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/snow-peak-inc" target="_blank" data-smartkarma-citation="entities:7218:1" rel="noopener">Snow Peak Inc (7816 JP)</a> has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). </li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.</li>
<li>Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  </li>
</ul>



Snow Peak Inc (7816 JP) has recommended a Bain Capital-sponsored MBO tender offer at JPY1,250 per share, a 58.0% premium to the undisturbed price (15 February). 
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the tender offer is set at a 38.13% ownership ratio.
Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance condition is achievable.  


Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

<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

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 our first report on global footwear and apparel major, Deckers Outdoor.</li><li>The company saw a strong fiscal third quarter for 2024, but the company did recognize certain risks and uncertainties that could potentially impact future performance.</li><li>Total company revenue saw an increased 16% to reach $1.56 billion, largely thanks to full-price consumer demand.</li></ul>

This is our first report on global footwear and apparel major, Deckers Outdoor.The company saw a strong fiscal third quarter for 2024, but the company did recognize certain risks and uncertainties that could potentially impact future performance.Total company revenue saw an increased 16% to reach $1.56 billion, largely thanks to full-price consumer demand.

Deckers Brands: Initiation of Coverage - Why Their DTC Strategy Will Blow Your Mind! - Major Drivers

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> 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

Cross-Asset Strategist & Quantitative Analyst, Pennock Idea Hub

Cam Hui

Cross-Asset Strategist & Quantitative Analyst

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
-Eliminate the inherent conflicts of the traditional sell and buy side relationship
-Ensure our team is always accessible; collaboration with clients nurtures our collective success

Cross-Asset & Quantitative Research

Cross Asset Strategy

<ul>
<li>A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.</li>
<li>Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.</li>
<li>This bottom-up analysis also pointed to bullish macro conclusions about the economy.</li>
</ul>


A bottom-up driven scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases with strong potential upsides.
Bullish patterns are broadly based, primarily concentrated in technology and cyclicals, which argue for a continuation of the AI-related bull and an economic rebound.
This bottom-up analysis also pointed to bullish macro conclusions about the economy.


United States

Deckers Outdoor Corporation designs and markets footwear and accessories.  The Company offers footwear for men, women and children. Deckers sells its products including accessories such as handbags, headwear, and outerwear, through domestic retailers and international distributors and directly to end-user consumers, through call centers, retail concept stores and retail outlet stores.

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Deckers Outdoor (DECK US)

Snow Peak (7816 JP): Bain-Backed MBO at JPY1,250

Based on the irrevocables, the minimum acceptance condition requires a 52.8% minority acceptance rate. While not a knockout offer, the acceptance...

Arun George

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

Deckers Brands: Initiation of Coverage - Why Their DTC Strategy Will Blow Your Mind! - Major Drivers

This is our first report on global footwear and apparel major, Deckers Outdoor. The company saw a strong fiscal third quarter for 2024, but the...

Baptista Research

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

29 Reasons to Be Bullish

A bottom-up scan of stock charts shows over 29 stocks with bullish technical patterns consisting of uptrends or breakouts from multi-month bases...

Cam Hui

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