Research Firm with a Qualitative Overlay, Pearl Gray Equity and Research

Pearl Gray Equity and Research

Research Firm with a Qualitative Overlay

Quantitative fund & research firm with a qualitative overlay. 

Our coverage: General U.S. with a skew towards the primary sector. 

Methods: Smart Beta/Factor Pricing, Neural Networks, Street Gossip, and Common Sense.

Equity Bottom-Up

Nu Skin Enterprises Inc A / Equity Bottom-Up

<ul>
<li>Despite re-openings in China, Nu Skin's operations remain exposed to cyclical risks.</li>
<li>The company's net margins are poor, and earnings crash risk is a regular feature.</li>
<li>The stock's technical features imply that it could rebound in 2023, but it presents an isolated case with little substance in the broader context.</li>
</ul>


Despite re-openings in China, Nu Skin's operations remain exposed to cyclical risks.
The company's net margins are poor, and earnings crash risk is a regular feature.
The stock's technical features imply that it could rebound in 2023, but it presents an isolated case with little substance in the broader context.


Nu Skin: 50% Downside Is Possible In 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.

Event-Driven

<ul>
<li>
<a href="https://www.bloomberg.com/news/articles/2023-08-09/l-occitane-boss-is-said-in-advanced-talks-on-6-5-billion-buyout?in_source=embedded-checkout-banner" target="_blank" rel="noopener">According to Bloomberg</a>, <a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> is set to receive a HK$35 per share privatisation offer from Reinold Geiger, the Chairman and the largest shareholder.</li>
<li>The rumoured price is attractive and represents an all-time high share price. Therefore, Acatis KVG, the shareholder with a blocking stake, would be supportive.</li>
<li>The rumoured price implies multiples at a discount to peer multiples, which explains Mr Geiger’s ambitions for a possible European listing to secure higher valuation multiples. </li>
</ul>



According to Bloomberg, L'Occitane (973 HK) is set to receive a HK$35 per share privatisation offer from Reinold Geiger, the Chairman and the largest shareholder.
The rumoured price is attractive and represents an all-time high share price. Therefore, Acatis KVG, the shareholder with a blocking stake, would be supportive.
The rumoured price implies multiples at a discount to peer multiples, which explains Mr Geiger’s ambitions for a possible European listing to secure higher valuation multiples. 


L’Occitane (973 HK): HK$35 Offer from the Controlling Shareholder?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> is drawing takeover interest from Reinold Geiger, the Chairman and the largest shareholder, <a href="https://www.bloomberg.com/news/articles/2023-07-25/l-occitane-owner-said-to-mull-buyout-of-4-billion-beauty-firm" target="_blank" rel="noopener">according to Bloomberg</a>. Mr Geiger has been exploring financing options for the potential deal.</li>
<li>The presence of a significant disinterested shareholder, Acatis KVG, necessitates an attractive takeover premium. Acatis KVG trimmed its stake in July 2021 at HK$30.01 per share.</li>
<li>L’Occitane released a solid <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/0725/2023072500263.pdf" target="_blank" rel="noopener">1QFY2024 update</a> today with constant currency growth of 24.5% YoY. Irrespective of a bid materialising, the valuation is undemanding compared to peer multiples. </li>
</ul>



L'Occitane (973 HK) is drawing takeover interest from Reinold Geiger, the Chairman and the largest shareholder, according to Bloomberg. Mr Geiger has been exploring financing options for the potential deal.
The presence of a significant disinterested shareholder, Acatis KVG, necessitates an attractive takeover premium. Acatis KVG trimmed its stake in July 2021 at HK$30.01 per share.
L’Occitane released a solid 1QFY2024 update today with constant currency growth of 24.5% YoY. Irrespective of a bid materialising, the valuation is undemanding compared to peer multiples. 


L’Occitane (973 HK): Controlling Shareholder Mulling a Bid?

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Betterware de Mexico Sab de CV / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the December catalog.</li><li>With the Holidays in full force, management has remained focused on driving higher overall returns and offering proven and winning items.</li><li>December was another month of lower YoY SKUS, reduced discounting and near record average SKU pricing.</li></ul>

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the December catalog.With the Holidays in full force, management has remained focused on driving higher overall returns and offering proven and winning items.December was another month of lower YoY SKUS, reduced discounting and near record average SKU pricing.

BWMX: Snapping the Catalog: Remaining Focused on Returns; Reiterate Buy, PT

<ul><li>We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the November catalog.</li><li>November marks the start of the Holiday season, with Betterware delivering winners in multiple categories and fully focused on strong initial seasonal sales.</li><li>The division is also highly focused on driving solid returns (and margins) for investors.</li></ul>

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the November catalog.November marks the start of the Holiday season, with Betterware delivering winners in multiple categories and fully focused on strong initial seasonal sales.The division is also highly focused on driving solid returns (and margins) for investors.

BWMX: Snapping the Catalog: Holiday Cheer, Delivered with Higher Returns

United States

Nu Skin Enterprises, Inc. is a global direct selling company.  The Company distributes premium quality personal care products and nutritional supplements. Nu Skin markets its products in the Americas, Europe, and the Asia Pacific region.  The Company provides marketing and distribution of technology-based products through Big Planet, Inc.

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Nu Skin Enterprises Inc A (NUS US)

Nu Skin: 50% Downside Is Possible In 2023

Despite re-openings in China, Nu Skin's operations remain exposed to cyclical risks. The company's net margins are poor, and earnings crash risk is...

Pearl Gray Equity and Research

L’Occitane (973 HK): HK$35 Offer from the Controlling Shareholder?

Shares are currently in a trading halt. The rumoured offer price of HK$35 per share is attractive and represents an all-time high price. Therefore,...

Arun George

L’Occitane (973 HK): Controlling Shareholder Mulling a Bid?

The presence of a significant disinterested shareholder necessitates an attractive takeover premium. Irrespective of a bid materialising, the...

Arun George

BWMX: Snapping the Catalog: Remaining Focused on Returns; Reiterate Buy, PT

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the December catalog. With the...

Small Cap Consumer Research

BWMX: Snapping the Catalog: Holiday Cheer, Delivered with Higher Returns

We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico after reviewing the November catalog. November...

Small Cap Consumer Research

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