Daily Brief Financials: Solana, LayerZero, Curbline Properties, Central Depository Services, Intercontinental Exchange, Equitable Holdings , Sunac China Holdings and more

• Large unlocks (over 1% of circulating supply) significantly impact prices, mainly concentrated in the week before and after the unlock. A 1% token unlock triggers, on average, a 0.3% price drop over the week preceding the unlock and another 0.3% drop over the week following the unlock.
• The strongest price effects occur two days before the unlock and on the third and fourth days after the unlock. Interestingly, the actual unlock day and the day after show little price impact.
• The similar magnitude of price drops before and after the unlock suggests that market anticipation is just as influential as the actual selling pressure.

• The $ZRO token was introduced in June 2024, with planned utilities that include protocol governance, transaction fee payment, and staking for DVN security. All three utilities have strong implications for $ZRO’s value.
• We foresee that the next three years will be marked by a rapid increase in $ZRO’s circulating supply, alongside growing utilization within the protocol and its adoption as a common currency for cross-chain trades.
• We propose a valuation framework for $ZRO that leverages the Market Cap to Transaction Volume (MC-Tx) ratio, combined with projected transaction volume scenarios. This framework aims to provide readers with a perspective on the relationship between protocol growth and token value.

• Curbline is a convenience retail REIT spun-off from Site Centers in 2024, owning 78 shopping centers in attractive markets
• The company is well-capitalized with $800 million in cash and no debt, allowing for over $1.2 billion in acquisition capacity
• Convenience retail has lower capital intensity and higher NOI growth compared to traditional shopping centers, making CURB’s fundamentals attractive for investors and expected to continue growing as it scales out of its G&A load

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.

• CDSL is a market infrastructure company operating in the Indian equity capital markets with a $2.5 billion enterprise value
• The company has shown consistent revenue growth over the past decade and listed on the NSE in 2017
• With strong shareholder support and expected mid-teens CAGR growth, CDSL is seen as a buy and hold investment with potential for outperformance compared to major Indian indices

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.

• Intercontinental Exchange Inc. (ICE) reported strong financial performance for the third quarter of 2024, highlighting record net revenues driven by both transaction and recurring revenue streams.
• The company’s net revenue for the quarter reached $2.3 billion, reflecting a 7% year-over-year increase when adjusted for the recent Black Knight acquisition.
• Transaction revenues achieved a milestone at $1.1 billion, underpinned by a 12% rise in the Exchange segment, and included growth in both the interest rate and energy sectors.

• Equitable Holdings’ third-quarter results for 2024 reflect a blend of positive growth momentum and calculated financial strategy oversight.
• The company reported non-GAAP operating earnings of $501 million, which equates to $1.53 per share, marking a significant 34% year-over-year increase.
• Adjustments for notable items bring non GAAP operating earnings per share to $1.59, an increase of 22% compared to the previous year.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Greentown China, Sunac China, Fosun International, China Hongqiao
• In the US, the ISM services index expanded to 54.1 (53.5 e / 52.1 p). This was driven by an increase in the prices paid and new orders components, while the employment component was stable.
• Separately, the November JOLTS job openings rose to 8.10 mn (7.74 mn e / 7.84 mn p). The November trade deficit expanded to USD 78.2 bn (USD 78.3 bn e / USD 73.6 bn revised p).