|Bid||31.15 x 900|
|Ask||31.15 x 800|
|Day's Range||31.12 - 31.95|
|52 Week Range||29.56 - 48.69|
|Beta (5Y Monthly)||2.01|
|PE Ratio (TTM)||12.54|
|Earnings Date||Feb 4, 2020 - Feb 10, 2020|
|Forward Dividend & Yield||2.00 (6.29%)|
|1y Target Est||39.25|
Amid an overall bull market, many stocks that smart money investors were collectively bullish on surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Our research shows that most of the stocks that smart money likes historically generate strong […]
Trump’s tariffs single out France but other EU countries are going to tax the internet giants. The best course would be for OECD talks to conclude next year with an international agreement.
(Bloomberg) -- Sign up to our Next Africa newsletter and follow Bloomberg Africa on TwitterCell C Pty Ltd.’s creditors aren’t giving up on a takeover offer from rival Telkom SOC Ltd., which South Africa’s third-largest mobile-network operator rejected last week.Senior debt holders have hired investment-banking firm Moelis & Co. and corporate lawyers Linklaters LLP and DLA Piper LLP to lobby for the Telkom proposal, people familiar with the matter said. They could block Cell C from pursuing an alternative recapitalization plan by forcing the carrier into liquidation or business rescue, said the people, asking not to be identified because talks are ongoing.A takeover by Telkom would return about 86 cents on the rand to lenders, while banks may have to take a deeper haircut if Cell C goes ahead with a transaction involving local investment company Buffet Group, they said. Creditors are also requesting that Cell C’s board act independently from Blue Label Telecoms Ltd., which owns 45% of the company, the people said.“Cell C and its various stakeholders, including the creditors, are working collaboratively to conclude a restructure that addresses all parties interests,” Cell C said in an email. “It is important to respect the confidentiality of these discussions. Information circulating in the public domain about these discussions should be viewed with a degree of caution. Cell C confirms that constructive discussions on the recapitalization are underway and will update the market on all material matters in due course.”Linklaters, DLA Piper and Moelis & Co. declined to comment, while Buffet Group could not be reached. Telkom said it hasn’t had any further communication from Cell C’s side.It’s not the first time Cell C has spurned advances from Telkom, which wants to combine the country’s two smallest network operators to better compete against industry leaders MTN Group Ltd. and Vodacom Group Ltd. After running into financial difficulties in 2016, Cell C opted for a deal with Blue Label.In July, Cell C missed interest payments and suspended future obligations, resulting in S&P Global Ratings cutting Cell C’s assessment to default. The company, which generates about 15 billion rand ($1 billion) in revenue, is struggling to repay about 9 billion rand of debt.Cell C agreed on an extended roaming agreement with MTN last month that will give it access to the network of South Africa’s second-largest wireless carrier. As part of that pact, Cell C will pay as much as 5 billion rand a year in roaming charges, from about 1.8 billion rand, the people said. Lenders haven’t been given a chance to review the deal, they said.(Corrects description of Blue Label stake in third paragraph and adds updated statement from Cell C in fourth paragraph for story published on Dec. 2)To contact the reporter on this story: Loni Prinsloo in Johannesburg at email@example.comTo contact the editors responsible for this story: Rebecca Penty at firstname.lastname@example.org, Vernon Wessels, John BowkerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moelis & Company , a leading global independent investment bank, today announced that Ken Moelis, Chairman and Chief Executive Officer, is scheduled to present at the Goldman Sachs US Financial Services Conference on Tuesday, December 10, 2019 at 11:10 a.m.
European luxury conglomerate LVMH Moët Hennessy Louis Vuitton announced Monday that it has reached a definitive agreement to buy U.S. jeweler Tiffany & Co. for $135 per share. The transaction has an equity value of 14.7 billion euros ($16.2 billion). The companies have reportedly been discussing a deal since Tiffany pushed back on an offer of $120 a share from LVMH last month. Shares of Tiffany, which closed at $125.51 on Friday, have climbed 56% in November amid rising optimism over a deal for the more than 180-year old company. LVMH said the acquisition of Tiffany will help boost its in jewelry and in the U.S. market. The deal has been approved by the boards of both companies, and is expected to close in mid-2020, subject to approval by Tiffany shareholders and regulators.
LVMH Moet Hennessy has gotten access to the financial books of Tiffany & Co. after the French luxury goods conglomerate lifted its offer for the U.S. jeweler to $16 billion, Reuters reported, citing sources. Shares of Tiffany jumped 3.4% late Wednesday on the report. Last month, LVMH approached Tiffany with a $120 per-share takeover bid, which the company appeared to have rejected. But that offer has now been lifted to $130 per share, the Reuters report said. Spokespersons from neither LVMH nor Tiffany could immediately be reached for comment.
(Bloomberg Opinion) -- The scaling back of Saudi Aramco’s initial public offering — despite nearly every major investment bank being involved — raises awkward questions about the effectiveness of mammoth syndicates of advisers and IPO book-runners. More appears to be less.Almost all of the big Wall Street and European investment banks are on the roster for the sale of shares in the world’s most profitable company. Alongside them were no less than three so-called “special advisers,” M Klein & Co., Lazard Frères SAS and Moelis & Co. Usually, that job would be to prevent the book-runners (who underwrite the offering) from setting a price that’s an easy sell but less than ideal for the vendor. They probably had a more general role here. Either way, with three firms in this category, it’s a wonder there wasn’t another layer of advisers on top.The syndicate’s job was largely to sell the Aramco shares to big institutional funds in the West. Now, with Saudi Arabia focusing on a local sale, their work is pretty much redundant.It’s hard to see how having so many banks on a deal is the optimal structure for generating frank, persuasive, timely advice — which is what this situation needed. It’s also questionable whether having this number of lenders helped in that failed effort to sell Aramco’s stock to a wider audience.First, the advice. The notion that Aramco is worth $2 trillion has dogged the situation from the start despite early concerns among equity analysts that the valuation was aggressive relative to the listed oil sector. There were no incentives for advisers to reset that unrealistic figure early in the process. In fact, the dynamics would have reinforced it.Every bank scrambled to get on the deal, mindful of the risk that proffering a conservative valuation might close the door. Moreover, the hit to their credibility would be shared across a wide group of peers if the number wasn’t delivered. Such a dilution of accountability makes it unlikely that anyone will deliver a singular, unpopular message to the client.Finally, the huge distribution network for the shares looked excessive too, even if the advisers and book-runners had succeeded in getting a price range agreed that was acceptable to international investors.Having myriad banks on such a deal contributes human capital. But it’s less clear that it adds much in terms of selling the shares given that there’s probably huge overlap between the banks’ investment fund clients. For a deal of this size, the answer may not have been more of the same, but rather adding alternative structures beyond the equity market: For example, a bond with generous coupons that would be repaid in Aramco stock 10 years hence.Of course, a more focused group of banks for Aramco’s offering would still have run up against an irreconcilable difference between what international investors were willing to pay and what Crown Prince Mohammed bin Salman would accept. But at least that realization would have happened sooner.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.
(Bloomberg) -- Bain Capital, CVC Capital Partners and KKR & Co. are among bidders for Hong Kong-based game developer Leyou Technologies Holdings Ltd., according to people familiar with the matter.The buyout firms are selected to participate in the second round of bids, the people said, asking not to be identified because the matter is private. The firms are discussing potential financing options with investment banks, the people said. Leyou also attracted interests from other gaming companies, they said.Leyou said in September that it was holding preliminary talks with potential investors on possible transactions, which may lead to a public takeover. It hired Moelis & Co. as financial adviser. Shares of Leyou closed 0.4% higher on Tuesday, giving it a market value of about HK$8.1 billion ($1 billion). The stock fell as much as 3.8% earlier.Leyou was listed in Hong Kong in 2011 with products including free shooting games Warframe and Dirty Bomb. It’s also working with Amazon.com Inc. to co-produce a video game based on the popular fantasy series “The Lord of the Rings.” Other upcoming games are Civilization online and Transformers.Considerations are still ongoing, no final decision has been made and the companies could still decide against pursuing a transaction, the people said. Representatives for Bain, CVC and KKR declined to comment, while a representative for Leyou didn’t immediately respond to requests for comment.In the latest update on Oct. 16, Leyou said it has received a number of indications of interest from potential investors for the company or a substantial part of its business. These potential investors are conducting due diligence and there’s no agreement made for any transaction, it said.(Updates Leyou’s share price as market closes)To contact the reporters on this story: Manuel Baigorri in Hong Kong at email@example.com;Cathy Chan in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Fion Li at email@example.com, Ville HeiskanenFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). We'll look at...
This brings the S&P (SPX) chart into a “bullish” status and puts it in line with our other indicators, which have been bullish for some time now. The next support area, however, is at 2950, which is where the very bullish gap exists for SPX (red circle on this chart). Meanwhile, the “modified Bollinger Bands” (mBB) have begun to contract, even while SPX is rising, because volatility is collapsing.
Hedge funds are known to underperform the bull markets but that's not because they are bad at investing. Truth be told, most hedge fund managers and other smaller players within this industry are very smart and skilled investors. Of course, they may also make wrong bets in some instances, but no one knows what the […]
Tiffany & Co. stock soared 33.2% in Monday premarket trading after the luxury jeweler confirmed that it received an unsolicited acquisition proposal from LVMH Moet Hennessy Louis Vuitton SE for $120 per share in cash. Tiffany said in a statement that the "parties are not in discussions" but, as is "its fiduciary responsibility," it is reviewing the proposal. Tiffany said its shareholders need not take any action at this time. The Wall Street Journal reported Sunday that the takeover bid was made. LVMH has also confirmed the bid. The proposal is a 30% premium to where Tiffany stock was trading when the bid was made. The LVMH portfolio includes the namesake Louis Vuitton and Fendi brands, as well as the Hennessy and Chandon brands, Bvlgari jewelry and more. "Based on our analysis, LVMH has ample financial capacity for a deal and we also expect many strategic and financial synergies given margin expansion, product extension, and global growth opportunities at Tiffany," wrote Cowen analysts in a note. Among the factors that analysts think make Tiffany an attractive asset are its long-term relationships with diamond mines, its exposure in the bridal category, and its long-term growth potential in China. Cowen rates Tiffany outperform with a $107 price target. Tiffany stock has gained 22.4% for the year to date. LVMH is up 49%. And the S&P 500 index has gained 20.6% for the period.
The French company sent Tiffany officials a letter in the last couple of weeks outlining an all-cash takeover bid of roughly $120 a share, according to people familiar with the matter.
Moelis (MC) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
U.S. prosecutors said on Tuesday they had charged six members of an insider trading ring who worked for firms including Goldman Sachs Group , Moelis and Centerview Partners and allegedly booked tens of millions of dollars in illicit profits. The U.S. Attorney's Office for the Southern District of New York has arrested three members of the international ring and unsealed four separate indictments in recent days.
French luxury goods group Christan Dior became the latest western company to apologize to China, over using a map that didn’t include Taiwan as part of the second-largest economy.
Moelis & Company , a leading global independent investment bank, will release its third quarter 2019 financial results after the market closes on Wednesday, October 30, 2019.