2015-2016 continuing coverage of Globalstar Inc.(NYSE:GSAT), for publication and presentation at the 2016 Burkenroad investment conference.
Authors: Thaddeus Pinakiewicz, Ana Maria Hernandez, Natalie Yanko, Silvana Gomez Fajardo
xcel energy 1108Mid-Atlantic_Presentationfinance26
This document provides an overview of Xcel Energy's upcoming Mid-Atlantic Investor Meetings on November 18-19, 2008. It summarizes Xcel Energy's financial position including earnings, dividends, debt, liquidity, credit ratings and capital expenditure plans. It also outlines recent and upcoming regulatory proceedings and rate cases across Xcel Energy's operating jurisdictions.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
xcel energy 8BFFinancial_Plan_Xcel_Energy_12052007finance26
This document provides a financial plan and capital expenditure forecast for Xcel Energy from 2007-2011. It summarizes Xcel's ability to address environmental issues through its operations and fuel efficiency. The capital expenditure forecast shows increasing investments in areas like wind generation, transmission projects, and nuclear capacity extensions. The plan also discusses Xcel's earnings guidance, dividend growth, regulatory proceedings, and opportunities for investment and earnings growth.
- The document analyzes oil and gas services company RPC, Inc. and rates it as a "Market Outperform" with a 12-month price target of $19. RPC provides oilfield services including hydraulic fracturing.
- While oil prices dropping to $80/barrel will decrease U.S. rig counts starting in mid-2015, RPC is well positioned due to its conservative capital structure and ability to meet demands for hydraulic fracturing. Increases in fracturing intensity will partially offset losses from decreased drilling activity.
- RPC's strong liquidity and conservative financing prepare it to weather periods of low oil prices and revenue better than competitors. The recent decline in RPC's stock price is seen as an over
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
This document provides an overview of Xcel Energy's strategy to align stakeholders through renewable energy development and regulatory policies. It summarizes Xcel's renewable portfolio goals through 2020, including increasing wind and solar capacity. It also discusses the company's transmission investments and constructive regulatory environment, which allow recovery of capital expenditures. Finally, it highlights Xcel's financial execution in delivering earnings and dividend growth.
xcel energy 1108Mid-Atlantic_Presentationfinance26
This document provides an overview of Xcel Energy's upcoming Mid-Atlantic Investor Meetings on November 18-19, 2008. It summarizes Xcel Energy's financial position including earnings, dividends, debt, liquidity, credit ratings and capital expenditure plans. It also outlines recent and upcoming regulatory proceedings and rate cases across Xcel Energy's operating jurisdictions.
This document summarizes an investor presentation by Xcel Energy on its business operations and financial outlook. It discusses Xcel Energy's integrated utility operations, positive cash flow generation, plans to divest its stake in NRG Energy through bankruptcy proceedings, financial guidance for 2003 including earnings per share, and capital expenditure plans. The presentation also provides comparisons of Xcel Energy's operating metrics to industry peers.
This document provides an overview of Xcel Energy Inc. for investors attending the EEI International Financial Conference. It summarizes Xcel's business segments, strengths, investment merits, capital investment plans, power supply, environmental commitments, and financial performance. Projections for 2004 earnings per share and cash flow are also presented. Key points include Xcel being the 4th largest US electric and gas utility, a growing service area, low rates, and a goal of providing competitive total returns of 7-9% to shareholders.
xcel energy 8BFFinancial_Plan_Xcel_Energy_12052007finance26
This document provides a financial plan and capital expenditure forecast for Xcel Energy from 2007-2011. It summarizes Xcel's ability to address environmental issues through its operations and fuel efficiency. The capital expenditure forecast shows increasing investments in areas like wind generation, transmission projects, and nuclear capacity extensions. The plan also discusses Xcel's earnings guidance, dividend growth, regulatory proceedings, and opportunities for investment and earnings growth.
- The document analyzes oil and gas services company RPC, Inc. and rates it as a "Market Outperform" with a 12-month price target of $19. RPC provides oilfield services including hydraulic fracturing.
- While oil prices dropping to $80/barrel will decrease U.S. rig counts starting in mid-2015, RPC is well positioned due to its conservative capital structure and ability to meet demands for hydraulic fracturing. Increases in fracturing intensity will partially offset losses from decreased drilling activity.
- RPC's strong liquidity and conservative financing prepare it to weather periods of low oil prices and revenue better than competitors. The recent decline in RPC's stock price is seen as an over
This document provides an overview of Xcel Energy from their presentation at the Edison Electric Institute Financial Conference in October 2003. Key points include Xcel achieving several accomplishments in 2003 including settling with NRG creditors, maintaining investment grade ratings, and refinancing debt. Projections for 2004 include earnings of $1.15-1.25 per share assuming NRG emerges from bankruptcy. The presentation outlines Xcel's objectives, investments, regulatory strategy, and earnings drivers to emphasize the company as a low-risk, integrated utility with a total return of 7-8%.
This document discusses Xcel Energy's strategy to achieve financial success through environmental leadership and reducing carbon emissions. It outlines plans to increase renewable energy and energy efficiency, upgrade plants, and replace coal generation with natural gas and renewable sources. This is projected to reduce carbon emissions by 2020 while maintaining reasonable rates and regulatory approval for investments. Earnings are forecasted to grow by 5-7% annually through 2020 by investing in renewable and transmission projects and benefitting from supportive regulatory treatment.
This document provides an overview of Xcel Energy's strategy to align stakeholders through renewable energy development and regulatory policies. It summarizes Xcel's renewable portfolio goals through 2020, including increasing wind and solar capacity. It also discusses the company's transmission investments and constructive regulatory environment, which allow recovery of capital expenditures. Finally, it highlights Xcel's financial execution in delivering earnings and dividend growth.
1st Quarter 2011 Market Commentary from the National Investment Fund for Cred...NAFCU Services Corporation
Recent Federal Reserve Board member comments, plus improving economic readings, may mean this period of ultra-low interest rates is nearing an end. Higher oil prices have put a damper on consumer sentiment and should affect spending in the second quarter of 2011. Read more from NIFCU$ Fund Manager, Hillary Elder in this downloadable report. Learn more about the National Investment Fund for Credit Unions (NIFCU$) at http://www.nafcu.org/nifcus
This document discusses Xcel Energy's strategy for success through stakeholder alignment. It outlines Xcel's ability to meet renewable portfolio standards and environmental goals in its states. It also addresses upcoming public policy issues like potential federal climate legislation. The document details Xcel's growing renewable energy portfolio and transmission investments. It emphasizes Xcel's constructive regulatory environment and financial execution, delivering earnings and dividend growth.
xcel energy 7258B9DD-EF98-40EE-97CF-0BFED2089B2B_0309_NEW4Texas-KCRoadshowfinance26
This document summarizes a presentation for investors in Texas, Kansas, and Missouri. It outlines Xcel Energy's strategy to grow its core utility business while meeting environmental challenges. Key points include growing rate base through transmission expansion and wind development. Earnings guidance for 2009 is $1.45 to $1.55 per share. The strategy aims for long-term annual EPS growth of 5-7% and dividend growth of 2-4% annually. Regulatory filings and rate cases are progressing as planned.
This document provides an overview and summary of Xcel Energy's strategy and performance. It discusses Xcel's positioning for renewable energy growth and potential federal climate policy. It also summarizes Xcel's financial performance, delivering 5-7% EPS growth and 2-4% dividend growth. Regulatory developments and rate cases are also addressed.
This document provides an overview of Xcel Energy's strategy to align stakeholders and achieve success through 2022. Key points include:
- Xcel Energy is well positioned for renewable energy growth and potential climate policies due to its ability to meet renewable portfolio standards and environmental initiatives across eight states.
- The company forecasts renewable resources such as wind, solar, and biomass will grow substantially to comprise 24% of its energy mix by 2020 compared to 9% in 2007.
- Xcel Energy is seeking rate relief through rider mechanisms and rate cases to recover investments in transmission, renewable generation, and other capital projects aimed at reducing emissions.
- The company expects to deliver 5-7% annual EPS growth and 2
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
Zoheb Shaikh is seeking a position that allows him to grow professionally and add value to a business. He has a Master's Degree in Marketing and over 2 years of work experience in data entry, customer service, and sales. His skills include excellent communication, relationships, learning ability, adaptability, and a strong work ethic. Currently he works as a Data Encoder for NTDE in Dubai, and previously worked for ICICI Bank and Aseema Charitable Trust in India.
This resume summarizes the qualifications and experience of P V Vinod Kumar. He has an MBA in finance from S.D. College of Information Technology with 71% marks. He also has a B.Tech in electronics and communication engineering from JNTUK with 71.29% marks. His skills include programming languages like C and C++, technical skills like AutoCAD and PSpice, and packages like MS Office. He has worked on projects in finance and robotics. For his MBA project, he analyzed working capital management for a textiles company. For his B.Tech project, he developed a robot that can be controlled through a mobile phone using DTMF technology. He is looking for a job that allows
2016 zonal intervention projects and nassstatisense
Zonal Intervention Projects (ZIP) that were included in the 2016 Budget and signed into law need to be monitored like every other project. The responsibility to implement these projects may reside with Government Ministries and Agencies; however, Citizens of these zones need to be able to ask their Senators and Representatives at the National Assembly on how well they are using their office in ensuring the people get value from ZIP.
This document discusses the concepts of neo-liberal globalization and its effects. It defines neo-liberalism as an economic ideology based on free markets with minimal government intervention. Globalization refers to the increasing integration of economies and flow of goods, services, and capital across borders enabled by technology. The document examines how globalization has impacted markets, labor, democracy, communication, culture, and localized rivalries. While globalization creates new opportunities, it can also exacerbate inequality and poverty. Overall the impacts of globalization remain controversial with both supporters and critics.
This document discusses how to leverage data from event mobile apps and technologies like beacons and NFC to drive event marketing decisions. It explains how collecting online and offline data through these technologies can help increase targeted conversions, educate attendees more effectively, and create more engaging communities. Specific metrics that can be measured include session attendance, interactions with partners, social media engagement, and tracking of an attendee's journey to identify influencers.
- Lower oil and natural gas prices have resulted in a stock price decline for Stone Energy Corporation.
- Stone has strengthened its balance sheet through recent stock issuances, asset sales, and hedging amid price declines and tight credit markets.
- Stone has shifted capital spending to focus on higher-risk, higher-reward oil operations in the Gulf of Mexico, cutting planned capital expenditures in half for 2015.
Continuing Coverage 2015 Go Deep Water or Go HomeChris Ward
- Lower oil and natural gas prices have resulted in a stock price decline for Stone Energy Corporation.
- Stone has strengthened its balance sheet through recent stock issuances, asset sales, and hedging amid price declines and tight credit markets.
- Stone has shifted capital spending to focus on higher-risk, higher-reward oil operations in the Gulf of Mexico, cutting planned capital expenditures in half for 2015.
Gulf Island Fabrication INC. Burkenroad Analyst ReportEddie Brucculeri
The document discusses Gulf Island Fabrication Inc., an oil and gas field services firm specialized in offshore drilling platforms. It notes that plummeting oil prices from $110 to $50 per barrel have severely impacted offshore rig activity. This represents a threat to Gulf Island as its backlog decreases and projects may be halted or suspended. However, the company's debt-free status provides flexibility to adapt to changing conditions. The document maintains a market perform rating for Gulf Island with a target price of $18, citing its diversification efforts and management's focus on improving margins.
Gulf Island Fabrication Inc. is rated as a Market Underperform with a 12-month target price of $8.00. While trends in maintenance and upgrades of aging rigs provide a revenue source, declining backlogs and excess rigs in storage could negatively impact shares. However, the company is diversifying through acquisitions like LEEVAC Shipyards and pursuing work in offshore wind and LNG to weather industry downturns.
- The document analyzes oil and gas services company RPC, Inc. and rates it as a "Market Outperform" with a 12-month price target of $19. RPC provides oilfield services including hydraulic fracturing.
- While oil prices dropping to $80 per barrel will decrease U.S. rig counts starting in mid-2015, RPC is well positioned due to its conservative capital structure and ability to meet demands for hydraulic fracturing. Increases in fracturing intensity will partially offset losses from decreased drilling.
- RPC's stock price drop of 27.8% is seen as an overreaction, as the company's contracts don't expire until mid-2015. Strong earnings over the next quarters and its
Key Energy Services is an oilfield services company facing challenges from low oil prices. It is exiting international markets to stabilize cash flows, implementing cost-cutting measures to improve efficiencies, and refinancing debt to boost liquidity. However, depressed oil prices still pose a major threat. With oil prices expected to gradually recover by 2017, the company can focus on stabilizing operations through restructuring and await higher commodity prices.
1st Quarter 2011 Market Commentary from the National Investment Fund for Cred...NAFCU Services Corporation
Recent Federal Reserve Board member comments, plus improving economic readings, may mean this period of ultra-low interest rates is nearing an end. Higher oil prices have put a damper on consumer sentiment and should affect spending in the second quarter of 2011. Read more from NIFCU$ Fund Manager, Hillary Elder in this downloadable report. Learn more about the National Investment Fund for Credit Unions (NIFCU$) at http://www.nafcu.org/nifcus
This document discusses Xcel Energy's strategy for success through stakeholder alignment. It outlines Xcel's ability to meet renewable portfolio standards and environmental goals in its states. It also addresses upcoming public policy issues like potential federal climate legislation. The document details Xcel's growing renewable energy portfolio and transmission investments. It emphasizes Xcel's constructive regulatory environment and financial execution, delivering earnings and dividend growth.
xcel energy 7258B9DD-EF98-40EE-97CF-0BFED2089B2B_0309_NEW4Texas-KCRoadshowfinance26
This document summarizes a presentation for investors in Texas, Kansas, and Missouri. It outlines Xcel Energy's strategy to grow its core utility business while meeting environmental challenges. Key points include growing rate base through transmission expansion and wind development. Earnings guidance for 2009 is $1.45 to $1.55 per share. The strategy aims for long-term annual EPS growth of 5-7% and dividend growth of 2-4% annually. Regulatory filings and rate cases are progressing as planned.
This document provides an overview and summary of Xcel Energy's strategy and performance. It discusses Xcel's positioning for renewable energy growth and potential federal climate policy. It also summarizes Xcel's financial performance, delivering 5-7% EPS growth and 2-4% dividend growth. Regulatory developments and rate cases are also addressed.
This document provides an overview of Xcel Energy's strategy to align stakeholders and achieve success through 2022. Key points include:
- Xcel Energy is well positioned for renewable energy growth and potential climate policies due to its ability to meet renewable portfolio standards and environmental initiatives across eight states.
- The company forecasts renewable resources such as wind, solar, and biomass will grow substantially to comprise 24% of its energy mix by 2020 compared to 9% in 2007.
- Xcel Energy is seeking rate relief through rider mechanisms and rate cases to recover investments in transmission, renewable generation, and other capital projects aimed at reducing emissions.
- The company expects to deliver 5-7% annual EPS growth and 2
This document provides an overview and financial projections for Xcel Energy. It discusses Xcel Energy's integrated utility operations, forecasts steady customer and earnings growth, and outlines plans to reduce emissions and refurbish coal plants. It also summarizes Xcel Energy's liquidity and debt refinancing plans, provides 2003 earnings guidance, and outlines priorities including resolving its NRG investment and maintaining its dividend.
This document provides an overview of Xcel Energy's strategy to achieve financial success through environmental leadership. It summarizes the company's plans to reduce carbon emissions by 2020 through investments in wind, solar, and natural gas generation while expanding demand side management efforts. It also outlines Xcel's goals for annual earnings per share growth of 5-7% and dividend growth of 2-4% through 2020. The capital expenditure forecast estimates spending between $2.1-$2.2 billion annually through 2011 to fund these clean energy investments and system upgrades.
Zoheb Shaikh is seeking a position that allows him to grow professionally and add value to a business. He has a Master's Degree in Marketing and over 2 years of work experience in data entry, customer service, and sales. His skills include excellent communication, relationships, learning ability, adaptability, and a strong work ethic. Currently he works as a Data Encoder for NTDE in Dubai, and previously worked for ICICI Bank and Aseema Charitable Trust in India.
This resume summarizes the qualifications and experience of P V Vinod Kumar. He has an MBA in finance from S.D. College of Information Technology with 71% marks. He also has a B.Tech in electronics and communication engineering from JNTUK with 71.29% marks. His skills include programming languages like C and C++, technical skills like AutoCAD and PSpice, and packages like MS Office. He has worked on projects in finance and robotics. For his MBA project, he analyzed working capital management for a textiles company. For his B.Tech project, he developed a robot that can be controlled through a mobile phone using DTMF technology. He is looking for a job that allows
2016 zonal intervention projects and nassstatisense
Zonal Intervention Projects (ZIP) that were included in the 2016 Budget and signed into law need to be monitored like every other project. The responsibility to implement these projects may reside with Government Ministries and Agencies; however, Citizens of these zones need to be able to ask their Senators and Representatives at the National Assembly on how well they are using their office in ensuring the people get value from ZIP.
This document discusses the concepts of neo-liberal globalization and its effects. It defines neo-liberalism as an economic ideology based on free markets with minimal government intervention. Globalization refers to the increasing integration of economies and flow of goods, services, and capital across borders enabled by technology. The document examines how globalization has impacted markets, labor, democracy, communication, culture, and localized rivalries. While globalization creates new opportunities, it can also exacerbate inequality and poverty. Overall the impacts of globalization remain controversial with both supporters and critics.
This document discusses how to leverage data from event mobile apps and technologies like beacons and NFC to drive event marketing decisions. It explains how collecting online and offline data through these technologies can help increase targeted conversions, educate attendees more effectively, and create more engaging communities. Specific metrics that can be measured include session attendance, interactions with partners, social media engagement, and tracking of an attendee's journey to identify influencers.
- Lower oil and natural gas prices have resulted in a stock price decline for Stone Energy Corporation.
- Stone has strengthened its balance sheet through recent stock issuances, asset sales, and hedging amid price declines and tight credit markets.
- Stone has shifted capital spending to focus on higher-risk, higher-reward oil operations in the Gulf of Mexico, cutting planned capital expenditures in half for 2015.
Continuing Coverage 2015 Go Deep Water or Go HomeChris Ward
- Lower oil and natural gas prices have resulted in a stock price decline for Stone Energy Corporation.
- Stone has strengthened its balance sheet through recent stock issuances, asset sales, and hedging amid price declines and tight credit markets.
- Stone has shifted capital spending to focus on higher-risk, higher-reward oil operations in the Gulf of Mexico, cutting planned capital expenditures in half for 2015.
Gulf Island Fabrication INC. Burkenroad Analyst ReportEddie Brucculeri
The document discusses Gulf Island Fabrication Inc., an oil and gas field services firm specialized in offshore drilling platforms. It notes that plummeting oil prices from $110 to $50 per barrel have severely impacted offshore rig activity. This represents a threat to Gulf Island as its backlog decreases and projects may be halted or suspended. However, the company's debt-free status provides flexibility to adapt to changing conditions. The document maintains a market perform rating for Gulf Island with a target price of $18, citing its diversification efforts and management's focus on improving margins.
Gulf Island Fabrication Inc. is rated as a Market Underperform with a 12-month target price of $8.00. While trends in maintenance and upgrades of aging rigs provide a revenue source, declining backlogs and excess rigs in storage could negatively impact shares. However, the company is diversifying through acquisitions like LEEVAC Shipyards and pursuing work in offshore wind and LNG to weather industry downturns.
- The document analyzes oil and gas services company RPC, Inc. and rates it as a "Market Outperform" with a 12-month price target of $19. RPC provides oilfield services including hydraulic fracturing.
- While oil prices dropping to $80 per barrel will decrease U.S. rig counts starting in mid-2015, RPC is well positioned due to its conservative capital structure and ability to meet demands for hydraulic fracturing. Increases in fracturing intensity will partially offset losses from decreased drilling.
- RPC's stock price drop of 27.8% is seen as an overreaction, as the company's contracts don't expire until mid-2015. Strong earnings over the next quarters and its
Key Energy Services is an oilfield services company facing challenges from low oil prices. It is exiting international markets to stabilize cash flows, implementing cost-cutting measures to improve efficiencies, and refinancing debt to boost liquidity. However, depressed oil prices still pose a major threat. With oil prices expected to gradually recover by 2017, the company can focus on stabilizing operations through restructuring and await higher commodity prices.
China Gold International Resources provided a presentation on its sustainable growth and reasons for investing. It highlighted its solid strategic investor backing from state-owned China National Gold Group, 11 years of increased production, and investment grade credit rating allowing low cost financing. It summarized its assets including the large Jiama polymetallic mine and CSH gold mine, and recent operational performance and financial results.
- Kirkland Lake Gold is a low-cost gold producer with operations in Canada and Australia focused on increasing shareholder value through strong free cash flow, exploration success, and growing reserves and resources.
- In the first half of 2017, Kirkland Lake produced 290,733 ounces of gold and is on track to meet its 2017 guidance of 570,000 to 590,000 ounces.
- The company has a strong financial position with $267.4 million in cash at the end of June 2017 and a net cash position of $224 million.
xcel energy 1108Mid-Atlantic_Presentationfinance26
This document provides an overview of Xcel Energy's upcoming Mid-Atlantic Investor Meetings on November 18-19, 2008. It summarizes Xcel Energy's financial position including earnings, dividends, debt, liquidity, credit ratings and capital expenditure plans. It also outlines recent and upcoming regulatory proceedings and rate cases across Xcel Energy's operating jurisdictions.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also summarizes information provided on rate case filings and outcomes, capital expenditure forecasts, regulatory net income projections, and earnings guidance ranges.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also provides highlights on rate case filings, capital expenditure forecasts, potential regulatory net income, and earnings guidance ranges.
This document provides an overview and summary of a financial conference held by Edison Electric Institute on November 8, 2005. It includes introductory remarks regarding forward-looking statements and safe harbor provisions. The document then summarizes Dick Kelly's presentation on EPS growth targets, dividend increases, and credit rating objectives for 2005-2009. It also summarizes information provided on rate case filings and outcomes, capital expenditure forecasts, regulatory net income projections, and earnings guidance ranges.
Special report by epic research of 14 november 2017Epic Research
Epic Research prepares a special report on a daily basis which provides share market overview to the investors in brief. We aim to serve you best in class financial services at affordable prices.
- The document provides an investment analysis of Cash America International Inc. (CSH) and assigns it a rating of "Market Underperform" with a 12-month target price of $31. It analyzes several positive developments at CSH including the Enova spin-off, reduced regulatory risk from de-emphasizing consumer loans, new stable management, continued acquisitions, divesting foreign operations, and returning value to shareholders through buybacks and dividends. However, the document concludes the target price based on various valuation methods warrants a "Market Underperform" rating.
- Newmarket Gold has an exceptional management team with a track record of value creation and significant ownership stakes in the company.
- The company has three producing gold mines in Australia with over 200,000 ounces of annual gold production and strong cash flows.
- Newmarket has discovered three new gold deposits near existing infrastructure and sees potential for further resource expansion and organic growth.
Capital Markets Insights: Credit Availability for the Middle Market Remains R...Duff & Phelps
Recent trimming in first lien debt appetite resulted in a higher proportion of second lien and junior debt in capital structures. The fuller covenant packages typical of the private market, combined with unabated growth in private investor capital formation, have served to differentiate middle market conditions from those of the broader liquid markets. While the weighted average cost of debt for middle market issuers has increased modestly, credit availability — both in terms of leverage multiples and cost — is robust.
This document summarizes a presentation by Xcel Energy at the EEI Financial Conference from November 9-12, 2008 in Scottsdale, Arizona. Xcel Energy discusses its strong financial position, including solid credit ratings, a recent equity issuance, and strong liquidity. It outlines capital expenditure plans and upcoming regulatory proceedings. Xcel reaffirms its strategy and earnings guidance range for 2009 of $1.45 to $1.55 per share, despite economic challenges.
This document provides an overview of Xcel Energy Inc.'s upcoming presentation at the EEI Financial Conference from November 9-12, 2008 in Scottsdale, Arizona. Key points include Xcel Energy maintaining solid credit ratings and a strong balance sheet. The company also discusses capital investment plans, financing strategies, and earnings guidance of $1.45 to $1.55 per share for 2009. An upcoming analyst meeting on December 3rd will provide more details on strategic, generation, renewable, and regulatory plans.
FX Energy, an independent oil and gas exploration and production company, operates in Poland. It currently produces over 14 million cubic feet of gas equivalent per day in Poland. It has significant reserves of $243 million and plans to increase drilling activity in 2013. Poland provides an attractive investment environment due to low costs of production, strong gas prices tied to European markets, and a stable economy and legal system. FX Energy focuses on conventional, not unconventional, gas exploration and has established significant reserves from a small number of wells in its highest potential Fences concession.
Similar to Globalstar 2015-2016 Burkenroad Report (20)
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
The Steadfast and Reliable Bull: Taurus Zodiac Signmy Pandit
Explore the steadfast and reliable nature of the Taurus Zodiac Sign. Discover the personality traits, key dates, and horoscope insights that define the determined and practical Taurus, and learn how their grounded nature makes them the anchor of the zodiac.
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Part 2 Deep Dive: Navigating the 2024 Slowdownjeffkluth1
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
Industrial Tech SW: Category Renewal and CreationChristian Dahlen
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
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Cover Story - China's Investment Leader - Dr. Alyce SUmsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
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1. November 6, 2015
GLOBALSTAR INCORPORATED
GSAT/NYSE
Continuing Coverage:
Globalstar: The FCC Won’t Let Me Be!
Investment Rating: Market Outperform
PRICE: $ 2.10 S&P 500: 2,099.20 DJIA: 17,910.33 RUSSELL 2000: 1,199.75
Global expansion will increase subscriber base with little fixed cost and
reduce dependence on North America
Ground infrastructure to support the second‐generation satellites will
enable full use of capabilities
High levels of debt and contractual obligations represent a liquidity concern
for the Company
Pending regulatory approval of the existing downlink S‐Band for Terrestrial
Low Power Services will determine if the Company will have a new source of
revenue
Our 12‐month target price is $2.60
Valuation 2014 A 2015 E 2016 E
EPS* $ (0.50) $ 0.07 $ (0.10)
P/E NM 30.5x NM
CFPS $ 0.00 $ (0.01) $ (0.01)
P/CFPS 1437.5x NM NM
* Excluding non‐recurring items
Market Capitalization Stock Data
Equity Market Cap (MM): $ 2,179 52‐Week Range: $1.45 ‐ $3.58
Enterprise Value (MM): $ 2,790 12‐Month Stock Performance: ‐19.85%
Shares Outstanding (MM): 1,038 Dividend Yield: 0.00%
Estimated Float (MM): 414 Book Value Per Share: $ 0.25
6‐Mo. Avg. Daily Volume: 1,895,780 Beta: 1.38
Company Quick View:
Here it’s all about LEO (low earth orbit) satellites. From its headquarters on the north
shore of Lake Ponchartrain, Globalstar provides mobile voice and data services in more
than 120 countries. Globalstar Inc., headquartered in Covington, Louisiana, is a satellite
telecommunication provider delivering voice and data services to remote areas
underserved by traditional phone and Internet coverage. The Company operates a
network of low orbit satellites and ground stations, serving more than 580,000
subscribers worldwide by focusing on the Americas and Europe. Customers include the
U.S. government and companies in the maritime, energy, and mining industries.
Globalstar also sells handheld satellite phones and GPS tracking devices, targeting
adventure travelers and commercial clients.
Company Website: www.globalstar.com
Analysts: Investment Research Manager:
Silvana Gomez Jed Vorhoff
Natalie Yanko
Thaddeus Pinakiewicz
Ana Hernandez
The BURKENROAD REPORTS are produced solely as a part of an educational program of Tulane University's
Freeman School of Business. The reports are not investment advice and you should not and may not rely on
them in making any investment decision. You should consult an investment professional and/or conduct your
own primary research regarding any potential investment.
Wall Street's Farm Team
BURKENROADREPORTS
5. Globalstar Incorporated (GSAT) BURKENROAD REPORTS (www.burkenroad.org) November 6, 2015
5
Megahertz‐Population Valuation Method
Satellite service companies like Globalstar often use the megahertz‐population (MHz‐POP)
approach to valuate spectrum. The market prices spectrum in terms of MHz‐POP, which is the
company’s spectrum width in megahertz (MHz) multiplied by the population covered in a
specific service area.
′
The enterprise value of the company is determined by multiplying its MHz‐POP measure times
the spectrum’s price per MHz‐POP.
Adding cash and subtracting debt to the company’s enterprise value calculates its equity
value. Expected price per share, or equity value per share, results from dividing the equity
value by the shares outstanding.
To replicate this valuation method and determine a share price for Globalstar, we established
two base assumptions: a spectrum of 22 MHz, which is the currently unlicensed Terrestrial
Low Power Service (TLPS) spectrum, and 318 million of covered population in the U.S.
Additionally, we set a price range for the spectrum within a $0.20 per MHz‐POP low and a
$0.90 high, considering previous effective bids on similar spectrum bands and holding a
conservative approach. However, because we believe that the FCC will rule in favor of
Globalstar more likely than not, we assigned the higher end prices a greater weight in the
weighted average calculation for the final expected price per share, and disregarded the two
cases in the middle section. Table 2 summarizes the data used to calculate the $2.60 target
price.
Table 2: MHz‐POP Valuation for Globalstar
Price
(p/MHz
‐POP)
MHz‐
POP
Enterprise
Value
($MM)
Cash
($MM)
Debt
($MM)
Equity
Value
Per
Share
Weight
(%)
Weighted
EV per
Share
Average
Final
Price
0.90 6,996 6,296 28 (638) $5.14
75
$3.86
$ 3.40
$ 2.60
0.80 6,996 5,597 28 (638) $4.51 $3.38
0.70 6,996 4,897 28 (638) $3.88 $2.91
0.60 6,996 4,198 28 (638) $3.25
‐
‐
0.50 6,996 3,498 28 (638) $2.61 ‐
0.40 6,996 2,798 28 (638) $1.98
25
$0.49
$ 0.30 0.30 6,996 2,099 28 (638) $1.35 $0.34
0.20 6,996 1,399 28 (638) $0.71 $0.18
Source: Burkenroad Analysis November 6, 2015
10. Globalstar Incorporated (GSAT) BURKENROAD REPORTS (www.burkenroad.org) November 6, 2015
10
Figure 3: Globalstar Service Areas
Dark shading Primary service area Strong Signal
Medium shading Extended Service Area Customers may experience weaker signal
Light shading Fringe service area Customers should experience weakest signal
Source: Globalstar Inc. September 11, 2015
Products
Globalstar has two primary service lines: Simplex and Duplex. Simplex is a one‐way data
service that transmits information from a Simplex‐enabled device over the Globalstar
network. This line is primarily used for communication of cargo locations, utility meter levels,
and other pertinent measurements within governmental agencies and the military. A large
component of the Simplex technology is the SPOT product line. Combining one‐way
technology with GPS features, SPOT targets customers that require emergency location and
messaging services outside traditionally covered areas. Duplex is a two‐way data service that
uses both mobile and fixed devices in order to establish more sophisticated communication
between two locations. Regarding the contribution of each segment to total revenues, the
SPOT product line accounts for approximately 40% of Globalstar’s total revenue. Simplex
(excluding SPOT) and Duplex lines account for approximately 17% and 37% of total revenue
respectively. The remaining 6% of revenue is derived from other less significant sources of
income for the Company.
Strategy
Globalstar’s strategy is centered on providing telecommunication opportunities for
underserviced regions of the world. The goal is to provide service levels and call success rates
equal to or better than its Mobile Satellite Services (MSS) competitors for a cheaper price.
Globalstar formed a second‐generation constellation of LEO satellites in 2013, expanding and
modernizing the Duplex system architecture. A current initiative to upgrade the ground
stations, allowing for the development of mass‐marketable and consumer‐friendly high‐speed
products, is scheduled for completion by 2016.
14. Globalstar Incorporated (GSAT) BURKENROAD REPORTS (www.burkenroad.org) November 6, 2015
14
Table 4: Number of Satellites and Type of Orbit
Company
Number of
satellites in orbit
Geo‐
stationary
Low earth
orbit (LEO)
Inmarstat PLC 11 X
Iridium Communication Inc. 66 X
Intelsat S.A. 50 X
EchoStar Corp. 24 X
ViaSat Inc. 25 X
Globalstar 32 X
Sources: Inmarsat; Iridium Communications; Intelsat; EchoStar; ViaSat; Globalstar Inc.
September 30, 2015
MANAGEMENT PERFORMANCE AND BACKGROUND
Globalstar’s top management team is comprised of experts in a variety of fields, including
engineering, finance, law, sales, and accounting. The following seven individuals, along with
the Board of Directors, make up the Company’s Corporate Governance.
A company’s return on invested capital (ROIC), allows investors to evaluate how well
management generates returns as a percentage of investment. It provides valuable insights
in regards to efficiency of capital use and competitive positioning within the industry. As
shown in Table 5, Globalstar’s ROIC during the last five years has been well below that of its
peers, indicating unattractive results as negative ROIC indicates capital value destruction.
Table 5: Return on Invested Capital
Company Ticker
2015
(as of 6/30)
2014 2013 2012 2011
Inmarstat Plc ISAT.L 9.27% 13.75% 4.74% 10.16% 13.38%
Iridium
Communication Inc.
IRDM 4.86% 4.20% 4.03% 6.07% 6.25%
Intelsat S.A. I 7.50% 8.13% 7.55% 7.26% 7.14%
EchoStar Corp. SATS 5.50% 6.60% (0.26%) 2.72% 0.43%
ViaSat Inc. VSAT 1.46% 3.67 0.06% (0.69%) (0.23%)
Globalstar GSAT (9.81%) (13.07%) (8.75%) (7.68%) (6.05%)
Source: Gurufocus October 7,2015
James “Jay” Monroe, III
Executive Chairman of the Board of Directors and Chief Executive Officer
James “Jay” Monroe, III has served as Chairman of the Board of Directors since Globalstar
was purchased by Thermo Companies in 2004, and he has been the Chief Executive Officer
(CEO) since July 2011. He previously served as CEO from 2005 to 2009. He has been the
majority owner of Thermo since it’s founding in 1984. Mr. Monroe is a graduate of Tulane
University.
25. Globalstar Incorporated (GSAT) BURKENROAD REPORTS (www.burkenroad.org) November 6, 2015
25
ANOTHER WAY TO LOOK AT IT
ALTMAN Z‐SCORE
The Z‐Score was first introduced by New York University’s Professor Edward Altman in 1967,
and is a formula that estimates the likelihood of a publicly‐traded company to file for
bankruptcy within the next few years. Companies are classified into one of three categories:
safe zone, grey zone or distress zone. The score is based upon five financial ratios and is
calculated according to the following formula:
1.2 1.4 3.3 .6 4 1 5
Where:
= Working capital to total assets
= Retained earnings to total assets
= Earnings before interest and T=taxes (EBIT) to total assets
= Market value of equity to book value of total liabilities
= Sales to total assets
The company is in the safe zone if it has a Z‐score of 2.99 or higher, in the grey zone if it scores
between 1.8 and 2.99, and in the distress zone if it scores below 1.8. Companies with lower Z‐
scores have greater risk of bankruptcy.
Table 9 shows the historical Z‐scores for Globalstar. The Company has consistently been in
Altman’s distress zone, which links it to a high risk of bankruptcy. The formula was originally
developed to analyze asset‐heavy manufacturing companies, however, and it might not
accurately assess Globalstar’s bankruptcy risk.
Table 9: Historical Z‐Scores for Globalstar
Year 2009 2010 2011 2012 2013 2014
Z‐score (0.25) (0.09) (0.25) (1.04) (1.89) (1.45)
Zone
Distress
Zone
Distress
Zone
Distress
Zone
Distress
Zone
Distress
Zone
Distress
Zone
Source: Burkenroad Reports Analysis
27. Globalstar Incorporated (GSAT) BURKENROAD REPORTS (www.burkenroad.org) November 6, 2015
27
WWBD?
What Would Ben (Graham) Do?
Ben Graham, known by many as the father of value investing, developed a list of eight
“hurdles” that evaluate the potential of investing in a selected stock. The first six hurdles on
his list provide insight into the value of the company, while the last two hurdles test its
growth potential. Mr. Graham would consider a stock to be an attractive investment if it
passes at least four of the following eight hurdles
1. An earnings to price yield of two‐times the yield on the ten‐year Treasury
2. A P/E ratio down to one‐half of the stock’s highest in five years
3. A dividend yield of one‐half the yield on the ten‐year Treasury
4. A stock price less than 1.5‐times the book value
5. A total debt less than book value
6. A current ratio of two or more
7. An earnings growth rate of 7% or higher over past five years
8. A stable growth in earnings
Globalstar currently only passes the first hurdle on the list by having an earnings to price
yield of 7.51%, which is higher than two‐times the yield on the ten‐year Treasury. The tests
for all eight hurdles are shown in Figure 5. As a result, Ben Graham would not consider
investing in this stock.
Figure 5: Ben Graham Analysis
28. Globalstar Incorporated (GSAT) BURKENROAD REPORTS (www.burkenroad.org) November 6, 2015
28
Earnings per share (ttm) 0.16$ Price: 2.10$
Earnings to Price Yield 7.51%
10 Year Treasury (2X) 4.68%
P/E ratio as of 12/31/14 (5.6)
P/E ratio as of 12/31/13 (1.8)
P/E ratio as of 12/31/12 (1.1)
P/E ratio as of 12/31/11 (3.0)
P/E ratio as of 12/31/10 (4.3)
Current P/E Ratio 13.3
Dividends per share (ttm) ‐$ Price: 2.10$
Dividend Yield 0.00%
1/2 Yield on 10 Year Treasury 1.17%
Stock Price 2.10$
Book Value per share as of 9/30/15 0.26$
150% of book Value per share as of 9/30/15 0.38$
Interest‐bearing debt as of 9/30/15 638,479$
Book value as of 9/30/15 263,075$
Current assets as of 9/30/15 59,823$
Current liabilities as of 9/30/15 103,648$
Current ratio as of 9/30/15 0.6
EPS for year ended 12/31/10 (0.34)$
EPS for year ended 12/31/11 (0.18)$
EPS for year ended 12/31/12 (0.29)$
EPS for year ended 12/31/13 (0.96)$
EPS for year ended 12/31/14 (0.50)$
EPS for year ended 12/31/10 (0.34)$
EPS for year ended 12/31/11 (0.18)$ ‐47%
EPS for year ended 12/31/12 (0.29)$ 61%
EPS for year ended 12/31/13 (0.96)$ 231%
EPS for year ended 12/31/14 (0.50)$ ‐48%
Stock price data as of November 6, 2015
No
Hurdle # 3: A Dividend Yield of 1/2 the Yield on 10 Year Treasury
No
Hurdle # 4: A Stock Price less than 1.5 BV
No
Hurdle # 5: Total Debt less than Book Value
No
Hurdle # 6: Current Ratio of Two or More
No
Hurdle # 7: Earnings Growth of 7% or Higher over past 5 years
No
Hurdle # 8: Stability in Growth of Earnings
No
GLOBALSTAR (NYSE: GSAT)
Ben Graham Analysis
Hurdle # 1: An Earnings to Price Yield of 2X the Yield on 10 Year Treasury
Yes
Hurdle # 2: A P/E Ratio Down to 1/2 of the Stocks Highest in 5 Yrs