How Safe Is BGC Partners?
Esekla • 12 Comments
Esekla • 12 Comments
BGC Partners Continues To Fire On All Cylinders
Esekla • 10 Comments
Esekla • 10 Comments
Nov. 17, 2015, 5:38 PM
Oct. 28, 2015, 10:44 AM
- Q3 distributable earnings of $72.9M or $0.19 per share vs. $56M and $0.17 one year ago. Dividend of $0.14.
- Adjusted EBITDA of $168M up 55.9%.
- Buyback authorization is more than tripled to $300M, good for about 13.5% of the float at the current stock price.
- Financial services pretax distributable earnings of $72.8M up 32.1% Y/Y. FENICS pretax DE of $25.3M up 82.1%.
- Real estate services pretax distributable earnings of $42.5M up 78.2% Y/Y.
- BGCP +5.5%
- Previously: BGC Partners EPS in-line, misses on revenue (Oct. 28)
Jul. 29, 2015, 10:46 AM
- Q2 distributable earnings of $64.6M or $0.18 per share vs. $43.5M and $0.13 one year ago.
- Adjusted EBITDA of $109.1M up 70.6% Y/Y.
- This is the first full quarter in which results include those of the recently acquired GFI Group. Company remains on target to cut GFI's expense run rate by at least $50M per year by Q1 of 2016, and another $40M by 2017 Q1.
- Q3 outlook: Pretax distributable earnings are expected to be 22-44% higher than a year earlier, with revenues up 51-61%.
- Previously: BGC Partners beats by $0.01, beats on revenue (July 29)
- BGCP +4.45%
Jul. 6, 2015, 10:13 AM
Apr. 29, 2015, 3:49 PM
- Q1 post-tax distributable earnings of $62.1M or $0.18 per share vs. $47.2M and $0.15 one year ago.
- Quarterly dividend boosted 16.7% to $0.14 per share.
- By Q1 of next year, BGC (BGCP +5.8%) expects to reduce its expense run rate by at least $50M per year thanks to the GFI Group integration. Further annual cost savings of $40M annually are expected by the 2nd anniversary of the purchase.
- Cantor Fitzgerald has been hired to assist in the sale of Trayport, and BGC expects a closing before the end of the year.
- "We expect to have significant capital with which to pay dividends, repurchase shares and/or units of BGC, profitably hire, and make accretive acquisitions, all while maintaining our investment grade rating.”
- Previously: BGC Partners EPS in-line, beats on revenue (April 29)
Jan. 30, 2015, 3:37 PM
- The joint CME Group/GFI Group (NYSE:GFIG) management bid of $5.85 per share in cash and stock has lost a in a shareholder vote, reports Bloomberg, paving the way for BGC Partners' (BGCP -2.6%) $6.10 all-cash offer.
- GFI management had warned shareholders there was nothing stopping BGC Partners from pulling its offer, and - for now - the stock price is behaving as if this could be so. GFIG is lower by 1.1% to $5.62 per share.
- Previously: GFI Group's Gooch makes another plea (Jan. 29)
Jan. 27, 2015, 1:23 PM
- Writing in his capacity as the controlling stockholder of Jersey Partners, a 36%+ owner of GFI Group (GFIG -2.6%), GFI Group founder and Executive Chairman Michael Gooch tells fellow owners they can opt for a "bird in the hand" - the CME/GFI offer - or hold out for "BGC in the bush."
- Full letter is here
- He notes the GFI management group will only be paid $4.44 for each of their shares sold through Jersey Partners (the CME/GFI offer is for $5.85 in stock and cash).
- BGC Partners' (BGCP -0.7%) $6.10 per share cash offer "remains highly conditional," says Gooch, and - even if BGC reaches the 45% tender threshold - there's no guarantee GFI owners will get $6.10 for their shares.
Jan. 21, 2015, 10:50 AM
- Proxy advisory firm Institutional Shareholder Services recommends GFI Group (GFIG +1.8%) shareholders vote against the "economically inferior" offer by CME Group and GFI management of $5.85 in cash and stock. BGC Partners (BGCP +1%) has an offer on the table for $6.10 in cash.
- More from ISS: "It is not at all clear that unaffiliated shareholders incur any greater downside risk in holding out for the economically superior offer from this ongoing bidding war." If owners vote against the CME deal and nothing improves, says ISS, they can always tender their shares to BGC for $6.10.
- The special meeting is set for Jan. 27.
- Previously: BGC Partners boosts GFI Group bid once more (Jan. 20)
Jan. 20, 2015, 12:14 PM
- BGC Partners (BGCP -2.4%) lifts its price for GFI Group (GFIG +5.7%) to $6.10 per share in cash, and extends the expiration date to February 3.
- The price is about 4% higher than the latest cash and stock deal offered by CME Group and GFI management.
- Should GFI accept the deal by midnight tonight, BGC will add another $0.10 per share to its offer.
- GFI is currently trading at $5.91.
Jan. 20, 2015, 8:45 AM
- Responding to BGC Partners' (NASDAQ:BGCP) increase last Thursday, CME Group matches at least on price - $5.85 per share. BGC's bid remains all-cash, while CME's remains a mix of stock and cash.
- Alongside, the GFI management group agrees to forego roughly $40M which would have been payable to it as part of the deal.
- GFIG +3.6% premarket to $5.80.
- Previously: Game on. BGC Partners boosts offer for GFI Group (Jan. 15)
Jan. 15, 2015, 2:35 PM
- BGC Partners' (BGCP -1.9%) new all-cash offer of $5.85 per share is contingent on GFI Group's (GFIG +2.8%) acceptance.
- In addition, BGC makes a non-contingent increase in its all-cash tender offer to $5.75 per share and extends the date of the tender to the close of business on January 29. GFI owners are meeting on Jan. 27 to vote on CME Group's bid, which earlier today - with an assist from GFI Group management - was boosted to $5.60 in cash and stock.
- As of the close yesterday, about 14M shares had been tendered pursuant to BGC Partners' offer. Combined with 17.1M shares of GFIG already owned by BGC, it represents abut 24.4% of GFIG's outstanding shares.
- Previously: CME and GFI management team up to boost buyout price (Jan. 15)
Jan. 15, 2015, 8:54 AM
- Facing an ever-increasing challenge from BGC Partners (NASDAQ:BGCP) to win GFI Group (NYSE:GFIG), CME Group (NASDAQ:CME) and GFI management get together to boost their price to $5.60 per share in stock and cash.
- BGC's latest offer is $5.60 per share in cash.
- GFIG +2.4% premarket to $5.58.
- Previously: BGC Partners ups price for GFI Group (Jan. 13)
Dec. 3, 2014, 10:41 AM
- With both offers for GFI Group (GFIG +5%) now at $5.25, BGC Partners (BGCP -1.7%) CEO Howard Lutnick notes his company's proposal is all cash vs. CME Group's (CME) cash and stock mix.
- "We are currently evaluating our options with regards to the transaction," concludes Lutnick. BGC's tender offer is set to expire at the close of business on December 9.
- Previously: CME boosts offer for GFI Group
Apr. 1, 2014, 5:38 PM
Feb. 12, 2014, 3:59 PM
- “As a result of our cash position of $795M, we are in an excellent position to continue growing our profits by making additional accretive acquisitions and profitable hires in both segments," says BGC Partners (BGCP +5.7%) CEO Howard Lutnick as the firm cruises past earnings estimates. "We are also able to repay debt, repurchase more common shares and units, and maintain our regular common dividend for the foreseeable future."
- Share count rose to 358M in Q4 vs. 337.2M a year earlier as issuance for the Frederick Ross, Ginalfi, Smith Mack, Newmark, and Grubb Ellis acquisitions outweighed the repurchase of 6M shares last year.
- Newmark Grubb Knight Frank generated more in pre-tax earnings in Q4 than eSpeed produced in revenues in the year-earlier period, remarks Lutnick.
- Full earnings report
Feb. 3, 2014, 3:33 PM
- Stifel Financial (SF -4.2%) continues to slide inline with the rest of the brokerage names two days after boosting its California underwriting business with an agreement to acquire De La Rosa & Co. The combined firms will rank as the #1 underwriter in a number of areas: K-12, COP & Lease Revenue Bonds, Tax Increment, and Economic Development.
- Terms were not disclosed.
- Others in the sector today: BCG Partners (BGCP -4.4%), AllianceBernstein (AB -5.4%), Ameriprise (AMP -3.5%), Raymond James (RJF -4.9%).
BGC Partners, Inc. operates as a global financial intermediary to the financial and real estate markets. The company operates through two segments: Financial Services and Real Estate Services. The Financial Services segment provides brokerage of a broad range of products, including fixed income... More
Industry: Investment Brokerage - National
Country: United States
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