In today’s briefing:
- Titagarh Rail Systems Ltd- Forensic Analysis
- Apollo/Applus: Blocking Minorities
- Lockheed Martin Corporation: 4 Reasons Behind Lockheed Martin’s Successful Quarter! – Financial Forecasts
- Hidrovias – ESG Report – Lucror Analytics
- J.B. Hunt Transport Services Inc.: 4 Factors Why The Company Is Thriving in an Uncertain Environment! – Financial Forecasts
Titagarh Rail Systems Ltd- Forensic Analysis
- Titagarh Wagons (TWL IN) (now ‘Titagarh Rail Systems’) has seen an extraordinary momentum in its share price in last couple of years, especially after bagging crucial contracts for Indian Railways.
- The company was limping until F22 due to its Italian subsidiary (TFA). However, the recapitalization of TFA (including change in accounting) in F23 should make the balance sheet look better.
- Forensic analysis revealed several takeaways, ranging from write-offs and internal audit issues to heavy contingent liabilities.
Apollo/Applus: Blocking Minorities
- The spread has been in positive territory since the announcement. Apollo only bid the minimum requested by the Board. Investors hope for a counteroffer or Apollo sweetening its offer.
- Exceeding the 75% threshold is key for Apollo to be able to quickly and effectively carry out the delisting of Applus+, the objective stated in the offer announcement.
- Risk arbitrageurs holding now over 25%, may give that gentle push, otherwise delisting will be in jeopardy. A sweetening/counteroffer in the range €10-10.5/share seems very likely.
Lockheed Martin Corporation: 4 Reasons Behind Lockheed Martin’s Successful Quarter! – Financial Forecasts
- Lockheed Martin Corporation delivered a positive result and managed an all-around beat in the last quarter.
- Lockheed had revenues of $16.7 billion, an increase of 8% year on year, and double-digit growth in both Aeronautics and Space.
- We give Lockheed Martin Corporation a ‘Hold’ rating with a revised target price.
Hidrovias – ESG Report – Lucror Analytics
- Lucror Analytics’ ESG Scores are based on a 3-tiered scale and are adjusted for Controversies (if applicable).
- We assess Hidrovias’ ESG as “Adequate”, in line with its “Adequate” Social and Governance scores. The company has a “Strong” score for the Environmental pillar. Controversies are “Immaterial” and Disclosure is “Adequate”.
- Headquartered in Sao Paulo, Hidrovias Do Brasil SA is South America’s largest independent provider of integrated inland waterway logistics transport services. Its operations include shipping, trans-shipment, storage and port services for dry-bulk cargo (including agricultural commodities, iron ore and bauxite) in the Paraguay-Parana and Trombetas-Tapajos-Amazon river systems.
J.B. Hunt Transport Services Inc.: 4 Factors Why The Company Is Thriving in an Uncertain Environment! – Financial Forecasts
- J.B.
- Hunt Transport Services delivered a disappointing set of results as the company was unable to meet the revenue as well as the earnings expectations of Wall Street.
- Revenue for the quarter decreased 18% from the prior year on a consolidated GAAP basis.
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