Core Viewpoint - Northrop Grumman (NOC) is expected to report quarterly earnings of $6.75 per share, reflecting a year-over-year increase of 6.1%, while revenues are anticipated to be $10.11 billion, showing a decrease of 1.1% compared to the previous year [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 0.3%, indicating a collective reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong correlation between earnings estimate revisions and short-term stock price performance [3]. Key Metrics Projections - Analysts project 'Sales- Mission Systems' to reach $2.90 billion, a change of +4.8% year-over-year [5]. - 'Sales- Aeronautics Systems' is expected to be $3.15 billion, indicating a +6.4% change from the prior year [5]. - 'Sales- Space Systems' is forecasted to be $2.70 billion, reflecting a significant decrease of -24.3% year-over-year [5]. - 'Sales- Defense Systems' is anticipated to reach $1.86 billion, showing a +23% increase from the previous year [6]. Operating Income Projections - 'Operating income (loss)- Defense Systems' is expected to be $183.70 million, down from $204.00 million reported in the same quarter last year [6]. - 'Operating income (loss)- Mission Systems' is projected at $421.42 million, up from $361.00 million in the prior year [7]. - 'Operating income (loss)- Space Systems' is estimated to be $283.42 million, down from $324.00 million year-over-year [7]. - 'Operating income (loss)- Aeronautics Systems' is expected to reach $301.27 million, slightly up from $295.00 million in the same quarter last year [8]. - The consensus for 'Segment operating income adjustment- FAS/CAS operating adjustment' is $65.27 million, compared to $6.00 million in the previous year [8]. Stock Performance - Northrop Grumman shares have returned +5.1% over the past month, outperforming the Zacks S&P 500 composite's +4.2% change [8].

Core Insights - Danaher (DHR) is expected to report quarterly earnings of $1.64 per share, a decline of 4.7% year-over-year, with revenues forecasted at $5.84 billion, reflecting a 1.6% increase compared to the previous year [1] Earnings Estimates - The consensus EPS estimate has not changed over the past 30 days, indicating analysts have maintained their projections [2] - Revisions to earnings estimates are crucial for predicting investor actions, as there is a strong correlation between earnings estimate trends and short-term stock performance [3] Key Metrics Forecast - Analysts project 'Total sales- Diagnostics' at $2.28 billion, a year-over-year increase of 1.1% [5] - 'Total sales- Life Sciences' is expected to be $1.71 billion, indicating a decline of 3.5% year-over-year [5] - 'Total sales- Biotechnology' is forecasted at $1.83 billion, reflecting a year-over-year increase of 6.8% [5] Operating Profit Estimates - The consensus for 'Operating profit- Life Sciences' is $206.51 million, down from $233.00 million in the same quarter last year [6] - 'Operating profit- Biotechnology' is estimated at $463.69 million, slightly up from $462.00 million year-over-year [6] - 'Operating profit- Diagnostics' is projected to be $501.31 million, down from $556.00 million in the previous year [7] Stock Performance - Danaher shares have decreased by 0.6% over the past month, while the Zacks S&P 500 composite has increased by 4.2% [7] - With a Zacks Rank of 4 (Sell), Danaher is expected to underperform the overall market in the near term [7]

Core Insights - MSCI is expected to report quarterly earnings of $4.14 per share, a 13.7% increase year-over-year, with revenues forecasted at $771.46 million, reflecting a 9% year-over-year growth [1] Earnings Estimates - The consensus EPS estimate has been revised upward by 1.6% in the past 30 days, indicating analysts' reassessment of their initial projections [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Revenue Projections - Analysts project 'Operating Revenues- ESG and Climate' to reach $88.56 million, a year-over-year increase of 10.9% [5] - 'Operating Revenues- Asset-based fees - Total' is estimated at $181.01 million, also reflecting a 10.9% increase from the previous year [5] - 'Operating Revenues- Analytics' is expected to be $176.90 million, indicating a 6.6% year-over-year growth [5] Additional Revenue Metrics - 'Operating Revenues- All Other - Private Assets' is projected at $70.32 million, showing an 8.3% increase from the year-ago quarter [6] - Estimated 'Period-End AUM in ETFs linked to MSCI equity indexes' is $1.75 billion, up from $1.37 billion in the same quarter last year [6] Subscription Metrics - 'Index Run Rate - Recurring subscriptions' is forecasted to reach $971.21 million, compared to $891.63 million in the same quarter last year [7] - The consensus for 'Total Run Rate - Total recurring subscriptions' stands at $2.34 billion, up from $2.16 billion year-over-year [7] Retention Rates - Analysts expect 'Total Retention Rate' to be 95.3%, compared to 94.8% a year ago [8] - 'Analytics Run Rate' is projected at $723.75 million, an increase from $674.61 million in the same quarter last year [8] Other Key Metrics - 'All Other - Private Assets Run Rate' is expected to reach $281.69 million, up from $260.56 million year-over-year [9] - 'ESG and Climate Run Rate' is projected at $362.21 million, compared to $333.68 million a year ago [9] - 'Index Retention Rate' is likely to be 95.9%, up from 95.2% last year [10] Stock Performance - MSCI shares have increased by 5.2% in the past month, outperforming the Zacks S&P 500 composite's 4.2% increase [11] - With a Zacks Rank 2 (Buy), MSCI is expected to outperform the overall market in the near term [11]

Core Viewpoint - Paccar (PCAR) is expected to report a significant decline in quarterly earnings and revenues, with earnings per share projected at $1.28, down 39.9% year over year, and revenues forecasted at $6.82 billion, a decrease of 17.5% compared to the previous year [1]. Group 1: Earnings and Revenue Estimates - The consensus EPS estimate has been revised 0.2% higher over the last 30 days, indicating a slight positive adjustment by analysts [1]. - Analysts predict 'Sales and Revenues- Parts' will reach $1.69 billion, reflecting a year-over-year increase of 1.5% [4]. - The combined estimate for 'Sales and Revenues- Truck' is $5.00 billion, indicating a significant decline of 23.9% year over year [4]. Group 2: Truck Deliveries - Total truck deliveries are expected to be 38,175, down from 48,400 in the same quarter last year [5]. - 'Truck deliveries - Other' are projected at 6,754, compared to 8,200 in the previous year [6]. - 'Truck deliveries - Europe' are estimated at 10,119, down from 11,500 year over year [6]. - 'Truck deliveries - U.S and Canada' are forecasted at 21,302, a decrease from 28,700 in the same quarter last year [7]. Group 3: Profit Estimates - 'Pretax Profit- Financial Services' is expected to reach $107.09 million, slightly down from $111.20 million year over year [7]. - 'Pretax Profit- Parts' is projected at $407.62 million, compared to $413.80 million in the same quarter last year [7]. - 'Pretax Profit- Truck' is estimated at $339.90 million, a significant drop from $837.30 million year over year [8]. Group 4: Market Performance - Over the past month, Paccar shares have returned +5.2%, outperforming the Zacks S&P 500 composite's +4.2% change [8]. - Paccar currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance in the near future [8].

Core Insights - Analysts expect Synchrony (SYF) to report quarterly earnings of $1.72 per share, reflecting an 11% year-over-year increase, with revenues projected at $4.5 billion, up 2.2% from the previous year [1] - The consensus EPS estimate has been revised 1% lower over the last 30 days, indicating a reevaluation of initial estimates by analysts [1][2] Earnings Estimates - The consensus estimate for the 'Efficiency Ratio' is 32.5%, compared to 31.7% in the same quarter last year [4] - Analysts predict a 'Net interest margin' of 14.5%, unchanged from the year-ago value [4] - 'Total Average Loan receivables, including held for sale' is estimated at $100.04 billion, down from $101.48 billion a year ago [4] Charge-offs and Purchase Volume - 'Net charge-offs as a percentage of average loan receivables' are expected to be 6.0%, down from 6.4% in the previous year [5] - 'Total Purchase Volume' is projected to reach $45.17 billion, compared to $46.85 billion reported in the same quarter last year [5] Loan Receivables and Assets - 'Total Period-end loan receivables' are expected to be $100.94 billion, down from $102.28 billion a year ago [6] - 'Total interest-earning assets - Average Balance' is projected at $125.60 billion, compared to $122.55 billion in the same quarter last year [6] Platform Analysis - 'Platform Analysis - Digital - Period-end loan receivables' is estimated at $27.91 billion, slightly up from $27.70 billion a year ago [7] - 'Platform Analysis - Home & Auto - Average loan receivables, including held for sale' is projected at $31.05 billion, down from $32.59 billion in the same quarter last year [7] - 'Platform Analysis - Diversified & Value - Purchase volume' is expected to be $15.15 billion, compared to $15.33 billion a year ago [8] Stock Performance - Shares of Synchrony have increased by 12.8% over the past month, outperforming the Zacks S&P 500 composite, which rose by 4.2% [10]

Core Insights - The upcoming earnings report for 3M (MMM) is projected to show quarterly earnings of $2.01 per share, reflecting a 4.2% increase year-over-year, while revenues are expected to decline by 2.4% to $6.11 billion [1] - Analysts have revised their consensus EPS estimate upward by 1.4% over the past 30 days, indicating a collective reassessment of projections [1][2] Financial Metrics - Analysts estimate 'Net Sales- Safety and Industrial' to be $2.78 billion, representing a 0.9% increase from the previous year [3] - The forecast for 'Net Sales- Corporate and Unallocated' is $85.00 million, indicating a year-over-year decline of 1.2% [4] - 'Net Sales- Consumer' is expected to reach $1.27 billion, showing a 0.8% increase compared to the same quarter last year [4] Operating Income Estimates - The 'Operating Income (non-GAAP measures)- Consumer' is projected at $264.25 million, up from $219.00 million reported in the same quarter last year [5] - 'Operating Income (non-GAAP measures)- Transportation and Electronics' is expected to be $465.99 million, compared to $426.00 million in the same quarter last year [5] - The consensus for 'Operating Income (non-GAAP measures)- Safety and Industrial' stands at $730.60 million, up from $623.00 million reported in the same quarter of the previous year [6] Stock Performance - Over the past month, 3M shares have returned +8.9%, outperforming the Zacks S&P 500 composite's +5% change [6] - Currently, 3M holds a Zacks Rank 2 (Buy), suggesting potential outperformance in the near future [6]

Core Viewpoint - Wall Street analysts anticipate that Travelers (TRV) will report quarterly earnings of $3.49 per share, reflecting a year-over-year increase of 39%, with revenues expected to reach $12.2 billion, up 7.5% from the previous year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions to the stock, with empirical studies showing a strong relationship between earnings estimate revisions and short-term price performance [2] Revenue Estimates - Analysts project 'Total Revenues - Net investment income' to be $945.04 million, indicating a 6.8% increase from the prior year [4] - The estimate for 'Total Revenues - Fee income' is $119.98 million, reflecting a 4.3% increase from the previous year [4] - 'Total Revenues - Premiums' is expected to reach $11.04 billion, marking a 7.8% increase from the year-ago quarter [4] - The consensus estimate for 'Total Revenues - Other Revenues' stands at $109.38 million, indicating a 4.2% increase from the prior year [5] Ratios and Performance Metrics - Analysts expect the 'Combined Ratio - Consolidated' to be 99.4%, an improvement from 100.2% reported in the same quarter last year [5] - The 'Loss and loss adjustment expense ratio - Consolidated' is projected at 70.3%, down from 71.4% in the previous year [6] - The 'Underwriting Expense Ratio - Consolidated' is estimated at 29.1%, compared to 28.8% reported last year [6] - For 'Business Insurance', the 'Loss and loss adjustment expense ratio' is expected to be 67.8%, up from 66.2% a year ago [7] - The 'Combined Ratio - Business Insurance' is projected at 98.0%, compared to 96.1% in the previous year [7] - The 'Combined Ratio - Bond & Specialty Insurance' is expected to be 86.1%, down from 87.7% last year [7] - The 'Underwriting Expense Ratio - Personal Insurance' is forecasted at 25.4%, compared to 24.8% last year [8] - The 'Underwriting Expense Ratio - Business Insurance' is expected to be 30.2%, up from 29.9% in the previous year [8] Stock Performance - Over the past month, Travelers shares have recorded a return of -3.4%, while the Zacks S&P 500 composite has seen a +4% change [8]

Core Viewpoint - Wall Street analysts anticipate a significant decline in ManpowerGroup's quarterly earnings, projecting earnings of $0.69 per share, which represents a year-over-year decrease of 46.9%, alongside expected revenues of $4.35 billion, down 3.7% from the previous year [1] Revenue Projections - Analysts project 'Revenues from Services- Americas' to reach $1.03 billion, indicating a year-over-year change of -3.5% [4] - The consensus for 'Revenues from Services- APME' is $507.62 million, reflecting a -6.2% change from the prior-year quarter [4] - 'Revenues from Services- Southern Europe' are estimated at $2.06 billion, showing a -1.6% year-over-year change [4] - 'Revenues from Services- Northern Europe' are expected to be $761.32 million, indicating a -9.1% change year-over-year [5] - 'Revenues from Services- Southern Europe- Other Southern Europe' is forecasted at $488.79 million, suggesting a +2.2% year-over-year change [5] - The estimate for 'Revenues from Services- Southern Europe- France' stands at $1.12 billion, indicating a -5.1% change year-over-year [5] - 'Revenues from Services- Americas- United States' are projected at $671.45 million, reflecting a -3.7% change from the prior-year quarter [6] - 'Revenues from Services- Americas- Other Americas' is expected to reach $357.07 million, indicating a -2.8% year-over-year change [6] - 'Revenues from Services- Southern Europe- Italy' is projected at $448.47 million, suggesting a +3.1% year-over-year change [7] Operating Unit Profit Projections - The estimated 'Operating Unit Profit- Americas' is $35.51 million, down from $45.10 million reported in the same quarter last year [7] - 'Operating Unit Profit- APME' is expected to be $22.94 million, compared to $25.00 million reported in the same quarter of the previous year [8] - Analysts forecast 'Operating Unit Profit- Southern Europe' at $74.52 million, down from $83.20 million reported in the same quarter last year [8] Stock Performance - Manpower shares have shown a return of +9.4% over the past month, outperforming the Zacks S&P 500 composite's +4% change [8]

Core Viewpoint - Kinder Morgan (KMI) is expected to report quarterly earnings of $0.28 per share, reflecting a year-over-year increase of 12%, with anticipated revenues of $3.88 billion, an 8.7% increase compared to the previous year [1]. Earnings Estimates - Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter, indicating stability in analysts' forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Key Metrics Projections - Analysts project the 'Realized weighted average oil price' to be $66 per barrel, down from $69 per barrel in the same quarter last year [5]. - The 'Terminals - Bulk transload tonnage' is expected to be 13 million tons, compared to 14 million tons reported in the same quarter last year [5]. - The 'Realized weighted average NGL price' is estimated at $30 per barrel, up from $27 per barrel a year ago [6]. Segment Performance Estimates - The 'Segment EBDA- Products Pipelines' is projected at $292.43 million, compared to $301 million in the same quarter last year [7]. - 'Segment EBDA- Terminals' is expected to be $276.23 million, down from $281 million a year ago [7]. - The 'Segment EBDA- Natural gas Pipelines' is anticipated to reach $1.32 billion, compared to $1.23 billion in the same quarter last year [8]. - The estimated 'Segment EBDA- CO2' is $178.58 million, down from $206 million a year ago [8]. Stock Performance - Kinder Morgan shares have returned +0.7% over the past month, while the Zacks S&P 500 composite has changed by +4% [8].

Core Viewpoint - Valuation modeling is an essential skill in the financial industry, applicable across various fields such as primary equity, private placements, and secondary markets like IPOs and mergers and acquisitions [1] Group 1: Issues in Current Valuation Modeling - The existing valuation modeling systems in the market face several practical issues, including: - Logical issues where data presentation is overly complex, making it difficult for company leaders to understand [2] - Problems with the selection and combination of valuation methods, leading to significantly different results from methods like DCF, PE, PB, EV/EBITDA, and others [2] - Deficiencies in assumptions used in DCF calculations, often based on arbitrary reasoning rather than solid evidence [2] Group 2: Training Program Details - A training program titled "DCF Cash Flow Discounting - Rapid Skill Building Guide" will be held on July 19-20, 2025, in Shanghai, organized by Wutong Classroom in collaboration with M&A Academy [2] - The program aims to address the key challenges affecting valuation judgment and decision-making communication [2] Group 3: Instructors' Background - The instructors have extensive experience in industry research and investment, covering various sectors: - Instructor Liu has 10 years of industry research and investment experience, specializing in cash flow discount valuation modeling [7] - Instructor Yu is familiar with valuation methods for innovative drugs and vaccines, having provided training for multiple institutions [7] - Instructor Xue has experience in cyclical and consumer industries, focusing on profit estimation and price-volume decomposition [8] Group 4: Course Structure and Content - The course will cover several modules, including: - Valuation issues and frameworks, including valuation laws and profit forecasting [13][14] - Practical exercises in DCF valuation modeling, including the underlying principles and preparation for modeling [15][18] - Building revenue forecasting tables and case studies using various methods such as market share and comprehensive methods [21][22] - Special valuation methods like EV/EBITDA and NAV, along with practical issues in valuation [24][22] Group 5: Course Outcomes - Participants will gain skills in tracking economic conditions, understanding capital market information pricing mechanisms, and applying safety margin thinking in valuation [28]