Global Research and Evidence Lab 14 August 2024 UBS Payments Innovation Event Series: FinTech Conference Edition B2B Panel with Billtrust, Finexio, Mesh Payments, and ProfitSolv Equities Americas Diversified Technology Services Timothy E. Chiodo, CFA Analyst timothy.chiodo@ubs.com +1-415-352 4500 Nik Cremo Analyst nik.cremo@ubs.com. +1-415-352 6025 Justin Forsythe, CPA Analyst justin.forsythe@ubs.com +44-20-7567-4191 Taylor McGinnis Analyst taylor.mcginnis@ubs.com +1-212-713 1332 Chris Zhang, CFA Analyst ch ...

Global Research and Evidence Lab 14 August 2024 LatAm Oil & Gas LightHouse: PBR, EC, YPF, RRRP, RECV, RAIZ, SMTO, TTEN, ORBIA, Fuel Dist. (3x), Agri. (2x), Global Oil Integrated and Junior E&P: PBR, EC, YPF, RRRP, RECV PBR: Government participates in Petrobras' strategic decisions. EC: We published a report on Ecopetrol's 2Q24 earnings result; see "Strong output now, but challenging horizons". YPF: CEO expects Vaca Muerta Sur (VMS) oil pipeline to be the first RIGI investment. RRRP: Jive Investments holds a ...

Global Research and Evidence Lab 14 August 2024 TMT Online ObServer Reassessing the potential value of Linx to TOTVS TOTVS: Recap of Linx & Stone, and three benefits Linx could bring to TOTVS What happened: As discussed in TOTVS's 2024 conference call, the CEO Dennis Herszkowicz stated that acquiring Linx from Stone would still be strategic for TOTVS, as Linx has capabilities complementary to TOTVS' portfolio. Linx was acquired by Stone in 2020 for R$6.8bn, and TOTVS was on the dispute by then. We recall ou ...

报告行业投资评级 - 报告给予Cardinal Health Inc.的12个月评级为Buy [4] 报告的核心观点 财务表现 - 2024财年公司营收预计增长10.3%至226.2亿美元 [4] - 2024财年EBIT预计增长16.8%至24.01亿美元 [4] - 2024财年每股收益预计增长27.0%至7.36美元 [4] 业务表现 - 制药分部2025财年收入预计下降4-6%,但剔除Optum业务后将增长15-18% [3] - 专科药品业务2025财年继续保持强劲增长,收入超过360亿美元 [6] - 医疗分部2024财年Q4收入增长2%,利润增长72% [10] - 其他分部2024财年Q4收入增长15%,利润增长11% [11] 现金流和资产负债表 - 2024财年Q4现金余额51亿美元,包括2024年11月到期债务2亿美元和2亿美元定期存款 [12] - 公司之前已发行11.5亿美元新债券以偿还即将到期的债务 [12] 其他 - 与CVS Health合资成立Averon公司,共同开发生物类似药 [8] - 管理层对新客户拓展和现有客户业务扩张表现乐观 [1]

Global Research and Evidence Lab 14 August 2024 First Read Victoria's Secret & Co CEO Appointment as Positive Market Likely to see 2Q EPS Upside and What happened: VSCO pre-announced above-consensus 2Q EPS... VSCO pre-announced 2Q24 results and now anticipates $0.34-$0.39 EPS, above its prior $0.05-$0.20 outlook. We note the Street has been modeling $0.16 Q2 EPS. Within its new Q2 outlook, VSCO expects net sales to be down 1-2% vs. prior down 1-3% y/y. VSCO also raised its Q2 EBIT dollar guidance to $57-$62 ...

Global Research and Evidence Lab 14 August 2024 Equities UBS Railroads Weekly Volume +3.6% In Week 32; Western Rails Volume Growth Driven By Recent Shift of IM Volumes Americas Railroads Thomas Wadewitz Analyst thomas.wadewitz@ubs.com +1-212-713 6116 Michael Triano Analyst michael.triano@ubs.com +1-212-713 3822 Michael DiMattia Analyst michael.dimattia@ubs.com +1-617-748 5628 Volume up +3.6% y/y in Wk 32; Stacked was down -1.3% Volumes in Week 32 rose +3.6% y/y, following +3.5% growth in Week 31 and +2.9% g ...

Global Research and Evidence Lab 14 August 2024 First Read lpsen SA lqirvo key competitor drug approved lqirvo key competitor drug seladelpar from Gilead received FDA approval A key investor focus on Ipsen is the Igirvo launch in H2. This is a drug that was recently approved in a rare liver disease, 2L PBC, and is in a tight competition with Gilead's Livdelzi (seladelpar). Livdelzi received FDA approval this evening, the timing was as expected. We note the following when comparing Livdelzi (label here) and ...

Global Research and Evidence Lab 14 August 2024 First Read Hydro One Limited In Line. 2Q'24 Adj. EPS C$0.49 vs. C$0.49 Cons/ C$0.48 UBSe Q: How did the results compare vs expectations? A: H reported 2Q'24 Adjusted EPS C$0.49 versus C$0.49 consensus, C$0.48 UBSe, and C$0.44 2Q'23. Q: What were the most noteworthy areas in the results? A: Drivers for the quarter were driven by rates and higher peak demand offset by taxes, D&A, and asset removal costs. The company has filed for approval with the OEB to constru ...

Global Research and Evidence Lab 14 August 2024 First Read Progressive Corporation July 2024: PIF Better; underlying loss ratio below consensus How will the stock react? A: We expect a positive reaction to the better-than-expected PIF growth in July while the underlying loss ratio was a little worse than consensus expectations (but beat UBSe). PIF growth accelerated sequentially and was better than expected. PGR should continue to gain market share in the near term as it loosens underwriting restrictions qu ...

报告行业投资评级 - 报告给予Serena Energia SA公司"买入"评级 [37] 报告的核心观点 - Serena Energia SA公司正在走向快速去杠杆,这将使公司进入新的增长周期 [4] - Serena Energia SA公司在2024-2033年期间有超过90%的巴西能源产量被锁定在平均价格-R$214/MWh,这为其提供了对现货价格波动的保护 [4] - Serena Energia SA公司地域多元化,防止了潜在的限电影响(1Q24低于1%) [4] - Serena Energia SA公司有明确的下一个增长阶段的路径,包括Goodnight2项目(未纳入分析师模型) [4] 行业研报总结 1) 报告行业投资评级 2) 报告的核心观点 3) 其他相关内容 - 报告提到巴西电力市场即将全面开放自由市场,这可能会带来新的投资机会 [1] - 巴西电网公司RGE将在2026年前不会有电价上调 [2] - 巴西政府正在考虑完成安格拉3核电站建设,但同时也要对电力行业进行管理层面的改革 [3]