In today’s briefing:
- 2023 IPOs Pipeline Worldwide (Top 100 Companies)
- Terra Collapse Returns to the Spotlight
- Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers
- IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers
- Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers
- IDEX Corporation: Initiation of Coverage – & Other Drivers
- Getaround This SPAC Deal
- Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey
2023 IPOs Pipeline Worldwide (Top 100 Companies)
- This is our fourth annual edition of the IPOs Pipeline Worldwide (Top 100 Companies) report.
- Among 100 companies in our list, those from the US, India, China/HK, and the UK account for 79% of total.
- For those investors that closely monitor the global IPO opportunities, this is a good reference insight to check out the largest potential IPOs that could get completed next year.
Terra Collapse Returns to the Spotlight
- Price Movements: BTC’s correlation with BNB has dropped significantly since FTX’s collapse, a sign that Binance’s token is diverging from wider markets.
- Market Liquidity: Curve, the DEX optimized for stablecoin swaps, is still mostly used by whale traders.
- Derivatives: Tron futures skew bearish after the network’s native stablecoin, USDD, depegged to $.97.
Humana Inc.: Initiation of Coverage – Expansion Of CenterWell & Other Drivers
- This is our first report on Humana, a leading player in the medical insurance space in the U.S.
- The company’s third quarter results were reasonably strong as it met Wall Street’s revenue expectations while managing an earnings beat.
- In addition to improving plan offers for their larger membership, the management strengthened their consumer segment strategy.
IDEX Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- IDEX Corporation is an industrial giant and is often in the news for its acquisition-led growth moves.
- The company’s recent financial performance has been strong with double-digit growth in organic sales across its three segments: Fluid & Metering Technologies, Health & Science Technologies, and Fire & Safety/Diversified Products.
- IDEX’s overall backlog positions remain strong though its operating margin has negatively impacted by incremental depreciation from recent acquisitions.
AutoZone Inc.: Initiation of Coverage – Business Model & Key Drivers
- This is our first report on AutoZone, one of the largest distributors of automotive replacement parts and accessories in the U.S.
- The company had a strong fourth quarter, and managed an all-around beat.
- However, its domestic, commercial sales made up 30% of its domestic auto parts sales.
Newmont Corporation: Initiation of Coverage – Macro For Gold Mining & Other Drivers
- This is our first report on global gold mining giant, Newmont Corporation.
- In Q3, they produced 1.5 million ounces of gold and nearly 300,000 gold equivalent ounces from copper, silver, lead, and zinc.
- We initiate coverage on the stock of Newmont Corporation with a ‘Hold’ rating.
IDEX Corporation: Initiation of Coverage – & Other Drivers
- This is our first report on industrials major, IDEX Corporation.
- The company is regularly in the news for its frequent acquisitions and generated good results in the third quarter, surpassing Wall Street expectations on all fronts.
- We initiate coverage on the stock of IDEX Corporation with a ‘Hold’ rating.
Getaround This SPAC Deal
- This week, digital car-sharing platform Getaround made the headlines as the latest De-SPAC casualty to crash and burn on its stock market debut.
- After initially announcing plans to go public through a merger with interPrivate II Acquisition Corp in a deal valuing the combined company at $1.2 billion in May 2022, the company saw a decline of 65% on its debut.
- Essentially, at its current valuation, the market thinks that Getaround is worth a little more than the cash generated from its SPAC deal and less than half of the total cash it has raised to date.
Newmont Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Newmont Corporation is among the global leaders in the exploration and production of gold.
- They are also stepping up development operations in Subika Underground and achieved record production drill meters while advancing the mine’s third production level’s development.
- The arrival of a second underground production drill might help deliver the fourth quarter’s anticipated development and the ensuing ore tonnes in 2023.
Sporting Crypto – Dec 12th: Starbucks Launch Web3 Loyalty Program; Odyssey
- Starbucks have launched a Web3 loyalty program called Odyssey.
- Members can engage in ‘journeys’, a series of activities, such as playing interactive games or taking on fun challenges to deepen their knowledge of coffee and Starbucks.
- They will be rewarded with a digital collectable ‘journey stamp’ — and yep, you guessed it — they’re NFTs.
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