In today’s briefing:
- Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term
- Copper All Set To Break 10k USD/Ton In The Short-Term
- TaskUs Privatization Faces Opposition Amid Potential for Improved Offer and Valuation Discrepancies
- Weekly Update (CON, HNZ, BRSL)
Figma (FIG.US): 2Q’FY25 Earnings Review. Strong Quarter, But Margins Will Contract In the Near Term
- California based Figma Inc. reported another strong quarter, but shares sold off over 20% given an early lockup release of some ~11.4M Class A shares.
- I estimate ~$630M worth of Figma shares became eligible for sale on the second trading day immediately following public release of earnings for the 2Q’FY25.
- I think selling pressure in Figma stock is expected to ease as valuation improved and VC shareholders agreed to extend their lockup with respect to ~54% of Class A shares.
Copper All Set To Break 10k USD/Ton In The Short-Term
- This is a follow-up on our piece 10 days ago Rate Cut To Spur Copper Performance In The Short-Term to Over 10K USD/Ton.
- Copper, trading above USD 9,800/ton, appears poised to breach USD 10,000/ton; prospective rate cuts and supply deficits support upside, partially offset by elevated exchange inventories.
- Southern Copper (SCCO US) and Antofagasta PLC (ANTO LN) are our favorite names. The restart of the Cobre Panama mine (although low probability) could boost First Quantum Minerals (FM CN).
TaskUs Privatization Faces Opposition Amid Potential for Improved Offer and Valuation Discrepancies
- TaskUs is being privatized by Blackstone and founders at $16.50/share, opposed by activists and ISS, expecting improved offer.
- TaskUs projects $75-$120 million free cash flow in 2025, potentially funding the buyout with minimal additional investment.
- TaskUs specializes in premium BPO services, showing strong growth in Trust & Safety and AI Services segments, less vulnerable to automation.
Weekly Update (CON, HNZ, BRSL)
- On September 2, 2025, Kraft Heinz (KHC) announced that it will be breaking up into two companies.
- The news comes a decade after the infamous merger of two of the biggest names in packaged foods that was orchestrated by Warren Buffett and Brazilian private equity firm 3G Capital Partners.
- North American Grocery Co would encompass many of the traditional Kraft products.
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