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☕️ Battleground Listing
Why Cettire is the ASX listing that continues to fuel debate.
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Good morning.
Fierce debate continues to swirl around the $1.6 billion ASX-listed Cettire, amid questions around the online luxury retailer’s treatment of duty charges and lack of transparency.
While portfolio manager Oscar Oberg tells Capital Brief there are plenty of reasons to be positive on Cettire, which has risen around 700% since its 2020 IPO, he admits that it remains “a hard company to get our heads around.” Investors are sceptical about Cettire’s ability to maintain its stunning trajectory, particularly given its preference to keep mum about how it acquires its products and how its profit line breaks down.
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ASX as at market close. Commodities and crypto in USD.
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Market movers
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Genesis Minerals was one of the ASX 200’s worst performers on Friday after publishing its strategy plan for the next five years. The gold house's strategy includes an upgrade to its FY24 production guidance to 130-140 koz (thousand ounces) up from 120-130 koz. Shaw and Partners analysts retained its ‘buy’ rating on the gold house and its target price of $2.20, however, they noted that a number of the company’s resources were not producing yet. “Projects may cost more than expected to build and may not operate as expected,” Shaw and Partners said. Shares in the company fell by 6.25% to close at $1.80.
The quick sync
CEO of Star Entertainment Robbie Cooke will depart the casino group as the company awaits news on the outcome of an inquiry into whether it should retain its licence. CFO Christina Katsibouba has also resigned. (Capital Brief)
Australian Vintage is backing a potential merger with Accolade Wines, which could see Accolade join the ASX through a backdoor listing. (AFR)
Former Marque Lawyers partner, Hannah Marshall, has founded Good Company Law. (Capital Brief)
Commonwealth Bank has invested in UK cross-border payments screening start-up, Global Screening Services. (AFR)
US AI firm HeyGen is raising US$60m ($92m) at a pre-investment valuation of US$440m, which would value the startup at a figure six times higher than the valuation it received just four months ago. (The Information)
M&A
Escala Partners implements a new fee structure aimed at retaining talent and revenue amid competition. (AFR)
Punters are eyeing the opportunity to bet on SportChamps Technologies as bookmaker Alan Eskander puts the company up for sale. (The Australian)
Macquarie Group denies interest in acquiring a stake in Heathrow Airport despite recent acquisition rumours. (SMH)
Allegro Funds' acquisition of Nutun Australia for $120m highlights the ongoing trend of corporate unit sales. (The Australian)
Westpac is considering acquisitions as it searches for a successor to departing chief executive Peter King. (The Australian)
Capital Markets
VC
None
People moves
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The watercooler
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