In today’s briefing:
- Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer
- Weekly Update (FTV, NLOP, STRZ, RAL)
- The Egg-Price-Bubble Has Busted!
- Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?
- Asia base oils demand outlook: Week of 2 June
- [US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output
- Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?
- AbbVie’s Bold Obesity Play Could Up Its Game In The GLP-1 Domain—Here’s What You Need to Know!
- Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!
- Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO
Omada Health (OMDA): Virtual Healthcare Provider Gains IPO Momentum Behind Success of Peer
- The valuation of the company based on Q1 2025 revenues is between 5-6x sales which we find attractive versus peers.
- Revenue increased by 57% from $35.1 million to $55.0 million for the three months ended March 31, 2024 and 2025, respectively.
- After a handful of days of marketing the IPO, we are hearing from our sources that the books are multiple-times oversubscribed.
Weekly Update (FTV, NLOP, STRZ, RAL)
Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.
Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.
Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test & Measurement and Sensors & Safety Systems.
The Egg-Price-Bubble Has Busted!
- YTD our absolute return strategy is up 10,6% The Egg-Price-Bubble Has Busted!
- The price of a dozen eggs in the US has crashed from $8 to $2,5 within five months – highlighting extraordinary volatility in the egg market.
- For context: The rise of egg prices can be primarily contributed to the ongoing avian influenza (HPAI) outbreak that began in 2022.
Ecolab’s AI Mousetraps Are Just the Beginning—Is This the Future of Pest Control?
- In reviewing Ecolab’s first-quarter 2025 financial performance, the company demonstrated notable strengths alongside areas presenting challenges.
- Ecolab reported double-digit earnings per share (EPS) growth, achieving a 12% increase, even as organic sales climbed by 3%.
- This robust performance highlights the company’s ability to maintain an upward trajectory despite a weakening demand in some end markets.
Asia base oils demand outlook: Week of 2 June
- Asia’s base oils demand could soften as weakening supply-demand fundamentals incentivize buyers to maintain lower stocks.
- Seasonal slowdown in lube consumption set to coincide with pick-up in supply following restart of growing number of plants after maintenance work.
- Weaker demand in markets like Japan frees up more surplus volumes for export, adding to supply.
[US Nat Gas Options Weekly 2025/22] Henry Hub Rebounds on Hotter Summer Forecasts and Falling Output
- For the week ending 30/May, U.S. natural gas prices gained 3.4% on the back of forecasts of a hotter-than-expected summer and tightening supplies.
- For the week ending 23/May, the EIA reported that U.S. natural gas inventories rose by 101 Bcf, moderately higher than analyst expectations of a 98 Bcf build.
- Henry Hub OI PCR fell to 0.86 on 30/May compared to 0.89 on 23/May. Call OI decreased by 12.7% WoW, while put OI dropped by 16.1%.
Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?
- Deckers Brands recently reported its financial performance for the fourth quarter and the fiscal year 2025.
- The company showcased robust growth across its portfolio, emphasizing the success of its leading brands, HOKA and UGG.
- With a revenue increase of 16% year-over-year, the company approached $5 billion in sales, signaling strong brand appeal and strategic market positioning.
AbbVie’s Bold Obesity Play Could Up Its Game In The GLP-1 Domain—Here’s What You Need to Know!
- AbbVie Inc. recently reported its results for the first quarter of 2025, showcasing strong performance across various therapeutic areas.
- The company’s adjusted earnings per share were $2.46, surpassing the guidance midpoint by $0.10.
- Total net revenues stood at over $13.3 billion, a remarkable increase of roughly $550 million beyond expectations.
Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!
- Birkenstock Holding plc’s second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational strategies, and geographical expansion.
- Total revenues reached EUR 574 million, marking a 19% increase year-over-year in reported currency, and an 18% increase in constant currency.
- This growth was fueled by a balanced performance across both Business-to-Business (B2B) and Direct-to-Consumer (DTC) channels, both of which exhibited strong demand dynamics and strategic channel enhancements.
Chime Financial, Inc. (CHYM): Valuation Cut in Half, Major VC Players Backing FinTech IPO
- The company helps everyday people make progress in their financial lives and will be offering 32 million shares at a $24-$26 range equating to a $8.8b-$9.5b valuation.
- The deal is anticipated to price on Tuesday (6/10) for a Wednesday (6/11) debut on the Nasdaq.
- For the three months ended March 31, 2025 the company earned $518.7m in revenue marking a year-over-year increase of 32.3% from the prior year ($391.9m).
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