|Bid||54.91 x 1000|
|Ask||54.92 x 900|
|Day's Range||54.32 - 55.00|
|52 Week Range||26.88 - 55.17|
|Beta (3Y Monthly)||1.39|
|PE Ratio (TTM)||99.56|
|Earnings Date||Jan 29, 2020 - Feb 3, 2020|
|Forward Dividend & Yield||1.96 (3.60%)|
|1y Target Est||55.38|
By far Thyssenkrupp's most profitable division, Elevator will be either sold or listed in a bid to repair the group's balance sheet, which has suffered from ill-fated investments, numerous profit warnings and rising pension liabilities. The division, the world's fourth-largest maker of elevators and escalators, is targeting an adjusted operating profit margin of 11.5-13.0% in the 2020/21 fiscal year, compared with 11.4% in 2018/19, it said during a capital markets day. The market for elevators and escalators, worth about 50 billion euros ($55 billion) a year, is expected to grow by more than 3% annually until 2024, Thyssenkrupp said, driven by the growing population in large metropolitan areas around the world.
If you're lucky enough to see the Kentucky Derby - standing-room tickets for May's 146th running recently sold for $89 online - you can wager a few bucks and perhaps take away a small profit for your memories. But it's possible to play the Derby another way: as a shareholder. Had you wagered $1,000 a year ago on the owner of Churchill Downs, you'd have $1,487, for a return of nearly 49%. Not bad.You also can own a piece of the storied Empire State Building, deemed one of the Seven Wonders of the Modern World by the American Society of Civil Engineers, which includes marvels such as the Golden Gate Bridge, the Panama Canal and the Chunnel from England to France. Maybe country music's hallowed Grand Ole Opry strikes a chord. Or what about the world's most popular sports franchise?For investors with a yen for a little history along with their returns, we've put together a list of investible famous landmarks and the nine publicly traded companies that own them. Overall, the bull market has been so grand for property and entertainment investors that if the stock collection below were an equal-weighted portfolio, it would have a one-year return of 20.9% and a five-year gain of 85.1%.Not all of our picks have been big winners of late - some are being refurbished as landmarks and as investments, and might be more suited to bargain hunters comfortable with turnarounds. But all of these stocks will give you some bragging rights when you visit the landmark in question. SEE ALSO: Every Warren Buffett Stock Ranked: The Berkshire Hathaway Portfolio
(Bloomberg) -- In his senior year at University of Pennsylvania, not long before accepting an offer to work at Blackstone Group Inc., Jon Gray put down a book at the library to ask out Mindy Basser.Last week, the couple, married for 24 years, were back on campus for a study break with a different kind of chemistry: after visiting Bennett Hall where they took a Romantic poetry class together, they walked across the quad to meet the freshmen whose tuition and expenses they’ve agreed to cover for the next four years.The Grays, both 49, are giving the university $10 million to support 10 students from New York City annually, the university will announce on Monday. The gift will also provide funding for Penn First Plus, which seeks to give the full college experience to low-income and first-generation students.“Everybody recognizes equality of opportunity is really important,” Jon Gray, president of Blackstone, said in a telephone interview. “There are lots of ways to help kids at higher income levels get to these schools. The idea here is we’re looking to help low-income people whose families haven’t been to universities.”“It’s about really feeling embraced on campus and access for summer internships and access to study abroad, and not just the base-line tuition,” said Mindy Gray, who with three older siblings was the first generation of her family to attend college, which her now 101-year-old dad “worked hard to be able to afford.”Reducing burdensome student debt has become a focus of universities, philanthropists and presidential candidates looking to address growing income inequality. President Donald Trump has asked aides to come up with a plan to counter those of Elizabeth Warren and other Democrats, according to a Washington Post report last week. Princeton University recently exempted students on financial aid from contributing their summer earnings. Vista Equity Partners’ Robert Smith promised to payoff the student loans of Morehouse College’s 2019 graduates.The cost of a year at Penn, including tuition and expenses like books and transportation, is $78,186, according to the university’s website.For the Grays, the gift is a “natural extension” of their foundation’s work with New York City youth, representing $100 million in funding so far, Jon Gray said. Grants have helped families in Queens start college savings accounts and opened school-based health clinics in the Bronx. Their focus on New York youth is because the city has been their home for almost 30 years, where they raised four daughters and where Jon Gray built his career in private equity. The Grays are worth $3.3 billion, according to the Bloomberg Billionaires Index.“Our children are living in the city and have access to incredible opportunity, and others who live close by don’t,” Mindy Gray said.The gift also stems from a commitment to Penn, starting with a $19.92 contribution in the year they graduated. It has since grown to include more than $55 million to found and operate the Basser Center for BRCA at Penn Medicine, named for Mindy’s sister Faith, who died from BRCA-related ovarian cancer.While that gift was tied to the loss of a loved one, the financial aid donation connects the Grays to the Romantic poetry class where they fell in love.Mindy, by the way, got the better grade. “I was smitten,” Jon Gray said. “I lost my focus.”To contact the reporter on this story: Amanda Gordon in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Pierre Paulden at email@example.com, Steven Crabill, Alan MirabellaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Beleaguered Coffee Day Enterprises Ltd.’s sale of its technology park to Blackstone Group Inc. is stalled as one of its creditors hasn’t approved the deal, people with the knowledge of the matter said.Yes Bank Ltd. hasn’t issued the so-called no objection certificate as it’s seeking assurances on repayments of other loans taken by Coffee Day, said the people, asking not to be identified as the information isn’t public. All other creditors have approved the transaction, the people said.Shares of Coffee Day fell 8.9% to close at 43.85 rupees. The stock dropped as much as 14.5% earlier Monday in its biggest intra-day decline since July 31.Coffee Day, which runs India’s largest coffee chain, has been trying to sell its assets to repay its debt after the unexpected death of its founder billionaire V.G. Siddhartha. On Aug. 14, the company announced that it has entered into a non-binding letter of intent to sell Global Village Tech Park to Blackstone in a deal valued at 26 billion rupees ($366 million) to 30 billion rupees.Tanglin Developments Ltd., a unit of Coffee Day that controls Global Village Tech Park in Bangalore, owes Yes Bank about 1 billion rupees, according to the people. In addition, Coffee Day also owes the lender about 14 billion rupees, the people said.Yes Bank could eventually approve the transaction, one of the people said. Representatives for Blackstone, Coffee Day and Yes Bank declined to comment.(Updates Coffee Day’s shares to closing level in third paragraph.)To contact the reporters on this story: Baiju Kalesh in Mumbai at firstname.lastname@example.org;Anto Antony in Mumbai at email@example.comTo contact the editors responsible for this story: Fion Li at firstname.lastname@example.org, ;Arijit Ghosh at email@example.com, Anto AntonyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Our call of the day from wealth manager Ross Gerber takes a look at a home-run stock-pick in 2019 and some possibilities for the coming year.
(Bloomberg) -- As some of Denmark’s pension funds prepare to write down their property portfolios, the country’s housing minister says he would find a 10% market decline an acceptable outcome as he tries to alter the law to prevent speculation.The comments follow a heated debate in Denmark, largely centered on Blackstone Group Inc. Kaare Dybvad, the minister for housing in the Social Democrat government, says the firm represents an “infamous” business model in which properties are bought, renovated and then put back on the market at rents that tenants can’t afford. Blackstone says that it follows the law and that it represents too small a chunk of the Copenhagen real estate market to affect prices.This week, Dybvad unveiled a proposal designed to protect tenants. Instead, he drew criticism from Denmark’s pension industry, which says the plan is so broad that it undermines longer term investment in the property market.But those warnings aren’t enough to shake Dybvad’s resolve.“I can live with smaller losses since the market has doubled within the past five years,” Dybvad said in an interview on Friday. “Against that background, I can live with losses at 10%, for instance.”Read more about Dybvad’s proposal, and the pension industry’s responsePension funds have started to estimate the scale of their losses, if Dybvad’s plan goes ahead. Michael Nellemann Pedersen, chief investment officer at PKA Pension in Copenhagen, called the proposal “a step back;” he also said the corner of the fund’s real-estate portfolio that’s affected by the law will drop by about 15% if the government’s proposal becomes reality.The pension industry now faces losses in an asset class that had stood out as an engine for returns in an era of negative interest rates. Denmark’s central bank first went below zero in 2012, and has negative rates longer than any other country.Dybvad said that his proposal still leaves incentives to buy commercial properties. “So I do not think the investment case has been significantly degraded,” he said.For now, the pension industry is asking the government to consider revising its proposal to make it target firms like Blackstone more specifically. It’s a view echoed by lawmakers.In an emailed comment, James Seppala, Blackstone’s head of real estate in Europe, said the firm’s focus is “on making long term investments in local housing with a simple goal of operating and maintaining homes to the highest standards. The company is also committed to supporting local priorities by adding to new supply and making units more environmentally sustainable.”Heidi Bank, who sits on the parliament’s housing committee for the opposition Liberal Party, says tenants’ rights would be better protected by empowering Denmark’s housing tribunal, which presides over disputes between landlords and renters.Meanwhile, Dybvad says he wants to make his proposal retroactive. His ministry is currently looking into whether such a goal would be based “on solid ground, legally.”The government is set to sit down with industry representatives to go over Dybvad’s proposal in the coming weeks. The minister says he expects an agreement to be reached either before Christmas or in January.(Adds Blackstone comment)\--With assistance from Christian Wienberg.To contact the reporter on this story: Morten Buttler in Copenhagen at firstname.lastname@example.orgTo contact the editors responsible for this story: Christian Wienberg at email@example.com, Tasneem Hanfi BröggerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Blackstone Group said on Friday it is waiting for Japanese hotel operator Unizo Holdings to respond to its $1.6 billion takeover proposal. Blackstone in October emerged as a bidder for Unizo and told the hotel chain it would launch a tender offer or explore other options if Unizo did not agree to its offer by a deadline, which it keeps extending. Blackstone said it was waiting for Unizo's formal written response on its latest proposed transaction terms.
(Bloomberg) -- Denmark has put together a plan to halt short-term property speculation after months of tense debate triggered by a spate of purchases by Blackstone Group Inc.Housing Minister Kaare Dybvad unveiled a number of steps that include a decade-long moratorium on rent hikes. The question now is whether the measures are too broad as members of Denmark’s $450 billion pension industry warn that the government risks choking investment.The revised legislation will ensure that landlords can only push through rent hikes in connection with renovations after they’ve owned a property for 10 years (the rule won’t affect other categories of rent adjustments). The Social Democrat government is also raising environmental requirements for such renovations.Dybvad says he’s confident the plan will only hit speculators and protect long-term investors. But he already faces considerable push-back from lawmakers and Danish institutional investors.Pension Funds React“We acknowledge that there are problems in corners of the industry,” said Michael Bruhn, head of real estate investments at PFA Pension, which manages about $100 billion. “But we’re worried that the minister’s proposal is too broad and will, in practice, mean that necessary investments and renovations will grind to a halt.”Bruhn said the 10-year rule is “particularly problematic.” PFA has about $450 million in properties that will be affected, he said.“We’d rather see a plan that specifically targets the rotten apples, instead of hitting all property investors, including several Danish pension firms,” Bruhn said.Dybvad has repeatedly singled out Blackstone as an example of an investor that he has called “infamous” for its business model. The minister has accused the firm of exploiting “holes” in existing laws to drive up rents. At the same time, Dybvad has said that revised legislation wouldn’t only target Blackstone, and that the new rules will affect all landlords with short-term interests.Blackstone has said it owns too small a chunk of the Copenhagen market to materially influence rents, an assertion that is backed up by the Danish Property Federation. It has also said it’s a long-term investor with a goal of improving the properties it owns, and that it complies with the law.Lawmaker TalksDybvad held talks with lawmakers over several weeks before putting forward his plan. A formal vote following negotiations has yet to take place.Jens Rohde, a member of parliament’s housing committee for the Social Liberal Party, said there’s no agreement yet inside the government bloc. “I still have plenty of questions about the 10-year freeze” on rent hikes, he said.The revised rental law will aim to protect Denmark’s cooperative housing projects, according to Dybvad. But he has yet to convince lawmakers of that.Heidi Bank of the opposition Liberal Party told broadcaster TV2 that the government’s plan was too simplistic. She also questioned whether the proposal will ultimately help tenants, as intended.Mette Hjermind Dencker, who represents the opposition Danish People’s Party on the parliament’s housing committee, said the 10-year rule goes too far. “It will hurt renters and cooperative owners and property conditions will deteriorate,” she said.(Adds lawmaker comments throughout)\--With assistance from Christian Wienberg.To contact the reporter on this story: Morten Buttler in Copenhagen at firstname.lastname@example.orgTo contact the editors responsible for this story: Tasneem Hanfi Brögger at email@example.com;Christian Wienberg at firstname.lastname@example.orgFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Blackstone and Brookfield are among five potential bidders circling IQ, a UK student accommodation company, in a deal that may be worth more than £4bn, people briefed on the matter said. Others who are also considering offers for IQ are Greystar, the US property company, Mapletree, the Singapore-based real estate investor, and Patrizia, the German real estate firm, these people said.
(Bloomberg) -- Buyout firm PAI Partners reached an agreement to take control of Armacell International, which makes insulation products used by the International Space Station.Blackstone Group Inc. is exiting its investment in Armacell through the deal, PAI said in a statement on Wednesday, confirming a Bloomberg News report. PAI is acquiring a majority stake in a transaction valuing the business at about 1.4 billion euros ($1.6 billion) including debt, a person familiar with the matter said, asking not to be identified as the information is private. Kirkbi AS, owned by the family behind the Lego toy brand, will increase its stake in Armacell to a significant minority holding, according to the statement. It didn’t provide financial details.“Under the leadership of its existing management team, Armacell has delivered consistent growth,” PAI Partner Mathieu Paillatt said in a statement. “We expect to drive Armacell’s further expansion through product innovation, commercial excellence and a number of strategic acquisitions.”Blackstone and Kirkbi bought Armacell from Charterhouse Capital Partners in 2015 and have been exploring a sale, Bloomberg News reported in July. The sale had attracted initial interest from other buyout firms and pension funds, people familiar with the matter said in November.A sale of the business would come at a time when private equity firms are deploying billions of dollars of capital on European assets as they seek to deploy record amount of money they have raised. Large businesses such as Nestle SA’s skin-care unit and Merlin Entertainments Plc have been acquired by buyout firms this year.Armacell, founded in 1954, has made products used everywhere from the Empire State Building to the Gorgon natural gas project in Western Australia. The Luxembourg-based company had 610 million euros of net sales in 2018 and adjusted earnings before interest, tax, depreciation and amortization of 106 million euros, according to its annual report.(Updates with details from statement starting in first paragraph.)\--With assistance from Aaron Kirchfeld.To contact the reporters on this story: Sarah Syed in London at email@example.com;Dinesh Nair in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Ben Scent at email@example.com, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Egon Durban, the technology dealmaker turned entertainment powerbroker, has been made co-chief executive of US private equity group Silver Lake, one week after he acquired a stake in City Football Group in a record-breaking deal. , which owns Manchester City football club, current champions of the English Premier League.
How’s this for irony: The U.S. is awash with private equity money at a time when deal activity is low. According to Buyouts, U.S.-based private equity and mezzanine fund managers have attracted $274.9 billion so far this year, compared with $178.7 billion at the same time last year. Two of the biggest funds combined this year were from Blackstone, which raised $26 billion for its eighth flagship fund, and Advent International, whose ninth fund surpassed its $16 billion target by $1.5 billion, according to PitchBook.
Blackstone Group Inc said on Thursday it has been unable to obtain an agreement from Japanese hotel operator Unizo Holdings Co Ltd for its $1.6 billion takeover bid proposal. Blackstone last month offered to buy the company at 5,000 yen a share, which valued the hotel chain at 171 billion yen ($1.6 billion). It also warned the company that it would take any measures if Unizo fails to respond to Blackstone's offer by a deadline that it keeps extending.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through November 22nd. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 52% and 49% respectively. Hedge funds' top 3 stock picks returned 39.1% this year and beat the S&P […]
Blackstone (NYSE:BX) announced today that Stephen Schwarzman, Chairman, CEO and Co-Founder, is scheduled to present at the Goldman Sachs Financial Services Conference on Tuesday, December 10, 2019 at 12:50PM ET.
Pipeline operator Tallgrass Energy LP said on Monday Chief Executive Officer David Dehaemers resigned and would be replaced by operations head Bill Moler, a move that was backed by shareholder Blackstone Group Inc. Dehaemers had come under fire from retail investors last month over a non-binding take-private proposal by the investment firm, which included a provision for management to be paid nearly 30% premium for shares in the general partner that owns Tallgrass. In August, Blackstone Infrastructure Partners and affiliates that together own a 44.2% stake in Tallgrass made an offer to buy the remaining shares at $19.50 per unit.
Luxury fashion has been snubbed by buyout groups in recent years but now it’s back in vogue. The acquisition of Escada, the German fashion house, by Beverly Hills-based buyout group Regent marks the latest deal in a sector which had fallen out of favor with private-equity firms in recent years. The deal came just weeks after Mandarin Capital Partners snapped up a 70% stake in Italian fashion accessories specialist Eurmoda Group.
Blackstone made its foray in the sector last year, acquiring Clarus, an investment firm specializing in life sciences. For its part, Ferring will invest $170 million in the joint venture with Blackstone, dubbed FerGene, bringing its total funding to $570 million, the companies said in a statement.
Pipeline operator Tallgrass Energy LP said on Monday Chief Executive Officer David Dehaemers would step down immediately and named Bill Moler as his successor. Moler, who was appointed as the company's president and chief operating officer in March this year, has previously served as the executive vice president and chief operating officer of Tallgrass Energy. Dehaemers, who came under fire from investors over sales talks with private equity firm Blackstone Group Inc, would be stepping down from the position immediately and retire as a member of the board on Dec. 31.