Moody's: Own The Tollbooth To The Capital Markets
Atlas Investment Partners LLC
Atlas Investment Partners LLC
May 5, 2014, 12:38 PM
- "This is a great business ... we're less concerned about litigation," says Chris Shumway (former Tiger Cub, now running a family office), suggesting a long position in Moody's (MCO +1.5%) at the Ira Sohn conference. Moody's business is like Bloomberg: Tougher and tougher every year for someone to catch up.
- On the macro picture: "It feels a little strange out there," he says, noting hammered growth stocks, Ukraine tensions, and the Chinese slowdown. It leads to another idea, which is a short of the yuan. Devaluation, he says, is the easiest way for Beijing to "get themselves out of a tough spot." ETFs: CYB, CNY, FXCH
- Earlier Sohn coverage
Apr. 25, 2014, 7:22 AM
- Moody's Corporation (MCO) declares $0.28/share quarterly dividend, in line with previous.
- Forward yield 1.41%
- Payable June 10; for shareholders of record May 20; ex-div May 16.
Apr. 25, 2014, 7:04 AM
- Moody's (MCO): Q1 EPS of $1.00 beats by $0.09.
- Revenue of $767.2M (+4.8% Y/Y) misses by $2.98M.
Apr. 25, 2014, 12:05 AM
Apr. 24, 2014, 5:30 PM
Feb. 7, 2014, 7:00 AM
- Moody's Corporation (MCO): EPS of $0.85 beats by $0.09.
- Revenue of $779.2M (+3.3% Y/Y) beats by $35.33M.
Feb. 7, 2014, 12:05 AM
Feb. 6, 2014, 5:30 PM
Jan. 15, 2014, 7:41 AM
- Cutting to Hold with price target of $80 (from $78) analyst Edward Atorino, calls McGraw Hill Financial's (MHFI) valuation "lofty," trading at 20x estimated 2014 EPS. It's a premium to the broad market, but inline with Moody's (MCO) even though MHFI is less dependent on bond ratings and may merit a higher P/E. As far as the business though, prospects remain good:
- "With a continuing low interest rate environment, corporations should continue to issue new debt for capital expenditures, share repurchases, mergers and acquisitions, and refinancing. There remains a substantial amount of debt to be refinanced that ought to drive debt issuance through 2015. S&P estimates more than $1 trillion will be financed each year for the next several years."
Dec. 18, 2013, 5:59 PM
- Moody's Corporation (MCO) declares $0.28/share quarterly dividend, 12.0% increase from prior dividend of $0.25.
- Forward yield 1.49%
- Payable March 10; for shareholders of record Feb. 20; ex-div Feb. 18.
Dec. 11, 2013, 8:01 AM
Dec. 11, 2013, 7:41 AM
- Boosting the research and analytical capabilities offered by Moody's Analytics, Moody's (MCO) acquires Amba Investment Services for an undisclosed amount of cash.
- About 10 years old, Amba is known for providing outsourced investment research and analytics to financial institutions. It's expected to generate about $39M in revenue this year.
- The deal isn't expected to have a material impact on Moody's EPS.
Dec. 2, 2013, 3:25 PM
- The head of the European Securities and Markets Authority (ESMA) threatens sanctions - public notice, fine, withdrawing a license - against the big three ratings agencies (Fitch, MCO, MHFI) after a report from the regulator pointed to flaws in the credit rating process.
- It's not just a question of being upset at an EU state being downgraded, the report also raised failings about the way the agencies handled sensitive information on sovereign ratings.
- The ratings agencies, of course, came under heavy political attack for their serial sovereign downgrades during the EU debt crisis. It seems lately, they're more likely to upgrade rather than downgrade - might the issue soon fade from Eurocrats' front burner?
Oct. 29, 2013, 9:40 AM
- "Moody's (MCO +1.4%) is an investment in the growth of global credit markets and financial innovation," says analyst William Bird, initiating with a Buy and $85 price target. "It has been said that pricing power is better than good management; with an investment in MCO, one is arguably getting both."
Oct. 25, 2013, 12:53 PM
- Moody's (MCO -3.5%) takes a breather from a big run after Q3 results showed revenue of $705.5M up 2% Y/Y and adjusted operating income of $314.9M up 7%. Adjusted diluted EPS of $0.75 is up 11%.
- One sore spot is global structured finance revenue of $83.5M falling 10% amid "volatile market conditions."
- 6.2M shares were repurchased during quarter at about $64.06 each. 900K shares were issued under employee stock-based compensation plans. $900K remains in company's buyback authorization.
- FY13 EPS guidance is narrowed to $3.51-$3.57.
- Q3 results.
- Earnings call slide presentation.
Oct. 25, 2013, 7:15 AM
- Moody's Corporation (MCO) declares $0.25/share quarterly dividend, in line with previous.
- Forward yield 1.37%
- Payable Dec. 10; for shareholders of record Nov. 20; ex-div Nov. 18.
Moody's Corp. provides credit ratings, research, tools and analysis to the global capital markets. The company operates through two business segments: Moody's Investors Service (MIS) and Moody's Analytics (MA). The Moody's Investors Service segment is a credit rating agency, which publishes... More
Industry: Business Services
Country: United States