第一联邦金融(FCF)
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BMW Offers Value: Trading At 8.7x FCF And 7% Dividend Yield
Seeking Alpha· 2024-09-03 18:11
Alexandr Baranov/iStock Editorial via Getty Images Bayerische Motoren Werke's (OTCPK:BMWYY) commercial momentum is under pressure as pricing headwinds and competitive dynamics are increasingly affecting profit margins - a trend that could sustain for the next few quarters, if not years. For context, in Q2 2024, BMW's EBIT margin fell to 8.4%, below the consensus expectation of 8.6% and significantly lower than the 9.2% margin recorded one year earlier. However, despite structural challenges, BMW's free cash ...
Guess?: Stock Repurchases, Ecommerce Efforts, M&A, And Cheap
Seeking Alpha· 2024-09-02 18:04
Flashpop/DigitalVision via Getty Images Guess?, Inc. (NYSE:GES) brings a proven business model tested in many markets outside the United States since 1981. The company is making relevant effort to enhance its ecommerce activities, and recently reported acquisitions like that of WHP Global and rag & bone. In my opinion, the financial figures reported in the last decade, which included positive net income growth and FCF growth, are the best indication of future business success potential. With very conservati ...
Ulta Beauty: Quality Business And No FCF Growth Priced In
Seeking Alpha· 2024-08-27 15:37
patty_c/iStock Unreleased via Getty Images Investment Thesis Ulta Beauty (NASDAQ:ULTA) is the largest specialty beauty retailer in the US. Since Apr-23, shares have underperformed, with fundamentals deteriorating on a rich valuation. Whilst Ulta best growth years are behind us, at $20bn of Enterprise Value, investors bake in no FCF growth going forward. The cash flow stream from 43m Ultamate members alone is worth $18bn. As we enter a period of potential positive catalysts, I see very limited downside at th ...
Texas Instruments: A Clear Path Toward FCF Growth
Seeking Alpha· 2024-08-25 22:07
Monty Rakusen Texas Instruments (NASDAQ:TXN) is the oldest position in my stock portfolio, having owned it since mid-2020. Over the last five years, the company has not really impressed investors, matching the S&P 500 in total return, while the iShares Semiconductor Index (SOXX) more than doubled its performance (however, with higher volatility). TIs management scheduled an off-cycle capital management presentation last week (20th August 2024) to address a few key issues investors had with the company in re ...
First Commonwealth Financial (FCF) Upgraded to Strong Buy: What Does It Mean for the Stock?
ZACKS· 2024-08-20 01:00
First Commonwealth Financial (FCF) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked ...
Best Income Stocks to Buy for August 19th
ZACKS· 2024-08-19 20:51
Here are three stocks with buy rank and strong income characteristics for investors to consider today, August 19th: KT (KT) : This telecommunication services company which provides mobile telecommunications services, telephone services, fixed-line and VoIP telephone services, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 3.9% over the last 60 days. This Zacks Rank #1 (Strong Buy) company has a dividend yield of 4.2%, compared with the industry average of 2%. First Commo ...
Pactiv Evergreen: Attractive Entry Point For Long-Term Investors
Seeking Alpha· 2024-08-15 04:28
Monty Rakusen/DigitalVision via Getty Images Summary Following my coverage of Pactiv Evergreen (NASDAQ:PTVE) in Mar'24, which I recommended a buy rating due to its strong execution in improving its cost structure and the attractive FCF yield, this post is to provide an update on my thoughts on the business and stock. I believe the current share price provides investors with another attractive entry point (>10% FY25 FCF yield). I agree that the near-term outlook is bad, but if we take a step back, the long-t ...
Devon Energy: 8 Years Of Positive FCF, Ready For Mideast Oil Shortages
Seeking Alpha· 2024-08-12 16:47
E t F F V II I ogichobanov lf you are worried about the possibility of sudden, overnight changes in the supply of crude oil from the Middle East, how can you hedge a portfolio against the outler chance oil inflation is about to take off in the conomy? Well, with rising odds Iran could soon ereate trouble in the Persian Gulf area of the world as retaliation for Isra attacks in the region, you need to look for oil/gas producing assets as far away from military conflict as you can. The farthest and safest poin ...
JD.com: A Depressed Multiple With Real EPS Growth And Impressive FCF
Seeking Alpha· 2024-08-12 09:01
Robert Way JD.com (NASDAQ:JD) (OTCPK:JDCMF) is among so many Chinese stocks that have struggled for much of the past three and a half years, despite a sizable rally that occurred from this past January through mid-May. The rise stalled, however, and investors quickly sold tech and consumer-related China stocks right toward the tail-end of the Q1 reporting season. Today, we are in the later innings of Q2's earnings period. I see the potential for a rebound in shares of JD, while it remains an unknown as to w ...
First Commonwealth Financial(FCF) - 2024 Q2 - Quarterly Report
2024-08-09 05:35
收购Centric Bank - 公司于2023年1月31日完成对Centric Bank的收购,收购对价为1.41亿美元[36][37] - 收购Centric Bank后,公司获得7家全服务银行网点和1家贷款生产办公室,主要位于中大西洋地区[36] - 收购产生的商誉为6,039万美元,主要来自预期的协同效应和规模经济[39] - 公司对收购的非信用减值贷款计提了1,065万美元的信用损失准备[42] - 公司对收购的信用减值贷款在收购日确认了2,721万美元的信用损失准备[41] - 公司在2023年第二季度完成了对收购资产和负债的估值[39] - 收购相关成本为910万美元,已计入合并和收购相关费用[44] - 由于Centric业务已完全整合,无法单独确认其自收购日以来的收入和净利润[44] 未实现损益 - 公司在2024年上半年录得未实现证券损失586万美元,以及4,158万美元的衍生工具未实现收益[46] - 公司在2023年上半年录得未实现证券损失376万美元,以及2,225万美元的衍生工具未实现收益[46] - 公司第二季度其他综合收益为5,681千美元,主要来自于证券和衍生工具的未实现收益[50,51] 财务数据 - 公司第二季度总收入为98,341千美元,较上年同期增加52,038千美元[52] - 公司第二季度净利润为36,800千美元,每股收益为0.36美元[53] - 公司第二季度发放了2,325千美元的无现金库存股票[52] - 公司第二季度新增了2,784千美元的不良资产[52] - 公司第二季度新增了38,207千美元的持有至到期贷款转为持有待售[52] - 公司第二季度新增了4,158千美元的衍生工具市值调整[52] - 公司第二季度新增了1,790千美元的银行自有保险死亡赔付款[52] - 公司第二季度新增了14,297千美元的财务担保信用证和17,407千美元的履约担保信用证[57] - 公司第二季度新增了2,321,372千美元的信贷承诺[57] 或有事项 - 公司未使用的承诺和信用证可能会在借款人或担保方违约时产生未来信用损失风险,管理层评估了相关信用风险,分别于2024年6月30日和2023年12月31日计提了470万美元和730万美元的负债[60] - 公司正常业务中存在各种待决和威胁性法律诉讼,管理层预计这些诉讼不会对公司的合并财务状况产生重大影响,但可能会对特定报告期的合并经营成果和现金流产生重大影响[61] 证券投资 - 公司持有的抵押支持证券包括政府机构和政府支持企业发行的抵押支持证券,这些证券存在提前偿还风险,公司使用计算机模拟模型来测试在不同利率情景下的平均期限和收益波动性[64] - 公司于2024年第二季度参与了Visa的股票交换要约,收到了13,340股B-2类普通股和5,294股C类普通股,其中C类股票预计将在第三季度出售,产生了560万美元的收益[72,73] - 公司于2024年上半年出售了75.1亿美元的可供出售投资证券,平均收益率为2.17%,并将资金重新投资到平均收益率为5.49%的证券[69] - 公司于2024年6月30日和2023年12月31日分别有8.509亿美元和3.865亿美元的可供出售证券被质押用于担保公共存款和其他法定用途[71] - 公司持有的抵押支持证券中,商业抵押支持证券的摊余成本为1205.25亿美元,未实现损失为152.69亿美元,估计公允价值为1052.56亿美元[76] - 公司持有的政府支持机构发行的住宅抵押支持证券的摊余成本为2815.62亿美元,未实现损失为494.20亿美元,估计公允价值为2321.42亿美元[76] - 公司持有的到期债务证券中,有374.6亿美元和981亿美元分别于2024年6月30日和2023年12月31日被用作质押[79] - 公司持有的联邦住房贷款银行(FHLB)股票于2024年6月30日和2023年12月31日分别为18.3亿美元和44.7亿美元[80][81] - 公司持有的无法确定公允价值的其他权益性证券于2024年6月30日和2023年12月31日均为6.2亿美元[82] - 公司截至2023年12月31日的公司证券总计有10.34亿美元的估计公允价值,其中193.9亿美元为未实现损失[88] - 截至2024年6月30日,公司的公司证券的摊余成本和估计公允价值分别为67.1百万美元和63.3百万美元[89] - 公司在2024年6月30日和2023年12月31日分别有10个和8个公司证券处于未实现损失状态[89] - 公司在2024年6月30日和2023年6月30日均未确认预期信用相关减值[90] 贷款组合 - 公司截至2023年12月31日的贷款和租赁总额为89.69亿美元[91] - 公司贷款组合包括五大主要贷款类别,在计算信用损失准备时被划分为14个组合[92] - 公司使用折现现金流方法计算信用损失准备,主要考虑违约概率和违约损失率等因素[98] - 公司在2023年12月31日的国民失业率预测为4.71%,峰值为4.92%[98] - 公司使用内部信用评级系统对贷款组合进行信用风险评估[99] - 截至2024年6月30日,公司贷款组合中有一定比例被评为次级和可疑[101] - 公司总贷款和租赁额为89.95亿美元,其中非良好