In today’s briefing:
- APM Human Services (APM AU): Scheme Vote on 18 September
- APM Human Services (APM AU): 18th Sept Vote On Madison Dearborn’s Offer
- CJ Darcl Logistics Pre-IPO – Diversifying and Integrating Operations for a Larger Pie
- J.B. Hunt Transport Services: A Tale Of Intermodal Margin Recovery & Pricing Adjustments! – Major Drivers
- J&T Global Express H124 Results: A Dramatic Turnaround? But Something Doesn’t Make Sense
APM Human Services (APM AU): Scheme Vote on 18 September
- The APM Human Services (APM AU) IE considers Madison Dearborn Partners (MDP)’s A$1.45 offer fair and reasonable as it is within the A$1.40 to A$1.74 valuation range.
- The offer is conditional on FIRB, US HSR and shareholder approval. FIRB approval should be forthcoming as MDP is the second-largest shareholder.
- While the offer remains underwhelming, rollover shareholders and quiet retail boards should ensure the vote passes. At last close and for the 10 October payment, the gross/annualised spread is 1.4%/10.1%.
APM Human Services (APM AU): 18th Sept Vote On Madison Dearborn’s Offer
- Back on the 31st May, employment and disability services play APM Human Services (APM AU) and US PE-outfit Madison Dearborn Partners, entered a Scheme at A$1.45/share, in cash.
- That’s a 74.7% premium to undisturbed. A scrip option was afforded, and Executive Chair, Megan Wynne and CEO, Michael Anghie will take up that option, if the Scheme is implemented.
- The Scheme Booklet is now out, with a Scheme Meeting to be held on the 18th September. Expected implementation on the 10 October. The IE says fair & reasonable.
CJ Darcl Logistics Pre-IPO – Diversifying and Integrating Operations for a Larger Pie
- CJ Darcl Logistics Limited (1506129D IN) is looking to raise around US$100m in its upcoming India IPO.
- CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.
- In this note, we talk about the company’s historical performance.
J.B. Hunt Transport Services: A Tale Of Intermodal Margin Recovery & Pricing Adjustments! – Major Drivers
- J.B. Hunt Transport Services recently reported the second quarter result of 2024, outlining both achievements and challenges faced during the period.
- As the fifth leader in the company’s 62-year history, the new CEO reaffirmed a commitment to long-term growth strategies, focusing on enhancing the foundational pillars of people, technology, and capacity.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
J&T Global Express H124 Results: A Dramatic Turnaround? But Something Doesn’t Make Sense
- J&T Global Express this week reported a strong Y/Y improvement in EBITDA
- The most dramatic improvement came at the company’s China operation
- But the drivers of this improvement appear odd, even contradictory; AVOID
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