IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> is re-engaging with <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  </li>
</ul>



Southern Cross Media (SXL AU) is re-engaging with ARN Media (A1N AU)/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.
SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.
While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  


Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

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 Capital Markets

Sirius Xm Holdings / Equity Capital Markets

<ul><li>Sirius XM had a bad quarter and they failed to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Their launch of @SIRIUSXMSPORTS also enhances their social media presence and helps them to remain connected with subscribers and reach new audiences on Instagram.</li><li>We give Sirius XM Holdings a 'Hold' rating with a revised target price.</li></ul>

Sirius XM had a bad quarter and they failed to meet the revenue expectations as well as the earnings expectations of Wall Street.Their launch of @SIRIUSXMSPORTS also enhances their social media presence and helps them to remain connected with subscribers and reach new audiences on Instagram.We give Sirius XM Holdings a 'Hold' rating with a revised target price.

Sirius XM Holdings Inc.: Launch Of Sports-Focused Social Channels & Other Developments

<ul><li>Sirius XM had a mixed quarterly result.</li><li>This was a challenging environment for the company as the auto sales were the lowest in 11 years in 2022.</li><li>Sirius XM is trying to attract more consumers to its platform and continues holding the largest share of car music outside combined terrestrial radio.</li></ul>

Sirius XM had a mixed quarterly result.This was a challenging environment for the company as the auto sales were the lowest in 11 years in 2022.Sirius XM is trying to attract more consumers to its platform and continues holding the largest share of car music outside combined terrestrial radio.

<ul><li>Sirius XM has had a volatile trajectory off late in terms of its stock price performance and with its results around the corner, another key factor that must be remembered is its history of below par earnings.</li><li>The company is making progress in deploying its 360L platform, and it is making progress with various EV start-ups.</li><li>We provide the stock of Sirius with a ‘Hold’ rating with a revision in the target price.</li></ul>

Sirius XM has had a volatile trajectory off late in terms of its stock price performance and with its results around the corner, another key factor that must be remembered is its history of below par earnings.The company is making progress in deploying its 360L platform, and it is making progress with various EV start-ups.We provide the stock of Sirius with a ‘Hold’ rating with a revision in the target price.

Sirius XM Holding: Project Amplify Update & Key Drivers

Credit

<ul><li>Sirius XM Holdings is one of the largest subscription-based satellite radio broadcasting companies in the U.S.</li><li>The company also has a music streaming service called as Pandora which competes with the likes of Apple Music and Spotify.</li><li>Sirius XM Holdings has been performing well since the start of 2022 with growth in subscription and advertising revenue, as well as strong cash flow generation to use for investments in the company.</li></ul>

Sirius XM Holdings is one of the largest subscription-based satellite radio broadcasting companies in the U.S.The company also has a music streaming service called as Pandora which competes with the likes of Apple Music and Spotify.Sirius XM Holdings has been performing well since the start of 2022 with growth in subscription and advertising revenue, as well as strong cash flow generation to use for investments in the company.

Sirius XM Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

United States

The New York Times Company operates media businesses.  The Company publishes daily newspapers and operates Internet websites.  The newspapers and websites distribute news and entertainment.

News Corporation operates in the publishing industry. The Company provides publications consisting of newspapers, magazines, books and promotional inserts.

The Interpublic Group of Companies, Inc. is an organization of advertising agencies and marketing service companies.  The Company operates globally in the sectors of advertising, independent media buying, direct marketing, healthcare communications, interactive consulting services, marketing research, promotions, experiential marketing, public relations, and sports marketing.

Liberty Global plc owns interests in broadband, distribution, and content companies operating outside the continental United States, principally in Europe, Asia, and Latin America.

Omnicom Group Inc. provides advertising, marketing and corporate communications services. The Company's agencies, which operate in major markets around the world, provide a comprehensive range of services including traditional media advertising; customer relationship management ("CRM"); public relations; and specialty communications.

Liberty Broadband Corporation invests in communication companies. The Company has principal assets in TruePosition and Time Warner Cable.

Madison Square Garden Sports Corp. is a professional sports company that owns and operates sports franchises.

Madison Square Garden Sports Corp. (MSGS US)

Live Nation Entertainment, Inc. produces live concerts and sells tickets to those events over the Internet. The Company also offers ticketing services for leading arenas, stadiums, professional sports franchises and leagues, college sports teams, performing arts venues, museums and theaters.

Nexstar Broadcasting Group, Inc, is a television broadcasting company focused on the acquisition, development, and operation of television stations in medium using traditional media, e-MEDIA, digital and mobile media platforms. Nexstar Broadcasting Group, Inc offers its services in the central east part of United States.

Nexstar Broadcasting Group, Inc (NXST US)

DISH Network Corp. provides a direct broadcast satellite subscription television, audio programming and interactive television services to commercial and residential subscribers in the United States.

Pearson plc provides education products and services to institutions, governments and individual learners in over 80 countries. The Company's major revenue markets are North America, 'Core' including the UK, Italy and Australia and 'Growth' including Brazil, China and South Africa. It also owns the Financial Times, 50% of the Economist and 47% of Penguin Random House.

REA Group Limited provides online property listings, web development and internet related technology services to the real estate industry along with providing advertising services to Australian companies.  The Company also offers online real estate search services to the Australian public.

DENTSU INC. mainly provides comprehensive advertising services.  The Company also provides marketing and event planning & promotion services.  Dentsu has associated companies in the US, Europe, and Asia.

CTS Eventim AG & Co. KGaA produces, sells, brokers and distributes entry tickets for concerts, theater productions, artistic, sporting and similar events. The Company operates an online booking system that allows event promoters to sell their tickets over a variety of distribution channels. CTS also sells tickets directly over the Internet and a call center and offers system support services.

Informa PLC provides business information on a worldwide basis.  The Company provides information in the finance and insurance, maritime transport and trade, law and tax, telecom and media, commodities and energy, and biomedical and pharmaceutical global markets.  Informa provides its information through newspapers, magazines, electronic media, books, and journals.

WPP plc operates a communications services group.  The Company's operations encompass advertising, media investment management, information and consultancy, public relations and public affairs, healthcare and specialist communications, and branding and identity services.

Schibsted ASA, through its subsidiaries, owns and operates online classifieds services. The Company also owns and operates media houses with print and online positions. Schibsted operates in parts Europe and other international markets.

Tencent Music Entertainment operates an online music entertainment platform in China. The Company offers platform that comprises of online music, recording, music-centric live streaming enabling users to discover, listen, sing, watch, perform, and socialize music.

TOHO CO., LTD. produces and distributes motion pictures for cinema, television, and video.  The Company also sells character merchandise based on their media productions, distributes foreign films, operates musical theaters, and produces musical shows. In addition, Toho manages movie theaters in urban areas.

Jiangsu Phoenix Publishing & Media Corporation Limited publishes, distributes books, publications and audio-visual products, and sells cultural goods. The Company's main products include textbooks, teaching aids, and general books.

Sirius XM Holdings Inc. broadcasts various channels of audio from its satellites. The Company provides its services throughout the continental United States for a monthly subscription fee. Sirius delivers various streams of commercial-free music in every genre, as well as streams of  news, sports, weather, talk, comedy, and public radio.

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Sirius Xm Holdings (SIRI US)

Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are...

Arun George

Sirius XM Holdings Inc.: Major Drivers

Sirius XM had a mixed quarterly result. This was a challenging environment for the company as the auto sales were the lowest in 11 years in...

Baptista Research

Sirius XM Holding: Project Amplify Update & Key Drivers

Sirius XM has had a volatile trajectory off late in terms of its stock price performance and with its results around the corner, another key...

Baptista Research

Sirius XM Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Sirius XM Holdings is one of the largest subscription-based satellite radio broadcasting companies in the U.S. The company also has a music...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are...

Arun George

Sirius XM Holdings Inc.: Launch Of Sports-Focused Social Channels & Other Developments

Sirius XM had a bad quarter and they failed to meet the revenue expectations as well as the earnings expectations of Wall Street. Their launch of...

Baptista Research

Sirius XM Holdings Inc.: Major Drivers

Sirius XM had a mixed quarterly result. This was a challenging environment for the company as the auto sales were the lowest in 11 years in...

Baptista Research

Sirius XM Holding: Project Amplify Update & Key Drivers

Sirius XM has had a volatile trajectory off late in terms of its stock price performance and with its results around the corner, another key...

Baptista Research

Sirius XM Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Sirius XM Holdings is one of the largest subscription-based satellite radio broadcasting companies in the U.S. The company also has a music...

Baptista Research