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Focused

Shire 3Q18: Well Balanced Growth

Worth Watching: 01 Nov 2018, 9:43 PM ET - Shire 3Q18: We reiterate our Underperform recommendation on Shire. While the company's bonds have traded into mid-BBB territory (i.e. on par with the likely ratings of the combined Takeda/Shire entity), we believe the highly leveraging nature o ..
Focused

Shire: $2.25 bn Cash Tender Offer

Worth Watching: 24 Aug 2018, 11:39 AM ET - Shire (Baa3/BBB-) announced a $2.25 bn (maximum amount) cash tender for certain series of notes issued by its wholly-owned subsidiaries, including Baxalta and Shire Acquisitions Investments Ireland DAC (SAIIDAC). Specifically, those notes inclu ..
Focused

Healthcare: 2Q18 Earnings Recap

Sector Analysis: 15 Aug 2018, 9:59 PM ET - In this note, we recap 2Q18 earnings results in US Healthcare with a focus on the Health Insurers, Medical Device manufacturers and Pharmaceutical companies.
Focused

Shire 2Q18: Leverage/Ratings Mismatch

Worth Watching: 31 Jul 2018, 4:50 PM ET - Shire 2Q18 (Baa3/BBB-): Shire reported 2Q18 adjusted earnings of $1.19 bn, or $3.88/share. This compares to adjusted earnings of $1.14 bn, or $3.73/share, in the prior year period. Second quarter revenues totaled $3.92 bn (vs consensus of $3.8 ..

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

Shire: Agrees to Takeda's $62 bn Offer

Worth Watching: 08 May 2018, 10:45 PM ET - Shire (Baa3/BBB) has agreed to be acquired by Takeda for $62.5 bn (or £49.01/share), representing an EV/2018E EBITDA multiple of ~12.2x. Under terms of the agreement, Shire's shareholders will be entitled to receive $30.33/share in cash and eit ..
Focused

Shire 1Q18: Earnings Overshadowed by Takeda

Worth Watching: 26 Apr 2018, 9:09 PM ET - Shire 1Q18 (Baa3/BBB-): Shire reported 1Q18 adjusted earnings of $1.17 bn, or $3.86/share. This compares to adjusted earning of $1.1 bn, or $3.63/share, in the prior year period. First quarter revenues totaled $3.77 bn (vs consensus of $3.72 bn ..
Focused

Shire: Takeda Takes Another Hack

Worth Watching: 25 Apr 2018, 2:00 PM ET - Shire  (Baa3/BBB-) is considering yet another revised takeover offer from Takeda, marking the fifth attempt thus far. The latest bid would value Shire at £49/share ($68.31), or £46.2 bn ($64.3 bn). The offer was boosted from £47 on the last go a ..
Focused

Shire: Mulls 4th Offer from Takeda

Worth Watching: 22 Apr 2018, 9:43 PM ET - Shire  (Baa3/BBB-) is weighing a fourth takeover offer from Takeda which would value the company at £47/share ($65.84), or approximately £44.3 bn ($62 bn). The new offer was boosted from £46.50 on the last go around and tweaked to include a hig ..
Focused

Shire: Takeda Weighing a Takeover

Worth Watching: 28 Mar 2018, 1:20 PM ET - Shire  (Baa3/BBB-): Takeda confirmed that it is weighing a potential bid for Shire following widespread market speculation. Takeda has categorized its interest in Shire as "preliminary and exploratory", while also justifying its strategic ratio ..
Focused

Shire FY17: Shifting Capital Allocation Priorities

Earnings Note: 14 Feb 2018, 10:03 PM ET - Shire’s capital allocation priorities appear to have shifted away from debt reduction. Management made mention of asset sales in the same breath as shareholder rewards in the FY17 release. 

Pharma 2018 Outlook: Bracing for M&A

Sector Outlook: 17 Jan 2018, 4:15 AM ET - We enter 2018 with a U/P recommendation on the Pharma sector as we anticipate multiple sources of event risk in the year ahead. Our rec is supported by tight sector spreads relative to both the IG Corporate Index and historical averages.

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

Shire: Delays Neuroscience Decision

Worth Watching: 08 Jan 2018, 3:03 PM ET - Shire  (Baa3/BBB-) announced that it has extended the strategic review of its Neuroscience unit. A decision on the business had been expected by YE17. In the meantime, Shire plans to reorganization itself into two divisions, Rare Disease and Neu ..

October 2017 Company Coverage Initiated

Company Coverage Initiated: 31 Oct 2017, 9:47 PM ET - Our monthly report provides executive summaries for the twelve companies on which we launched coverage in the Americas and Europe during the month of October.
Focused

Shire: Initiating Coverage at Underperform

Company Analysis: 24 Oct 2017, 5:16 AM ET - We have a positive view on the fundamentals of Shire’s business and believe the company has a path to lower leverage. That said, we do not feel the potential credit implications of a Neuro spin/sale are being appropriately priced.

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   

Euro HY Conference 2017: Healthcare Transcript

Transcript: 20 Jun 2017, 11:35 AM ET - This is a transcript of the talk we gave at the CreditSights Euro HY Conference. We discuss our recommendations in the sector and where we feel comfortable taking a ‘risk on’ position, and we provide an update on the UK social care sector.

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.

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