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KKR

KKR

$25.16

-0.035 (-0.14%)

16:22
08/11/19
08/11
16:22
08/11/19
16:22

KKR to acquire majority interest in NVC Lighting's China Lighting Business

Global investment firm KKR and NVC Lighting announced the signing of a Share Purchase Agreement under which KKR has agreed to set up a strategic partnership with NVC Lighting and acquire a majority interest in NVC Lighting's China Lighting Business for a total equity value of approximately $794M. Following the completion of the transaction, KKR will own 70% of NVC China and NVC Lighting will hold the remaining 30% and receive a cash consideration. NVC Lighting will transfer 100% of NVC China to the Joint Venture co-owned by KKR and NVC Lighting. NVC Lighting will also receive a cash consideration from the transaction. The final settlement of payment is subject to certain adjustments and closing conditions. A Special Dividend not less than HK$0.9 per share will be declared by the Board of NVC Lighting and paid to the company's registered shareholders, subject to the approval and closing of the transaction. NVC Lighting's non-lighting business in China, China ODM business and international business are not included in the transaction and will remain with NVC Lighting. The transaction is expected to close in the fourth quarter of 2019, subject to customary closing conditions and regulatory and shareholder approvals. KKR is making this investment from its flagship Asian Fund III.

KKR KKR
$25.16

-0.035 (-0.14%)

05/21/19
05/21/19
DOWNGRADE
Target $29

Neutral
KKR downgraded to Neutral at Credit Suisse
As previously reported, Credit Suisse analyst Craig Siegenthaler downgraded KKR to Neutral from Outperform, with a $29 price target. The analyst cited a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. Siegenthaler is re-focusing on the alts that will benefit from recent/future C-Corp conversions, generate stronger than expected fee-related earnings growth and experience less negative earnings revisions in the next economic recession.
05/21/19
05/21/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. KKR (KKR) downgraded to Neutral from Outperform at Credit Suisse analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's 25%-30% total return year to date. 2. Ocular Therapeutix (OCUL) downgraded to Market Perform from Strong Buy at Raymond James and to Market Perform from Outperform at Cowen. 3. CAE (CAE) downgraded to Market Perform from Outperform at BMO Capital and to Hold from Buy citing "limited potential returns." 4. Tremont Mortgage Trust (TRMT) downgraded to Neutral from Buy at UBS with analyst Brock Vandervliet saying last week's surprising capital raise has eroded shareholder value. 5. Carlyle Group (CG) downgraded to Neutral from Outperform at Credit Suisse with analyst Craig Siegenthaler citing a lower relative 12-month total return forecast and following the stock's mid-30% total return year to date. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/09/19
MSCO
07/09/19
NO CHANGE
MSCO
Morgan Stanley sees C-corp conversion announcement coming from Carlyle
Morgan Stanley analyst Michael Cyprys said he recommends owning Carlyle Group (CG) shares into the quarter, as he believes the company will announce plans to convert to a C-corporation along with its upcoming report, "albeit with a delayed effective date" to allow time for the complex underlying tax impact analysis. He thinks a conversion could bring greater clarity and visibility into targets, which could increase long only interest in the stock, Cyprys tells investors. In his broader preview of the earnings season for the Asset Manager group, the analyst noted that he lowered his Q2 EPS estimates by about 4% on average, cutting his estimates for Traditionals by 0.5%, for Alts by 11.5% and for Market Structure companies by 1.6%.
08/05/19
LEHM
08/05/19
INITIATION
Target $29
LEHM
Equal Weight
KKR initiated with an Equal Weight at Barclays
Barclays analyst Jeremy Campbell started KKR with an Equal Weight rating and $29 price target. The analyst says that while KKR has a unique strategy relative to the peers, it is a "bit more pro-cyclical," which warrants a little more cautions this late in the cycle.

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VIVE

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MBIO

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BCLI

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WLK

Westlake Chemical

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