Clearly, H121 has been phenomenal and we are sitting on unlevered 23% net return for the first six months. So naturally, we should throw out a few names where the opportunity now lies behind us and that we no longer consider worth covering - unless you do, that is.
New Names:
Please find our unchanged analysis here.
As the market becomes increasingly comfortable with the size and shape of Teva’s forthcoming opioid settlements, analysts are beginning to return their attention to
Please find our updated analysis on Teva here.
We exited our long position in August 2020 after a successful trade, but have now re-examined Teva from a
Please refer to our unchanged analysis here.
Operationally there are limited concerns, but any change in approach from
We have updated our model here
We exited our position in the Euro 27;s in mid August and despite the
We are exiting our long position in the Euro 27’s, as with everything in the Teva structure trading tighter than 5% we question the further upside in the position. This trade has been a successful position for us, entering the 27’s in the low 70’s, the time has come for us to exit.
Very confident and nearly bullish call from TEVA management on the release of their Q1 results. Leverage
Please find our updated Teva model here.
Following price movements over the last month, we are unwinding our Teva
Below is an account of each of the names we follow and have begun work on in the context of Covid19 and Oil prices. Several names stand out as having become either uninvestible or outright attractive - already now.
Teva results are out, conference call at 1pm. Results are inline to slight beat to previous
Overall the results are stronger than we were expecting.
Results:
Decline in Copaxone and stronger growth in Ajovy helped with both top line and
Clarified from the Company that the RCF will become senior secured if over $1bn of senior bonds are issued. There is NO LIMIT on the amount of
We think S&P got it roughly right, even if their backward looking rating does not reflect the more important outlook. The company can stomach a $2bn fine without material trouble. Beyond that and depending on
Please note that Purdue Pharma have applied for CH 11 yesterday evening. The states of New York, North Carolina and Massachussetts were holding out to go after the
Further to Tomas’ mail on our build-up in Teva, Healthcare continues to dominate the US candidate debate.
Please find our updated analysis and model here.
We have become to build a position, long 2027’s and short 2020’a Euro bonds, with a view to benefiting from an early settlement of the opioid litigation, while protecting
We have uploaded our initiation on Teva here.
With opioid proceedings in full swing, Teva is forced to begin refinancing or