SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>In the aftermath of a stellar third-quarter earnings release, Symbotic, a warehouse automation company, exceeded the expectations of even the most bullish earnings forecasts.</li><li>Propelled by the encouraging financial performance, the company's stock value skyrocketed to over $62 per share, catapulting the company’s market cap to over $35 billion.</li><li>There are several reasons to be optimistic, given that the company is riding multiple tailwinds. </li></ul>

In the aftermath of a stellar third-quarter earnings release, Symbotic, a warehouse automation company, exceeded the expectations of even the most bullish earnings forecasts.Propelled by the encouraging financial performance, the company's stock value skyrocketed to over $62 per share, catapulting the company’s market cap to over $35 billion.There are several reasons to be optimistic, given that the company is riding multiple tailwinds. 

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>In any portfolio, it’s always good to have a listing of up and coming companies on hand which you may be interested in which may have recently IPO’d, did a significant acquisition, or has introduced a new and exciting product or service.</li><li>These companies may also have parabolic forward Wall St. estimates for both revenue and or profits.</li><li>I generally refer to this listing as my “wild broncos” listing and they generally can have wild price and volume swings (based upon earnings releases, press releases, investor day presentations, or analyst upgrades) and sometimes can often come under attack by short seller reports.</li></ul>

In any portfolio, it’s always good to have a listing of up and coming companies on hand which you may be interested in which may have recently IPO’d, did a significant acquisition, or has introduced a new and exciting product or service.These companies may also have parabolic forward Wall St. estimates for both revenue and or profits.I generally refer to this listing as my “wild broncos” listing and they generally can have wild price and volume swings (based upon earnings releases, press releases, investor day presentations, or analyst upgrades) and sometimes can often come under attack by short seller reports.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>There are no new SPAC IPOs to report for month of June so far, nor any new IPO registrations. </li><li>YTD, there have been only 15 IPO pricings, of which six came in February, and only nine new S-1 registrations have been filed thus far. </li><li>The SPAC IPO pipeline stands at just 45 versus a number that peaked at 310 in September 2021.</li></ul>

There are no new SPAC IPOs to report for month of June so far, nor any new IPO registrations. YTD, there have been only 15 IPO pricings, of which six came in February, and only nine new S-1 registrations have been filed thus far. The SPAC IPO pipeline stands at just 45 versus a number that peaked at 310 in September 2021.

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Event-Driven

<ul>
<li>Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value</li>
<li>To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost</li>
<li>We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations</li>
</ul>


Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value
To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost
We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations


Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

<ul><li>According to BeSpoke investment firm research, the top 10% of the most heavily shorted stocks are up an average of 36.3% so far this year.</li><li>This includes troubled retailer Bed Bath &amp; Beyond (BBBY) whose shares surged by more than 18% Thursday, a day after they missed a Feb. 1 interest payment and warned that it might file for bankruptcy within weeks.</li><li>Other stocks like online car dealer Carvana and any company which has anything remotely associated with artificial intelligence (AI) have seen similar spikes.</li></ul>

According to BeSpoke investment firm research, the top 10% of the most heavily shorted stocks are up an average of 36.3% so far this year.This includes troubled retailer Bed Bath &amp; Beyond (BBBY) whose shares surged by more than 18% Thursday, a day after they missed a Feb. 1 interest payment and warned that it might file for bankruptcy within weeks.Other stocks like online car dealer Carvana and any company which has anything remotely associated with artificial intelligence (AI) have seen similar spikes.

United States

Symbotic Inc operates as an automation technology company. The Company specializes in supply chain with its end-to-end, AI-powered robotic, and software platform. Symbotic serves the retail, wholesale, and food companies worldwide.

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Symbotic (SYM US)

Bots In The Backroom

In the aftermath of a stellar third-quarter earnings release, Symbotic, a warehouse automation company, exceeded the expectations of even the most...

subSPAC

Weekly Stock Bullfinder - Week of 7/3

In any portfolio, it’s always good to have a listing of up and coming companies on hand which you may be interested in which may have recently...

Weekly Stock Bull Finder

SPAC Talk : SPACs and the AI Wave

YTD, there have been only 15 IPO pricings, of which six came in February, and only nine new S-1 registrations have been filed thus far.

Water Tower Research

Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

The NAV could be 10%-15% lower than stated now at the mid-May results release, due to a further squeeze in private company valuations; this would...

Victor Galliano

Weekly Stock Bullfinder - Week of 2/6

According to BeSpoke investment firm research, the top 10% of the most heavily shorted stocks are up an average of 36.3% so far this year.

Weekly Stock Bull Finder

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