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☆ Coca-Cola bottler bulks up challenged empire
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +2 min

MILAN, Aug 2 (Reuters Breakingviews) - The world’s largest maker of Coca-Cola bottles is growing bigger. Pouncing on Coca-Cola Beverages Philippines, which Coca-Cola (KO.N) itself is selling, is a no-brainer. The $267 billion U.S. drink maker run by James Quincey is offloading its bottling manufacturing around the world to concentrate on its ubiquitous products. At just over 1 times 2022 sales, the price tag looks cheap compared to CCEP’s own nearly 2 times multiple. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: James Quincey, CCEP, Damian Gammell, Lisa Jucca, Aston Martin, Neil Unmack, Oliver Taslic Organizations: MILAN, Reuters, Cola Europacific Partners, Aboitiz Equity Ventures, Cola Beverages Philippines, Twitter, Thomson Locations: Philippines, Japan, India

☆ EQT’s India IVF buyout hits on fertile themes
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, Aug 1 (Reuters Breakingviews) - Private equity giant EQT (EQTAB.ST) is buying a majority stake in the country’s largest fertility clinic chain Indira IVF via its Asian unit BPEA EQT, valuing the firm at $1.1 billion. Indira IVF serves some of the 15% of Indian couples experiencing infertility, a problem on the rise in the world’s most populous country as people marry later and air pollution stifles the ability to conceive naturally. EQT’s deal also is another bet on the changing demands of the South Asian nation’s middle class. Thanks to the gradual maturing of the private equity business, both purchases come with the added benefit of the buyer taking control. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Indira, EQT’s, Shritama Bose, Steve Cohen, ’, Una Galani, Aditya Munjuluru Organizations: Reuters, Blackstone, HDFC, Twitter, Sequoia, Walmart, Thomson Locations: MUMBAI, Temasek

☆ Japan market rally fails to mask Nomura’s woes
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

It also powered a near-fivefold increase in pre-tax earnings at the bank’s retail unit from the same period last year. Nomura’s own stock has also benefitted, though its 20% rise this year to a two-year high lags the broader market. And the rally did nothing to fix the abysmal underperformance at its mainstay wholesale division. Revenue at the unit that comprises the volatile investment banking and trading businesses fell 4% to 191 billion yen ($1.3 billion). They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Nomura, Morgan Stanley, Kentaro Okuda, Steve Cohen, Antony Currie, Oliver Taslic Organizations: Reuters, Revenue, Global, Twitter, Sequoia, Thomson Locations: SINGAPORE, India

☆ BP appeal requires more than short-term sweeteners
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 1 (Reuters Breakingviews) - Bernard Looney is throwing cash at BP’s (BP.L) shortcomings. In the three months to the end of June the $109 billion European oil major missed expectations by a wide margin, with net income falling 70% to $2.6 billion year-on-year. Wael Sawan, his counterpart at rival Shell (SHEL.L) who only took the helm this year, has refocused his company on “molecules” – from oil and gas to low-carbon hydrogen and biofuels. But Shell has done better, and Bernstein analysts recently estimated BP was trading at a yawning 87% discount to the sum of its parts. The risk for Looney is that if investors want to own one European oil major, it won’t be his.

Persons: Bernard Looney, Looney, Wael Sawan, Shell, Bernstein, won’t, Yawen Chen, Steve Cohen, ’, George Hay, Pranav Kiran Organizations: Reuters, Shell, outperforming, Exxon Mobil, Chevron, BP, Twitter, Sequoia, Thomson Locations: outperforming U.S, India

☆ Uber drives further up the road to redemption
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

Uber branding is seen on private hire vehicle parking rank at Chopin Airport in Warsaw, Poland, March 22, 2023. NEW YORK, Aug 1 (Reuters Breakingviews) - Uber Technologies (UBER.N) Chief Executive Dara Khosrowshahi is shifting the ride-hailing company into a higher gear, but investors are lagging behind. Uber shares fell almost 6% on Tuesday morning, taking some of the shine off a stock that has almost doubled since the beginning of the year. Khosrowshahi remains some way from his destination on the road to redemption. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dara Khosrowshahi, Lyft, Tony Xu, Jennifer Saba, Aston Martin, Steve Cohen, Peter Thal Larsen, Sharon Lam Organizations: Chopin, NEW, Reuters, Technologies, Twitter, Thomson Locations: Warsaw, Poland, DoorDash, Khosrowshahi, Japan, India

☆ Aston Martin flips from cash-guzzler to carmaker
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, Aug 1 (Reuters Breakingviews) - Aston Martin Lagonda (AML.L) is making a painful transition from cash-guzzler to viable carmaker. A 216 million pound cash call on Monday brings its total capital raised since 2018 to just under 1.8 billion pounds. By this year, Aston Martin will have grown revenue by 13% per annum since 2019, according to Refinitiv data, thanks to new models like the DB12 and higher prices. Aston’s current enterprise value is just under 2 times forecast 2024 sales, a discount to Porsche, and far below Ferrari’s (RACE.MI) more than 8 times multiple. Yet Aston still needs to show it can make an electric vehicle, with the first due in 2025.

Persons: Aston Martin Lagonda, James Bond, Lawrence Stroll’s, Aston Martin, Aston, Neil Unmack, Steve Cohen, Liam Proud, Oliver Taslic Organizations: Reuters, Public Investment Fund, Porsche AG, Porsche, Twitter, Sequoia, Thomson Locations: Japan, India

☆ Europe’s listless IPOs are red flag for big floats
▼ + stars: | 2023-07-31 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

And so far, the performance of the floats that have got away has been relatively poor. It’s a major red flag for larger IPO candidates, like CVC Capital Partners or EQT’s (EQTAB.ST) Galderma. Only 65 companies decided to brave choppy stock markets in Europe, raising $6.6 billion in overall proceeds, according to Dealogic data. Italian betting group Lottomatica (LTMC.MI) and German web-hosting company IONOS (IOSn.DE) priced at the bottom of their initial ranges. Dealogic data shows that IPOs in the region raised a total of $6.6 billion between the start of 2023 and July 20.

Persons: Breakingviews, Thyssenkrupp, Nucera, Hidroelectrica, Liam Proud, Oliver Taslic Organizations: Reuters, Capital Partners, underwriters, Bankers, Swiss, Reuters Graphics Reuters, Thomson Locations: Europe, Romanian, Saudi, Swedish

☆ Energy sector's COVID recovery turns into massive CEO payday
▼ + stars: | 2023-06-05 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +8 min

Occidental said its CEO pay ratio follows the rules laid out by the U.S. Securities and Exchange Commission (SEC). IT'S RELATIVE WHEN IT COMES TO RETURNSTo be sure, the value of stock-based pay shrinks when markets sour. But most energy CEOs also have a measure of built-in protection from steep declines. That’s because about 90% of energy companies measure stock performance against others in the same industry who tend to suffer at similar times. Many energy companies are under pressure from investors to reform CEO pay, according to disclosures in their annual proxy statements.

Persons: Aeisha, Virginia Parks, Christina Noel, Darren Woods, Exxon, Michael Hennigan, ”, Rosanna Landis Weaver, Toby Rice, EQT, Phillips, ” Phillips, ” Mastagni, Richard Valdmanis, Anna Driver Organizations: Energy, California State Teachers, Marathon Petroleum, University of California Irvine, Occidental Petroleum Corp, Occidental, U.S . Securities, Exchange Commission, SEC, American Petroleum Institute, ExxonMobil, Services, Microsoft, Exxon, New York, EQT Corp, Reuters, Thomson Locations: U.S, California, Virginia, CalSTRS

☆ EQT tries tricky private-market fundraising puzzle
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 20 (Reuters Breakingviews) - When one pot of cash seems to be running low, it’s rational to seek another. That’s why EQT’s (EQTAB.ST) boss Christian Sinding is right to try raising money from rich individuals, rather than just institutions. The $24 billion Swedish private equity and real estate investor said alongside first-quarter results on Thursday that it was preparing fund structures for private wealth investors. This usually refers to people who are well-heeled but not deep-pocketed enough to have a dedicated private wealth management firm, a family office, looking after their money. EQT itself spooked shareholders in January, when it said that the fundraising for its new 20 billion euro EQT X vehicle was not happening as fast as analysts had predicted.

☆ EQT's pet-drug foray could yield tame returns
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 14 (Reuters Breakingviews) - EQT (EQTAB.ST) is turning to furry friends to defy the buyout market’s record slowdown. Still, it looks a stretch to secure the sort of 20% returns buyout shops usually seek. EQT’s offer values Dechra at 27 times its EBITDA for the last 12 months. Bullishly assume the group can grow revenue at 10% annually, improve the current 28% EBITDA margin to 30%, and sell after five years at a superior 28 times EBITDA multiple. Even financing a quarter of the deal with debt at 6 times EBITDA, the deal’s internal rate of return would only amount to 17%.

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