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  1. Market Too Optimistic on Fortescue Metals Cost Cuts

    Commentary

    Thu, 29 Jan 2015

    term expectations for the iron ore price, driving the share price to our fair value. Fortescue lacks a cost advantage and a moat . Our very high fair value uncertainty rating reflects relatively high debt, operating leverage and cyclicality. Net debt at

  2. Nippon Posted Solid 3Q Profits but Its Exposure to Fallen Global Energy Capex Curbs Our Enthusiasm

    Commentary

    Thu, 29 Jan 2015

    impact on Nippon’s OCTG sales, which account for roughly 20% of its total steel output. Consequently, we decided to lower Nippon’s fair value from JPY 301 per share to JPY 288 per share. Our no moat rating remains intact.

  3. Zimmer on Cusp of Closing Biomet Deal; Our Fair Value Estimate Remains Unchanged

    Commentary

    Thu, 29 Jan 2015

    impending purchase of Biomet will close in the first quarter. We think the resulting combination will enjoy a reinforced wide moat as it will serve an unmatched share of the trained surgeon pool. In the fourth quarter, Zimmer continued to see robust

  4. Pulte More Upbeat Than Peers but Adjusted Gross Margins Are Headed for an Extended Slide

    Commentary

    Thu, 29 Jan 2015

    PulteGroup was decidedly more upbeat than other homebuilders reporting December quarter results. The no- moat firm noted that buyer traffic and signup levels started to improve in late November through January, which is seasonally uncharacteristic

  5. Cost-Cutting Helps CNH's 4Q Profits, but High Inventory Levels Signal Challenging 2015 Outlook

    Commentary

    Thu, 29 Jan 2015

    We are maintaining our $10 fair value estimate and no- moat rating for CNH Industrial following the company's fourth-quarter earnings report. Despite an ongoing downturn in its key agricultural

  6. With Completion of Acquisition, Valley National Looks to 2015 for Stronger Growth

    Commentary

    Thu, 29 Jan 2015

    quarter of $25.2 million or $0.11 per diluted share. We plan to maintain our fair value estimate of $8 for this no- moat bank. Even without the acquisition of 1st United, Valley National showed decent organic loan growth of $83.5 million during

  7. Baxter Approaches Spin-Off With Strong Long-Term Fundamentals, but Several 2015 Headwinds

    Commentary

    Thu, 29 Jan 2015

    to think that shares are trading at a discount to their value on a discounted cash flow basis, and we see Baxter's wide moat --supported by a diverse range of intangible assets in hemophilia and cost advantages in plasma and medical products

  8. Nokia Reports Solid 4Q Results but IP Licensing Revenue Growth Remains Cloudy; Maintain $7.50 FVE

    Commentary

    Thu, 29 Jan 2015

    the pace of future licensing revenue growth remains cloudy. We will maintain our $7.50 fair value estimate per ADR and no moat rating for the firm, and we would seek a wider margin of safety before investing. Nokia’s group revenue was EUR 3.8 billion

  9. Dry Van and Flatbed Business Still Strong in Landstar’s 4Q

    Commentary

    Thu, 29 Jan 2015

    Echo Global Logistics as well. We do not anticipate making material changes to our $60 fair value estimate or wide economic moat rating. Landstar’s total gross revenue expanded 25% year over year. Within the core asset-light trucking operations

  10. Sale of Troubled Residential Loans Expected to Help Margin and Expenses in 2015 for TCF Financial

    Commentary

    Thu, 29 Jan 2015

    275.1 million, or 1.68% last quarter. Despite the overall improved credit costs going forward, we are maintaining our moat rating of none and our fair value estimate of $17. Net charge-offs equaled $16.6 million, or 0.40%, for fourth

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