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May 17, 2021 Discovery and AT&T announced on May 17 that Discovery and AT&T’s WarnerMedia will merge to form a large standalone media company. The new firm (which was not named) will have tremendous reach via the combined networks, including TNT, CNN, Discovery, and HGTV, along with a massive content library of some of the best known scripted and unscripted programming. We are relatively confident that the deal will be approved by regulators and close in 2022 since it removes one vertically integrated player from the market and the overall merger size is smaller than the 2019 Dis...

Apr 20, 2021 Tobacco stocks seem likely to move lower today following media reports that the Biden administration is considering lowering the nicotine and menthol levels in cigarettes in the U.S. The introduction of such measures does not form our base-case assumption for the purposes of forecasting cash flows, but it is one of the ESG risks we have identified, and is captured in our bear-case valuations. There is little evidence to suggest the change in administration has increased the probability of these events occurring, so we maintain our valuations and wide moat and negative ...

Apr 15, 2021 Thermo Fisher Scientific announced on April 15 that it will acquire the contract research organization PPD for around $17.4 billion (including $3.5 billion in debt). This news doesn't surprise us. Thermo Fisher, being one of the biggest financial beneficiaries of the coronavirus pandemic, has significant capital to deploy, ample interest in the contract research segment, and acquisition-fueled growth ambitions. The price of $47.50 per share doesn't strike us as particularly egregious; while it represents a roughly 30% premium to our stand-alone valuation of PPD, it is ...

Mar 10, 2021 Barclays reported full-year 2020 attributable profit of GBP 1.5 billion, down 38% compared with last year as higher loan-loss provisions and weaker net interest income were not offset by stronger investment bank performance. Return on equity, excluding litigation and conduct costs, came in at 3.4% versus 9% a year ago. We maintain our GBX 170 per share fair value estimate and no-moat and stable trend ratings. Read Full Analysis Business Description Barclays is a universal bank headquartered in the United Kingdom. It operates via two principal segment...

. The US economy will experience "stellar" growth in 2021 as the COVID-19 pandemic subsides, Bank of America said in a note on Monday. The bank increased its 2021 US GDP growth estimate to 6.5% from 6.0% as it has become "more convinced" that the consumer will get out and spend this year, the note said. The bank also sees heightened economic growth extending into next year, bumping its 2022 GDP growth estimate to 5.0% from 4.5%. Here are the three reasons guiding Bank of America's decision to increase its economic growth forecast, according to the note. 1. A larger fiscal stimulus package. Co...