In today’s briefing:
- Seibu Giken IPO – Quick Note – Not Particularly Enticing
- Cummins Inc.: High Demand
- IPower, Inc. -Reports 4Q23 Results
- Quanta Services Inc.: Renewable Solutions Skyrocket! Why Their Strategy Matters? – Major Drivers
- Steelcase, Inc – Preview: 2QFY24 Expected to Improve Sequentially
Seibu Giken IPO – Quick Note – Not Particularly Enticing
- Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
- SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
- In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.
Cummins Inc.: High Demand
- Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.
- Cummins’ organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.
- Due to the inclusion of Meritor, high demand, and better pricing, the quarter’s revenue increased.
IPower, Inc. -Reports 4Q23 Results
iPower reported 4Q23 and FY23 revenue of $23.4 million and $88.9 million, respectively, up 6% and 12% versus last year’s results.
The company reported a loss per share of $0.10 for the quarter, and a loss per share of $0.40 for the year, reflecting the unusual transportation and warehousing expenses experienced as a result of last year’s supply chain disruption.
Inventories declined from $30.4 million at the end of FY22 to $20.6 million, with management targeting a further reduction to about $15 million.
Quanta Services Inc.: Renewable Solutions Skyrocket! Why Their Strategy Matters? – Major Drivers
- Quanta Services, Inc. surpassed the revenue and earnings expectations of Wall Street.
- They resulted in significant quarterly revenues exceeding $5 billion for the first time in company history and a backlog of $27.2 billion.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Steelcase, Inc – Preview: 2QFY24 Expected to Improve Sequentially
Steelcase reports 2QFY24 after market close on Tuesday, September 19, with its earnings conference call on Wednesday, September 20 at 8:30 am ET.
We expect 2Q24 EPS of $0.20 (also consensus) on revenue of $827.8 million (consensus of $829 million). Our EPS estimate is a penny lower than last year on lower revenue.
Following 1Q24 results, we shaved our 2Q24 revenue estimates by ~$20 million, but with evidence of better execution on gross margin, our earnings estimate ticked down by only $0.01.
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