Anglo American PLC
Anglo American: Metals aiding in energy transition
2023-05-02
Materials
Global
Initiation
We initiate coverage of Anglo American, one of the leading global mining groups, and its publicly traded subsidiaries Anglo American Platinum and Kumba Iron Ore. Benefiting from a diversified long-life portfolio of mining assets, the group is targeting markets with sustainable development and exposure to renewable energy.
Udemy Inc
Udemy 4Q22 results and company update
2023-03-07
Academic and Educational Services
Technology
North America
Quarterly Results
Udemy reports revenue up 22% YoY to $165.3mn in 4Q22. The revenue was driven by a 57% YoY increase in Udemy Business revenue to $90.6mn in 4Q, which compensated for a 4% YoY decline in Consumer segment revenue. We update TP.
Mosaic Co
Mosaic 4Q22: strong prices, increased distribution, margin in the focus
2023-02-28
Materials
North America
Quarterly Results
The Mosaic Company reports $4.48bn revenue (+17% YoY) and $523mn net income (down 21% YoY) in 4Q22. FY22 net income is up 120% YoY to $3.6bn which translates to EPS of $10.06 per share. We update our model and price target.
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Nutrien Ltd
Nutrien 4Q22: mix of volumes, costs & prices to support earnings
2023-02-22
Materials
North America
Quarterly Results
Nutrien reports $7.7bn net earnings or $14.18 per share and adjusted EBITDA of $12.2bn in FY22 on the back of high fertilizer prices offsetting the reduction in sales volumes. We review our model.
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Lyft Inc
Lyft 4Q22: whirlpool on weaker guidance, higher reserves
2023-02-15
Technology
North America
Quarterly Results
Lyft reports historically record quarterly revenue of $1,175mn, up 21% YoY 4Q22 driven by higher revenue per active rider. We update our forecasts and TP.
Uber Technologies Inc
Uber Technologies 4Q22: up on higher volumes and reclassifications
2023-02-10
Technology
North America
Quarterly Results
Uber reports 4Q22 and FY22 results. Gross Bookings grew 19% YoY to $30.7bn in 4Q22, and reached $115.4bn in FY22, up 28% YoY. Adjusted EBITDA reached $1,713mn in FY22 compared to a $774mn loss a year ago. We update our model and TP.
Udemy Inc
Udemy: 3Q22 and Investor Day takeaways
2022-11-25
Academic and Educational Services
Information Technology
North America
Quarterly Results
Udemy reports revenue of $158mn, up 22% YoY in 3Q22. Loss from operations reached $43.3mn. We expected revenue of $159.1mn and an operating loss of $18.8mn for the period. We adjust our forecasts and TP.
Wise PLC
Wise - Disrupting underserved market
2022-11-21
Financials
Technology
Europe
Initiation
We initiate coverage of Wise, a financial infrastructure platform for money transfers. The company is disrupting a large and underserved market of cross-border transfers with traditionally high costs of foreign currency exchange for customers implied by traditional banks.
Lyft Inc
Lyft 3Q22: record revenue, cost-cutting ahead
2022-11-11
Technology
North America
Quarterly Results
Lyft reports revenue of $1,054mn, up 22% YoY and 6% QoQ in 3Q22. The number of active riders increased by 7.2% YoY to 20.3mn. We review our model and price target.
Mosaic Co
Mosaic 3Q22: strong revenue, lower phosphate volumes
2022-11-10
Materials
North America
Quarterly Results
Mosaic reports a 56% YoY revenue growth to $5.3bn in 3Q22, and Adj EBITDA of $1.7bn, up 74% YoY. We revise our forecasts and TP.
Nutrien Ltd
Nutrien 3Q22: strong market fundamentals, lower volumes though
2022-11-08
Materials
North America
Quarterly Results
Nutrien reports $2.5bn adjusted EBITDA and $1.6bn net earnings in 3Q22. The company reached a record net earnings of $6.6bn in 9M22, however, a temporary reduction in potash purchasing in North America and Brazil impacted sales volumes and realized prices.
Uber Technologies Inc
Uber Technologies 3Q22: record Mobility bookings & Adj EBITDA
2022-11-04
Technology
North America
Quarterly Results
Uber reports 32% YoY constant-currency Gross Bookings growth in 3Q22 and all-time quarterly highs for Mobility Gross Bookings and Adjusted EBITDA. We update our model and price target.
Udemy Inc
Udemy 2Q22: company update
2022-09-06
Academic and Educational Services
Technology
North America
Quarterly Results
Udemy reports strong results in the Enterprise segment, mixed in the Consumer segment in 2Q22. The revenue was up 21% YoY to $153mn, driven by a strong Udemy Business performance. The Enterprise segment ARR increased by 74% YoY to $316mn in 2Q22.
Lyft Inc
Lyft 2Q22: results review and update
2022-08-26
Industrials
Technology
North America
Quarterly Results
Lyft reports a 13% QoQ increase in revenue to $991mn in 2Q22, just 3% below its all-time high. The number of active riders increased by 16.1% YoY to 19.9mn in 2Q, the highest level since COVID begin.
Nutrien Ltd
Nutrien 2Q22: record earnings contribute to total shareholder returns
2022-08-22
Materials
North America
Quarterly Results
Nutrien reports $5bn adjusted EBITDA and $5.85 adjusted EPS in 2Q22 before a non-cash impairment reversal. The strong result is due to higher realized prices and good Retail performance.
Uber Technologies Inc
Uber 2Q22: record gross booking, positive free cash flow
2022-08-04
Industrials
North America
Quarterly Results
Uber reports an all-time high gross booking of $29.1bn, up 33% YoY in 2Q22. Net loss was $2.6bn, including $1.7bn net loss related to the revaluation of Uber’s equity investments and $470mn in stock-based compensation expense.
Mosaic Co
Mosaic 2Q22: strong earnings vs potential price downside
2022-08-03
Materials
North America
Quarterly Results
Mosaic reports a net income of $1.0bn, or $2.85 per diluted share, adjusted EBITDA reached $2.0bn in 2Q22. Global potash and phosphates undersupply results in elevated prices.
Lyft Inc
1Q22: above expectations despite soft demand
2022-05-18
Industrials
Information Technology
North America
Quarterly Results
Lyft reports $875.6mn revenue in 1Q22, up 44% YoY and compared to $969.9mn in 4Q21. Despite soft demand in January 2022, February figures show a rebound, and 1Q22 revenue is above outlook.
Uber Technologies Inc
1Q22: higher engagement contributes to revenue
2022-05-16
Industrials
Technology
Multi-regional
Quarterly Results
Uber reports revenue of $6,854mn, up 136.1% YoY and 18.6% QoQ in 1Q22. Increasing engagement across the platform allows the company to set FCF positive target for FY2022.
Nutrien Ltd
1Q22: global supply uncertainties support strong outlook
2022-05-13
Materials
North America
Quarterly Results
Nutrien reports $2.6bn adjusted EBITDA and $1.4bn net earnings in 1Q22 due to a high average realized prices offsetting lower sales volumes. The delayed planting in North America and geopolitical risks affected both volumes and prices.