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>In response to media speculation, <a href="https://www.smartkarma.com/entities/orora-ltd" target="_blank" data-smartkarma-citation="entities:16042:1" rel="noopener">Orora Ltd (ORA AU)</a> disclosed that it had rejected Lone Star's indicative non-binding proposal at A$2.55 per share, a 33.5% premium to the undisturbed price.</li>
<li>The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 April. </li>
<li>The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding compared to peer multiples.</li>
</ul>


In response to media speculation, Orora Ltd (ORA AU) disclosed that it had rejected Lone Star's indicative non-binding proposal at A$2.55 per share, a 33.5% premium to the undisturbed price.
The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 April. 
The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding compared to peer multiples.


Orora (ORA AU): Lone Star’s Opportunistic A$2.55 Offer

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>Sealed Air Corporation has disclosed its financial outcomes for the first quarter of 2024, presenting mixed results amid shifting market conditions and ongoing strategic adjustments.</li><li>Revenue for the quarter reached $1.33 billion with an adjusted EBITDA of $278 million, indicating robust performance despite the challenging dynamics, particularly in the Protective segment.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Sealed Air Corporation has disclosed its financial outcomes for the first quarter of 2024, presenting mixed results amid shifting market conditions and ongoing strategic adjustments.Revenue for the quarter reached $1.33 billion with an adjusted EBITDA of $278 million, indicating robust performance despite the challenging dynamics, particularly in the Protective segment.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Sealed Air Corporation: Increasing Automation & Partnership Collaborations Driving Top-Line Growth? - Major Drivers

<ul><li>Sealed Air Corporation, in its Q4 2023 earnings, reported sales of $1.4 billion and an adjusted EBITDA of $274 million.</li><li>The results align with the company’s projection, reflecting the ongoing challenges from fluctuating protein cycles and downtrading in the food division as well as a reassured seasonal pickup in the protective segment.</li><li>For the fiscal year of 2023, Sealed Air posted sales of $5.5 billion, slightly over the midpoint of its guidance, along with an adjusted EBITDA of $1.1 billion.</li></ul>

Sealed Air Corporation, in its Q4 2023 earnings, reported sales of $1.4 billion and an adjusted EBITDA of $274 million.The results align with the company’s projection, reflecting the ongoing challenges from fluctuating protein cycles and downtrading in the food division as well as a reassured seasonal pickup in the protective segment.For the fiscal year of 2023, Sealed Air posted sales of $5.5 billion, slightly over the midpoint of its guidance, along with an adjusted EBITDA of $1.1 billion.

Sealed Air Corporation: Initiation Of Coverage - What Is Its Core Business Strategy? - Major Drivers

Investigative Investment Research, Bleecker Street Capital

Bleecker Street Research

Investigative Investment Research

Bleecker Street Capital

Bleecker Street Capital is a short-biased investment firm.

<ul><li>Sealed Air (SEE) is a disaster in motion: its entire business is facing extinction as customers move away from the thin-film plastics the company makes.</li><li>Sealed Air’s e-Commerce business has collapsed as Amazon has moved away from the single-use plastics, formerly ever present in its packaging. </li><li>California just passed two recycling and labeling bills that we think will make Sealed Air’s products unlikely to be used in the State and possibly in the US as a whole.</li></ul>

Sealed Air (SEE) is a disaster in motion: its entire business is facing extinction as customers move away from the thin-film plastics the company makes.Sealed Air’s e-Commerce business has collapsed as Amazon has moved away from the single-use plastics, formerly ever present in its packaging. California just passed two recycling and labeling bills that we think will make Sealed Air’s products unlikely to be used in the State and possibly in the US as a whole.

Sealed Air (SEE): A Melting Ice Cube Hiding In Plain Sight

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The announcement of the inclusion of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a> in the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a> was a big one last week. There were announcements for some other indices too.</li>
<li>There are many indices in China that will be rebalanced at the close on Friday, the biggest being the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-inde" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300</a>, <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50</a>, <a href="https://www.smartkarma.com/entities/shanghai-stock-exchange-sse-50-a-share-index" target="_blank" data-smartkarma-citation="entities:31073:1" rel="noopener">SSE50</a> and <a href="https://www.smartkarma.com/entities/kraneshares-csi-china-internet-etf" target="_blank" data-smartkarma-citation="entities:28208:1" rel="noopener">KWEB US</a>.</li>
<li>Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.</li>
</ul>


The announcement of the inclusion of Uber Technologies (UBER US) in the S&amp;P 500 INDEX was a big one last week. There were announcements for some other indices too.
There are many indices in China that will be rebalanced at the close on Friday, the biggest being the CSI 300, CSI 500, STAR50, SSE50 and KWEB US.
Relatively quiet in ETF world with net inflows to China focused ETFs and net outflows for Japan.


Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

United States

Sealed Air Corporation manufactures packaging and performance-based materials and equipment systems that serve food, industrial, medical, and consumer applications.

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Sealed Air Corp (SEE US)

Orora (ORA AU): Lone Star’s Opportunistic A$2.55 Offer

The Lone Star offer is unattractive and could also draw other suitors. If Lone Star walks, the downside is low, as Orora’s valuation is undemanding...

Arun George

Sealed Air Corporation: Increasing Automation & Partnership Collaborations Driving Top-Line Growth? - Major Drivers

Sealed Air Corporation has disclosed its financial outcomes for the first quarter of 2024, presenting mixed results amid shifting market...

Baptista Research

Sealed Air Corporation: Initiation Of Coverage - What Is Its Core Business Strategy? - Major Drivers

Sealed Air Corporation, in its Q4 2023 earnings, reported sales of $1.4 billion and an adjusted EBITDA of $274 million. The results align with the...

Baptista Research

Sealed Air (SEE): A Melting Ice Cube Hiding In Plain Sight

Sealed Air (SEE) is a disaster in motion: its entire business is facing extinction as customers move away from the thin-film plastics the company...

Bleecker Street Research

Index Rebalance & ETF Flow Recap: KWEB, CSI300/500, STAR50, SSE50, ChiNext, SET50, Chips, Denso, SPX

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

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