In today’s briefing:
- BlackLine Inc.: Major Drivers
- International Flavors & Fragrances Inc.: Continued Growth In Nourish
- Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics
- Broadridge Financial Solutions Inc.: Recurring Sales
- Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments
BlackLine Inc.: Major Drivers
- BlackLine completed a year of profitable expansion with strong financial results for the fourth quarter.
- The company had total sales of $140 million in Q4 and managed an all-around beat, including a top-line growth of 21%.
- Moreover, increased utilization was caused by a stronger-than-anticipated demand for professional services due to customers’ willingness to access the solutions’ embedded value.
International Flavors & Fragrances Inc.: Continued Growth In Nourish
- International Flavors & Fragrances delivered a mixed set of results in the quarter.
- Sales were up 4% on a comparable, currency-neutral basis for the quarter, with increases seen in almost all divisions.
- Besides that, their scent division performed well, achieving a 6% year-over-year sales increase, driven by double-digit growth in fine fragrance and mid-single-digit growth in consumer fragrance.
Royal Bank of Canada: Initiation of Coverage – Canadian Banking Market Dynamics
- This is our first report on the Royal Bank of Canada, one of the top 2 banks in the country.
- This quarter’s performance included significant capital markets revenue, led by excellent Global Markets results, as well as market share improvements in Investment Banking and origination operations across the sector.
- We initiate coverage on the stock of the Royal Bank of Canada with a ‘Buy’ rating.
Broadridge Financial Solutions Inc.: Recurring Sales
- Broadridge delivered a mixed set of results in the quarter.
- Recurring sales increased by 8% on a constant currency basis, and both segments experienced significant growth but overall revenues were below analyst expectations.
- However, the top-line growth combined with strict expense control helped to boost adjusted EPS by 11% which resulted in an earnings beat.
Wells Fargo & Co: Initiation of Coverage – Banking Crisis Impact & Recent Developments
- This is our first report on one of the American banking major, Wells Fargo.
- The company performed well in the quarter despite operating losses and managed an all-around beat.
- Increasing interest rates fueled a rapid rise in net interest income.
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