IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> priced its IPO at JPY1,260 per share to raise gross proceeds of US$856 million. The shares will start trading on 25 October.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:161041" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:161232" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bear Case</a>, <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:161523" rel="noopener">Rigaku Holdings (268A JP) IPO: Valuation Insights</a>.</li>
<li>The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive.</li>
</ul>



Rigaku Holdings (268A JP) priced its IPO at JPY1,260 per share to raise gross proceeds of US$856 million. The shares will start trading on 25 October.
We previously discussed the IPO in Rigaku Holdings (268A JP) IPO: The Bull Case, Rigaku Holdings (268A JP) IPO: The Bear Case, Rigaku Holdings (268A JP) IPO: Valuation Insights.
The peers have modestly derated since the prospectus was released on 20 September. The IPO price remains attractive.


Rigaku Holdings (268A JP) IPO: Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is Japan’s leading manufacturer of X-ray analysis, measurement, and testing instruments. It is seeking to raise up to US$737 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:161041" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/rigaku-holdings-268a-jp-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:161232" rel="noopener">Rigaku Holdings (268A JP) IPO: The Bear Case</a>.</li>
<li>In this note, we discuss valuation. Our analysis suggests that Rigaku is attractively valued at the IPO price compared to peer multiples.</li>
</ul>



Rigaku Holdings (268A JP) is Japan’s leading manufacturer of X-ray analysis, measurement, and testing instruments. It is seeking to raise up to US$737 million.
We previously discussed the IPO in Rigaku Holdings (268A JP) IPO: The Bull Case and Rigaku Holdings (268A JP) IPO: The Bear Case.
In this note, we discuss valuation. Our analysis suggests that Rigaku is attractively valued at the IPO price compared to peer multiples.


Rigaku Holdings (268A JP) IPO: Valuation Insights

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Agilent Technologies showed resilience in its Q3 2024 earnings, despite facing challenges with a 4.4% revenue decline and continued pressure in sectors like biopharma.</li><li>The company reported $1.578 billion in revenues and an earnings per share (EPS) of $1.32, surpassing the upper end of its guidance by $0.04.</li><li>This performance highlights robust operational management and strategic agility in an environment where many sectors are facing budget constraints.</li></ul>

Agilent Technologies showed resilience in its Q3 2024 earnings, despite facing challenges with a 4.4% revenue decline and continued pressure in sectors like biopharma.The company reported $1.578 billion in revenues and an earnings per share (EPS) of $1.32, surpassing the upper end of its guidance by $0.04.This performance highlights robust operational management and strategic agility in an environment where many sectors are facing budget constraints.

Agilent Technologies: A Tale Of Geographic Diversification and Emerging Market Growth! - Major Drivers

<ul><li>Agilent Technologies was found to have declining earnings in Quarter 2 of 2024.</li><li>Despite a drop in revenue, orders grew compared to the previous seven quarters, and earnings per share did surpass expectations.</li><li>The company faced a difficult market environment but showed signs of future recovery at a slower pace than initially predicted.</li></ul>

Agilent Technologies was found to have declining earnings in Quarter 2 of 2024.Despite a drop in revenue, orders grew compared to the previous seven quarters, and earnings per share did surpass expectations.The company faced a difficult market environment but showed signs of future recovery at a slower pace than initially predicted.

Agilent Technologies Inc.: Can They Capitalize On Emerging Workflow Opportunities? - Major Drivers

<ul><li>Agilent Technologies Q1 2024 earnings were decent.</li><li>Mike McMullen, the outgoing President and CEO of Agilent, announced his retirement and new CEO-elect, Padraig McDonnell took charge of the company.</li><li>Agilent reported Q1 revenue of $1.66 billion, which represents a decrease of 6.4% against the same period the previous year.</li></ul>

Agilent Technologies Q1 2024 earnings were decent.Mike McMullen, the outgoing President and CEO of Agilent, announced his retirement and new CEO-elect, Padraig McDonnell took charge of the company.Agilent reported Q1 revenue of $1.66 billion, which represents a decrease of 6.4% against the same period the previous year.

Agilent Technologies: Stabilization Of Demand In China & 5 Other Major Drivers

United States

Agilent Technologies, Inc. provides core bio-analytical and electronic measurement solutions to the communications, electronics, life sciences, and chemical analysis industries. The Company offers electronic and bio-analytical measurement, semiconductor, and board testing.

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Agilent Technologies (A UN)

Rigaku Holdings (268A JP) IPO: Trading Debut

The shares will start trading on 25 October. The peers have modestly derated since the prospectus was released on 20 September. The IPO price...

Arun George

Rigaku Holdings (268A JP) IPO: Valuation Insights

Rigaku aims to raise US$0.7 billion in a purely secondary raise. Our analysis suggests that Rigaku is attractively valued at the IPO price compared...

Arun George

Agilent Technologies: A Tale Of Geographic Diversification and Emerging Market Growth! - Major Drivers

Agilent Technologies showed resilience in its Q3 2024 earnings, despite facing challenges with a 4.4% revenue decline and continued pressure in...

Baptista Research

Agilent Technologies Inc.: Can They Capitalize On Emerging Workflow Opportunities? - Major Drivers

Agilent Technologies was found to have declining earnings in Quarter 2 of 2024. Despite a drop in revenue, orders grew compared to the previous...

Baptista Research

Agilent Technologies: Stabilization Of Demand In China & 5 Other Major Drivers

Agilent Technologies Q1 2024 earnings were decent. Mike McMullen, the outgoing President and CEO of Agilent, announced his retirement and new...

Baptista Research

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