|Over a week ago|
Stellantis to announce new U.S. auto-lending partner, Bloomberg says » 12:3209/0109/01/21
Stellantis (STLA) is set…
Stellantis (STLA) is set to create a new path in terms of U.S. financial services by forming a partnership with a company other than Santander Consumer USA (SC), Bloomberg's Daniele Lepido, Tara Patel, and David Welch report, citing people familiar with the matter. The automaker is set to share details of the change later Wednesday, the authors note. Reference Link
Stellantis to announce new U.S. auto-lending partner, Bloomberg says » 12:0109/0109/01/21
Stellantis (STLA) is…
Stellantis (STLA) is planning to announce that it is starting a partnership with a company other than Santander Consumer USA (SC) for its U.S. financial services, people familiar with the matter tell Bloomberg's Daniele Lepido, Tara Patel and David Welch.
|Over a month ago|
Santander Consumer downgraded to Neutral from Outperform at Credit Suisse » 10:2108/2408/24/21
Credit Suisse analyst…
Credit Suisse analyst Moshe Orenbuch downgraded Santander Consumer (SC) to Neutral from Outperform with a price target of $41.50, down from $42, after the company announced that will be taken private by Santander Holdings. Management expects the deal to close in Q4, Orenbuch notes.
Santander Consumer to be taken private in $41.50 per share cash transaction » 05:2908/2408/24/21
Santander Consumer (SC)…
Santander Consumer (SC) announced that SC and its majority shareholder Santander Holdings, or SHUSA, have entered into a definitive agreement whereby SHUSA will acquire SC for $41.50 per share in cash, which represents a total equity value of $12.7B. The transaction is expected to close in Q4. The transaction has been unanimously approved by the board of directors of SHUSA. The board of directors of SC formed a special committee consisting of the independent and disinterested directors of SC to evaluate and negotiate the definitive agreement. Acting upon the unanimous recommendation of the special committee, the board of directors of SC unanimously approved the transaction. Under the terms of the definitive agreement, a wholly-owned subsidiary of SHUSA will promptly commence a tender offer to acquire all of the outstanding shares of SC's common stock that SHUSA does not yet own at a price of $41.50 per share in cash. Following completion of the tender offer, SHUSA will acquire all remaining shares not tendered in the offer through a second step merger at the same price as in the tender offer. The tender offer is not subject to a financing condition. The offer price of $41.50 per share in cash represents a premium of approximately 14% to the $36.43 closing price of SC's common stock on July 1, 2021, the day prior to the announcement of SHUSA's initial, non-binding proposal to acquire shares of common stock of SC that SHUSA did not yet own. Consummation of the tender offer is subject to various conditions, including regulatory approval of the Board of Governors of the Federal Reserve System and other customary conditions. Upon completion of the transaction, SC will become a wholly owned subsidiary of SHUSA.
Fly Intel: Top five analyst downgrades » 09:5307/2907/29/21
MCO, SC, ATUS, CONE, CRUS
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Moody's (MCO) downgraded to Neutral from Buy at UBS with analyst Alex Kramm saying following two years of "outsized" debt issuance levels, the analyst is "increasingly concerned" that the medium-term outlook "can only soften from here." 2. Santander Consumer (SC) downgraded to Hold from Buy at Deutsche Bank with analyst Meng Jiao saying upside potential in the shares is "capped given the overhang" of the nonbinding proposal for SHUSA, Santander Consumer's majority shareholder, to acquire all outstanding common shares for $39 per share. 3. Altice USA (ATUS) downgraded to Outperform from Strong Buy at Raymond James with analyst Frank Louthan believing leverage will remain the biggest risk to Altice shares, along with lower top line growth, until advertising returns to full strength and fiber build penetration is further along. 4. CyrusOne (CONE) downgraded to Hold from Buy at Truist with analyst Greg Miller citing the surprise separation of Bruce Duncan only one year after he was appointed as CEO. 5. Cirrus Logic (CRUS) downgraded to Neutral from Buy at BofA with analyst Vivek Arya saying while he likes Cirrus' pipeline, plans for broadening into Android phones and laptops, and content gain opportunities from its Lion acquisition, the company's announcement of FY23 pricing and cost pressures suggests earnings growth is likely to remain muted and below semis industry growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Santander Consumer downgraded om proposal overhang at Deutsche Bank » 07:0007/2907/29/21
Deutsche Bank analyst…
Deutsche Bank analyst Meng Jiao last night downgraded Santander Consumer to Hold from Buy with an unchanged price target of $41. Upside potential in the shares is "capped given the overhang" of the nonbinding proposal for SHUSA, Santander Consumer's majority shareholder, to acquire all outstanding common shares for $39 per share, Jiao tells investors in a research note.
Santander Consumer downgraded to Hold from Buy at Deutsche Bank » 21:4107/2807/28/21
Deutsche Bank analyst…
Deutsche Bank analyst Meng Jiao downgraded Santander Consumer to Hold from Buy.
Santander Consumer reports Q2 EPS $3.45, consensus $1.83 » 06:2007/2807/28/21
Reports Q2 CET1 ratio…
Reports Q2 CET1 ratio 18.1%. Reports Q2 net charge-offs (1%). Reports Q2 total auto originations of $10.5B, up 34% "The second quarter was another exceptional quarter for us thanks to our team's execution in a highly competitive market. We have positioned SC to benefit from the ongoing tailwinds with consumers and the overall auto industry. Demand for vehicles remains strong, as evidenced by our record originations in the quarter of $10.5 billion, despite the pressure of new vehicle sales due to the chip shortage. For the first time in our Company's history, we experienced a net recovery for the quarter of $79 million supported by record used car prices. Yesterday we announced an important strategic expansion of our partnership with AutoFi to launch a new digital experience for our dealers and consumers. The economic recovery is underway and we are encouraged by the strength of consumers and our portfolio's performance. However, the uncertainty with COVID persists and we are mindful of the potential impact going forward as we continue to remain disciplined in our approach. I am very optimistic about our Company's position in the market, our portfolio and our employee's ability to execute," said Mahesh Aditya, SC president and CEO.
Santander to acquire Amherst Pierpoint for roughly $600M » 12:4407/1507/15/21
Banco Santander announced…
Banco Santander announced that Santander Holdings USA, the bank's US holding company, has reached an agreement to acquire Amherst Pierpont Securities, a market-leading independent fixed-income broker dealer, through the acquisition of its parent holding company, Pierpont Capital Holdings LLC, for a total consideration of approximately $600M. Amherst Pierpont will become part of Santander Corporate & Investment Banking global business line. The acquisition of Amherst Pierpont is expected to be c.1% accretive to group earnings per share and generate a return on invested capital of c.11% by year 3, with a -9 basis point impact on group capital at closing. As of 31 March 2021, the group's CET1 capital ratio was above its target range of 11-12%. The transaction is expected to close by the end of the first quarter of 2022, subject to regulatory approvals and customary closing conditions.
Santander Consumer price target raised to $39 from $32 at Barclays » 06:4207/0907/09/21
Barclays analyst Mark…
Barclays analyst Mark DeVries raised the firm's price target on Santander Consumer to $39 from $32 and keeps an Equal Weight rating on the shares.