Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

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<li><span style="font-size: var(--content-font-size);">WTR Sustainable Index: During the week ended July 7, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 1.2%), the Russell 2000 Index (down 1.3%), and the Nasdaq Composite Index (down 0.9%).</span></li>
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<p>Advanced Transportation Solutions (75.2% of the index) contributed to the index’s outperformance, rising 4.7%, while Energy Technology (6.5% of the index) was up 0.4% and Industrial Climate and Ag Technology was down 0.8%.</p>
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<p>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.3x versus 20.5x for the S&amp;P 500.</p>
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WTR Sustainable Index: During the week ended July 7, 2023, the WTR Sustainable Index outperformed the broader market, rising 3.3% W/W versus the S&amp;P 500 Index (down 1.2%), the Russell 2000 Index (down 1.3%), and the Nasdaq Composite Index (down 0.9%).







Advanced Transportation Solutions (75.2% of the index) contributed to the index’s outperformance, rising 4.7%, while Energy Technology (6.5% of the index) was up 0.4% and Industrial Climate and Ag Technology was down 0.8%.


Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.3x versus 20.5x for the S&amp;P 500.



Weekly Sustainable Investing Surveyor Week Ended July 7, 2023

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<li>WTR Sustainable Index: During the week ended May 19, 2023, the WTR Sustainable Index outperformed the broader market, rising 4.4% W/W versus the S&amp;P 500 Index (up 1.6%), the Russell 2000 Index (up 1.9%), and the Nasdaq Composite Index (up 3.0%).</li>
<li>Advanced Transportation Solutions (69.0% of the index) drove the index’s outperformance, rising 6.2%, while Energy Technology (7.9% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 0.9%.</li>
<li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.9x versus 19.5x for the S&amp;P 500.</li>
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WTR Sustainable Index: During the week ended May 19, 2023, the WTR Sustainable Index outperformed the broader market, rising 4.4% W/W versus the S&amp;P 500 Index (up 1.6%), the Russell 2000 Index (up 1.9%), and the Nasdaq Composite Index (up 3.0%).
Advanced Transportation Solutions (69.0% of the index) drove the index’s outperformance, rising 6.2%, while Energy Technology (7.9% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 0.9%.
Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.9x versus 19.5x for the S&amp;P 500.


Weekly Sustainable Investing Surveyor : Week Ended May 19, 2023

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

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<p><a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> is a leading food manufacturer in the Philippines with flagship brands such as <em>Lucky Me!</em> for instant noodles and <em>Quorn</em> for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.</p>
<p>Monde Nissin shares will begin trading on the PSE on 1 June and will be the largest listing on the PSE. The IPO received strong investor demand which included a high profile line-up of cornerstone investors. The cornerstone shares represent 67.1% of the offer shares. The eleven cornerstone investors are <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>, Stichting Depositary APG Emerging Markets Equity Pool (Dutch pension funds), Avanda Investment Management, Capital Group, Eastspring Investments, FIL Investment, GIC, <a href="https://www.smartkarma.com/entities/goldman-sachs-group-inc" target="_blank" data-smartkarma-citation="entities:785:1" rel="noopener">Goldman Sachs Group (GS US)</a>, M&amp;G Investment Management, NS Partners and RWC Asset Management.</p>
</div><div><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-ipo-initiation-instant-karma" target="_blank" data-smartkarma-citation="insights:49745" rel="noopener">Monde Nissin IPO Initiation: Instant Karma</a>, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In <a href="https://www.smartkarma.com/insights/monde-nissin-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:51224" rel="noopener">Monde Nissin IPO: Valuation Insights</a>, we noted that the IPO price range is fair.</p></div><div>
<div class="content-highlight"><p>Our base-case DCF derived price target is PHP13.72 per share and our DCF sensitivity shows potential upside to the IPO price. Notably, our SoTP valuation of PHP15.90 is 13% above our previous SoTP valuation largely due to the significant re-rating of <a href="https://www.smartkarma.com/entities/beyond-meat-inc" target="_blank" data-smartkarma-citation="entities:28065:1" rel="noopener">Beyond Meat (BYND US)</a>. Since the announcement of the final IPO price on 5 May, Beyond Meat's shares have re-rated +22%.</p></div>
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Monde Nissin Corp (0191881D PM) is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.
Monde Nissin shares will begin trading on the PSE on 1 June and will be the largest listing on the PSE. The IPO received strong investor demand which included a high profile line-up of cornerstone investors. The cornerstone shares represent 67.1% of the offer shares. The eleven cornerstone investors are AIA Group Ltd (1299 HK), Stichting Depositary APG Emerging Markets Equity Pool (Dutch pension funds), Avanda Investment Management, Capital Group, Eastspring Investments, FIL Investment, GIC, Goldman Sachs Group (GS US), M&amp;G Investment Management, NS Partners and RWC Asset Management.
In Monde Nissin IPO Initiation: Instant Karma, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In Monde Nissin IPO: Valuation Insights, we noted that the IPO price range is fair.
Our base-case DCF derived price target is PHP13.72 per share and our DCF sensitivity shows potential upside to the IPO price. Notably, our SoTP valuation of PHP15.90 is 13% above our previous SoTP valuation largely due to the significant re-rating of Beyond Meat (BYND US). Since the announcement of the final IPO price on 5 May, Beyond Meat's shares have re-rated +22%.



<div><p><a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.</p></div><div><p>Monde Nissin has announced its final IPO price of PHP13.50 to raise gross proceeds of $1 billion. It has previously carried out a price discovery using a maximum IPO price of PHP17.50 as guidance. Bookbuilding will commence on 11 May and the offer period runs from 24 May to 28 May. The shares will begin trading on the PSE on 7 June. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-ipo-initiation-instant-karma" target="_blank" data-smartkarma-citation="insights:49745" rel="noopener">Monde Nissin IPO Initiation: Instant Karma</a>, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. Our valuation analysis suggests that the IPO price is fair. </p></div></div></div>

Monde Nissin Corp (0191881D PM) is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.Monde Nissin has announced its final IPO price of PHP13.50 to raise gross proceeds of $1 billion. It has previously carried out a price discovery using a maximum IPO price of PHP17.50 as guidance. Bookbuilding will commence on 11 May and the offer period runs from 24 May to 28 May. The shares will begin trading on the PSE on 7 June. In Monde Nissin IPO Initiation: Instant Karma, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. Our valuation analysis suggests that the IPO price is fair. 

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<p><a href="https://www.smartkarma.com/entities/monde-nissin-corp" target="_blank" data-smartkarma-citation="entities:32188:1" rel="noopener">Monde Nissin Corp (0191881D PM)</a> is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.</p>
<p>Monde Nissin has received PSE listing approval for an IPO to raise up to PHP63 billion ($1.3 billion) at the maximum IPO price of PHP17.50. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 18 May and the offer period runs from 24 May to 28 May. </p>
</div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/monde-nissin-ipo-initiation-instant-karma" target="_blank" data-smartkarma-citation="insights:49745" rel="noopener">Monde Nissin IPO Initiation: Instant Karma</a>, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Monde Nissin's potential valuation. </p></div></div></div>


Monde Nissin Corp (0191881D PM) is a leading food manufacturer in the Philippines with flagship brands such as Lucky Me! for instant noodles and Quorn for meat alternative products. Monde Nissin ranked first in retail sales value in the Philippines with its instant noodles, biscuits, oyster sauce and yoghurt drinks in 2020, according to Nielsen.
Monde Nissin has received PSE listing approval for an IPO to raise up to PHP63 billion ($1.3 billion) at the maximum IPO price of PHP17.50. The IPO price range, which is generally lower than the maximum IPO price, will be set during the book building process. The pricing date is 18 May and the offer period runs from 24 May to 28 May. 
In Monde Nissin IPO Initiation: Instant Karma, we opined that Monde Nissin’s financial track record shows it has been able to combine modest top-line growth with improving margins and cash generation. We concluded that Monde Nissin’s fundamentals are attractive. In this note, we present our forecasts and take the first look at Monde Nissin's potential valuation. 

United States

Calyxt, Inc. provides agricultural biotechnology services. The Company researches and develops seeds and food ingredients for agricultural, feed, and food applications, as well as offers fat saturation and gluten reduction in soybean oil and wheat. Calyxt markets its products in the United States.

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Calyxt Inc (CLXT US)

Weekly Sustainable Investing Surveyor Week Ended July 7, 2023

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.3x versus 20.5x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended May 19, 2023

Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.9x versus 19.5x for the S&P 500.

Water Tower Research

Monde Nissin IPO: Trading Debut

Monde Nissin shares will begin trading on the PSE on 1 June. Our SoTP valuation of PHP15.90 is 13% higher than our previous valuation due to Beyond...

Arun George

Monde Nissin IPO: Valuation Insights

Monde Nissin has announced its final IPO price of PHP13.50 to raise gross proceeds of $1 billion. Our valuation analysis suggests that the IPO...

Arun George

Monde Nissin: Valuation First Look

Monde Nissin has received PSE listing approval to raise up to $1.3 bn at the max IPO price of PHP17.50. In this note, we present our forecasts and...

Arun George

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