Smartkarma Daily Briefs

• Neptune Holdings will offer 18.4 million shares at $18-$20 and is scheduled to debut on October 1st. 
• It should be noted that the entirety of this offering is secondary and Neptune will not receive any proceeds from the sale of Class A common stock.
• The cornerstone investors, T. Rowe Price Investment Management and AllianceBernstein L.P. have indicated for up to $75 million in this offering. 

• Kraft Heinz’s decision to split into Global Taste Elevation Co. and North American Grocery Co. is a strategic move intended to recalibrate the Company amid flattening growth.
• We value Kraft Heinz on a sum-of-the-parts (SOTP) basis. Global Taste Elevation is valued at 10x 2025E adjusted EBITDA, while North America Grocery is valued at 7.8x 2025E adjusted EBITDA.
• We expect the spin-off to unlock value for shareholders as Global Taste Elevation Co will get better multiple post separation.

• Despite initial concerns about tariffs and policy uncertainty hurting global economy, many major metals have seen significant price gains this year
• Tariffs have been implemented, but manufacturers have absorbed costs in margins rather than passing them on to consumers
• Despite signs of economic strain in recent data, commodity prices remain strong due to US dollar weakness making commodities more affordable for importing countries

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• The Federal Reserve is expected to ease interest rates by 50 basis points this year, aligning with a forecast of 100 basis points of easing by next January.
• The Fed prioritizing its labor market mandate over its inflation target may lead to better growth and higher inflation outcomes next year.
• The yield curve has been volatile but is currently fairly valued, with potential for steepening due to asymmetrically dovish reaction function and Fed independence considerations.

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• Nvidia and Intel have announced a $5 billion deal to collaborate on designing CPU GPU systems for data centers and chiplets for PCs.
• Jensen Huang surprisingly praised Intel during a press conference, marking a significant shift in Nvidia’s history of enmity towards Intel.
• The collaboration aims to address the scalability limitations of current systems by offering x86 head nodes with NVLink for data centers, filling a market gap for both companies.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Lendbuzz filed for an IPO on September 12th for a potential October debut. 
• They serve consumers with thin and no credit files, or credit invisibles, and those traditionally called near prime (consumers with VantageScores® of 601-719).
• They had total revenue of $101.3 million, $175.4 million, and $281.5 million and net income of $15.0 million, $11.2 million, and $24.3 million in 2022, 2023, and 2024, respectively.

• Crude oil futures opened the week slightly firmer as traders continued to monitor disruptions to Russian flows amid ongoing attacks against infrastructure and sanctions threats.
• Front-month Nov25 ICE Brent futures were trading at $67.22/b (0735 BST) versus Friday’s settle of $66.68/b, while Nov25 NYMEX WTI was at  $62.90/b against a previous close of $62.40/b.
• The prospect of tighter measures against Moscow was seen increasing with European leaders pushing for a wider rollout, including secondary tariffs.

• Achieve Life Sciences is developing cytisinicline for use as a smoking cessation treatment in the United States and rest of world.
• Pivotal studies have been completed with safety & efficacy results exceeding expectations.
• Achieve is now awaiting its target action date of June 20th 2026 and preparing for commercialization.

• STAAR Surgical’s largest shareholder opposes Alcon’s $28/share acquisition offer, potentially forcing a higher bid before the October 23 vote.
• OCI N.V. will merge with Orascom Construction, leading to delisting and liquidation, with limited upside from current levels.
• Hearst’s $16.50/share bid for DallasNews likely to win shareholder approval, backed by major shareholder and proxy firms.

• Alliance Laundry Holdings (ALH US), filed for its IPO on September 12th. 
• BDT Capital Partners became the controlling shareholder of Alliance Laundry Systems in 2015, when its investment funds acquired a majority stake in the company from the Ontario Teachers’ Pension Plan.
• They had net revenues of $1.38 billion, $1.37 billion, and $1.51 billion and net income of $99.7 million, $88.3 million, and $98.3 million in 2022, 2023, and 2024, respectively.