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COTY

Coty

$11.43

0.06 (0.53%)

04:55
01/17/20
01/17
04:55
01/17/20
04:55

Coty management to meet with RBC Capital

Meetings to be held in Toronto on January 16 and in Chicago on January 17 hosted by RBC Capital.

  • 17

    Jan

COTY Coty
$11.43

0.06 (0.53%)

10/21/19
JEFF
10/21/19
NO CHANGE
Target $10.5
JEFF
Hold
Jefferies expresses mixed view of Coty's unit sale plans
Jefferies analyst Stephanie Wissink said she has a mixed view of Coty's announced plans to explore strategic alternatives, including a divestiture, for its Professional Beauty business and Brazilian operations. The former represented 20% of revenues and the latter 11% in FY19 and these businesses are stable with favorable margins, said Wissink, who added that today's announcement is "a surprise." With that said, she views this plan as "the default option to quickly delever" and thinks these units could be valuable to a buyer. Coty's net debt/EBITDA target of 3.0 times suggests proceeds of at least $4.0B-$4.5B, but total proceeds "could extend toward $6.0B-$6.5B," according to Wissink, who called the next step "finding a buyer willing to pay up." She keeps a Hold rating on Coty shares with a $10.50 price target.
10/21/19
STFL
10/21/19
NO CHANGE
Target $11.5
STFL
Hold
Coty price target raised to $11.50 from $10 at Stifel
Stifel analyst Mark Astrachan maintained a Hold rating on Coty and raised his price target on the shares to $11.50 from $10 after the company announced it would explore strategic options for its Professional and part of its Consumer Beauty businesses. Astrachan said he views the initiative "mainly as an effort to unlock shareholder value" and to deleverage the balance sheet. The analyst said that doing so makes sense, though maximum value creation is also likely "highly dependent" on the multiple to be paid for the Professional business, in his view. He also believes usage of deal proceeds is a key to determining fair value for the shares from current levels. The analyst added that, preliminarily, he estimates Coty shares could be worth $13-$15.
10/22/19
DADA
10/22/19
NO CHANGE
Target $13
DADA
Neutral
Coty price target raised to $13 from $10.50 at DA Davidson
DA Davidson analyst Linda Bolton Weiser raised her price target on Coty to $13 after yesterday's 13% increase in its stock price driven by its announced sale of Brazilian, Professional Beauty,and Wella and Clairol retail hair care businesses. The outcome of the sale will be known by the summer of next year, though the analyst estimates the deal's gross proceeds to be around $7.5B-$10B. Weiser is still keeping her Neutral rating on Coty on the announcement, stating that while the proceeds should allow Coty to reduce its net debt to EBITDA ratio to 3.0-times from 5.5-times today, she is concerned that the company is selling its "better performing" assets.
10/22/19
DBAB
10/22/19
NO CHANGE
DBAB
Deutsche Bank agrees strategically with Coty divestiture plans
Deutsche Bank analyst Faiza Alwy views Coty's plans to sell its professional, retail hair-care, and Brazil businesses as a tacit acknowledgment that the company is unable to execute on its plan to accelerate growth while de-levering at the same time. The analyst, however, agrees strategically with the decision. Alwy has long thought Coty might have to resort to divestitures if it believes it is unable to reach its deleveraging goals organically. Henkel (HENKY) is a possible buyer, says the analyst.

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FBNC

First Bancorp

$37.42

-0.37 (-0.98%)

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THS

TreeHouse

$46.83

-0.085 (-0.18%)

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CCNE

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$31.13

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TER

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TER

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TER

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