In today’s briefing:
- Zomato Lock-Up – A US$650m+ Worth Acquisition Linked Lockup Release
- Fancl: Not Out of the Woods Yet
- InvoCare (IVC AU): SID Signed with TPG at A$12.7/Share
- Disney’s Q3 2023 Earnings: A Pivotal Quarter To Appease Investors And Analysts
- Gender Wage Gap Has Structural Problems and a Less than Positive Attitude of Companies
Zomato Lock-Up – A US$650m+ Worth Acquisition Linked Lockup Release
- In Aug 2022, Zomato completed the acquisition of Blinkit’s outstanding shares via issuing its own shares. These issued shares will come up for lockup release on 10th Aug 2023.
- Zomato is one of two leading food delivery app operators in India. Its acquisition of Blinkit marked its foray into the instant grocery segment.
- In this note, we will talk about the lock-up dynamics and recent updates.
Fancl: Not Out of the Woods Yet
- Fancl released 1QFY24 results last week. While revenue was broadly in line with consensus at ¥27.2bn (consensus ¥26.9bn), OP beat consensus by around 27% to generate an OP of ¥3.2bn.
- While there were certain performance improvements in the flagship brands “FANCL” and “ATTENIR” during FQ1, there are no definitive signs that they are completely out of trouble.
- Meanwhile, it looks like competition has affected Fancl Corp (4921 JP)’s plan to cut advertising costs. Thus, FY24 OP guidance could be under pressure.
InvoCare (IVC AU): SID Signed with TPG at A$12.7/Share
- Invocare has entered into a scheme implementation deed with TPG at A$12.7/share. This is higher than the initial offer of A$12.65/share but lower than the revised offer of A$13/share.
- There is an extra A$0.26/share in franking credits for Invocare Ltd (IVC AU) shareholders that can use them.
- Passives will need to sell nearly 11m shares of Invocare Ltd (IVC AU) on the last trading day and there will be an adhoc inclusion to the S&P/ASX 200 Index.
Disney’s Q3 2023 Earnings: A Pivotal Quarter To Appease Investors And Analysts
- The main focus will remain on Direct-to-Consumer profitability, but areas such as the recently announced restructuring plan and pricing power in parks & experiences also deserve attention.
- The main focus is on the company’s Direct- to- consumer profitability.
- It has been three months since my latest update on The Walt Disney Company (NYSE:DIS) when I highlighted a number of reasons why the company is finally in a good position to deliver on its bottom line figures.
Gender Wage Gap Has Structural Problems and a Less than Positive Attitude of Companies
- To narrow the gender wage gap for all workers, reducing non-regular female workers, who make up the majority, is a possible solution, but changing this structure will not be easy.
- Many companies recognize that the low ratio of female managers (about 10% among listed companies) is behind the gender wage gap among regular workers.
- However, many companies aren’t taking immediate actions because they believe that % of female managers will increase as the age of newly hired female full-time hires in recent years increases.
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