Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.</li>
<li>At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.</li>
<li>BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.</li>
</ul>


EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.
At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.
BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.


EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

<ul>
<li>EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.</li>
<li>Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.  </li>
<li>EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.</li>
</ul>


EToro Group Ltd., a social investment network and trading-app provider, plans to raise up to $400M in upcoming US IPO.
Israeli social trading platform was valued at ~$10B during a planned merger with a publicly-listed SPAC in 2022. However, the SPAC deal collapsed.  
EToro launched copy trading services in 2010 and made a big bet on crypto segment. Revenue from cryptoassets accounted for ~96% of total revenue and income in 2024.


EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The initial target range for the S&amp;P in the US bear market is 4800 to 5000. This level also coincides with the technical level of -20% from the top.</li>
<li>The stock market and economy in the US are highly co-dependent, and the bear market will cause consumption to fall more than in previous market downturns.</li>
<li>Foreign investors have started to reduce their overweight US allocations quickly.  Retiree "Sequence of Returns Risk" will add to selling pressure in the US market.</li>
</ul>


The initial target range for the S&amp;P in the US bear market is 4800 to 5000. This level also coincides with the technical level of -20% from the top.
The stock market and economy in the US are highly co-dependent, and the bear market will cause consumption to fall more than in previous market downturns.
Foreign investors have started to reduce their overweight US allocations quickly.  Retiree "Sequence of Returns Risk" will add to selling pressure in the US market.


Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.</li>
<li>Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.</li>
<li>Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.</li>
</ul>


Coinbase has managed to weather the crypto winter well by reporting net profits consecutively for 4 quarters.
Its share price has shot up recently as the whole crypto market became exuberant, thanks to Trump's re-election, but still below the IPO debut price of $381.
Our thesis remains the same as when the stock was trading as low as ~$68 in May 2022: Coinbase to become an indispensable platform for Web 3, esp. first-time users.


2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>S&amp;P MidCap 400 additions by transition require market cap, float cap, sector balance, liquidity and earnings as parameters for inclusion.</li>
<li>The highest combined score from the parameters is given to <a href="https://www.smartkarma.com/entities/carvana-co" target="_blank" data-smartkarma-citation="entities:26471:1" rel="noopener">CVNA</a>, <a href="https://www.smartkarma.com/entities/robinhood-markets-inc" target="_blank" data-smartkarma-citation="entities:33532:1" rel="noopener">HOOD</a>, <a href="https://www.smartkarma.com/entities/lpl-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:16363:1" rel="noopener">LPLA</a> and <a href="https://www.smartkarma.com/entities/entegris-inc" target="_blank" data-smartkarma-citation="entities:12493:1" rel="noopener">ENTG</a> which makes them acceptable candidates for addition. </li>
<li>
<a href="https://www.smartkarma.com/entities/ensign-group-inc-the" target="_blank" data-smartkarma-citation="entities:9297:1" rel="noopener">Ensign Group (ENSG US)</a> and <a href="https://www.smartkarma.com/entities/mueller-industries-inc" target="_blank" data-smartkarma-citation="entities:18247:1" rel="noopener">Mueller Industries (MLI US)</a> have the highest probability of being added out of the migrations. Market cap of migration candidates is estimated to be insufficient.</li>
</ul>


S&amp;P MidCap 400 additions by transition require market cap, float cap, sector balance, liquidity and earnings as parameters for inclusion.
The highest combined score from the parameters is given to CVNA, HOOD, LPLA and ENTG which makes them acceptable candidates for addition. 

Ensign Group (ENSG US) and Mueller Industries (MLI US) have the highest probability of being added out of the migrations. Market cap of migration candidates is estimated to be insufficient.


S&P MidCap 400 September 2024 Forecasts: Highest Score to the HOOD, CVNA, LPLA, ENTG, ENSG and MLI

United States

Robinhood Markets, Inc. operates a financial services platform. The Company offers brokerage and cash management applications such as stocks, exchange-traded funds, options, and cryptocurrency. Robinhood Markets serves clients in the United States.

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Robinhood Markets (HOOD US)

EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains

eToro is expected to IPO next week. In my insight, I discuss IPO valuation, comps groups, operating metrics and key investment risks for eToro...

Andrei Zakharov

EToro IPO Preview: High Crypto Exposure, CopyTrader Technology Is Not “Deep Tech”

Israeli eToro, a multi-asset trading platform with focus on social investing, filed to go public in the U.S. The trading-app provider plans to...

Andrei Zakharov

The U.S. Bear Market: SELL THE RALLY!

On March 6th we published, "The US Bear Market: Stage One - DENIAL". We then advised to sell any rally on 3/24. We targeted the first support...

David Mudd

2025 High Conviction: Coinbase - What Doesn't Kill You, Makes You Stronger

Coinbase has weathered the crypto winter extremely well. Our thesis remains more or less the same as when we were equally bullish on the stock when...

Alec Tseung

S&P MidCap 400 September 2024 Forecasts: Highest Score to the HOOD, CVNA, LPLA, ENTG, ENSG and MLI

Robinhood (HOOD), Entegris (ENTG) and LPL Financial Holdings (LPLA) are amongst the highest scoring addition candidates based on mcap, fcap,...

Dimitris Ioannidis

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