In today’s briefing:
- Nidec (6594): Fake Resignations Don’t Count
- The Beat Ideas on GMR Airports: Soaring to New Heights with Record Traffic and Strong Growth
- Andersen Debuts as a Public Company in a Milestone IPO for Professional Services
- Soltec: Sponsor-Led Recapitalisation, Equity Reset and Trading Resumption
Nidec (6594): Fake Resignations Don’t Count
- Shigenobu Nagamori resigned as director but remains honorary chairman, a move we see as insufficient to address Nidec’s recent accounting controversy.
- Meaningful recovery requires both founders’ full retirement, a restructured, more independent board, and a chief risk officer to oversee professional auditing and reforms.
- The company also needs to improve transparency on assets, overhaul incentives toward return on investment, and develop a realistic mid-term plan to improve return on capital.
The Beat Ideas on GMR Airports: Soaring to New Heights with Record Traffic and Strong Growth
- November 2025 traffic hit a record ~11.1 million passengers, up ~7.4% YoY (ex-Cebu). Delhi led with 7.3 million passengers and its highest-ever monthly passenger and aircraft movement volumes.
- Traffic has normalized post infrastructure disruptions. Broad-based growth across Delhi and Hyderabad, alongside ~2.7% YoY YTD international growth, improves visibility on aero and non-aero revenue expansion into FY26–27.
- Focus shifts from recovery to sustainable compounding, led by Delhi and Hyderabad, where domestic scale and rising international connectivity act as structural growth multipliers.
Andersen Debuts as a Public Company in a Milestone IPO for Professional Services
- December 18, 2025 — Andersen Group, Inc. (NYSE: ANDG) began trading yesterday on the New York Stock Exchange following the pricing of its initial public offering.
- Shares opened at $21.00 after pricing at $16.00, representing an opening gain of roughly 31 percent.
- During the session, the stock traded to an intraday high of $24.48 and a low of $20.00 before finishing the day well above its IPO price at $23.50, marking a strong debut for the professional services firm.
Soltec: Sponsor-Led Recapitalisation, Equity Reset and Trading Resumption
- Equity reset: Sponsor-led restructuring reduced debt, extended maturities to 2031 and transferred control to DVC Partners, materially lowering near-term insolvency risk but leaving execution risk high.
- Trading: Resumption (December 19) likely volatile, with forced sellers meeting opportunistic buyers; early price action expected to reflect liquidity and positioning rather than fundamentals.
- Valuation framework: At reopening levels, equity reflects distressed stabilisation; upside depends on margin discipline and avoiding further dilution, not on near-term growth.
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