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CIC

Capitol Investment

$10.18 /

+ (+0.00%)

06:11
04/08/19
04/08
06:11
04/08/19
06:11

Capitol Investment to combine with Nesco in $1.1B deal

Capitol Investment and Nesco Holdings announced that they have entered into a definitive agreement in which Nesco will become a publicly listed company with an anticipated initial enterprise value of approximately $1.1B. Nesco is currently a portfolio company of Energy Capital Partners. Under the terms of the proposed transaction, Capitol will become the owner of all the equity of Nesco and will be renamed Nesco Holdings, Inc. Capitol will become a Delaware domiciled corporation immediately prior to the closing of the transaction. The combined company will have an anticipated initial enterprise value of approximately $1.1B, implying a 7.9x multiple of projected 2019 Adjusted EBITDA and a 6.4x multiple of projected 2020 Adjusted EBITDA. At closing, current stockholders of Capitol and current Nesco shareholders will hold approximately 72% and 28%, respectively, of the issued and outstanding shares of the combined company's common stock, assuming no public shareholders of Capitol exercise redemption rights. The current Nesco shareholders will also receive $75M of cash consideration and incentive earnout shares totaling up to 1.8M common shares, issued in 0.9 million increments when the combined company's stock price reaches $13.00 and $16.00 per share. The net cash proceeds from the transaction are expected to be used to pay down Nesco's existing debt.

TODAY'S FREE FLY STORIES

Earnings
Weibo reports Q4 EPS 77c, consensus 72c » 05:36
02/26/20
02/26
05:36
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05:36
WB

Weibo

$43.40 /

+0.63 (+1.47%)

Reports Q4 revenue…

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Earnings
Sina reports Q4 adj. EPS $1.17, consensus 74c » 05:35
02/26/20
02/26
05:35
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05:35
SINA

Sina

$35.35 /

-0.58 (-1.61%)

Reports Q4 revenue…

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Earnings
National Energy Services reports Q4 adj. EPS 21c, consensus 21c » 05:32
02/26/20
02/26
05:32
02/26/20
05:32
NESR

National Energy Services

$7.89 /

-0.02 (-0.25%)

Reports Q4 revenue $185M,…

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Hot Stocks
Marathon Petroleum refinery in Los Angeles in flames after explosion » 05:30
02/26/20
02/26
05:30
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05:30
MPC

Marathon Petroleum

$53.09 /

-2.78 (-4.98%)

A Marathon Petroleum…

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Recommendations
Home Depot price target raised to $270 from $245 at Stifel » 05:26
02/26/20
02/26
05:26
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05:26
HD

Home Depot

$237.41 /

-2.36 (-0.98%)

Stifel analyst John Baugh…

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Earnings
Volaris reports Q4 EPS 68c, may not compare to consensus (2c) » 05:25
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02/26
05:25
02/26/20
05:25
VLRS

Volaris

$12.33 /

-0.19 (-1.52%)

Reports Q4 revenue $516M,…

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Recommendations
GW Pharmaceuticals Q1 guidance 'overly conservative,' says Piper Sandler » 05:24
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02/26
05:24
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05:24
GWPH

GW Pharmaceuticals

$116.77 /

-4.1 (-3.39%)

Piper Sandler analyst…

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Initiation
Campbell Soup reinstated with a Neutral at Goldman Sachs » 05:18
02/26/20
02/26
05:18
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05:18
CPB

Campbell Soup

$47.87 /

-0.15 (-0.31%)

Goldman Sachs analyst…

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Recommendations
Insulet should be bought on selloff from guidance, says Piper Sandler » 05:14
02/26/20
02/26
05:14
02/26/20
05:14
PODD

Insulet

$197.03 /

-10.46 (-5.04%)

Insulet last night…

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Recommendations
Salesforce results strong across the board, says Jefferies » 05:11
02/26/20
02/26
05:11
02/26/20
05:11
CRM

Salesforce

$181.65 /

-4.26 (-2.29%)

Salesforce last night…

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Recommendations
Evolent Health price target raised to $17 from $10.15 at Piper Sandler » 05:07
02/26/20
02/26
05:07
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05:07
EVH

Evolent Health

$10.18 /

-1.13 (-9.99%)

Piper Sandler analyst…

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Downgrade
Regeneron downgraded to Neutral from Outperform at Baird » 05:04
02/26/20
02/26
05:04
02/26/20
05:04
REGN

Regeneron

$442.34 /

+16.05 (+3.77%)

, NVS

Novartis

$88.01 /

-2.06 (-2.29%)

Baird analyst Brian…

Baird analyst Brian Skorney downgraded Regeneron Pharmaceuticals (REGN) to Neutral from Outperform with an unchanged price target of $410. The stock closed Tuesday up 4% to $442.35. The analyst appreciates the "tailwind granted by safety concerns" related to Eylea competitor, Novartis' (NVS) Beovu, he notes the shares are up 50% since his August 2019 upgrade. While the fall of Beovu certainly near-term pressure on Eylea market share, this has now been accounted for in the share price, Skorney tells investors in a research note. Skorney adds that while Dupixent and Regeneron's pipeline "continue to look good," he prefers to take a "wait and see approach."

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Upgrade
Intercept upgraded to Buy from Neutral at Citi » 04:58
02/26/20
02/26
04:58
02/26/20
04:58
ICPT

Intercept

$84.52 /

-6.25 (-6.89%)

Citi analyst Joel Beatty…

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Downgrade
E-Trade downgraded to Market Perform from Outperform at Raymond James » 04:56
02/26/20
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ETFC

E-Trade

$48.52 /

-1.88 (-3.73%)

, MS

Morgan Stanley

$48.02 /

-1.65 (-3.32%)

Raymond James analyst…

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Downgrade
Toll Brothers downgraded to Market Perform from Outperform at Raymond James » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
TOL

Toll Brothers

$44.28 /

-2.765 (-5.88%)

Raymond James analyst…

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Conference/Events
nLight management to meet with Craig-Hallum » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
LASR

nLight

$16.30 /

-0.61 (-3.61%)

Meetings to be held in…

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Conference/Events
Cerence management to meet with Oppenheimer » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
CRNC

Cerence

$26.49 /

-0.16 (-0.60%)

Meetings to be held in…

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Conference/Events
Flowserve management to meet with RBC Capital » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
FLS

Flowserve

$41.75 /

-1.82 (-4.18%)

Meetings to be held in…

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General news
Week of 2/21 MBA Mortgage Applications to be released at 07:00  04:55
02/26/20
02/26
04:55
02/26/20
04:55
 
Conference/Events
Ares Capital management to meet with JPMorgan » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
ARCC

Ares Capital

$17.86 /

-0.815 (-4.36%)

Meeting to be held in…

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Conference/Events
HyreCar management to meet with Susquehanna » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
HYRE

HyreCar

$3.63 /

-0.16 (-4.22%)

Meeting to be held in…

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Conference/Events
MKS Instruments management to meet with KeyBanc » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
MKSI

MKS Instruments

$101.93 /

-3.16 (-3.01%)

Meetings to be held in…

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Conference/Events
Vocera management to meet with RBC Capital » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
VCRA

Vocera

$26.64 /

+0.59 (+2.26%)

Meeting to be held in…

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Conference/Events
IFF management to meet with UBS » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
IFF

IFF

$124.00 /

-3.92 (-3.06%)

Meetings to be held in…

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Conference/Events
Amedisys management to meet with SunTrust » 04:55
02/26/20
02/26
04:55
02/26/20
04:55
AMED

Amedisys

$184.73 /

-7.87 (-4.09%)

Meetings to be held in…

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