Daily Brief Financials: DAM Capital, Ventive Hospitality Ltd, Bitcoin, Unum Group, Metlife Inc, Ryan Specialty Holdings and more

• DAM Capital (930970Z IN) is the fastest growing merchant banker in last 3 years between 2022-24. 
• DAM Capital is pure-play merchant banker and institutional equity business, delivering high growth and margins compared to its peers. 
• Since 2019, DAM completed  27 IPOs, 16 QIPs, 6 OFS, 6 Preferential issues, 4 rights issues, 8 buybacks, 4 open offers, and 1 REIT IPO.

• Ventive Hospitality Ltd (0807075D IN) is looking to raise about US$188m in its India IPO. The deal, a fresh issue of shares, is downsized from an earlier size of ~US$240m.
• Ventive Hospitality Limited (VHL) is the largest hospitality asset owner amongst public listed market peers, focused primarily on luxury offerings across business and leisure in India and Maldives.
• We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.

• I have mentioned this before, and I am happy to emphasize it once again: the supply of block space far exceeds demand.
• There is simply not enough activity, use cases, or applications to fill the available block space across all smart contract-capable blockchains.
• This imbalance is why I firmly believe that adoption and network activity are the most critical factors for any blockchain seeking to compete with Ethereum, Solana, or the few other networks that have gained significant traction.

• Unum Group has reported its third-quarter 2024 financial performance, accentuating a strong overall operational landscape with both prospects and challenges.
• On the positive side, adjusted earnings per share (EPS) were reported at $2.13, contributing to over $1 billion in statutory earnings year-to-date.
• This performance aligns with Unum Group’s objective of achieving EPS growth of 10% to 15% for the full year, surpassing initial estimates.

• Bitcoin, Ethereum, and Solana are all incorporating ZK technology in different ways for various purposes.
• Muhammad discusses the development of FHE and its application in creating private ERC20 tokens for enhanced privacy and security.
• Each ecosystem (Bitcoin, Ethereum, Solana) is using ZK technology differently to address specific challenges and enhance functionality for users.

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• MetLife’s third-quarter 2024 results present a complex financial landscape shaped by investments, market conditions, and strategic initiatives across different regions.
• The company reported adjusted earnings of $1.4 billion or $1.95 per share, slightly adjusted to $1.93 per share after accounting for notable items.
• This reflects the challenges and operational realities amid variable investment income pressures and market dynamics.

• Ryan Specialty Holdings reported a solid performance in its third quarter of 2024, with key financial metrics indicating overall positive momentum despite certain market challenges.
• The company achieved a 20.5% increase in total revenue, driven by a combination of 11.8% organic revenue growth and contributions from mergers and acquisitions.
• The quarter’s adjusted EBITDAC rose by 29.4% to $190 million, with margins expanding by 220 basis points to 31.5%.