In today’s briefing:
- Amer Sports (AS US) IPO: Valuation Insights
- Amer Sports IPO Valuation Analysis
- Guming Holdings (Goodme) Pre-IPO – The Positives – Benefited from Scaling Its Store Network
Amer Sports (AS US) IPO: Valuation Insights
- Amer Sports (AS US) is a global iconic sports and outdoor brand group. Amer has launched an NYSE IPO to raise US$1.6-1.8 billion at a US$16.00 to US$18.00 price range.
- We previously discussed the IPO in Amer Sports IPO: The Bull Case, Amer Sports IPO: The Bear Case and Amer Sports IPO: Valuation First-Look.
- We revise our forecasts to reflect the FY23 preliminary estimates and long-term growth targets. Our valuation analysis suggests that Amer is fairly valued at the IPO price range.
Amer Sports IPO Valuation Analysis
- Amer Sports announced it plans to raise up to $1.8 billion at $16 to $18 per share, targeting a valuation of up to $8.7 billion.
- We estimate the company to generate revenue of $5.6 billion (up 23.5% YoY) and operating profit of $285.7 million (down 13.7% YoY) in 2024.
- We would pass on this IPO due to lack of valuation merits, highly leveraged balance sheet, and inconsistent profit margins, despite its solid sales growth in the past several years.
Guming Holdings (Goodme) Pre-IPO – The Positives – Benefited from Scaling Its Store Network
- Guming Holdings (GUM HK) (Guming) is looking to raise US$300m in its upcoming Hong Kong IPO.
- Guming Holdings (Guming) is a maker of freshly-made beverages in China.
- In this note, we will talk about the positive aspects of the deal.
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