g.research
February 2019 Analyst Contact Information Sales & Trading Information Conference Schedule Coverage List
Equity Research Coverage Book
G.research, LLC. One Corporate Center Rye, NY 10580
Pump, Valve & Water Systems Symposium - 29th Annual
February 28, 2019 - New York, NYAME, BMI, CIR, CR, CWCO, FLC, FLS, GDI, GGG, GRC, ITT, LAND, MWA, NPO, RXN, WAAS, WTS, XYL
Specialty Chemicals Conference - 10th Annual
March 13, 2019 - New York, NYAJX.AU, BAS.ETR, CCF, DuPont, FOE, GCP, KWR, LAC, MTX, OMN, PLL, POL, RPM, TREC
Waste & Environmental Services Conference - 5th Annual
March 26, 2019 - New York, NY*BHTG, CVA, CWST, DAR, MNGA, PESI, RSG, SMED, VTNR, WCN, WM
Omaha Research Trip - 13th Annual
May 2019 - Omaha, NE*LNN, VMI, AMTD
Entertainment & Broadcasting Conference - 11th Annual
June 6, 2019 - New York, NY*AMCX, CGX-T, ETO-LN, MCS, MSG, RGC, RHP, SCOR, VIA
Aerospace & Defense Conference - 25th AnnualSeptember 2019 - New York, NY*AIR, AIN, AJRD, ATI, CSL, CR, HEI, HON, KAMN, KLXI, KTOS, MOG'A, MRCY, OA, WWD, TXT
Automotive Aftermarket Symposium - 43rd Annual
October 28-29, 2019 - Las Vegas, NV*AZO, BYD, CTB, DAN, DCI, GNTX, GPC, LEA, MNRO, MPAA, NAV, ORLY, PAG, PRTS, RUSHA, SMP, SUP, TEN, VNE, 002594
2019 Conference Schedule
*Past Presenters 2
Global Institutional Equity Research
Industry Name Phone Email Page
Basic Materials (Specialty Chemicals) Rosemarie Morbelli, CFA (914) 921-7757 [email protected] 4
Business Services Ashish Sinha, CFA 011-44-20-3206-2108 [email protected] 5
Consumer Staples (Beverages, Supermarkets & Specialty Retail) Damian Witkowski (914) 921-5022 [email protected] 6
Energy Services Simon Wong, CFA (914) 921-5125 [email protected] 7
Financials Macrae Sykes (914) 921-5398 [email protected] 8
Financials (Community Banks) Steven Comery (914) 921-5596 [email protected] 9
Healthcare (Biotech & Pharmaceutical) Kevin Kedra (914) 921-7721 [email protected] 10
Healthcare (Biotech) Jing He (914) 921-7798 [email protected] 11
Industrials (Housing) Alvaro Lacayo, CFA (914) 921-5451 [email protected] 12
Industrials (Diversified Industrials, Transports and Metals) Justin Bergner, CFA (914) 921-8326 [email protected] 13
Industrials (Industrials & Internet) Matthew Trusz (914) 921-8379 [email protected] 14
Media (Entertainment) Brett Harriss (914) 921 -8335 [email protected] 15
Media (Entertainment) John Tinker (914) 921 -8348 [email protected] 16
Media (Interactive Entertainment) Alec Boccanfuso (914) 921 -8327 [email protected] 17
Technology Hendi Susanto (914) 921-7735 [email protected] 18
1
Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
AVERY DENNISON AVY 102.39 8,826 1,734 1,018 1,074 9.8 140
ECOLAB INC ECL 159.89 46,176 6,901 3,012 3,261 16.3 161
FERRO CORPORATION FOE 16.42 1,378 807 255 286 7.6 22
FMC CORP FMC 84.14 11,350 2,566 1,280 1,169 11.9 81
H.B. FULLER CO FUL 47.08 2,387 2,097 473 500 9.0 64
MINERAL TECHNOLOGIES MTX 55.99 1,971 846 364 382 7.4 76
POLYONE POL 31.58 2,482 1,185 432 460 8.0 41
RPM INTERNATIONAL INC RPM 56.29 7,380 2,146 683 773 12.3 65
SEALED AIR SEE 42.79 6,727 3,365 873 920 11.0 40
SHERWIN-WILLIAMS SHW 420.98 38,983 9,188 3,474 3,771 12.8 482
Basic Materials - Specialty Chemicals
Rosemarie Morbelli, CFA t: 914-921-7757 e: [email protected]
Rosemarie Morbelli joined the firm in February 2011 as a research analyst responsible for the specialty chemical industry. Ms. Morbelli spent nearly 30 years with Ingalls & Snyder, where she was named "Best on the Street" and the "Best of the Boutique and Regionals" by Institutional Investor. Rosemarie was recognized as a Top Stock Picker in Thompson Reuter’s 2014 StarMine Analyst Awards. She is a member of the New York Society of Security Analysts and has served as the President and Treasurer of the Chemical Specialists Group. Rosemarie is a graduate of the University of Grenoble, France with a Bachelor Degree in Natural Sciences.
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Current Price Equity Cap Net Debt EBITDA Current EBITDA Forward EV/EBITDA Forward PMV
$/LC $/LC $/LC $/LC $/LC $/LC
THE BRINK'S COMPANY BCO 76.23 3,858 1,214 610 665 7.7 106
G4S PLC GFS LN £2.05 3,168 1,633 596 627 7.7 3
LOOMIS AB LOOMB SS 283.20 21,297 4,594 3,427 3,601 7.4 400
EDENRED SA EDEN FP 31.23 7,303 2,898 502 533 19.1 25
Company Ticker
Business Services
Ashish Sinha, CFA t: 011-44-20-3206-2108 e: [email protected]
Ashish Sinha joined the firm in November 2012 as a Research Analyst focusing on European Equities specifically Business Services. Prior to joining the firm, Mr. Sinha was a research analyst at Morgan Stanley. Ashish holds a Masters in International Business Studies from IIFT, New Delhi and is also a CFA charterholder.
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Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
NON- ALCOHOLIC BEVERAGES
COCA-COLA CO KO 49.69 211,481 26,000 11,350 11,987 18.1 49
KEURIC DR PEPPER INC KDP 27.80 38,614 16,251 3,011 3,326 16.5 25
PEPSICO INC PEP 113.03 159,937 22,464 13,933 14,630 12.6 125
FEMSA FMX 92.97 33,265 -2,075 3,527 3,833 9.2 101
SUPERMARKETS
INGLES MARKETS IMKTA 29.43 597 866 244 246 5.9 66
CONVENIENCE & GASOLINE RETAILING
CASEY'S GENERAL STORES, INC. CASY 129.06 4,724 1,290 515 560 10.7 157
MURPHY USA INC MUSA 75.60 2,442 709 407 422 7.5 75
HEALTH & WELLNESS
GNC HOLDINGS, INC GNC 2.80 235 1,212 220 201 7.2 1
VITAMIN SHOPPE, INC VSI 5.01 120 67 56 54 3.5 10
Consumer Staples (Beverage, Supermarkets & Specialty Retail) Damian Witkowski t: 914-921-5022 e: [email protected]
Damian Witkowski joined the firm in 2007 as a research analyst covering non-alcoholic beverage companies. He began his career at GE Capital evaluating and executing early to mid-stage private equity transactions. Following GE Capital, Damian spent 5 years working for INVESCO Private Capital as a Portfolio Manager co-managing a $1.5 billion portfolio of private investments. Prior to joining Gabelli & Co., he worked on analyzing and selecting public securities for the Lynch Foundation. Damian graduated with Honors from University of Connecticut with a B.S. degree in Finance.
7
Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
APERGY CORPORATION APY 34.11 2,637 670 290 325 10.2 44
DRIL-QUIP INC DRQ 35.90 1,285 -424 10 -10 -86.1 48
FORUM ENERGY TECHNOLOGIES FET 6.24 680 472 90 135 8.2 12
FRANKS INTERNATIONAL NV FI 5.82 1,305 -246 30 65 17.1 9
KLX ENERGY SERVICES, INC. KLXE 27.10 553 -63 100 170 2.5 75
NATIONAL OILWELL VARCO, INC NOV 28.42 10,893 1,284 890 1,225 9.7 78
OCEANNERING INTL, INC OII 14.79 1,457 415 145 185 10.1 31
OIL STATES INTERNATIONAL, INC OIS 16.65 999 318 130 150 8.8 40
PATTERSON-UTI ENERGY, INC PTEN 12.85 2,791 874 655 800 4.6 23
RPC, INC RES 10.42 2,238 -116 285 385 5.5 15
SUPERIOR ENERGY SERVICES, INC. SPN 4.69 725 1,177 350 390 5.2 11
TechnipFMC PLC FTI 22.42 10,154 -1,458 1,600 1,490 5.8 40
WEATHERFORD INTERNATIONAL WFT 0.88 881 7,386 1,030 1,380 6.0 4
Energy Services
Simon Wong, CFA t: 914-921-5125 e: [email protected]
Simon T. Wong rejoined the firm in 2013 as a research analyst covering energy services. He began his investment career at Gabelli & Company in 1997 as a specialty chemical analyst, and subsequently became a generalist at Olstein Funds (now Olstein Capital Management) and Boyar Asset Management. Simon graduated from UCLA with a B.A. in Economics and received an M.B.A. in Finance from Columbia Business School.
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Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
BLACK ROCK INC BLK 413.37 65,312 -2,200 6,200 6,700 9.5 568
COHEN & STEERS CNS 37.76 1,767 -200 159 170 9.2 46
FEDERATED INVESTORS FII 27.38 2738 50 350 385 7.7 35
INTERACTIVE BROKERAGE, INC IBKR 50.86 21,056 0 1,400 1,600 13.2 58
JANUS HENDERSON GROUP PLC JHG 22.73 4,555 662 720 750 7.2 39
LEGG MASON, INC LM 30.18 2,565 1,500 640 680 7.0 53
T. ROWE PRICE GROUP TROW 92.82 22,091 -5,200 2,200 2,400 7.0 137
TD AMERITRADE AMTD 54.16 30,709 -450 3,100 3,500 8.6 64
WADDELL & REED FINANCIAL, INC WDR 17.13 1,317 -700 160 170 3.7 28
WISDOM TREE WETF 6.02 1,011 0 70 85 11.9 7
Financials - Investment Services
Mac Sykes t: 914-921-5398 e: [email protected]
Macrae Sykes joined Gabelli as a research analyst in 2008. He was previously (2010) a #1 ranked financial services analyst, by the Wall Street Journal’s, “Best on the Street Analyst Survey,” and a runner-up in the annual (2014, 2018) StarMine analyst awards for stock picking. Over several years, Mac has been named an Institutional Investor “Honorable Mention” for brokers, asset managers. He began his business career at Donaldson, Lufkin & Jenrette/CSFB after graduating from Hamilton College with a B.A. in Economics. He received an M.B.A in Finance from Columbia Business School. Mac was also a featured contributor to the 2018 Warren Buffett/Berkshire Hathaway book.
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Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
ATLANTIC CAPITAL BANK ACBI 18.61 471 25
EAGLE BANCORP INC. EGBN 54.64 1,874 86
FLUSHING FINANCIAL FFIC 22.61 633 34
FIRST BANCORP FBNC 37.72 1,120 50
PEAPACK GLADSTONE FINANCIAL PGC 27.25 526 41
SANDY SPRING BANCORP SASR 32.79 1,164 55
Financials - Community Banks
Steven Comery t: 914-921-5596 e: [email protected]
Steve Comery joined the firm in 2015 as a research analyst covering the financial services industry. He graduated summa cum laude from Babson College with a B.S. in Business Administration with concentrations in finance and economics.
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Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
Animal Health
ELANCO ANIMAL HEALTH INC. ELAN 30.08 10,997 2,200 708 790 16.7 34
COVETRUS INC CVET 40.80 4,651 1,140 256 339 17.3 43
HENRY SCHEIN, INC. HSIC 59.76 9,107 2,026 1,107 914 12.5 76
PATTERSON COMPANIES, INC. PDCO 22.22 2,102 653 256 277 9.9 33
PHIBRO ANIMAL HEALTH CORP PAHC 30.08 1,215 244 129 135 10.8 48
ZOETIS ZTS 86.55 41,700 3,397 2,241 2,527 17.8 97
Biotech & Pharma
ACHAOGEN AKAO 1.41 65 -33 -182 -77 -0.4 6
ALLERGAN PLC AGN 132.73 44,465 21,890 7,239 1,578 42.0 264
AKORN, INC. AKRX 4.03 505 557 58 32 33.2 3
COLLEGIUM PHARMACEUTICAL, INC COLL 13.98 464 -128 -44 -2 -168.1 28
ENDO PHARMACEUTICAL HLDGS ENDP 10.09 2,263 7,238 1,309 1,304 7.9 22
ITERUM THERAPEUTICS PLC ITRM 6.09 86 -93 -84 -103 0.1 11
LEXICON PHARMACEUTICALS LXRX 4.86 515 63 -147 -64 -9.0 7
MELINTA THERAPEUTICS MLNT 1.69 95 64 -140 -62 -2.6 2
MOTIF BIO PLC MTFB 10.04 153 -5 -29 -49 -3.0 9
NABRIVA THERAPEUTICS AG NBRV 2.11 141 -100 -105 -85 -0.5 2
PARATEK PHARMACEUTICALS, INC. PRTK 6.78 219 -58 -100 -122 -1.3 29
TEVA PHARMACEUTICAL TEVA 18.64 18,976 27,614 5,353 5,112 9.1 25
TETRAPHASE PHARMACEUTICALS TTPH 1.19 64 -97 -74 -70 0.5 5
Healthcare (Animal Health, Biotech & Pharmaceutical)
Kevin Kedra t: 914-921-7721 e: [email protected]
Kevin Kedra joined the firm in 2005 as a research analyst covering the healthcare industry. Prior to this, he attended the University of Pennsylvania where he received a B.S.E. in Bioengineering.
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Company Ticker Current Price Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
AMGEN, INC AMGN 186.53 117,514 206 11,034 9,684 12.2 192
BIOMARIN PHARMACEUTICALS BMRN 94.06 16,752 -448 100 249 65.5 126
BLUEBIRD BIO BLUE 131.00 7,166 -1,999 -553 -698 -7.4 170
CLOVIS ONCOLOGY INC CLVS 24.67 1,300 -17 -328 -252 -5.1 30
GILEAD SCIENCE, INC GILD 67.65 86,727 -4,195 11,379 11,132 7.5 90
INCYTE CORPORATION INCY 80.72 17,177 -1,376 280 487 32.4 95
REGENERON PHARMACEUTICALS REGN 406.08 43,816 -4,565 3,282 3,561 11.0 532
TESARO INC TSRO 74.96 4,123 427 -555 -514 -8.9 75
Healthcare (Biotech)
Jing He t: 914-921-7798 e: [email protected]
Jing He joined the firm in 2015 as a research analyst covering the biotechnology industry. Previously, Jing worked at Regeneron Pharmaceuticals for three years, also Sanford Bernstein shortly. She received her M.B.A. in Finance from Columbia Business School, M.A. in Chemistry from Washington University in St. Louis, and B.S. in Chemistry from Peking University.
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Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
A.O SMITH CORPORATION AOS 49.38 8,424 -424 660 700 11.5 54
ARMSTRONG FLOORING INT'L AFI 13.13 343 55 75 65 6.1 24
FORTUNE BRANDS HOME & SECURITY FBHS 44.91 6,404 2,071 925 980 8.8 66
HOME DEPOT, INC. HD 184.30 210,286 24,020 17,450 18,285 12.8 209
LOWES COMPANIES, INC. LOW 96.86 78,166 13,518 7,590 8,525 10.7 109
LENNAR CORP LEN 45.97 15,032 9,649 2,886 3,464 7.1 NR
MASCO CORP. MAS 36.16 10,812 2,420 1,460 1,550 9.2 48
MOHAWK INDUSTRIES MHK 133.55 9,909 3,139 1,625 1,770 7.4 177
PGT, INC. PGTI 16.95 905 340 125 165 7.5 26
TAYLOR MORRISON HOME CORP TMHC 18.87 2,140 1,020 470 545 5.8 23
TRI-POINTE HOMES TPH 12.78 1,895 1,436 430 410 8.1 15
JELD-WEN HOLDING INC JELD 17.13 1,814 1,381 460 480 6.8 28
USG CORP USG 43.15 6,205 817 541 727 9.9 NR
WHIRLPOOL CORP WHR 132.53 8,575 4,529 2,060 2,120 6.8 183
Industrials (Housing) Alvaro Lacayo, CFA t: 914-921-5451 e: [email protected]
Alvaro Lacayo joined the firm in June 2014 as a research analyst covering Housing. He began his business career as a senior sales associate in private wealth management at Morgan Stanley in New York. Alvaro graduated from Tufts University with a major in Economics and International Relations and received an M.B.A from Columbia Business School.
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Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
DIVERSIFIED INDUSTRIALS
ACTUANT CORPORATION ATU 22.64 1,381 322 155 165 10.3 29
ARCOSA, INC. ACA 29.51 1,425 105 185 210 7.3 45
ENPRO INDUSTRIES INC NPO 64.50 1,355 360 207 225 7.4 104
GENERAL ELECTRIC CO. GE 10.03 87,261 25,100 15,340 17,230 7.8 19
KIRBY CORP KEX 73.92 4,406 1,407 580 670 8.7 109
LEGGETT & PLATT LEG 43.56 5,837 2,150 750 805 9.9 52
MSC INDUSTRIAL DIRECT MSM 82.83 4,597 511 505 525 9.7 105
ROCKWELL AUTOMATION ROK 169.63 20,356 1,113 1,590 1,685 13.0 216
STANLEY BLACK & DECKER, INC. SWK 128.56 18,975 4,637 2,350 2,450 10.0 156
TIMKEN CO TKR 42.12 3,201 1,550 720 730 6.9 64
W.W. GRAINGER, INC. GWW 303.22 17,011 1,682 1,750 1,850 11.5 382
Metals & Other
ALCOA AA 27.63 5,145 689 2,090 1,930 5.7 53
ETHAN ALLEN ETH 19.18 #N/A #N/A #N/A #N/A #N/A
TIMKENSTEEL TMST 11.50 513 207 95 155 5.1 21
Industrials (Diversified Industrials, Transports, and Metals) Justin Bergner, CFA t: 914-921-8326 e: [email protected]
Justin Bergner rejoined the firm in June 2013 as a research analyst covering Diversified Industrials, Transports, and Metals. He began his investment career at Gabelli & Company in 2005 as a metals and mining analyst, and subsequently spent five years at Axiom International Investors as a senior analyst focused on industrial and healthcare stocks. Before entering the investment profession, Justin worked in management consulting at both Bain & Company and Dean & Company. Justin graduated cum laude from Yale University with a B.A. in Economics & Mathematics and received an M.B.A. in Finance and Accounting from Wharton Business School.
14
Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
INDUSTRIALS
CHART INDUSTRIES GTLS 77.61 2,421 538 173 264 11.2 83
COLFAX CORP CFX 24.31 3,304 3,618 460 785 8.5 39
LINCOLN ELECTRIC LECO 87.27 5,690 202 511 548 10.8 111
NORDSON CORPORATION NDSN 133.19 7,725 1,218 612 660 13.6 150
INTERNET
BLUE APRON APRN 1.38 266 -13 -61 10 25.3 3
CARDLYTICS INC. CDLX 16.44 352 -21 -8 -2 26
GROUPON INC GRPN 3.62 2,063 162 285 295 7.2 8
GRUBHUB INC GRUB 84.04 7,606 258 234 260 30.2 70
Industrials & Internet Matthew Trusz t: 914-921-8379 e: [email protected]
Matthew Trusz joined the firm in June 2015 as a research analyst covering industrials. Matt earned a Bachelor of Science in Economics from the Wharton School of the University of Pennsylvania with a concentration in Finance.
15
Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
ENTERTAINMENT
21ST CENTURY FOX FOXA 49.54 91,798 12,625 7,032 7,884 11.0 62
ALTABA INC AABA 69.09 56,516 533 68
AMC NETWORKS AMCX 61.82 3,647 2,585 895 900 7.0 100
CBS CORP CBS 49.01 18,477 9,540 3,333 3,466 8.0 83
DISCOVERY COMMUNICATIONS, INC. DISCA 28.92 20,273 18,564 4,215 4,624 8.1 52
E. W. SCRIPPS SSP 18.88 1,548 567 211 178 11.9 20
GRUPO TELEVISA, S.A.B. TV 12.25 7,081 4,196 2,147 2,259 4.9 33
MADISON SQUARE GARDEN MSG 290.04 6,874 -1,118 217 235 22.2 360
MADISON SQUARE GARDEN NETWORKS MSGN 22.88 1,737 985 335 332 8.2 39
NEXSTAR MEDIA GROUP NXST 85.29 4,009 4,030 1,000 889 9.0 103
TEGNA TGNA 11.96 2,583 2,976 718 710 7.8 16
TRIBUNE MEDIA TRCO 46.05 4,048 2,037 613 474 7.1 64
VIACOM VIA 29.00 11,658 9,161 3,079 3,178 6.2 55
WALT DISNEY CO. DIS 109.93 163,906 20,505 17,423 17,676 10.8 105
Media (Entertainment)
Brett Harriss t: 914-921-8335 e: [email protected]
Brett Harriss joined the firm as a research analyst in 2008 covering Media and Entertainment. Previously, he worked as a financial analyst at Jetblue and as an Investment Banker at JPMorgan. Brett received his B.A. at Columbia University in Economics in 2003 and his M.B.A from Columbia Business School in 2008 in Finance and Economics.
Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
ENTERTAINMENT
BARNES & NOBLE, INC BKS 5.83 425 267 145 176 3.9 10
ENTERTAINMENT ONE LTD ETO LN 2.95 1,357 343 177 196 8.7 4
LIBERTY BRAVES GROUP BATRA 28.59 1,715 408 -20 7 271.2 35
LIBERTY MEDIA FWONA 30.40 7,022 5,514 450 438 28.6 37
LIBERTY SIRIUS XM GROUP LSXMK 40.27 13,531 755 1,876 2,116 7.0 54
LIVE NATION LYV 53.99 11,230 2,201 640 625 21.5 51
MANCHESTER UNITED PLC MANU 19.60 3,254 313 200 184 19.4 26
READING INTERNATIONAL INC RDI 16.11 371 148 38 46 6.3 30
SIRIUS XM SIRI 5.99 26,290 6,834 2,116 2,121 16.7 6
SPOTIFY TECHNOLOGY S.A. SPOT 137.10 26,118 2,053 -10 -27 -1116.7 118
Media
John Tinker t: 914-921-8348 e: [email protected]
John Tinker joined the firm in July 2015 as a research analyst covering digital entertainment, an industry he has been following for over 25 years. Previously, Mr. Tinker had been an analyst at Maxim Group and Montgomery/ Banc of America Securities. John is a graduate of Oxford University with a BA/MA in Politics, Philosophy & Economics.
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Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
ACTIVISION BLIZZARD ATVI 42.70 32,584 -638 2,625 2,838 11.3 60
TAKE TWO INTERACTIVE TTWO 94.53 10,720 -1,055 761 780 12.4 132
Media- Interactive Entertainment
Alec Boccanfuso t: 914-921-8327 e: [email protected]
Alec Boccanfuso joined the firm in June 2018 as a research analyst covering interactive entertainment. Alec graduated with honors from New York University with a B.S. in Finance and a minor in applied physics.
Company Ticker Current Price
$
Equity Cap
$
Net Debt
$
EBITDA Current
$
EBITDA Forward
$
EV/EBITDA Forward PMV
$
3D
3D SYSTEMS CORPORATION DDD 12.83 1,527 -92 48 66 21.8 14
FARO TECHNOLOGIES FARO 43.84 758 -128 27 53 11.9 56
STRATASYS, INC SSYS 25.97 1,397 -320 67 80 13.5 35
CYBER SECURITY
CHECK POINT SOFTWARE CHKP 117.14 18,157 -4,039 1,073 1,156 12.2 147
FIREEYE INC. FEYE 16.41 3,249 63 82 111 29.8 21
FORTINET FTNT 81.16 13,878 -1,717 529 612 19.9 83
PALO ALTO NETWORKS PANW 223.35 21,218 -2,076 771 959 20.0 227
OLED
UNIVERSAL DISPLAY CORP OLED 111.11 5,256 -494 69 103 39.6 80
TECHNOLOGY
ARISTA NETWORKS ANET 229.74 17,460 -1,662 801 1,006 15.7 267
CTS CORP CTS 28.91 957 -51 94 101 9.0 31
HEWLETT PACKARD ENTERPRISE HPE 16.01 22,782 -3,080 5,160 5,320 3.5 22
MOTOROLA SOLUTIONS MSI 135.64 22,516 3,263 2,147 2,286 11.6 148
VMWARE, INC. VMW 157.34 64,509 -9,287 3,208 3,489 15.8 132
Technology Hendi Susanto t: 914-921-7735 e: [email protected]
Hendi Susanto joined the firm in 2007 as the lead technology research analyst. Hendi spent his early career in supply chain management consulting and operations in the technology industry. He has a B.S. summa cum laude in Chemical Engineering from the University of Minnesota, an M.S. in Chemical Engineering from MIT with a minor in Quantitative Finance from MIT Sloan, and an M.B.A. in Finance from the Wharton school.
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Company Ticker Current Price
LC
Equity Cap
LC
Net Debt
LC
EBITDA Current
LC
EBITDA Forward
LC
EV/EBITDA Forward PMV
LC
GLOBAL TELECOM HOLDING GTHE EY EGP 4.75 22,425 42,485 1,286 1,392 48.0 17
ILLIAD ILD FP EUR 91.14 5,350 3,257 1,787 1,930 4.5 205
MAROC TELECOM IAM FP MAD 151.90 133,520 1,526 1,534 1,587 85.3 13
MEGAFON - GDR MFON LI RUB 650.60 387,758 3,864 2,333 2,453 159.7 19
MTN MTN SJ ZAR 8,599 15,710,373 52,337 46,640 50,175 314.2 177
MOBILE TELESYSTEMS MBT USD 7.74 7,732 3,275 3,092 3,183 3.5 15
ORANGE ORA FP EUR 13.29 35,351 24,555 13,004 13,222 4.7 21
ORAGNE POLSKA OPL PW PLN 5.43 7,124 6,874 2,971 3,131 4.5 8
SISTEMA SSA LI USD 2.90 1,401 7,510 3,722 3,863 2.5 11
SUNRISE COMMUNICATIONS GROUP SRCG SW CHF 89.00 4,005 1,633 590 634 8.9 71
TELECOM ITALIA TIT IM EUR 0.480 9,313 25,104 8,157 8,316 4.4 1
TELEKOM AUSTRIA TKA AV EUR 6.38 4,236 2,428 1,435 1,477 4.5 8
VEON VEON EUR 2.16 3,812 8,672 3,711 3,859 2.3 9
VODACOM VOD SJ ZAR 11,449 22,314,101 22,484 32,868 34,670 641.6 179
VODAFONE GROUP PLC VOD LN GBP 1.41 39,083 28,191 14,230 14,367 4.5 217
Mr. Miller joined Gabelli & Company as a research analyst in 2002 covering the European and EMEA telecommunications industry. Evan is Managing Director of Gabelli’s London office. Prior to joining Gabelli, he was the senior European Telecommunications Research Analyst with Lehman Brothers and Credit Suisse in London. Evan’s early career was in marketing and strategic planning roles for telecommunications operators on both sides of the Atlantic. Evan received his Bachelor of Arts in Economics from Northwestern University and MBA in Finance from the University of Chicago.
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