In today’s briefing:
- Rakuten Bank IPO: Valuation Insights
- ResMed Inc.: Initiation of Coverage – Recent Acquisitions & Other Key Drivers
- Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments
Rakuten Bank IPO: Valuation Insights
- Rakuten Bank (5838 JP) is an online bank in Japan. It is looking to raise up to $878m. Pricing is on 5 April and the listing is on 21 April.
- We previously discussed the IPO in Rakuten Bank IPO: The Investment Case and Rakuten Bank Vs SBI Sumishin Net Bank.
- In this note, we discuss valuation. Our analysis suggests that Rakuten Bank is fairly valued at the IPO price range of JPY1,630-1,960 per share. We would participate in the IPO.
ResMed Inc.: Initiation of Coverage – Recent Acquisitions & Other Key Drivers
- This is our first report on ResMed, a leading medical equipment company that specializes in the treatment of sleep apnea and other respiratory disorders.
- The company delivered financial results in the last quarter with revenues below par but managed an earnings beat.
- In this report, we have carried out a fundamental analysis of the historical financial statements of the company.
Quanta Services Inc.: Initiation of Coverage – Business Strategy & Recent Developments
- This is our first report on Quanta Services, a major provider of infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries.
- Its revenues for Electric Power Infrastructure Solutions reached significant levels, maintained margins, and grew market share.
- In addition, their subsurface utility and infrastructure solutions division continually delivered a strong performance.
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