Financial News, Analysis and Data, FNArena

FNArena

Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>A better than expected quarter for BNPL provider Zip Co was driven by a rapidly growing US customer base in a still underpenetrated market.</li><li> Zip Co&rsquo;s September quarter beats on US growth Earnings and margin exceed expectations Bad debts considered manageable US market remains underpenetrated</li></ul>

A better than expected quarter for BNPL provider Zip Co was driven by a rapidly growing US customer base in a still underpenetrated market. Zip Co&rsquo;s September quarter beats on US growth Earnings and margin exceed expectations Bad debts considered manageable US market remains underpenetrated

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/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a> disclosed that on 19 November, it received an indicative proposal from <a href="https://www.smartkarma.com/entities/credit-corp-group-ltd" target="_blank" data-smartkarma-citation="entities:12691:1" rel="noopener">Credit Corp (CCP AU)</a> consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). </li>
<li>The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.</li>
<li>The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   </li>
</ul>



Humm Group (HUM AU) disclosed that on 19 November, it received an indicative proposal from Credit Corp (CCP AU) consisting of a scheme (A$0.77) and an off-market takeover offer (A$0.72). 
The scheme has a low chance of success, and the takeover offer’s 50.1% minimum acceptance condition will prove problematic. The lack of due diligence signals the Board’s reluctance to engage.
The tardy disclosure is primarily intended to distract from Jeremy Raper’s attempt to mount a Board spill. This is essentially a long-dated backend play on Raper successfully spilling the Board.   


Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.</li>
<li>We expect two changes for ASX 50, two changes for ASX 100, and five changes for ASX 200.</li>
<li>The official index changes will be announced after the close on Friday 5th December 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 300, 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
We expect two changes for ASX 50, two changes for ASX 100, and five changes for ASX 200.
The official index changes will be announced after the close on Friday 5th December 2025.


Quiddity Leaderboard ASX Dec25: LNW Float Revision; Gold Names Rally; More Surprises Possible

<ul>
<li>In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.</li>
<li>We expect one change for ASX 50, one change for ASX 100, and four changes for ASX 200. </li>
<li>The official index changes will be announced after the close on Friday 5th December 2025.</li>
</ul>


In this insight, we take a look at the potential index changes for ASX 200, 100, 50, and 20 in the run-up to the December 2025 index rebal event.
We expect one change for ASX 50, one change for ASX 100, and four changes for ASX 200. 
The official index changes will be announced after the close on Friday 5th December 2025.


Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.</li>
<li>A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.</li>
<li>$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.</li>
</ul>


Klarna Group plc, a first mover in the BNPL space and AI-powered fintech company, is targeting an IPO valuation of between $13B and $14B, according to Reuters.
A Swedish founder-led decacorn is preparing for a roadshow after Labor Day this week. They intend to raise up to ~$1B and start trading in September.
$13B-$14B IPO valuation is cheap vs. peers and implies ~68% discount to Affirm. Klarna’s last down round was a $800M venture round in July of 2022 at a ~$6.7B valuation.


Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

Australia

Zip Co Limited provides point-of-sale credit and digital payment services. The Company offers retail finance solutions to small, medium, and enterprise businesses. Zip Co serves retail, education, health, and travel industries in Australia.

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Zip (ZIP AU)

Zip Conquering The US

A better than expected quarter for BNPL provider Zip Co was driven by a rapidly growing US customer base in a still underpenetrated market. Zip...

FNArena

Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

A binding proposal, if forthcoming at current terms, is unlikely to succeed. Humm is essentially a long-dated backend play on Jeremy Raper's...

Arun George

Quiddity Leaderboard ASX Dec25: LNW Float Revision; Gold Names Rally; More Surprises Possible

There are some changes to our list of expected ADDs and DELs since our last insight. There are some names very close to the border and can still...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

There are clear signs of positioning among some of the high-impact expected ADDs/DELs and staying away from such overcrowded bets might be a good...

Janaghan Jeyakumar, CFA

Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Zip Conquering The US

A better than expected quarter for BNPL provider Zip Co was driven by a rapidly growing US customer base in a still underpenetrated market. Zip...

FNArena

Humm Group (HUM AU): Credit Corp’s NBIO Belatedly Disclosed to Distract from a Potential Board Spill

A binding proposal, if forthcoming at current terms, is unlikely to succeed. Humm is essentially a long-dated backend play on Jeremy Raper's...

Arun George

Quiddity Leaderboard ASX Dec25: LNW Float Revision; Gold Names Rally; More Surprises Possible

There are some changes to our list of expected ADDs and DELs since our last insight. There are some names very close to the border and can still...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard ASX Dec25: Clear Signs of Pre-Positioning; Stay Away from the Crowds

There are clear signs of positioning among some of the high-impact expected ADDs/DELs and staying away from such overcrowded bets might be a good...

Janaghan Jeyakumar, CFA

Klarna IPO Valuation Update: $13B-$14B IPO Valuation Is Cheap Vs. Peers, ~68% Discount To Affirm

​Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...

Andrei Zakharov

Klarna Group plc, a leading EU BNPL fintech, targets $13B-14B IPO valuation, aiming to raise up to $1B and start trading in September under the...