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August 13, 2021
Danaher Corporation (DHR:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 31.7x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may be concerned about customer demand, innovation and capacity investments, and labor and logistics costs....
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August 13, 2021
AMKR – Traded CDS 131bps, Base Case iCDS 118bps
Negative Case iCDS 237bps, 2027 6.625% Bond YTW of 2.023%
iYTW of 1.993%, Ba3 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens
Low Refinancing Need...
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August 12, 2021
Texas Instruments Incorporated (TXN:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 23.0x Uniform P/E. At these levels, markets are pricing in bullish expectations for the firm, but management may be concerned about free cash flow generation, the Lehi fab acquisition, and gross margins...
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August 11, 2021
Featured Top Idea
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F – Ford Motor Company
Buy 2025 9.000% Bonds CUSIP: 345370CW8 (2.334% YTW, 1.207% iYTW)
Buy 2025 7.125% Bonds CUSIP: 345370CW8 (2.986% YTW, 1.236% iYTW)
Buy 2026 4.346% Bonds CUSIP: 345370CR9 (2.759% YTW, 1.229% iYTW)... -
August 11, 2021
Cintas Corporation (CTAS:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 32.3x Uniform P/E. At these levels, markets are pricing in bullish expectations for the firm, but management may be concerned about margin guidance, pricing decisions, and Fire Protection business growth...
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August 10, 2021
International Flavors & Fragrances Inc. (IFF:USA) currently trades at a historical high relative to UAFRS-based (Uniform) earnings, with a 31.8x Uniform P/E. At these levels, the market is pricing in bullish expectations for the firm, but management may have concerns about sales performance in several segments, integration plan execution, and costs...
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