Investment Rating - The report assigns a "Buy" rating for Ipsen SA with a 12-month price target of €145.00, indicating a potential upside from the current price of €106.80 [2][15][18]. Core Insights - Ipsen SA is focused on the launch of its drug Igirvo, recently approved for a rare liver disease, which is in competition with Gilead's Livdelzi [2]. - The report highlights the comparable indications and usage sections of both Igirvo and Livdelzi, noting that both drugs are approved for 2L primary biliary cholangitis (PBC) [2]. - Physician feedback suggests that the lack of pruritus indication for Livdelzi may not significantly impact the competitive landscape for Igirvo [2]. - The report anticipates positive sentiment support for Ipsen, especially following a recent stock pullback [2]. Financial Forecasts - Revenue projections for Ipsen are expected to grow from €3,306 million in 2023 to €4,526 million by 2028 [2]. - EBIT is forecasted to increase from €1,001 million in 2023 to €1,480 million in 2028 [2]. - Net earnings are projected to rise from €763 million in 2023 to €1,140 million in 2028 [2]. - The diluted EPS is expected to grow from €9.15 in 2023 to €13.67 in 2028 [2]. Valuation Methodology - The valuation of Ipsen is based on a 50/50 blend of a DCF-based sum-of-the-parts (SOTP) analysis and peer multiples [3][6]. Market Outlook - The report indicates a forecast price appreciation of 35.8% and a forecast stock return of 36.9%, suggesting a strong investment opportunity relative to the market return assumption of 8.0% [4].

Global Research and Evidence Lab 14 August 2024 First Read Hydro One Limited In Line. 2Q'24 Adj. EPS C$0.49 vs. C$0.49 Cons/ C$0.48 UBSe Q: How did the results compare vs expectations? A: H reported 2Q'24 Adjusted EPS C$0.49 versus C$0.49 consensus, C$0.48 UBSe, and C$0.44 2Q'23. Q: What were the most noteworthy areas in the results? A: Drivers for the quarter were driven by rates and higher peak demand offset by taxes, D&A, and asset removal costs. The company has filed for approval with the OEB to constru ...

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 Rating - The investment rating for Cemig is Neutral with a 12-month price target of R$10.40 per share [5][6][23]. Core Insights - Cemig reported net revenue ex-construction of R$8,177 million for 2Q24, reflecting a 3% year-over-year increase, which aligns with UBS estimates and consensus [2][9]. - Adjusted EBITDA for the same period was R$1,726 million, which is 5% lower year-over-year and 4% below UBS estimates, while net income increased by 36% year-over-year to R$1,689 million, primarily due to a provision reversal of R$584 million [2][3][10]. - The company plans to ramp up capital expenditures significantly, with a guidance of R$6.2 billion for 2024, following a capex of R$1.4 billion in 2Q24 [2][3]. Financial Metrics - The volume of energy billed in the distribution business increased by 3% year-over-year, driven by a 7% increase in the residential segment and a 3% increase in the industrial segment [3]. - Consolidated costs and expenses rose by 2% year-over-year, with notable increases in personnel costs (17%) and materials and third-party services costs (11%) [3][9]. - The company announced a dividend payment of R$1.4 billion, resulting in a 4.2% dividend yield based on the last close [2][3]. Valuation and Forecast - The valuation of Cemig is based on a DCF FCFE model, with key assumptions including a long-term energy price of R$178/MWh and a cost of equity of 14.1% [5][6]. - Forecasts indicate a price appreciation of -6.3% and a dividend yield of 9.8%, leading to an expected stock return of 3.5% [11]