|Bid||201.05 x 800|
|Ask||201.99 x 900|
|Day's range||198.48 - 201.72|
|52-week range||130.85 - 250.46|
|Beta (5Y monthly)||1.47|
|PE ratio (TTM)||10.70|
|Earnings date||13 Oct 2020 - 19 Oct 2020|
|Forward dividend & yield||5.00 (2.51%)|
|Ex-dividend date||31 Aug 2020|
|1y target est||245.79|
Goldman Sachs BDC (GSBD) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
(Bloomberg Opinion) -- Call it Deal Tinder. Banker Bumble. Or, perhaps more on trend with the vowel-hating naming convention of startups, simply: Bnkr. That’s not the real name, but Wall Street is building a new dealmaking app for the future of mergers and acquisitions in a social-distanced world. After all, this weekend’s flurry of deal activity shows that not even the coronavirus can stifle M&A demand for long.As air travel remains taboo, and with working from home set to be the norm for corporate offices for the foreseeable future, bankers are looking for new technologies to help their clients find transactions remotely. The Covid-19 pandemic heralded the rise of Zoom Video Communications Inc. and other videoconferencing tools, which have already been used recently by Verizon Communications Inc. and Intel Corp. to negotiate acquisitions valued at hundreds of millions of dollars. Now, Goldman Sachs Group Inc. is building a merger matchmaking app for its investment-banking clients to further aid the process, Bloomberg’s Ed Hammond reports. The app’s real name is Gemini, building off a technology that the company uses internally. (In case Goldman’s rivals are curious, “Bnkr” is still up for grabs.) The Gemini news comes on the heels of a busy deals weekend as the M&A market starts to show more signs of life. Microsoft Corp. confirmed that it’s in talks to buy the U.S. side of TikTok as the Chinese-owned social-media sensation comes under scrutiny by the Trump administration. (Tim Culpan writes that it could be “the deal of the decade.”) Germany’s Siemens Healthineers AG struck a $16.4 billion deal to acquire Varian Medical Systems Inc., a Palo Alto, California-based maker of cancer-radiation treatments, with the expectation that demand for medical procedures put off by Covid will return. Private equity firms Blackstone Group Inc. and Global Infrastructure Partners are also considering a joint bid for Kansas City Southern, a railroad operator that links Mexico and the U.S. Midwest, in what would amount to a Warren Buffett-esque bet on the U.S. economy.Gone may be the days of a handshake sealing a deal, and M&A volume globally is still down 47% this year at just $1.1 trillion. But the pandemic hasn’t altered the reasons for pursuing transactions. Interest rates remain low amid a global recession triggered by virus fears, and a lack of organic growth continues to point to consolidation across industries. As companies become more comfortable with remote work, they may embrace technology for dealmaking, too.“The bankers are road warriors, but I think they’re learning quickly that they can get a lot more done this way,” Derek Koecher, Verizon’s vice president of strategy and development, said in a June interview conducted over the BlueJeans videoconferencing software. The wireless carrier acquired BlueJeans for $400 million in April to add to its offerings for business customers.While Verizon and BlueJeans executives were able to start their negotiations in person in pre-Covid times, once the pandemic hit they were forced to become their own guinea pigs. “That time that you get with the management team — the dinners, the drop-bys, the ‘Hey, I need to come out and see you, let’s have breakfast’ – were completely gone,” Koecher said. “One thing you worry about is culture. Are you going to have the right cultural fit with people you didn’t spend a lot of face-to-face time with? We used the platform to get that management time and intimacy. It was an experiment, and it proved to be quite successful.” No travel delays, and meetings were easier to schedule. There’s also a benefit to being able to literally peer into the other person’s background on screen, a window into their life outside the formal conference-room setting, he said. Goldman says its app will show how a business stacks up against various revenue and profit metrics, as well as environmental, social and governance standards. (By the way, the Bloomberg terminal can do a lot of that, too. Bloomberg LP is the parent of Bloomberg News and Bloomberg Opinion.) That may help CEOs spot vulnerabilities and merger or spinoff opportunities before activist investors come knocking.(2) With some inspiration from social-media tools, dealmaking lives on in the Covid era. Maybe even the swipe — the cultural touchstone of millennial dating that’s led to plenty of marriages — could broker mergers next. (1) There has already been a substantial uptick in the adoption of poison-pill defenses this year.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tara Lachapelle is a Bloomberg Opinion columnist covering the business of entertainment and telecommunications, as well as broader deals. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Goldman Sachs Group Inc. and Bank of America Corp. were left off Ant Group’s upcoming stock sale in Hong Kong because of their past work with rivals of its affiliate Alibaba, according to people familiar with the matter.Bankers have been told by senior executives at Alibaba Group Holding Ltd., which owns a third of Ant, that they should refrain from doing deals for its competitors if they want business from Jack Ma’s sprawling empire, the people said. Ant has kicked off plans to go public in Hong Kong and Shanghai in offerings that could top Saudi Aramco’s record $29 billion IPO.The directive shows that Wall Street banks are having to make early bets on which firms to stick with in China, especially as juggernauts like Alibaba and Tencent Holdings Ltd. extend their tentacles into hundreds of businesses in finance, transportation, retail and entertainment.“The duopoly issue is not unique to China, but the scale and scope of Alibaba and Tencent’s business operations create an excruciating dilemma for investment banks,” said Andy Mok, a senior research fellow at the Center for China and Globalization in Beijing. “Alibaba and Tencent’s businesses are so big, you can risk being blocked out of a significant future revenue stream.”While bankers everywhere have to be careful doing work for their clients’ rival firms, Chinese conglomerates are taking it to a new level. Even though banks have firewalls to ensure separate teams handle deals for the likes of Alibaba and Tencent, that’s proving to not be enough, the people familiar said.Chinese clients are much more likely than their counterparts in the U.S. or Europe to demand non-compete commitments as a show of loyalty, and to ensure that sensitive strategies don’t land in the hands of competitors. And with fewer deals to go around, bankers in the hyper-competitive Chinese market have little choice but to comply.Though minor distribution roles on Ant’s Hong Kong IPO are still up for grabs, those don’t offer the out-sized fees that banks can expect from leading the sale.“Competition has increased and Chinese issuers have gotten strong bargaining power,” said Bob Dodds, who worked as an investment banker at China International Capital Corp. before setting up DRP Capital Ltd. to advise on China-related deals.Goldman and Bank of America’s recent work with Alibaba rivals include $7.7 billion in stock sales for Tencent-backed Pinduoduo Inc. and JD.com Inc. in the last two years, helping these companies build their war chests to take on their larger competitor in the hotly contested e-commerce arena.The two banks have reaped at least $70 million from advising Pinduoduo and JD.com on stock deals, according to data compiled by Bloomberg. The figure doesn’t include the undisclosed fees of a $1 billion bond sale by Pinduoduo in September and the $4.5 billion secondary listing by JD.com in June.Representatives at Goldman and Bank of America declined to comment. Ant and Alibaba declined to comment in separate emailed statements.IPO BankersAnt is aggressively competing with Tencent’s WeChat Pay to maintain its dominance of China’s $29 trillion mobile payments space. It has been pitching digital payment services to the local arms of KFC Holding Co. and Marriott International Inc. as it transforms its Alipay app into an online mall for everything from loans and travel services to food delivery.Alipay’s share of mobile payments has increased for three consecutive quarters, rising to 55.1% in the fourth quarter, according to consultant iResearch. Tencent has 38.9% of the market.Ant hired Citigroup Inc., JPMorgan Chase & Co., Morgan Stanley and CICC to lead its Hong Kong IPO. The sale is expected to raise more than $10 billion and could value the firm at $200 billion, people familiar have said. Ant hasn’t selected banks for the Shanghai portion, though global firms will probably be left out because lead underwriters for any IPO on the tech-focused Star board must buy shares in the deal.Banks leading the Ant IPO in Hong Kong have fewer conflicts. While Morgan Stanley earned $6.4 million for a junior role in Pinduoduo’s stock sale last year -- about half of Goldman’s haul -- Citigroup and JPMorgan weren’t involved in those deals, Bloomberg data shows.(Adds details on Alipay and WeChat Pay’s market share in 13th paragraph. An earlier version of the story was corrected to show Ant has kicked off its IPO process.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.