-- 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。当社は、過去3年間の平均55.5倍に対し、より保守的な将来のTEV/EBITDA倍率である31.1倍を用いて、目標株価を75ドル引き下げ、500ドルとしました。SPOTの株価は本日、低迷しています。この売りは、同社の収益成長率が過去20%超の成長率に対し、せいぜい10%台半ばにとどまる可能性があるという認識によるものと考えられます。当社は、2026年の収益予測を196億ユーロ（従来予測201億ユーロ）、2027年の収益予測を225億ユーロ（従来予測228億ユーロ）に下方修正し、収益成長率を13～15%と予測しています。利益率の拡大に伴い、2026年のEPS予想を0.75ユーロ引き上げて13.55ユーロとし、2027年の予想は15.50ユーロに据え置きました。SPOTは、加入者価格が大幅に低い地域でより速いペースで成長しており、これが連結収益の伸びを阻害しています。また、2026年第1四半期の広告付きプランは期待外れで、前年同期比102ベーシスポイント減の13%となりました。これは、無料プランの利用率上昇に伴うコンテンツコストが広告収入よりも速いペースで増加したことが原因です。経営陣は、これは一時的な問題であり、収益化が進むにつれて改善すると考えています。
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Research Alert: Waste Management: Broad-based Margin Gains Support Q1 Beat
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:WM's Q1 results exceeded expectations, with operating EPS of $1.81 (up 8.4% Y/Y) vs. consensus of $1.74, driven by better-than-anticipated margin execution. Adjusted EBITDA margin expanded 70 bps to 29.8%, with Recycling and Renewable segments showing impressive gains of 370 bps and 790 bps, respectively. We believe operational efficiency initiatives are paying dividends as WM invests in technology and automation to optimize its cost structure, a trend that should continue supporting margin expansion in 2026 and beyond. Core pricing remained robust at 6.3%, reflecting WM's pricing power as the company shifts toward higher-margin contracts. WM completed three recycling facilities during the quarter, adding nearly 300K tons of processing capacity in growing markets. We see newer automated facilities as making this business more profitable. Healthcare Solutions integration was notable, with adjusted EBITDA growing 11.6% despite slight revenue decline, driven by SG&A cost management and synergy capture.
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Research Alert: Essex Property Trust, Inc. Post Ffo Beat And Revenue In Line
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:ESS delivered solid Q1 2025 results, with FFO of $4.17 per share, $0.21 above consensus, and same-property revenue growth of 2.9%. Cash NOI grew 4.3% Y/Y due to rental revenue of $482M, with average monthly rent up 2.2% to $2,719. We believe the West Coast multifamily market is showing modest growth, with Northern California leading the recovery at 3.9% same-property revenue growth, followed by Seattle Metro at 2.3% and Southern California at 2.2%. Management reaffirmed 2026 guidance, with FFO expected at $15.69-$16.19 per share and same-property revenue growth of 1.7%-3.1%. ESS increased its annual dividend by 0.8% to $10.36 per share, marking the 32nd consecutive annual increase, while repurchasing $61.9M in shares YTD. We like the portfolio's performance trajectory amid the ongoing West Coast market recovery, though operating expenses continue outpacing revenue growth at +2.5% to +3.5%. This leads to cash NOI of only +0.8% to +3.4% with the midpoint at +2.1% Y/Y.
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Research Alert: Eix Q1: Rate Increase Offsets Cost Recovery Non-recurral; Growth Targets Weak
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Edison International reported Q1 2026 core EPS of $1.42 vs. $1.37 prior year, driven by 2025 General Rate Case rate relief, partially offset by the absence of $0.30 per share interest expense benefits from TKM Settlement Agreement cost recoveries. GAAP EPS declined to $1.38 from $3.73 due to the absence of $908M in prior-year non-core benefits. Operating revenue increased 7.7% to $4,103M while cash flow from operations grew 16.6% to $1,427M, though interest expense rose substantially to $524M from $301M due to capital funding requirements. Management affirmed 2026 core EPS guidance of $5.90-$6.20 and maintained confidence in 5%-7% core EPS growth from 2025 to 2030. We think the company's long-term EPS goals are overly optimistic as we forecast EPS growth closer to the 3%-4% range, suggesting EIX has the lowest earnings trajectory among peers with an 8.9% average, making even the 5%-7% target appear uncompetitive, in our view.
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