Sunday, December 3, 2023

Week in Review 48/23


Welcome and thanks for reading!

In this review, I will make a summary of important and interesting news and events over the last week related to my portfolio holdings. Also, I will put together some interesting articles from other websites that caught my attention during the past week.

Received Dividends:

November 27, 2023

  • €17.55– Eaton Corporation plc (ETN)
  • €80.74– Royal Bank of Canada (RY)

November 30 2023

  • €12.86– LTC Properties, Inc. (LTC)

December 1, 2023

  • €33.74– Intel Corporation (INTC)
  • €12.43– Essential Utilities, Inc. (WTRG)
  • €38.60– Pinnacle West Capital Corporation (PNW)
  • €11.54– L3Harris Technologies, Inc. (LHX)
  • €71.70– United Parcel Service, Inc. (UPS)
  • €21.25– Aflac Incorporated (AFL)

Week 48: Total net dividends €300.43

Dividend income is reported after the deduction of taxes. Check more at my Monthly Dividend sheet.

Portfolio Holdings News:

November 27, 2023

  • NCC AB (NCC) to extend Gävle Hospital; NCC is initiating a partnership with Region Gävleborg for the refurbishment and extension of “Hus 60”, the entry building to Gävle Hospital. The project is a turnkey contract in partnering form with an order value of approximately SEK 430 million.

  • Lockheed Martin Corporation (LMT) has secured a $199.15 million hybrid contract for industrial engineering services for the Multiple Launch Rocket System Family of Munitions programs.

  • L3Harris Technologies, Inc. (LHX) Announces Definitive Agreement to Sell its Commercial Aviation Solutions Business; LHX announced the signing of a definitive agreement under which an affiliate of TJC L.P. will acquire L3Harris’ Commercial Aviation Solutions (CAS) business for $800 million. The deal includes a $700 million cash purchase price and $100 million earnout based on hitting financial performance targets for 2023 and 2024. The valuation is about 15 times last-12-month earnings before interest, taxes, depreciation and amortization. The transaction is expected to close in the first half of 2024 and is subject to customary closing conditions and regulatory approvals.

November 28, 2023

  • Main Street Capital (MAIN) Announces New Portfolio Investment; MAIN completed a new portfolio investment to facilitate the recapitalization of Compass Systems & Sales. MAIN along with its co-investor, partnered with Compass' existing owner and senior management team to facilitate the deal and MAIN invested $24.7M in a combination of first lien, senior secured term debt and a direct equity investment.

  • Scotiabank (BNS) Reports Fourth Quarter and 2023 Results; BNS reports Non-GAAP EPS of C$1.26, missing analyst estimates by C$0.39 and decreasing 38.8% year-over-year. Revenue rose 8.9% to C$8.31 billion, topping estimates C$50 million. CET1 ratio was 13.0%, up from 11.5% last year. The provision for credit losses was C$1,256 million, compared to C$529 million, an increase of C$727 million. The provision for credit losses ratio increased 37 basis points to 65 basis points.

  • TC Energy Corporation (TRP) Updates Growth Outlook; TRP expects comparable EBITDA for FY 2023 will come in ~8% higher than last year, comparable EBITDA for next year is forecast at 5%-7% higher than 2023 and also expects to advance an incremental $3 billion of asset sales next year and reaffirms its commitments to achieve its 4.75x debt-to-EBITDA upper limit by the end of 2024.

November 29, 2023

  • RTX Corporation (RTX) and Pratt and Whitney unit received a not-to-exceed $701.92 million modification to a previously awarded cost-plus-incentive-fee, cost-plus-fixed-fee, cost reimbursable, fixed-price incentive contract.

  • Enbridge Inc. (ENB) Announces 2024 Financial Guidance; ENB guided for its base business to generate EBITDA of C$16.6B-C$17.2B in FY 2024, reflecting more than 4% growth relative to the midpoint of its C$15.9B-C$16.5B guidance range for 2023, with distributable cash flow of C$5.40-C$5.80/share, excluding EBITDA and DCF contributions from the gas utilities acquisitions announced in September, which are expected to close during 2024.

  • Enbridge Inc. (ENB) Announced Quarterly Dividend Increase; ENB announced that its Board of Directors has declared a quarterly dividend of $0.9150 per common share, payable on March 1, 2024 to shareholders of record on February 15, 2024. The declared dividend represents a 3.1% increase from the prior quarterly rate and the twenty-ninth consecutive year in which the Company has increased its common share dividend.

November 30, 2023

  • AbbVie Inc. (ABBV) to Acquire ImmunoGen; ABBV has agreed to acquire ImmunoGen (NASDAQ:IMGN), a developer of a novel cancer drug class called antibody-drug conjugates (ADCs), for about $10B in cash. Per the terms, ABBV will acquire all outstanding ImmunoGen (IMGN) shares for $31.26 per share in cash, implying a total equity value of about $10.1B. The transaction is expected to close in mid-2024.

  • General Dynamics Corporation (GD) has secured a modification and will compete for each order of the $654.5 million contract for M1128 metal parts programs.

  • RTX Corporation (RTX) awarded a $225.31M modification to a previously awarded contract to exercise options for continued Air and Missile Defense Radar and Enterprise Air Surveillance Radar integration and production support.

  • Royal Bank of Canada (RY) Reports Fourth Quarter and 2023 Results; RY reports Non-GAAP EPS of C$2.78, identical to the same quarter last year and C$0.16 more than expected.. Revenue of C$13.03 billion misses analyst estimates by C$21 million but increased 3.7% versus the same quarter last year. CET1 ratio was 14.5% an increase of 40 basis points from the prior quarter. Total PCL of C$720 million increased C$339 million or 89% from a year ago.

  • Royal Bank of Canada (RY) Announced Quarterly Dividend Increase; RY announced today that its board of directors has declared an increase to its quarterly common share dividend of three cents or 2.2% to $1.38 per share, payable on and after February 23, 2024, to common shareholders of record at the close of business on January 25, 2024.

  • The Toronto-Dominion Bank (TD) Reports Fourth Quarter and Fiscal 2023 Results; TD reports Non-GAAP EPS of C$1.83, missing analyst estimates by C$0.07 and decreasing 16.1% year-over-year. Revenue of C$13.19 billion beats analyst estimates by C$71 million and increased 7.7% versus the same quarter last year. Common Equity Tier 1 Capital ratio was 14.4% compared 15.2% to the last quarter.

  • Canadian Imperial Bank of Commerce (CM) Announced Quarterly Dividend Increase; CM announced that its Board of Directors declared a dividend of $0.90 per share on common shares for the quarter ending January 31, 2024 an increase of $0.03 per share or 3.4% from the previous quarter. This dividend is payable on January 29, 2024 to shareholders of record at the close of business on December 28, 2023.

December 1, 2023

  • RTX Corporation (RTX) was awarded a $145,000,000 hybrid contract for Qatar Phased Array Tracking Radar to Intercept of Target depot operations, technical assistance, and new equipment training.

Articles that caught my attention:

Thanks for stopping by, have a nice next week!

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