巴克莱-美股-投资策略-2018市场展望：看好vrsk和it（增持），不看好info（中性）和nlsn（减持）

《巴克莱-美股-投资策略-2018市场展望：看好vrsk和it（增持），不看好info（中性）和nlsn（减持）》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、EquityResearch14December2017DiversifiedInfo–2018OutlookINDUSTRYUPDATEPreferVRSK(newTopPick)&IT(OW)U.S.Business&ProfessionalServicesoverINFO(EW)&NLSN(d/gtoUW)NEUTRALUnchangedWithnoeasywaytosegmentourbroadcoverageuniverse,wetrytobreakitdownintoForafulllist

2、ofourratings,pricetargetandseveralsub-sectors;oneofwhichis‘diversifiedsubscription.’Andeventhoughtheyearningschangesinthisreport,pleaseseeservevastlydifferentindustries;welayoutourrelativepreferencesbelow:tableonpage2.VRSK(OW)isournewTopPick(replacingTRU

3、)…asafterasolid3Q17printandU.S.Business&ProfessionalServicesincrementallypositiveIRdaylastweek,wefindithardtoignoretheseveralsourcesManavPatnaikofmomentumentering2018:1)tailwindsfromimprovingfundamentalsineachofits+12125262983segments(Insurance,Energy&Fi

4、nancial);2)anewCFOwhoappearsopentomanav.patnaik@barclays.comimprovingtransparencywiththeinvestmentcommunity(belowwelayoutourlistofBCI,USrecommendations);andwhilenotnecessarilykeytoourthesis,wesee3)benefitsfromGregoryBardi,CFAtheproposedtaxreforms(~15%+to

5、ourAdj.EPSestimates).Behindallthisisourbelief+12125267188thatVRSKhasbest-in-classassets(eveniftheydon’tmakesensetogether)andisgregory.bardi@barclays.compoisedtodeliverontheirLTgrowthobjectivesof+7-8%organicrevenue,+1-2ptsBCI,USEBITDAgrowth&DDAdj.EPSgrowt

6、h.Additionally,aslaidoutbelow,shouldVRSKshiftcapitalallocationprioritiestofocusonhigherreturnbuybacks&insuranceonlyM&A;RyanLeonardonecouldseeapathtoupwardrevisionsinestimatesaswellasmultipleexpansion.+12125262135ryan.leonard@barclays.comIT(OW)remainsapre

7、ferredlongtermidea;butwewouldalsolookfor‘speedBCI,USbump’relatedbuyingopportunitiesintheneartermtogetmoreconstructive…Inotherwords,weremainconfidentontheLTintegrationofCEBandreturntoDDCVgrowthby2020;howeverintheNTafew‘speedbumps’tokeepinmind:a)furtheracc

8、eleratedinvestmentsinCEBlimitingmargins;b)adilutivesaleofCEB’sSHLsegment(~$0.20);whichleadstoc)thepotentialforlevelsettingFY18guidance.Anypullbackinthesharesrelatedtotheseitemsthoughwouldbeabuyingopportunityforinvestorsasc