In today’s briefing:
- New Ruipeng Pet Group Pre-IPO Peer Comparison – Largest Domestic Player, but Smallest Margins
- Nitro Software: Potentia Still In The Mix As DD Granted
- ATEN: The Inevitable Push Out
- Fiserv: Market Sentiment Is Catching Up After Recent Earnings
New Ruipeng Pet Group Pre-IPO Peer Comparison – Largest Domestic Player, but Smallest Margins
- New Ruipeng Pet Group (RPET US) is looking to raise at least US$100m in its upcoming US IPO.
- New Ruipeng Pet Group (Ruipeng) is a pet services platform, primarily offering pet care services, supply chain services and local services, covering the entire lifecycle of pets.
- In our previous notes, we have looked at the company’s past performance. In this note, we undertake a peer comparison.
Nitro Software: Potentia Still In The Mix As DD Granted
- Adobe rival Nitro Software Ltd (NTO AU) has granted Potentia Capital due diligence through to the 22 February on the possibility it sweetens its Offer to A$2.20-A$2.30/share.
- Alludo’s hands are tied to its A$2.15/share Offer price, which it has declared ‘best and final’ and will not be increased – even if a superior proposal emerges.
- But Potentia pitching an Offer A$0.01/share above Alludo’s Offer won’t be sufficient for Alludo and other shareholders to tender.
ATEN: The Inevitable Push Out
- ATEN reported better than expected fourth quarter results, but it was the lack of quantitative revenue guidance that garnering all the attention
- We had highlighted increased macro risks in our January update leading to 2023 becoming dependent on the second half of the year.
- The first quarter is seasonally the slowest period of the year for ATEN, which could be the reason for management taking a conservative approach with 2023 guidance.
Fiserv: Market Sentiment Is Catching Up After Recent Earnings
- Fiserv’s latest quarterly results were largely expected, and yet the market seemed to be caught off guard.
- Fiserv remains well-positioned to outperform most of its peers and the broader equity market in 2023, according to the company’s latest results.
- Fiserv (NASDAQ:FISV) is often seen as a slow-growth business with a significant share of legacy services and challenged profitability
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