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General Electric

In light of GE's efforts to sell off the vast majority of GE Capital, we note that across its Industrial segments Power (~31% of manufacturing sales in 2017, ~18% of adjusted profits) and Aviation (24% of sales, 43% of profits) rank as the largest based on revenues. Healthcare is the next largest generator of sales (16% of sales, 22% of profits) also with solid profits. The rest of GE's industrial portfolio is rounded out by Oil & Gas (15% of sales, 6% profits) Renewable Energy (9% of sales, 5% profits), and although Transportation is a smaller segment (~3% of sales, 5% profits), it still had a solid margin profile even with a challenging few years. Lighting (2% of sales, 1% of profits) has largely been classified as a held for sale asset. Total consolidated sales for GE are focused on the U.S. (38% of 2017 revenues), followed by Europe (19%), Asia (18%), Middle East and Africa (16%), and Americas (~9%) (20 Jun 2018)

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Focused

GE/GECC: Restructuring Specialist on Board

Worth Watching: 10 Dec 2018, 6:58 PM ET - GE/GECC (Baa1/BBB+/BBB+) announced that board member John Brennan, after six years of service, will be replaced by Paula Rosput Reynolds. The news of Brennan's retirement does not come as a surprise, as this event has been brewing since March, ..

European IG & Crossover Annual Conference TODAY

Announcement: 06 Dec 2018, 10:03 PM ET - Today is our European IG & Crossover Annual Conference in London.

IG & Crossover Euro Conference this Friday

Announcement: 03 Dec 2018, 9:02 PM ET - There are only a few days remaining to register for our IG & Crossover European Annual Conference in London this Friday.

November 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the forty company recommendation changes made on North American companies during the month of November.
Focused

GE CSR: Charting the Fall of a Titan

Risk Product Analysis: 27 Nov 2018, 9:02 PM ET - We illustrate the key developments in GE's rapid descent from low-AA to high-BBB through the lens of our quantitative credit risk models.
Focused

GE/GECC: First Signs of a Public Pushback?

Worth Watching: 27 Nov 2018, 12:02 AM ET - GE/GECC (Baa1/BBB+/BBB+) showed the first, albeit small, sign of pushing back on the public narrative, posting a release on GECAS' helicopter finance unit (Milestone Aviation). The move seems to come in response to an equity report this morning ..

U.S. Insurance: $11+bn in Total GE Exposure

Sector Analysis: 26 Nov 2018, 5:14 AM ET - In this note we highlight U.S. insurer exposure to GE. AIG, State Farm, GE’s own insurance operation, Aegon, Lincoln Financial, Aflac, and Prudential are all in the top-10.
Focused

GE/GECC: The Abyss Stares Back

Company Analysis: 25 Nov 2018, 11:26 PM ET - In this report we share our GE trading observations from last week, discuss topics arising from our numerous client interactions, and briefly run through the news flow.

US IG Chart of the Day: 15 Best / Worst November

Strategy Analysis: 16 Nov 2018, 9:29 AM ET - For today's chart of the day we look at mid-month performance of the 15 best and worst performing issuers on a duration adjusted level for the US IG ICE BofAML index. We also calc PCG and GE's contribution to the loss. 
Focused

GE: HOLD (Don't Catch) the Falling Knife

Company Analysis: 16 Nov 2018, 12:53 AM ET - In this report we address many of the most salient questions coming from of our client base and take our recommendation on GE to a Hold.

BHGE: Accelerating GE's Exit with $1.5 bn Buyback

Company Analysis: 14 Nov 2018, 4:17 AM ET - Baker Hughes a GE Company and GE announced an accelerated monetization of GE’s ownership of BHGE.  BHGE will purchase $1.5 bn of its stock from GE and GE will conduct a secondary offering of 92 mn shares of BHGE (9.2 mn share greenshoe).
Focused

GE: 3Q18 | Haunted Past, “A” Fixable Future?

Earnings Note: 31 Oct 2018, 12:04 AM ET - GE’s quarterly results were underwhelming, as was expected, but at least unsecured and preferred holders saw the common dividend cut to a token penny with the commitment to deleveraging the balance sheet reiterated.

3M: 3Q18 | Event Risk Brewing?

Worth Watching: 23 Oct 2018, 9:51 PM ET - 3M (A1/AA-) had a downright ugly quarter especially when compared to other Industrial behemoths that were on the screen today including United Technologies and Caterpillar. Reported revenue sank 0.2% $8.15 bn, due primarily to currency, and cam ..

US IG Chart of the Day: Largest Issuer Curves

Strategy Analysis: 03 Oct 2018, 10:33 AM ET - Comcast's mega-deal this week prompted us to take a look at the spread curve for the largest issuers in the IG Index. T, GM, and Pemex have the steepest curves, while the A-rated names have much flatter structures. 
Focused

GE: Another Management Shake-up

Worth Watching: 01 Oct 2018, 9:37 PM ET - GE (A2/A▼/A▼) shocked the market with news that, just after a year at the helm, John Flannery would be replaced by Lawrence Culp as Chairman and CEO. GE's stock continued its slide under Flannery's watch and speculation was that the board was g ..

US IG Chart of the Day: The 50 Most Traded Names

Strategy Analysis: 09 Aug 2018, 9:05 AM ET - With declining market liquidity another hot topic, today we look at which names are most often traded. 

Industrials 2Q18 Review: Tariffs Tame for Now

Sector Analysis: 07 Aug 2018, 4:43 AM ET - It was a strong 2Q18 earnings season for our Industrial credits. We share the salient takeaways and touch on hot button topics such as end-market trends, tariffs and event risk.

US IG Strategy: Picks and Pans (July 2018)

Strategy Analysis: 23 Jul 2018, 4:36 AM ET - In this document we summarize our sector recommendations, and provide a few names within each that we like (picks) and dislike (pans). Our Picks and Pans reflect our analysts' current views. 
Focused

GE: 2Q18 | Power Segment Inflicts Pain

Earnings Note: 22 Jul 2018, 10:00 PM ET - It was indeed a lackluster quarter for GE with the slide in the Power segment continuing, Aviation margins slumping sequentially, and FY18 outlays being reduced. Nevertheless, we maintain our Outperform on GE unsecureds and the preferreds.

ABB 2Q18: PG Drags Performance, GE Raises Leverage

Earnings Note: 19 Jul 2018, 10:13 PM ET - ABB's revenue growth and margins were hampered by the Power Grids (PG) division, while the acquisition of General Electric's Industrial Solutions raised leverage. That said, we still view ABB as a solid core holding in the cap goods space.

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