In today’s briefing:
- Merdeka Battery Materials IPO – Commercializing One of the World’s Largest Nickel Mines
- AECOM: Initiation of Coverage – Recent Restructuring & Other Developments
- IAC/InterActiveCorp: Initiation of Coverage – Business Strategy & Key Drivers
- PACCAR Inc.: Initiation of Coverage – Business Strategy & Key Drivers
Merdeka Battery Materials IPO – Commercializing One of the World’s Largest Nickel Mines
- Merdeka Battery Materials (2012725D IJ) is looking to raise around US$580m in its Indonesian IPO.
- It has the largest resource globally in terms of contained nickel at the Konawe Nickel Mine (the SCM Mine), according to Wood Mackenzie.
- MBM aims to become a vertically integrated battery materials player. Through a series of acquisitions, it owns one of the world’s largest nickel mines.
AECOM: Initiation of Coverage – Recent Restructuring & Other Developments
- This is our first report on AECOM, one of the largest infrastructure consulting players in the world.
- AECOM’s management is focusing on its investments to go after transformative growth opportunities where it has a competitive edge.
- Organic NSR growth quickened to 8%, with a 9% increase in design, which is on par with their strongest level over the past ten years and robust growth in both categories.
IAC/InterActiveCorp: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on IAC, a major media and internet player publishing original and engaging digital content in the form of articles, illustrations, and videos and images across various fields.
- They had a HomeAdvisor that connected customers with service providers based on what the customer wanted to be done and what the service provider was qualified to accomplish.
- Looking forward, IAC’s management intends to increase margins by generating additional revenue from a fixed-cost basis and they anticipate double-digit revenue growth in the coming quarters.
PACCAR Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on PACCAR, the largest manufacturer of medium and heavy-trucks in the world.
- Pretax earnings at PACCAR Parts reached $380 million, a 23% increase over the same time in the previous year.
- Fourth quarter revenues at PACCAR Parts were a solid $1.47 billion and the company delivered an all-around beat.
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