External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>VITL has experienced significant growth and impressive revenue growth in recent years</li><li>Bears argue that the company's growth is unsustainable and its valuation is anomalous</li><li>Document suggests that shorts may need their theses to play out quickly or risk the company's valuation doubling</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

VITL has experienced significant growth and impressive revenue growth in recent yearsBears argue that the company's growth is unsustainable and its valuation is anomalousDocument suggests that shorts may need their theses to play out quickly or risk the company's valuation doublingThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Vital Farms Inc (VITL) - Wednesday, Oct 23, 2024

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>The <a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a> IE considers Paine Schwartz Partners’ A$3.20 offer fair and reasonable as it is towards the upper end of its A$2.62-3.28 valuation range. </li>
<li>The scheme requires China SAMR and European Commission approvals. SAMR approval poses a timing risk but the scheduling of the scheme meeting reflects PSP's confidence in securing the approvals.</li>
<li>While not a knockout bid, the profit warning should help sway the retail vote in favour of the scheme. At the last close, the gross spread was 8.1%.</li>
</ul>


The Costa Group Holdings (CGC AU) IE considers Paine Schwartz Partners’ A$3.20 offer fair and reasonable as it is towards the upper end of its A$2.62-3.28 valuation range. 
The scheme requires China SAMR and European Commission approvals. SAMR approval poses a timing risk but the scheduling of the scheme meeting reflects PSP's confidence in securing the approvals.
While not a knockout bid, the profit warning should help sway the retail vote in favour of the scheme. At the last close, the gross spread was 8.1%.


Costa Group (CGC AU): Wide Spread Ahead of the 30 January Vote

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a> has entered a scheme implementation deed with Paine Schwartz Partners (PSP) led consortium at A$3.20 per share. </li>
<li>The key conditions are regulatory and shareholder approval. China SAMR regulatory approval poses a risk, primarily related to timing. Costa anticipates completion in 1Q24.</li>
<li>The headcount test related to the retail vote remains a risk. The risk/reward is unfavourable as the deal break downside (10%+) outweighs the offer’s upside (3.6% at last close).  </li>
</ul>



Costa Group Holdings (CGC AU) has entered a scheme implementation deed with Paine Schwartz Partners (PSP) led consortium at A$3.20 per share. 
The key conditions are regulatory and shareholder approval. China SAMR regulatory approval poses a risk, primarily related to timing. Costa anticipates completion in 1Q24.
The headcount test related to the retail vote remains a risk. The risk/reward is unfavourable as the deal break downside (10%+) outweighs the offer’s upside (3.6% at last close).  


Costa Group (CGC AU): Binding Proposal Comes with Risks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>  has disclosed a revised non-binding indicative proposal from Paine Schwartz Partners at A$3.20 per share, 9.6% lower than the previous offer on a like-for-like basis. </li>
<li>The weak CY23 outlook impacted the debt that could be taken on to meet the IRR hurdles of the previous offer. The revised offer is the best and final offer.</li>
<li>The Board faces a dilemma as the offer is light, but some shareholders will want the Board to accept as trading volatility making Costa more suited to the private market.</li>
</ul>



Costa Group Holdings (CGC AU)  has disclosed a revised non-binding indicative proposal from Paine Schwartz Partners at A$3.20 per share, 9.6% lower than the previous offer on a like-for-like basis. 
The weak CY23 outlook impacted the debt that could be taken on to meet the IRR hurdles of the previous offer. The revised offer is the best and final offer.
The Board faces a dilemma as the offer is light, but some shareholders will want the Board to accept as trading volatility making Costa more suited to the private market.


Costa Group (CGC AU): Paine Schwartz’s Final Proposal Poses a Dilemma

<ul>
<li>
<a href="https://www.smartkarma.com/entities/costa-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22632:1" rel="noopener">Costa Group Holdings (CGC AU)</a>  has disclosed an indicative non-binding proposal from Paine Schwartz Partners at A$3.50 per share (A$3.54 including potential interim dividend).</li>
<li>The Board has granted eight weeks of non-exclusive due diligence. The due diligence, which started on 6 June, ends on 1 August.</li>
<li>The offer price is attractive compared to peer multiples and historical trading ranges. At the current price of A$3.35, the gross spread is 4.5% (5.7% including dividend).</li>
</ul>



Costa Group Holdings (CGC AU)  has disclosed an indicative non-binding proposal from Paine Schwartz Partners at A$3.50 per share (A$3.54 including potential interim dividend).
The Board has granted eight weeks of non-exclusive due diligence. The due diligence, which started on 6 June, ends on 1 August.
The offer price is attractive compared to peer multiples and historical trading ranges. At the current price of A$3.35, the gross spread is 4.5% (5.7% including dividend).


Costa Group (CGC AU): Paine Schwartz’s Indicative Proposal

United States

Vital Farms, Inc. provides agricultural food products. The Company offers pasture-raised eggs, butter, and ghee. Vital Farms serves customers in the States of Texas and Missouri..

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Vital Farms Inc (VITL US)

Vital Farms Inc (VITL) - Wednesday, Oct 23, 2024

VITL has experienced significant growth and impressive revenue growth in recent years. Bears argue that the company's growth is unsustainable and...

Value Investors Club (VIC)

Costa Group (CGC AU): Wide Spread Ahead of the 30 January Vote

While China SAMR approval is an overhang, the scheduling of the vote reflects PSP's confidence in securing the approval. The profit warning should...

Arun George

Costa Group (CGC AU): Binding Proposal Comes with Risks

The timing of China SAMR approval and the headcount test are risks. The risk/reward is unfavourable as the deal break downside (10%+) outweighs the...

Arun George

Costa Group (CGC AU): Paine Schwartz’s Final Proposal Poses a Dilemma

Shares closed down 3.4% as progress to a binding proposal remains uncertain. The Board faces a dilemma as the offer is light, but some shareholders...

Arun George

Costa Group (CGC AU): Paine Schwartz’s Indicative Proposal

The offer price is attractive compared to peer multiples and historical trading ranges. At the current price of A$3.35, the gross spread is 4.5%...

Arun George

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