Beverages

Corona Capital: LatAm pensions, Activism

23 Jul 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.

Coke’s slip raises stakes in battle of bubbles

21 Jul 2020

The sugary drinks maker’s revenue fell 28% in the second quarter, whereas selling snacks helped rival PepsiCo weather Covid-19 lockdowns. Coca-Cola has traditionally been the more highly valued of the two, but the gap is now the lowest in a decade.

Corona Capital: Movies, Basketball, Tech optimism

21 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Warner Bros’ indefinite delay of its blockbuster movie “Tenet” spells bad news for the industry; healthy players and good social-media stats give the NBA a boost; Silicon Valley shows a hint of pessimism.

Sweden’s $2 bln oat milk startup has watery moat

16 Jul 2020

Oatly, which makes the dairy substitute loved by hipsters and baristas, raised capital from Blackstone and celebrities including Oprah Winfrey. Sales reached $200 mln in 2019 and are expected to double again this year. But its lead could sour as bigger groups like Danone wade in.

Corona Capital: Good news is bad news

16 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. retail sales are rising and some banks say consumers are surprisingly resilient – but a recovery once glimpsed is even harder to give up.

Review: The callous roots of caffeine capitalism

3 Jul 2020

“Coffeeland” recounts Englishman James Hill’s rise from travelling salesman to king of El Salvador’s coffee industry. Though his farms brought wealth to some, they made the country less equal and heavily reliant on one resource. Many African nations face a similar dilemma today.

Corona Capital: A tax on martinis

24 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: Uncle Sam has bad news for those enjoying the libation during lockdown as it’s putting up import duties on gin, vodka and olives.

Corona Capital: Payments systems, Shale

22 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: Payments systems get some good news, shale oil drilling’s double whammy.

Unilever’s reverse reunification is win for FTSE

11 Jun 2020

Two years after UK shareholders rejected plans to create a single parent company in Rotterdam, the $143 bln Anglo-Dutch giant is unifying around a London listing. Investors in the Netherlands will struggle to throw up the same obstacles. The payoff is more M&A flexibility.

Corona Capital: U.S. recession, Grubhub, Airlines

8 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. falls into a recession, Grubhub looks for leverage, airlines have optimistic investors.

Corona Capital: ZoomInfo IPO, U.S. trade

4 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: ZoomInfo goes public with a big pop despite Covid-19; and America’s goods-trade deficit with Europe will test Washington’s mood.

Corona Capital: Bank fears, Payments M&A, Coal

2 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: A new U.S. regulator wants cities to reopen to prevent bank robberies. Western Union may bid for struggling rival MoneyGram. And the pandemic is hastening the decline of U.S. coal.

Corona Capital: Saving/not spending, Pandemic Pig

29 May 2020

Concise views on the pandemic’s corporate and financial fallout: what to make of falling spending and the growing taste for meat alternatives.

JAB’s $23 bln coffee unit is priced to take away

26 May 2020

The investor is offering shares in JDE Peet’s at a decaffeinated 20% discount to Nestlé. Consumers stuck at home are giving packaged brands like Kenco a boost, but prices per cup can still grind higher when cafes reopen. Europe’s biggest float this year can brew a robust return.

Moscow finds oil and vodka make a poor cocktail

21 May 2020

The former owners of Yukos, the energy group founded by Vladimir Putin foe Mikhail Khodorkovsky, are going after the Kremlin by grabbing trademarks for brands like Stolichnaya. These won’t make up for their lost $57 bln but may give aggrieved investors some negotiating leverage.

Diageo can go on India bender for virtual pittance

20 May 2020

The liquor giant has built up a 56% stake in $5 bln United Spirits, which accounts for almost a fifth of its global sales and is growing fast. With the virus hitting the Indian firm’s valuation, Diageo has a chance to buy out minorities - even if it might cost its dividend.

Keeping it local gives Nestlé a temporary lift

24 Apr 2020

Sales grew 4.3% in the first quarter as consumers in Europe and the U.S. stockpiled products like coffee and pet food. The $320 bln Swiss giant’s localised production and inventory helped it meet increased demand. But lower sales in Asia suggest the bounce will not last.

Corona Capital: Extended Stay, Victoria’s Secret

22 Apr 2020

Concise views on the pandemic’s corporate and financial fallout: Blackstone checks back into one of its favorite old haunts, hotel chain Extended Stay; while another private-equity shop, Sycamore, tries to dump its proposed investment in lingerie seller Victoria’s Secret.

Hoarding to extend sell-by date of tired brands

17 Apr 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: American football fail

14 Apr 2020

Concise views on the pandemic’s corporate and financial fallout: The NFL has better finances and sturdier supporters than the XFL, which just filed for bankruptcy right after its reboot. But the Super Bowl operator’s future also rests on coronavirus-induced physical distancing.