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Economic Moat

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  1. Loblaw’s Solid Results Offset Weak Results at Weston Foods; Raising FVE for George Weston

    Commentary

    Fri, 6 Mar 2015

    However, we don't expect to make material changes to our long-term revenue growth and operating margin assumptions or our no- moat rating for George Weston; we believe that Loblaw (from which George Weston generates more than 95% of its revenues) can sustain

  2. SNC Lavalin 4Q Profit Boosted by AltaLink Sale but Infrastructure Challenges Will Affect 2015

    Commentary

    Fri, 6 Mar 2015

    SNC-Lavalin's fourth-quarter and full-year results, we are maintaining our CAD 40 per share fair value estimate and our no- moat rating. The company posted weak 2014 adjusted earnings of CAD 2.11 per share, which was below company guidance and our estimate

  3. Geox Swings to Near Break Even Year-End, Profit Improvement Continuing but Fully Captured in Shares

    Commentary

    Thu, 5 Mar 2015

    We continue to rate Geox a no- moat company, and although the company is performing at or above its turnaround plan targets ..... modest and natural for so early in a turnaround, and thus not enough to influence our moat rating or moat trend.

  4. Kroger Continues to Outperform Traditional Grocery Peers; Raising Fair Value, but Shares Still Rich

    Commentary

    Thu, 5 Mar 2015

    intend to modestly raise our $45 fair value estimate for no- moat Kroger after incorporating the firm's strong fourth-quarter ..... many traditional grocers, and we intend to revisit our no- moat rating after reassessing the company's competitive position

  5. Lexicon Enters 2015 With Strong Cash Position, and We're Bullish on Upcoming Data

    Commentary

    Thu, 5 Mar 2015

    prospects remain highly uncertain and depend on clinical data for these two programs, and the firm has yet to build an economic moat . Sotagliflozin remains central to our valuation. A Phase II trial in young, uncontrolled type I diabetes patients

  6. Costco’s Wide Moat Remains Firmly Intact; Raising FVE, but Shares Look Slightly Rich

    Commentary

    Thu, 5 Mar 2015

    After reviewing Costco's second-quarter results, we believe that its wide moat remains firmly intact. We might raise our $135 fair value estimate, but shares are still likely to trade at a modest premium

  7. Gerdau Issues Middling Full-Year 2014 Results as Management Suspends Iron Ore Expansion Project

    Commentary

    Thu, 5 Mar 2015

    Brazil. In light of Gerdau's fourth-quarter results, our $5.00 per ADR fair value estimate is unchanged, and our no- moat rating remains intact. In 2014, the company's Brazilian steelmaking operations suffered a 10% year-over-year decline

  8. Bristol's Strong Opdivo Lung Cancer Label Supports Wide Moat and Above-Consensus Opdivo Sales

    Commentary

    Thu, 5 Mar 2015

    which further increases our conviction in Bristol's wide moat . As Bristol continues its leadership in immuno oncology drug development, we expect its moat to strengthen further. The approved label for Opdivo should

  9. Numericable-SFR Reports Mixed Results; Higher Fair Value Estimate Likely, Shares Overvalued

    Commentary

    Wed, 4 Mar 2015

    to raise our fair value estimate by about 10%, but believe the shares will still be significantly overvalued. Our economic moat rating stands. The company reported as if Numericable had owned SFR for the entire year. On this basis, revenue

  10. Air China’s Fair Value Estimate Rises on Model Update

    Commentary

    Wed, 4 Mar 2015

    value of money. Air China's shares are currently trading at a 15% premium to our fair value estimate. Air China’s no- moat rating remains unchanged, supported by the nonexistent switching cost and low entry barriers in the airline industry. Our very

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