Analysis

Resources



138 Student Living Jamaica Limited | Equity Analysis

Sep 26, 2023

Valuation & Recommendation To arrive at a price target for 138SL, we employed a discounted cash flow model along with a Justified P/E approach. We forecasted the income statement and free cash flow to equity for the next five financial years with the assumption of a fully subscribed APO with no option of upsizing. Due […]

Massy Holdings Limited | Equity Analysis

Sep 06, 2023

Valuation & Recommendation To arrive at our price target for MASSY, a combination of a Justified Price-to- Earnings (P/E) model and a Relative P/E was used. Our estimate for the 2023 Financial year-end EPS, considering the year-over-year growth in sales and net profit margin seen through the current period of the 2023 financial year amounted […]

NCB Financial Group Limited | Equity Analysis

Aug 30, 2023

Valuation & Recommendation To value NCBFG we utilized two different valuation approaches. These included a market-based approach comparing the Price-to-book ratio and a residual income model. Under the market-based approach, we forecasted a 1-year forward book value attributable to shareholders for the Group and compared it to the current P/B multiple of its peer group. […]

Sagicor Financial Company Limited | Fixed Income Analysis

Aug 15, 2023

Recommendation While the credit has seen some spread compression, we believe that there might be more to come. This comes as it trades slightly cheap relative to peers with the major concern as it relates to macroeconomic exposure to Caribbean government debt likely to be offset with the Ivari transaction. In this regard, the successful […]

Wysinco Group Limited | Equity Analysis

Aug 03, 2023

Valuation & Recommendation WISYNCO was valued using a mixture of a justified Price-to-Book (P/B) model as well as a relative price-to-earnings (P/E) multiple. For the P/E-based valuation approach, we forecasted forward earnings per share (EPS) of $1.37 for FY 2023. We then applied the average P/E multiple of a group of Wisynco’s peers to the […]

Jamaica Broilers Group Limited | Equity Analysis

Aug 03, 2023

Valuation & Recommendation We estimated a price target for JBG using a justified price-to-earnings (P/E) ratio. Under this approach, we estimated a 1-year forward (FY 2024) earnings per share (EPS) of $5.68. The expected growth compared to the outturn of $4.43 per share for FY 2023 is anchored by our expectation of continued strong revenue […]

Anheuser Busch Bond Analysis | Fixed Income Analysis

Jun 19, 2023

Recommendation AB InBev improved its performance through 2022 and the first quarter of FY 2023 despite inflationary pressures and tighter economic conditions, beating both revenue and net income expectations for FY 2022 as well as for Q1 of FY 2023. The Company has been committed to decreasing its debt burden, lowering total debt from $107.00 […]

CVS Health Corporation | Fixed Income Analysis

Jun 19, 2023

Recommendation The products and services offered by CVS are typically non-discretionary expenditures for their customers. This could be seen in recent years as the company was still able to grow revenue and profits even during the Covid-19 pandemic and periods of high inflation. The markets in which the Company operates remain strong and are likely […]

Constellation Brands Incorporated | Fixed Income Analysis

Jun 19, 2023

Recommendation Despite the overall loss made, on an unadjusted basis, in FY 2023, STZ has overperformed despite inflationary issues and tighter economic conditions as is seen by earnings beats in three of its prior four quarters. Prospects do appear to be better for company performance into 2023 as commodity prices are projected to continue to […]

NCB Financial Group Limited | Equity Analysis

Jun 12, 2023

Valuation To value NCBFG we utilized two different valuation approaches. These include a comparables Price to Book Valuation and a residual income model. For the comparables approach, we forecasted a 1-year forward book value attributable to shareholders for the Group and compared it to the current P/B multiple of its peer group. We opted to […]




Let's Make Your Money Work For You