In today’s briefing:
- Coal India Follow-On – Recent Momentum Is Strong but past Deals Haven’t Done Much
- Amman Mineral Internasional IPO: The Investment Case
- Martin Marietta Materials Inc.: Major Drivers
- Mettler-Toledo International Inc.: Launch Of Automated Label Inspection Solution & Other Developments
- Quanta Services Inc.: Is The RP Construction Services Acquisition A Big Boost To Its Infra Solutions Platform? – Key Drivers
- Alnylam Pharmaceuticals: Commercialization of RNAi Therapeutics & Other Developments
- Vulcan Materials Company: Does It Have A Significant Competitive Advantage? – Key Drivers
- BorgWarner Inc.: Partnerships In The EV Sector Giving It An Edge? – Key Drivers
Coal India Follow-On – Recent Momentum Is Strong but past Deals Haven’t Done Much
- The Government of India is looking to raise up to US$540m via selling around 3% of Coal India.
- This will be the third divestment by the Government since 2015 and the past two deals didn’t end up doing much.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Amman Mineral Internasional IPO: The Investment Case
- Amman Mineral Internasional (1416286D IJ), an Indonesian copper-gold producer, has launched an IDX IPO to raise US$860 million. Bookbuilding runs from 31 May to 16 June.
- Amman’s Batu Hijau mine when combined with the Elang project has the fifth largest copper equivalent reserves in the world, according to Wood Mackenzie.
- The key elements of the investment case rest on world-class reserves, credible development plans, solid top-line growth, high profitability, leading cost competitiveness and cash generation.
Martin Marietta Materials Inc.: Major Drivers
- Martin Marietta had a solid start to the year and managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
- Financially, Martin Marietta reported increased revenues, gross profit, earnings per share, and adjusted EBITDA.
- Solid aggregate demand was observed across their footprint, with attractive pricing fundamentals.
Mettler-Toledo International Inc.: Launch Of Automated Label Inspection Solution & Other Developments
- It was a successful first quarter for Mettler-Toledo International, with solid sales and profit growth and an all-around beat.
- Sales growth was broad-based across various markets, driven by effective market identification and attractive growth opportunities.
- Strong execution on margin initiatives and cost control resulted in solid earnings growth despite significant currency headwinds.
Quanta Services Inc.: Is The RP Construction Services Acquisition A Big Boost To Its Infra Solutions Platform? – Key Drivers
- Quanta Services had a successful first quarter with double-digit revenue growth and strong performance across segments.
- Their management team sees opportunities for further backlog growth driven by base business and energy transition projects.
- In the quarter, Quanta Services also completed the acquisition of RP Construction Services.
Alnylam Pharmaceuticals: Commercialization of RNAi Therapeutics & Other Developments
- The last quarter was successful for Alnylam Pharmaceuticals, with solid growth in total product sales, mainly driven by the ongoing launch of AMVUTTRA, which delivered a 48% increase compared to the same quarter last year.
- Their TTR franchise showed strong performance with solid net product revenues and patient growth, driven by the ongoing launch of AMVUTTRA.
- We give Alnylam Pharmaceuticals a ‘Buy’ rating with a revised target price.
Vulcan Materials Company: Does It Have A Significant Competitive Advantage? – Key Drivers
- It was a successful Q1 for Vulcan Materials as they delivered an all-around beat and projected attractive growth for 2023.
- Despite lower volumes in significant product lines, gross profit improved by 12%, and gross margin expanded by 90 basis points.
- We give Vulcan Materials Company a ‘Hold’ rating with a revised target price.
BorgWarner Inc.: Partnerships In The EV Sector Giving It An Edge? – Key Drivers
- It was a mixed first quarter for BorgWarner as the company reported double-digit organic growth and surpassed the revenue expectations of Wall Street but missed out meeting earnings expectations.
- The company’s free cash flow was impacted by planned capital spending to support the growth of its eProducts division, as well as working capital usage and annual incentive compensation payout.
- However, BorgWarner made significant progress during the quarter, securing multiple new eProducts awards and announcing capacity investments in this segment.
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