In today’s briefing:
- Nitro Software: KKR’s Offer Unconditional. This Is Potentia’s For The Taking
- Mannkind Corp (MNKD US): Stable Revenue Stream; High Hope for MNKD 101 for Rare Lung Disease
- General Mills: I Am Once Again Bullish And Have 2 Areas Investors Should Watch Closely
- IPAR: Fragrance of a Price Target Increase
- Kimberly-Clark: Short-Term Tailwinds Dissipate
Nitro Software: KKR’s Offer Unconditional. This Is Potentia’s For The Taking
- Alludo has declared its Offer of A$2.15 cash per Nitro Software Ltd (NTO AU) share free from all remaining conditions.
- Separately, Potentia’s due diligence is expected to conclude tomorrow, the 22 February, with the expectation it bumps its current offer of A$2.00/share.
- Currently trading at A$2.20 per share suggesting limited upside from here.
Mannkind Corp (MNKD US): Stable Revenue Stream; High Hope for MNKD 101 for Rare Lung Disease
- Mannkind Corp (MNKD US) has multiple revenue stream, with two marketed products. Flagship drug Afrezza, an inhaled insulin recorded 11% YoY revenue growth to $10.8M in Q3.
- Due to high R&D and SG&A expenses, Mannkind records operating loss. However, gross profit margin is improving, with Afrezza gross margin improving to 81% in 3Q22 from 61% in 3Q21.
- Mannkind’s inhaled clofazimine (MNKD 101) is advancing to Phase 2/3 study for potential treatment of nontuberculous mycobacterial (NTM) lung disease. ~86K people in US are living with NTM lung disease.
General Mills: I Am Once Again Bullish And Have 2 Areas Investors Should Watch Closely
- General Mills continued to outperform the market, in spite of the sharp drop in share price in recent months.
- The company now trades closer to fair value, but weakness in the pet food segment was largely unexpected.
- The drop in volumes is unsettling, but the company now trading closer to a fair value.
IPAR: Fragrance of a Price Target Increase
- Since our last update in January 2023, Inter Parfums (IPAR) has released its preliminary fourth quarter sales results and there has been more data affirming consumer demand for fragrances
- The reopening of China was earlier than IPAR’s management’s forecasts, which could have a material boost to sales in 2023.
- The addition of Lacoste to the product portfolio remains the catalyst for 2024 sales growth
Kimberly-Clark: Short-Term Tailwinds Dissipate
- Kimberly-Clark’s stock has enjoyed a brief period of at-par performance with the rest of the equity market.
- Some of the tailwinds that made this rally possible are dissipating and are unlikely to provide a sustainable tailwind for shareholders.
- In recent years, it has been next to impossible to conceive a long investment thesis for Kimberly-Clark (NYSE:KMB).
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