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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> denied a <a href="https://www.yomiuri.co.jp/economy/20250303-OYT1T50214/" target="_blank" rel="noopener">Yomiuri article</a> that the Board has decided not to accept an <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> bid in favour of the restructuring plan.</li>
<li>Despite the Board’s assertions that it is still having constructive discussions with Couche-Tard, its actions suggest otherwise.</li>
<li>Couche-Tard remains interested but faces increasing roadblocks. The valuation is undemanding but the news flow is unlikely to support a rerating in the near-term.</li>
</ul>



Seven &amp; I Holdings (3382 JP) denied a Yomiuri article that the Board has decided not to accept an Alimentation Couche-Tard (ATD CN) bid in favour of the restructuring plan.
Despite the Board’s assertions that it is still having constructive discussions with Couche-Tard, its actions suggest otherwise.
Couche-Tard remains interested but faces increasing roadblocks. The valuation is undemanding but the news flow is unlikely to support a rerating in the near-term.


Seven & I Holdings (3382 JP): Shares Under Pressure as Rumours Swirl

<ul>
<li>Bloomberg <a href="https://theedgemalaysia.com/node/745954" target="_blank" rel="noopener">reports</a> that the MBO is stalling due to disagreements within the consortium over who will control <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> after it is privatised.</li>
<li>The Nikkei reported that <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a> was set to withdraw from the MBO consortium. Along with <a href="https://www.smartkarma.com/entities/cp-all-pcl" target="_blank" data-smartkarma-citation="entities:13889:1" rel="noopener">CP ALL PCL (CPALL TB)</a>’s <a href="https://www.cpall.co.th/en/news-en/coporate-news/reaffirmation-of-the-companys-non-participation-in-the-lnvestment-in-a-japanese-retail-company" target="_blank" rel="noopener">non-participation</a>, the MBO’s financing is in trouble. </li>
<li>An <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a><a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" rel="noopener"></a> bid remains in play but has issues. While progressing, the Board’s restructuring plan fails to prove a credible alternative. </li>
</ul>


Bloomberg reports that the MBO is stalling due to disagreements within the consortium over who will control Seven &amp; I Holdings (3382 JP) after it is privatised.
The Nikkei reported that Itochu Corp (8001 JP) was set to withdraw from the MBO consortium. Along with CP ALL PCL (CPALL TB)’s non-participation, the MBO’s financing is in trouble. 
An Alimentation Couche-Tard (ATD CN) bid remains in play but has issues. While progressing, the Board’s restructuring plan fails to prove a credible alternative. 


Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Recent news on the <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> situation includes better-than-expected possible sale of the SST business, a little headline fear-mongering on national security, and earnings.</li>
<li>Earnings this year will be volatile vs expectations. Timing (and magnitude) of kitchen-sinking matters. But neither ACT nor you should be buying it based on trough earnings expectations.</li>
<li>The call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again. </li>
</ul>


Recent news on the Seven &amp; I Holdings (3382 JP) situation includes better-than-expected possible sale of the SST business, a little headline fear-mongering on national security, and earnings.
Earnings this year will be volatile vs expectations. Timing (and magnitude) of kitchen-sinking matters. But neither ACT nor you should be buying it based on trough earnings expectations.
The call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again. 


7&I (3382 JP) - Dippity Doo Dah - Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

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>Albertsons Companies' Q1 2022 earnings report presents a combination of strategic progress and ongoing challenges in a dynamic market environment.</li><li>The company's performance in the first quarter shows notable growth in several areas, underscored by a 6.8% increase in identical sales, along with significant gains in both the digital and omnichannel segments.</li><li>Digital sales surged by 28%, reflecting Albertsons' emphasis on enhancing digital offerings and expanding its reach through initiatives like the Just for U Loyalty program.</li></ul>

Albertsons Companies' Q1 2022 earnings report presents a combination of strategic progress and ongoing challenges in a dynamic market environment.The company's performance in the first quarter shows notable growth in several areas, underscored by a 6.8% increase in identical sales, along with significant gains in both the digital and omnichannel segments.Digital sales surged by 28%, reflecting Albertsons' emphasis on enhancing digital offerings and expanding its reach through initiatives like the Just for U Loyalty program.

Albertsons Companies: Will Its Expansion of Private Label Brands Aid Margin Expansion? - Major Drivers

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> shares are in a lull here. Winter doldrums without news as the Ito consortium gets its ducks in a row and 7&amp;i sells York.</li>
<li>
<a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a> is waiting patiently. They have the ability to wait, and to fund, and pay up. </li>
<li>An article/show is causing a dip today on top of last week's weakness. This is a dip to buy.</li>
</ul>



Seven &amp; I Holdings (3382 JP) shares are in a lull here. Winter doldrums without news as the Ito consortium gets its ducks in a row and 7&amp;i sells York.

Alimentation Couche-Tard (ATD CN) is waiting patiently. They have the ability to wait, and to fund, and pay up. 
An article/show is causing a dip today on top of last week's weakness. This is a dip to buy.


7&I (3382 JP) - Share Price Dipping Deeper Means Dipping Toes Deeper

United States

Albertsons Companies, Inc. retails food and drugs products. The Company distributes fruits, vegetables, canned items, medicines, and other related goods. Albertsons serves customers in the United States.

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Albertsons Cos (ACI US)

Seven & I Holdings (3382 JP): Shares Under Pressure as Rumours Swirl

Discussions with Couche-Tard are said to remain constructive, but a bid faces increasing roadblocks. The valuation is undemanding but the news flow...

Arun George

Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

Itochu’s potential withdrawal and CP All’s non-participation could be the event that derails the MBO. An Couche-Tard bid remains in play but has...

Arun George

7&I (3382 JP) - Dippity Doo Dah - Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

Seven & i has seen some recent headlines which should be good, but seem to be ignored. The market is concentrating on negative headlines, which are...

Travis Lundy

Albertsons Companies: Will Its Expansion of Private Label Brands Aid Margin Expansion? - Major Drivers

Albertsons Companies' Q1 2022 earnings report presents a combination of strategic progress and ongoing challenges in a dynamic market...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seven & I Holdings (3382 JP): Shares Under Pressure as Rumours Swirl

Discussions with Couche-Tard are said to remain constructive, but a bid faces increasing roadblocks. The valuation is undemanding but the news flow...

Arun George

Seven & I Holdings (3382 JP): A Potential Derailing of the MBO

Itochu’s potential withdrawal and CP All’s non-participation could be the event that derails the MBO. An Couche-Tard bid remains in play but has...

Arun George

7&I (3382 JP) - Dippity Doo Dah - Irrational Fears, Earnings Vol, But Restructuring Proceeding Apace

Seven & i has seen some recent headlines which should be good, but seem to be ignored. The market is concentrating on negative headlines, which are...

Travis Lundy

Albertsons Companies: Will Its Expansion of Private Label Brands Aid Margin Expansion? - Major Drivers

Albertsons Companies' Q1 2022 earnings report presents a combination of strategic progress and ongoing challenges in a dynamic market...

Baptista Research

7&I (3382 JP) - Share Price Dipping Deeper Means Dipping Toes Deeper

An article overnight comments the Ito consortium is taking time to get its funding package ready/done. It's a lot of money. But that means a split...

Travis Lundy