Beverages

Corona Capital: GDP, Corruption, Norway

28 Jan 2021

Concise views on the pandemic’s corporate and financial fallout: U.S. output growth slows from a surge to a gentle trot; Transparency International flags that corruption and pandemic-fighting don’t mix; and Norway’s sovereign wealth fund sees its tech bets pay off.

Corona Capital: Satellites, Shoes

15 Jan 2021

Concise views on the pandemic’s corporate and financial fallout: SoftBank pours cash into satellite startup; and footwear winners and losers.

Corona Capital: Poverty, Beer cans, Budget hotels

24 Dec 2020

Concise views on the pandemic’s corporate and financial fallout: Hong Kong’s poverty problem was getting worse even before the virus struck; AB InBev sells the family aluminium to cut debt; Whitbread, owner of hotel chain Premier Inn, tries to get its landlords to share the pain.

Meituan delivers food slathered in EV spice

1 Dec 2020

The $220 bln Chinese food delivery group saw earnings rise 374% in the third quarter, mostly thanks to an equity stake in an electric car maker. Blistering portfolio gains only emphasize the bland performance of Meituan’s core business – and its expensive share price.

Corona Capital: Cyber Friday and Monday

30 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: Online holiday shopping hits new records.

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: GM earnings, Third-quarter readout

5 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: General Motors swerves around Covid-19 potholes; and U.S. companies look to have emerged from a difficult three months in better shape than expected.

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.

Pandemic complicates AB InBev’s debt rehab

29 Oct 2020

The $93 billion brewer canned its interim dividend but its ideal leverage of 2 times EBITDA remains out of reach. CEO Carlos Brito is expected to step down soon, his successor will need cash to invest in brands hit by Covid-19. Selling another chunk of the Asian unit would help.

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.

Moutai’s charitable turn will be real market drag

27 Oct 2020

The Chinese liquor champion’s mediocre third-quarter results shaved $14 bln from its market cap on Monday. The $309 bln index heavyweight is giving handouts to local governments even as state investors dump shares the company gave them. Worse, there’s probably more to come.

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.

Coke bottler serves up flat cross-border deal

26 Oct 2020

Europe’s main distributor of the iconic soda offered $6.2 bln for its Aussie peer, hoping to tap fizzier markets and expand beyond Coke. Though Coca-Cola is taking a discount for part of its 31% stake in the target, scant synergies fail to justify the premium for other investors.

Unilever finds better recipe with new growth focus

22 Oct 2020

The Magnum maker’s sales jumped in the third quarter. CEO Alan Jope hopes price cuts and higher spending on marketing will ensure this is not a one-off. Sacrificing a goal of lifting the operating margin is the right thing to do. But more guidance would inspire more confidence.

Nestlé without KitKats is logical next step

21 Oct 2020

The $340 bln Swiss giant’s food and drink business is shrinking, while CEO Mark Schneider is bulking up in pet care and health science. Covid-19 is accelerating the shift. Selling or spinning off confectionery, worth say $30 bln, could unlock value and sidestep a sugar backlash.

Remy’s Chinese premium may leave sour aftertaste

20 Oct 2020

The Cointreau maker’s shares are up over 40% this year while rivals have struggled. The main difference: it’s more exposed to China, whose economy is dealing with Covid-19 better. Yet its valuation premium doesn’t leave much space for geopolitical surprises.

Danone shakeup needs bigger ESG splash

19 Oct 2020

The French dairy group is reviewing assets to restore its flagging growth. Yet disposals covering just 2% of sales look lacklustre. Selling the shrinking water unit would give CEO Emmanuel Faber cash for deals and boost the 37 bln euro company’s appeal with sustainable investors.

Daniel Kretinsky’s grocer grab has sliver of sense

1 Oct 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: U.S. sports’ virus-bubble success

29 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: Professional hockey and basketball associations scored victories keeping infection rates low or at zero in spectator-free games. And less traveling and more sleep helped players up their game. Wall Street take note.