IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> announced that the share alternative pre-condition was satisfied. However, The share alternative offer is at the offeror’s discretion and with the consent of the financing parties. </li>
<li>The share alternative offer poses a dilemma due to the requirement to satisfy the minimum acceptance condition while not breaching the upper limit of the share alternative offer.</li>
<li>The share alternative offer is a play on higher multiples by relisting the business. At HK$50.00, L’Occitane would trade in line with its median global beauty peers’ multiples.</li>
</ul>



L'Occitane (973 HK) announced that the share alternative pre-condition was satisfied. However, The share alternative offer is at the offeror’s discretion and with the consent of the financing parties. 
The share alternative offer poses a dilemma due to the requirement to satisfy the minimum acceptance condition while not breaching the upper limit of the share alternative offer.
The share alternative offer is a play on higher multiples by relisting the business. At HK$50.00, L’Occitane would trade in line with its median global beauty peers’ multiples.


L’Occitane (973 HK): Dilemma as the Share Alternative Pre-Condition Met

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

Equity Bottom-Up

Betterware de Mexico Sab de CV / Equity Bottom-Up

<ul><li>We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the May Betterware catalog.</li><li>While the YoY comparisons in SKUs become more difficult, Betterware continues to roll in new items and upgrades to key favorites to remain fresh and vital to their core customer base.</li><li>Further, May saw the first round of the fruits of their recent sponsorship of Mexico's Summer Olympics team and continued expansion of key licensed characters.</li></ul>

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the May Betterware catalog.While the YoY comparisons in SKUs become more difficult, Betterware continues to roll in new items and upgrades to key favorites to remain fresh and vital to their core customer base.Further, May saw the first round of the fruits of their recent sponsorship of Mexico's Summer Olympics team and continued expansion of key licensed characters.

BWMX: Snapping the Catalog: Spring Brings Excitement; Reiterate Buy, $22.50 PT

<ul>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a> disclosed a conditional voluntary offer from Reinold Geiger at HK$34.00, a 15.3% premium to the last close and a 30.8% premium to the undisturbed price (5 February).</li>
<li>The minimum acceptance condition is that the offeror holds at least 90% of the shares held by disinterested shareholders, which enables the offeror to exercise compulsory acquisition rights.</li>
<li>Irrevocable and letters of support to accept represent 37.96% of disinterested shares. An attractive offer (representing an all-time high) should facilitate the offer being declared unconditional.</li>
</ul>



L'Occitane (973 HK) disclosed a conditional voluntary offer from Reinold Geiger at HK$34.00, a 15.3% premium to the last close and a 30.8% premium to the undisturbed price (5 February).
The minimum acceptance condition is that the offeror holds at least 90% of the shares held by disinterested shareholders, which enables the offeror to exercise compulsory acquisition rights.
Irrevocable and letters of support to accept represent 37.96% of disinterested shares. An attractive offer (representing an all-time high) should facilitate the offer being declared unconditional.


L’Occitane (973 HK): Conditional VGO at HK$34

<ul><li>We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected top line results.</li><li>Further, management reiterated 2024 revenue and EBITDA guidance.</li><li>There was also material progress at Betterware, which enjoyed double-digit increases in average ticket and revenue and is nearing the shift to positive growth in Associates.</li></ul>

We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected top line results.Further, management reiterated 2024 revenue and EBITDA guidance.There was also material progress at Betterware, which enjoyed double-digit increases in average ticket and revenue and is nearing the shift to positive growth in Associates.

Duplicate of BWMX: 1Q Review: In-Line Q, With Multiple Positives (Updated); Reiterate Buy

<ul><li>We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected top line results.</li><li>Further, management reiterated 2024 EBITDA guidance and increased the upper end of the revenue range.</li><li>There was also material progress at Betterware, which enjoyed double-digit increases in average ticket and revenue and is nearing the shift to positive growth in Associates.</li></ul>

We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected top line results.Further, management reiterated 2024 EBITDA guidance and increased the upper end of the revenue range.There was also material progress at Betterware, which enjoyed double-digit increases in average ticket and revenue and is nearing the shift to positive growth in Associates.

BWMX: 1Q Review: In-Line Q, With Multiple Positives; Reiterate Buy, $22.50 PT

United States

Nu Skin Enterprises, Inc. is a global direct selling company.  The Company distributes premium quality personal care products and nutritional supplements. Nu Skin markets its products in the Americas, Europe, and the Asia Pacific region.  The Company provides marketing and distribution of technology-based products through Big Planet, Inc.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nu Skin Enterprises Inc A (NUS US)

BWMX: Snapping the Catalog: Spring Brings Excitement; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the May Betterware catalog. While...

Small Cap Consumer Research

L’Occitane (973 HK): Conditional VGO at HK$34

The key condition is that the offeror holds at least 90% of the disinterested shares. An attractive offer (representing an all-time high) should...

Arun George

Duplicate of BWMX: 1Q Review: In-Line Q, With Multiple Positives (Updated); Reiterate Buy

We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected...

Small Cap Consumer Research

BWMX: 1Q Review: In-Line Q, With Multiple Positives; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected...

Small Cap Consumer Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

L’Occitane (973 HK): Dilemma as the Share Alternative Pre-Condition Met

While a positive, the share alternative offer needs to balance the requirement to satisfy the minimum acceptance condition while not breaching the...

Arun George

BWMX: Snapping the Catalog: Spring Brings Excitement; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the May Betterware catalog. While...

Small Cap Consumer Research

L’Occitane (973 HK): Conditional VGO at HK$34

The key condition is that the offeror holds at least 90% of the disinterested shares. An attractive offer (representing an all-time high) should...

Arun George

Duplicate of BWMX: 1Q Review: In-Line Q, With Multiple Positives (Updated); Reiterate Buy

We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected...

Small Cap Consumer Research

BWMX: 1Q Review: In-Line Q, With Multiple Positives; Reiterate Buy, $22.50 PT

We are reiterating our Buy rating and $22.50 price target for Betterware after the company reported an impressive 1Q, with better than expected...

Small Cap Consumer Research