Supermarkets

Corona Capital: Friendly’s and Dunkin’ Donuts

2 November 2020

Concise views on the pandemic’s corporate and financial fallout: Two Massachusetts casual-dining chains change hands, one in bankruptcy. Friendly's found Covid-19 even more unfriendly than did Dunkin' Brands.

Corona Capital: Utah Jazz, Comcast, Kraft

29 October 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: Mixed market messages, Chile votes

26 October 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.

Daniel Kretinsky’s grocer grab has sliver of sense

1 October 2020

The Czech billionaire has bought $1.5 bln worth of shares in European supermarkets like J Sainsbury and Casino. Anaemic growth and low margins suggest that’s unwise. But if his targets can slash costs and take advantage of an online boom, his bet may begin to look shrewd.

Corona Capital: Covid-19 tests, Bed Bath & Beyond

1 October 2020

Concise views on the pandemic’s corporate and financial fallout: Diagnostic company Quidel predicts a quarterly earnings bonanza; meanwhile the pandemic turns a struggling retailer into a winner, at least temporarily.

Walmart pays price for late UK checkout

30 September 2020

The retail giant may sell grocer Asda to buyout firm TDR and two petrol station tycoons for $8.3 bln. It’s a cheaper and riskier exit than a planned union with peer J Sainsbury, thwarted by watchdogs last year. Online competition, a pandemic, and Brexit have weakened its hand.

Corona Capital: Amazon, NYC and Trump

14 September 2020

Concise views on the pandemic’s corporate and financial fallout: Amazon’s hiring boom highlights its weakness, and U.S. President Donald Trump could throw New York City a bone.

Corona Capital: Testing, Flights, Football

10 September 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. lab-testing group Quest announces speedy growth; IAG’s gloomy horizons have a silver lining; and NFL football comes charging back.

Corona Capital: Europe’s recovery, Indian selloffs

21 August 2020

Concise views on the pandemic’s corporate and financial fallout: The latest economic reports from Britain, France and Germany paint a patchy picture; and why the virus will hinder New Delhi’s asset-sale programme.

Japan’s FamilyMart plays way too easy to get

17 August 2020

Itochu wants to buy the rest of the convenience store operator for $5.4 bln. FamilyMart pushed for better terms based on new M&A guidelines to protect minorities. Yet it ultimately endorsed a lowball offer that ignored them. Clearly the new rules aren’t strong enough.

Walmart’s UK exit will be priced to sell

24 July 2020

The $375 bln retailer is once again trying to flog a stake in its British chain Asda. Convincing an investor to match the $9 bln J Sainsbury offered in 2018 looks fanciful given weak growth, Brexit risks, and the legacy of the pandemic. The main appeal may be a willing seller.

Corona Capital: LatAm pensions, Activism

23 July 2020

Concise views on the pandemic’s corporate and financial fallout: Pension reform in Mexico and Chile gets a coronavirus makeover; UK chief executives catch a break during lockdown as the number of activist campaigns collapses.

Ocado cash call delays profit delivery slot

11 June 2020

The 15 bln pound online retailer raised over 1 bln pounds to fulfil global demand for its warehouses. CEO Tim Steiner’s plan takes advantage of a near-doubling in its share price since the pandemic. But capital-intensive investments mean investors face a longer wait for earnings.

Corona Capital: Crisis loans, Jet fighting

3 June 2020

Concise views on the pandemic’s corporate and financial fallout: Bank customers are no longer making a dash for cash, loan drawdowns suggest. Meanwhile, a U.S. block on Chinese passenger flights suggests domestic battles haven’t dimmed President Trump’s desire to make China pay.

Corona Capital: Payments M&A brawl, Endeavor

7 May 2020

Concise views on the pandemic’s corporate and financial fallout: Payments firm Wex’s attempt to ditch a double deal for two UK rivals will face legal pushback and perhaps Elliott Management’s ire. Talent agency Endeavor’s 2018 Epic Games investment is starting to come in handy.

Hoarding to extend sell-by date of tired brands

17 April 2020

Consumers stockpiled pantries and freezers with long-life grub, boosting dowdy products like frozen Hot Pockets. Unilever and Nestlé had been tilting towards higher-end brands. Lockdowns will force CEOs and investors to reconsider the value of what’s in their cupboards.

Corona Capital: Latin America and Covid-19

8 April 2020

Concise views on the pandemic’s corporate and financial fallout: Six Latin American countries want a $15 billion loan to help fight Covid-19. "There's no harm in trying" says Peru's president, a sad sentiment reflecting the global shortage of needed equipment.

Meal couriers can gain by cutting the grocery line

1 April 2020

The likes of Uber Eats and Deliveroo may suffer from lockdown-induced restaurant closures. Meanwhile, grocery giants are struggling to deliver all the tinned goods and pasta that punters desire. That’s a recipe for cooperation, and perhaps profits for the cash-starved sector.

Corona Capital: Rich vs. poor, Carnival

31 March 2020

Concise views on the pandemic’s corporate and financial fallout: The rich may save even more while the coronavirus rages while the poor will be further squeezed, and Carnival tries to bail out its sinking cruise business with a big sale of equity and debt.

Corona Capital: Dining bonds

20 March 2020

Concise views on the pandemic’s corporate and financial fallout: Restaurant industry cooks up a unique form of funding to help alleviate revenue wipeout.