Risk-to-Price Commentary: Pearson Dollar Finance PLC May 10
Standard & Poors, May 2010
Abstract
Although the European media subsector's reported earnings have been volatile since first-quarter 2008, Capital IQ's aggregated estimates show the subsector could be poised to report second-quarter 2010 earnings of $5.53 per share, a 21.54% year-over-year increase (see chart 1). The media subsector has maintained positive earnings and produced the lowest standard deviation of earnings (28.8%)--indicating low relative volatility--among the five consumer discretionary subsectors in each of the past nine quarters (see table 1). The subsector's forecasted earnings for the forthcoming 2010 quarters display similar volatility, but the estimated $6.28 earnings per share in fourth-quarter 2010 would be an encouraging 122.69% higher than $2.82 reported for first-quarter 2010 (see chart 1). Today's Risk-to-Price (R2P) query highlights callable and noncallable European media...
Companies mentioned in this report are:
- Pearson PLC
- Reed Elsevier PLC
- Vivendi S.A.
- Wolters Kluwer N.V.
- Daily Mail & General Trust PLC
- Bertelsmann SE & Co. KGaA
- SES S.A.
- Gruppo Editoriale L'Espresso SpA
- ITV PLC
- Pearson Dollar Finance PLC
- UPC Holding B.V.
- Publicis Groupe S.A.
- Pearson Dollar Finance Two PLC
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Pearson PLC
- Reed Elsevier PLC
- Vivendi S.A.
- Wolters Kluwer N.V.
- Daily Mail & General Trust PLC
- Bertelsmann SE & Co. KGaA
- SES S.A.
- Gruppo Editoriale L'Espresso SpA
- ITV PLC
- Pearson Dollar Finance PLC
- UPC Holding B.V.
- Publicis Groupe S.A.
- Pearson Dollar Finance Two PLC
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