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/bapcor-ltd" target="_blank" data-smartkarma-citation="entities:8433:1" rel="noopener">Bapcor Ltd (BAP AU)</a> disclosed an indicative non-binding proposal from Bain Capital at A$5.40 per share, a 23.9% premium to the last close.</li>
<li>The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 May. </li>
<li>The offer is unattractive. Several substantial shareholders and a high retail base suggest Bain needs to bump. Bain’s offer could also draw other suitors. </li>
</ul>


In response to media speculation, Bapcor Ltd (BAP AU) disclosed an indicative non-binding proposal from Bain Capital at A$5.40 per share, a 23.9% premium to the last close.
The offer is opportunistically timed to take advantage of the share price collapse precipitating from the profit warning on 2 May. 
The offer is unattractive. Several substantial shareholders and a high retail base suggest Bain needs to bump. Bain’s offer could also draw other suitors. 


Bapcor (BAP AU): Bain’s Opportunistic A$5.40 Offer

External broker reports(aggregated public sources), Moelis Australia Ltd

MA Moelis Australia

External broker reports(aggregated public sources)

Moelis Australia Ltd

We are an ASX-listed financial services firm specialising in asset management, lending, corporate advisory and equities. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>FY24 guidance slightly stronger than expected. SNL provided FY24 guidance, expecting revenue to be around $300m and NPAT of around $32m (+17% pcp).</li><li>Revenue guidance implies +19% topline growth and whilst this was significantly stronger than SNL's former guidance for revenue growth, 'close to or slightly above our 10-year average of 14%,' it was in line with consensus.</li><li>NPAT guidance was marginally ahead of consensus estimates.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

FY24 guidance slightly stronger than expected. SNL provided FY24 guidance, expecting revenue to be around $300m and NPAT of around $32m (+17% pcp).Revenue guidance implies +19% topline growth and whilst this was significantly stronger than SNL's former guidance for revenue growth, 'close to or slightly above our 10-year average of 14%,' it was in line with consensus.NPAT guidance was marginally ahead of consensus estimates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supply Network Limited - Keep on Truckin'

<ul><li>SNL is a very well-managed, high-quality operator generating industry leading returns on capital (FY23 ROIC of 26%).</li><li>Since IPO in 1987, SNL has consistently delivered revenue and profit growth, generating FY18- 23 revenue CAGR of 18% and NPAT CAGR of 27%.</li><li>Growth has ultimately come from excellent customer service (large breadth of product and quick delivery), SNL has been strategic in its approach to investing in capacity in order to meet growing demand. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

SNL is a very well-managed, high-quality operator generating industry leading returns on capital (FY23 ROIC of 26%).Since IPO in 1987, SNL has consistently delivered revenue and profit growth, generating FY18- 23 revenue CAGR of 18% and NPAT CAGR of 27%.Growth has ultimately come from excellent customer service (large breadth of product and quick delivery), SNL has been strategic in its approach to investing in capacity in order to meet growing demand. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supply Network (SNL)  - Target Price $21.26 (Last $18.15)

<div><div><div><div><ul><li><p>SNL is a very well-managed, high-quality operator generating industry leading returns on capital (FY23 ROIC of 26%).</p></li><li><p>Since IPO in 1987, SNL has consistently delivered revenue and profit growth, generating FY18- 23 revenue CAGR of 18% and NPAT CAGR of 27%.</p></li><li><p>Growth has ultimately come from excellent customer service (large breadth of product and quick delivery), SNL has been strategic in its approach to investing in capacity in order to meet growing demand. </p></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Supply Network (SNL) – Target Price $21.26 (Last $18.15)

External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>Supply Network Ltd (SNL) provided a trading update and guidance for its FY23 result.</li><li>Sales are expected to increase c. 26% in FY23 to $250m.</li><li>Underlying NPAT is expected to increase 33% to $26.5m. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Supply Network Ltd (SNL) provided a trading update and guidance for its FY23 result.Sales are expected to increase c. 26% in FY23 to $250m.Underlying NPAT is expected to increase 33% to $26.5m. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Australia

Supply Network Limited provides after sales service for the commercial vehicle (truck, bus and coach) market.  The Company provides these services through its branches in Australia and New Zealand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Supply Network (SNL AU)

Bapcor (BAP AU): Bain’s Opportunistic A$5.40 Offer

The offer is unattractive. Several substantial shareholders and a high retail base suggest Bain needs to bump. Bain’s offer could also draw other...

Arun George

Supply Network Limited - Keep on Truckin'

FY24 guidance slightly stronger than expected. SNL provided FY24 guidance, expecting revenue to be around $300m and NPAT of around $32m (+17% pcp).

MA Moelis Australia

Supply Network (SNL) - Target Price $21.26 (Last $18.15)

Since IPO in 1987, SNL has consistently delivered revenue and profit growth, generating FY18- 23 revenue CAGR of 18% and NPAT CAGR of 27%.

MA Moelis Australia

Supply Network (SNL) – Target Price $21.26 (Last $18.15)

With strict return targets, SNL has a track record of outperformance, superior margins and impressive returns on investment despite operating in a...

MA Moelis Australia

Supply Network Limited - Trucking On

Supply Network Ltd (SNL) provided a trading update and guidance for its FY23 result. Sales are expected to increase c. 26% in FY23 to $250m.

Ord Minnett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)