In today’s briefing:
- Bharat FIH IPO: Rife with Bottlenecks
- RingCentral, Inc.: Initiation of Coverage – Education Oriented Products, The New Webinar Launch, Other Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
- Sirius XM Holdings Inc.: Initiation of Coverage – Business Strategy, Cost Advantage & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
Bharat FIH IPO: Rife with Bottlenecks
- Bharat FIH (BFIH IN) is India’s largest Electronic Manufacturing Services (EMS) provider and the largest mobile phone manufacturing and assembly services provider to Xiaomi Corp (1810 HK).
- It has received Sebi approval for an IPO to raise Rs50,038 million (US$625 million), split equally between a primary and secondary raise. The offer will launch in August.
- The fundamentals are challenged due to its reliance on Xiaomi, market share pressure, glacial revenue diversification, low margin and cash burn. We would pass on the IPO.
RingCentral, Inc.: Initiation of Coverage – Education Oriented Products, The New Webinar Launch, Other Drivers, Financial Forecasts, DCF & Comparables Valuation, Key Risks (07/22)
- This is our first report on UCaaS player, RingCentral.
- The company started off with 2022 reasonably well with solid revenue growth and expansion in both free cash flow and operating margins.
- Currently, it is the only company that offers a fully integrated solution that combines UCaaS and CCaaS on one bill.
Sirius XM Holdings Inc.: Initiation of Coverage – Business Strategy, Cost Advantage & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- This is our first report on broadcasting giant, Sirius XM Holdings.
- The company reported strong first-quarter growth in subscription and advertising revenue, as well as strong cash flow generation.
- We initiate coverage on Sirius XM Holdings with a ‘Hold’ rating.
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