Global Research and Evidence Lab 14 August 2024 First Read Progressive Corporation July 2024: PIF Better; underlying loss ratio below consensus How will the stock react? A: We expect a positive reaction to the better-than-expected PIF growth in July while the underlying loss ratio was a little worse than consensus expectations (but beat UBSe). PIF growth accelerated sequentially and was better than expected. PGR should continue to gain market share in the near term as it loosens underwriting restrictions qu ...

Global Research and Evidence Lab 14 August 2024 Brazilian Utilities Daily Current Opening of the free market may be 'immediate' after approval of reform The Minister of Mines and Energy, Mr. Alexandre Silveira, said that the structural measures will come through a PL, which should be presented in September. In July, Mr. Silveira had promised the regulation, which could come through a Provisional Measure (MP), for August. One of the foundations of the text of the bill will be the long-awaited full opening of ...

Global Research and Evidence Lab 14 August 2024 First Read Serena Energia SA 2Q24 - Weak winds driving results Q: How did the results compare vs expectations? Serena reported results that were below the company's expectations given poorer wind resources. Serena also updated its 2024 guidance, now expecting a mid point guidance -5% below its guidance at the start of the year, adjusting to R$1,821mn from R$1,917mn vs. UBSe 2024 adjusted EBITDA of R$1,781mn. Serena in 1H24 has achieved 40% of the new FY guidan ...

Global Research and Evidence Lab 14 August 2024 Madrigal Pharmaceuticals Inc Rezdiffra Formulary Coverage Tracker Rezdiffra coverage substantially improves in July update (50% commercial coverage, consistent w/mgmt commentary). See inside for an overview of the data on coverage and formulary status plan by plan and how Rezdiffra coverage is changing over time. We update our proprietary monthly formulary coverage tracker for MDGL's Rezdiffra using Evidence Lab's US drug formulary monitor (access data here). ...

ab 14 August 2024 Global Research and Evidence Lab LatAm Agribusiness Agricultural Atlas: Mapping August Data Equities Americas Energy We analyse data from Conab and the USDA, which reinforce our sideways views for grain prices over the next 18 months. Soybean - US' strong crop drawing closer and headwinds for prices Brazil: Nearing the conclusion of 2023/24, Conab released steady production forecast at 147.4mn tons, which compares to MBAgro's estimates at 152.1mn tons. For 2024/25, IMEA forecasts higher ac ...

Global Research and Evidence Lab 14 August 2024 First Read Performance Food Group Company What's The Initial View On 4Q'24 Results? PFGC's 4Q'24 adj EPS $1.45 vs. UBSe $1.35; cons. $1.37; Acquiring Cheney Bros Altogether, we think PFGC's 4Q results reflect its ability to take market share, despite the increasingly challenging macro backdrop. It guided in line to slightly above where we believe market expectations were for adjusted EBITDA for FY'25 (based on our conversations with investors). Still, we belie ...

Global Research and Evidence Lab 14 August 2024 First Read Brinker International Inc Initial Thoughts on F4Q Results Strong F4Q sales beat, but disappointing flow-through; FY25 guidance mixed F4Q results included an adj EBITDA miss ($141.8MM vs Cons. $144.7MM), reflecting restaurant margin downside (15.2% vs. Cons. 15.5%) and higher stock-based compensation despite better than expected revenues ($1.21 BN vs Cons. $1.16 BN). Restaurant expenses were higher than expected (27.1% vs Cons. 26.7%) and G&A above C ...

Investment Bank First Read Cemig 2Q24 - Moving forward despite federalization headwinds Q: How did the results compare vs expectations? Cemig reported net revenue ex-construction of R$8,177mn, up +3% YoY, in line with UBSe and consensus. Adjusted EBITDA of R$1,726mn was -5% lower YoY, -4% lower than UBSe and -11% below consensus. Net income of R$1,689mn was +36% higher YoY and a beat to UBSe and consensus mainly driven by a provision reversal of R $584. Adjusting the net income by the provision reversal, bo ...

First Read Cardinal Health Inc First Take: Improved FY25 Guidance and LT Commitment to GMPD Conveyed Loaded Print: Improved FY25 Guide, Steady GMPD Outlook and More Aggressive Repos Should Buoy Sentiment Along with F4Q results, CAH tweaked preliminary FY25 financial expectations offered last quarter. Key guidance highlights include: (1) FY25 EPS range of $7.55-7.70 (prior: at least $7.50) on better Pharma EBIT growth of +1-3% ( prior: at least 1% - at midpoint adds ~$0.06); (2) lower interest and other (at ...

ab 13 August 2024 Global Research and Evidence Lab Global Truck Barometer Jul-24: Navigating through a gloomy outlook Equities Global Industrial Fundamentals back in the driving seat with share price deratings across OEMs If the market was already concerned about a more weaker truck market in H2, the recent market volatility only further amplified these concerns with Truck crowding scores becoming increasingly negative/less positive in August. Across results, we heard more negative commentary over the Europ ...