In today’s briefing:
- Q1 Liquidity Ranking for Crypto Assets
- Formula One Group: Initiation of Coverage – Major Partnerships & Other Key Drivers
- Formula One Group: Detailed Credit Analysis & Financial Strength Evaluation Report
- PerkinElmer Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- Waters Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Waters Corporation: Initiation of Coverage – The Wyatt Technology Acquisition & Other Drivers
- Ally Financial: Comparisons To The Recently Failed Banks Are Inappropriate
- West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- PerkinElmer Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Q1 Liquidity Ranking for Crypto Assets
- Last quarter I published the first liquidity ranking system for crypto assets, comparing each asset’s liquidity ranking to its market cap and investigating which token’s market cap is the most misleading from a liquidity standpoint.
- Liquidity has arguably never been at more of a premium than right now in crypto, with USD payment rails being shut down and market makers pulling orders from exchanges.
- With market depth at 10 month lows, price volatility has picked up and so it is essential investors can accurately evaluate the liquidity of each individual asset to gain an understanding of how much short term volatility to expect.
Formula One Group: Initiation of Coverage – Major Partnerships & Other Key Drivers
- This is our first report on a global media and entertainment player, Formula One Group.
- Its fourth quarter result was mixed and the company surpassed the revenue expectations of Wall Street but missed out on meeting earnings expectations.
- The company introduced a new brand campaign in the quarter to demonstrate F1’s position in the sporting and entertainment worlds.
Formula One Group: Detailed Credit Analysis & Financial Strength Evaluation Report
- Formula One Group is major global media and entertainment company with decent fundamentals.
- The management anticipates Ford’s contribution as a technical engine supplier will be valuable for the sport and Red Bull.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
PerkinElmer Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on PerkinElmer, a premium provider of life sciences, diagnostics, and applied services markets across the globe.
- The company had a decent 2022 and their Life Sciences and Diagnostics business experienced organic growth of 9% for the entire year.
- With the introduction of adeno-associated virus or AAV detection kits, the Life Sciences business has continued to innovate in cell and gene therapy.
Waters Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- This is our first report on major lab equipment manufacturer, Waters Corporation.
- Its Pharma has also had decent growth, driven by both large and small molecule applications which has been led by the European markets.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
Waters Corporation: Initiation of Coverage – The Wyatt Technology Acquisition & Other Drivers
- This is our first report on major lab equipment manufacturer, Waters Corporation.
- Waters’ growth has also been aided by its reinvigorated portfolio and this trend is expected to continue.
- We initiate coverage on the stock of Waters Corporation with a ‘Hold’ rating.
Ally Financial: Comparisons To The Recently Failed Banks Are Inappropriate
- Ally Financial has emerged as a potential target after the recent events in the banking sector.
- There are certain macroeconomic risks involved, but the company has changed dramatically over the past decade.
- There are also major differences between the recently failed banks and Ally Financial that need to be considered, according to the company.
West Pharmaceutical Services Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on West Pharmaceutical Services, a major manufacturer of injectable medication delivery and packaging systems.
- West Pharmaceutical reported an all-around beat in its last result and generated about 8% growth in organic sales overall.
- With COVID-19 excluded, West anticipates that its base organic sales growth was in the low double digits, with proprietary product growth in the mid-teens.
Old Dominion Freight Line Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on a major LTL shipping company, Old Dominion Freight Line.
- As a result, the company delivered double-digit growth in earnings per diluted share in the fourth quarter.
- Besides that, the productive labor expenses as a percentage of revenue decreased by 170 basis points within their direct operating costs, while their purchase transportation costs decreased by 200 basis points.
PerkinElmer Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- PerkinElmer is a major provider of life sciences, diagnostics, and applied services markets across the globe.
- The company had a decent 2022 and their Life Sciences and Diagnostics business experienced organic growth of 9% for the entire year.
- With the introduction of adeno-associated virus or AAV detection kits, the Life Sciences business has continued to innovate in cell and gene therapy.
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