In today’s briefing:
- TRYT IPO: Valuation Updates
- JAL Aims for ¥12 Billion from New Online Mall
- Stadler Rail: Swiss Quality..
- MillerKnoll, Inc. – 4Q23 Results Top Expectations
- W.W. Grainger Inc.: Breaking Barriers to Deliver Exceptional Customer Value! – Key Drivers
TRYT IPO: Valuation Updates
- TRYT has priced its IPO at ¥1,200 per share, at the midpoint of the indicative IPO price range, at a market capitalisation and post-money EV of ¥120bn and ¥151.6bn respectively.
- In our previous insight, we compared the company’s implied trailing multiples with peer trailing multiples and concluded that TRYT’s IPO is overvalued at the above price range.
- In this insight, we have discussed our forecasts for Tryt Inc (9164 JP) and updated our valuation for the company.
JAL Aims for ¥12 Billion from New Online Mall
- Shopping may be a tiny fraction of Japan Airlines (9201 JP) business but every little helps.
- JAL has long offered a popular mail order catalogue selling premium products but has now converted its catalogues into an online mall.
- This means it can offer many more and new types of merchant and product, and create more connection with its customers.
Stadler Rail: Swiss Quality..
- We believe that the Company’s European focus provides an advantage over competition, especially over larger international rolling stock manufacturers.
- Stadler entered 2023 with a backlog at a record-level of CHF22bn and a book-to-bill of 1.5x.
- Management is confident that it will generate positive free cash flow and deliver on its FY 2023 guidance.
MillerKnoll, Inc. – 4Q23 Results Top Expectations
After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate, each at $0.39.
Additionally, revenues of $956.7MM (above the mid-point of the $930MM to $970MM guidance) beat our $936MM and consensus $942MM estimates. GAAP EPS was $0.00.
Guidance always merits significant investor attention. Management guided historically only to the current quarter.
W.W. Grainger Inc.: Breaking Barriers to Deliver Exceptional Customer Value! – Key Drivers
- Grainger managed to exceed analyst expectations in terms of revenue as well as earnings.
- The company’s supply chain and distribution network experienced a rise in product availability due to improved supplier lead times.
- We give W.W.
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