Author Archives: Stephen Percoco
Deep Dive on GE: Consolidated Enterprise Valuation
In my view, the most appropriate way to look at GE’s stock valuation is to consider the company as a single enterprise. In this analysis, I compare its current valuation to peers. My calculations for GE’S enterprise value-to-EBITDA multiple at … Continue reading
Deep Dive on GE: Projected 2020 Consolidated Results
Based upon management’s guidance given at General Electric’s 2020 Outlook meeting on March 4th, I project 2020 Industrial Leverage EBITDA of $11.6 billion, up roughly 3% from 2019. Industrial Leverage EBITDA was given in the appendix to the company’s 2020 … Continue reading
Deep Dive on GE: The 2020 Outlook for its Businesses
Given the complexity of its business mix and financial structure, valuing GE is not an easy exercise even under benign economic conditions. The task is made even more difficult when there is considerable uncertainty about prospects for the global economy.
Though It Might Be Delayed, GE’s BioPharma Sale is Set to Close
GE’s stock has been battered during this sell-off, falling much more than the broader market as a whole. Since reaching an intra-day peak of $13.26 on February 12 (roughly one month ago), the stock has fallen 40.8% to its March … Continue reading
Recent Observations on Bed Bath & Beyond
The investor optimism that followed the October 2019 appointment of Mark J. Tritton as Bed Bath & Beyond’s CEO and continued after the company gave a preliminary upbeat assessment of its performance early in the Christmas selling season gave way … Continue reading
Brightcove’s “Disappointing” Quarter
On Thursday (2/21), Brightcove (BCOV) reported somewhat disappointing 2019 fourth quarter performance and guidance which caused its stock to plummet 12.8% on the open and end the day down 7.2% (from the previous close). Yet, buyers emerged quickly after the … Continue reading
A Strong Start for Housing
2019 was a solid year for U.S. housing. While still subject to modest revisions, government figures show that new residential sales increased 10.4% from an estimated 617,000 units in 2018 to 681,000 units in 2019. Single-family housing starts advanced 1.4% … Continue reading
A Brief Update on StoneMor
StoneMor Partners, L.P. has passed a few milestones since my previous update in late September. These accomplishments have advanced its turnaround, but more is needed including a significant rebound in its profitability before the effort can be declared a success.
NJR Adjusts to Meet Its Challenges and Opportunities
Under new CEO Steve Westhoven, the business portfolio of New Jersey Resources (NJR) has evolved as it typically does in response to changes in its operating environment. Its regulated utility operations, New Jersey Natural Gas (NJNG) and its Midstream segment, … Continue reading
Brightcove’s Prospects Look Brighter
A key change at Brightcove since my last post has been the turnover at the top. In August 2017, after three consecutive quarters of earnings misses, Dave Mendels, who had served as CEO for more than four years, agreed with … Continue reading