In today’s briefing:
- Softbank – Why We Think Arm Is Worth Less Than $10bn
- Wiwynn Corp Placement – Selldown’s Timing Is Curious but Previous Deal Had Performed Well
Softbank – Why We Think Arm Is Worth Less Than $10bn
- Softbank is apparently trying to garner a $50bn valuation for Arm at its IPO and secure $8bn in margin loans on the back of that.
- We think that is a stretch though it is certainly not impossible that it would succeed.
- However, in terms of real value we suspect Arm could be worth less than $10bn and articulate why below.
Wiwynn Corp Placement – Selldown’s Timing Is Curious but Previous Deal Had Performed Well
- Wistron Corp (3231 TT) aims to raise around US$204m (NT$5.8bn) via selling 3.3% of its stake in subsidiary, Wiwynn Corp (6669 TT) . This would not be a clean-up.
- The timing is curious given Wiwynn having just announced its plans to offer up to 17m new shares in a primary follow-on offer.
- In this note, we will talk about the firm’s track record and run the deal through our ECM framework.
Before it’s here, it’s on Smartkarma
