JMP Securities’ Post

https://lnkd.in/dcPzbwhF With 25.25 billion USD in revenue, declining at -13.75 % with net profit margin of 15.74 % for the calendar 2023, The Southern Company's intrinsic value is 163 billion USD compared with its current market capitalization of 85.31 billion USD. #utilities #stocks #investing #wallstreet #stockmarket

As real interest rates are expected to rise, bond returns look promising for the upcoming decade. Gain a deeper understanding by downloading these key takeaways from our annual Long Run Asset Allocation report. https://lnkd.in/gwnEkpwA #assetallocation #interestrates

https://lnkd.in/d5Sw_fZt With 25.25 billion USD in revenue, declining at -13.75 % with net profit margin of 15.74 % for the calendar 2023, The Southern Company's intrinsic value is 163 billion USD compared with its current market capitalization of 85.31 billion USD. #utilities #stocks #investing #wallstreet #stockmarket

Read the Park Avenue Securities Monthly Market Commentary for our latest market analysis. This month we explore the equity and fixed income markets, real estate, asset manager outlooks for the second half of 2024, and much more. https://lnkd.in/g_zKcAJG

Read the Park Avenue Securities Monthly Market Commentary for our latest market analysis. This month we explore the equity and fixed income markets, real estate, asset manager outlooks for the second half of 2024, and much more. https://lnkd.in/gbnDWSZZ

Some weeks ago I noted that the way to improve affordability for Canadian was to reduce government spending, not to increase taxes. I quoted an extract from a Bank of Canada to support my view, but of course the whole BOC report was very long, so would not expect most people to read it. I came across a very short and useful overview of the negative multiplier effect recently, with an excellent graph illustrating the point. For those that are interested, the link is below - the specifically relevant part is titled "What keeps John Mauldin up at night." https://lnkd.in/g5bs-K8d

Read the Park Avenue Securities Monthly Market Commentary for our latest market analysis. This month we explore the equity and fixed income markets, real estate, asset manager outlooks for the second half of 2024, and much more. https://lnkd.in/gbYYcmTx

NAV no more? Investment bank Jefferies has considered removing data on a real estate company’s net asset value from its research notes on their stock – chiming with industry executives who think investors’ focus on the metric is too great. “NAVs are still the REIT lingua franca as UK real estate is mostly leveraged on bank debt and sensitive to LTV covenants, whereas US and [European] REITs make more use of the bond market,” said the team. “We think something is being lost in translation and NAVs don’t appear to be the concrete ceilings on deal making they used to be.” In a recent interview with EG, Custodian Capital Limited managing director Richard Shepherd-Cross said the UK has an “undue focus” on NAV (https://lnkd.in/eZRce54D). “We should be following the architects of the REIT regime, the US, and be looking at earnings,” Shepherd-Cross added. “Every trading company that anyone has ever invested in, the key metric is earnings. [But when] it comes to real estate, they say, ‘Oh, it’s all about asset value’. But it’s not, because it’s the earnings that come from the rent that support the dividend.” https://lnkd.in/gVNFiZNc

Read the Park Avenue Securities Monthly Market Commentary for our latest market analysis. This month we explore the equity and fixed income markets, real estate, asset manager outlooks for the second half of 2024, and much more. https://lnkd.in/emn-qXZi

Read the Park Avenue Securities Monthly Market Commentary for our latest market analysis. This month we explore the equity and fixed income markets, real estate, asset manager outlooks for the second half of 2024, and much more. https://lnkd.in/e3aEN6T5