Daily Brief Credit: Formula One Group: Detailed Credit Analysis & Financial Strength Evaluation Report and more

• Formula One Group is major global media and entertainment company with decent fundamentals.
• The management anticipates Ford’s contribution as a technical engine supplier will be valuable for the sport and Red Bull.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.

Medco Energi’s FY 2022 results were strong, in line with expectations. This was supported by increased production following the ConocoPhillips Indonesia acquisition in March, as well as the high oil-price environment. Moreover, copper and gold mining JV AMNT has started to mature, generating healthy dividends. Leverage improved to a healthy level, with Debt/EBITDA at 2.1x and Net Debt/EBITDA at 1.6x.

We expect Medco’s earnings to increase slightly in FY 2023, assuming oil prices are maintained at current levels, as ASP from its fixed-price contracts is likely to rise from a low base. In addition, the company should deleverage further going forward, supported by strong OCF generation and debt repayments. Management said that Medco intends to acquire more assets in future, although there are no imminent plans currently.

• PerkinElmer is a major provider of life sciences, diagnostics, and applied services markets across the globe.
• The company had a decent 2022 and their Life Sciences and Diagnostics business experienced organic growth of 9% for the entire year.
• With the introduction of adeno-associated virus or AAV detection kits, the Life Sciences business has continued to innovate in cell and gene therapy.

• This is our first report on major lab equipment manufacturer, Waters Corporation.
• Its Pharma has also had decent growth, driven by both large and small molecule applications which has been led by the European markets.
• Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.