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.

Equity Capital Markets

Webtoon Entertainment / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/webtoon-entertainment-inc" target="_blank" data-smartkarma-citation="entities:43652:1" rel="noopener">Webtoon Entertainment (WBTN US)</a> is a global storytelling platform. Webtoon has launched a Nasdaq IPO to raise US$270-315 million at a US$18.00 to US$21.00 price range.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/webtoon-entertainment-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:146038" rel="noopener">Webtoon Entertainment IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/webtoon-entertainment-wbtn-us-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:149092" rel="noopener">Webtoon Entertainment (WBTN US) IPO: The Bear Case</a>.</li>
<li>In this note, we outline our forecasts and valuation. Our valuation analysis suggests that Webtoon is attractively valued at the IPO price range.</li>
</ul>



Webtoon Entertainment (WBTN US) is a global storytelling platform. Webtoon has launched a Nasdaq IPO to raise US$270-315 million at a US$18.00 to US$21.00 price range.
We previously discussed the IPO in Webtoon Entertainment IPO: The Bull Case and Webtoon Entertainment (WBTN US) IPO: The Bear Case.
In this note, we outline our forecasts and valuation. Our valuation analysis suggests that Webtoon is attractively valued at the IPO price range.


Webtoon Entertainment (WBTN US) IPO: Valuation Insights

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>Snap Inc. reported robust financial performance for the first quarter of 2024.</li><li>The company's strategic priorities, including accelerating revenue growth, enhancing community engagement, and leading in augmented reality, seem to be bearing fruit, with revenue growing at an impressive rate of 21% year-over-year.</li><li>Improvements in the advertising platform and favorable industry dynamics contributed significantly to the rise in advertising solutions demand.</li></ul>

Snap Inc. reported robust financial performance for the first quarter of 2024.The company's strategic priorities, including accelerating revenue growth, enhancing community engagement, and leading in augmented reality, seem to be bearing fruit, with revenue growing at an impressive rate of 21% year-over-year.Improvements in the advertising platform and favorable industry dynamics contributed significantly to the rise in advertising solutions demand.

Snap Inc.: Will Its Investment in Artificial Intelligence and Infrastructure Pay Off? - Major Drivers

<ul><li>Based on an analysis of Snap-On Incorporated's 2024 Q1 results and its subsequent earnings call, it's clear that Snap-On's management has remained focussed on sustainability and growth within the face of various market challenges and headwinds.</li><li>Highlighting the positives, Snap-On reported flat sales of $1.18bn, signifying a resilient performance amid market turbulence.</li><li>The company's operating margin improved by 90 basis points to 22.9% due to a legal benefit, but even without this, the margin was among the company’s best.</li></ul>

Based on an analysis of Snap-On Incorporated's 2024 Q1 results and its subsequent earnings call, it's clear that Snap-On's management has remained focussed on sustainability and growth within the face of various market challenges and headwinds.Highlighting the positives, Snap-On reported flat sales of $1.18bn, signifying a resilient performance amid market turbulence.The company's operating margin improved by 90 basis points to 22.9% due to a legal benefit, but even without this, the margin was among the company’s best.

Snap-on Incorporated: A Strong Brand & Improved Product Positioning Revolutionizing Growth? - Major Drivers

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>The looming threat of a business ban on TikTok in the United States is driving millions of users and advertisers to seek alternatives to the popular short video platform, presenting a significant opportunity for rivals such as YouTube and Meta.</li><li>Data released by Sensor Tower in March indicates that, over the past 90 days, nearly 94% of TikTok users in the U.S. have begun using Alphabet’s YouTube.</li><li>Additionally, 80% of TikTok users have shifted their attention to Instagram, 68% to Facebook, and 55% to Snapchat.</li></ul>

The looming threat of a business ban on TikTok in the United States is driving millions of users and advertisers to seek alternatives to the popular short video platform, presenting a significant opportunity for rivals such as YouTube and Meta.Data released by Sensor Tower in March indicates that, over the past 90 days, nearly 94% of TikTok users in the U.S. have begun using Alphabet’s YouTube.Additionally, 80% of TikTok users have shifted their attention to Instagram, 68% to Facebook, and 55% to Snapchat.

Rivals Vie to Fill Market Void as U.S. Business Ban Looms Over TikTok 

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reddit-inc" target="_blank" data-smartkarma-citation="entities:40917:1" rel="noopener">Reddit (RDDT US)</a> is looking to raise up to US$750m in its US IPO.</li>
<li>Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.</li>
<li>In our previous note, we talked about the company’s historical performance. In this note, we share our quick thoughts on valuation.</li>
</ul>



Reddit (RDDT US) is looking to raise up to US$750m in its US IPO.
Reddit is an online social media platform where users are able to join communities, engage in conversations, research, exchange goods and services as well as create new communities.
In our previous note, we talked about the company’s historical performance. In this note, we share our quick thoughts on valuation.


United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Webtoon Entertainment (WBTN US) IPO: Valuation Insights

Webtoon has launched a Nasdaq IPO to raise US$270-315m at an US$18.00 to US$21.00 price range. Our valuation analysis suggests that Webtoon is...

Arun George

Snap Inc.: Will Its Investment in Artificial Intelligence and Infrastructure Pay Off? - Major Drivers

Snap Inc. reported robust financial performance for the first quarter of 2024. The company's strategic priorities, including accelerating revenue...

Baptista Research

Snap-on Incorporated: A Strong Brand & Improved Product Positioning Revolutionizing Growth? - Major Drivers

Based on an analysis of Snap-On Incorporated's 2024 Q1 results and its subsequent earnings call, it's clear that Snap-On's management has remained...

Baptista Research

Rivals Vie to Fill Market Void as U.S. Business Ban Looms Over TikTok

The looming threat of a business ban on TikTok in the United States is driving millions of users and advertisers to seek alternatives to the...

Caixin Global

Reddit IPO - Quick Thoughts on Valuation

Reddit (RDDT US) is looking to raise up to US$750m in its US IPO. In our previous note, we talked about the company’s historical performance. In...

Ethan Aw

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