13 August 2024 | 7:59PM BRT 2131d4eaf4cb4d50b1d51c8af07b64b4 Oncoclinicas (ONCO3.SA): 2Q24 first take: High organic cash consumption on still-pressured receivables ONCO's EBITDA was virtually in line with our expectation, but financial results and minority interest were weaker than expected; recurring cash consumption was worse than expected on receivables pressure. We note that reported net income for controlling shareholders of BRL 3mn missed GSe of BRL 60mn for the abovementioned reasons below EBITDA, wh ...

13 August 2024 | 9:41PM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 ON Holding (ONON) Buy Demand trends remain strong amidst short-term supply constraints in the US; TP to $50, Buy ONON 12m Price Target: $50.00 Price: $39.55 Upside: 26.4% On Holding reported 2Q24 adj. EBITDA of CHF 90.8mn, driven by net sales of CHF 567.7mn, +27.8% yoy and +29.4% cFX. Group gross margin came in at 59.9%, +40bps yoy, with adj. EBITDA margins of 16%. Net working capital -5.3% yoy at the end of 2Q24 (+14.3% relative to 4Q23). By geog ...

13 August 2024 | 10:54AM BST 2131d4eaf4cb4d50b1d51c8af07b64b4 ON Holding (ONON): First Take: 2Q24 adj. EBITDA +5% beat; FY24 guidance reiterated News: On Holding reported 2Q24 adj. EBITDA of CHF 90.8mn, +5.3% above FactSet consensus of CHF 86.2mn, driven by net sales of CHF 567.7mn, +27.8% yoy and +29.4% cFX (consensus CHF 562mn, +26% yoy and Visible Alpha Consensus Data +30.1% cFX). Group gross margin came in at 59.9%, +40bps yoy (FactSet consensus +60bps yoy to 60.1%), with adj. EBITDA margins of 16% (con ...

13 August 2024 | 6:57PM HKT Ocumension (1477.HK): Earnings Review: 1H in-line with narrower loss; Alcon partnership opportunity in dry eye; Buy 1H product sales in-line; narrower loss with lower spending: 1H revenue of Rmb168mn (+62% y/y, or +18% h/h, vs. GSe of Rmb170mn) was mostly in line with lower product sales of Rmb150mn (vs. GSe of Rmb169mn) given the slower ramp-up of Yutiq due to supply constraints (see our Corporate Day note), which in our view may have contributed to a decreased GPM of 59.2% (vs. ...

13 August 2024 | 6:21PM EDT Nu Holdings (NU): 2024 First Take: Beat on better cost of risk and revenues Loan growth remains healthy on FX neutral basis Reported net income of $487mn (+29% gog, +117% yoy) was 15% above GSe and 13% above company-compiled consensus of $432mn with an all-time high ROE of 28.4% (+550bps gog). Recurring net income also improved 27% gog to $562mn, also beating GSe by 16%. While loans fell in US$, this mostly due to weaker FX, while the FX neutral growth remained healthy at 8% qoq. ...

13 August 2024 | 2:44PM PDT NCR Atleos (NATL): 20 First Take: Revenue, margins and EPS at or above consensus, with ATMaaS strategy continuing to advance We expect investors to have a neutral-to-positive reaction to NCR Atleos' 2Q 2024 earnings release, its second as a standalone public entity, with EBITDA margins and EPS surpassing consensus expectations, revenue coming in line with the Street and the full-year quide reaffirmed for these metrics. Revenue increased 4% y/y and recurring revenue grew 9%, while ...

13 August 2024 | 7:21AM EDT Natura (NTCO3.SA): First Take: 2024 shows progress in Latam, but Avon Intl and cash generation visibility still limited Natura&Co reported 2024 results that continued to come with robust growth of the Natura brand in Brazil, and with maturation of the Wave 2 process driving better rep productivity across geographies. The combination of this drove reported sales to beat GSe and BBG consensus topline expectations by +9%. This beat was mitigated at the EBITDA level by slightly lower ...

13 August 2024 | 5:05PM EDT Mosaic Co. (MOS): Management meeting highlights Phosphate market optimism and cost initiatives; Buy We hosted a virtual meeting with MOS management today (8/13), including CEO Bruce Bodine, CFO Clint Freeland, and EVP of Commercial Jenny Wang, Overall, we come away encouraged by management's optimism on Phosphate (P) markets and internal production/cost initiatives as we head into the 2H. The discussion focused primarily on MOS' P operations, where management emphasized tight glo ...

Investment Rating - The report maintains a "Buy" rating for Melco Resorts & Entertainment Ltd. (MLCO) with a 12-month price target of $9.70, indicating an upside potential of 87.6% from the current price of $5.17 [2][3]. Core Insights - The report highlights that MLCO's market share in Macau is expected to improve due to reinvestment in product and service quality, despite facing higher costs [4][6]. - The company has experienced a decline in non-gaming revenue but managed to grow its gaming revenue by 6% quarter-over-quarter, reflecting successful property upgrades and new initiatives [4][5]. - Management is cautiously optimistic about the business outlook, noting improved GGR momentum in late July and August, with daily GGR reaching $653 million in the first two weeks of August [6][7]. - The report revises FY24E-26E EBITDA estimates down by 6% to 5% due to lower margins and GGR trends, but expects EBITDA to reflect market share momentum moving forward [8]. Financial Summary - MLCO's total revenue is projected to grow from $3,775.2 million in 2023 to $5,140.4 million by 2026, with EBITDA increasing from $961.7 million to $1,346.1 million over the same period [3]. - The company reported a net debt of $6.0 billion with a net leverage ratio of 5.3x, indicating stable financial health despite refinancing activities [5][6]. - The report notes that MLCO's GGR market share improved by 0.7 percentage points quarter-over-quarter to 15%, with specific properties showing varied performance [5][7].

13 August 2024 | 8:37PM EDT Mercury Systems Inc. (MRCY): First Take: Qtr improved sequentially; guidance implies a transition window for foreseeable future Bottom line: MRCY F4Q24 revenue, EBITDA and free cash flow are above. consensus, in a year where key metrics ended up well below original expectations on a full-year basis. The company did not provide a full set of FY2025 guidance ranges as it has in the past. It pointed to flattish revenue and a low double digit adjusted EBITDA margin in FY2025, then a ...