In today’s briefing:
- Renault & Nissan Deal Done: Still a Trading Nothing🍔 So Far, OK Framework but Need Shaq Fingerguns
- Tod’s: Failed Privatization Provides Red Carpet for LVMH Bid
- EM Outperformance to Continue (Vs. EAFE) — Add on a Pullback; DXY Needs to Hold Below $106
- Hugo Boss: Self-Help Growth Story
- BetMakers Technology Group Ltd – Turning Point
- General Motors Company: EV Plant In Canada & Other Developments
Renault & Nissan Deal Done: Still a Trading Nothing🍔 So Far, OK Framework but Need Shaq Fingerguns
- As “disclosed” recently, we have a deal. Nissan Motor (7201 JP) will invest “up to 15%” in Ampere. Mitsubishi Motors (7211 JP) may join. They have many potential joint projects.
- The key is the Governance Framework, which replaces RAMA. Renault SA (RNO FP) puts 28.4% of Nissan in an open-ended Trust. Renault and Nissan have 15% reciprocal voting rights.
- The webcast is more optimistic than I am. Luca de Meo made special mention of the joint projects. This sounds good. It sounds like what has always been promised.
Tod’s: Failed Privatization Provides Red Carpet for LVMH Bid
- Tod’s founder Diego Della Valle is undoubtedly frustrated his bid to privatize Tod’s at 40 EUR failed in 4Q22
- It was the ideal time to privatize in order to maximize value for his family before selling to LVMH, the most logical buyer since 2017
- Our conviction that Tod’s ends up in the LVMH stable of brands is stronger than ever, an exit offer of 60 EUR per share would be a reasonable assumption
EM Outperformance to Continue (Vs. EAFE) — Add on a Pullback; DXY Needs to Hold Below $106
- The MSCI EM vs.EAFE ratio (local currency) shows EM has outperformed relative to EAFE since the DXY peaked in November 2022, and also shows signs of reversing the 2-year downtrend.
- As long as the DXY remains below $103.50-$106, we expect outperformance from EM to continue.
- China/Hong Kong, Greece, South Africa, and Mexico stand out as attractive countries. Our top actionable Sectors include Communications, Consumer Discretionary, and Technology. We highlight 76 attractive EM stocks.
Hugo Boss: Self-Help Growth Story
- Under the new leadership led by CEO Daniel Grieder, Hugo Boss’s new refreshed brand has been gaining market share over the last few quarters
- Growth has been driven by strong marketing campaigns aimed at younger consumers and an improved execution.
- Hugo Boss is a self-help growth story with further margin expansion potential. Valuation remains appealing at these levels and should re-rate in line with the sector. Upside 15%
BetMakers Technology Group Ltd – Turning Point
- BetMakers Technology Group (ASX:BET) is a B2B software services business providing racing, wagering and integrity data, software and hardware products to bookmakers, racing authorities and rights holders globally.
- BET announced a significant restructure of its senior management team and board with the appointment of the company’s largest shareholder and gaming tech investor Matt Davey to the position of President and Executive Chairman; the transition of Chairman Nick Chan to Non-Executive Director; the promotion of COO Jake Henson to the position of Chief Executive Officer and the appointment of CEO Todd Buckingham to Chief Growth Officer.
- Mr Buckingham also steps down from the board and has surrendered 10m of his performance rights.
General Motors Company: EV Plant In Canada & Other Developments
- General Motors managed to deliver an all-around beat in the recent result with an increase in the market share and record ATPs.
- In the commercial fleet business, the company gained a profitable, considerable market share.
- We provide the stock of General Motors with a ‘Hold’ rating and a revision in the target price.
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