William Blair & Company Initiates Coverage of Two Leading Financial Guarantors
11 Novembre 2003 - 3:48PM
PR Newswire (US)
William Blair & Company Initiates Coverage of Two Leading
Financial Guarantors CHICAGO, Nov. 11 /PRNewswire/ -- William Blair
& Company today announced that it initiated research coverage
of two leading financial guarantors -- Ambac Financial Group, Inc.
with an Outperform rating and a company profile of Established
Growth and MBIA Inc. with a Market Perform rating and company
profile of Core Growth. Financial guarantors insure all principal
and interest payments when due on municipal bonds and other
structured finance obligations. Analyst Mark Lane estimated that,
excluding net realized investment gains/losses and changes in fair
value of credit derivatives, Ambac would earn $5.45 per share in
2003 and $6.00 per share in 2004 and MBIA would earn $4.70 per
share in 2003 and $5.15 per share in 2004. "We view the financial
guaranty industry as an above-average growth market within
financial services, with good stability, particularly relative to
other segments of insurance within our coverage universe, including
property- casualty and life," Lane said. "We believe these stocks
can be owned over the long term, given this combination of growth
and stability. The value and integrity of the financial guaranty
product is well established, and the industry has been well tested
during specific shock events and periods of economic stress, in our
opinion." "Ambac is the most profitable and efficient company in
the industry, with a sparkling long-term record," he added. "MBIA
is a first-rate franchise but is still in transition, with
opportunities to improve its risk profile and return on equity
further, in our opinion." For important disclosures and information
regarding the firm's rating system, valuation methods and potential
conflicts of interest, please visit:
http://www.williamblair.com/pages/eqresearch_home.asp?uid=580&bNews=1
. Additional information is available upon request. William Blair
& Company, L.L.C. is a member of the National Association of
Securities Dealers, CRD number 1252. DATASOURCE: William Blair
& Company, L.L.C. CONTACT: Tony Zimmer of William Blair &
Company, L.L.C., +1-312-364-8611, Web site:
http://www.williamblair.com/
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