Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Just shy of three years ago, <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP (BHP AU)</a> announced the unification of its dual-headed corporate structure to make BHP "simpler and more agile".</li>
<li>Collapsing DLCs/share-classes was all the rage back then. The prior year, <a href="https://www.smartkarma.com/entities/unilever-nv" target="_blank" data-smartkarma-citation="entities:21141:1" rel="noopener">Unilever (UNA NA)</a> collapsed its DLC; and <a href="https://www.smartkarma.com/entities/royal-dutch-shell-plc-adr" target="_blank" data-smartkarma-citation="entities:792:1" rel="noopener">Royal Dutch Shell </a> unified its A and B lines in 2021. </li>
<li>
<a href="https://www.smartkarma.com/entities/rio-tinto-ltd" target="_blank" data-smartkarma-citation="entities:13:1" rel="noopener">Rio (RIO AU/LN)</a> is one of only a handful of remaining DLCs. Renewed investor calls to unwind the DLC and the recent UK's listing regime reform necessitate a rethink.</li>
</ul>


Just shy of three years ago, BHP (BHP AU) announced the unification of its dual-headed corporate structure to make BHP "simpler and more agile".
Collapsing DLCs/share-classes was all the rage back then. The prior year, Unilever (UNA NA) collapsed its DLC; and Royal Dutch Shell  unified its A and B lines in 2021. 

Rio (RIO AU/LN) is one of only a handful of remaining DLCs. Renewed investor calls to unwind the DLC and the recent UK's listing regime reform necessitate a rethink.


Rio Tinto (RIO AU/LN): Thinking About The "Unification"

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

Royal Dutch Shell Plc (Adr) / Equity Bottom-Up

<ul><li>Shell PLC ADR delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus in terms of earnings.</li><li>The company generated $15.1 billion in cash flow from operations, including $4.8 billion in working capital, and its adjusted earnings were $5.1 billion.</li><li>The decrease in prices, inflows from the initial margin, and decrease in accounts receivable were the key causes of the working capital inflow.</li></ul>

Shell PLC ADR delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus in terms of earnings.The company generated $15.1 billion in cash flow from operations, including $4.8 billion in working capital, and its adjusted earnings were $5.1 billion.The decrease in prices, inflows from the initial margin, and decrease in accounts receivable were the key causes of the working capital inflow.

Shell PLC ADR: Insights Into $15.1 Billion Cash Flow and Key Causes You Need to Know! – Key Drivers

<ul><li>Despite a less favorable macro environment, Shell produced a decent result where it managed to surpass the revenue expectations of Wall Street but missed out on earnings.</li><li>The Integrated Gas business had a good operating performance at Pearl GTL, enhanced utilization, strong performance in Australia, and excellent trading and optimization results.</li><li>They also helped to secure gas supplies for Europe by storing 50% more gas than the previous year.</li></ul>

Despite a less favorable macro environment, Shell produced a decent result where it managed to surpass the revenue expectations of Wall Street but missed out on earnings.The Integrated Gas business had a good operating performance at Pearl GTL, enhanced utilization, strong performance in Australia, and excellent trading and optimization results.They also helped to secure gas supplies for Europe by storing 50% more gas than the previous year.

Shell PLC: Interesting Advancements In Low Carbon Portfolio & Other Developments

<ul><li>Shell produced a mixed set of results in the quarter, meeting the revenue expectations of Wall Street but missing out on earnings.</li><li>The company’s working capital situation has improved significantly and working capital was a substantial cash inflow in the quarter.</li><li>The improved cash flow position in the quarter enabled Shell to enhance its distributors to shareholders.</li></ul>

Shell produced a mixed set of results in the quarter, meeting the revenue expectations of Wall Street but missing out on earnings.The company’s working capital situation has improved significantly and working capital was a substantial cash inflow in the quarter.The improved cash flow position in the quarter enabled Shell to enhance its distributors to shareholders.

Shell PLC: New Solar Energy Projects & Other Drivers

<ul><li>This is our first report on energy major, Shell.</li><li>Amid volatile energy prices, the company’s performance in the quarter was decent as it surpassed the revenue expectations of Wall Street but missed out on earnings.</li><li>The current energy sector outlook appears to be positive and it has been the best performing sector on Wall Street for the past year which has benefitted Shell.</li></ul>

This is our first report on energy major, Shell.Amid volatile energy prices, the company’s performance in the quarter was decent as it surpassed the revenue expectations of Wall Street but missed out on earnings.The current energy sector outlook appears to be positive and it has been the best performing sector on Wall Street for the past year which has benefitted Shell.

Shell plc ADR: Initiation of Coverage – Improving Cost Structure & Other Drivers

Netherlands

Shell PLC explores and refines petroleum products. The Company produces and imports fuels, chemicals, and lubricants, as well as operates service station networks. Shell serves clients worldwide.

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Shell (RDSA NA)

Rio Tinto (RIO AU/LN): Thinking About The "Unification"

At a time when the LSE has opted to dumb down the checks and balances for listed companies on its bourse, now may be just the right time to...

David Blennerhassett

Shell PLC ADR: Insights Into $15.1 Billion Cash Flow and Key Causes You Need to Know! – Key Drivers

Shell PLC ADR delivered a mixed result in the recent quarter, with revenues above market expectations but failed to surpass the analyst consensus...

Baptista Research

Shell PLC: Interesting Advancements In Low Carbon Portfolio & Other Developments

Despite a less favorable macro environment, Shell produced a decent result where it managed to surpass the revenue expectations of Wall Street but...

Baptista Research

Shell PLC: New Solar Energy Projects & Other Drivers

Shell produced a mixed set of results in the quarter, meeting the revenue expectations of Wall Street but missing out on earnings. The company’s...

Baptista Research

Shell plc ADR: Initiation of Coverage – Improving Cost Structure & Other Drivers

This is our first report on energy major, Shell. Amid volatile energy prices, the company’s performance in the quarter was decent as it surpassed...

Baptista Research

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