In today’s briefing:
- Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear
- The Commodity Report #83
- Royal Caribbean Cruises Ltd.: Initiation of Coverage – Business Recovery & Key Developments
- McKesson Corporation: Initiation of Coverage – Business Strategy & Recent Developments
- The Mosaic Company: Detailed Credit Analysis & Financial Strength Evaluation Report
- The 10 Defining Market Events of 2022
- Royal Caribbean Cruises Ltd.: Detailed Credit Analysis & Financial Strength Evaluation Report
- What Will Crypto SPACs Look Like in 2023?
- McKesson Corporation: Initiation of Coverage – Business Strategy & Recent Developments
- The Mosaic Company: Initiation of Coverage – Business Strategy & Other Drivers
Freshworks: Insiders Keep Buying Shares. Path To Sustainable FCF Positive Business Looks Clear
- Freshworks (FRSH US) shares underperformed in 2022, with shares down ~47% YTD versus a 33% loss on the Nasdaq Composite. US software stocks lost ~51% on average over the year.
- Insiders keep buying shares. VC firm Accel, a 5%+ shareholder, acquired ~$50 million worth of Freshworks (FRSH US) shares in 2H22. Strong insider buying indicates the stock could hit bottom.
- We estimate Freshworks (FRSH US) crossed the $500M ARR mark in 3QCY22. The company may report strong 4QCY22 results and surprise investors and analysts.
The Commodity Report #83
- The Conference Board Leading Economic Index (LEI) for the US decreased by 1% in November 2022 to 113.5, following a decline of 0,9% in October.
- Only stock prices contributed positively to the US LEI in November.
- The labor market, manufacturing, and housing indicators all weakened—reflecting serious headwinds to economic growth.
Royal Caribbean Cruises Ltd.: Initiation of Coverage – Business Recovery & Key Developments
- This is our first report on Royal Caribbean Cruises, a well-known player operating three cruise vacation brands, including Royal Caribbean International, Celebrity Cruises and Silversea Cruises.
- Royal Caribbean Cruises has seen strong demand, fighting off inflation, and continues to focus on its value proposition of providing the best-quality vacations in the world.
- We initiate coverage on the stock of Royal Caribbean Cruises with a ‘Hold’ rating.
McKesson Corporation: Initiation of Coverage – Business Strategy & Recent Developments
- McKesson is one of the leading U.S. healthcare distributors and operates in an oligopolistic market along with rivals, Cardinal Health and AmerisourceBergen.
- The company has continued its efforts towards improving its competitive edge in cancer and biopharma services through internal investment and acquisition.
- The Medical-Surgical business has achieved market-leading positions in the primary and extended care markets through years of deliberate investment and expansion.
The Mosaic Company: Detailed Credit Analysis & Financial Strength Evaluation Report
- The Mosaic Company is one of the major producers and marketers of concentrated phosphate and potash crop nutrients.
- The company’s business has been impacted by the ongoing inflation and supply chain issues and has been reducing its production off-late.
- Besides, the weather in the U.S. prevented spring planting, and the short planting window limited nutrient treatments.
The 10 Defining Market Events of 2022
- The crypto safe-haven narrative gained traction in the beginning of the year after the start of the Russia-Ukraine war.
- Both ruble and hryvnia trade volumes surged immediately after Russia’s invasion, boosted by record local currency devaluation and market disruptions.
- Interestingly, the increase was mainly driven by stablecoin volumes rather than BTC, with weekly Tether (USDT) volumes jumping more than five-fold in early March relative to the start of the year.
Royal Caribbean Cruises Ltd.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Royal Caribbean Cruises is a renowned cruise player operating three cruise vacation brands, namely Royal Caribbean International, Celebrity Cruises and Silversea Cruises.
- The company has seen a strong recovery post the pandemic and its recent results have been strong.
- The good news is that Royal Caribbean Cruises has seen strong demand, fighting off inflation, and continues to focus on its value proposition of providing the best-quality vacations in the world.
What Will Crypto SPACs Look Like in 2023?
- If 2021 was the year when crypto SPACs became mainstream, 2022 was the year of what could have been.
- This week, Peter Theil-backed crypto exchange Bullish finally called it quits on its $9 billion merger with Far Peak Acquisition Corp, nearly seventeen months after announcing the transaction in July 2021.
- Bullish isn’t the only though; several large Crypto SPAC transactions, like Circle, Roxe, and eToro, have all been called off their mega-mergers this year due to regulatory hell.
McKesson Corporation: Initiation of Coverage – Business Strategy & Recent Developments
- This is our first report on leading U.S. healthcare distributor, McKesson.
- The company delivered a mixed quarterly result with revenues of $70.2 billion falling short of the Wall Street consensus.
- McKesson is also extending its services to additional channels like the government, consumer, and direct-to-home sectors in response to the requirements of the patients.
The Mosaic Company: Initiation of Coverage – Business Strategy & Other Drivers
- This is our first report on the Mosaic Company, one of the largest producers and marketers of concentrated phosphate and potash crop nutrients.
- The company delivered a disappointing set of results in the last quarter failing to meet Wall Street expectations in terms of revenues as well as earnings.
- The good news is that it did generate a sizable amount of cash flow, which enables the company to return a large amount of capital to shareholders while simultaneously continuing to invest in future growth.
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