Hints and tips:
...“The take-private transaction increases Nielsen’s leverage significantly and pressures its cash flow generation due to the high interest burden,” Jawad Hussain, an analyst with S&P Global, said....
...He said Tokyo stocks had earnings per share growth over the past decade that outstripped the US S&P 500 index, but mostly sagging valuations....
...The stock had risen 27 per cent over the past five years to Tuesday, compared with a 64 per cent rise in the S&P 500 oil refining and marketing index over the same period....
...Elliott later made wholesale management change the focus of its demands. Since mid-May, NRG’s shares have risen 47 per cent, compared with a 10 per cent loss for the S&P 500 utilities index....
...Jay Newman was a senior portfolio manager at Elliott Management; he’s the author of Undermoney, and his dog is named Rico....
...The dollar has climbed 4.7 per cent against a basket of six peer currencies this year, while in the same period Wall Street’s benchmark S&P 500 has added 7 per cent....
...That compared with an increase of 228 per cent for the S&P 500 index over the same period....
...NRG’s share price surged, becoming the best-performing stock on the S&P 500 index that year....
...The 20-year average growth rate for earnings is about 10 per cent (according to S&P Indices)....
...Over the weekend, Currys said it had rejected a 62p-a-share bid from Elliott, adding that it significantly undervalued the company....
...According to S&P Global Ratings, average discounted loan recoveries for 2022 to 2023 were just 61.5 cents on the dollar, nearly 12 percentage points below their long-term average to the end of September....
...Lex looked at one cosy-looking deal struck between Elliott Management and US tower operator Crown Castle. Read the details here....
...On Monday the Financial Times revealed that US hedge fund Elliott had been buying the bonds....
...Elliott bought a 4.5 per cent stake and pushed to elect its own directors and break up the company....
...And next: Elliott Management is setting up a new company to invest at least $1bn to buy mining assets globally, as it seeks to take advantage of the depressed valuation of companies operating in the sector...
...S&P has rated the bonds single-B minus, among the riskiest ratings it assigns....
...NRG, a US energy group, has parted ways with chief executive Mauricio Gutierrez following a months-long campaign by activist investor Elliott Management....
...The company’s triple C plus credit rating is one of the lowest assigned by the big rating agencies, with analysts at S&P Global warning its upcoming debt maturities “present significant refinancing risk”...
...“The cold hasn’t gone away, but the doctor is likely to focus more on the spear,” he says....
...The world is “on the path to hyperinflation”, which could lead, Elliott bluntly states, to “global societal collapse”....
...Elliott declined to comment....
...The resulting stock price surge lifted the company’s p/b sharply (with the caveat that measuring p/b is more art than science): Change is coming from on high, too....
...“It’s not so much that Asia has exploded, it’s just that the US and the rest of the world have died down so much that China and other markets end up accounting for a lot of activity,” said Avery Spear, an...
...Elliott is yet to reveal its position on the company or whether it has made recommendations to the board. 2....
...The S&P 500 fell about two and a half per cent. The drops came after several major central banks raised interest rates....
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