Softbank (9984 JP): Arm IPO Done, the Hard Part Comes Next

SoftBank Group (9984 JP); Arm IPO, Priced for Disappointment

Softbank (9984 JP) – Klarna’s Coming “down Round”

Softbank (9984 JP) – EToro’s Funding “Down Round”

Softbank (9984 JP): Focus on Vision Fund II (SVF2) And Masa’s Massive IOUs

Gravity Works As WeWork Doesn't; Now Plan B

Bifurcated Chinese Express Market Developing

Financials & FinTech, EM & Southern Europe, Galliano's Latin Notes

Victor Galliano

Financials & FinTech, EM & Southern Europe

Galliano's Latin Notes

Event-Driven

<ul>
<li>Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value</li>
<li>To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost</li>
<li>We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations</li>
</ul>


Softbank Vision Funds 1 and 2 were the biggest combined holdings at December 2022, accounting for 30% of group equity value; SVF private companies accounted for 73% of equity value
To December-end 2022, public companies in SVF2 were marked down by 52% versus investment cost, whereas SVF2 private companies were marked down by a more modest 33% versus investment cost
We believe that SVF2 private company valuations are at risk of further markdowns in 4QFY22 results, with many of these investments made close to the period of peak pandemic valuations


Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?

Softbank Group

Softbank (9984 JP) – Focus on the SVFs, Are the Private Companies Appropriately Marked?