In today’s briefing:
- Timee IPO: Strong Business Model with Improving Financials
- Doosan Enerbility: A Key Beneficiary of Potential Nuclear Power Projects Win in the Czech Republic
- General Electric Company: Is The Healthy Demand In Renewables Here To Stay? – Major Drivers
- J.B. Hunt Transport Services: Expanded Intermodal Services Driving Our Bullish Thesis! – Major Drivers
- GOL – Short-Term Challenges to Navigate Before Delivering on Complicated Long-Term Pitch
- UGRO; 2H Signposts: Leaving the CEA Wilderness?; Reiterate Buy, $8 PT
- FuelCell Energy Inc.: Can It Capitalize On The Emerging Market Opportunities in Small to Mid-Scale Carbon Capture? – Major Drivers
- Creek & River (4763 JP): Q1 FY02/25 flash update
Timee IPO: Strong Business Model with Improving Financials
- Timee Inc (215A JP) operates an on-demand job platform in Japan and the company has filed for an IPO where existing shareholders will offer shares worth of $290m.
- The company’s top line saw accelerated growth during last 4-5 years driven by increase in no. of clients/workers while Timee also has turned around its profitability during the last 2-years.
- In this insight, we have discussed the company’s business model and financials in detail and we will discuss our forecasts and valuation in a follow-up insight.
Doosan Enerbility: A Key Beneficiary of Potential Nuclear Power Projects Win in the Czech Republic
- The Czech Republic government is in the final stages of selecting companies to build four nuclear power plants which could cost nearly US$30 billion.
- A Korean consortium including KHNP, Doosan Enerbility, KEPCO E&C, and Daewoo E&C is competing mainly against EDF, a French government owned electric utility company.
- If the KHNP consortium is able to win this new order, Doosan Enerbility will be a key beneficiary as it will supply the nuclear reactors and steam generators.
General Electric Company: Is The Healthy Demand In Renewables Here To Stay? – Major Drivers
- General Electric Company, known as GE, recently marked a significant milestone by completing the spin-off of GE Vernova and launching GE Aerospace, positioning the company as a focused leader in the aerospace and defense industry.
- This transition follows the successful spin-off of GE Healthcare last year, achieving a strategic restructuring aimed at strengthening the company’s core operations and financial health.
- 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.B. Hunt Transport Services: Expanded Intermodal Services Driving Our Bullish Thesis! – Major Drivers
- J.B. Hunt Transport Services, Inc. presented its First Quarter 2024 results delineating challenges primarily driven by continued market pressures, alongside optimistic notes on strategic positioning and long-term growth.
- The results highlighted a decline in revenues and profits, accentuated by inflationary pressures intermingling with deflationary pricing dynamics, reflecting the intricate operational environment the company navigates.
- 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.
GOL – Short-Term Challenges to Navigate Before Delivering on Complicated Long-Term Pitch
- We cut our 2024 EBITDAR by 19% following a disappointing May revenue performance at GOL.
- We also emphasise that plans to double 2023 EBITDAR by 2029 are highly ambitious in the context of Brazilian competitors LATAM and Azul margin progress since 2019.
- GOL, undergoing Chapter 11, is the subject of much consolidation focus with an Azul codeshare and parent Abra discussing combining GOL with Azul. Leverage plans render effective consolidation more difficult.
UGRO; 2H Signposts: Leaving the CEA Wilderness?; Reiterate Buy, $8 PT
- We are reiterating our Buy recommendation, $8 price target and projections as we look at key trends for 2H2024 and beyond for urban-gro.
- Given the increase in Controlled Environment Agriculture (“CEA”) contract momentum, the pending reclassification from a Schedule I to a Schedule III drug for marijuana, the potential for Florida to legalize recreational cannabis on Election Day, and what we believe has been continued demand for commercial services, we believe the potential for top and bottom line upside for the company has continued to increase.
- That said, we have, given urban-gro’s prior history and the current valuation, remained conservative in our projections.
FuelCell Energy Inc.: Can It Capitalize On The Emerging Market Opportunities in Small to Mid-Scale Carbon Capture? – Major Drivers
- FuelCell Energy, a global leader in delivering fuel cell power solutions, reported its financial results for the second quarter of fiscal year 2024.
- The company is recognized for its innovative technologies that contribute to a sustainable environment, such as carbon-neutral power generation and hydrogen production.
- However, the recent earnings exhibits both robust achievements and certain challenges that are integral for stakeholders to consider.
Creek & River (4763 JP): Q1 FY02/25 flash update
- Sales increased by JPY108mn (+0.8% YoY), driven by growth in Creative (Japan), Accounting and Legal, and Other sectors.
- Operating profit decreased by JPY318mn (-20.2% YoY), mainly due to reduced profits in Creative (Japan) and Medical Staffing.
- Sales and operating profit decreased YoY due to reduced COVID-19 vaccination projects and structural reforms in Medical Principle.
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