Download PDF Introduction and the state of the private equity industry The geopolitical and macroeconomic environment in 2022 and 2023 led to a sharp decline in the value and volume of private equity deals. Multiple causes contributed to this collapse, with inflation headwinds being a major one. Inflation, which stood Read more…
Download PDF Introduction As Bill Ackman – Founder and CEO of Pershing Square Capital Management [AMS: PSH] mentioned on an interview with David Rubenstein in November of last year, some people are simply born to be activist investors. Clearly, that begs the question: What are activist investors? The strategy refers Read more…
Download PDF Introduction Several factors, including high inflation, high interest rates, and overall uncertainty in the market, resulted in a decline in M&A activity in 2023. Despite the rough year, Q4 2023 and the first two months of 2024 have shown that deal activity is due for a comeback. One Read more…
Download PDF Introduction In a high interest rate environment, firms have to face new challenges to their capital structure and adapt to higher financing costs. Highly leveraged firms now confront more than substantial interest expenses and difficulties in refinancing. More borrowers now turn to private credit due to its additional Read more…
Download PDF Company Description Adevinta[OTCMKTS:ADEVF] operates numerous classified brands which together make up the largest European internet platform. The firm was created by the Nordic media conglomerate Schibsted, as a response to the rise of online platforms like StepStone, which had disrupted Schibsted’s original newspaper advertising business. Over time, Schibsted Read more…
Download PDF Introduction In November, amidst concerns of a slowdown in the Chinese economy, investors found a glimmer of hope with China’s new finance minister announcing increased budget spending to support the post-pandemic recovery. However, this optimism is now overshadowed by a significant challenge as Zhongzhi, a major player in Read more…
Download PDF Introduction Followed by decades of history Disney [DIS: NYSE] has been a company in the hearts of generations, therefore, we thought it deserved to be analysed further. In this first edition of our BSIC Equity Research reports we bring to you a detailed valuation highlighting key market events Read more…
Download PDF Introduction In the ever-evolving world of finance, the wealth management and private banking industries have been subject of change in the past decade, propelling such business units at the forefront of various institutions. In the aftermath of the great financial crisis these divisions played a pivotal role in Read more…
Download PDF Introduction Shareholders have traditionally focused on aligning top managers’ interests, neglecting the broader employee base. But things are changing, as we witness more and more private equity firms offer less skilled employees stock options plans (ESOPs) – a chance for them to own part of their company. Leading Read more…
Download PDF Introduction What was once the U.S.’ most valuable start-up just declared bankruptcy. Founded in 2010 by the charismatic entrepreneur Adam Neumann, WeWork aimed to revolutionize the traditional concept of office spaces. However, its meteoric rise was followed by a precipitous fall, marked by a harsh operating environment and Read more…
Download PDF Introduction Len Blavatnik, a Russian-born American billionaire who made his first fortune in post-Soviet Russia, is well known to many readers of financial news for his hugely profitable ownership of Warner Music [NASDAQ: WMG], which he took public in 2020, making a paper profit of as much as Read more…
Download PDF Introduction Telecom Italia (TIM) [BIT: TIT], known for its excellence in telecommunications, is currently facing a challenging financial situation. With a staggering €27.5bn in net debt and a net debt ratio of 4.4x, TIM’s financial difficulties are substantial. Starting from October 2022, S&P downgraded TIM’s debt rating, a Read more…
Download PDF Introduction In the last two decades, the American skies underwent a radical transformation shaped by significant mergers. Southwest [LUV: NYSE], Delta [DAL: NYSE], United [UAL: NASDAQ] and American Airlines [AAL: NASDAQ] emerged as dominant players, holding 71.5% of the U.S. market. Contrastingly, Europe has faced a more fragmented Read more…
Download PDF Introduction Since Joe Biden was elected President of the United States in late 2020, antitrust enforcement action has, in the general population’s mind, moved from something we read about in history textbooks to something dominating the headlines. Whether it is through challenging the latest multi-billion dollar merger or Read more…
Download PDF Introduction Liquified Natural Gas (LNG) is natural gas that has been cooled to at least -162°C to transform the gas into a liquid for ease and safety of non-pressurized storage or transportation. This innovation has revolutionized the utilization of natural gas, addressing the historical challenges associated with the Read more…