Burger King’s cooks could use a new recipe 3 Dec 2020 Restaurant Brands International prospered after buying the fast food chain. But its Tim Hortons outlet, which is planning a UK push, drags on the $27 bln group’s valuation. Investors 3G and Pershing Square are experts at cooking up deals. It may be time to change the menu.
Corona Capital: Skis, Italian banks, Dividends 26 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: Europe’s hopes for a common ski policy hit a mogul; Italian lender Credito Valtellinese faces a lonely bidding war; Aviva’s payout cut is less stingy than it looks.
Corona Capital: Brexit curveball, Sonos 19 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: a Covid-19 scare for European Brexit negotiators puts an already-optimistic deadline to the test; and wireless-speaker maker Sonos joins the list of companies profiting from consumers being stuck indoors.
Corona Capital: Ferrari, E-commerce, Fox 3 Nov 2020 Concise views on the pandemic’s corporate and financial fallout: Ferrari leaves its auto rivals in the dust; Russia’s online marketplace Ozon heads for a New York IPO; and Fox avoids the virus-induced advertising drought.
Corona Capital: Utah Jazz, Comcast, Kraft 29 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Utah Jazz’s owners sign off with a respectable return; Comcast shoots the light out on broadband; and Kraft rides the stay-at-home wave.
Corona Capital: Drugmaker’s pick-me-up, Golf M&A 28 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Drugmaker GSK sees a recovery in vaccinations against old-school ailments; meanwhile Covid-19 turns out to be a handy driver when it comes to golf-related dealmaking.
Corona Capital: Binge-watching, Gaming 27 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Streaming viewers like to binge-watch, but they are being stingy; a fresh surge of Covid-19 cases could be a boon for gaming developers.
Wicked big Dunkin’ deal more saccharine than sweet 26 Oct 2020 The Massachusetts coffee-and-donuts chain looks set to be gobbled up by Arby’s-and-Sonic owner Inspire Brands for $9 bln. Dunkin’ weathered the pandemic well enough. But the valuation is as gut-busting as one of its French crullers, and restaurant roll-ups are light on synergies.
Corona Capital: Mixed market messages, Chile votes 26 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Global stocks slumped on Monday as Covid-19 cases rose – yet some prognosticators are readying for major stimulus; and Chile has shown that pandemics don’t have to squash voter turnout.
Virus tests faith in food delivery economics 21 Oct 2020 The $285 bln industry is split between companies that connect restaurants with customers online, and those that also deliver the food. The former has better margins, but the latter has expanded the market. With demand for takeouts surging, it’s time to see who’s more profitable.
Corona Capital: Kazakhs, Norwegians, Airlines 15 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Kaspi gives ECM bankers something to smile about; Norway’s sovereign wealth fund has a so-so third quarter; and United Airlines has more bad news on jobs.
Deliveroo’s IPO is a dish best served soon 7 Oct 2020 The UK food delivery app is mulling a float in the public market next year. Using its peers’ multiples, Amazon-backed Deliveroo could fetch more than $5 bln. But with the pandemic-induced boost to its top line not guaranteed to last, it can’t afford to dawdle.
Corona Capital: Fiscal stimulus, Fitness riches 6 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Central bankers including the Federal Reserve’s Jerome Powell urge more fiscal help as Covid-19 cases rise again; and the owner of NordicTrack treadmills raises cash at a $7 billion-plus valuation.
Corona Capital: U.S. jobs, Real estate 2 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Americans slowly get back to work; New York City real estate sales fly to Florida.
Corona Capital: Davos delay, Political TV ratings 26 Aug 2020 Concise views on the pandemic’s corporate and financial fallout: The World Economic Forum’s annual winter meeting becomes a summer gathering; and in the U.S., the Democrats’ online spectacle leads TV ratings over the Republicans’ more traditional convention.
Corona Capital: Junked cans 11 Aug 2020 Concise views on the pandemic’s corporate and financial fallout: An aluminum company with a junk rating issues debt with a ridiculously low interest rate.
Corona Capital: PizzaExpress, Aerospace pain 4 Aug 2020 Concise views on the pandemic’s corporate and financial fallout: The UK restaurant chain’s restructuring is not that tasty a meal for creditors; Airplane-parts maker Spirit’s reliance on Boeing’s 737 MAX has it heading into worse turbulence.
Corona Capital: Not so united 8 Jul 2020 Concise views on the pandemic’s corporate and financial fallout: A potential round of cuts at United Airlines lays bare the pitfalls of the government being both savior and investor.
Fast food franchise model has burnt edges 1 Jul 2020 NPC International, the U.S.’s largest Pizza Hut franchisee, filed for bankruptcy. An LBO flip, heated competition, and higher labor costs left it larded with debt. Parent company Yum appears resilient. But its restructuring portends sizzling problems in the franchise model.
Uber tries for bigger meal ticket with small fry 30 Jun 2020 Boss Dara Khosrowshahi may strike a deal with Postmates after failing to bag Grubhub. The food-delivery service is tiny compared to rivals with outsized valuations, so the mooted $2.6 bln price is easier to stomach. Yet benefits are as questionable as risk, and Uber could wait.