In today’s briefing:
- EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains
- Cleveland-Cliffs: Weak Q1 Results, Restructuring Underway, Valuations Reflect Deep Discount
- [Earnings Review] Occidental Beat EPS Expectations on Strong Oil & Gas Performance
- Star Holdings Liquidation Strategy: Asset Sales, Cash Burn, and Management Incentives Amidst Hedge Fund Interests
- CXW: 1Q25 Highlights
- ZKsync & Elastic Network’s Q1 Wrapped: Ecosystem & Development Highlights
- CTSO: CytoSorbents provides a regulatory update for DrugSorb-ATR.
- LNTH: Sale of SPECT Tilts Growth to Novel Radiopharmaceuticals
- Weekly Update (LION, STRZ, MAGN, IAC, ANGI)
EToro IPO Valuation: First-Day IPO Pop Is Possible, But The Stock May Struggle To Hold Gains
- EToro Group Ltd., a social trading platform, sets terms for upcoming IPO in the United States. The online broker offers 10M Class A shares at range of $46.00-$50.00 per share.
- At the midpoint of price range, eToro would command a market value of ~$4B on a fully-diluted basis. The selling shareholders offer 5M Class A shares.
- BlackRock has indicated a non-binding interest in purchasing up to $100M worth of eToro shares. However, these shares will not be subject to a lock-up agreement.
Cleveland-Cliffs: Weak Q1 Results, Restructuring Underway, Valuations Reflect Deep Discount
- EBITDA loss of $174M, net loss of $483M, driven by weak auto demand, high costs, and continuing drag from AMNS slab contract; EBITDA/ton fell sharply to –$42.
- Idling six facilities, exiting loss-making operations, $300M cost savings targeted in H2; slab contract expiry to add ~$500M EBITDA annually from 2026.
- Deep value: Trading at 4.4x EV/EBITDA (2026E), 7.1x P/E, 0.55x P/B, and $653 EV/ton of full steelmaking capacity, reflecting deep cyclical pessimism.
[Earnings Review] Occidental Beat EPS Expectations on Strong Oil & Gas Performance
- Occidental’s Q1 2025 revenue rose by 13.9% YoY but missed estimates by 0.3%. Its net income rose by 6.7% YoY, and its EPS beat estimates by 12.1%.
- Occidental’s earnings beat was fueled by robust oil and gas segment growth, underpinned by stronger price realisations that offset volume softness and reinforced its upstream momentum.
- Occidental closed USD 1.3 billion in asset sales in Q1 and repaid USD 2.3 billion in debt YTD, underscoring its continued focus on debt reduction.
Star Holdings Liquidation Strategy: Asset Sales, Cash Burn, and Management Incentives Amidst Hedge Fund Interests
- Star Holdings (STHO) is structured as a liquidation vehicle, aiming to sell real estate and wind up operations by Q1 2027.
- STHO’s assets include $216m in SAFE shares and a monetizing portfolio with loans, land, and other properties.
- Management extended debt maturity to March 2028, and adjusted management fees, with liquidation incentives tied to asset sales.
CXW: 1Q25 Highlights
- Zacks Small-Cap Research Note for CoreCivic, Inc. (CXW)
ZKsync & Elastic Network’s Q1 Wrapped: Ecosystem & Development Highlights
- Institutional adoption accelerates with Deutsche Bank, UBS PoC, WonderFi, and Tradable building compliant solutions on ZKsyn9
- ZKsync is the second-largest blockchain for tokenized RWAs, capturing over 27% market share, trailing only Ethereum
- ZKsync Era dominates ZK rollups, leading in TVS, proof volume, and user activity
CTSO: CytoSorbents provides a regulatory update for DrugSorb-ATR.
- CytoSorbents is commercializing its E.U. approved CytoSorb blood purification technology to treat life-threatening conditions in the intensive care unit and cardiac surgery.
- The company also seeks U.S. and Canadian approval of a second product, DrugSorb-ATR, to reduce perioperative bleeding risk in patients on blood thinners during cardiac surgery.
- Based on the results of its pivotal U.S. and Canadian STAR-T trial, the company submitted for FDA De Novo approval on September 27, 2024, and Health Canada on November 1, 2024, with final regulatory decisions expected in 2025.
LNTH: Sale of SPECT Tilts Growth to Novel Radiopharmaceuticals
- Lantheus is a leader in radiopharmaceutical offerings in oncology & precision diagnostics.
- It offers a portfolio of diagnostic & therapeutic products directly & via partnerships & licensing.
- The primary revenue driver is Pylarify, a PET tracer for PSMA-expressing prostate cancer.
Weekly Update (LION, STRZ, MAGN, IAC, ANGI)
On May 7, 2025, Lions Gate Entertainment (LGF.A/LFG.B) spun off Lions Gate Entertainment (LION).
- Lionsgate Studio has carved out a niche as a lean, franchise-focused independent studio that thrives in the mid-budget, IP-driven segment of the entertainment industry.
- It punches above its weight by targeting profitable genre films, franchise extensions, and strategic licensing — while avoiding the financial risk of mega-budget blockbusters.
💡 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
