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1.21 MB
Extraction Summary
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People
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Organizations
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Locations
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Events
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Relationships
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Quotes
Document Information
Type:
Financial research report / disclosure statement
File Size:
1.21 MB
Summary
This document appears to be a page from a Morgan Stanley research report containing investment analysis for Oaktree Capital (OAK) and several legal disclosures regarding Morgan Stanley's role as a financial advisor in various corporate mergers and acquisitions involving Banco Popular, Unilever, and Jack in the Box. The document bears a 'HOUSE_OVERSIGHT' bates stamp, indicating it was produced as part of a congressional investigation, likely related to financial records subpoenas, though Jeffrey Epstein is not explicitly named on this specific page. The text focuses on valuation metrics and conflict of interest disclosures.
Timeline (2 events)
2017-08-08
Announcement of Blackstone acquisition of Banco Popular's real estate business
Unknown
2017-12-15
Announcement of KKR & Co. offer to acquire Unilever's global spreads business
Unknown
Locations (1)
| Location | Context |
|---|---|
Relationships (3)
acting as financial advisor to Banco Popular Español, S.A.
acting as financial advisor to Unilever plc and Unilever N.V.
acting as financial advisor to Jack in the Box Inc.
Key Quotes (3)
"We value OAK using a sum-of-the-parts, supported by a DCF"Source
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Quote #1
"Morgan Stanley & Co. International plc... is currently acting as financial advisor to Banco Popular Español, S.A."Source
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Quote #2
"Morgan Stanley is acting as financial advisor to Jack in the Box Inc."Source
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Quote #3
Full Extracted Text
Complete text extracted from the document (2,328 characters)
Morgan Stanley | RESEARCH
NORTH AMERICA INSIGHT
NORTH AMERICA INSIGHT
OAK.N
Oaktree: We value OAK using a sum-of-the-parts, supported by a
DCF, and back into an implied target multiple on next 3 years DE and
ENI. Our PT implies a 12.6x multiple on 2019 EPS, reflecting a 7% pre-
mium to historical valuation of 11.8x given expectations for their
Opps Xb fund to turn fees on during 2019 and sharply boost fee
related earnings. Upside risks include better investment perform-
ance, faster monetization of portfolio investments, strong asset
gathering from newer initiatives and inflection higher in fee related
earnings. Risks include poor investment performance, an extended
pull-back in financial and capital markets that delays harvesting of
investments and dampens returns which lower cash earnings.
DCF, and back into an implied target multiple on next 3 years DE and
ENI. Our PT implies a 12.6x multiple on 2019 EPS, reflecting a 7% pre-
mium to historical valuation of 11.8x given expectations for their
Opps Xb fund to turn fees on during 2019 and sharply boost fee
related earnings. Upside risks include better investment perform-
ance, faster monetization of portfolio investments, strong asset
gathering from newer initiatives and inflection higher in fee related
earnings. Risks include poor investment performance, an extended
pull-back in financial and capital markets that delays harvesting of
investments and dampens returns which lower cash earnings.
Morgan Stanley & Co. International plc ("Morgan Stanley") is cur-
rently acting as financial advisor to Banco Popular Español, S.A.
("Banco Popular") in relation to its agreements with Balsam Invest-
ment S.à r.l., ("Blackstone") for the acquisition by Blackstone of
51% of, and hence the assignment of control over, Banco Popular's
real estate business, as announced on August 8, 2017. Closing of
the transaction is subject to relevant regulatory authorisations and
other customary conditions. Banco Popular has agreed to pay fees
to Morgan Stanley for its financial services. Please refer to the
notes at the end of the report.
rently acting as financial advisor to Banco Popular Español, S.A.
("Banco Popular") in relation to its agreements with Balsam Invest-
ment S.à r.l., ("Blackstone") for the acquisition by Blackstone of
51% of, and hence the assignment of control over, Banco Popular's
real estate business, as announced on August 8, 2017. Closing of
the transaction is subject to relevant regulatory authorisations and
other customary conditions. Banco Popular has agreed to pay fees
to Morgan Stanley for its financial services. Please refer to the
notes at the end of the report.
Morgan Stanley & Co. International plc ("Morgan Stanley") is acting
as financial advisor to Unilever plc and Unilever N.V. (together "Uni-
lever") in relation to an offer received from KKR & Co. to acquire Uni-
lever's global spreads business, as announced on 15 December
2017. Unilever has agreed to pay fees to Morgan Stanley for its
financial services. Please refer to the notes at the end of the report.
as financial advisor to Unilever plc and Unilever N.V. (together "Uni-
lever") in relation to an offer received from KKR & Co. to acquire Uni-
lever's global spreads business, as announced on 15 December
2017. Unilever has agreed to pay fees to Morgan Stanley for its
financial services. Please refer to the notes at the end of the report.
Morgan Stanley is acting as financial advisor to Jack in the Box Inc.
("Jack") with respect to a definitive agreement to sell its wholly
owned subsidiary, Qdoba Restaurant Corporation, to Funds affili-
ated with Apollo Global Management, LLC. Jack has agreed to pay
fees to Morgan Stanley contingent upon the consummation of the
transaction. The proposed transaction is subject to customary
closing conditions and adjustments. Please review the notes at the
end of this report.
("Jack") with respect to a definitive agreement to sell its wholly
owned subsidiary, Qdoba Restaurant Corporation, to Funds affili-
ated with Apollo Global Management, LLC. Jack has agreed to pay
fees to Morgan Stanley contingent upon the consummation of the
transaction. The proposed transaction is subject to customary
closing conditions and adjustments. Please review the notes at the
end of this report.
32
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