|Bid||833.50 x 66000|
|Ask||834.00 x 112600|
|Day's Range||833.50 - 835.00|
|52 Week Range||467.40 - 853.00|
|Beta (3Y Monthly)||-0.11|
|PE Ratio (TTM)||114.25|
|Earnings Date||Jun 24, 2019 - Jun 28, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||9.64|
(Bloomberg Opinion) -- Nelson Peltz’s latest investment target is a big, slow-moving target with a massive bullseye on its back. The renowned U.S. activist has zoned in on Ferguson Plc, a plumbers’ merchant formerly known as Wolseley. His gripe is that the company trades at a stubborn discount to American peers. The snag is that remedies aren’t easy to administer.Ferguson is among the handful of U.K.-domiciled, London-listed blue-chips that aren’t really British companies. Some – such as BTG Plc or Firstgroup Plc – have already attracted takeover or activist interest. North America generates 87% of Ferguson’s revenue; the company recently changed its name to that of its U.S. subsidiary; it reports in dollars.The one un-American characteristic is the valuation. Ferguson has traded at a consistent discount to U.S. peers such as Home Depot Inc. and Lowe’s Cos Inc. The obvious explanation is that the company is listed on the wrong exchange, which makes it harder to attract its natural investor base. But that’s not the only interpretation. The valuation may also reflect a lack of faith in Ferguson’s strategy or management, or some challenges unique to its business. Either way, the discount slightly narrowed on Thursday after the disclosure that various Peltz funds had amassed a 6% stake. This pushed the stock up 6%, valuing the group at 13 billion pounds ($16 billion).It is hard to know whether Ferguson would get a higher valuation if it just moved its listing. Markets may not be 100% efficient, but capital is global and location can’t be the only explanation for the lack of investor love here. True, some funds are restricted geographically in where they can put money but that’s unlikely to be a huge factor in holding back demand for Ferguson shares.Such restrictions on funds might, though, be an obstacle to engineering a move for Ferguson. Unilever Plc’s plan to simplify its Anglo-Dutch structure into a single Netherlands company would have seen it lose its spot on the FTSE 100. That irked index investors and those with mandates to hold U.K. stocks who would have been forced to sell their shares. The plan foundered.Unilever wasn’t a one-off. Re-domiciling headquarters or listings has long been controversial. The textbook case is the thwarted migration of car parts maker LucasVarity back in the late 1990s from the U.K. to the U.S. For these changes, existing investors generally demand a premium. The cleanest way to achieve a move is to take the company private, then relist it.More pertinent are worries about the company’s resilience in the face of a U.S. slowdown. U.S. organic growth is slowing from a recent high single-digit percentage clip, while margins have barely improved since 2015, UBS analysts point out. The share price seems to be assuming that Ferguson’s long-run sustainable operating margin is just 5%, according to independent research provider Willis Welby, which argues that this is overly pessimistic.Peltz’s pitch is that he likes to engage with the management of his portfolio companies. Ferguson has responded diplomatically that it looks forward to dialogue, as it does with all shareholders. The mere presence of such a big name has got people excited. The tougher job will be convincing investors that the company’s equity story – twinning organic growth with a strategy of acquiring competitors – is still a winner. That case has yet to be made.To contact the author of this story: Chris Hughes at email@example.comTo contact the editor responsible for this story: James Boxell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Europe's listed companies are expected to generate 1.2 trillion euros (£1.0 trillion) in revenue from the United States this year, highlighting what's at stake as global trade tensions grow and earnings and economic growth stall. Analysts and investors say that based on revenues, European companies are more vulnerable to a dispute than their competitors in the United States. U.S. President Donald Trump is due to decide by Saturday whether to impose duties on car imports, potentially posing another significant threat to global growth and denting Europe's prized auto sector.
BOTHELL, WA , April 29, 2019 /PRNewswire/ -- BTG plc (LSE: BTG), the global specialist healthcare company, today highlighted the VIEW VLU Registry interim study results, presented at the International ...
BTG plc (BTG.L), the global healthcare company, today announced the publication of a trial, "Antivenom Treatment is Associated with Fewer Patients Using Opioids after Copperhead Envenomation" in the Western Journal of Emergency Medicine (WestJEM). “In a randomized, double-blind, placebo-controlled, clinical trial of CroFab® for treatment of copperhead snakebite, patients that received CroFab® were less likely to use opioids for pain control during recovery,” said Dr. Charles Gerardo, Chief of Emergency Medicine at Duke University and expert in copperhead snake envenomation.
Moody's Investors Service ("Moody's") assigned a Baa2 rating to the new senior unsecured notes offering of Boston Scientific Corporation ("Boston Scientific"). There are no changes to Moody's existing ratings of Boston Scientific including the Baa2 senior unsecured long-term rating and the Prime-2 short-term rating. Boston Scientific's Baa2 senior unsecured ratings reflects its meaningful scale in the medical device industry with revenues of approximately $10 billion.
LONDON , Feb. 5, 2019 /PRNewswire/ -- BTG plc (LSE: BTG), a global healthcare company, today announced that the NHS Specialised Services Commissioning Committee has agreed that, effective 1 April 2019 ...
LONDON , January 21, 2019 /PRNewswire/ -- BTG plc (LSE: BTG), a global specialist healthcare company, today announced the treatment of an Australian patient with DC Bead LUMI™, a next-generation development ...
BTG, the global healthcare company, is partnering with OMNY to improve visibility of inventory data for its antivenom product CroFab® using distributed ledger technology. This makes it important to understand and manage antivenom stock levels. CroFab® is the only FDA-approved product to treat all North American pit viper envenomations in adult and pediatric patients.[ii],[iii] It is proven to control local, systemic, and hematologic effects of envenomation[ii], [iv], * and 95% of patients showed a clinical response 1 hour after initial control[v].
BTG plc (BTG.L), a global specialist healthcare company, today announced that the French Ministry of Health and Social Affairs will reimburse TheraSphere® for patients with liver cancer who meet certain criteria. "This reimbursement decision provides access to a new treatment option for some of the estimated 9,600 people diagnosed with liver cancer in France each year[iv]," said Jane Lapon, VP Global Market Access at BTG.
According to a report by the World Gold Council (or WGC), holdings in gold ETFs rose for the second consecutive month in November to 21.2 tons to a total of 2,365 tons. It also said that the global gold-backed ETF flows are now positive in US dollar (UUP) terms for the year. ETF flows were positive for the first time in four months. The renewed buying interest from investors was on account of increased market volatility and the equity market sell-off.
BTG plc (BTG.L), the global healthcare company, today announced the first patients outside of a clinical trial have been successfully implanted with the BTG Sentry device – the world’s first bioconvertible IVC filter. The BTG Sentry filter is designed to provide protection from Pulmonary Embolism (PE) for the period of transient risk and then bioconvert to leave a patent, unobstructed IVC lumen, eliminating the need to retrieve and addressing the typical filter-related complications associated with conventional IVC filters. Dr. Ayad K.M. Agha, Director of Interventional Radiology and an interventional radiologist at Cardiovascular Interventional Radiology Centers in Phoenix, Arizona, who performed the procedure on one of his patients, said: “Traditional IVC filters are sometimes associated with a variety of concerns.
Moody's Investors Service ("Moody's") today affirmed Boston Scientific Corporation's Baa2 senior unsecured ratings and its Prime-2 commercial paper rating. The affirmation of the ratings follows Boston Scientific's announcement that it has reached an agreement to acquire BTG Plc, a UK-based medical products company. Under the terms of the offer, Boston Scientific will acquire BTG for approximately GBP 3.3 billion ($4.2 billion at current exchange rates).
UK shares fell to three-week lows on Tuesday as investors dumped financial, oil and mining stocks amid renewed fears about Brexit and Rome's budget showdown with Brussels, and Wall Street gloom across tech and retail spread across Europe. The FTSE 100 (.FTSE) ended the day down 0.8 percent, its third straight daily loss, with sentiment also hurt by heavy losses in the euro zone after a report Apple has cut production triggered a global rout in tech stocks. While the political drama of last week has largely calmed, investors worried anew about UK Prime Minister Theresa May's struggle to get her draft Brexit deal passed in Brussels and at home, with banks bearing the brunt of the selling.
Boston Scientific Corp. on Tuesday agreed to buy British healthcare company BTG plc in a $4.2 billion deal. The Marlborough, Mass.-based medical device maker offered $10.77 for each BTG share, representing a premium of 36.
U.S. medical device maker Boston Scientific Corp (BSX.N) has agreed to buy Britain's BTG Plc (BTG.L) for 3.3 billion pounds in cash, adding technology to fight cancer and other serious diseases to its portfolio. Boston Scientific - best known for making stents to prop open clogged heart arteries - has agreed to pay 840 pence per share, representing a premium of 36.6 percent to BTG's previous closing price, the companies said on Tuesday. Shares of BTG soared by a third to 825p by 1200 GMT after touching 832p, their highest level since Jan. 2015.
Boston Scientific Corp. has seen its chance and agreed to buy London-based BTG Plc for 3.3 billion pounds ($4.2 billion). If the deal is consummated, the British maker of medical devices will join the growing list of internationally-flavored U.K. companies falling prey to overseas bidders. This has been a rough year for BTG.