Category

Industrials

Jul 19
0

Daily Brief Industrials: Shenzhen International, Ventia, SK Ecoplant, Zhuzhou CRRC Times Electric Co., Ltd., Dollar Index, HMM Co., Ltd., NodeFlair and more

By | Daily Briefs, Industrials

In today’s briefing:

  • StubWorld: SZ International’s Logistics Spin-Offs
  • Ventia Services (VNT) Selected to Join ASX 200 – Not A Surprise
  • Initial Thoughts on the SK Ecoplant IPO – Impact on SK Inc
  • Zhuzhou CRRC Times Electric (3898): Growth at a Discounted Valuation
  • DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000
  • Investigating HMM’s Latest Bond Conversion Situation for a Shorting Setup
  • NodeFlair Gets US$2M in Series A Funding to Further Expand, Accelerate Product Development

StubWorld: SZ International’s Logistics Spin-Offs

By David Blennerhassett

  • Shenzhen International (152 HK) seeks to spin off logistic assets on a PRC exchange; and  51.56%-held Shenzhen Expressway Co H (548 HK) intends to place out A shares.
  • Preceding my comments on SZ Int’l/SZ E’Way are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Ventia Services (VNT) Selected to Join ASX 200 – Not A Surprise

By Travis Lundy

  • After the Blackmores Ltd (BKL AU) Scheme Meeting result was announced earlier today, post-close the S&P/ASX team announced Ventia (VNT AU) would replace it on 21 July at the close.
  • This is not that surprising. Janaghan Jeyakumar, CFA expected it in June, and it was a super-close second recently for him for the Sep rebalance. 
  • Given the shareholder structure and flow dynamics, it’s worth taking a closer look.

Initial Thoughts on the SK Ecoplant IPO – Impact on SK Inc

By Douglas Kim

  • SK Ecoplant is getting ready to complete its IPO sometime in late 2023/1H 2024.
  • Local media have mentioned that SK Ecoplant’s market cap could range from 5 trillion won to 10 trillion won.
  • At the end of 2022, SK Inc’s 44.5% stake in SK Ecoplant had a book value of 545 billion won, which is much less the market value of SK Ecoplant.

Zhuzhou CRRC Times Electric (3898): Growth at a Discounted Valuation

By Henry Soediarko

  • The company has shifted its growth driver from rail equipment to EV parts supplier.
  • Q1 23 growth came from emerging equipment coming to the rescue at a double digit rate when the train equipment segment recorded a slight decrease. 
  • Compared to last year, the company is trading at a lower valuation, yet its key growth driver has a better and more sustainable quality. 

DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000

By Joe Jasper

  • Ever since our 5/30/23 ETF Pathfinder, our view has been that we cannot be bearish unless a key support level breaks (at the time, that was 4050 on the SPX).
  • The S&P 500 is now above 4300-4325 — a level that, in January this year, we had anticipated would cap upside for 2023.
  • We believe 4300-4325 will act as major support moving forward, and we are bullish as long as the SPX is above 4300; we discussed this in our 7/3/23 ETF Pathfinder.

Investigating HMM’s Latest Bond Conversion Situation for a Shorting Setup

By Sanghyun Park

  • Those that the local market is particularly interested in are the 192nd convertible bonds (CB) held by KDB, along with the 193rd bonds with warrants (BW) owned by KOBC.
  • These two bonds’ call option exercise date is September 25th. Upon conversion of these bonds, 200M new shares will be issued (41% of SO and a 30% dilution).
  • The key is the trade-off between not disrupting the selling process and avoiding any breach of trust. The prevailing local sentiment suggests that KDB and KOBC will choose stock conversion.

NodeFlair Gets US$2M in Series A Funding to Further Expand, Accelerate Product Development

By e27

  • NodeFlair, a Singapore-based career advancement platform for tech talents, announced today that it has raised US$2 million Series A funding.
  • The funding round was led by Iterative with participation from 500 Global and PERSOL VENTURE PARTNERS, the corporate venture capital arm of HR management group PERSOL.
  • Prominent angel investors Quek Siu Rui (CEO & Co-founder of Carousell), JJ Chai (CEO & Co-founder of Rainforest), and Siew Kum Hong (Former COO of AirBnB China) also participated in the funding round.

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Jul 19
0

Daily Brief Industrials: Shenzhen International, Ventia, SK Ecoplant, Zhuzhou CRRC Times Electric Co., Ltd., Dollar Index, HMM Co., Ltd., NodeFlair and more

By | Daily Briefs, Industrials

In today’s briefing:

  • StubWorld: SZ International’s Logistics Spin-Offs
  • Ventia Services (VNT) Selected to Join ASX 200 – Not A Surprise
  • Initial Thoughts on the SK Ecoplant IPO – Impact on SK Inc
  • Zhuzhou CRRC Times Electric (3898): Growth at a Discounted Valuation
  • DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000
  • Investigating HMM’s Latest Bond Conversion Situation for a Shorting Setup
  • NodeFlair Gets US$2M in Series A Funding to Further Expand, Accelerate Product Development

StubWorld: SZ International’s Logistics Spin-Offs

By David Blennerhassett

  • Shenzhen International (152 HK) seeks to spin off logistic assets on a PRC exchange; and  51.56%-held Shenzhen Expressway Co H (548 HK) intends to place out A shares.
  • Preceding my comments on SZ Int’l/SZ E’Way are the current setup/unwind tables for Asia-Pacific Holdcos.
  • These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

Ventia Services (VNT) Selected to Join ASX 200 – Not A Surprise

By Travis Lundy

  • After the Blackmores Ltd (BKL AU) Scheme Meeting result was announced earlier today, post-close the S&P/ASX team announced Ventia (VNT AU) would replace it on 21 July at the close.
  • This is not that surprising. Janaghan Jeyakumar, CFA expected it in June, and it was a super-close second recently for him for the Sep rebalance. 
  • Given the shareholder structure and flow dynamics, it’s worth taking a closer look.

Initial Thoughts on the SK Ecoplant IPO – Impact on SK Inc

By Douglas Kim

  • SK Ecoplant is getting ready to complete its IPO sometime in late 2023/1H 2024.
  • Local media have mentioned that SK Ecoplant’s market cap could range from 5 trillion won to 10 trillion won.
  • At the end of 2022, SK Inc’s 44.5% stake in SK Ecoplant had a book value of 545 billion won, which is much less the market value of SK Ecoplant.

Zhuzhou CRRC Times Electric (3898): Growth at a Discounted Valuation

By Henry Soediarko

  • The company has shifted its growth driver from rail equipment to EV parts supplier.
  • Q1 23 growth came from emerging equipment coming to the rescue at a double digit rate when the train equipment segment recorded a slight decrease. 
  • Compared to last year, the company is trading at a lower valuation, yet its key growth driver has a better and more sustainable quality. 

DXY Break Below $101 Suggests Breakouts Likely Coming for Equal-Weight SPX, Dow, and Russell 2000

By Joe Jasper

  • Ever since our 5/30/23 ETF Pathfinder, our view has been that we cannot be bearish unless a key support level breaks (at the time, that was 4050 on the SPX).
  • The S&P 500 is now above 4300-4325 — a level that, in January this year, we had anticipated would cap upside for 2023.
  • We believe 4300-4325 will act as major support moving forward, and we are bullish as long as the SPX is above 4300; we discussed this in our 7/3/23 ETF Pathfinder.

Investigating HMM’s Latest Bond Conversion Situation for a Shorting Setup

By Sanghyun Park

  • Those that the local market is particularly interested in are the 192nd convertible bonds (CB) held by KDB, along with the 193rd bonds with warrants (BW) owned by KOBC.
  • These two bonds’ call option exercise date is September 25th. Upon conversion of these bonds, 200M new shares will be issued (41% of SO and a 30% dilution).
  • The key is the trade-off between not disrupting the selling process and avoiding any breach of trust. The prevailing local sentiment suggests that KDB and KOBC will choose stock conversion.

NodeFlair Gets US$2M in Series A Funding to Further Expand, Accelerate Product Development

By e27

  • NodeFlair, a Singapore-based career advancement platform for tech talents, announced today that it has raised US$2 million Series A funding.
  • The funding round was led by Iterative with participation from 500 Global and PERSOL VENTURE PARTNERS, the corporate venture capital arm of HR management group PERSOL.
  • Prominent angel investors Quek Siu Rui (CEO & Co-founder of Carousell), JJ Chai (CEO & Co-founder of Rainforest), and Siew Kum Hong (Former COO of AirBnB China) also participated in the funding round.

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Jul 18
0

Daily Brief Industrials: Takisawa Machine Tool, InterGlobe Aviation Ltd, Keisei Electric Railway Co, Shenzhen International, Nexteel, DWF Group and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) – I’ve Got 🍿🍿
  • Interglobe Aviation (Indigo) Lockup – Time for Another Selldown, This Time Could Touch US$900m
  • Keisei Electric: Valuation Distortion Set to Unravel with Fantasy Springs’ Opening in Spring 2024
  • Shenzhen Intl (152 HK): Enhancing Its Values
  • Nexteel IPO Valuation Analysis
  • Inflexion/DWF: Compelling Value

Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) – I’ve Got 🍿🍿

By Travis Lundy

  • Last year Nidec Corp (6594 JP) approached machine tool maker Takisawa Machine Tool (6121 JP) interested in an integration with their sub. Takisawa said “Talk to the hand.” 
  • Now Nidec – a blue chip (from Kyoto no less, which traditionally abhors hostile activity) – has gone hostile on Takisawa bidding 65-100% depending how you see undisturbed.
  • Lots of moving parts on this one, but in the end, Retail probably decides this.

Interglobe Aviation (Indigo) Lockup – Time for Another Selldown, This Time Could Touch US$900m

By Sumeet Singh

  • InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.
  • He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. 
  • In this note, we will talk about the lockup dynamics and possible placement.

Keisei Electric: Valuation Distortion Set to Unravel with Fantasy Springs’ Opening in Spring 2024

By Oshadhi Kumarasiri

  • Since the announcement of the proposed Tokyo Disney Sea expansion in 2015, Keisei Electric Railway Co (9009 JP)‘s price perfromance has significantly diverged from Oriental Land (4661 JP)‘s price performance.
  • The valuation disparity may result from the Disney Sea expansion’s impact, possibly due to Keisei Electric’s value-oriented investor base.
  • Fantasy Springs’ opening could resolve the valuation distortion, leading to potential rewards in a Long Keisei Electric and Short Oriental Land trade.

Shenzhen Intl (152 HK): Enhancing Its Values

By Osbert Tang, CFA

  • We expect Shenzhen International (152 HK) to sustain efforts in realising and releasing the value of its assets, and this will be positive in narrowing its discount to book.
  • The plan to issue REIT by using Hangzhou and Guizhou logistics projects as underlying assets will add to earnings. We estimate they account for 14% of SZI’s total project area.
  • Subscription to A-share issuance of Shenzhen Expressway Co (548 HK) will increase its book value by Rmb5bn. This will lower its P/B multiple to 0.46x, from 0.54x.

Nexteel IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Nexteel is target price of 18,671 won per share, which represents 49% higher than the high end of the IPO price range of 12,500 won. 
  • We estimate Nexteel to generate sales of 883.6 billion won (up 32.2% YoY) and operating profit of 257.4 billion won (up 42% YoY) in 2023.
  • Nexteel’s main products include pipes used to extract oil and gas from oil wells. It also makes steel pipes for transporting oil & steam, construction, shipbuilding, and machinery industries.

Inflexion/DWF: Compelling Value

By Jesus Rodriguez Aguilar

  • DWF Group (DWF LN) is discussing with Inflexion regarding a 100p/share offer (£342 million implied equity value, 53% premium, 8.2x Fwd P/E, but 18% discount to IPO price). PUSU is 7 August.
  • Spread to the offer price is 16.2%. The market is pricing a 53% chance to complete the deal, which seems low. Poor cash generation and leverage are already known.
  • The shares trade at 6.7x Fwd P/E, 7.6% dividend yield and 18.6% FCF yield (IBES estimates). Considering that management has said it would recommend the offer, my TP is 100p.

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Jul 18
0

Daily Brief Industrials: Takisawa Machine Tool, InterGlobe Aviation Ltd, Keisei Electric Railway Co, Shenzhen International, Nexteel, DWF Group and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) – I’ve Got 🍿🍿
  • Interglobe Aviation (Indigo) Lockup – Time for Another Selldown, This Time Could Touch US$900m
  • Keisei Electric: Valuation Distortion Set to Unravel with Fantasy Springs’ Opening in Spring 2024
  • Shenzhen Intl (152 HK): Enhancing Its Values
  • Nexteel IPO Valuation Analysis
  • Inflexion/DWF: Compelling Value

Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) – I’ve Got 🍿🍿

By Travis Lundy

  • Last year Nidec Corp (6594 JP) approached machine tool maker Takisawa Machine Tool (6121 JP) interested in an integration with their sub. Takisawa said “Talk to the hand.” 
  • Now Nidec – a blue chip (from Kyoto no less, which traditionally abhors hostile activity) – has gone hostile on Takisawa bidding 65-100% depending how you see undisturbed.
  • Lots of moving parts on this one, but in the end, Retail probably decides this.

Interglobe Aviation (Indigo) Lockup – Time for Another Selldown, This Time Could Touch US$900m

By Sumeet Singh

  • InterGlobe Aviation Ltd (INDIGO IN)’s co-founder Rakesh Gangwal’s 29%+ stake was released from lock-up today.
  • He had earlier stated his intention to pare down his stake after a long drawn, and very public battle, with his co-founder Rahul Bhatia. 
  • In this note, we will talk about the lockup dynamics and possible placement.

Keisei Electric: Valuation Distortion Set to Unravel with Fantasy Springs’ Opening in Spring 2024

By Oshadhi Kumarasiri

  • Since the announcement of the proposed Tokyo Disney Sea expansion in 2015, Keisei Electric Railway Co (9009 JP)‘s price perfromance has significantly diverged from Oriental Land (4661 JP)‘s price performance.
  • The valuation disparity may result from the Disney Sea expansion’s impact, possibly due to Keisei Electric’s value-oriented investor base.
  • Fantasy Springs’ opening could resolve the valuation distortion, leading to potential rewards in a Long Keisei Electric and Short Oriental Land trade.

Shenzhen Intl (152 HK): Enhancing Its Values

By Osbert Tang, CFA

  • We expect Shenzhen International (152 HK) to sustain efforts in realising and releasing the value of its assets, and this will be positive in narrowing its discount to book.
  • The plan to issue REIT by using Hangzhou and Guizhou logistics projects as underlying assets will add to earnings. We estimate they account for 14% of SZI’s total project area.
  • Subscription to A-share issuance of Shenzhen Expressway Co (548 HK) will increase its book value by Rmb5bn. This will lower its P/B multiple to 0.46x, from 0.54x.

Nexteel IPO Valuation Analysis

By Douglas Kim

  • Our base case valuation of Nexteel is target price of 18,671 won per share, which represents 49% higher than the high end of the IPO price range of 12,500 won. 
  • We estimate Nexteel to generate sales of 883.6 billion won (up 32.2% YoY) and operating profit of 257.4 billion won (up 42% YoY) in 2023.
  • Nexteel’s main products include pipes used to extract oil and gas from oil wells. It also makes steel pipes for transporting oil & steam, construction, shipbuilding, and machinery industries.

Inflexion/DWF: Compelling Value

By Jesus Rodriguez Aguilar

  • DWF Group (DWF LN) is discussing with Inflexion regarding a 100p/share offer (£342 million implied equity value, 53% premium, 8.2x Fwd P/E, but 18% discount to IPO price). PUSU is 7 August.
  • Spread to the offer price is 16.2%. The market is pricing a 53% chance to complete the deal, which seems low. Poor cash generation and leverage are already known.
  • The shares trade at 6.7x Fwd P/E, 7.6% dividend yield and 18.6% FCF yield (IBES estimates). Considering that management has said it would recommend the offer, my TP is 100p.

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  • ✓ Personalised Alerts
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Jul 17
0

Daily Brief Industrials: JD Logistics and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [JD Logistics (2618 HK, SELL, TP HK$9.4) TP Change]: Premium Parcel Delivery Is Increasingly Crowded

[JD Logistics (2618 HK, SELL, TP HK$9.4) TP Change]: Premium Parcel Delivery Is Increasingly Crowded

By Shawn Yang

  • We expect JDL to report C2Q23 revenue and non-IFRS net profit margin (1.5%) and 0.4ppts vs. consensus. We expect 2Q revenue (excl. Deppon) to grow 5%~ YoY .
  • JDL is facing increasing competition from (1) the recent launch of Cainiao’s high-end delivery service, (2) improved ZTO service, and (2) Douyin’s actions to increasingly in-source logistics.
  • We maintain JDL’s SELL rating but raise its TP to HK$ 9.4, as we expect JDL will lower staffing costs, and by reducing staff redundancy.

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Jul 17
0

Daily Brief Industrials: JD Logistics and more

By | Daily Briefs, Industrials

In today’s briefing:

  • [JD Logistics (2618 HK, SELL, TP HK$9.4) TP Change]: Premium Parcel Delivery Is Increasingly Crowded

[JD Logistics (2618 HK, SELL, TP HK$9.4) TP Change]: Premium Parcel Delivery Is Increasingly Crowded

By Shawn Yang

  • We expect JDL to report C2Q23 revenue and non-IFRS net profit margin (1.5%) and 0.4ppts vs. consensus. We expect 2Q revenue (excl. Deppon) to grow 5%~ YoY .
  • JDL is facing increasing competition from (1) the recent launch of Cainiao’s high-end delivery service, (2) improved ZTO service, and (2) Douyin’s actions to increasingly in-source logistics.
  • We maintain JDL’s SELL rating but raise its TP to HK$ 9.4, as we expect JDL will lower staffing costs, and by reducing staff redundancy.

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Jul 15
0

Daily Brief Industrials: Samsung C&T and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2023

Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2023

By Douglas Kim

  • In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 3Q 2023.
  • Of the 38 pair trades, 22 of them involved holdcos outperforming opcos YTD and 16 of them involved opcos outperforming holdcos in the same period.
  • We highlight 38 pair trades that involve Korean holdcos and opcos.

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Jul 15
0

Daily Brief Industrials: Samsung C&T and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2023

Korean Holdcos Vs Opcos Gap Trading Opportunities in 3Q 2023

By Douglas Kim

  • In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 3Q 2023.
  • Of the 38 pair trades, 22 of them involved holdcos outperforming opcos YTD and 16 of them involved opcos outperforming holdcos in the same period.
  • We highlight 38 pair trades that involve Korean holdcos and opcos.

💡 Before it’s here, it’s on Smartkarma

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
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  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars
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Jul 14
0

Daily Brief Industrials: Tryt Inc, Japan Airlines, Stadler Rail AG, MillerKnoll, Ww Grainger Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • TRYT IPO: Valuation Updates
  • JAL Aims for ¥12 Billion from New Online Mall
  • Stadler Rail: Swiss Quality..
  • MillerKnoll, Inc. – 4Q23 Results Top Expectations
  • W.W. Grainger Inc.: Breaking Barriers to Deliver Exceptional Customer Value! – Key Drivers

TRYT IPO: Valuation Updates

By Shifara Samsudeen, ACMA, CGMA

  • TRYT has priced its IPO at ¥1,200 per share, at the midpoint of the indicative IPO price range, at a market capitalisation and post-money EV of ¥120bn and ¥151.6bn respectively.
  • In our previous insight, we compared the company’s implied trailing multiples with peer trailing multiples and concluded that TRYT’s IPO is overvalued at the above price range.
  • In this insight, we have discussed our forecasts for Tryt Inc (9164 JP) and updated our valuation for the company.

JAL Aims for ¥12 Billion from New Online Mall

By Michael Causton

  • Shopping may be a tiny fraction of Japan Airlines (9201 JP) business but every little helps.
  • JAL has long offered a popular mail order catalogue selling premium products but has now converted its catalogues into an online mall. 
  • This means it can offer many more and new types of merchant and product, and create more connection with its customers.

Stadler Rail: Swiss Quality..

By Alexis Dwek

  • We believe that the Company’s European focus provides an advantage over competition, especially over larger international rolling stock manufacturers.
  • Stadler entered 2023 with a backlog at a record-level of CHF22bn and a book-to-bill of 1.5x. 
  • Management is confident that it will generate positive free cash flow and deliver on its FY 2023 guidance.

MillerKnoll, Inc. – 4Q23 Results Top Expectations

By Water Tower Research

  • After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate, each at $0.39.

  • Additionally, revenues of $956.7MM (above the mid-point of the $930MM to $970MM guidance) beat our $936MM and consensus $942MM estimates. GAAP EPS was $0.00.

  • Guidance always merits significant investor attention. Management guided historically only to the current quarter.

W.W. Grainger Inc.: Breaking Barriers to Deliver Exceptional Customer Value! – Key Drivers

By Baptista Research

  • Grainger managed to exceed analyst expectations in terms of revenue as well as earnings.
  • The company’s supply chain and distribution network experienced a rise in product availability due to improved supplier lead times.
  • We give W.W.

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Jul 14
0

Daily Brief Industrials: Tryt Inc, Japan Airlines, Stadler Rail AG, MillerKnoll, Ww Grainger Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • TRYT IPO: Valuation Updates
  • JAL Aims for ¥12 Billion from New Online Mall
  • Stadler Rail: Swiss Quality..
  • MillerKnoll, Inc. – 4Q23 Results Top Expectations
  • W.W. Grainger Inc.: Breaking Barriers to Deliver Exceptional Customer Value! – Key Drivers

TRYT IPO: Valuation Updates

By Shifara Samsudeen, ACMA, CGMA

  • TRYT has priced its IPO at ¥1,200 per share, at the midpoint of the indicative IPO price range, at a market capitalisation and post-money EV of ¥120bn and ¥151.6bn respectively.
  • In our previous insight, we compared the company’s implied trailing multiples with peer trailing multiples and concluded that TRYT’s IPO is overvalued at the above price range.
  • In this insight, we have discussed our forecasts for Tryt Inc (9164 JP) and updated our valuation for the company.

JAL Aims for ¥12 Billion from New Online Mall

By Michael Causton

  • Shopping may be a tiny fraction of Japan Airlines (9201 JP) business but every little helps.
  • JAL has long offered a popular mail order catalogue selling premium products but has now converted its catalogues into an online mall. 
  • This means it can offer many more and new types of merchant and product, and create more connection with its customers.

Stadler Rail: Swiss Quality..

By Alexis Dwek

  • We believe that the Company’s European focus provides an advantage over competition, especially over larger international rolling stock manufacturers.
  • Stadler entered 2023 with a backlog at a record-level of CHF22bn and a book-to-bill of 1.5x. 
  • Management is confident that it will generate positive free cash flow and deliver on its FY 2023 guidance.

MillerKnoll, Inc. – 4Q23 Results Top Expectations

By Water Tower Research

  • After the market close on 7/12/2023, Miller Knoll reported Q4 non-GAAP EPS of $0.41 (as adjusted), beating our estimate and consensus estimate, each at $0.39.

  • Additionally, revenues of $956.7MM (above the mid-point of the $930MM to $970MM guidance) beat our $936MM and consensus $942MM estimates. GAAP EPS was $0.00.

  • Guidance always merits significant investor attention. Management guided historically only to the current quarter.

W.W. Grainger Inc.: Breaking Barriers to Deliver Exceptional Customer Value! – Key Drivers

By Baptista Research

  • Grainger managed to exceed analyst expectations in terms of revenue as well as earnings.
  • The company’s supply chain and distribution network experienced a rise in product availability due to improved supplier lead times.
  • We give W.W.

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