Capital flows, CMO moves, M&A. Eight editions a day, seven tiers, from the chopped neck.
ISABELLA'S ISLAYCapital MarketsOct 5, 2:03 PM EDT
Market expectations for earnings at European luxury-goods makers are overly optimistic given softening demand conditions and buying trends, according to RBC analysts.
ReadingLuxury stocks trading at fast-fashion valuations is not a value opportunity. It is a signal that the category's structural advantage has eroded.
WatchEarnings guidance revisions in October. Watch which houses cut FY guidance first—that is the tell.
HENRI IVM&A IntelligenceOct 5, 2:03 PM EDT
KKR & Co. completed its $5.89 billion acquisition of Integer Holdings, helping healthcare emerge as the standout sector in private equity despite a sharp drop in global dealmaking during August.
ReadingHealthcare as a PE target is not tactical. It is where dry powder is moving because it is where margin expansion still works.
WatchThe next three PE healthcare buys will break $2B in value. Within 90 days.
MACALLAN 1926M&A IntelligenceOct 5, 2:03 PM EDT
Rexel has entered into an agreement to acquire GCG, a U.S. specialty infrastructure distribution company, from Audax Private Equity for an enterprise value of approximately $1.4 billion.
ReadingSpecialty distribution is a category where PE holds for 4-5 years, then passes the platform to strategic buyers. The timing on this one suggests Audax saw the consolidation window closing.
WatchRexel's next move. They will bolt on two more regional platforms within 18 months.
LOUIS XIIIVenture IntelligenceOct 5, 2:03 PM EDT
Investcorp has closed its second North American Private Equity fund with $1.22 billion in commitments, exceeding its $1.1 billion target.
ReadingLPs are consolidating around firms with demonstrated exits. Investcorp's ability to oversubscribe signals confidence in their exits from Fund I.
WatchInvestcorp Fund III size. If they ask for $1.5B+, the market just validated their strategy shift to larger deals.
PAPPY 23Capital MarketsOct 5, 2:03 PM EDT
The amount of direct financing raised by domestic companies plummeted by nearly 40% in just one month, with both stock and corporate bond issuance falling sharply.
ReadingCorporate debt markets are now a tell on CFO confidence. A 38% drop means CFOs just stopped calling investors.
WatchOctober corporate issuance. If it stays flat, credit spreads are about to widen sharply.
JOHNNIE BLUEFinancial IntelligenceOct 5, 2:03 PM EDT
Four packaged food stocks sit on the same grocery shelves, but their dividends tell completely different stories about which companies are quietly rebuilding and which are declining.
ReadingDividend policy is now the proxy for which packaged-food companies have pricing power and which do not.
WatchNext earnings season. The companies raising will be the ones with private-label risk managed. The ones cutting will be the ones competing on volume.
WELL POURGlobal Business NewsOct 5, 2:03 PM EDT
A report reveals that 29 people now control 27% of all billionaire wealth, reframing how concentrated the top of the global wealth pyramid has become.
ReadingWealth concentration at this speed creates either political risk or opportunity for firms selling to ultra-high-net-worth individuals. Operators need to pick which.
WatchGovernment policy response. If no major market moves wealth concentration in the next 24 months, the operators betting on ultra-affluent consumer resilience are correct.
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