Assessment Ratio – Regiofora http://regiofora.com/ Tue, 21 Jun 2022 15:46:04 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://regiofora.com/wp-content/uploads/2021/07/icon-5-150x150.png Assessment Ratio – Regiofora http://regiofora.com/ 32 32 Research: Rating Action: Moody’s assigns a Baa2 rating to the new notes proposed by Ceske Drahy; stable outlook https://regiofora.com/research-rating-action-moodys-assigns-a-baa2-rating-to-the-new-notes-proposed-by-ceske-drahy-stable-outlook/ Tue, 21 Jun 2022 15:46:04 +0000 https://regiofora.com/research-rating-action-moodys-assigns-a-baa2-rating-to-the-new-notes-proposed-by-ceske-drahy-stable-outlook/ Paris, June 21, 2022 — Moody’s Investors Service (“Moody’s”) has assigned a Baa2 rating to Czech national rail operator Ceske drahy, as’s (“CD”, “Ceske drahy”, or the company) has proposed a new 500 million euro senior unsecured notes. At the same time, Moody’s affirmed the company’s long-term issuer rating Baa2, senior unsecured ratings Baa2 and […]]]>

Paris, June 21, 2022 — Moody’s Investors Service (“Moody’s”) has assigned a Baa2 rating to Czech national rail operator Ceske drahy, as’s (“CD”, “Ceske drahy”, or the company) has proposed a new 500 million euro senior unsecured notes. At the same time, Moody’s affirmed the company’s long-term issuer rating Baa2, senior unsecured ratings Baa2 and basic credit assessment (BCA) ba2, which reflects the company’s stand-alone financial strength. The outlook is stable.

The proposed new bonds will be used to fund its growing capital expenditure needs over the next 18 to 24 months, repay maturing debt and support liquidity.

RATINGS RATIONALE

Affirmation of Ceske Drahy’s ratings and BCA reflects strong operating performance in 2021 despite severe and continued pandemic impact, driving Moody’s Debt/Adjusted EBITDA down 6.2x from 9.5x in 2020 However, the decision to increase balance sheet leverage by around 45% to support capex and liquidity rather than through equity will bring leverage down to around 6.6x in 2022, which will put pressure on the BCA as well as the overall Baa2 rating. Although Moody’s expects leverage to reduce to around 6x in 2023 in the base case, this leaves no cushion for underperformance.

Ceske Drahy’s Baa2 issuer rating incorporates a three-notch upside from the ba2 BCA, in line with Moody’s Government-Related Issuers methodology. The improvement reflects the strong and ongoing relationship between the company and its sole shareholder, the Czech Republic (Czech Republic, Government of, Stable Aa3).

CD’s ba2 BCA builds on the company’s strong market position in the Czech Republic and high revenue visibility, thanks to contracts it has signed with the government and 14 municipalities for railway operation of travellers.

The BCA also reflects CD’s operational improvements as it recovers from the challenges posed by the pandemic. Despite the modest revenue recovery to CZK 38.5 billion from CZK 36.4 billion in 2020, the company’s reported EBITDA margin improved to 20.7% from 14% in 2020. This was achieved mainly through increased productivity and lower personnel costs. CD’s reported EBITDA margin is expected to increase to over 25% over the next 12 to 18 months despite some inflationary pressures.

In addition to the company’s higher debt burden and therefore continued high leverage, which is expected to exceed 6.0x in 2022, the BCA is limited by the negative free cash flow that Moody’s expects over the next next 18 to 24 months, capital-driven spending needs. The investments will mainly be allocated to the continued modernization of passenger and freight rolling stock, which is key to remaining competitive.

Following the loss of several tenders in 2019 and 2020, the company continues to face the risk of losing tenders in the future. However, backed by recent contract wins, Moody’s expects the company to maintain a market share of well over 80% in the Czech passenger rail market.

LIQUIDITY

The CD has good liquidity. The company has access to at least CZK 34 billion of cash, of which CZK 1.8 billion of unrestricted cash on its balance sheet at the end of March 2022, CZK 10.4 billion available under committed facilities, CZK 7.2 billion unused bank loans (with maturities exceeding 12 months at the end of May 2022), Eurofima loan of CZK 7.2 billion, grants of CZK 1.2 billion and operating cash flow which Moody’s estimates at CZK 6.6 billion . This available liquidity will comfortably cover planned capital expenditures of nearly CZK 25 billion (post-IFRS 16) and debt repayments of CZK 3.9 billion in 2022. The proposed new bonds as well as increased liquidity from transactions will further improve liquidity, allowing for the repayment of the €400 million CD Eurobond maturing in May 2023.

RATIONALE FOR THE STABLE OUTLOOK

The stable outlook reflects Moody’s expectation that CD indebtedness will decline at or below 6x over the next 18-24 months despite proposed additional debt due to capital expenditure needs. The outlook also reflects Moody’s expectation that CD’s operating performance will continue to recover from the pandemic and that the company will continue to maintain good liquidity.

FACTORS THAT MAY LEAD TO IMPROVEMENT OR DEGRADATION OF RATINGS

Upward pressure on the rating would likely result from an upgrade of the BCA from CD to ba1 from the current ba2, following a sustained improvement in the company’s operational performance; EBIT margin remains in the mid-range (as a percentage), Moody’s Debt to Adjusted EBITDA ratio declines to around 4.5x on a sustainable basis and Free Cash Flow remains positive on a sustainable basis.

While sovereign ties are seen as strong and an upgrade in the Czech Republic’s rating would be positive for CD’s credit quality, it is unlikely to translate into an upgrade in CD’s rating which is currently constrained by the ba2 BCA.

The issuer’s rating could come under pressure in the event of further deterioration and downgrade of the BCA, and if this is not adequately offset by stronger sovereign support or increasing strategic importance for the Czech Republic.

The BCA is weakly positioned due to the increase in the level of indebtedness on the balance sheet and consequently a still high indebtedness despite an improvement in the company’s results. If the company does not perform as expected by Moody’s and fails to reduce leverage below 6x over the next 12-18 months, the BCA could be downgraded from ba2 to ba3 accordingly. The BCA could also come under pressure if free cash flow remains negative for an extended period or if there is a deterioration in the company’s liquidity profile.

A Ceske Drahy downgrade could also be triggered by a significant downgrade in the Czech Republic’s sovereign rating and/or a weakening of the close ties between the company and its sole shareholder.

MAIN METHODOLOGY

The methodologies used in these ratings were passenger railways and bus companies published in December 2021 and available at https://ratings.moodys.com/api/rmc-documents/360649and Government-Related Issuers Methodology published in February 2020 and available at https://ratings.moodys.com/api/rmc-documents/64864. Otherwise, please see the Scoring Methodologies page on https://ratings.moodys.com for a copy of these methodologies.

COMPANY PROFILE

In 2021, CD recorded a total core business turnover of CZK 38.5 billion (€1.6 billion), of which approximately 67% (including other income) came from passenger transport and approximately 33% of freight transport. The company has approximately 22,186 employees as of December 31, 2021 and is one of the largest employers in the Czech Republic.

REGULATORY INFORMATION

For details on key rating assumptions and Moody’s sensitivity analysis, see the Methodological Assumptions and Sensitivity to Assumptions sections in the Disclosure Form. Moody’s rating symbols and definitions can be found at https://ratings.moodys.com/rating-definitions.

For ratings issued on a program, series, category/class of debt or security, this announcement provides certain regulatory information regarding each rating of a subsequently issued bond or note of the same series, category/class of debt, security or under a program for which ratings are derived exclusively from existing ratings in accordance with Moody’s rating practices. For ratings issued on a media provider, this announcement provides certain regulatory information relating to the credit rating action on the media provider and each particular credit rating action for securities whose credit ratings are derived from the support provider’s credit rating. For the provisional ratings, this press release provides certain regulatory information relating to the provisional rating assigned, and to a final rating that may be assigned after the final issuance of the debt, in each case where the structure and conditions of the transaction n have not changed prior to the final rating being assigned in a way that would have affected the rating. For more information, please see the issuer/transaction page of the respective issuer at https://ratings.moodys.com.

For all relevant securities or rated entities receiving direct credit support from the lead entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action , the associated regulatory information will be that of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to the jurisdiction: Ancillary services, Disclosures to the rated entity, Disclosures to be provided by the rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued without modification as a result of such disclosure.

These notes are solicited. Please refer to Moody’s Policy for the Designation and Assignment of Unsolicited Credit Ratings available on its website. https://ratings.moodys.com.

The regulatory information contained in this press release applies to the credit rating and, if applicable, the outlook or rating revision relating thereto.

Moody’s general principles for assessing environmental, social and governance (ESG) risks in our credit analysis are available at https://ratings.moodys.com/documents/PBC_1288235.

The worldwide credit rating on this credit rating announcement has been issued by one of Moody’s affiliates outside the UK and is approved by Moody’s Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the United Kingdom. . Further information on the UK endorsement status and the Moody’s office that issued the credit rating can be found at https://ratings.moodys.com.

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and Moody’s legal entity that issued the rating.

Please see the issuer/transaction page at https://ratings.moodys.com for additional regulatory information for each credit rating.

Kristin Yeatman
Vice President – Senior Analyst
Corporate Finance Group
Moody’s France SAS
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France
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Jeanine Arnold
Associate General Manager
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
Customer service: 44 20 7772 5454

Release Office:
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JOURNALISTS: 44 20 7772 5456
Customer service: 44 20 7772 5454

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RBI warns of stress from high debt in several states; Mixed reactions https://regiofora.com/rbi-warns-of-stress-from-high-debt-in-several-states-mixed-reactions/ Sat, 18 Jun 2022 07:30:03 +0000 https://regiofora.com/rbi-warns-of-stress-from-high-debt-in-several-states-mixed-reactions/ RBI’s warning over stress from high debt in multiple states draws mixed reactions New Delhi: An article by the Reserve Bank of India (RBI) flagging concerns over mounting financial stress in several states and calling for corrective action in the five most indebted states drew mixed reactions, with some calling the assessment false and others […]]]>

RBI’s warning over stress from high debt in multiple states draws mixed reactions

New Delhi:

An article by the Reserve Bank of India (RBI) flagging concerns over mounting financial stress in several states and calling for corrective action in the five most indebted states drew mixed reactions, with some calling the assessment false and others pointing to increased revenue to counter calls to cut spending.

Referring to the economic crisis in Sri Lanka, the RBI article prepared by a team of economists under Deputy Governor Michael Debabrata Patra said on Thursday that the five most indebted states – Punjab, Rajasthan, Bihar, Kerala and West Bengal – – need to take corrective action by reducing expenditure on non-meritorious goods.

State finances are vulnerable to a variety of unexpected shocks that could alter their fiscal outcomes, causing slippages from their budgets and expectations, he said.

“The recent economic crisis in neighboring Sri Lanka is a reminder of the critical importance of public debt sustainability. Indian state fiscal conditions are showing early signs of growing stress,” he said.

For some states, he added, shocks can significantly increase their debt, raising fiscal sustainability issues.

For the five most indebted states of Bihar, Kerala, Punjab, Rajasthan and West Bengal, the stock of debt is no longer sustainable as debt growth has outpaced their gross domestic product growth (GSDP) over the past five years, he warned.

Former Kerala finance minister and member of the ruling CPI(M) State Secretariat, TM Thomas Isaac said the state could not cut spending and said the RBI had adopted a vision to short view of states showing warning signs of stress.

According to him, only a marginal reduction can be made in Kerala’s tax expenditures by reducing expenditures for various government activities, which is far from total government expenditures.

Sanyam Lodha, adviser to the Chief Minister of Rajasthan, said loans from all states have increased and comparative data is available. Even the Centre’s loan has increased considerably. GST compensation to the state is not paid by the Centre.

“Bad decisions like demonetization, GST or even during the corona period, the Center gave no encouragement to the states for the loss they suffered,” he said, adding that one must be ask what incentive the Center provides to reduce the revenue shortfall.

The Center introduced an additional excise tax and duty on gasoline and diesel and the states are not entitled to it due to which the state suffered a loss. “The Union of India seriously weakens the states,” he added.

Akhil Arora, Finance Secretary of Rajasthan, said: “State revenues are increasing. We can show you the growth curve of government revenues and expenditures over the past two years. Asked about the increased grant burden, Arora said: “I don’t know which RBI report you are referring to and how long it lasted. We can show you the data we have which is in the public domain and also audited. .” Speaking to PTI, Isaac said providing a stimulus package to Kerala to invest in capital expenditure is the only way out to overcome the crisis.

“The Center should provide a stimulus package to the state for capital spending, so that revenues pick up,” he said.

West Bengal has pegged the estimated debt stock till March 2023 at Rs 5,86,438 crore, a bit higher than what was expected at Rs 5,28,833 crore at the end of March 2022.

Economists said the rise in government debt was mainly due to a series of social protection measures to support people’s livelihoods, which had been hit hard by the pandemic. They said it was straining the government’s finances.

Renowned Economist and former ISI Professor Abhirup Sarkar said: “West Bengal’s debt/SGDP had declined since 2011-12 amounting to 45% which has since declined to 35% according to a research paper prepared by RBI. However, West Bengal remained among the five most indebted states along with Kerala and Rajasthan.” In its 2022 estimate, RBI said West Bengal’s debt-to-SGDP ratio was pegged at 38.8%.

BJP Rajasthan State Chairman Satish Poonia said it is right that the debt per capita in Rajasthan is continuously increasing. “This is happening due to economic indiscipline and financial mismanagement by the state government,” he said.

“The total debt of the state is over Rs 4 lakh crore. The government is not able to manage its finances well and there is no source of revenue generation. Even the government is misusing the money centrally sponsored diets,” he added.

A slowdown in its own tax revenue, a high share of committed spending and the increased burden of subsidies have strained the state government’s finances already exacerbated by COVID-19, according to the RBI article.

“New sources of risk have emerged in the form of increased spending on unmerited freebies, expanding contingent liabilities and lagging discoms,” he said.

According to the article, new sources of risk have emerged following the revival of the old pension system by some States; increased spending on non-meritorious gifts; increase contingent liabilities, justifying strategic corrective actions.

“The stress tests show that the fiscal conditions of the governments of the most indebted states are expected to deteriorate further, with their debt-PISG ratio expected to remain above 35% in 2026-27,” the authors said.

The central bank, however, said the views expressed are those of the authors and do not necessarily reflect the views of the Reserve Bank of India.

As a remedy, the article suggested that state governments should restrain their expenditure of revenue by reducing spending on non-meritorious goods in the short term.

In the medium term, he added, governments should strive to stabilize debt levels.

He also recommended large-scale reforms in the electricity distribution sector, which would enable discoms (electricity distribution companies) to reduce losses and make them financially viable and operationally efficient.

In the long term, increasing the share of capital expenditures in total expenditures will help build long-term assets, generate revenue, and increase operational efficiency.

At the same time, state governments need to conduct regular fiscal risk analyzes and stress tests of their debt profiles so that they can put in place provisioning strategies and other specific risk mitigation strategies to effectively manage the fiscal risks.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Arcadis (OTCMKTS:ARCAY) hits new 1-year low at $35.35 https://regiofora.com/arcadis-otcmktsarcay-hits-new-1-year-low-at-35-35/ Wed, 15 Jun 2022 22:32:02 +0000 https://regiofora.com/arcadis-otcmktsarcay-hits-new-1-year-low-at-35-35/ Shares of Arcadis NV (OTCMKTS:ARCAY – Get Rating) hit a new 52-week low on Wednesday. The company traded as low as $35.35 and last traded at $35.35, with a volume of 176 shares traded in hands. The stock previously closed at $38.94. The company has a current ratio of 1.22, a quick ratio of 1.22 […]]]>

Shares of Arcadis NV (OTCMKTS:ARCAY – Get Rating) hit a new 52-week low on Wednesday. The company traded as low as $35.35 and last traded at $35.35, with a volume of 176 shares traded in hands. The stock previously closed at $38.94.

The company has a current ratio of 1.22, a quick ratio of 1.22 and a debt ratio of 0.18. The company has a fifty-day moving average price of $41.41 and a two-hundred-day moving average price of $43.36.

The company also recently disclosed a dividend, which was paid on Tuesday, May 24. Investors of record on Tuesday, May 17 received a dividend of $0.5427 per share. The ex-dividend date was Monday, May 16. This represents a return of 2.97%.

About Arcadis (OTCMKTS:ARCAY)

Arcadis NV operates as a design and consultancy firm for natural and built assets worldwide. The Company operates through four segments: Europe and Middle East, Americas, Asia-Pacific and CallisonRTKL. It offers consulting services in architectural design; and asset management services, such as asset management strategy and planning, asset management decision making and operational optimization, life cycle planning and asset management systems, asset information/condition assessment, risk and review, organization and people, and asset management/O&M.

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Hargreaves Services Plc (LON: HSP) Insider sells £113,600 worth of shares https://regiofora.com/hargreaves-services-plc-lon-hsp-insider-sells-113600-worth-of-shares/ Tue, 14 Jun 2022 07:17:32 +0000 https://regiofora.com/hargreaves-services-plc-lon-hsp-insider-sells-113600-worth-of-shares/ Hargreaves Services Plc (LON:HSP – Get Rating) insider Roger McDowell sold 20,000 shares of the company in a trade that took place on Friday, June 10. The stock was sold at an average price of 568 GBX ($6.89), for a total value of £113,600 ($137,880.81). Roger McDowell also recently made the following trade(s): On Thursday […]]]>

Hargreaves Services Plc (LON:HSP – Get Rating) insider Roger McDowell sold 20,000 shares of the company in a trade that took place on Friday, June 10. The stock was sold at an average price of 568 GBX ($6.89), for a total value of £113,600 ($137,880.81).

Roger McDowell also recently made the following trade(s):

  • On Thursday May 12, Roger McDowell sold 17,800 shares of Hargreaves Services. The stock was sold at an average price of 562 GBX ($6.82), for a total value of £100,036 ($121,417.65).

Shares of LON HSP opened at GBX 530 ($6.43) on Tuesday. The company has a current ratio of 2.10, a quick ratio of 1.60 and a debt ratio of 7.74. The stock has a 50-day simple moving average of 577.47 GBX and a 200-day simple moving average of 504.94 GBX. The company has a market capitalization of £171.51 million and a PE ratio of 6.96. Hargreaves Services Plc has a 12-month low of 373 GBX ($4.53) and a 12-month high of 622.20 GBX ($7.55).

About Hargreaves Services (Get a rating)

Hargreaves Services plc, together with its subsidiaries, provides materials handling and processing, mechanical and electrical contracting, logistics and bulk earthmoving services to the energy, environment, infrastructure and Of the industry. It is also involved in the production and distribution of solid fuels and kiln-dried logs; provision of logistics services, which include a fleet of approximately 450 vehicles; technical, professional and advisory services for a range of inactive site management topics, such as source material for land remediation, site restoration, geotechnical assessment, water and soil analysis, site inspections, planning and liaison services and safety assessment; and soil and overburden stripping, loading and hauling, geotechnical advice and quarry development advisory services.

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Gold set to recover 1900, then 2000 https://regiofora.com/gold-set-to-recover-1900-then-2000/ Sun, 12 Jun 2022 07:13:00 +0000 https://regiofora.com/gold-set-to-recover-1900-then-2000/ As for gold still below the descending red dots of the short parabolic trend, if price is expected to rally to the 1900 high as our opening analysis suggests, this trend should in turn return to long, allowing the or to then challenge the RUS/UKR war peak which reached 2079. on March 08, and ideally […]]]>

As for gold still below the descending red dots of the short parabolic trend, if price is expected to rally to the 1900 high as our opening analysis suggests, this trend should in turn return to long, allowing the or to then challenge the RUS/UKR war peak which reached 2079. on March 08, and ideally the absolute record of 2089 (August 07, 2020). It’s not that far from here.

Nothing like a step in the right direction, huh? Still, getting back to the 1900s – let alone those earlier highs – pales in comparison to gold’s current debasement valuation (according to the opening scorecard) of 4024. This true valuation is well over double the current market price of 1875. Moreover, in this regard, gold is long overdue to double! Namely, count by days as follows:

  • since the last trading day of the second millennium (December 31, 2000 for those of you who can count) when gold was at 274, it took 1,260 trading days (5.0 trading years) to double to 546 (09 January 2006);
  • followed by another 962 trading days (3.8 trading years) for gold to double again to 1096 (November 04, 2009);
  • but since then: gold’s highest trade was 2089 (07 Aug 2020) which means the price has yet to double (from 1096 to 2192) even with this move to date of 3173 days trading (12.6 years of trading). However, US M2 money supply since that same November 4, 2009 has nearly tripled from $8.5 trillion to $21.7 trillion today. Gold’s non-participation in tandem is apoplectically beyond absurd!

And yet the market (1875 today vs. 4024 valuation) is never wrong, even as more and more we read or hear that the market price of gold is being stifled by the “M Word ‘crowd. Some analysts have apparently dug deep enough into COMEX time and sales data to unearth mathematical proof of “M“. (No, we don’t like to mention the “Word” itself).

But when entities with relatively large gold holdings and/or sufficiently marginal accounts engage in trading a market that is almost otherwise propertyless, “Mcan be put into play if desired. Is the price of gold getting a bit high, perhaps to the point that one has to make a physical delivery? God forbid! It is enough to sell a few hundred contracts on the market in such a way as to quickly suppress the prices.

Then slowly buy back the position one contract at a time so as not to drive the price up. “It’s so simple, a troglodyte can do it!” Maybe some did. Either way, let’s push the price of gold to the right!

In the meantime, here is something that has worked well when it comes to the stock market. For those of you who follow the website’s S&P MoneyFlow page, its broader timeframes (one month and one quarter) recently led the index to the point of suggesting a drop of around 300 points. Because quite recently, the S&P had hovered around the 4200 level; yesterday it settled at 3900: “Uh-oh, it’s magic”–[The Cars, ’84].

Now, MoneyFlow’s short-term timeframe (one week) indicates that we will see S&P stress rebound a bit. However, against the background that we thought a week ago that the S&P “relief rally” had run its course, it seems clear that the anticipated descent towards the critical 3600-3200 support zone has resumed.

“Of course, more fundamentally, if it’s The Run to bring the S&P back to fair value, consistent with earnings – especially in a rising interest rate environment – then 3600-3200 is obviously peanuts. (But one support shelf at a time, right?)

Still, with the start of the second quarter earnings season about five weeks away – and given that the economic barometer has been falling throughout the second quarter so far – analysts’ S&P calls for levels like 2900 are not out of the question, because the traditional ” summer rally “This time all seems except. Remember: our “live” S&P P/E ratio is currently 30.3x vs.

Its average life of 22.3x; if earnings do not rise, this mathematically calls for a new S&P P/E meaning a return from here (3900) of -26% to “Hello!” 2900. Or the May 17 Prescient Commentary recap: “…we basically don’t see any sense in being on the stock market…” Here’s the Baro with the S&P 500 in red, the time period from a year ago to now :

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Tau Inhibitors Market to Witness Healthy Year-on-Year Growth Rate from https://regiofora.com/tau-inhibitors-market-to-witness-healthy-year-on-year-growth-rate-from/ Wed, 08 Jun 2022 15:38:19 +0000 https://regiofora.com/tau-inhibitors-market-to-witness-healthy-year-on-year-growth-rate-from/ Tau inhibitor WMR’s latest version titled Tau Inhibitor Market Research Report 2022-2028 (by Product Type, End-User/Application and Regions/Countries) provides an in-depth assessment of Tau Inhibitor including key market trends, technologies to upcoming, industry drivers, challenges, regulatory policies, key players company profiles and strategies. Global Tau Inhibitors Market Study with 100+ Market Data Tables, Circular Chat, […]]]>

Tau inhibitor

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Chinh Chu sells 121,209 shares of Dun & Bradstreet Holdings, Inc. (NYSE: DNB) https://regiofora.com/chinh-chu-sells-121209-shares-of-dun-bradstreet-holdings-inc-nyse-dnb/ Mon, 06 Jun 2022 22:54:10 +0000 https://regiofora.com/chinh-chu-sells-121209-shares-of-dun-bradstreet-holdings-inc-nyse-dnb/ Dun & Bradstreet Holdings, Inc. (NYSE:DNB – Get Rating) head Chinh Chu sold 121,209 shares of the company in a trade on Thursday, June 2. The stock was sold at an average price of $16.61, for a total transaction of $2,013,281.49. Following the transaction, the administrator now directly owns 11,009,194 shares of the company, valued […]]]>

Dun & Bradstreet Holdings, Inc. (NYSE:DNB – Get Rating) head Chinh Chu sold 121,209 shares of the company in a trade on Thursday, June 2. The stock was sold at an average price of $16.61, for a total transaction of $2,013,281.49. Following the transaction, the administrator now directly owns 11,009,194 shares of the company, valued at $182,862,712.34. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink.

Shares of NYSE DNB traded at $0.11 during midday trading on Monday, hitting $16.56. The company had a trading volume of 1,404,467 shares, compared to an average volume of 1,740,873. The company has a quick ratio of 0.75, a current ratio of 0.75 and a leverage ratio of 0, 99. Dun & Bradstreet Holdings, Inc. has a 12-month low of $14.31 and a 12-month high of $22.88. The company has a 50-day simple moving average of $16.68 and a two-hundred-day simple moving average of $18.08. The company has a market capitalization of $7.19 billion, a price-earnings ratio of -91.38, a growth price-earnings ratio of 2.13 and a beta of 0.60.

Dun & Bradstreet (NYSE:DNB – Get Rating) last reported quarterly earnings data on Monday, May 9. The business services provider reported EPS of $0.24 for the quarter, beating the consensus estimate of $0.23 by $0.01. Dun & Bradstreet recorded a negative net margin of 3.55% and a positive return on equity of 12.28%. The company posted revenue of $536.00 million in the quarter, compared to $527.29 million expected by analysts. In the same quarter last year, the company earned $0.23 per share. The company’s revenue for the quarter increased by 5.3% compared to the same quarter last year. On average, stock analysts expect Dun & Bradstreet Holdings, Inc. to post an EPS of 1.09 for the current year.

Several brokerages have published reports on DNB. Bank of America began covering Dun & Bradstreet shares in a research report on Friday, March 11. They set an “underperforming” rating on the stock. Zacks Investment Research downgraded Dun & Bradstreet shares from a “buy” rating to a “hold” rating in a Wednesday, May 18 research report. Credit Suisse Group lowered its price target on Dun & Bradstreet shares from $30.00 to $23.00 and set an “outperform” rating on the stock in a Tuesday, May 10 research report. Deutsche Bank Aktiengesellschaft launched a hedge on Dun & Bradstreet shares in a Wednesday, March 30 report. They issued a “holding” rating and a target price of $20.00 on the stock. Finally, StockNews.com launched coverage on Dun & Bradstreet shares in a Thursday, March 31 report. They issued a “holding” rating on the stock. One financial analyst has assigned the stock a sell rating, six have assigned a hold rating and two have assigned the stock a buy rating. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $20.63.

Institutional investors and hedge funds have recently changed their positions in the company. Brinker Capital Investments LLC acquired a new position in Dun & Bradstreet during the fourth quarter worth approximately $1,127,000. AGF Investments Inc. increased its position in Dun & Bradstreet by 87.0% during the fourth quarter. AGF Investments Inc. now owns 18,700 shares of the business services provider worth $383,000 after acquiring 8,700 additional shares in the last quarter. CNA Financial Corp increased its position in Dun & Bradstreet by 3.3% during the fourth quarter. CNA Financial Corp now owns 620,000 shares of the business services provider worth $12,704,000 after acquiring an additional 20,000 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Dun & Bradstreet during the fourth quarter worth approximately $426,000. Finally, Invesco Ltd. increased its position in Dun & Bradstreet by 8.2% during the fourth quarter. Invesco Ltd. now owns 2,035,068 shares of the business services provider worth $41,698,000 after acquiring an additional 154,452 shares in the last quarter. Institutional investors hold 93.47% of the company’s shares.

Dun & Bradstreet Company Profile (Get an assessment)

Dun & Bradstreet Holdings, Inc provides business decision data and analytics in North America and internationally. It offers finance and risk management solutions, including D&B Finance Analytics, an online application that provides clients with real-time access to its information, comprehensive monitoring and portfolio analysis; D&B Direct, an application programming interface (API) that delivers risk and financial data directly into business applications for real-time credit decision making; D&B Small Business, a suite of powerful tools that enables SMEs to monitor and build their business credit history; D&B Enterprise Risk Assessment Manager, a solution for managing and automating credit decisions and reports; and InfoTorg, an online SaaS application.

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VFS Global Receives PMM Level 5 Certification https://regiofora.com/vfs-global-receives-pmm-level-5-certification/ Sun, 05 Jun 2022 06:55:33 +0000 https://regiofora.com/vfs-global-receives-pmm-level-5-certification/ By IANSlife New Delhi, June 5 (IANSlife): VFS Global has completed the highest level of KPMG’s People Maturity Model (PMM) assessment, Level 5 (Innovative), making it the first visa services firm to do so. KPMG conducted a rigorous assessment and awarded the certification. PMM certification demonstrates the organization’s commitment to continually improving personnel […]]]>

By IANSlife

New Delhi, June 5 (IANSlife): VFS Global has completed the highest level of KPMG’s People Maturity Model (PMM) assessment, Level 5 (Innovative), making it the first visa services firm to do so.

KPMG conducted a rigorous assessment and awarded the certification. PMM certification demonstrates the organization’s commitment to continually improving personnel process maturity and practices in alignment with the organization’s business objectives.

KPMG’s PMM incorporates several elements that cover the most recent trends in HR system process maturity and practices, with a focus on enterprise-level improvements. In 2019, VFS Global received the People Capability Maturity Model (PCMM) Level 5 assessment.

VFS Global achieved Capability Maturity Model Integration (CMMI) Service Excellence Level 3 in 2018, demonstrating the organization’s focus on quality of work.

PMM Level 5 certification attests to VFS Global’s well-established set of human capital management practices, which ensures that we attract, develop, motivate, organize and retain the required talent while guiding and helping them establish a culture of excellence.

The newly obtained PMM certification reinforces the organization’s commitment to sustainability, which is supported by a strong workforce and extensive network. VFS Global employs over 8,000 people in over 140 countries through its visa application centers and offices. VFS Global employs 116 nationalities globally, providing the benefit of a wide range of perspectives. We also maintained our gender balance at VFS Global, with a female to male ratio of 58:42 at the end of 2021.

The Company is always committed to engaging, developing and improving its workforce policies, practices and capabilities consistent with its performance and business objectives.

Nirbhik Goel, Director of Human Resources, VFS Global, said, “Our people are the organization’s greatest strength, and to receive Carnegie Mellon CMMI PCMM 5 certification in 2019, closely followed by KPMG PMM Level 5 certification this year, is an additional encouragement. to continue to improve and strengthen our workforce around the world, keeping our people and our practices at the center of all our business initiatives. We thank KPMG for their support and guidance throughout this process and commend our employees for the hard work they do every day, which translates into our unwavering success as a company.”

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Perceptions of epidemic risk in Italy and Sweden driven by authorities’ responses to COVID-19 https://regiofora.com/perceptions-of-epidemic-risk-in-italy-and-sweden-driven-by-authorities-responses-to-covid-19/ Fri, 03 Jun 2022 14:17:34 +0000 https://regiofora.com/perceptions-of-epidemic-risk-in-italy-and-sweden-driven-by-authorities-responses-to-covid-19/ Study population We included data from an anonymous public risk perception survey conducted in Italy and Sweden at two different times of the COVID-19 pandemic. Detailed information about the study has been published elsewhere31. In short, the survey explores the public’s perception of risk for nine threats (epidemics, floods, droughts, earthquakes, wildfires, terrorist attacks, domestic […]]]>

Study population

We included data from an anonymous public risk perception survey conducted in Italy and Sweden at two different times of the COVID-19 pandemic. Detailed information about the study has been published elsewhere31. In short, the survey explores the public’s perception of risk for nine threats (epidemics, floods, droughts, earthquakes, wildfires, terrorist attacks, domestic violence, economic crises and climate change). Data was collected over a one-week period in August and November 2020. The samples were independent and drawn from two existing survey panels of 100,000 people in each country, set up by marketing research company Kantar Sifo.32, and should be considered representative of the Swedish and Italian population for gender and age. About 8,000 people from the pool were invited to participate, if they did not respond, up to two reminders were sent. Capital regions were over-represented: with a sampling rate of 1/9 in Italy and a sampling rate of 4/6 in Sweden) (Supplementary Fig. 1). The missing data was quite low, < 5% for almost all the variables included in the study, with the exception of political orientation in the Italian context where 20% of individuals preferred not to answer. The total sample comprised 8322 individuals. 4154 people participated in the survey in August (N=2033, mean age 50.3 years, 53.0% female in Italy and N=2121, mean age 49.3 years, 49.9% female in Sweden ) and 4168 in November (N = 2004, mean age 49.4 years, 50.7% female in Italy and N = 2164, mean age 47.9 years, 51.4% female in Sweden).

Individuals who lived in the capital region were over-represented, specific weights were applied in the analysis to take this into account. The present study was approved by the Italian Committee for Research Ethics and Bioethics (Dnr 0043071/2019) and the Swedish Ethical Review Authority (Dnr 2019-03242). The study was carried out in accordance with the ethical standards set by the European Union under Horizon 2020 (EU General Data Protection Regulation and FAIR Data Management). Participants were informed that participation was voluntary and they gave their informed consent to participate in this study when they completed the survey.

Perception of the risk of epidemics

This study examined the public’s perception of the risk of an epidemic by considering seven domains: the probability of epidemics, the impact of the epidemic on the individual and on the population, the preparedness of the individual and authority, knowledge of the individual and authority on epidemics with a Likert-type scale ranging from 1, minimum to 5, maximum.

Predictors of risk perception

Information on direct experience of an epidemic and socio-economic factors such as age, gender, employment (yes versus no), relative income (from 1 to 5), university education ( yes versus no) were collected in the survey and included in the present study as possible predictors of risk perception.

Excess mortality

Excess mortality at the regional level in Italy and Sweden during the first wave of the COVID-19 pandemic (from February 15 to May 15 for Italy and from March 1 to May 31 for Sweden) has been taken into account in the study. The regional level has been defined according to the Nomenclature of Territorial Units for Statistics (NUTS) 2 of the European Union33. We retrieved data on excess mortality among Italian regions from Scortichini et al.17. To estimate excess mortality in Sweden, we compared the COVID-19 epidemic to the period before the epidemic. A two-step interrupted time series approach, which relied on a Poisson model with a function that constrains the excess risk to zero at the beginning of March 2020, was used to calculate the excess mortality at the Swedish regional level34. The model was adjusted for time-varying confounders such as (i) seasonality using a natural 3-node spline term, (ii) proxies for the day of the week, (iii) water temperature. air using a term for average daily temperature. Temperature information was extracted from the ERA-5 reanalysis dataset on the Copernicus Climate Data Store35. We performed mixed-effects Poisson regression models with a random term for NUTS3 administrative units to calculate excess mortality at the regional (NUTS2) level taking into account heterogeneity between NUTS3 administrative units.

National policy response

The stringency index18 is a national response index and is used to quantify the measures implemented in response to the COVID-19 pandemic. The Strictness Index is a daily nationwide measure that takes into account nine areas: school closures; workplace closures; cancellation of public events; restrictions on public gatherings; public transport closures; stay-at-home requirements; public information campaigns; internal movement restrictions; and international travel controls. In this article, the level of national policy response was used as a four-level ecological variable (Sweden until August, Italy until August, Sweden until November and Italy until November) and was defined as the area under the stringency index curve for each country, between two successive days until August 5, 2020 (first survey) and November 4, 2020 (second survey). This measure has been standardized on Sweden’s value in August (considered the benchmark).

statistical analyzes

Possible differences in means and confidence intervals for seven items of risk perception between countries and over time were presented graphically using forest plots and stratified by country and time period. Changing effects by country and time were examined using ordinal logistic regression models with risk perception (independent variables) and country and time as dependent variables. The results were presented as (i) odds ratios (ORs) for each country and period strata, (ii) ORs for the country within the period strata and for the period within the country strata , and (iii) measures of interaction on additive and multiplicative scales.36.

Second, multivariate ordinal logistic regression models were run to assess the association of gender, age, employment, relative income, academic training, and epidemic experience as possible predictors with the seven domains of risk perception (independent variables). The analysis was stratified by country and time period.

Third, we examined whether the perception of risk varied depending on the extent to which an area was affected by the first wave of the COVID-19 pandemic. We compared the means and the confidence intervals for seven risk perception items between the region most affected in terms of excess mortality (Stockholm region in Sweden about 60% excess mortality and Lombardy region in Italy about 100% excess mortality) and comparison with the rest of the country. Next, ordinal logistic regression models were run to examine whether excess mortality at the regional level (dependent variable) was associated with domains of risk perception (independent variables) stratifying by country and adjusting for sex, age and gender. relative income. Finally, the association between the level of measures implemented and risk perception was explored using adjusted ordinal logistic regression models.

The use of ordinal logistic regression models was based on the assumption that the effect was linear on the logarithmic scale and that each independent variable had an identical effect for a one unit increase in the ordinal dependent variable (proportional odds) . Along with this, the goodness of fit of the ordinal logistic models was tested using the deviance goodness of fit test. No multicollinearity between independent variables and correlation between model errors were detected.

As has been suggested in the literature, there are considerable risks in misinterpreting p-values37. Therefore, we chose to interpret the estimates in terms of the possible direction of effects and to use ORs and 95% confidence intervals (CIs), which contain information about significance. Specifically, the width of the confidence interval and the size of the p-value are related: the narrower the interval, the smaller the p-value. In addition, the confidence interval gives additional information related to the magnitude of the studied effect.

Statistical analyzes were performed using Stata version 15.0 (StataCorp, College Station, TX, USA) and R version 4.0.3.38.

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ETF IFRA: infrastructure stocks slightly undervalued https://regiofora.com/etf-ifra-infrastructure-stocks-slightly-undervalued/ Sun, 29 May 2022 06:45:00 +0000 https://regiofora.com/etf-ifra-infrastructure-stocks-slightly-undervalued/ Drew Angerer/Getty Images News The iShares US Infrastructure ETF (BAT:IFRA) is an exchange-traded fund that invests in companies that could benefit from increased domestic infrastructure activity. The fund had 157 holdings as of May 26, 2022, with assets under management of $1.807 billion. The the fee rate is 0.30%. The fund’s benchmark is the NYSE […]]]>

Drew Angerer/Getty Images News

The iShares US Infrastructure ETF (BAT:IFRA) is an exchange-traded fund that invests in companies that could benefit from increased domestic infrastructure activity. The fund had 157 holdings as of May 26, 2022, with assets under management of $1.807 billion. The the fee rate is 0.30%.

The fund’s benchmark is the NYSE FactSet US Infrastructure Index, although the benchmark does not come with regular fact sheets. Nonetheless, we can use an external data provider Morningstar that tells us that the forward-looking price-to-earnings ratio was around 13.52x as of May 27, 2022, with a price-to-book ratio of 1.83x. This implies a projected return on equity of approximately 13.5%. Future average earnings growth over three to five years is estimated at 15.44%. The rolling dividend yield at 2.28% likely implies a rolling base (earnings) payout ratio of around 40%.

It is possible that Morningstar’s forward price/earnings implicitly overestimates the earnings (denominator) in the equation. However, at first, one can imagine IFRA’s return on equity collapsing to around 10%, until earnings growth drops to around 2% per year (which would happen quickly). in this gradually declining return on equity scenario). With an earnings growth floor of 2% (probably close to the rate of inflation, i.e. a conservative approach), and assuming that we value IFRA at the same forward price-earnings ratio of approximately 13.52 x the fifth year, our assessment implies a forward IRR of approximately 9.50% through the fifth year.

Simple IFRA valuation

Author’s calculations

If we suggest a fair risk premium on equities of around 4.20-4.50% and a risk-free rate of around 3% (allowing for a slight upward movement in the US 10-year yield, which is a reasonable approximation for US equity investors and which is currently below 3%), an upside of around 26-32% is possible (on a total return basis). This is a conservative case in which we assume nominal earnings growth close to the likely level of inflation (ie insignificant or even negative “real” earnings growth).

The US economy may well avoid recession in the short term. Fidelity looks at a variety of factors, including economic growth, credit growth, earnings growth, government policy, and inventory and sales growth. The assessment for Q2 2022 is that the United States is in the middle of its current economic cycle.

Positioning of the economic cycle in the United States in Q2 2022

Fidelity.com

IFRA’s portfolio is likely to continue regardless. Its historical beta is around 1.06x at the time of writing. But our ERP range of around 4.20-4.50% is fair enough. Even if we took a high ERP of 5% and increased it by 1.06x, then added a risk-free rate of 3%, our implied cost of equity of 8.3% would still be below our IRR implied 9.50%.

That said, there isn’t much headroom here, and the implied TRI is pretty poor compared to the other opportunities out there. If there was a “surprise recession” in the short term, a significant decline in earnings coupled with risk aversion could easily see IFRA take a hit. And the dividend yield is not high, so there wouldn’t necessarily be a very strong floor price.

All in all, while the IFRA is probably slightly undervalued, and to be fair, these are most likely conservative earnings growth projections, I think it’s best to maintain a neutral stance on the funds.

To take a more “optimistic” view, let’s imagine that ROE is held constant at around 13.5% for five years, and then we exit on a forward price/earnings multiple of, again, 13.52x (the multiple current), our IRR would increase to 15.45%. And on a cost of capital of just 8.5%, that would imply an increase of more than 80%. But the distance here is probably too great; the market is more likely to discount lower long-term equity returns and greater uncertainty than the fund’s historical beta suggests.

There is enough headroom to imagine a forward return of up to 10% per year over the five years on a total return basis. However, I suspect that there are short-term risks that could affect risk sentiment in this particular type of stock. The “whiplash effect” discussed recently in the FT describes a phenomenon in which overstocked inventory leads to oversupply, lower prices at retailers, etc. ). All of this could indirectly affect the infrastructure companies that IFRA invests in (which iShares describes in two groups, as “[firstly] owners and operators, such as railways and utilities, and [secondly] catalysts, such as materials and construction companies”).

So, in summary, IFRA is probably undervalued and offers a decent IRR in the medium to long term. However, on the other hand, the IRR does not include a large safety margin that would protect an investor from deflationary forces and/or a recession, let alone investor risk aversion on the back of the one or both. I would maintain a neutral stance on IFRA at current prices, but I wouldn’t be surprised if the fund continues to do modestly well in the short to medium term.

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