The Week Ahead

In partnership with Hebbia

The week ahead of us 🔍

Upcoming Earnings: We’re jampacked with earnings next week, with big names like Meta, Tesla, Microsoft, and Google among the names reporting soon.

• Monday: SAP, Verizon, Truist, Nucor, Ameriprise, Albertsons, Cleveland-Cliffs, Zions, Hexcel,

• Tuesday: Visa, Tesla, Pepsi, GE Aerospace, Novartis, Danaher, Texas Instruments, Phillip Morris, RTX, NextEra, UPS, Chubb, Fiserv, Canadian National Railway, Sherwin-Williams, Santander, Freeport-McMoran, Spotify, GM, Kimberly-Clark, Haliburton, CoStar, Baker Hughes, NVR, Pulte Group, Seagate, EQT, Range Resources, Invesco, Mattel, Ryder, JetBlue, Geo Group, Xerox,

• Wednesday: Meta, Thermo Fisher, IBM, ServiceNow, A&T, Lam Research, Boeing, Boston Scientific, Chipotle, General Dynamics, O’Reilly, Norfolk Southern, Hilton, Ford, United Rentals, Old Dominion, Waste Connections, Cenovus, Raymond James, Rogers, Nomura, Owens Corning, Morningstar, Churchill Downs, Antero, Stifel, Hasbro, Robert Half, Lithia Motors, Evercore, Whirlpool, Wyndham, Moelis, Virtu,

• Thursday: Microsoft, Google, Merck, Astrazeneca, T-Mobile, Caterpillar, Comcast, Intel, Union Pacific, S&P Global, Honeywell, Bristol-Myers, Gilead, Altria, Northrop Grumman, Valero, Capital One, Atlassian, Pacific Gas & Eletric, Hess, Keurig Dr Pepper, Fidelity National, Dow, L3Harris, GE Vernova, Barclays, Nasdaq, Royal Carribean, Deutsche Bank, Fair Isaac, Tractor Supply, Mobileye, Tradweb, Western Digital, First Citizens, Snap, Carlisle, Southwest, SS&C, A.O. Smith, Juniper, American Airlines, Roku, FTI, Boyd Gaming, ADT, Harley-Davidson, Columbia Sportswear, Lazard, Chemours, AllianceBernstein, CNX, Boston Beer, TRI Pointe Homes, Medical Properties Trust, Teladoc, Hertz.

• Friday: Exxon, Chevron, AbbVie, Colgate, Phillips 66, Aon, Charter, AutoNation, Moog, Piper Sandler, Newell, Newell’s, New York Community Bancorp

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Headlines 🔍

• Bitcoin’s 4th halving is complete - with miners now being rewarded 3.125 bitcoins (they previously were rewarded 6.25 bitcoins). “After the 2012, 2016 and 2020 halvings, the bitcoin price ran up about 93x, 30x and 8x, respectively” - CNBC

• Vista has raised more than $20B for their new Flagship PE fund. Let’s take a look at the performance of their previous fund.

  

• TikTok raises free speech concerns on bill passed by US House that may ban app

• New Iran oil sanctions passed by US House in foreign aid package

• NFL Team Owners may be close to approving Private Equity investment in the league. The NFL is the only American league that doesn’t allow PE investment at the moment.

• Nordstrom’s founding family is evaluating whether they want to take Nordstrom private. They’ve previously contemplated this in the past. This comes at the same where Macy’s is evaluating going private as well. Could this be the best (or last) time for a large retailer take private?

• Meta unveiled Llama 3, their AI offering

• Netflix is moving towards no longer reporting quarterly sub numbers. This partially drove shares down 9% on Friday post earnings. Despite a robust 1Q, where sub. adds of 9.3mm handily beat estimates of 4.8mm, their 2Q revenue guide of $9.49B was a slight miss relative to consensus of $9.51B

• Chipotle Keeps Raising Prices: Gym Rats and Millennials Are Still Buying Burritos.

• Fed says persistent inflation is seen as top financial risk

• KPMG Independent ECM Advisory’s Survey of EU and UK ECM leaders 2023

• Replicating private equity with value investing, homemade leverage, and hold-to-maturity accounting

• Portland, Maine is ranked as the top city for remote workers (not sure I agree)

Transactions: M&A 💭 

MDC Holdings, an American holding company that operates home construction, mortgage, insurance, and title companies, was acquired for $4.9B by Sekisui House (TKS: 1928). Vestra Advisors advised on the sale.

Northwest Parkway, operator of highway tolls, was acquired for $1.2B by VINCI Highways. Evercore advised on the sale.

Waikiki Resort Hotel, operator of a hotel and resort based in Hawaii, has reached a definitive agreement to be acquired for $101.2M by Sono International.

Arbonia Climate, a manufacturer of indoor climate systems, has reached a definitive agreement to be acquired for $819.99M by Midea Electrics Netherlands a subsidiary of Midea Group (SHE: 000333). Jefferies and UBS advised on the sale.

A French industrial portfolio of Blackstone (NYS: BX) was acquired for $350.65M by Ares Management (NYS: ARES). Eastdil Secured and JLL advised on the sale.

In-tech, a provider of digitalization and development services for the automotive sector, has reached a definitive agreement to be acquired for $485.52M by Infosys (NSE: INFY).

Tennova Healthcare, a provider of healthcare services based in Cleveland, has reached a definitive agreement to be acquired for $160.00M by Hamilton Health Care Systems.

Hipgnosis Songs (LON: SONG), an investment company, has reached a definitive agreement to be acquired for $1.4B by Concord Music.

Transactions: Private Placements 💭

Ramp, developer of a financial operations platform, has raised $489.00M of Series D venture funding led by Sands Capital, Khosla Ventures, and Founders Fund on a pre-money valuation of $7.16B.

Flink, a provider of grocery delivery services, has raised $106.00M of venture funding led by REWE and Bond Capital.

Pliant, a developer of a corporate credit card platform, has raised $163.02M of Series A venture funding led by PayPal Ventures, and SBI Investment.

Neta Auto, developer and manufacturer of electric vehicles, has raised $693.26M of venture funding led by Tongxiang State-owned Capital Investment and Operation Co., Yichun Jinhe Equity Investment, and Minsheng Equity Investment.

Noteworthy Chart 🧭

Netflix’s Sub Growth over time:

Best of YouTube ⌚️

Why so many EV Companies fail:

Meme Cleanser 😆 

In Other News

• Recruiting for Private Equity? Check out Peak Frameworks, the Private Equity Course that has placed thousands of students into elite private equity shops.

• Check out some Wall Street and Finance Merch Here

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