In today’s briefing:
- Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group
- Open House Finally Takes Out Pressance (3254) – Done Deal Done Cheap
- Pressance (3254 JP): Open House (3288 JP) JPY2,390 Tender Offer a Done Deal
- Disney’s Master Plan For 2025: Ad-Supported Streaming & Hulu+FuboTV Merger Set To Transform the Industry!
- Marriott Vacations Worldwide: An Insight Into Its Strategic Expansion
- Wyndham Hotels & Resorts: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond! – Major Drivers
- Frontdoor’s Explosive HVAC Boom Poised To Catalyze Growth! – Major Drivers
- McCormick & Company: An Insight Into Its Digital Transformation
- TopBuild Corp: 7 Significant Forces That Will Define Its Success in 2025 & Beyond! – Major Drivers
- Cable One Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond! – Major Drivers
Last Week in Event SPACE: Seven & I, PA Gooddoctor, Fuji Soft, WH Group
- Seven & I Holdings (3382 JP)‘s analysts’ call transcript is worth listening to. The math on the takeover maths well. This is a buy on dip. Again.
- Those who bought into Ping An Healthcare and Technology (1833 HK)‘s punchy dividend, whether in cash or scrip, the trade has panned out well.
- KKR extends its Offer for Fuji Soft Inc (9749 JP). Separately, Bain said it had destroyed confidential data, as requested, but it’s unclear how and when that data was destroyed.
Open House Finally Takes Out Pressance (3254) – Done Deal Done Cheap
- Four-Plus years ago, Open House (3288 JP) bought the stake in Pressance Corp (3254 JP) owned by its embattled CEO (who had been arrested for a scandal).
- Four years ago, Open House launched a partial tender and capital injection to go to ~65%. A takeout was a matter of time.
- That time has come. Today Open House announced a Tender Offer to take Pressance fully-private. This is an easy deal. A done deal. Done too cheap.
Pressance (3254 JP): Open House (3288 JP) JPY2,390 Tender Offer a Done Deal
- Pressance Corp (3254 JP) announced a tender offer from Open House (3288 JP) at JPY2,390 per share, a 22.1% premium to the last close.
- While the offer is below book value, it represents an all-time high and broadly aligns with the mid-point of the target IFA’s DCF valuation range.
- The low minimum acceptance condition (2.3 million or 3.25% ownership ratio) suggests a done deal. The offer runs from 14 January to 26 February (30 business days).
Disney’s Master Plan For 2025: Ad-Supported Streaming & Hulu+FuboTV Merger Set To Transform the Industry!
- The Walt Disney Company is making significant strides in 2025, positioning itself for substantial growth and market influence through strategic mergers and innovative streaming initiatives.
- Recently, Disney announced a landmark merger between its Hulu + Live TV service and FuboTV, creating the second-largest digital pay-TV provider in North America.
- This move not only consolidates Disney’s presence in the live TV streaming market but also leverages FuboTV’s sports-centric audience to enhance Disney’s already robust content offerings.
Marriott Vacations Worldwide: An Insight Into Its Strategic Expansion
- Marriott Vacations Worldwide has delivered mixed results in its third quarter 2024 performance, characterized by strategic initiatives aimed at driving growth and efficiency, amidst ongoing economic challenges.
- The company reported increased contract sales by 5% year-over-year, with a significant portion driven by first-time buyers, and resort occupancy nearing 90%.
- This suggests a strong demand for vacation ownership despite economic pressures faced by consumers.
Wyndham Hotels & Resorts: 6 Major Game-Changers Impacting Its 2025 Performance & Beyond! – Major Drivers
- Wyndham Hotels & Resorts recently reported their third quarter results for 2024, showcasing both positive progress and areas of potential concern.
- On the positive side, the company displayed robust financial performance, with notable increases in key metrics.
- Adjusted EBITDA and earnings per share (EPS) saw a 7% and 10% growth, respectively.
Frontdoor’s Explosive HVAC Boom Poised To Catalyze Growth! – Major Drivers
- Frontdoor, Inc. reported a strong third quarter performance in 2024, exhibiting improvement over the previous periods.
- A notable achievement was a record gross profit margin of 57%, benefiting significantly from favorable weather and operational enhancements.
- Revenue experienced a modest increase of 3% year-over-year, primarily driven by a surge in demand from the company’s on-demand HVAC program, which contributed positively to their non-warranty sales.
McCormick & Company: An Insight Into Its Digital Transformation
- McCormick & Company provided a mixed set of results in its third-quarter earnings, balancing its performance across different regions with acknowledgments of ongoing challenges.
- Sales for the quarter remained flat in constant currency, indicating no significant changes in pricing but a slight improvement in volume and product mix.
- This outcome includes the effects of a recent divestiture, and while total volume growth was positive, it was a modest increase.
TopBuild Corp: 7 Significant Forces That Will Define Its Success in 2025 & Beyond! – Major Drivers
- TopBuild Corporation’s third-quarter 2024 earnings reflect a strategic navigation through a challenging market environment, showcasing both achievements and areas of concern that potential investors should evaluate carefully.
- TopBuild posted a 3.6% increase in sales, reaching $1.37 billion, demonstrating resilience amidst a slower-than expected housing market and fluctuating mortgage rates.
- The company has successfully leveraged acquisitions and pricing strategies across its Installation and Specialty Distribution segments to drive growth, although the organic volume growth remains modest.
Cable One Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond! – Major Drivers
- Cable One, Inc. presented mixed results for Q3 2024, with some bright spots amidst ongoing challenges.
- The performance was largely driven by the stabilization of residential Average Revenue Per User (ARPU) and growth in their Business Broadband segment, despite a decline in overall revenue, reflective of a challenging operational landscape.
- Cable One’s total revenue for Q3 2024 was $393.6 million, down from $420.3 million a year ago.
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