-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA的分析師摘要如下：我們30美元的目標價是基於11.8倍的預期企業價值/息稅折舊攤銷前利潤（TEV/EBITDA），該預期基於我們對2026年持續經營EBITDA的預測。由於2026年第一季的合併成本，我們將2026年每股虧損預期從先前的-0.06美元下調至-1.00美元，並將2027年的每股虧損預期下調0.05美元至0.05美元。我們預測2026年和2027年的收入分別為370億美元和380億美元。 Netflix拒絕提高對WBD的收購報價，WBD董事會認為PSKY的報價「更優」。因此，在獲得股東批准後，WBD將著手尋求監管機構的必要批准。我們認為，由於審批流程漫長，獲得美國司法部和歐盟的反壟斷批准會帶來交易風險，但我們認為這比NFLX收購WBD更可行。因此，PSKY對WBD的收購一旦獲批，要么會將其打造成為媒體巨頭，要么會使其背負不可持續的槓桿和整合難題。我們認為，能否在10月1日前完成交易並獲得必要的監管批准仍存在不確定性。
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Research Alert: CFRA Maintains Hold Opinion On Shares Of Host Hotels & Resorts, Inc.
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Research Alert: CFRA Reiterates Hold Opinion On Shares Of Fortis Inc.
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