Federer’s sneaker IPO sets blistering pace 16 Sep 2021 Shares of On, backed by the tennis legend, soared 50% on debut, valuing the running-shoe maker at $11 bln. Rapid sales growth supports the steep valuation. But On has plenty of rivals, and its early success in China may fall foul of Beijing’s hostility to foreign brands.
Viewsroom: Bitcoin, El Salvador and Roger Federer 9 Sep 2021 As the Central American country adopts the cryptocurrency as a coin of the realm, Richard Beales and Gina Chon discuss the merits of stablecoins and the scramble by regulators to catch up with the market. Karen Kwok takes a slice at Roger Federer-backed running shoe outfit On.
Capital Calls: AMC, German pet retailer 8 Sep 2021 Concise views on global finance: The movie theater chain enjoyed bumper Labor Day attendance; a trio of private equity suitors are circling Zooplus.
Viewsroom: Scoring Ronaldo’s return to Man Utd 2 Sep 2021 Shareholders cheered the prolific Portuguese striker’s surprise decision to rejoin his former club in England. His three-year stint at Juventus, though, was hardly a clear financial victory. Plus: An $80 bln IPO valuation for electric-truck maker Rivian would be too racy.
Man Utd investors lose heads over Ronaldo signing 30 Aug 2021 The soccer club’s shareholders hailed the Portuguese striker’s return by adding $165 mln to its market value. The 36-year-old brings goals and commercial clout, but he also left former club Juventus with a higher wage bill. Investors are unlikely to share in his success.
Peloton investors rediscover gravity 27 Aug 2021 Gym-goers confined to their homes latched onto the cyber-exercise app last year, accelerating sales and use of the roughly $30 bln company's exercise machines. The cruising is over. It's no wipeout, but real-world bikers know they pay for every downhill with a climb.
Federer injects Swiss topspin into On sneaker IPO 24 Aug 2021 The trainer maker favored by The Rock and First Lady is bypassing Zurich for New York, with a mooted valuation of some $6 bln, a pack-leading 7 times sales. Athleisure wear is a crowded space, but On is growing fast. Like its marathoning clients, it’ll need endurance on its side.
Capital Calls: UK engineer bidding war, Inflation 11 Aug 2021 Concise views on global finance: U.S. aerospace group TransDigm tries to elbow out rival Parker-Hannifin with a $9.7 bln bid for Meggitt; predicting U.S. consumer prices is proving tricky.
Capital Calls: Olympics on TV, Abrdn 10 Aug 2021 Concise views on global finance: NBC Universal's prime-time viewers for the Tokyo games were only half as many as for London 2012, boding ill for traditional U.S. TV; the British asset manager formerly known as Standard Life Aberdeen may be turning the corner.
Reheated CVC soccer plan faces better Spanish odds 5 Aug 2021 The sporty buyout fund wants to invest 2.7 bln euros in La Liga, mirroring a proposal that flopped in Italy’s Serie A. At just over 10 times commercial revenue, the higher-flying Spanish league’s valuation is lower. Yet the latest deal’s chances of finding the net look safer.
Capital Calls: Twitter, Domino’s Pizza 22 Jul 2021 Concise views on global finance: Jack Dorsey’s social network reported a 74% bump in revenue despite a slowdown in adding new users; meanwhile, Domino’s Pizza shows one thing that hasn’t abated in 2021 is customers’ love of takeout pies.
Capital Calls: Online fashion retail 15 Jul 2021 Concise views on global finance: The return of old customer habits and muted demand as the pandemic lingers could reverse the recent stellar run of the likes of ASOS.
Numerate faithful put stock in an England victory 9 Jul 2021 Goldman Sachs says the Three Lions will beat Italy in Sunday’s Euro 2020 final. Before that, it reckoned Spain would beat Italy, and Belgium would win the whole thing. One side benefit of an English win is that forecasters might keep being allowed to get it entertainingly wrong.
Capital Calls: Teneo manages its own crisis 29 Jun 2021 Concise views on global finance: Declan Kelly, the PR firm’s chair and CEO, has quit after allegations of drunken behavior. Bad behavior is an underappreciated risk in people businesses.
Indian cricket bowls toward financial big leagues 25 Jun 2021 RedBird Capital, backer of baseball’s Red Sox, is buying into the Rajasthan Royals, valuing the team at up to $300 mln. That puts it within reach of the top 30 European soccer clubs. The deal spotlights the Indian Premier League’s lucrative American-style commercial potential.
Capital Calls: Infrastructure, Doximity, Deliveroo 24 Jun 2021 Concise views on global finance: President Biden’s $1 trln bipartisan plan for U.S. infrastructure is a feat of political engineering. Meanwhile, medical-themed social network Doximity finds riches in niches, and UK delivery outfit Deliveroo serves up a favorable court ruling.
UFC has to earn its valuation belt 4 Jun 2021 The mixed martial arts powerhouse was valued at nearly $10 billion in deals struck alongside owner Endeavor’s IPO. That’s in line with big-talking UFC boss Dana White’s assessment. It’s a lot pricier than rival sports franchises, though. It could take some big hits to justify it.
Capital Calls: AMC craziness, Pro lacrosse 2 Jun 2021 Concise views on global finance: The movie-theater chain raised $230 million from a hedge fund, which promptly sold the shares at a profit; New England Patriots owner Robert Kraft and Alibaba's Joe Tsai are betting on the latest U.S. effort to professionalize the preppy sport.
End the Olympics once and for all 2 Jun 2021 The Tokyo games are a Covid calamity. Beijing as 2022 host is turning into a bitter referendum over human rights. Pierre de Coubertin’s noble mission has been corrupted, distorting sports and urban economies. Sponsors and athletes have other options. Pass the torch elsewhere.
Capital Calls: Apollo, Microsoft 20 May 2021 Concise views on global finance: The second of the asset manager’s three founders moves on; the software firm is pulling the plug on Internet Explorer.