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>Couche-Tard has withdrawn its offer for <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> by unfairly laying the entire blame on the Board.</li>
<li>The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.</li>
<li>In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. </li>
</ul>


Couche-Tard has withdrawn its offer for Seven &amp; I Holdings (3382 JP) by unfairly laying the entire blame on the Board.
The Board has made credible progress, but the jury is still out on whether the Board’s plan will generate returns. Shareholders remain sceptical as the shares have underperformed the index.
In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are no near-term catalysts. 


Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

<ul>
<li>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> AGM was a vote of confidence in the Board’s strategy of pursuing two parallel paths to generate value.  </li>
<li>The Board’s management initiatives are steadily being implemented, but have yet to deliver shareholder value. Since they were announced, the share price has modestly outperformed the Nikkei 225.</li>
<li>7&amp;I and Couche Tard signed an NDA but a viable divestiture plan to gain US regulatory approval remains in doubt, particularly as PE has emerged as the likely bidder. </li>
</ul>


The Seven &amp; I Holdings (3382 JP) AGM was a vote of confidence in the Board’s strategy of pursuing two parallel paths to generate value.  
The Board’s management initiatives are steadily being implemented, but have yet to deliver shareholder value. Since they were announced, the share price has modestly outperformed the Nikkei 225.
7&amp;I and Couche Tard signed an NDA but a viable divestiture plan to gain US regulatory approval remains in doubt, particularly as PE has emerged as the likely bidder. 


Seven & I Holdings (3382 JP): Wait and Hope

<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> has published two documents to respond to misinformation and detail its "<em>constructive engagement</em>" with <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>.</li>
<li>The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. </li>
<li>While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.</li>
</ul>



Seven &amp; I Holdings (3382 JP) has published two documents to respond to misinformation and detail its "constructive engagement" with Alimentation Couche-Tard (ATD CN).
The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. 
While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.


Seven & I Holdings (3382 JP): Uncomfortable Truths

<ul>
<li>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> Board has released a public letter to address <a href="https://www.globenewswire.com/news-release/2025/03/09/3039396/0/en/Artisan-Partners-International-Value-Group-Sends-Letter-to-the-Board-of-Seven-i.html" target="_blank" rel="noopener">Artisan Partners’ letter</a> and provide more details on the <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> constructive engagement. </li>
<li>The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. </li>
<li>However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. </li>
</ul>


The Seven &amp; I Holdings (3382 JP) Board has released a public letter to address Artisan Partners’ letter and provide more details on the Alimentation Couche-Tard (ATD CN) constructive engagement. 
The letter effectively addresses most of Artisan’s concerns. The Board is engaging with Couche-Tard, particularly by agreeing on a strategy to find a solution to secure antitrust approvals. 
However, the statement suggests that the Board retains deep scepticism that the Couche-Tard is viable and is manoeuvring to shift the blame on a failed bid on a flawed proposal. 


Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>If indeed the company proceeds with 2 trillion yen buyback over five years, this would represent buyback of about 7.3% of its shares per year (37% of market cap). </li>
<li>Seven &amp; I Holdings' plans to massively buyback shares and IPO its North American CVS business are major catalysts that should have positive impact both near and long term. </li>
<li>Certainly, the company's action plan to sell its non-core assets (including supermarket, restaurant, and specialty stores) to Bain Capital for $5.5 billion is a step in the right direction.</li>
</ul>


If indeed the company proceeds with 2 trillion yen buyback over five years, this would represent buyback of about 7.3% of its shares per year (37% of market cap). 
Seven &amp; I Holdings' plans to massively buyback shares and IPO its North American CVS business are major catalysts that should have positive impact both near and long term. 
Certainly, the company's action plan to sell its non-core assets (including supermarket, restaurant, and specialty stores) to Bain Capital for $5.5 billion is a step in the right direction.


Seven & I Holdings: Mega Share Buyback Plan and IPO of North American CVS Unit to Boost Share Price

United States

Casey's General Stores, Inc. operates convenience stores in the Midwest.  The Company's stores, operating under the name Casey's General Store, carry a selection of food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items, as well as sells gasoline.

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Casey's General Stores (CASY US)

Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are...

Arun George

Seven & I Holdings (3382 JP): Wait and Hope

The AGM was a vote of confidence in the Board's plan. However, the effectiveness of the management initiatives remains uncertain, and a Couche-Tard...

Arun George

Seven & I Holdings (3382 JP): Uncomfortable Truths

The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline...

Arun George

Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

The letter addresses most of Artisan's concerns. Concerning the Couche-Tard offer, the letter projects constructive engagement on the surface but...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Seven & I Holdings (3382 JP): Dead Money as Couche-Tard Unsurprisingly Walks

In theory, the sell-off presents a buying opportunity (My SoTP valuation is JPY 2,376). However, the shares are likely to tread water as there are...

Arun George

Seven & I Holdings (3382 JP): Wait and Hope

The AGM was a vote of confidence in the Board's plan. However, the effectiveness of the management initiatives remains uncertain, and a Couche-Tard...

Arun George

Seven & I Holdings (3382 JP): Uncomfortable Truths

The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline...

Arun George

Seven & I Holdings (3382 JP): Reading Between the Lines of the Public Letter

The letter addresses most of Artisan's concerns. Concerning the Couche-Tard offer, the letter projects constructive engagement on the surface but...

Arun George

Seven & I Holdings: Mega Share Buyback Plan and IPO of North American CVS Unit to Boost Share Price

Seven & I Holdings' plans to massively buyback shares and IPO its North American CVS business are major catalysts that should have positive impact...

Douglas Kim