| Over a week ago | ||||
Terminix Global Holdings,… Terminix Global Holdings, Inc. (TMX), announced it has entered into a definitive agreement to divest its pest management businesses in the U.K and Norway. These businesses are being divested by Terminix as a condition to the closing of its pending merger with Rentokil Initial (RTOKY). The Divestment is expected to close in the next 30 to 60 days, subject to limited closing conditions. Terminix expects to record a loss on the sale of these assets in the period ending June 30, 2022. Together, the two businesses were expected to generate approximately $60M in revenue and less than $10M in Adjusted EBITDA for the full year 2022. Completion of the Divestment and the previously announced completion of the antitrust review process in the US will satisify two of the closing conditions to the Company's pending merger with Rentokil. Remaining conditions to be satisified include approval by the Company's and Rentokil's shareholders, and the registration of Rentokil's American depository shares with the U.S. Securities and Exchange Commission and their listing on the New York Stock Exchange. Both parties continue to make good progress on satisfying these remaining conditions and the transaction remains on track for completion in the second half of 2022, with a targeted closing by the end of the third quarter. | ||||
Reports Q revenue $496M,… Reports Q revenue $496M, consensus $492.8M. "We are encouraged by the positive momentum in our residential business," said Terminix CEO Brett Ponton. "Unit growth in termite and strong price realization across all channels offset expected inflationary pressures in fuel, labor and materials in the quarter. Key investments in labor and staffing levels aided the first quarter and will support growth in the coming quarters. Commercial pest continues to improve, and with strong sales and improved retention rates in the quarter, is poised for growth in the back half of the year." | ||||
Analysts discuss the… Analysts discuss the Terminix/Rentokil merger and provide an update on Rentokil on an Analyst/Industry conference call to be held on May 3 at 10:30 am. Webcast Link | ||||
Reports Q1 revenue… Reports Q1 revenue $1.125B, consensus $1.15B. Ronald Kruszewski, Chairman and Chief Executive Officer, said, "Our quarterly revenue and earnings per share were the second highest first quarter results in the firm's history. The strength of Stifel's business model continues to be its diversity as record Global Wealth Management and Institutional Fixed Income transactional revenue helped to offset the headwinds in some of our businesses. The outlook for the remainder of 2022 is strong. We expect to benefit from our significant asset sensitivity and the continued growth in other business lines." | ||||
Stifel Financial… Stifel Financial announced the release of its inaugural Environmental, Social & Governance, ESG, Report, detailing the company's initiatives and commitment to these important factors. Highlights from this year's report include: As of December 31, 2021, Stifel manages and holds $5.2B in ESG assets; In 2021, Stifel employees completed approximately 33,000 hours of compliance and ethics-related training; Stifel has underwritten more than $1.9B Community Reinvestment Act bonds; Stifel Bank & Trust rates outstanding and ranks in the top 10% of approximately 4,500 banks evaluated by federal regulators based on how well they meet their Community Reinvestment Act obligation; In 2021, Stifel employees worldwide completed 2,625 volunteer hours and the company donated $6.63 million to local community organizations; Stifel worked with our corporate travel partners to identify ways to reduce our environmental footprint and contracted with carbonfund.org, an organization that helps businesses and individuals offset their climate impact. | ||||
| Over a month ago | ||||
Stifel Financial (SF),… Stifel Financial (SF), Eaton Partners, a Stifel Company, and RCP Advisors, a subsidiary of P10 (PX), announced the launch of Twelve Degrees, a strategic partnership focused on investing in and providing capital solutions to leading emerging and first-time alternative investment fund managers. Twelve Degrees will combine Eaton's capabilities as one of the largest global placement agents and financial advisory firms with RCP's access to lower-middle-market private equity fund managers. Twelve Degrees will provide flexible capital solutions, strategic advice, back-office infrastructure, access to broader Stifel banking services, and global distribution, capital formation, and marketing capabilities designed to help emerging and first-time managers build and scale their businesses. These services will be provided in exchange for GP-level economics. Using a selective, data-driven, and long-term approach, the partnership will use institutional best practices and sourcing channels across both firms. | ||||
Stifel Financial… Stifel Financial announced that it will give equity grants to approximately half of its employees, as part of an objective to ultimately make all Stifel employees shareholders. Through the program, approximately 4,200 current employees will receive a one-time restricted stock unit grant of $5,000 per individual. Going forward, qualifying new employees will be eligible for a similar award. With the implementation of this program, in combination with existing employee ownership, substantially all Stifel employees will achieve equity ownership in the company. | ||||
In an interview on… In an interview on CNBC's Mad Money, Ron Kruszewski said Stifel is growing across all businesses and gaining market share. The company is filling the void that occurred after the 2008 financial crisis, he added. Kruszewski noted that Stifel's research is "second to none," and he expects the company to continue to gain market share. | ||||
Virtual Meeting to be… Virtual Meeting to be held on March 2 hosted by Compass Point. | ||||
Reports Q revenue $484M,… Reports Q revenue $484M, consensus $482.57M. "In the fourth quarter, we continued to build momentum in our residential business with improvements in digital marketing, staffing levels and pricing driving an acceleration in organic growth," said Terminix CEO Brett Ponton. "We reported double-digit organic growth in termite and home service completions, seven percent growth in termite renewals and five percent growth in residential pest control while making solid progress on the CxP and Terminix Way initiatives. Adjusted EBITDA margin expansion in the quarter was highlighted by higher revenue contribution and fleet productivity offsetting investments in labor and strategic initiatives and increased medical costs from the lingering effects of the pandemic. We also delivered meaningful progress managing termite damage claims with the lowest new claims in a quarter since 2018." "The new year is off to a strong start as we capitalize on the foundational improvements made during 2021," Ponton continued. "Our strategic growth priorities for the year remain focused on improving teammate retention to drive customer retention, improving technician cross-selling capabilities to drive customer penetration and developing our digital marketing prowess to drive increased lead generation. CxP has been deployed in our southwest region and we are targeting a full Terminix Way pilot with enhanced standard operating procedures and training protocols in both the commercial and residential service lines in the next few months. While these operational initiatives remain the focus of our customer facing teammates, the back-office is also working closely with the Rentokil team on integration planning as we progress towards an anticipated second half of 2022 merger that will significantly enhance our commercial capabilities and accelerate the progress already well underway." | ||||
