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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


Kernel Holding S.A. 06-22 02:35 GMT (Report with Analyst's Data Sheet) We update our call on Kernel Holding S.A. (KERPW). The company's bonds outperformed local peers this year and now trade at relatively tight...
On A Roll by Alexandre Dray


First Quantum Minerals 06-22 02:23 GMT (Report with Analyst's Data Sheet) Since we last looked at First Quantum Minerals (FQVLF) (GC 2/26/21), the company's debt ratings received a one notch upgrade by Fitch to B and a...
Debt Reduction Mode by Evan Mann, CFA


Verizon Communications 06-21 04:38 GMT (Report with Analyst's Data Sheet) Verizon reiterated its growth ambitions at an investor conference last week, including the expansion of 5G, the growth of fixed wireless,...
All Is Well, Except For All That Debt by Dave Novosel, CFA


Alibaba Group Holding Limited 06-21 04:25 GMT (Report with Analyst's Data Sheet) Chinese authorities continue to carefully monitor any outburst from its business elite that could question their legitimacy. The...
Watch Your Words by Cedric Rimaud, CFA


MGM Growth Properties 06-21 03:35 GMT (Report with Analyst's Data Sheet) MGM Growth Properties (MGP) not long ago celebrated its fifth anniversary as a public company and announced another acquisition. The second U.S...
Happy Anniversary by Kim Noland


Oracle 06-16 18:48 GMT (Comment) Oracle (ORCL) posted a 7.5% increase in revenue for the fiscal fourth quarter that ended May 31st. It was...
Earnings by Dave Novosel, CFA Oracle (ORCL) posted a 7.5% increase in revenue for the fiscal fourth quarter that ended May 31st. It was the best performance in many a year for the company. But that was distorted by the fact that revenue plunged more than 6% a year ago. Growth was led by cloud and on-premise license revenue, which rose 5.3%, while Cloud services and license support revenue increased 4.8%. Services revenue was up 10.5%, substantially better than results over the past two years. Gross margins were consistent with last year. However, significantly higher spending on SG&A led to a 110-basis point decline in EBITDA margins. Margins may be constrained in Q1 because of added investments in the cloud business. ORCL generated a very impressive $10.7 billion of free cash flow in fiscal 2021. However, it repurchased $21.6 billion of its shares. The company added more than $12 billion of debt to cover the difference. As the result, leverage ballooned to 4.6x at year-end despite the much better EBITDA. That is considerably higher than the leverage of 4.2x at the end of fiscal 2020. Management provided guidance for fiscal 2022 revenue growth greater than the 3.6% gain this year, with constant currency growth in the mid-single digits. Q1 constant currency revenue is forecasted to rise between 1% and 3%. Free cash flow will probably be lower as ORCL intends to raise cloud capital expenditures to nearly $4 billion, which is roughly double the amount spent this year.


Royal Caribbean 06-15 23:04 GMT (Comment) RCL announced a private offering of $650 million in senior notes due 2026. The proceeds will...
New Issue by Kim Noland RCL announced a private offering of $650 million in senior notes due 2026. The proceeds will be used to fund the redemption in full of the 7.25% senior secured notes due 2025 issued by Silversea Finance Ltd. Recall that RCL has guaranteed the Silversea notes as a result of its acquisition (completed last year). In the meantime, RCL published a full summer cruise schedule including Alaska, Seattle, Florida, Texas and the Caribbean.

Royal Caribbean 06-15
Transocean 06-15
Navistar 06-11
Deutsche Bank 06-10
Duke Energy 06-09
Lyondell 06-09
Hanesbrands 06-07
Hanesbrands 06-07
Am Axle 06-03
Olin 06-01
Tempur Sealy 05-28
U.S. Steel 05-27


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