Utilities and Power Conference Call Hosted by Steve Fleishman
Tuesday, May 28th, 10:30am ET
PJM Auction Takeaways
Key Topics on the Call will Include:
Outcome of auction and impact on companies
Broader implications for power generation sector
Portfolio Strategy Conference Call Replay Hosted by Chris Senyek
May 17th, 2013
Portfolio Strategy Launch Conference Call
Buy Cyclicals in May and Go Away
This conference call summarizes Chris Senyek’s research launch on Portfolio Strategy, including his framework for analysis and views for the balance of 2013
Key Topics on the Call Included
Our Bullish Market View Through 2013 Year-End
The Case for a Strong Cyclical Bias
Our Framework: Combining the Best of Macro and Micro
This audio brief focuses on the Truckload stocks who have been large market laggards in recent years, which likely means when the turn comes, it should be big for these stocks!
Our thesis remains that despite very weak demand for Truckload over the past 4 years, capacity remains balanced—tight during seasonally strong months and looser during seasonally weaker periods. A solid improvement in demand driven by late state housing derivatives or inventory restocking or a change in regulation as we expect in July could easily spike pricing and send the truck stocks soaring.
While we don’t see an obvious change in the weak demand, relatively tight TL environment imminently, when it comes likely the stocks will rise by 25%-50% before we realize its upon us, so it’s critical for investors to position themselves now.
This audio brief examines the TL stocks underperformance and recent operating environment and why we believe this could change quickly later this year or in 2014. In the meantime we leave you with 4 Trucking stocks to own now—SWFT, R, SAIA and CHRW—that should outperform if the weak demand environment persists, but should benefit materially more with the rest of the group if and when TL pricing finally takes off.
Wolfe Research Names Chris Senyek Chief Investment Strategist and Lead Quantitative Analyst; François Trahan Departs Firm
New York, NY — April 29, 2013 – Wolfe Research, LLC announced today that François Trahan has departed the firm to pursue other opportunities. “François has been a valued colleague for the past three years and remains a friend,” Managing Partner Ed Wolfe stated. “We thank him for his contributions and wish him the best for the future.”
The firm simultaneously announced that Chris Senyek has been named Chief Investment Strategist and Lead Quantitative Analyst. Mr. Senyek joined Wolfe Research in September 2011 as Managing Director and Senior Analyst heading the Accounting & Tax Policy research team. He will continue in that role in addition to his new responsibilities. Mr. Senyek has been ranked the #1 Accounting & Tax Policy Analyst in Institutional Investor magazine’s All-America Research Team for the past four consecutive years.
“Chris has distinguished himself as a gifted analyst whose sharp mind and unyielding standards have earned the respect of his clients and colleagues alike,” said Wolfe. “Chris will launch on both Strategy and an expanded Quant product by mid-May. He is well known to the senior decision makers of our client firms and his macro work already extends far beyond the traditional confines of his current research area. His promotion to these additional positions is well deserved and recognizes both the contributions he’s already made to our franchise and clientele and those he will be better able to make in his new role.”
Mr. Senyek noted, “I am thrilled by the opportunity to branch out from my Accounting and Tax Policy work into the broader macro sectors of Portfolio Strategy and Quant. A great deal of my product already touches these areas and I am excited to have direct responsibility for them. My team and I have developed Quant screens over the years on subjects such as earnings quality, cash flow returns and dividend policy. These screens lead directly to portfolio themes and recommendations which would typically be in the Strategy domain. I am looking forward to launching my formal Strategy framework, which will seek to combine the best of both macro-economic and micro-economic inputs.”
“The recent addition to the team of Chip Miller, formerly Small Cap Strategist at UBS, will also augment our overall market strategy and sector weighting products,” Senyek commented. Chris and his team will provide both market and sector views while continuing to publish and refine their well-developed Quant tools.
Mr. Wolfe added that the firm has reverted to its original name, Wolfe Research, and expects to complete its re-branding over the coming weeks. “Wolfe Research is already recognized as a brand which stands for thorough, honest and differentiated research and for its dedication to the superior service of its institutional client base. These will remain our hallmarks in both macro and sector research as we continue to expand the firm.”
About Wolfe Research, LLC and Wolfe Research Securities
Wolfe Research, LLC was founded in 2008 as a research boutique by former Bear Stearns top-ranked Transportation Analyst, Ed Wolfe. The firm has grown to include seven prominent research teams, establishing a reputation for both sector and macro research. Each team was recognized by clients in Institutional Investor magazine’s 2012 All-America Research Poll, in which the firm’s weighted rank was #12 overall for U.S. equity research. In February 2013, Wolfe was named by Business Insider as one of the top 16 Wall Street firms where employees want to work.
In May 2010, WR Securities, LLC, which formerly operated as Wolfe Trahan Securities, was launched as an affiliated broker dealer. WR Securities intends to change its name to Wolfe Research Securities and acts as a distribution arm through its trading desk for Wolfe Research in addition to engaging in equity and debt underwriting and corporate finance advisory. It provides unbiased advice singularly focused on advancing clients’ long term interests. Wolfe Research, LLC and its affiliates currently employ more than 50 full time professionals and continue to actively search for top talent.
To learn more about Wolfe Research or Wolfe Research Securities, please visit www.WolfeResearch.com
Business Inquiries:
Peter Ryan
President and Head of Institutional Services
Wolfe Research, LLC
(646) 845-0710
Media Inquiries:
Scott Sunshine
Water & Wall Group
ssunshine@aaterandwallgroup.com
(212) 699-3672
Utilities and Power Initiation Conference Call Replay
Steve Fleishman hosted this 45-minute conference call in conjunction with Wolfe Trahan’s initiation of coverage on the Utilities and Power sector
Key Topics on the Call Included:
Initiation on Utilities and Power at Wolfe Trahan
Industry Views
Top Stock Ideas
Transportation Conference Call Replay
Hosted and Moderated by Scott Group
Friday, March 8th, 2013
TL Demand and Pricing Set to Re-Accelerate in 2013
Guest Speakers on the Call Included Representatives from 4 Private Truckload Companies:
Gordon Trucking
U.S. Xpress
Schneider National
Crete Carrier Corp
Key Topics on the Call Included:
Update on Bid Season and Carrier Rate Expectations for 2013
Recent Demand and Spot Pricing Trends
Truckload Capacity Environment Today vs. Six Months Ago
Impact of Changes in Hours of Service on Productivity, Capacity and Driver Supply
What’s the Impact of Higher Fuel on 1Q Results?
Update on CapEx and Fleet Expectations
Wolfe Trahan Conference Call Replay
Friday, March 1st, 2013
Transports Best Ideas and Major Secular Investment Themes
Presented by The Wolfe Trahan Research Team
Speakers on the Call Included::
Ed Wolfe – Macro Freight Trends and Sub-Sector Positioning
Scott Group – FDX, CHRW
Tim Denoyer – Long CMI, Short PCAR
Hunter Keay – ALK, DAL
This audio brief focuses on the Eastern Railroads—CSX and NSC, and particularly on their coal exposure and valuation.
Our belief is that the Eastern rails will continue to struggle to meet Consensus EPS expectations during both 2013 and 2014, into difficult y/y export coal pricing in 2013 and likely weakened global and domestic coal volumes in 2014. We see continued structural issues involving domestic utility coal and cyclical global issues if the economy slows again. After the recent stock appreciation, NSC is now trading above its 10 year average on a forward P/E basis, while CSX is slightly below, based on our below Consensus forecasts. (We remain 5% and 7% below Consensus. for CSX and 5% and 9% below Consensus for NSC during 2013 and 2014).
While we continue to see the most demand from investors to speak about the Eastern rails within our coverage, we believe the stocks are likely to remain range bound. In our note we break-down CSX and NSC’s different coal exposure’s and contrast the difference in their volume and yield trajectories by product.
Research Hall of Famer is the Latest Top Analyst to Join Research Boutique
New York, NY — February 27, 2013 – Wolfe Trahan & Co. announced today that top ranked Utilities analyst Steve Fleishman has agreed to join the Company as a Managing Director. He plans to launch coverage at Wolfe Trahan in March. Mr. Fleishman was ranked #1 in the 2012 Institutional Investor All American Research poll in the Electric Utilities sector, marking his eleventh selection by institutional investors as the top ranked Utilities analyst in that poll. He was named to the Institutional Investor Magazine Research Hall of Fame in 2011 in recognition of his domination of this sector for more than a decade.
Wolfe Trahan’s Managing Partner Ed Wolfe commented, “Steve is among the very few elite fundamental research analysts remaining on Wall Street. He has an exceptional reputation for unflinching integrity and decency and these qualities make him a superb fit for our firm. Steve will be supported by one of the largest and most experienced teams of any analyst in any sector and his mentorship will help drive Wolfe Trahan’s research over time beyond Utilities and into related areas such as Energy.”
Mr. Fleishman noted: “Wolfe Trahan focuses on equity research and provides its analysts with the tools and resources to succeed in a difficult market for cash equities. I take pride in providing quality, distinguished, proprietary research and I am convinced that we will be best positioned to execute in a research-centric environment. I look forward to launching coverage at Wolfe Trahan and servicing its institutional clients to the best of my capabilities.”
Steve previously worked as a Managing Director and Senior Utilities Analyst at Bank of America, in addition to overseeing their Research Equity Portfolios and U.S. 1 List. Prior to that, he worked as a Portfolio Manager at hedge fund Catapult Capital Management from 2006 to 2009. From 1996-2006 Mr. Fleishman was a Managing Director and Senior Utility analyst at Merrill Lynch and prior to that he held similar roles at Dean Witter Reynolds and Kidder, Peabody.
About Wolfe Trahan Securities and Wolfe Trahan & Co.
Earlier this month, Business Insider recognized Wolfe Trahan & Co. as one of the top firms on Wall Street where employees want to work. Wolfe Trahan was founded in 2008 as a transport research boutique by former Bear Stearns & Co., Inc. Senior Analyst and top ranked transportation analyst Ed Wolfe. The firm later expanded with the addition of top ranked Global Strategist, François Trahan, and has established a reputation for both sector and macro research and services. Over the past few years Wolfe Trahan has continued to add differentiated research teams and the firm currently covers six sectors through six senior analysts, prior to Mr. Fleishman joining. Each sector was recognized by clients in Institutional Investor Magazine’s 2012 All America Research Poll, in which Wolfe Trahan’s weighted rank was #12 overall for U.S. equity research.
In May 2010, WR Securities, LLC, now Wolfe Trahan Securities, was launched as an affiliated broker dealer. Wolfe Trahan Securities currently acts as a distribution arm for Wolfe Trahan’s research in addition to engaging in equity and debt underwriting and corporate finance advisory. It provides unbiased advice singularly focused on advancing clients’ long term interests. Wolfe Trahan & Co. and its affiliates currently employ over 50 full time professionals and continue to actively search for top talent.
To learn more about Wolfe Trahan & Co. or Wolfe Trahan Securities, please visit www.WolfeTrahan.com
Business Inquiries:
Peter Ryan
President and Head of Institutional Services
Wolfe Trahan & Co.
(646) 845-0711
Media Inquiries:
Chelsea Buckland
Wolfe Trahan & Co.
(646) 845-0772
Transportation Conference Call Hosted by Scott Group
Wednesday, February 20, 2013
Wolfe Trahan 1Q Mid-Quarter Update Conference Call Replay
Too Much, Too Soon… Is Transport Rally Sustainable?
Key Topics on the Call Included:
Review of Operating Trends out of 4Q and in Early 2013
What to do with the Eastern Rail Stocks from Here
Is the Rebound in Int’l Airfreight Sustainable?
TL Fleets Starting To Grow Again – We Think This Is Positive
Our Best Long and Short Ideas for the Rest of the Year