Daily BriefsECM

Daily Brief ECM: Syngenta IPO: The Investment Case and more

In today’s briefing:

  • Syngenta IPO: The Investment Case
  • Cintas Corporation: Initiation of Coverage – Key Offerings & Recent Developments
  • Dow Inc.: Initiation of Coverage – Business Strategy & Key Drivers
  • Eastman Chemical Company: Initiation of Coverage – Recent Acquisitions & Other Drivers

Syngenta IPO: The Investment Case

By Arun George

  • Syngenta AG (SYNN SW), a world-class agribusiness, is seeking to raise US$9.5bn in Shanghai’s STAR market at a valuation of US$50bn. The Shanghai bourse will review the filing on 29-March.
  • The business is in rude health with accelerating growth, market share gains, solid margins and cash generation. The IPO proceeds will help reduce leverage. 
  • A US$50 billion valuation is justifiable and implies a modest discount to peer multiples (including an AH premium). The IPO is worth a look.

Cintas Corporation: Initiation of Coverage – Key Offerings & Recent Developments

By Baptista Research

  • This is our first report on Cintas Corporation, a specialized provider of uniform rental services.
  • Its revenue increased 13.1% to $2.17 billion in the second quarter and each segment experienced double-digit revenue growth.
  • The Uniform Rental and Facility Services operational segment’s revenue increased from $1.54 billion to $1.71 billion.

Dow Inc.: Initiation of Coverage – Business Strategy & Key Drivers

By Baptista Research

  • This is our first report on Dow Inc., a behemoth in the global chemicals industry.
  • The company proactively reduced operating rates to manage working capital, effectively implemented operational mitigation plans and cost-saving measures and lowered operating rates.
  • In the Deer Park acrylic monomer plant in Performance Monomers, Dow anticipates higher scheduled maintenance turnaround costs in this segment.

Eastman Chemical Company: Initiation of Coverage – Recent Acquisitions & Other Drivers

By Baptista Research

  • This is our first report on the renowned chemical industry giant, Eastman Chemical Company.
  • The company delivered a highly disappointing set of results given the macroeconomic volatility.
  • We initiate coverage on the stock of Eastman Chemical Company with a ‘Hold’ rating.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars