Michael Burke

Research Analyst at Calamos Advisors LLC

Michael Burke

Michael Burke

Research Analyst at Calamos Advisors LLC

Biography

Mr. Michael Burke, CFA, is a Research Analyst at Calamos Advisors LLC. He works closely with international cyclicals sector head in conducting fundamental analysis of companies within the international energy and materials industries. His responsibilities include current positioning monitoring, new idea generation, model development, meeting with management teams, and developing tools/resources to improve research capabilities. Prior to joining the firm in 2016, Mr. Burke worked for Argus Research focusing on the energy sector. He holds a B.S. in Finance from Western New England University.

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Securities Analyst at Argus Research Co.

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Securities Analyst at Argus Research Co.

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Senior Analyst at Argus Research Co.

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Senior Analyst at Argus Research Co.

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Senior Managing Director at Evercore Group LLC

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Vice President & Director of Utility Research at Argus Research Co.

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Director of Research & Senior Analyst at Argus Research Co.

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President & Senior Analyst at Argus Research Co.

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Analyst at Argus Research Co.

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Analyst at Argus Research Co.

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Michael Burke
Research Analyst at Calamos Advisors LLC
Education

THE UNIVERSITY IS A PRIVATE EDUCATIONAL INSTITUTION WHICH AWARDS UNDERGRADUATE, MASTER, AND DOCTORAL DEGREES IN ARTS AND SCIENCES, BUSINESS, ENGINEERING, PHARMACY, AND LAW.

Career History
Research Analyst
2016 - Current

Calamos Advisors launched their first convertible investment strategy in 1977. In 1989, the firm introduced an equity strategy that invests in equity and equity sensitive securities, and in 1990, they introduced its US equity growth strategy. In subsequent years, investment offerings expanded to include high yield, value, alternative, total return, enhanced fixed income, international growth equity and most recently, global long/short investment strategies. Calamos Advisors utilizes top-down insights with rigorous bottom-up fundamental research. They employ an active, high-conviction investment approach to building portfolios. A collaborative team-managed approach allows them to fully evaluate all elements of an investment idea. Top-down perspective, proprietary fundamental research and risk management drive the portfolio construction process across all strategies.

Securities Analyst
2012 - Prior

Founded in 1934, Argus Research Co. is an independent research firm located in New York City. The firm is a subsidiary of Argus Research Group, Inc. They produce, distribute and market high-quality investment and economic research.Argus employs a 6-point system for analyzing the stocks in their coverage universe. This system is based on a combination of top-down and bottom-up analysis. Argus begins with industry analysis. The first step involves formulating a forecast for the economy and interest rates and then collaborating with industry analysts to determine which industries are expected to perform well over the next 1 to 2 years. Within the industry, an analyst will determine a specific company's competitive position and its prospects. The second step of the process involves growth analysis. Looking forward, Argus forecasts growth in sales, earnings (operating or GAAP), dividends and cash flow for each company by studying growth in individual product lines, margins, industries and the economy. Looking backward, they smooth a company's historical growth rates in numerous metrics including balance sheet items and analyze them versus the company's peers and the market. In their analyses, Argus comments on the quality of a company's earnings. Financial strength analysis is the third step. The firm determines a financial strength rating for each company in their universe of coverage. To assess financial strength, Argus conducts ratio analysis to move beyond the financial statements and into the footnotes of a company's publicly available documents to fully evaluate obligations and opportunities. In this process, they attend meetings, presentations and road shows with senior managers, travel to corporate facilities and participate in conference calls. The fifth step of the firm's process involves risk analysis. Argus considers risk from both a qualitative and quantitative standpoint. On a qualitative basis, they review each company in the context of Harvard Professor Michael Porter's Five Forces model to determine potential threats. On a quantitative basis, they analyze proprietary data from their sister company, Vickers Stock Research, regarding institutional and insider ownership trends. Argus conducts a regression analysis to determine the correlation of a company's stock returns with the market's returns and to determine the predictability of the relationship. They also measure the volatility of key financial statistics such as sales and earnings growth and margins. Finally, Argus determines a fundamental floor for every stock in their universe through the final step in their process which is valuation analysis. The firm first compares a company against its peers on metrics such as p/e rations, price/sales ratios and dividend yields. Secondly, they analyze stock price activity in terms of annual sales, cash flow, dividends, book value, earnings and earnings relative to the S&P500. Argus determines normal ratio ranges for these parameters and then adjusts the ranges going forward. They apply the adjusted ranges to their key sales, earnings and cash flow forecasts to arrive at a normal trading range. Once the range has been determined, Argus uses 2- and 3-stage dividend discount modeling to arrive at a target price, which they believe can be achieved over a 12-month period.

Other Affiliations

Michael Burke is affiliated with Calamos Advisors LLC, Argus Research Co.

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