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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  THG Holdings plc    THG   GB00BMTV7393

THG HOLDINGS PLC

(THG)
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Delayed Quote. Delayed London Stock Exchange - 10/30 12:35:29 pm
659.6 GBX   -1.49%
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Europe lags a resurgent global IPO market

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10/01/2020 | 08:45am EDT
FILE PHOTO: A banner for Snowflake Inc. is displayed celebrating the company's IPO at the NYSE in New York

The amount raised by European companies listing on the stock market fell by a third in the first nine months of the year, in contrast with Asia and the United States where an abundance of technology companies benefitted from the COVID-19 crisis.

Initial Public Offerings (IPOs) had raised $122 billion globally by the end of the third quarter, the most in two years, as central bank stimulus measures and low interest rates led to a generally hearty appetite for equities.

Funds raised rose by 75% in Asia and 13% in the Americas compared to the same period of 2019, but fell to just $9 billion in Europe, the lowest amount since 2012, Refinitiv data shows.

Overall, bankers made $8.43 billion from IPO fees, the biggest pot for the first nine months of the year since 2007, while U.S. fees hit an all-time high of $4.2 billion, the data shows.

Warren Buffett-backed data warehouse company Snowflake is the largest U.S. listing of the year so far, raising more than $3 billion and doubling in value on its market debut, as offices around the world adapt to remote working.

Meanwhile, Ant Group, the fintech arm of e-commerce giant Alibaba, could steal the record for the largest IPO from oil giant Saudi Aramco, having filed for a dual listing in Hong Kong and on Shanghai's Nasdaq-style STAR Market which could raise as much as $35 billion.

In Europe, e-commerce firm The Hut Group is among a handful of completed deals, with Polish online auction site Allegro preparing to come to market.

"Recent IPOs in Europe have demonstrated the real scarcity value attached to high quality tech issuers in EMEA: there is a structural underweight in the region," said James Palmer, head of EMEA Equity Capital Markets (ECM) at Bank of America.

"The more fundamental issue for the EMEA IPO market versus the U.S. is the latter's appetite for smaller issuers and deal sizes, which is particularly relevant for many tech and biotech issuers," Palmer added.

SP-ACKMAN STRIKES

The United States has also seen a proliferation of SPACs (Special Purpose Acquisition Companies), or blank cheque companies, emerge as a major IPO driver, with high profile investors such as Bill Ackman and Michael Klein raising billions of dollars.

A SPAC is a shell company that uses proceeds from its listing to buy another company, with the money raised before the target is identified.

The only such vehicle touted as potential London listing, Harvester Holdings, backed by London-born entrepreneur Martin Franklin, was pulled due to a lack of investor interest, sources said.

More broadly, global ECM activity rocketed a record 59% to $712 billion in the first nine months of 2020, with similar growth levels seen across the three regions, as companies scrambled for funds to weather the pandemic.

"Equity markets have been incredibly supportive of companies that have raised money on the front foot and those who have raised defensively as well, and rewarded proactivity," said Aloke Gupte, co-head of EMEA ECM at JP Morgan.

    He added that he expects IPOs and rights issues, where new shares are offered to existing shareholders, to continue throughout 2021, even if there are periods of heightened volatility. 

(Graphic: European IPOs hit eight-year low - https://fingfx.thomsonreuters.com/gfx/mkt/bdwpkkywjpm/European%20IPOs%20hit%20eight%20year%20low.PNG)

By Clara Denina and Abhinav Ramnarayan


Stocks mentioned in the article
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ALIBABA GROUP HOLDING LIMITED -2.52% 304.69 Delayed Quote.43.65%
BANK OF AMERICA CORPORATION 0.68% 23.7 Delayed Quote.-32.71%
BERKSHIRE HATHAWAY INC. -0.17% 302500.01 Delayed Quote.-10.92%
ELEMENT SOLUTIONS INC 1.12% 11.72 Delayed Quote.0.34%
LONDON BRENT OIL 0.53% 37.86 Delayed Quote.-43.09%
NASDAQ COMP. -2.45% 10911.59093 Delayed Quote.21.61%
NOMAD FOODS LIMITED -2.10% 24.25 Delayed Quote.8.40%
SAUDI ARABIAN OIL COMPANY -1.46% 33.7 End-of-day quote.-4.40%
SNOWFLAKE INC. -5.97% 250.02 Delayed Quote.0.00%
THE HOWARD HUGHES CORPORATION 0.00% 62.19 Delayed Quote.-50.95%
THG HOLDINGS PLC -1.49% 659.6 Delayed Quote.0.00%
WTI -1.29% 35.72 Delayed Quote.-41.06%
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All news about THG HOLDINGS PLC
10/26THG : UK's Hut Group raises revenue guidance in debut trading update
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Financials
Sales 2020 1 544 M 2 000 M 2 000 M
Net income 2020 -127 M -165 M -165 M
Net cash 2020 133 M 173 M 173 M
P/E ratio 2020 -70,8x
Yield 2020 -
Capitalization 7 125 M 9 231 M 9 227 M
EV / Sales 2020 4,53x
EV / Sales 2021 3,67x
Nbr of Employees 7 000
Free-Float 75,7%
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Technical analysis trends THG HOLDINGS PLC
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 7
Average target price 850,71 GBX
Last Close Price 659,60 GBX
Spread / Highest target 44,0%
Spread / Average Target 29,0%
Spread / Lowest Target 18,3%
EPS Revisions
Managers
NameTitle
Matthew John Moulding Executive Chairman & Chief Executive Officer
John Andrew Gallemore Chief Financial Officer & Director
Schalk van der Merwe Chief Technology Officer
Iain McDonald Non-Executive Director
Dominic Patrick Murphy Independent Non-Executive Director
Sector and Competitors
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