Archive for May, 2015

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TMT Model Portfolio Update: The Skeptics Guide

We assessed the valuations of 188 large cap TMT stocks, using our proprietary framework, which separates EV into near term and long term components. Graphed on these axes, the names fall into quadrants with interesting implications for trading. Historically, “Dream”

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DuPont – A Slim Victory but Have Any Lessons Been Learned?

DuPont may have won the battle, albeit by a small margin, but in our view it is still very much in danger of losing the war.  Beating Trian in the recent proxy fight may be a cause for celebration in

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SaaS Applications: [Subscription] Software is Eating the World!

SaaS enterprise applications make up a more than $31B market that is growing at more than 30%, and is projected to sustain 20% growth through 2018. SaaS products are a bundle, displacing not just the application, but also the enterprise

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TMT: 1Q 2015 Earnings Rundown

Two main themes surprised us during 1Q15. First, advertisers are showing caution at a particularly eventful moment in the evolution of mobile commerce, and second, the enterprise transition to the cloud is playing out even faster and more profitably than

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A WBA/RAD or CVS/RAD NEWCO as a Counterweight to Narrowing Retail Pharmacy Networks

This note updates our argument that US retail pharmacy networks are likely to narrow, compressing pharmacy dispensing margins – and in particular focuses on our belief that a WBA/RAD or CVS/RAD NEWCO is better able to withstand such margin pressures

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SSR Health New Product Approval Portfolios & Supporting Data Update

Drug, biotech, and research-based spec pharma stocks tend to outperform their peers in the year or so before and after regulatory actions (‘PDUFA’ dates) on major new products, with a large portion of total risks being concentrated in the days

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