Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/holcim-ltd-7f60ceaa-51af-4f85-ac5f-114595eb04f3" target="_blank" data-smartkarma-citation="entities:27916" rel="noopener">Holcim (HOLN SW)</a> spun off its construction materials and solutions business into a standalone company on Friday, June 20th.</li>
<li>The new company is called <a href="https://www.smartkarma.com/entities/amrize-ltd" target="_blank" data-smartkarma-citation="entities:45209" rel="noopener">Amrize (AMRZ US)</a>. </li>
<li>The first day of trading will be Monday, June 23, 2025.</li>
</ul>



Holcim (HOLN SW) spun off its construction materials and solutions business into a standalone company on Friday, June 20th.
The new company is called Amrize (AMRZ US). 
The first day of trading will be Monday, June 23, 2025.


Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/twist-bioscience-corp" target="_blank" data-smartkarma-citation="entities:37112:1" rel="noopener">Twist Bioscience (TWST US)</a> fosters a new biotech paradigm by empowering startups and researchers with scalable tools, accelerating innovation and transforming biotech into a more agile, tech-style founder-driven industry.</li>
<li>DNA synthesis should see strong growth (15-25% CAGR estimates) driven by synthetic biology revolutionizing healthcare, agriculture, and industry with precise, scalable solutions for gene editing and bioengineering.</li>
<li>Lack of profitability and notable short-seller interest are concerns, but its innovative platform, high innovation score and transformative potential makes a somewhat risky but very good investment case</li>
</ul>



Twist Bioscience (TWST US) fosters a new biotech paradigm by empowering startups and researchers with scalable tools, accelerating innovation and transforming biotech into a more agile, tech-style founder-driven industry.
DNA synthesis should see strong growth (15-25% CAGR estimates) driven by synthetic biology revolutionizing healthcare, agriculture, and industry with precise, scalable solutions for gene editing and bioengineering.
Lack of profitability and notable short-seller interest are concerns, but its innovative platform, high innovation score and transformative potential makes a somewhat risky but very good investment case


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

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<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.

<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

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 US)

Weekly Update (AMRZ, LION, FTV)

The AMRZ spin-off aims to capitalize on the higher valuation multiples of US building supply companies compared to their European counterparts.

Richard Howe

DNA Synthesis with a Silicon Twist

Twist's fast, cheap DNA synthesis will power biotech start-ups, driving demand, fostering loyalty, enabling innovation, and securing new and...

Pyari Menon

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 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

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