US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Smithfield Foods / Equity Capital Markets

<ul>
<li>The company is seeking a market cap of $9.1b-$10.7b based on the $23-$27 range. </li>
<li>A high end pricing for Smithfield values the company at roughly 13.5x this year's earnings, a sizable discount to comps Hormel Foods (about 21x) and Tyson Foods (26x).</li>
<li>It is our opinion that the business model is well-rounded, resilient and stable with multiple-organic growth levers.</li>
</ul>


The company is seeking a market cap of $9.1b-$10.7b based on the $23-$27 range. 
A high end pricing for Smithfield values the company at roughly 13.5x this year's earnings, a sizable discount to comps Hormel Foods (about 21x) and Tyson Foods (26x).
It is our opinion that the business model is well-rounded, resilient and stable with multiple-organic growth levers.


Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

<ul>
<li>Spin-Off of WH Group's could raise up to $939 million if priced at the high-end of the range</li>
<li>The IPO is set to price on Monday January 27th for a Tuesday, January 28th debut</li>
<li>Flash numbers revealed sales for the three months ended December 29, 2024 will range from $3,873 million to $3,953 million (prev. year $3,998 million)</li>
</ul>


Spin-Off of WH Group's could raise up to $939 million if priced at the high-end of the range
The IPO is set to price on Monday January 27th for a Tuesday, January 28th debut
Flash numbers revealed sales for the three months ended December 29, 2024 will range from $3,873 million to $3,953 million (prev. year $3,998 million)


Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

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>Tyson Foods reported strong fiscal fourth-quarter and full-year 2024 results, showcasing impressive improvements in adjusted operating income and earnings per share compared to the previous year.</li><li>The company achieved significant growth due to strategic operational improvements, particularly in its Chicken and Prepared Foods segments.</li><li>However, challenges in the Beef segment, attributed to an unfavorable cattle cycle, as well as market headwinds, offset some of these gains.</li></ul>

Tyson Foods reported strong fiscal fourth-quarter and full-year 2024 results, showcasing impressive improvements in adjusted operating income and earnings per share compared to the previous year.The company achieved significant growth due to strategic operational improvements, particularly in its Chicken and Prepared Foods segments.However, challenges in the Beef segment, attributed to an unfavorable cattle cycle, as well as market headwinds, offset some of these gains.

Tyson Foods’ Prepared Foods Breakthrough: The Innovative Products Leading the Convenience Revolution! - Major Drivers

<ul><li>Tyson Foods delivered a strong performance in the fiscal third quarter of 2024, showcasing considerable improvement from the previous year.</li><li>The company reported a substantial increase in adjusted operating income (AOI) by more than $300 million, marking a nearly 175% growth from the prior year, with adjusted earnings per share (EPS) also increasing by roughly $0.70 or almost 500%.</li><li>This performance is highlighted as the highest profitability observed in the last 7 quarters.</li></ul>

Tyson Foods delivered a strong performance in the fiscal third quarter of 2024, showcasing considerable improvement from the previous year.The company reported a substantial increase in adjusted operating income (AOI) by more than $300 million, marking a nearly 175% growth from the prior year, with adjusted earnings per share (EPS) also increasing by roughly $0.70 or almost 500%.This performance is highlighted as the highest profitability observed in the last 7 quarters.

Tyson Foods: Expansion in Prepared Foods Sector & Leveraging International Growth Opportunities To Catalyze The Top-Line! - Major Drivers

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> shares had a breakout relative to the MSCI China index and showing good momentum during the low volume days of summer.  
</li>
<li>
<a href="https://www.smartkarma.com/entities/power-assets-holdings-ltd" target="_blank" data-smartkarma-citation="entities:788:1" rel="noopener">POWER ASSETS HOLDINGS (6 HK)</a> has shown a breakout relative to MSCI Hong Kong with a defensive business and 5%+ dividend yield. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/wh-group-ltd" target="_blank" data-smartkarma-citation="entities:13200:1" rel="noopener">WH GROUP (288 HK)</a> has also shown a breakout relative to the MSCI Hong Kong after its announcement of the spinoff of Smithfield Foods in the US. 
</li>
</ul>



BYD (1211 HK) shares had a breakout relative to the MSCI China index and showing good momentum during the low volume days of summer.  


POWER ASSETS HOLDINGS (6 HK) has shown a breakout relative to MSCI Hong Kong with a defensive business and 5%+ dividend yield. 


WH GROUP (288 HK) has also shown a breakout relative to the MSCI Hong Kong after its announcement of the spinoff of Smithfield Foods in the US. 



Technically Speaking, Breakouts and Breakdowns: HONG KONG (July 24)

United States

Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork, prepared foods and related allied products.  The Company's products are marketed and sold to national and regional grocery retailers, regional grocery wholesalers, meat distributors, warehouse club stores, military commissaries, and industrial food processing companies.

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Tyson Foods Inc Cl A (TSN US)

Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

IPO Boutique

Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

IPO Boutique

Tyson Foods’ Prepared Foods Breakthrough: The Innovative Products Leading the Convenience Revolution! - Major Drivers

Tyson Foods reported strong fiscal fourth-quarter and full-year 2024 results, showcasing impressive improvements in adjusted operating income and...

Baptista Research

Tyson Foods: Expansion in Prepared Foods Sector & Leveraging International Growth Opportunities To Catalyze The Top-Line! - Major Drivers

Tyson Foods delivered a strong performance in the fiscal third quarter of 2024, showcasing considerable improvement from the previous year. The...

Baptista Research

Technically Speaking, Breakouts and Breakdowns: HONG KONG (July 24)

BYD Company, Power Assets and WH Group all experienced breakouts during the week. WH Group announced a spin off of its Smithfield Foods business...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

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Smithfield Foods (SFD): IPO Provides a Compelling Discount to Industry Peers

​Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

IPO Boutique

Smithfield Foods (SFD): Terms Set for WH Group's Spin-Off

​WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.

IPO Boutique

Tyson Foods’ Prepared Foods Breakthrough: The Innovative Products Leading the Convenience Revolution! - Major Drivers

Tyson Foods reported strong fiscal fourth-quarter and full-year 2024 results, showcasing impressive improvements in adjusted operating income and...

Baptista Research

Tyson Foods: Expansion in Prepared Foods Sector & Leveraging International Growth Opportunities To Catalyze The Top-Line! - Major Drivers

Tyson Foods delivered a strong performance in the fiscal third quarter of 2024, showcasing considerable improvement from the previous year. The...

Baptista Research

Technically Speaking, Breakouts and Breakdowns: HONG KONG (July 24)

BYD Company, Power Assets and WH Group all experienced breakouts during the week. WH Group announced a spin off of its Smithfield Foods business...

David Mudd

Company seeking market cap of $9.1b-$10.7b with $23-$27 range, high end pricing values at 13.5x earnings, strong and stable business model with...

WH Group's spin-off IPO could raise $939 million, set to debut on January 28th, set terms for its upcoming IPO on Tuesday morning.