-- 独立系調査会社CFRAは、に対し、以下の調査レポートを提供しました。CFRAのアナリストは、以下のように見解をまとめています。目標株価は110ドルに据え置き、予想TEV/EBITDA倍率は25.5倍とします（過去3年間の平均は30.7倍、過去5年間の平均は32.8倍）。2026年のEPS予想は0.15ドル引き下げて1.55ドルとし、2027年のEPS予想は2.15ドルに据え置きます。売上高予想はそれぞれ47億ドル（従来485億ドル）、52億ドル（変更なし）です。2026年の予想は、F1がバーレーンとサウジアラビアでのレースを中止し、MotoGPのカタールグランプリを11月に延期したこと、そしてイラン・米国戦争による市場状況の変化を考慮に入れています。同社が2027年からトルコグランプリを新たな複数年契約で復活させると発表したことを歓迎します。今後、MotoGPのスポンサーシップにおける商業的影響力を拡大できる可能性に期待しています。フォーミュラ1のグローバルブランドは中東の戦時下でも存続できると見ており、FWON.Kはこれらの地域での人気上昇から恩恵を受けると予想しています。もちろん、下振れリスクとしては、イランとアメリカの戦争が長期化することが挙げられます。
Related Articles
Research
Research Alert: CFRA Keeps Buy Rating On Shares Of Paycom Software, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We raise our target by $19 to $150, 12.3x our 2027 EPS estimate, significantly below PAYC's three-year historical forward P/E average of 24.9x. We lift our 2026 EPS view by $0.53 to $10.73 and 2027's EPS view by $0.95 to $12.23. PAYC conservative 2026 guidance, which projects a revenue growth slowdown to 6%-7%, is a primary concern as it contrasts sharply with the company's current performance. This strength is evidenced by an expanding 48.2% adjusted EBITDA margin, robust 17% Y/Y growth in operating cash flow, and high 91% client retention, all fueled by the demonstrable ROI its AI-powered platform delivers to clients. Underscoring this internal confidence, management executed a massive $1.06B share repurchase in Q1, taking on $675M in debt to capitalize on what it views as a significant undervaluation. This aggressive, debt-funded capital return increases financial leverage but signals a profound belief in the company's long-term value proposition, despite the cautious near-term growth outlook.
$PAYC
Research
Research Alert: CFRA Maintains Hold Opinion On Shares Of Host Hotels & Resorts, Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We increase our target by $2 to $23 on a forward P/FFO of 10.9x our 2026 FFO estimate, a premium to peers and HST's three-year forward average (8.9x) due to a stronger 2026 travel outlook and recently redeveloped properties driving higher revenue per average room (RevPAR) this year. We increase our 2026 FFO estimate by $0.05 to $2.11 and leave our 2027 view unchanged at $2.15. San Francisco showed remarkable recovery boosted by the Super Bowl and accelerating business travel as resorts in Florida/Phoenix saw stronger-than-normal Q1 performance. Weather-related disruptions in Hawaii and the East Coast negative impacted RevPAR by 120 bps in Q1, while the outlook for growth in 2H 2026 implies growth slowing to 1%-2% range. Productivity improvements have helped to offset some of the 5% Y/Y growth in wages, but this cost inflation is a risk we continue to monitor. We do not currently expect any acquisitions, with management setting a high IRR bar and favoring buybacks and special dividends currently.
$HST
Research
Research Alert: CFRA Reiterates Hold Opinion On Shares Of Fortis Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Our 12-month target is unchanged at CAD80, valuing shares at a forward P/E of 21.5x our next-12-month EPS estimate of CAD3.72, a premium to its five-year average of 19.3x. We keep our 2026 EPS estimate at CAD3.62 and raise our 2027 EPS estimate by CAD0.03 to CAD3.88. Q1 results showed continued progress on load growth opportunities, with ITC advancing data center interconnection projects and TEP securing initial contractual milestones in Arizona while pursuing additional phases. We expect revenue to grow 7.8% in 2026, followed by 5.6% growth in 2027, supported by customer rate updates at Central Hudson (effective July 2025), FortisBC Energy (effective January 2026), UNS Gas (effective March 2026), and a pending decision at TEP (expected fall 2026), alongside ongoing rate base growth. From 2025-2028, we expect EPS to grow at a 5.3% CAGR while dividends grow at 4.6%, both lagging the peer median growth rates of 7.9% and 5.2%, respectively. Shares currently yield 3.3%, slightly ahead of the peer median 3.2%.
$FTS