Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Thematic (Sector/Industry)

*Blank Check Companies: Special Purpose Acquisition Companies (SPACs) are not new and have historically focused on the Over the Counter (OTC) pink sheet companies. SPACs are essentially known as blank check companies, essentially a shell company which raises a significant amount cash in an IPO; and*Latest In Long Line Of Unintended Consequences: The majority of the 145 US-listed SPACs between 2015-19 remain below their USD 10 per share offering price and only seven have actually returned capital to investors. As the world heads toward a zero interest rate environment coupled with the giant vortex of skittish liquidity backstopped by central banks, the SPAC frenzy looks to be just the latest in a long line of unintended consequences of risk taking.

*Blank Check Companies: Special Purpose Acquisition Companies (SPACs) are not new and have historically focused on the Over the Counter (OTC) pink sheet companies. SPACs are essentially known as blank check companies, essentially a shell company which raises a significant amount cash in an IPO; and*Latest In Long Line Of Unintended Consequences: The majority of the 145 US-listed SPACs between 2015-19 remain below their USD 10 per share offering price and only seven have actually returned capital to investors. As the world heads toward a zero interest rate environment coupled with the giant vortex of skittish liquidity backstopped by central banks, the SPAC frenzy looks to be just the latest in a long line of unintended consequences of risk taking.

Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Virgin Galactic LLC / Equity Capital Markets

It was reported earlier this month that <a href="https://www.smartkarma.com/entities/virgin-galactic-llc" target="_blank" data-smartkarma-citation="entities:28220:1" rel="noopener">Virgin Galactic LLC (0612376D US)</a>, Richard Branson’s space tourism venture, has plans to go public. The plan stems from the company’s recent merger with a special purpose acquisition company (SPAC) created by Social Capital LP CEO Chamath Palihapitiya. According to the reports, <a href="https://www.smartkarma.com/entities/social-capital-hedosophia-ho" target="_blank" data-smartkarma-citation="entities:28221:1" rel="noopener">Social Capital Hedosophia Ho (IPOA US)</a> will invest about $800 million for a 49% stake in Virgin Galactic, Richard Branson would hold a 51% controlling stake prior to floating. Although the two companies have not yet commented on this, news has it that Virgin Galactic would be a gamechanger to be the first space tourism venture to go public, racing against key players such as Amazon’s Blue Origin and Musk’s SpaceX and Boeing’s HorizonX.
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/093/724/original/111.jpg?1563777919" class="editor-image img-responsive" data-smartkarma-image-id="93724"></figure>
We go through the details below.

It was reported earlier this month that Virgin Galactic LLC (0612376D US), Richard Branson’s space tourism venture, has plans to go public. The plan stems from the company’s recent merger with a special purpose acquisition company (SPAC) created by Social Capital LP CEO Chamath Palihapitiya. According to the reports, Social Capital Hedosophia Ho (IPOA US) will invest about $800 million for a 49% stake in Virgin Galactic, Richard Branson would hold a 51% controlling stake prior to floating. Although the two companies have not yet commented on this, news has it that Virgin Galactic would be a gamechanger to be the first space tourism venture to go public, racing against key players such as Amazon’s Blue Origin and Musk’s SpaceX and Boeing’s HorizonX.

We go through the details below.

Virgin Galactic Pre IPO Thoughts: Only for the Extremely Patient?

United States

Virgin Galactic LLC was founded in 2007. The company's line of business includes providing professional engineering services.

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Virgin Galactic LLC (0612376D US)

SPAC-Tacular

*Blank Check Companies: Special Purpose Acquisition Companies (SPACs) are not new and have historically focused on the Over the Counter (OTC) pink...

Thomas J. Monaco

Virgin Galactic Pre IPO Thoughts: Only for the Extremely Patient?

It was reported earlier this month that Virgin Galactic LLC (0612376D US), Richard Branson’s space tourism venture, has plans to go public. The...

Aqila Ali

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52-week Range

Market Cap (USDm)

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