In today’s briefing:
- LVMH: +10% Since Initial Note. Shares Rallied to a Fresh Record After Q1 2023 Results
- GTX: Forced Conversion Deal Accretive
LVMH: +10% Since Initial Note. Shares Rallied to a Fresh Record After Q1 2023 Results
- Q1 better-than-expected sales led by Fashion & Leather Goods; positive surprise in the Selective Retailing division
- Beat on the back of China’s economic recovery and the resilience of the rest of the world, particularly Europe
- EPS estimates lifted by 4% and 5%. Momentum is strong.
GTX: Forced Conversion Deal Accretive
- GTX has entered into an agreement with its two largest shareholders to force the conversion of its Series A Preferred stock into common stock
- The agreement with Centerbridge Partners and Oaktree Capital Management calls for GTX to repurchase shares $570 million of Series A Preferred stock and pay dividends owed
- GTX had already claimed it would have reached the adjusted EBITDA requirement for the forced conversion. The transaction is accretive to GTX’s earnings.
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