Skip to content

Archives

What is global capital markets morgan stanley


what is global capital markets morgan stanley

Board Chair. John Moore is Morgan Stanley's Head of Latin America and the Chairman of Global Capital Markets for the Americas. His work in Latin America. There's a new head of global capital markets at Morgan Stanley's local outpost. Street Talk understands Sydney-via-Hong-Kong operative James. A global capital market is the interlinking of various investment exchanges around the world that enable individuals and entities to buy and.

What is global capital markets morgan stanley -


Company Profile
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Department Profile
GCM serves as the nexus between Investment Banking and Sales & Trading. GCM comprises traditional market coverage and underwriting groups, as well as a number of product groups focused on providing customized capital structure solutions for our clients. You work with clients on complex, innovative financing and risk management solutions in a fast-paced environment.

Primary Responsibilities
We are currently hiring for an experienced Analyst to work in the Equity Capital Markets team within Global Capital Markets (GCM) in London.
Working with the Equity Capital Markets team covering EMEA clients, your primary responsibility would be to work with and support the team executing a range of equity products.

The responsibilities of this role include:
• Providing support on marketing and execution of various types of offerings such as IPOs, capital increases and sell downs of shares
• Liaising with equity sales, research and trading to discuss sector and stock specific trends and investor feedback
• Frequent interaction with our investment banking coverage and public equity teams
• Creating and interpreting financial models
• Attending team discussions and client meetings, where you may be asked to deliver parts of a presentation

Skills Required
• Top class undergraduate degree or equivalent from a leading university
• Prior Equity Capital Markets experience from a leading investment is essential.
• Fluency in English, German and Mandarin is essential
• Strong quantitative / analytical and modelling skills
• Prior experience executing Equity transactions would be beneficial
• A positive, highly motivated individual who exhibits strong leadership and management qualities
• Excellent oral and written communication skills are essential
• Strong team player able to work effectively in a team environment

Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise their full potential. Our skilled and creative workforce is comprised of individuals drawn from a broad cross section of the global communities in which we operate and who reflect a variety of backgrounds, talents, perspectives and experiences. Our strong commitment to a culture of inclusion is evident through our constant focus on recruiting, developing and advancing individuals based on their skills and talents.

The salary for this role is competitive.

The closing date for applications is 01/07/2016.

Источник: https://en.wizbii.com

Morgan Stanley beats estimates as record deal-making cushions trading blow

July 15 (Reuters) - Morgan Stanley (MS.N) beat expectations for quarterly profit on Thursday, as the Wall Street bank got a boost from record investment banking activity even as the trading bonanza that supported results in recent quarters slowed down.

Executives offered an optimistic outlook, saying clients were eager to get deals done toward the end of the second quarter, an encouraging sign that advisory revenue could rise further.

"We ended the quarter with momentum," said Chief Financial Officer Sharon Yeshaya.

Register now for FREE unlimited access to reuters.com

Trading revenue was a sore spot across Wall Street last quarter, given comparisons to a blockbuster year-ago period when the coronavirus pandemic caused wild volatility, especially in fixed-income markets.

Bank executives have repeatedly said that trading volumes would eventually return to normal, and that began to happen last quarter.

Morgan Stanley's fixed-income trading revenue fell 45% from the year-ago period. Equity trading revenue was up 8%.

Morgan Stanley needs to increase its market share in bond trading to grow revenue, Chief Executive James Gorman said on a call with analysts. Nonetheless, the business is beating internal targets.

"Our aspiration years ago was to do $1 billion a quarter," he said. "And here we are in a sort of so-so quarter at $1.7 billion."

"As rates normalize and as the fixed income fee pool will inevitably grow, I see a lot of space there," he added.

A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

Overall, Morgan Stanley's profit rose 12% to $3.4 billion, or $1.85 per share, from $3 billion, or $1.96 per share, in the year-ago period. The per-share figure dropped because Morgan Stanley had more common shares outstanding.

Its results beat analysts' estimate of $1.65 per share, on average, according to IBES data from Refinitiv.

Net revenue rose to $14.8 billion from $13.9 billion.

Morgan Stanley's institutional securities division, which houses trading and investment banking, saw revenue fall nearly 14% to $7.1 billion, due to the downturn in fixed-income activity.

Similarly, Morgan Stanley's chief rival, Goldman Sachs Group Inc (GS.N), reported a 32% decline in revenue for its similar division, while JPMorgan Chase & Co (JPM.N), the largest U.S. bank, also suffered declines in trading. L4N2OP27H

However, Morgan Stanley enjoyed gains from a surge in deal-making activity in the first half of the year that smashed all-time records, with over 28,000 deals totaling volumes of over $2.82 trillion being announced between January and June, according to data from Refinitiv.

Investment banking revenue rose 16% at Morgan Stanley to $2.38 billion, largely driven by gains from advising on deals and equity underwriting.

The bank, which advised on 216 deals in the first six months of the year, ranked third in the global M&A league tables during the quarter, behind Goldman Sachs and JPMorgan, according to Refinitiv.

Return on tangible common equity excluding integration related expenses came in at 19% in the quarter, well above the bank's two-year target of between 14% and 16% set in January. The metric measures how well a bank is using its capital to produce profit.

Morgan Stanley shares were up 1.4% at $93.77 in midday trading.

Register now for FREE unlimited access to reuters.com

Reporting by Sohini Podder in Bengaluru and Elizabeth Dilts Marshall in New York, additional reporting by Niket Nishant; Writing by Noor Zainab Hussain Editing by Anil D'Silva, Lauren Tara LaCapra and Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

Источник: https://www.reuters.com/business/finance/morgan-stanley-beats-profit-estimates-capital-market-deal-making-boom-2021-07-15/

Lyndal

How would you describe your job to someone outside the financial industry?

I sit on a desk that manages risks associated with cross-border transactions. I cover currency specifically. What that means is that I help companies that are looking at mergers or acquisitions outside of their functional currency. I help them manage the foreign-exchange risk. I also help them manage non-dollar cashflows sitting in the U.S. Any businesses that have subsidiaries offshore that are earning non-dollar revenues, we help them manage the foreign-currency impact.

How did you come to Morgan Stanley?

I had a funny background. I did architecture initially, but I took a gamble and started a business degree when I was already halfway through. I went to a career seminar just to see my opportunities. Morgan Stanley presented and I thought the presentation was really good. At a cocktail function after, I met some of the actual analysts and associates, and for me that was the key differentiating factor because I felt like I immediately made a connection with them and what they were saying.

What was it like when you first started?

One of the biggest things that drew me to Morgan Stanley was actually the culture. Let’s face it—most of the jobs across the industry and across the Street are more or less going to be the same day to day. Morgan Stanley felt different. It had the global reach of one of the largest investment banks in the world, but what felt like a small-business culture. You feel like you have a family here at work and that people are personally invested in your career. I could be really open about what I wanted to achieve, and I had people support me in that. I had an opportunity recently to reflect on whether I wanted to stay here long term. For me it was a no-brainer.

How would you describe your day-to-day work life?

The greatest thing about my job is that my day-to-day experience changes. I can come in the morning and think my day is going to go one way and it ends up completely different. A lot of the stuff we do is very real-time—that includes speaking to clients in relation to deals they’re looking at, executing transactions in the markets, presenting ideas we have to clients related to risk management, or working internally with different divisions to help them form solutions for our clients.

What’s something you’ve done at Morgan Stanley that you think had real impact?

Even as a junior employee, you’re working on transactions that you see on the front page news. In my second year, I worked on a transaction in Australia that effectively reshaped the real-estate industry over there. And it not only changed the shape of the industry in Australia, the way it was structured, it changed the competitive industry in the U.S., as well, which was pretty cool.

What are your hobbies and interests outside of your work?

Back in Australia, I worked with a number of different charities and nonprofits—supporting research on children’s cancer, helping incarcerated people assimilate back into society. It’s workplace training, work placement, and then it’s broader support for day-to-day things like opening bank accounts, housing, resume-writing. Actually supporting the process from the day they leave prison and actually getting to a stage where they can have a sustainable job. It’s not just a quick fix.

What draws you to architecture?

I’ve always been really interested in art. I did art through all of school. I also did a lot of travel when I was a kid throughout Europe. I like architecture from the 18th and 17th centuries—it’s amazing that these buildings are still so beautiful. My dad is a structural engineer and I think I share a lot of those qualities. I was drawn to architecture because I liked the creative element of it, but at the same time, I like the scientific nature of it. That’s probably why I like my job, because it allows me to be creative, but still has that scientific base.

What would you tell a junior or senior in college is your favorite part of working at Morgan Stanley?

The breadth of what you can do with it. I went into banking thinking that it wouldn’t prepare me for any other career should I want a change. But going into finance, particularly capital markets, gives you exposure into every industry. I think it’s very hard to make a choice when you are a junior or a senior at college. Going into a place like this gives you such breadth of knowledge that I think it prepares you for anything you want to do in the future, even if it isn’t in finance.

Источник: https://www.morganstanley.com/profiles/lyndal-global-capital-markets

Friday’s analyst upgrades and downgrades

Inside the Market’s roundup of some of today’s key analyst actions

While spending “hurt” its fourth-quarter results, RBC Dominion Securities analyst Darko Mihelic is still expecting high growth from Canadian Imperial Bank of Commerce (CM-T) in 2022.

On Thursday before the bell, CIBC reported adjusted earnings per share of $3.37, missing both Mr. Mihelic’s $3.45 estimate and the consensus forecast on the Street of $3.54 due largely to higher-than-forecast expenses and a slightly lower revenue than anticipated.

“Although the quarter was a bit of a negative surprise, CM ended 2021 with positive operating leverage of 0.7 per cent, which was in the middle of the pack versus peers that have reported, driven by relatively strong revenue growth,” he said. “Compared to peers that have reported, CM had the second highest revenue growth of 6.8 per cent in 2021, while expense growth was 6.1 per cent (above the peer average of 4.3 per cent). CM’s expenses were elevated particularly in Q4/21 due to performance-based compensation and continued strategic investments. CM expects expenses to remain relatively elevated and targets mid-single digit expense growth in 2022 including performance-based compensation driven by continued investments and inflationary impacts. So if spending helped produce above average revenue growth, why stop?

“We forecast CM to achieve positive operating leverage of 1.5 per cent in 2022, despite its guidance of mid-single digit expense growth, as we believe recent revenue momentum will continue into 2022 and H2/22 likely has wide operating margin (net interest margin (NIM) expansion, loan growth etc.). CM indicated that they will strive for positive operating leverage for the full year in 2022 but operating leverage in the first half of 2022 may be negative, which is what we have in our model as well.”

Though he expects its expenses to remain higher than peers, projecting 5.8 per cent versus an average of 4.1 per cent, Mr. Mihelic now expects CIBC to enjoy the highest revenue growth of 7.3 per cent in 022, citing recent loan growth improvement and potential of rising rates in 2022.

Keeping an “outperform” rating for its shares, he raised his target to $169 from $158. The average on the Street is $163.08, according to Refinitiv data.

Other analysts making target adjustments include:

* Scotia Capital’s Meny Grauman to $166 from $168 with a “sector outperform” rating.

“CIBC may have delivered a rare miss to close out F2021, but dig a little deeper and there is plenty to like in this result including peer leading revenue growth of 10 per cent year-over-year and solid PTPP growth of 7 per cent Y/Y (up 8 per cent for the year),” said Mr. Grauman. “The miss was driven by credit and expenses, both of which were impacted by temporary factors including a parameter adjustment that elevated performing provisions, and a companywide rebrand that helped push up non-compensation-related expenses by 8 per cent quarter-over-quarter. Underlying results are strong, and looking ahead to F2022 the bank believes that it can continue to deliver. Management is guiding to PTPP growth in the 5-10-per-cent range and positive operating leverage even as it continues to invest in the future. This is a bank that talks a lot about the investments that it is making, especially in deepening the connectivity between business lines, and in our view the returns are observable in its broad based performance. And yet despite clear evidence of genuine operational momentum the stock’s discount to the group has widened dramatically (including on earnings day), and so we see this as a buying opportunity.”

* National Bank Financial’s Gabriel Dechaine to $165 from $168 with an “outperform” rating.

* Canaccord Genuity’s Scott Chan to $161 from $163 with a “buy” rating.

* TD Securities’ Mario Mendonca to $165 from $170 with a “buy” rating.

====

Toronto-Dominion Bank (TD-T) “stands to benefit the most out of its Canadian peers” if rates begin to rise, said Desjardins Securities analyst Doug Young, who reinforced his positive outlook following Thursday’s earnings release.

For the fiscal fourth quarter that ended Oct. 31, TD earned $2.04 a share, topping Mr. Young’s $1.87 estimate and the consensus forecast of $1.91.

“Adjusted pre-tax, pre-provision (PTPP) earnings were 5 per cent above our estimate, and relative to our estimates, PTPP earnings for all business lines were above or in line. Credit trends were good and the CET1 ratio benefited from positive credit migration,” he said.

“TD remains well-positioned to benefit from rate increases. Management estimates the impact of a 25 basis points increase in short-term rates at $370-million, split evenly between its Canadian and U.S. P&C business.”

Maintaining a “buy” rating for its shares, Mr. Young increased his target to $107 from $100. The average on the Street is $103.56.

Elsewhere, Veritas Research analyst Nigel D’Souza cut TD to “reduce” from “buy” with a $100 target.

Other analysts making target adjustments include:

* RBC’s Darko Mihelic to $104 from $91 with a “sector perform” rating.

“Q4/21 was a good quarter and results exceeded our expectations, which we believe were fairly low,” said Mr. Mihelic. “Our thesis is largely unchanged following the quarter. We see some solid earnings growth potential, but for more investment ‘torque’, we think TD needs a re-rating, and another quarter of ‘proof of concept’ is needed for a higher valuation.”

* Scotia Capital’s Meny Grauman to $105 from $104 with a “sector perform” rating.

“Although TD’s shares continued to outperform the peer group on earnings day, this pattern of superior relative returns began at the end of Q3, and was triggered by a significant ratcheting up of rate expectations on both sides of the border rather than fundamentals,” he said. “After a string of less than impressive quarterly results, TD’s closed the year in style announcing a 7-per-cent beat to the Street (one of only two banks to beat so far this earnings season) and peer-leading PTPP growth of 10 per cent (adjusted for the bank’s strategic card portfolio and two other items), and yet with the shares outperforming the group by 1,237 bps since the beginning of September and trading at a 7-per-cent premium to the group based on F2023 consensus EPS, the key question in our mind is whether TD is getting too much credit for outsized earnings sensitivity to rising rates, even as its operational and strategic challenges persist. These challenges include still contracting loan balances in the U.S. (only exacerbated by PPP forgiveness), lagging performance in Canadian P&C banking, and elevated M&A risk.”

* National Bank Financial’s Gabriel Dechaine to $106 from $93 with an “outperform” rating.

* BMO’s Sohrab Movahedi to $105 from $94 with a “market perform” rating.

* Canaccord Genuity’s Scott Chan to $102.50 from $93.50 with a “hold” rating.

=====

Stifel analyst Suthan Sukumar resumed coverage of Canada’s technology sector with a long-term bullish view, seeing fundamentals “as strong as ever.”

“We acknowledge that tech multiples remain robust, alongside an uncertain market backdrop with risk of an inflationary and rising rate environment, compounded by new variant/lockdown fears,” he said in a research report. “That said, market valuations are heightened across the board, so we view a bet against tech as a bet against growth, and believe there is still under-appreciation for the durability of secular trends in the sector. Thus, while valuations may be volatile in the near term, we think the ‘rate of change’ is a more important factor for interest rates, and believe growth will ultimately outperform.”

“In 2021, there are now significantly more companies within the S&P 500 trading ABOVE 10 times Sales than at the Tech Bubble peak nearly 20 years ago. However, we would argue that this time is different. This is not a Technology Bubble, it is an EVERYTHING BUBBLE. Of the equities now trading above 10-times revenue, fewer than half are traditional Tech. So while, like everything else, Technology valuations are high relative to historical averages, to be negative on Technology equities at this time is to be negative on risk assets of all kinds. That said, as we have entered a new phase of the current inflationary shock, there is risk that Central Banks are about to take the punch bowl away. In that scenario, Technology equities may be vulnerable to valuation contraction, but likely no more than broader risky assets.”

Mr. Sukumar thinks we are entering a “trillion dollar digital transformation shaping the next decade of key themes and trends in enterprise and consumer tech.”

“While 2020 and 2021 saw strong growth on the pull-forward of demand post the pandemic, we believe 2022 will highlight the permanency and durability of these demand trends as tech spend continues to accelerate across key areas of digitization, including cloud, cyber, supply chains, and hybrid work,” he said. “This has been reflected in our industry conversations, with companies highlighting greater pipeline visibility, sales productivity, and overall confidence in operational execution ahead. As such, we have conviction that fundamentals in the sector will remain resilient, given strong, sustaining demand, fueling strong structural growth for secular winners, which could lead to potential for continued outperformance vs. guidance/expectations ahead.”

With that view, he resumed coverage of a quartet of Enterprise Software and Services stocks on Friday.

In order of preference, they are:

* Docebo Inc. (DCBO-Q/DCBO-T) with a “buy” rating and US$100 target. The average on the Street is US$89.77.

“Our Top Pick, Docebo is a disruptive SaaS-based corporate e-learning platform with an expanding TAM opportunity as hybrid work becomes a new reality in the enterprise,” he said. “We see a strong, durable growth outlook with improving operating leverage, with further upside from greater contribution from the early-days partner ecosystem and an emerging cross-sell opportunity, given the launch of a new extended product suite. We see a compelling risk/reward with shares trading at 10 times fiscal 2023 estimated Sales, vs. comparable high-growth US SaaS at 17 times.”

* Kinaxis Inc. (KXS-T) with a “buy” rating and $235 target. Average: $225.80.

“Kinaxis is a best-of-breed SaaS platform for supply chain management,” he said. “Despite a significant blue-chip customer base, the company is still early days in penetrating a large and growing TAM as global supply chain disruptions fuel an accelerated demand environment. With revenue set to re-accelerate next year, we see Kinaxis returning to a top-tier growth and margin profile. We see a reasonable risk/reward with shares trading at 11 times F23E Sales, vs. comparable high-growth, high-margin U.S. SaaS peers at 14 times.”

* Tecsys Inc. (TCS-T) with a “buy” rating and $162 target. Average:$65.40.

“Tecsys is a SaaS-based supply chain management platform that is setting up for an accelerated growth outlook on the back of pent-up investment in supply chain digitization,” he said. “We like the company’s market leadership in the underpenetrated healthcare and complex distribution end-verticals, and see a compelling valuation re-rate opportunity as the company executes on its SaaS model transition, which will drive greater revenue visibility and margin expansion. We see an attractive risk/reward with shares trading at 5 times calendar 2023 estimates Sales, vs. software peers at 10 times.”

* CGI Inc. (GIB.A-T) with a “buy” rating and $125 target. Average: $127.64.

“CGI is the most defensive name in our coverage, with sticky long-term contracts, a robust backlog, strong balance sheet and FCF profile, and a proven ability to manage costs in any environment,” he said. “We see a setup for stronger organic growth, given accelerating demand for IT services. A new focus on more aggressive M&A provides further upside. Valuation is attractive at 16 times calendar 2023 estimated P/E, vs peers at 18 times.”

=====

Parkland Corp. (PKI-T) offers “growth at a severely discounted valuation,” according to iA Capital Markets analyst Matthew Weekes, blaming “a combination of its exposure to traditional refining (which should reduce over time as PKI grows its retail and renewables businesses) and expectations for a significant equity issuance (which is not necessarily something we would count on in the short term).”

Believing its history of “strong” execution is not properly reflecting in its share price, Mr. Weekes assumed coverage on Friday following a day of virtual marketing meetings with the Calgary-based company.

“Looking at the past five years, PKI has (a) achieved significant growth in per share metrics, (b) built a meaningful business in the U.S. with a diversified fuel portfolio in demand-resilient markets, (c) entered into attractive Caribbean markets where it is growing, (d) delivered strong performance from its Burnaby refinery, including becoming the first refinery in Canada to co-process renewable fuels, and (e) exceeded its financial guidance in most years, although it is looking less likely that PKI will beat guidance this year due to the one-time impact of flood-related shutdowns,” he said.

“But the share price has not seen the love. PKI’s stock has been an under-performer in 2021 with a total year-to-date return of negative 16 per cent, while the TSX and peers within the Canadian energy infrastructure and delivery space have generated positive returns.”

Mr. Weekes pointed to a number of factors in explaining the investor skepticism, including: “The market is likely concerned about a potential equity issuance on the horizon given where PKI’s leverage currently sits and the potential for the SOL options to be exercised starting in 2022. While this is possible, our impression is that PKI will exercise patience and pursue the most accretive opportunity rather than buying early to pay a lower price off of pandemic-low EBITDA (depending on the impact of omicron). PKI is under no pressure to purchase the remaining interest in SOL in the near term, and outside of that transaction, we believe its balance sheet is still in good shape. Another factor that we believe is a persistent weight on valuation is exposure to traditional refining operations, which is projected to decline as PKI grows in other areas of the business (i.e., renewables, retail, convenience and food).”

He reaffirmed the firm’s “strong buy” recommendation and $50 target. The average on the Street is $51.21.

=====

Calling its lead therapeutic CardiolRx “a potential gamechanger in the treatment of acute myocarditis,” Canaccord Genuity analyst Edward Nash initiated coverage of Oakville, Ont.-based Cardiol Therapeutics Inc. (CRDL-Q, CRDL-T) with a “buy” rating on Friday.

“While the acute myocarditis indication is the larger value driver in the out-years of our model, the company is also conducting the Phase II/III LANCER study in hospitalized COVID-19 patients who also have active CVD [cardiovascular disease], a history of CVD or one or more risk factors for CVD,” he said. “This trial is currently enrolling, and data is expected in 2Q22. Given the significant impact that COVID-19 has on the cardio-pulmonary system by triggering out-of-control inflammatory processes, a therapy that could make a clinically meaningful impact would be significant. By reducing factors that are associated with inflammation and fibrosis, there is an increased chance of preserving cardiac and pulmonary function and potentially staving off issues associated with long-haul COVID.”

Mr. Nash thinks Cardiol offers exposure to the both the cardiac and COVID therapeutic spaces, touting a several “compelling” attributes: “A mechanism of action that has a wealth of scientific research associated with CBD effects on inflammation and fibrosis, which allows Cardiol to make a reasonable hypothesis for a potential clinical benefit in the indications being pursued; a compelling valuation that is based on an apples-to-apples comparison of a cannabidiol – Epidiolex – gaining approval for an orphan indication, resulting in more than US$500-million in sales since launch; in-house chemistry expertise that differentiates synthetic CardiolRx from other forms of cannabidiol; Recent Phase I safety data in 52 subjects shows CardiolRx to be safe with no ECG abnormalities and no elevation of liver enzymes even at the relatively high doses at which the drug was administered.”

He set a target of US$8 per share. The average is $11.66 (Canadian).

=====

Scotia Capital analyst Konark Gupta “materially” cut his fourth-quarter estimates for both Canadian Pacific Railway Ltd. (CP-T) and Canadian National Railway Co. (CNR-T) to reflect the impact of the flooding in British Columbia while raising his longer-term assumptions to reflect a pullback in the Canadian dollar.

“Although CP restored its line on November 24 and CNR’s line remains closed, both railroads are still impacted as they share networks in B.C. (directional running zone),” he said in a research note. “We think CNR has been partially mitigating the impact by diverting some traffic to Prince Rupert and making solid progress on cost reduction under its 2022 strategic plan. We expect traffic to fully recover over the next 2-3 months as holidays and weather could slow down recovery in December.

“However, we remain constructive on both CNR and CP due to a positive economic backdrop, a solid pricing environment amidst supply chain constraints, and company-specific catalysts. Specifically, we see potential upside in CNR toward $180 if EPS approaches $9 on potentially faster OR improvement or incremental buybacks. Similarly, we think CP could have potential upside to $110 including KSU and guided synergies (further upside from incremental synergies).”

Keeping a “sector outperform” rating for both, he raised his target for CP shares to $106 from $105, exceeding the $103.56 average on the Street, and CN shares to $168 from $166, topping the $159 consensus.

=====

Expecting its shares to re-rate as its Cactus project in Arizona is developed into an operating copper mine. RBC Dominion Securities analyst Alexander Jackson initiated coverage of Arizona Sonoran Copper Company Inc. (ASCU-T) with an “outperform” rating, pointing the facility’s “strong economics driven by low capital intensity, competitive operating cost.”

“We expect first production from Cactus in the second half of 2024,” he said. “The mine is located 40 road miles southeast of Phoenix on 100-per-cent private land, simplifying the permitting process, as there is no federal nexus. Arizona is a top-tier mining jurisdiction, in our view, and the state was ranked second globally on the Investment Attractiveness Index by the Fraser Institute in 2020.”

“The project benefits from a phased production approach whereby ASCU will first process stockpiled material from previous operations, generating excess free cash to help fund the development of the open pit and underground operations. The lack of stripping required for mining the stockpiled material and the straightforward SxEw processing method reduce upfront costs, resulting in an initial capital intensity of $5,175/ tpa avg. CuEq production compared with the global copper projects average of $14,171. Operating costs are estimated at $1.63 per pound in the 74th percentile of the global cost curve, and the low capital intensity and competitive operating costs drive robust economics for the project, which has an NPV of $374-million and an IRR of 37 per cent (long-term copper $3.50 per pound). ASCU will need additional financing to fund construction of the $140-million project. We model financing of $85-million in debt and $55-million in equity (at $2.45 per share).”

Touting its experienced management team and reinforcing his positive outlook for copper, Mr. Jackson set a target of $4 per share, versus its Thursday’s close of $1.75, seeing an “attractive” valuation.

He’s the first analyst to initiated coverage of the Tempe, Az.-based company following the Nov. 16 close of its initial public offering and debut on the TSX.

“ASCU shares are currently trading at 0.34 times P/NAV, below the average of pre-production and ramping-up copper companies at 0.55 times and the historical transaction price for developing copper assets at 0.80 times. In our view, the shares do not reflect the relatively low-risk nature of the project, and we expect a re-rating to occur as development is advanced at Cactus and brought into production,” the analyst said.

=====

In other analyst actions:

* ATB Capital Markets analyst Martin Toner initiated coverage of E Automotive Inc. (EINC-T) with an “outperform” rating and $28 target.

“E Inc. provides automotive dealers with a platform that grants them access to an online wholesale auction marketplace where they can purchase or sell vehicles to other dealers,” he said. “The wholesale automotive auction market is a large, profitable market, which we believe is ripe for disruption. The Company has delivered a digital alternative that effectively replicates the immediacy of live, in-person auctions, and delivers a compelling value proposition to buyers and sellers alike. Having taken considerable share in English Canada, E Inc. is ready to take EBlock, its digital wholesale auction, into the United States. In our view, there is not another digitally native North American player that has taken as much share in another North American regional market as E Inc. Becoming a winner in the U.S. market is not accurately priced into the stock at current levels, nor is the optionality of expanding into adjacent asset markets. We believe E Inc. presents a compelling opportunity for investors.”

* CIBC World Markets analyst Paul Holden initiated coverage of Fairfax Financial Holdings Ltd. (FFH-T) with an “outperformer” recommendation and $825 target, topping the $775.27 average on the Street.

* CIBC’s Sumayya Syed also initiated coverage of PRO Real Estate Investment Trust (PRV.UN-T) with an “outperformer” rating and $7.50 target. The average is $7.65.

* Seeing positioned well for long-term growth, benefitting from pilot shortages and rigorous training requirement for aviation, Morgan Stanley analyst Kristine Liwag initiated coverage of CAE Inc. (CAE-T) with an “equal weight” rating and $37 target. The average is $41.22.

* Following its Investor Day event, RBC’s Maurice Choy reduced his Capital Power Corp. (CPX-T) target to $42 from $44, falling below the $45.38 average, with a “sector perform” rating, while BMO’s Ben Pham cut his target to $42 from $43 with a “market perform” rating.

“The Investor Day highlighted CPX’s approach to deliver reliable and increasingly decarbonized power, and importantly, how its decision to further invest in thermal generation supports its strategy. Crucially, it recognizes the importance of delivering material emissions reduction to meet its net carbon neutral goal by 2050 and to generate strong and sustainable future cash flows. To this end, we believe the Alberta TIER program equivalency and the economic viability of CCS are themes to monitor in the near term. In the meantime, the extension of its 5-per-cent annual dividend growth target to 2025 should please income-oriented investors,” said Mr. Choy.

* Cormark Securities analyst Stefan Ioannou increased his Capstone Mining Corp. (CS-T) target by $1 to $8 with a “buy” rating. The average is $7.53.

* National Bank Financial analyst Zachary Evershed raised his Cascades Inc. (CAS-T) target to $20.50 from $19, exceeding the $19.21 average, with an “outperform” rating.

* JP Morgan analyst Richard Sunderland cut his target for Fortis Inc. (FTS-T) shares to $58 from $59, keeping a “neutral” rating. The average is $58.83.

* CIBC’s Kevin Chiang cut his NFI Group Inc. (NFI-T) target to $25 from $30, below the $28.83 average, with a “neutral” rating, while BMO’s Jonathan Lamers trimmed his target to $30 from $33 with an “outperform” rating.

“NFI’s earnings are depressed as a result of recent global supply bottlenecks and lower orders related to the pandemic,” said Mr. Lamers. “The company issued equity and convertibles as balance sheet leverage was set to exceed credit covenant limits, with results expected to remain soft into Q2/22. We reduced our target price ... given the dilution. Positively, New Flyer continues to be the leader in the transit industry, the U.S. Transit Funding increase (up to 83 per cent) was recently signed into law, and orders should improve by year-end 2022.”

* JP Morgan’s Jeremy Tonet raised his TC Energy Corp. (TRP-T) target to $68 from $67 with a “neutral” rating. The average is $67.75.

Источник: https://www.theglobeandmail.com/investing/markets/inside-the-market/article-fridays-analyst-upgrades-and-downgrades-185/

Supporting Small Businesses

#MakeSmallBig Holiday Market

This holiday season, join us in supporting small businesses at a time when they need it most. Our holiday market features gift ideas from graduates of our 10,000 Small Businesses and 10,000 Women programs, with something for everyone on your list.

Shop Now

Corporations & Institutions
The Evolution of Capital Markets in Europe

Asset Management

Transforming insights into opportunities that are perfected and personalized to your investing needs across public and private markets

The Evolution of Capital Markets in Europe

Embedded Consumer Finance

An API-first platform that enables companies to offer our award-winning consumer financial products directly within their digital experience

The Evolution of Capital Markets in Europe

Global Markets

Insights, analytics, platforms, and client service combine to offer unmatched execution

The Evolution of Capital Markets in Europe

Investment Banking

Advice and financing to serve corporations, institutions, and governments

The Evolution of Capital Markets in Europe

Liquidity Investing

Providing liquidity investment products and digital trading solutions to banks, corporates, and other institutional investors

The Evolution of Capital Markets in Europe

Marquee

Delivering leading market intelligence and analytics to help you refine market views, hedge risk, and execute your trading strategies

The Evolution of Capital Markets in Europe

Transaction Banking

Helping clients build a treasury of the future and powering software partners to enhance their offerings

We serve a broad range of companies, organizations, and institutions through our financing, investing, execution and advisory capabilities.

We provide insights, guidance, and services to help you achieve your financial and investing goals.

The Evolution of Capital Markets in Europe

Asset Management

Transforming insights into opportunities that are perfected and personalized to your investing needs across public and private markets

The Evolution of Capital Markets in Europe

Embedded Consumer Finance

An API-first platform that enables companies to offer our award-winning consumer financial products directly within their digital experience

The Evolution of Capital Markets in Europe

Global Markets

Insights, analytics, platforms, and client service combine to offer unmatched execution

The Evolution of Capital Markets in Europe

Investment Banking

Advice and financing to serve corporations, institutions, and governments

The Evolution of Capital Markets in Europe

Liquidity Investing

Providing liquidity investment products and digital trading solutions to banks, corporates, and other institutional investors

The Evolution of Capital Markets in Europe

Marquee

Delivering leading market intelligence and analytics to help you refine market views, hedge risk, and execute your trading strategies

The Evolution of Capital Markets in Europe

Transaction Banking

Helping clients build a treasury of the future and powering software partners to enhance their offerings

Goldman Sachs Research

Goldman Sachs Research says the fastest pace of the recovery now lies behind us, but there are reasons for optimism on global growth heading into 2022.

Read Report

Outlook 2022: The Long Road to Higher Rates

Exchanges at Goldman Sachs

As U.S. inflation hits 30+ year highs, experts debate whether the “temporary” pandemic-related inflationary pressures could prove persistent. In the latest Exchanges at Goldman Sachs episode, Goldman Sachs’ Allison Nathan speaks with Mohamed El-Erian, President of Queens’ College, Cambridge University, and Chief Economic Advisor at Allianz, and Jan Hatzius, Goldman Sachs’ Chief Economist and head of Goldman Sachs Research, for their views on where inflation goes from here—and what that means for the economy, monetary policy, interest rates and assets.

Listen Now

Inflation: Here Today, Gone Tomorrow?

Explore More

Goldman Sachs Research

Exchanges at Goldman Sachs

Goldman Sachs Research

10,000 Small Businesses UK

Careers at Goldman Sachs

Advice from our recruiters, tips for managing teams,
and how we’re supporting our people during COVID-19.

See Our Careers Blog

Students

Professionals

Possibilities Stories

See Yourself Here

Close

Students

At Goldman Sachs we turn ideas into reality for our clients and communities around the world.

Apply Now

Programs and Internships

Prepare

Careers Blog

Professionals

We look for experienced professionals with a passion for excellence who believe in the power of the team, integrity and leadership.

Apply Now

Search Jobs

Explore

Divisions

Possibilities Stories

How are we making things possible for our people, clients and communities?

Learn More

BRIEFINGS

A weekly email from Goldman Sachs about trends shaping markets, industries and the global economy.

You have successfully subscribed to BRIEFINGS

Источник: https://www.goldmansachs.com/

Morgan Stanley anoints new capital markets boss

There's a new head of global capital markets at Morgan Stanley's local outpost.

Street Talk understands Sydney-via-Hong-Kong operative James McKenna was declared the new head of GCM in an internal announcement to staff this week.

It is understood outgoing head of GCM Mark Burmeister, who is one of the most experienced capital markets bankers in the country and well liked by fund managers. has taken up the role of vice-chairman of capital markets, Australia.

His remit will focus on origination of new deals and clients, and managing existing client relationships, capitalising on his three decades' experience in the industry.

Burmeister joined Morgan Stanley about 10 years ago from UBS to help its ECM desk take on the big end of town. He led big-ticket raisings for the likes of the Commonwealth Bank of Australia, National Australia Bank and Woodside Petroleum, and Shell's $3.5 billion Woodside sell-down in 2017.

Источник: https://www.afr.com/street-talk/morgan-stanley-anoints-new-capital-markets-boss-20200521-p54v08

Morgan Stanley anoints new capital markets boss

There's a new head of global capital markets at Morgan Stanley's local outpost.

Street Talk understands Sydney-via-Hong-Kong operative James McKenna was declared the new head of GCM in an internal announcement to staff this week.

It is understood outgoing head of GCM Mark Burmeister, who is one of the most experienced capital markets bankers in the country and well liked by fund managers. has taken up the role of vice-chairman of capital markets, Australia.

His remit will focus on origination of new deals and clients, and managing existing client relationships, capitalising on his three decades' experience in the industry.

Burmeister joined Morgan Stanley about 10 years ago from UBS to help its ECM desk take on the big end of town. He led big-ticket raisings for the likes of the Commonwealth Bank of Australia, National Australia Bank and Woodside Petroleum, and Shell's $3.5 billion Woodside sell-down in 2017.

Источник: https://www.afr.com/street-talk/morgan-stanley-anoints-new-capital-markets-boss-20200521-p54v08

Emmanuel Gueroult is a Partner in the Strategic Advisory Group at PJT Partners, based in London. Mr. Gueroult joined PJT Partners in March 2017 after two years on the investment side. He spent most of his career at Morgan Stanley (22 years), most recently as Chairman of Global Capital Markets and Co-Head of Equity Capital Markets for Europe Middle East and Africa. Under his 10-year leadership of the European Equity Capital What is global capital markets morgan stanley Practice, Morgan Stanley was systematically a top ranked bookrunner. Mr. Gueroult has personally what is global capital markets morgan stanley more than 100 IPOs. He advised on what is global capital markets morgan stanley broad array of capital markets transactions from the most complex balance sheet repairs for European banks to the restructuring of large industrial conglomerates, spin-offs, sub-IPO, pre-IPO anchor investors and has advised on the capital market aspects of large M&A transactions across the globe. Mr. Gueroult graduated with an MSc European Studies from the London School of Economics and is also a graduate from the EDHEC Business School.

Источник: https://pjtpartners.com/people/emmanuel-gueroult

Morgan Stanley beats estimates as record deal-making cushions trading blow

July 15 (Reuters) - Morgan Stanley (MS.N) beat expectations for quarterly what is global capital markets morgan stanley on Thursday, as the Wall Street bank got a boost from record investment banking activity even as the trading bonanza that supported results in recent quarters slowed down.

Executives offered an optimistic outlook, saying clients were eager to get deals done toward the end of the second quarter, an encouraging sign that advisory revenue could rise further.

"We ended the quarter with momentum," said Chief Financial Officer Sharon Yeshaya.

Register now for FREE unlimited access to reuters.com

Trading revenue was a sore spot across Wall Street last quarter, given comparisons to a blockbuster year-ago period when the coronavirus pandemic caused wild volatility, especially in fixed-income markets.

Bank executives have repeatedly said that trading volumes would eventually return to normal, and that began to happen last quarter.

Morgan Stanley's fixed-income trading revenue fell 45% from the year-ago period. Equity trading revenue was up 8%.

Morgan Stanley needs to increase its market share in bond trading to grow revenue, Chief Executive James Gorman said on a call with analysts. Nonetheless, the business is beating internal targets.

"Our aspiration years ago was to do $1 billion a quarter," he said. "And here we are in a sort of so-so quarter at $1.7 billion."

"As rates normalize and as the fixed income fee pool will inevitably grow, I see a lot of space there," he added.

A sign is displayed on the Morgan Stanley building in New York U.S., July 16, 2018. REUTERS/Lucas Jackson

Overall, Morgan Stanley's profit what is global capital markets morgan stanley 12% to $3.4 billion, or $1.85 per share, from $3 billion, or $1.96 per share, in the year-ago period. The per-share figure dropped because Morgan Stanley had more common shares outstanding.

Its results beat analysts' estimate of $1.65 per share, on average, according to IBES data from Refinitiv.

Net revenue rose to $14.8 billion from $13.9 billion.

Morgan Stanley's institutional securities division, which houses trading and investment banking, saw revenue fall nearly 14% to $7.1 billion, due to the downturn in fixed-income activity.

Similarly, Morgan Stanley's chief rival, Goldman Sachs Group Inc (GS.N), reported a 32% decline in revenue for its similar division, while JPMorgan Chase & Co (JPM.N), the largest U.S. bank, also suffered declines in trading. L4N2OP27H

However, Morgan Stanley enjoyed gains from a surge in deal-making activity in the first half of the year that smashed all-time records, with over 28,000 deals totaling volumes of over $2.82 trillion being announced between January and June, according to data from Refinitiv.

Investment banking revenue rose 16% at Morgan Stanley to $2.38 billion, largely suntrust bank business loans by gains from advising on deals and equity underwriting.

The bank, which advised on 216 deals in the first six months of the year, ranked third in the global M&A league tables during the quarter, behind Goldman Sachs and JPMorgan, according to Refinitiv.

Return on tangible common equity excluding integration related expenses came in at 19% what is global capital markets morgan stanley the quarter, well above the bank's two-year target of between 14% and 16% set in January. The metric measures how well a bank is using its capital to produce profit.

Morgan Stanley shares were up 1.4% at $93.77 in midday trading.

Register now for FREE unlimited access to reuters.com

Reporting by Sohini Podder in Bengaluru and Elizabeth Dilts Marshall in New York, additional reporting by Niket Nishant; Writing by Noor Zainab Hussain Editing by Anil D'Silva, Lauren Tara LaCapra and Nick Zieminski

Our Standards: The Thomson Reuters Trust Principles.

Источник: https://www.reuters.com/business/finance/morgan-stanley-beats-profit-estimates-capital-market-deal-making-boom-2021-07-15/

Company Profile
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments and individuals from more than 1,200 offices in 43 countries.
As a market leader, the talent and passion of our people is critical to our success. Together, we share a common set of values rooted in integrity, excellence and strong team ethic. Morgan Stanley can provide a superior foundation for building a professional career - a place for people to learn, to achieve and grow. A philosophy that balances personal lifestyles, perspectives and needs is an important part of our culture.

Department Profile
GCM serves as the nexus between Investment Banking and Sales & Trading. GCM comprises traditional market coverage and underwriting groups, as well as a number of product groups focused on providing customized capital structure solutions for our clients. You work with clients on complex, innovative financing and risk management solutions in a fast-paced environment.

Primary Responsibilities
We are currently hiring for an experienced Analyst to work in the Equity Capital Markets team within Global Capital Markets (GCM) in London.
Working with the Equity Capital Markets team covering EMEA clients, your primary responsibility would be to work with and support the team executing a range of equity products.

The responsibilities of this role include:
• Providing support on marketing and execution of various types of offerings such as IPOs, capital increases and sell downs of shares
• Liaising with equity sales, research and trading to discuss sector and stock specific trends and investor feedback
• Frequent interaction with our investment banking coverage and public equity teams
• Creating and interpreting financial models
• Attending team discussions and client meetings, where you may be asked to deliver parts of a presentation

Skills Required
• Top class undergraduate degree or equivalent from a leading university
• Prior Equity Capital Markets experience from a leading investment is essential.
• Fluency in English, German and Mandarin is essential
• Strong quantitative / analytical and modelling skills
• Prior experience executing Equity transactions would be beneficial
• A positive, highly motivated individual who exhibits strong leadership and management qualities
• Excellent oral and written communication skills are essential
• Strong team player able to work effectively in a team environment

Morgan Stanley is an equal opportunities employer. We work to provide a supportive and inclusive environment where all individuals can maximise their full potential. Our skilled and creative workforce is comprised of individuals drawn from a broad cross section of the global communities in which we operate and who reflect a variety of backgrounds, talents, perspectives and experiences. Our strong commitment to a culture of inclusion is evident through our constant focus on recruiting, developing and advancing individuals based on their skills and talents.

The salary for this role is competitive.

The closing date for applications is 01/07/2016.

Источник: https://en.wizbii.com

Supporting Small Businesses

#MakeSmallBig Holiday Market

This holiday season, join us in supporting small businesses at a time when they need it most. Our holiday market features gift ideas from graduates of our 10,000 Small Businesses and 10,000 Women programs, with something for everyone on your list.

Shop Now

Corporations & Institutions
The Evolution of Capital Markets in Europe

Asset Management

Transforming insights into opportunities that are perfected and personalized to your investing needs across public and private markets

The Evolution of Capital Markets in Europe

Embedded Consumer Finance

An API-first platform that enables companies to offer our award-winning consumer financial products directly within their digital experience

The Evolution of Capital Markets in Europe

Global Markets

Insights, analytics, platforms, and client service combine to offer unmatched execution

The Evolution of Capital Markets in Europe

Investment Banking

Advice and financing to serve corporations, institutions, and governments

The Evolution of Capital Markets in Europe

Liquidity Investing

Providing liquidity investment products and digital trading solutions to banks, corporates, and other institutional investors

The Evolution of Capital Markets in Europe

Marquee

Delivering leading market intelligence and analytics to help you refine market views, hedge risk, and execute your trading strategies

The Evolution of Capital Markets in Europe

Transaction Banking

Helping clients build a treasury of the future and powering software partners to enhance their offerings

We serve a broad range of companies, organizations, and institutions through our financing, investing, execution and advisory capabilities.

We provide insights, guidance, and services to help you achieve your financial and investing goals.

The Evolution of Capital Markets in What is global capital markets morgan stanley Management</h3><div><p>Transforming insights into opportunities that are perfected and personalized to your investing needs across public and private markets </p></div></div></div><div><div><div><img src=

Embedded Consumer Finance

An API-first platform that enables companies to offer our award-winning consumer financial products directly within their digital experience

The Evolution of Capital Markets in Europe

Global Markets

Insights, analytics, platforms, and client service combine to offer unmatched execution

The Evolution of Capital Markets in Europe

Investment Banking

Advice and financing to serve corporations, institutions, and governments

The Evolution of Capital Markets in Europe

Liquidity Investing

Providing liquidity investment products and digital trading solutions to banks, corporates, and other institutional investors

The Evolution of Capital Markets in Europe

Marquee

Delivering bbt mortgage market what is global capital markets morgan stanley and analytics to help you refine market views, hedge risk, and execute your trading strategies

The Evolution of Capital Markets in Europe

Transaction Banking

Helping clients build a treasury of the future and powering software partners to enhance their offerings

Goldman Sachs Research

Goldman Sachs Research says the fastest pace of the recovery now lies behind us, but there are reasons for optimism on global growth heading into 2022.

Read Report

Outlook 2022: The Long Road to Higher Rates

Exchanges at Goldman Sachs

As U.S. inflation hits 30+ year highs, experts debate whether the “temporary” pandemic-related inflationary pressures could prove persistent. In the latest Exchanges at Goldman Sachs episode, Goldman Sachs’ Allison Nathan speaks with Mohamed El-Erian, President of Queens’ College, Cambridge University, and Chief Economic Advisor at Allianz, and Jan Hatzius, Goldman Sachs’ Chief Economist and head of Goldman Sachs Research, for their views on where inflation goes from here—and what that means for the economy, monetary policy, interest rates and assets.

Listen Now

Inflation: Here Today, Gone Tomorrow?

Explore More

Goldman Sachs Research

Exchanges at Goldman Sachs

Goldman Sachs Research

10,000 Small Businesses UK

Careers at Goldman Sachs

Advice from our recruiters, tips for managing teams,
and how we’re supporting our people during COVID-19.

See Our Careers Blog

warriors chase center jobs Students

Professionals

Possibilities Stories

See Yourself Here

Close

Students

At Goldman Sachs we turn what is global capital markets morgan stanley into reality for our clients and communities around the world.

Apply Now

Programs and Internships

Prepare

Careers Blog

Professionals

We look for experienced professionals with a passion for excellence who believe in the power of the team, integrity and leadership.

Apply Now

Search Jobs

Explore

Divisions

Possibilities Stories

How are we making things possible for our people, clients and communities?

Learn More

BRIEFINGS

A weekly email from Goldman Sachs about trends shaping markets, industries and the global economy.

You have successfully subscribed to BRIEFINGS

Источник: https://www.goldmansachs.com/
what is global capital markets morgan stanley

Comments

  1. Na vanthu community certificate first upload pannala ana enaku 15days kalichu upload panna solli message vanthuchu Appost la irunthu.mathavangaluku varalaya?

  2. RBB-RM-Working Capital ki kya salary h sir ?? Hdfc bank m...or work pressure kitna hota h...

  3. @Cantfiness Me I reordered it on the 27th of April and it arrived about a week after that. :)

Leave a Reply

Your email address will not be published. Required fields are marked *