49 GMT
(Comment)
Telefonica posted a 2% increase in organic revenue for the fourth quarter, a pace slower than that...
Earnings by Dave Novosel, CFA
Telefonica posted a 2% increase in organic revenue for the fourth quarter, a pace slower than that of the first three quarters of the year. For the full year, organic growth was 3.2%. On a reported basis, revenue declined 2.1% in the fourth quarter, bringing the full year decrease to 0.6%. Revenue in Spain was up 0.4% in Q4, similar to the growth reported over the last several quarters. Spain has recorded 9 straight quarters of reported revenue growth, albeit rather modest gains. Latin America was the weakest region, hampered by regulatory issues in Chile and Peru. EBITDA margins soared more than 400 basis points, highlighted by huge gains in Spain, Germany, and Brazil. Management noted that digitalization had the biggest impact on margins. TEF generated more than $3 billion of free cash flow in 2019, with working capital providing a huge boost. The company used the cash and proceeds from asset sales to reduce debt by more than $5 billion. However, because of the weaker EBITDA and some consolidated debt, leverage remained at 3.8x. Fortunately for bondholders, the company is not considering any share repurchases yet. Management provided guidance for stable EBITDA in 2020.
Israel Chemicals Ltd 02-24 03:56 GMT  
(Report with Analyst's Data Sheet) 
Israel Chemicals Limited (ICL, ICLIT) reported some weak 4Q19 results, albeit broadly in line with expectations. As expected, results were...
Stand Tall by Alexandre Dray
Transocean 02-24 03:50 GMT  
(Report with Analyst's Data Sheet) 
Transocean (RIG) believes 2019 marked the unfolding of the long-awaited recovery in the offshore drilling industry.
Unfolding Recovery  by Evan Mann, CFA
Newell Brands 02-24 03:43 GMT  
(Report with Analyst's Data Sheet) 
Newell is pivoting from transformation to turnaround mode, although the fourth quarter results did not show much evidence of a turnaround yet, especially...
Pivot by Carol Levenson, CFA
Energy Transfer LP 02-24 03:35 GMT  
(Report with Analyst's Data Sheet) 
Adjusted EBITDA growth slowed to 5% at Energy Transfer in the fourth quarter. The acquisition of SemGroup did not close until early December so the...
No Debt Or Equity Preferred by Dave Novosel, CFA
The Williams Companies, Inc. 02-20 18:50 GMT
(Comment)
Williams Companies posted a 7.3% increase in adjusted EBITDA for the fourth...
Earnings by Dave Novosel, CFA
Williams Companies posted a 7.3% increase in adjusted EBITDA for the fourth quarter. In the Atlantic-Gulf segment, adjusted EBITDA rose 7.8%, reflecting increased service revenue from recent projects placed into full service, including Gateway and Riverdale South to Market. The recent settlement of Transco?s general rate case also helped. Northeast G&P segment adjusted EBITDA soared 24% because of increased service revenue from the Susquehanna Supply Hub, the Utica Shale region, and the Ohio Valley. Gathering volumes rose 12%. West segment adjusted EBITDA fell 6.1% due to divestitures and de-consolidated operations. Distributable cash flow surged almost 11% versus last year. The dividend coverage ratio in Q4 of 1.80x was similar to that of the full year (1.79x). Management reiterated its forecast for 2020, which implies adjusted EBITDA growth of just under 2%, and slight declines in DCF and the dividend coverage ratio. Leverage at year-end was 4.4x. Management?s goal is to reach 4.2x by 2021.
Freeport-McMoRan Copper & Gold 02-20 16:30 GMT
(Comment)
Last night, Freeport-McMoRan Inc. (FCX) priced an upsized (from $1...
New Financing by Evan Mann, CFA
Last night, Freeport-McMoRan Inc. (FCX) priced an upsized (from $1 billion) two tranche offering of $1.3 billion of senior notes, consisting of $700 million of 4.125% senior notes due 2028 and $600 million of 4.25% senior notes due 2030. The net proceeds from this offering will be used to fund a concurrent tender offer for up to $1.1 billion of its 4.0% senior notes due 2021 ($195 million outstanding), 3.55% senior notes due 2022 ($1.88 billion outstanding), 3.875% senior notes due 2023 ($1.9 billion outstanding), and 4.55% senior notes due 2024 ($850 million outstanding). As we noted in a recent report (GC 01/28/20), FCX's near term results and credit ratios are likely to be held back by weak copper prices, exacerbated by the coronavirus scare. Based in our model, leverage should return to 2018 levels starting in 2021 with upside if copper prices were to improve. This debt refinancing transaction should soften the company's medium-term debt maturity schedule while it awaits a better copper market. Remain underperform with limited downside.
Dish Network Corporation 02-20 13:24 GMT
(Comment)
We won't claim that Dish Network turned in good results for the fourth quarter,...
Earnings by Dave Novosel, CFA
We won't claim that Dish Network turned in good results for the fourth quarter, but they were better than in recent periods. The company lost 100K Dish TV subs in Q4, substantially less than in Q419. Furthermore, the loss of 511K subs for the full year was less than half of the 1.1 million plus losses in each of the last three years. The company lost 94K Sling TV subs, the first time it has lost customers in a quarter. For the full year Dish added 175K Sling TV subs. Revenue declined 2.0% in Q4, which is the lowest rate of decline in a few years. EBITDA margins rose 170 basis points due to reduced programing expenses, including regional sports, and lower satellite and transmission costs. Moreover, free cash flow exceeded $2 billion for the third straight year. The subscriber counts are not meaningless, but the focus will soon turn toward wireless, as the T-Mobile/Sprint deal should close soon, enabling Dish to launch its wireless operations. Dish completed a $1 billion rights offering in Q4, bringing total cash and marketable securities to $2.9 billion. $1.4 billion will be used to purchase Boost. $1.1 billion will be used to redeem debt that matures in May. That leaves $400 million for wireless capital expenditures in 2020. Management has estimated that it will spend $250 to $500 million on wireless in 2020. Dish indicated that it has access to a $1 billion loan from Softbank. It has also held discussions with other banks. In terms of a strategic partner, management said that it would notify the investor community whenever it's best for them to know. It also stated it does not feel a sense of urgency. Despite the focus on wireless plans, CEO Charles Ergen indicated it is probably inevitable that Dish and DirecTV should go together.
Masco 02-14 
Steel Dynamics 01-29 
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Every report is one page, and concludes with an actionable investment recommendation.
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