-- 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。M&Aおよび実行リスクを考慮し、将来のTEV/EBITDA倍率を6.6倍として、目標株価を1ドル引き下げ、12ドルとします。この目標株価は、過去5年間の平均倍率9.4倍と比較して保守的な見方に基づいています。PSKYがワーナー・ブラザース・ディスカバリー（WBD 27 ***）を買収するかどうかの不確実性を考慮すると、この目標株価は妥当であると考えています。ただし、WBD買収は過剰な負債を抱えているため、困難を伴う可能性があるとの懸念があります。575億ドルの負債を裏付けとした、1株当たり31ドルの全額現金によるWBD買収提案は、PSKYの財務安定性にとって存亡の危機となる可能性があります。 2026年第3四半期に取引が完了した場合、合併後の企業の負債総額は700億ドル（PSKYの現在の136億5000万ドルにWBDの既存負債と新規買収資金を加えた額）を超え、ジャンク債格付け、大幅な借入コストの上昇、そして60億ドルのコストシナジー削減が必要となるレバレッジ比率となる。2026年第3四半期の目標期日を超えて規制当局の承認が遅れると、コストが増加し、不確実性が長引くことで、人材流出や市場機会の逸失につながる可能性がある。
Related Articles
Treasury
US Treasury Closing Levels
3:00 Tuesday vs 3:00 Monday2yr 99-20 vs 99-19; 3.934% vs 3.962%5yr 99-04 vs 99-00+; 4.069% vs 4.093%10yr 97-23 vs 97-14+; 4.413% vs 4.447%30yr 96-13+ vs 95-23+; 4.980% vs 5.026%2/10 47.739 bps vs 48.280 bps5/30 90.966 bps vs 93.109 bps
Commodities
Market Chatter: Japan Advances Energy Loan Talks With South Africa, Promotes Ammonia Co-Firing
Japan is accelerating talks on a yen-denominated energy loan for South Africa while promoting ammonia co-firing technology, Bloomberg said Tuesday, citing Japanese diplomatic officials.Japan will use the proposed loan to support South Africa's energy transition, though it did not disclose the amount, the report said, citing officials.Japan's initiative adds to about $10 billion in climate financing already pledged to South Africa by European countries under an existing energy transition agreement.Germany and Japan are expanding efforts to position their companies in South Africa, targeting opportunities in a market with strong solar and significant green hydrogen production potential.Leaders first discussed the loan during a meeting between President Cyril Ramaphosa and former Japanese Prime Minister Shigeru Ishiba in Yokohama in August, the report added.Japan is promoting ammonia co-firing, which replaces part of coal use at power plants with ammonia to reduce emissions while maintaining existing infrastructure.South Africa can produce green hydrogen using its solar and wind resources, then convert it into ammonia for easier storage and transport, supporting cleaner energy pathways.However, critics say ammonia co-firing could extend the life of coal plants, as South Africa still generates about three-quarters of its electricity from coal, the report noted.has reached out to South Africa's Department of Electricity and Energy for any comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Australia
Brunswick Keeps Quarterly Dividend at $0.44 per Share, Payable June 15 to Holders of Record May 18
Price: $78.25, Change: $+3.79, Percent Change: +5.09%
$BC