After performing a review of the top-tier drug makers, we are downgrading our credit rating on Bristol-Myers Squibb to AA- from AA+, reflecting its relatively large obligations, including operating leases and unfunded pension obligations. Overall, though, we still like the firm’s wide moat, large size, high cash flows, and strong financial position.
Although we see limited growth opportunities in Read more […]
Westpac recently showcased the Australian Financial Services (AFS) division franchise with particular emphasis on strategy, capability and leadership. As expected, the operational presentation included very limited financial information, and was heavy on positive spin. Divisional goals focus on balancing sustainable growth with high returns on equity, improving productivity and maintaining balance Read more […]
Liberty Global announced Thursday that it has acquired 12.65% of Ziggo, the largest cable operator in the Netherlands, for $632.5 million. While there was speculation that Liberty Global might acquire Ziggo before it went public about one year ago, we are surprised by the purchase now that Liberty Global is preparing to acquire Virgin Media .
Liberty Global already operates a cable network in the Read more […]