Whitman Asset Management Limited’s Post

European inflation numbers were in line, but Germany was unexpectedly higher on energy prices. China weakness continues as stocks recorded their worst start to a year since 2019 after weak manufacturing and home sales data, and more proposed restrictions around the internet gaming sector. elsewhere Warner Bros. Entertainment and Paramount discussed a potential merger. As The Guardian pointed out perhaps Top Gun and Barbie will get hitched! Read more from William Buckhurst and Charlie Todd and what caught their eye last week here: https://lnkd.in/eP6pNr3i #vermeerpartners #theartofinvestment #investmentmanagement #wealthmanagement #privateclients #HNWI #TWTWTW #investmentnews 

Octopus Investments, the second-largest shareholder of high-profile video game services provider Keywords Studios PLC (AIM:KWS, OTC:KYYWF), has called the 2,450p takeover bid from EQT an “opportunistic” move by the Swedish private equity firm. EQT and Keywords agreed to the £2.1 billion bid last week but while it represents a 67% premium to the share price when the initial approach was made public in May, Octopus is unimpressed by this valuation. In comments published by The Telegraph, senior fund manager Chris McVey said: “We are extremely disappointed that the board has recommended the 2,450p cash offer which we consider to be opportunistic and in no way reflective of the true value that has been created, nor of the prospects for significant future growth.” Keyword holds lucrative contracts with some of the studios in the world, including Fortnite developer Epic Games, for which Keywords provides complex... More at #Proactive #ProactiveInvestors http://ow.ly/p8r2105zNK4

From BTN: #Italian #broadcast group MFE - MediaForEurope held talks in recent months with various banks ready to fund a potential bid for #German media company ProSiebenSat.1 Media SE. The funds secured from the banks would amount to up to around €4 billion, reports Reuters with reference to people close to the matter and documents seen by the news agency. Bank of America, Deutsche Bank and UniCredit would back a move by MFE, supporting both a tender offer for ProSiebenSat.1 shares and any debt refinancing needs triggered by the bid, the documents showed, according to Reuters. While MFE, which is the largest shareholder in ProSiebenSat.1, has indicated it could consider a buyout offer only if the German company sells its non-core assets, the endorsement by banks of a potential takeover strengthens MFE’s hand in the shareholder battle the two #media companies have engaged in ahead of ProSiebenSat.1’s AGM on 30 April 2024. #mergersandacquisitions #ownership

At the two-year anniversary of an all-time peak reached in 2021, the global M&A market turned in its second weakest year in exactly a decade. With total deal value sitting right around the $3 trillion mark, 2023 closed with a 15.8% decrease from 2022. However, according to PitchBook’s latest Annual Global M&A Report, 2024 may be set for an explosive trend reversal. Pitchbook points to a slowing decline as evidence that the worst may be behind us. The decline in deal #value was much steeper two years ago than it was in 2023, where 2022 saw deal value shrink by 23.4%. Meanwhile, Q4 2023 sported the best volumes since Q2 2022, with total deal value increasing 6.5% from Q3 2023. This represents a positive sign that trends are beginning to shift in the right direction. Cody Crook, managing director of Hunt Scanlon Ventures, digs into the latest market data from Pitchbook. Read more >> https://lnkd.in/gR7i_8tj

Terrence Howard was asked how to “break into” the entertainment business. We often get the same question from new real estate investors, about getting consistent deal flow. Howard’s answer is spot on 🎯 and applicable for any new endeavor, especially highly competitive pursuits like REI and entertainment. How does your motivation compare to others who are competing for the same? #InvestorAgent #creativefinance #crisagent #realestateinvesting #realestate #sellerfinancing #realestateagent #subjecttorealestate

Terrence Howard was asked how to “break into” the entertainment business. We often get the same question from new real estate investors, about getting consistent deal flow. Howard’s answer is spot on 🎯 and applicable for any new endeavor, especially highly competitive pursuits like REI and entertainment. How does your motivation compare to others who are competing for the same? #InvestorAgent #creativefinance #crisagent #realestateinvesting #realestate #sellerfinancing #realestateagent #subjecttorealestate

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Amer Sports IPO. Quick dive into prospectus. Was trying to find a breakout of divisions and if Arcteryx is a cash cow, by how much. Notes follow https://lnkd.in/gv2CNJFU Close to final prospectus Pg 27- FS summary consolidated 97-102 by geography 104- Arc broken out but only by revenue. 941m for 9 mos ended Sept 2023. Ie approx 30% of Amer revs 106- Salomon is also approx 30% of revs. Did not realize how much bigger it is than Atomic. 949m 160m respectively. Out of steam at pg 204. Still no mention of separate P/L or FCF at that point. Will update if I get interested enough ( unlikely) to care EDIT in all seriousness. A lot of debt so you're paying the interest they paid to borrow for when Chinese insiders borrowed the yuan to buy out the Finn PE firms who themselves pieced together this pile. Nice businesses but the gems are Arcteryx and Solly and Atomic. Short term growth looks juiced by cost-cutting to prep this thing for IPO. Not sure how sustainable. Good thing is there's very little exposure to the dumpster fire that is bike industry

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Wednesday, Sharing is Caring Bit Discounted Cash Flow (DCF) An analysis method used to value investment by discounting the estimated future cash flows. Follow with us at, Vivo Real Estate Group, Inc., as we journey down CRE in Miami together with challenges and great lasting partnerships! #creAdvisory #marketpresence #marketinformation #datasets #leasing #WarehouseRealEstate #MiamiIndustrial We welcome your inquiries!