In today’s briefing:
- Nippon Express (9147) Secondary Offering – Banks, Sompo, Others Sell – “2024 Problem” Looms
- Copart Inc: Will The Expansion of Noninsurance Business Catalyze Its Future Growth? – Major Drivers
- TRS: Specialty Overshadows Packaging
- Quanta Services: How Long Will The Renewable Growth Story Continue? – Financial Forecasts
Nippon Express (9147) Secondary Offering – Banks, Sompo, Others Sell – “2024 Problem” Looms
- Today post-close, Nippon Express Holdings (9147 JP) announced a secondary offering. Total size is ~¥30bn before considering where it will price; 11-12 days of ADV, 4.6% of shares out.
- Various banks, Toyota-related auto cos, and Sompo Japan will sell. This is a start to the unwind, but it is a very small portion of the total cross-holding position.
- NX also announced an on-market buyback of up to ¥10bn to run from 11April -31July 2024. This, and index demand, mitigate some heaviness. But The 2024 Problem looms large.
Copart Inc: Will The Expansion of Noninsurance Business Catalyze Its Future Growth? – Major Drivers
- Copart, Inc, a leading provider of online vehicle auctions, recently disclosed its second-quarter financial results for the fiscal year 2024.
- The recorded statements offered valuable insights into the company’s operational and financial advancements during the period.
- In the insurance business, the company reported profitable growth despite slight disturbances in the comparison metrics, primarily caused by significant catastrophic events in the previous year, including Hurricane Ian.
TRS: Specialty Overshadows Packaging
- The fourth quarter results from TRS were not up to our expectations after a recovery in packaging was subdued by an unexpected significant decline in the specialty business
- The specialty business has been a source of sales growth for the past nearly three years without any sign of slowing down until Q4.
- TRS reported fourth quarter sales of $209.6 million compared to our forecast of $247.4 million. The biggest delta was from specialty where sales missed our estimate by $26 million
Quanta Services: How Long Will The Renewable Growth Story Continue? – Financial Forecasts
- Quanta Services, Inc., a provider of specialized contracting services, reported fourth-quarter and full-year results for 2023 reflecting double-digit growth in revenues and earnings, pointing to robust demand and solid execution.
- Total year-end backlog was $30.1 billion, indicative of the company’s enduring client relationships and momentum entering 2024.
- Record revenue was achieved 6 out of the last 7 years along with 6 consecutive years of record-adjusted EBITDA and 7 years of continuous record-adjusted earnings per share, aided by Quanta’s operational and financial platform backed by over 50,000 dedicated employees.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
