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>The <a href="https://asia.nikkei.com/Business/Business-deals/Japan-s-Snow-Peak-plans-330m-management-buyout-with-Bain-help" target="_blank" rel="noopener">Nikkei reports</a> that <a href="https://www.smartkarma.com/entities/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> is set to disclose a Bain-sponsored MBO this week “in the range of 1,200 yen per share.”</li>
<li>Mergermarket first disclosed a potential MBO on Friday. Snow Peak responded that while it is true that we are considering going private, no decision has been made at this time.</li>
<li>The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an offer materialising is high. </li>
</ul>


The Nikkei reports that Snow Peak Inc (7816 JP) is set to disclose a Bain-sponsored MBO this week “in the range of 1,200 yen per share.”
Mergermarket first disclosed a potential MBO on Friday. Snow Peak responded that while it is true that we are considering going private, no decision has been made at this time.
The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an offer materialising is high. 


Snow Peak (7816 JP): Bain Contemplating Backing an MBO at JPY1,200

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>We have looked at the company’s performance and valuation in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
We have looked at the company’s performance and valuation in our past note. In this note, we talk about the trading dynamics.


Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta-</a>led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations.</li>
</ul>



Amer Sports (AS US) now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the Anta-led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
We have looked at the company’s performance in our past note. In this note, we talk about valuations.


Amer Sports IPO - Deal Updates and Thoughts on Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> is a global iconic sports and outdoor brand group. Amer has launched an NYSE IPO to raise US$1.6-1.8 billion at a US$16.00 to US$18.00 price range.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/amer-sports-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:124040" rel="noopener">Amer Sports IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/amer-sports-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:124122" rel="noopener">Amer Sports IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/amer-sports-ipo-valuation-first-look" target="_blank" data-smartkarma-citation="insights:124635" rel="noopener">Amer Sports IPO: Valuation First-Look</a>. </li>
<li>We revise our forecasts to reflect the FY23 preliminary estimates and long-term growth targets. Our valuation analysis suggests that Amer is fairly valued at the IPO price range. </li>
</ul>



Amer Sports (AS US) is a global iconic sports and outdoor brand group. Amer has launched an NYSE IPO to raise US$1.6-1.8 billion at a US$16.00 to US$18.00 price range.
We previously discussed the IPO in Amer Sports IPO: The Bull Case, Amer Sports IPO: The Bear Case and Amer Sports IPO: Valuation First-Look. 
We revise our forecasts to reflect the FY23 preliminary estimates and long-term growth targets. Our valuation analysis suggests that Amer is fairly valued at the IPO price range. 


Amer Sports (AS US) 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>This is a special one-time report on Birkenstock, a brand with a rich heritage dating back to 1774, that has established itself as a key in the footwear industry.</li>
<li>The DTC channel, in particular, allows for direct engagement with a global consumer base, enhancing the brand experience and fostering loyalty.</li>
<li>However, the challenges for Birkenstock in a highly competitive and evolving global footwear market cannot be overlooked.</li>
</ul>


This is a special one-time report on Birkenstock, a brand with a rich heritage dating back to 1774, that has established itself as a key in the footwear industry.
The DTC channel, in particular, allows for direct engagement with a global consumer base, enhancing the brand experience and fostering loyalty.
However, the challenges for Birkenstock in a highly competitive and evolving global footwear market cannot be overlooked.


Birkenstock Holding Ltd: Post IPO Analysis – Will Its Time-Tested Tradition Continue To Thrive?

United States

Birkenstock Holding Plc operates as a holding company. The Company, through its subsidiaries, manufactures anatomically shaped footbed-based products that provides natural support and stimulation, promoting even weight distribution, fully supported arches, and no unnatural pressure points from heel to toe. Birkenstock Holding serves customers worldwide.

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Birkenstock Holding (BIRK US)

Snow Peak (7816 JP): Bain Contemplating Backing an MBO at JPY1,200

The rumoured JPY1,200 offer price is light vs historical trading ranges but attractive vs peer and historical multiples. The probability of an...

Arun George

Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.

Sumeet Singh

Amer Sports IPO - Deal Updates and Thoughts on Valuation

Amer Sports (AS US) now aims to raise up to US$1.8bn in its US IPO. Proceeds from the listing will be used to pay down debt to the Anta-led...

Sumeet Singh

Amer Sports (AS US) IPO: Valuation Insights

Amer has launched an NYSE IPO to raise US$1.6-1.8 billion at a US$16.00 to US$18.00 price range. Our valuation analysis suggests that Amer is...

Arun George

Birkenstock Holding Ltd: Post IPO Analysis – Will Its Time-Tested Tradition Continue To Thrive?

This is a special one-time report on Birkenstock, a brand with a rich heritage dating back to 1774, that has established itself as a key in the...

Baptista Research

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