theScreener is the market leader for independent valuations of financial securities, equities, sectors and markets, and new funds. theScreener's ratings, analyses are used by leading banks, asset managers and financial portals. Approximately 10,000 workstations benefit from theScreener's services, with over millions of customer accounts actively analysed.
More cracks begin to show Weaker than expected data out of China and an as-expected 0.1% preliminary GDP contraction for the 2nd quarter in Germany has global equities back on the defensive, with the MSCI ACWI, ACWI ex-US, and EAFE back near logical support. In last week's Int'l Compass we noted that some cracks are beginning to show in the form of STOXX 600 Banks and Brent crude breakdowns, which led us to believe global equities are vulnerable to a breakdown. Below we highlight more cracks that are showing, which only increases the likelihood that equities may be poised to break down. • Mo...
Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...
In item 2.e, the Board proposes to distribute a dividend of € 0.43 per share on 2018 results, corresponding to a pay-out ratio of 7.4%. ECGS notes that the Company's pay-out compares very unfavourably with 15 other listed European holding companies pay-out (weighted average of 44.0%). We also note that the free cash flow (€ 2'732 million) is ample and sufficient for re-investments. The parent company also has available retained earnings and reserves of € 5.5 billion as of 31 December 2018 to accommodate a more generous dividend. We therefore urge the Company to review its dividend policy to be...
The independent financial analyst theScreener just requalified the general evaluation of KAP INDL.HOLDINGS LTD. (ZA), active in the Transportation Services industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date August 20, 2019, the closing price was ZAR 4.89 and its target price was estimated at ZAR 4.65.
The independent financial analyst theScreener just awarded an improved star rating to WEIBO CORP. (US), active in the Internet industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 4 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date August 20, 2019, the closing price was USD 42.19 and its expected value was estimated at USD 39.92.
WABTEC CORP. (US), a company active in the Commercial Vehicles & Trucks industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as moderately risky. At the fundamental level, theScreener confirms the rating of 1 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Neutral even if it remains under pressure. As of the analysis date August 20, 2019, the closing price was USD 68.00 and its target price was estimated at USD 56.80.
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