Friday, November 15, 2019
Friday, November 8, 2019
Brookfield’s Westinghouse Progress to $800M Annual EBITDA
Brookfield’s (BAM, BBU) Westinghouse makes progress to achieving $800M Annual EBITDA in the near term.
Westinghouse Electric Co. will acquire Rolls-Royce’s Civil Nuclear Systems and Services businesses in North America for an undisclosed amount under a “definitive agreement” announced on Sept. 26.
Westinghouse Electric Company announced the acquisition of NA Engineering Associates Inc., a Canadian-based provider of comprehensive engineering solutions including significant nuclear expertise. This acquisition supports Westinghouse's strategic growth initiatives by expanding the company's footprint in Canada.
Westinghouse Will Acquire Rolls-Royce’s Civil Nuclear Business
Westinghouse Acquires Canada's NA Engineering Associates
Westinghouse Electric Co. will acquire Rolls-Royce’s Civil Nuclear Systems and Services businesses in North America for an undisclosed amount under a “definitive agreement” announced on Sept. 26.
Westinghouse Electric Company announced the acquisition of NA Engineering Associates Inc., a Canadian-based provider of comprehensive engineering solutions including significant nuclear expertise. This acquisition supports Westinghouse's strategic growth initiatives by expanding the company's footprint in Canada.
Westinghouse Will Acquire Rolls-Royce’s Civil Nuclear Business
Westinghouse Acquires Canada's NA Engineering Associates
Brookfield Asset Management Closes PE Fund with $9B in Commitments
Brookfield Asset Management (BAM) Closes PE Fund with $9B in Commitments. BAM PE field sizes previously were $1B, $4B including Brookfield and child company commitments. Latest BCP V size was $9B including $3B from BBU. Out of this $9B $2.5B has been commuted for announces deals.
APO and BX have PE funds size of $18B to $20B so there is a long ways to go for BAM in PE.
EXPE at $100 on 3Q2019 Results Offers Intriguing Opportunity
Expedia (EXPE) at $100 on 3Q2019 Results Offers Intriguing Opportunity. Valuation down to $14B from $20B.
EXPE and BKNG both have 35-40% of Online Travel Agency (OTA) global market. OTA market is still only 15% of $1.7 Trillion Travel Market so there is still significant growth runway for these companies.
Main competitors as of today BKNG and AirBnB. There is potential for AMZN, FB, GOOGL, COST to look to enter this market but EXPE has built a sustainable network effect competitive moat around its business.
Expedia operates Core OTA Expedia business and VRBO which is a similar business model to AirBnB.
EXPE and BKNG both have 35-40% of Online Travel Agency (OTA) global market. OTA market is still only 15% of $1.7 Trillion Travel Market so there is still significant growth runway for these companies.
Main competitors as of today BKNG and AirBnB. There is potential for AMZN, FB, GOOGL, COST to look to enter this market but EXPE has built a sustainable network effect competitive moat around its business.
Expedia operates Core OTA Expedia business and VRBO which is a similar business model to AirBnB.
Saturday, November 2, 2019
SoftBank Vision Fund Could be In Trouble
SoftBank Vision Fund Could be In Trouble If the risky tech unicorn investments don’t turn around.
If a recession hits or interest rates raise it could be a catalyst.
$100B Vision Fund has $60B Equity and $40B debt and is invested mostly in in proven tech startups that consume cash (burn??) but don’t generate feee cash flow. These investments need to fund the 7% interest on the $40B debt.
We will find out how this goes in next 5 years.
If a recession hits or interest rates raise it could be a catalyst.
$100B Vision Fund has $60B Equity and $40B debt and is invested mostly in in proven tech startups that consume cash (burn??) but don’t generate feee cash flow. These investments need to fund the 7% interest on the $40B debt.
We will find out how this goes in next 5 years.
FB 3Q2019 Investment Update - $17.6B Revenue, $2.12 EPS, 29% Revenue Growth
FB 3Q2019 Investment Update - $17.6B Revenue, $2.12 EPS, 29% Revenue Growth. 2020 will be a fantastic year for FB as US Political ads in an election year and fading memory of security issues will surely show steep growth.
Users and Advertisers are stuck with FB as the economic moat becomes stronger over time. 2019 EPS will be $8 and 2020 EPS could be between $9 to $10 bases on fumes so at $193 FB now trades at 20 times Forward Earnings taking a $9.5 EPS midpoint.
Users and Advertisers are stuck with FB as the economic moat becomes stronger over time. 2019 EPS will be $8 and 2020 EPS could be between $9 to $10 bases on fumes so at $193 FB now trades at 20 times Forward Earnings taking a $9.5 EPS midpoint.
GOOGL 3Q2019 Update - 22% Revenue Growth to $40B Revenue
Alphabet (GOOGL) 3Q2019 shows company defies law of large numbers by posting 22% Revenue Growth to $40B Revenue. Adjusted EPS is trending to $12. 2019 Adjusted EPS could be $50 and 2020 EPS could be $60. Excluding $150 per share excess cash GOOGL trades for less than 20 times Forward EPS.
Company holds ground in advertising while making some headway in Cloud and is positioned to be one of the major players after AWS and Azure.
Company holds ground in advertising while making some headway in Cloud and is positioned to be one of the major players after AWS and Azure.
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