EVENTS:   The Roaring 2020s or a Rerun of the 1970s? - Edward Yardeni/Yardeni Research - 24 Mar 26   Best Equity Short Ideas Conference Call 13 - Thomas Chanos/Badger Consultants & Dr. Aaron Fletcher/Bios Research & Jonathan Telgener/Channel Dynamics & Ed Steele/Iron Blue Financials & John Zolidis/Quo Vadis Capital & Mark Hiley/The Analyst - 26 Mar 26     ROADSHOWS: Chinese Equity Ideas & Channel Checks Across 50 sub-sectors - Don Ma /Horizon Insights   •   London   23 - 27 Mar 26       Long Short European Equity Research - Harry Grist /The Analyst   •   New York   26 Mar 26       Fundamental US Healthcare Short Ideas - Dr Elliot Favus /Favus Institutional Research   •   London   27 - 27 Mar 26      
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Fortnightly Publication Highlighting Latest Insights From IRF Providers

Company Research

Glanbia (GLB ID) Ireland

Consumer Staples

Vision Research

Vision’s bear thesis focused on growing competition in protein powder, potential lack of pricing power in the face of elevated input costs; weak positioning in diet and RTD category; weak margins, ROIC and FCF; and inventory growth. The share price declined 23% on Feb 26th the day of earnings and the short generated alpha of ~45% vs. Stoxx600. Vision initiated 8 new shorts in 3Q24, 10 in 4Q24 and 4 so far in 1Q25 of which 10 were US, 8 European and 4 Asian. Consistent with their goal of finding liquid, non-consensus shorts, these 22 ideas had avg. m/cap >$15bn, avg. AD$V >$65/day and avg. SI% of free float of <4%.

Edition: 206

- 07 March, 2025


Midcap Medtech & Staples have performed well but both look challenging

Willis Welby

The share price performance for Willis Welby’s Medtech group has been startling YTD (+23.8%), but revisions are not impressive (the median move in consensus Y2 EBIT over the last 3 months is now a CUT of 1.8%), they have problems with financial productivity and levels of implied to Y3 EBITM ratios are very demanding. Willis Welby highlights Elekta and COMET but cannot make their maths work elsewhere. Financial productivity is also an issue in their Staples coverage and the median consensus Y3 revenue growth number is just 2.8%. Expectations ratios are not as extreme as Medtech's but are still demanding. Glanbia still makes sense, but they struggle elsewhere.

Edition: 160

- 12 May, 2023