Hidden Value Gems
A few interesting M&A deals 👇🏼
➡️ “Rio Tinto and Glencore held talks as recently as October about combining part or all of their businesses, according to people familiar with the matter, but the discussions didn’t progress.”
➡️ “France’s Bureau Veritas broke off merger discussions with FTSE 100 group Intertek in favour of pursuing a €31bn combination with Swiss rival SGS, underscoring the appetite to consolidate in the certification sector.”
➡️ “The owner of France’s Natixis Investment Managers and Italian insurer Generali are close to announcing an agreement to create an asset management joint venture that would bring together two of the biggest European names in the sector.”
via @FT
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A few interesting M&A deals 👇🏼
➡️ “Rio Tinto and Glencore held talks as recently as October about combining part or all of their businesses, according to people familiar with the matter, but the discussions didn’t progress.”
➡️ “France’s Bureau Veritas broke off merger discussions with FTSE 100 group Intertek in favour of pursuing a €31bn combination with Swiss rival SGS, underscoring the appetite to consolidate in the certification sector.”
➡️ “The owner of France’s Natixis Investment Managers and Italian insurer Generali are close to announcing an agreement to create an asset management joint venture that would bring together two of the biggest European names in the sector.”
via @FT
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Stock Analysis Compilation
SVN Capital Fund on Bajaj Finance $BAF IN
Thesis: Bajaj Finance’s unmatched growth, robust balance sheet, and cutting-edge data analytics make it a standout tech-powered finance company
(Extract from their Q4 letter) https://t.co/6mZ0WsGEwx
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SVN Capital Fund on Bajaj Finance $BAF IN
Thesis: Bajaj Finance’s unmatched growth, robust balance sheet, and cutting-edge data analytics make it a standout tech-powered finance company
(Extract from their Q4 letter) https://t.co/6mZ0WsGEwx
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InsideArbitrage
RT @AsifSuria: I am not just surprised but absolutely shocked at the number of sudden departures at publicly traded companies.
One would think that given the size of these companies, the transitions would occur over a longer period of time and not in less than a month.
Over the last month there were not one, not two but 43 sudden departures including 14 CEOs and 11 CFOs calling it quits or getting fired.
There were also 5 General Counsels or Chief Legal Officers that decided to hang up their hat.
This month we take a closer look at the CEO transition at Ulta Beauty from Dave Kimbell to Kecia Steelman and what the company's decision to enter the Mexican market through a franchise agreement could mean for investors.
Check out our article about Ulta Beauty, which includes the full list of those 43 sudden departures:
https://t.co/g0LBUvEa7v
$ULTA
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RT @AsifSuria: I am not just surprised but absolutely shocked at the number of sudden departures at publicly traded companies.
One would think that given the size of these companies, the transitions would occur over a longer period of time and not in less than a month.
Over the last month there were not one, not two but 43 sudden departures including 14 CEOs and 11 CFOs calling it quits or getting fired.
There were also 5 General Counsels or Chief Legal Officers that decided to hang up their hat.
This month we take a closer look at the CEO transition at Ulta Beauty from Dave Kimbell to Kecia Steelman and what the company's decision to enter the Mexican market through a franchise agreement could mean for investors.
Check out our article about Ulta Beauty, which includes the full list of those 43 sudden departures:
https://t.co/g0LBUvEa7v
$ULTA
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Stock Analysis Compilation
SVN Capital Fund on Dino Polska $DNP PW
Thesis: DNP is poised for significant growth as it resumes store expansion in Poland, capitalizing on favorable market conditions and an attractive valuation.
(Extract from their Q4 letter) https://t.co/5Z1v3gKD2F
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SVN Capital Fund on Dino Polska $DNP PW
Thesis: DNP is poised for significant growth as it resumes store expansion in Poland, capitalizing on favorable market conditions and an attractive valuation.
(Extract from their Q4 letter) https://t.co/5Z1v3gKD2F
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Startup Archive
Patrick Collison on the importance of waiting a really long time to hire people
Everybody tells you “work really hard to hire the best people.” But as Patrick explains, that’s not helpful because everyone knows they should do that. As he puts it:
“The question is to what length should you go and what does that actually mean in practice? And in practice, it means being okay waiting a really long time to hire people.”
It took Stripe six months to hire their first two people, and six more months to hire another 3-4 people. He can think of five people at Stripe who took 3+ years to hire.
“If you think about the smartest people you know, if you want to get them to work on your thing, chances are they already have pretty good paths ahead of them… You have to be way more persistent and be okay with it taking way longer than any sane or reasonable person would think it should take.”
There’s an important compounding effect here — hiring just one great person will make it marginally easier to get the next great person. Patrick argues you should also view every person you hire as bringing along another 50 people just like them if your company is successful:
“Even if they don’t literally hire 50 people, they will be so influential in determining the selection of those 50 people.”
Video source: @GreylockVC (2015)
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Patrick Collison on the importance of waiting a really long time to hire people
Everybody tells you “work really hard to hire the best people.” But as Patrick explains, that’s not helpful because everyone knows they should do that. As he puts it:
“The question is to what length should you go and what does that actually mean in practice? And in practice, it means being okay waiting a really long time to hire people.”
It took Stripe six months to hire their first two people, and six more months to hire another 3-4 people. He can think of five people at Stripe who took 3+ years to hire.
“If you think about the smartest people you know, if you want to get them to work on your thing, chances are they already have pretty good paths ahead of them… You have to be way more persistent and be okay with it taking way longer than any sane or reasonable person would think it should take.”
There’s an important compounding effect here — hiring just one great person will make it marginally easier to get the next great person. Patrick argues you should also view every person you hire as bringing along another 50 people just like them if your company is successful:
“Even if they don’t literally hire 50 people, they will be so influential in determining the selection of those 50 people.”
Video source: @GreylockVC (2015)
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Hidden Value Gems
I have put together a list of conferences and events that should be of great interest to value investors.
You can see them all (with links) in the Calendar section of my website.
Did I miss anything ? 👇 https://t.co/Sy3IKyyeWn
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I have put together a list of conferences and events that should be of great interest to value investors.
You can see them all (with links) in the Calendar section of my website.
Did I miss anything ? 👇 https://t.co/Sy3IKyyeWn
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InsideArbitrage
Crown Laboratories on January 16, provided to Revance $RVNC non-binding proposed amendments to their merger agreement.
The Crown proposal offers the following changes:
✴️an increase in the Offer Price to $3.65 per share;
✴️an increase in the Company Termination Fee to $15.3 million; and
✴️an increase in the Parent Termination Fee to $22.94 million.
The Crown proposal remains subject to approval from both Crown’s Board and Revance’s Board. Crown indicated that the offer expires at 4:10 p.m., Eastern Time, on January 17, 2025. The Revance Board will evaluate the Crown Proposal.
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Crown Laboratories on January 16, provided to Revance $RVNC non-binding proposed amendments to their merger agreement.
The Crown proposal offers the following changes:
✴️an increase in the Offer Price to $3.65 per share;
✴️an increase in the Company Termination Fee to $15.3 million; and
✴️an increase in the Parent Termination Fee to $22.94 million.
The Crown proposal remains subject to approval from both Crown’s Board and Revance’s Board. Crown indicated that the offer expires at 4:10 p.m., Eastern Time, on January 17, 2025. The Revance Board will evaluate the Crown Proposal.
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Dimitry Nakhla | Babylon Capital®
$NVO now trading below $80 Pre-Market 🧬
This is because of reports that $NVO weight-loss drug Wegovy is on Medicare’s next list of drugs to face price negotiations https://t.co/Ks3qbBRycA
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$NVO now trading below $80 Pre-Market 🧬
This is because of reports that $NVO weight-loss drug Wegovy is on Medicare’s next list of drugs to face price negotiations https://t.co/Ks3qbBRycA
$NVO is close to breaking $80 — the stock is down more than -45% from all time highs 📉 https://t.co/Hmb0nXc8ue tweet
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App Economy Insights
🏦 Big US banks just had their best quarter in years.
🏆 $JPM Record year.
💸 $BAC Investment banking surge.
🏢 $WFC Efficiency in focus.
💹 $MS Trading dominance.
📈 $GS Doubling down.
💼 $C Momentum builds.
📊 Let's visualize their earnings ⬇️
https://t.co/fbql5uDahW
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🏦 Big US banks just had their best quarter in years.
🏆 $JPM Record year.
💸 $BAC Investment banking surge.
🏢 $WFC Efficiency in focus.
💹 $MS Trading dominance.
📈 $GS Doubling down.
💼 $C Momentum builds.
📊 Let's visualize their earnings ⬇️
https://t.co/fbql5uDahW
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