Leading kefir company added as part of 2024 Russell Reconstitution
MORTON GROVE, Ill., July 1, 2024 /PRNewswire/ — Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today announced that the Company has been included in the Russell 2000® and Russell 3000® Indexes, as part of the annual reconstitution of the Russell stock indexes, effective at the open of U.S. equity markets on July 1, 2024.
“We are pleased that Lifeway has earned inclusion in the Russell indexes,” said Julie Smolyansky, President and Chief Executive Officer of Lifeway Foods. “With our recent earnings report marking an incredible string of 18 consecutive quarters of revenue growth and 4 consecutive quarters of record net sales, we welcome the elevated visibility within the investment community. Being part of the Russell indexes enhances our visibility to the many institutions and funds that consider them a key market reference point. We are excited about the opportunity to increase our exposure and continue creating shareholder value.”
The Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. For more information on the Russell Indexes and the Reconstitution, visit the “Russell Reconstitution” section on the FTSE Russell website.
About Lifeway Foods, Inc. Lifeway Foods, Inc., which has been recognized as one of Forbes’ Best Small Companies, is America’s leading supplier of the probiotic, fermented beverage known as kefir. In addition to its line of drinkable kefir, the company also produces a variety of cheeses and a ProBugs line for kids. Lifeway’s tart and tangy fermented dairy products are now sold across the United States, Mexico, Ireland and France. Learn how Lifeway is good for more than just you at lifewayfoods.com.
Media: Derek Miller Vice President of Communications, Lifeway Foods Email: derekm@lifeway.net
General inquiries: Lifeway Foods, Inc. Phone: 847-967-1010 Email: info@lifeway.net
Experienced Financial Executive Joins Fast-Growing Global Franchising Company
LOS ANGELES, July 01, 2024 (GLOBE NEWSWIRE) — FAT (Fresh. Authentic. Tasty.) Brands Inc. announces the hiring of Jordan Chirico as Executive Vice President and Head of Debt Capital Markets. Mr. Chirico joins FAT Brands with nearly 20 years of Wall Street experience and will be focused on the Company’s balance sheet including its $1.2 billion Whole Business Securitization portfolio, additional acquisition financings, preferred stock, and other debt related strategies.
Mr. Chirico spent the first half of his career in structured finance at Bank of America, Robert W. Baird and Credit Suisse before pivoting to the asset management side of the business, holding senior Portfolio Management roles at Robert W. Baird, Brigade Capital Management, and 3|5|2 Capital.
“We are so pleased to welcome Jordan to FAT Brands with his strong background in capital markets,” said Rob Rosen, Co-CEO of FAT Brands. “FAT Brands is uniquely positioned to continue its growth trajectory and Jordan’s expertise will be beneficial as we look to both bolster the balance sheet and be efficient in our financings to build upon our positioning as one of the largest restaurant companies in the U.S.”
About FAT (Fresh. Authentic. Tasty.) Brands FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 18 restaurant brands: Round Table Pizza®, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Smokey Bones, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit http://www.fatbrands.com.
Today, the cruise ship industry is seeing remarkable activity in its stocks, with Carnival, Royal Caribbean, and Norwegian Cruise Line experiencing notable surges. This spike follows Norwegian Cruise Line’s announcement of enhanced financial guidance for 2024 and ambitious targets for 2026. The company’s new “Charting The Course” strategy, which includes significant yield growth expectations and improved EBITDA forecasts, has bolstered investor confidence, driving up not only Norwegian’s shares but also those of Carnival and Royal Caribbean.
The surge in these stocks signals a robust recovery for the cruise industry, which was one of the hardest-hit sectors during the COVID-19 pandemic. The current upswing is largely attributed to strong demand and record bookings reported by these companies, reflecting renewed consumer interest in cruise vacations. Additionally, strategic initiatives focusing on long-term financial health and sustainability are positioning these companies for continued growth and stability.
This positive momentum in the cruise sector has broader implications for the travel industry. Companies like Travelzoo, which specializes in travel deals, stand to benefit from the increased promotional activities and consumer interest in cruises. As cruise companies offer more deals to attract customers, platforms like Travelzoo can capitalize by featuring a wider range of cruise packages, driving higher engagement and potentially boosting revenues.
Investors observing these trends should note the underlying factors contributing to the surge. The increased bookings and optimistic financial forecasts indicate a strong recovery trajectory for the cruise industry. Moreover, strategic partnerships and marketing initiatives by cruise lines can enhance consumer reach and operational efficiency, creating a favorable environment for growth.
While the surge in cruise ship stocks is promising, it’s crucial for investors to consider the broader context and potential risks. The recovery is partly dependent on continued consumer confidence and the ability of these companies to manage operational challenges post-pandemic. Additionally, the sustainability initiatives and financial health strategies of these companies will play a significant role in their long-term performance.
In conclusion, the recent activity in cruise ship stocks highlights a positive outlook for the travel sector. Norwegian Cruise Line’s enhanced financial guidance and strategic targets have instilled confidence in the market, benefiting not only the company but also its competitors, Carnival and Royal Caribbean. For investors, understanding the dynamics driving this surge and the potential implications for related companies like Travelzoo can provide valuable insights into the evolving travel industry landscape. As always, it is essential to approach investment decisions with a comprehensive understanding of market trends and potential risks.
500 5th Avenue 20th Floor New York, NY 10110 United States Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 599 Key Executives Name Title Pay Exercised Year Born Mr. Jonathan CEO & Director 825.62k N/A 1958 Ms. Marie Fogel Senior VP and Chief Merchandising & Manufacturing Officer 633.19k N/A 1961 Mr. John Chief Financial Officer
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage. The company appears to be well on its way toward favorable revenue growth and improving margins, along with a healthier balance sheet. We believe that investors have not yet caught up to the story of the company’s transformation. We are initiating coverage with an Outperform rating and a $3 price target.
Attractive position in the fashion industry. The company offers luxury, high quality men’s and women’s apparel that is in a fashion growth category of sophisticated, unstructured, casual wear. We believe that there is a significant price umbrella with other designer brands that should allow the company to reduce discounting, raise prices and increase its market share in the premium brand space.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
In a strategic move to bolster its position in the North American specialty food market, Lassonde Industries Inc. has announced an agreement to acquire Summer Garden Food Manufacturing for $235 million USD. This acquisition marks a significant step in Lassonde’s ambition to become a more diversified food and beverage powerhouse in North America.
Summer Garden, operated by The Zidian Group and based in Boardman, Ohio, is a renowned manufacturer and distributor of premium sauces and condiments. With a workforce of approximately 200 employees, the company has built a strong reputation for its high-quality products, including pasta sauces, BBQ sauces, dipping sauces, and dressings. The acquisition brings popular brands such as Gia Russa, Little Italy in the Bronx, and G Hughes – a leader in the sugar-free BBQ sauce segment – under the Lassonde umbrella.
The deal structure includes an initial payment of $235 million USD at closing, with the potential for additional payments of up to $45 million USD over the next three years, contingent on meeting certain financial targets and conditions. This approach aligns the interests of both parties and incentivizes continued growth and performance.
Financially, the acquisition appears promising for Lassonde. Summer Garden reported impressive figures for the 12-month period ending May 2024, with sales of $148 million USD and adjusted EBITDA of approximately $27.9 million USD. Lassonde expects the transaction to be accretive to margins and earnings, even before considering potential synergies. The company also anticipates that the acquisition’s internal rate of return will exceed its weighted-average cost of capital, indicating a sound financial investment.
Moreover, the transaction structure allows Lassonde to benefit from tax deductibility, generating an estimated $30 million USD in net present value. Post-acquisition, Lassonde projects its pro forma net debt to adjusted EBITDA ratio to remain under 2.20 to 1, providing ample room for future strategic initiatives.
Nathalie Lassonde, CEO and Vice-Chair of Lassonde’s board of directors, emphasized the strategic importance of the acquisition, stating that it supports the company’s ambition to diversify and grow its specialty food activities. She also highlighted the cultural alignment between the two family-owned businesses, noting their shared entrepreneurial spirit and commitment to stakeholders.
For Summer Garden, this acquisition ensures the continuation of its legacy under the stewardship of a larger, like-minded organization. Thomas Zidian, President and CEO of Summer Garden, expressed confidence that the partnership would benefit customers through enhanced products and offer employees new opportunities for development and advancement.
The acquisition is expected to close within 30 to 45 days, subject to regulatory clearance and other closing conditions. Lassonde plans to finance the transaction through its available credit facilities, demonstrating its strong financial position and commitment to growth.
This move by Lassonde Industries represents a significant consolidation in the specialty food sector and aligns with broader trends of larger food and beverage companies expanding their portfolios through strategic acquisitions. By integrating Summer Garden’s products, brands, and manufacturing capabilities, Lassonde is poised to enhance its market presence, diversify its product offerings, and potentially realize operational synergies.
As the food industry continues to evolve, with consumers increasingly seeking premium, specialized products, this acquisition positions Lassonde to capitalize on these trends and reinforce its status as a leading player in the North American food and beverage landscape.
BOCA RATON, Fla. & JACKSONVILLE, Fla.–(BUSINESS WIRE)–Jun. 20, 2024– Office Depot, a leading omnichannel retailer dedicated to helping its small business, home office and education customers live more productive and organized lives through innovative products and services, is collaborating with Dun & Bradstreet (NYSE: DNB), a leading global provider of business decisioning data and analytics, to launch Power.Up™, a program that offers business owners credit, marketing, data, creative, and advertising services to help them grow and succeed.
“At Office Depot, we’re always striving to empower business owners to pursue their dreams and achieve their vision of success,” said Kevin Moffitt, executive vice president of the ODP Corporation and president of Office Depot. “By joining forces with Dun & Bradstreet, we can combine their extensive experience and suite of services with our already comprehensive offering of business solutions. This collaboration equips our customers with the tools they need to succeed.”
In designing the Power.Up™ program, Office Depot and Dun & Bradstreet listened to the needs of businesses across the country to help them address the ever-changing challenges that come with running an organization. The goal of the Power.Up™ program is to help organizations save time and money with business services that help create efficiencies to operate and grow. In Office Depot and OfficeMax stores across the U.S., customers will be able to easily access a QR code that describes the Power.Up™ program and connects them with someone directly to discuss the services available. Additionally, representatives from Dun & Bradstreet will also be on-hand in select locations to help answer questions and guide customers on how to get started.
“We know millions of businesses utilize Office Depot’s stores to purchase supplies to support their day-to-day operations. These customers are under more pressure than ever due to inflation and supply chain issues, in addition to the everyday management of their business,” said Eric Kider, General Manager, Sales & Marketing Solutions, Dun & Bradstreet. “With Office Depot, we are providing solutions with services tailored to their customers’ needs to give them more opportunities to serve their customers and communities.”
The Dun & Bradstreet services include:
Business Information Services – this suite of solutions helps businesses build and manage their business credit file.
D-U-N-S® Number Registration – a D-U-N-S Number is an important step in establishing a business identity and business creditworthiness, which can help when seeking new contracts, applying for loans, and evaluating potential partners.
Marketing Data Analysis – powerful visualizations, hundreds of business and technology related attributes, visitor website activity data, and analytic models to identify those targets most likely to become customers faster.
Managed Email Campaigns – prospect and nurture new customers with managed email campaigns to U.S.-based contacts; leverage an experienced campaign manager to plan, set up, execute, optimize, and report on email campaigns.
Managed Display/Social Media Advertising – display and social media advertising services that help businesses request campaigns, create ads, or upload existing ad assets, and receive reporting on advertising performance.
Creative & Copy – creative services to support campaigns – from ad and email creation to responsive website design.
Campaign Reporting – insightful channel and performance reports for data-driven campaign optimization.
In addition to these newly introduced services, Office Depot provides a comprehensive range of business solutions in conjunction with valued partners. These encompass print, copy and shipping services, print design, furniture assembly, secure shredding, tech support, and direct mail solutions.
About Office Depot Office Depot, LLC, an operating company of The ODP Corporation, is a leading specialty retailer providing innovative products and services delivered through a fully integrated omnichannel platform of Office Depot and OfficeMax retail stores and an award-winning online presence, OfficeDepot.com, to support the productivity and organization of its small business, home office and education clients. Office Depot is committed to enabling its clients’ success, strengthening local communities and providing equal opportunities for all. For more information, visit officedepot.com, download the Office Depot app on your iPhone or Android and follow @officedepot on Facebook, Twitter, Instagram and TikTok.
Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. Any other product or company names mentioned herein are the trademarks of their respective owners.
About Dun & Bradstreet Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. For more information on Dun & Bradstreet, please visit www.dnb.com.
From essential bed sheets and stylish accessories to sleek storage solutions and full room bundles — the Office Depot OfficeMax assortment of Dormify essentials will be accessible to students in stores and online, making it easier than ever to plan for move-in week.
BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 17, 2024– Office Depot is setting college students up for a successful 2024–2025 school year with its expanded collection of college dorm and school supplies in a new partnership with Dormify, a leader in dorm room decor and clever essentials. Students can shop an array of new stylish furniture and dorm room must-haves online at officedepot.com and in 200 stores.
“Our partnership with Dormify allows Office Depot OfficeMax to offer more college dorm supplies through our efficient and versatile shopping and shipping options,” said Kevin Moffitt, executive vice president of The ODP Corporation and president of Office Depot. “We’re passionate about enabling our customers’ educational goals, and providing students with the tools to be successful is an essential part of that mission. We are proud to empower students of all ages to thrive and positively impact the world.”
There are many ways to shop and ship beyond standard deliveries and in-store purchases. For those who plan ahead, Dormify products will be available in almost 200 stores throughout the summer with the option to ship to another store location for pickup in your college area during move-in. Students who buy online can take advantage of Office Depot’s free 20-minute in-store/curbside pickup or free delivery on orders over $35.
“The preparation for college move-in is rife with to-do lists, errands, and tasks. We’re committed to making the process as easy as possible by simplifying the logistics and have found a great partner in Office Depot,” says Amanda Zuckerman, co-founder of Dormify. “We’re thrilled that students and their families will have the opportunity to see, feel, and shop our products in-person at Office Depot in 200 markets that are around the corner from so many campuses. Students will also be able to place orders over the summer at a store near their hometown and have it ready for pickup at an Office Depot location near their school during move-in—a critical offering that we know our customers are requesting.”
Office Depot is giving 10 people a chance to try the new collection themselves with a dorm makeover. Now through June 24, enter for your chance to win a $500 Office Depot OfficeMax merchandise card to put towards a fully outfitted dorm room for the upcoming school year. No purchase necessary. Visit officedepot.com/giveaways to enter.
About Office Depot Office Depot, LLC, an operating company of The ODP Corporation, is a leading specialty retailer providing innovative products and services delivered through a fully integrated omnichannel platform of Office Depot and OfficeMax retail stores and an award-winning online presence, OfficeDepot.com, to support the productivity and organization of its small business, home office and education clients. Office Depot is committed to enabling its clients’ success, strengthening local communities and providing equal opportunities for all. For more information, visit officedepot.com, download the Office Depot app on your iPhone or Android and follow @officedepot on Facebook, Twitter, Instagram and TikTok.
Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. Any other product or company names mentioned herein are the trademarks of their respective owners.
About Dormify Dormify is a college lifestyle and small-space decorating destination for the style-obsessed. Dormify simplifies the shopping experience for college students and post-grads by curating and creating exclusive products designed for small-space living without sacrificing style. Founded by Amanda Zuckerman and her mom, Karen, in 2011 when Amanda was in college, Dormify has become a trusted resource that makes outfitting your college dorm or apartment with everything you need (and want) stress-free and fun. Dormify has been highlighted by The New York Times, The Washington Post, Good Morning America, and The TODAY Show, and co-founder Amanda Zuckerman was named to Forbes “30 Under 30” list.
In a transformative move to build a dominant healthy hydration platform across North America, Primo Water Corporation and BlueTriton Brands have agreed to merge in an all-stock deal. The combination will create a new water industry juggernaut with over $6.5 billion in projected annual revenues from its diversified portfolio of bottled water, dispensers and delivery services.
The companies announced the definitive merger agreement on June 17th, under which Primo Water shareholders will own 43% of the new combined entity and BlueTriton shareholders will hold the remaining 57% stake. Upon closing, expected in the first half of 2025, the new company will boast significant scale and market presence as the leading pure-play healthy hydration business in North America.
Primo Water, based in Tampa, Florida, is a major provider of sustainable hydration solutions with a broad range of purified bottled waters sold through large format dispensers, watermakers and water refill stations. Its brand stable includes Primo Water, Crystal Springs, Mountain Valley and Sparkletts, among others.
BlueTriton, headquartered in Stamford, Connecticut, owns some of the most recognized regional spring water brands like Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills and Arrowhead. Through its ReadyRefresh home and office delivery service, it also has a strong direct-to-consumer channel.
The combined company projects a staggering $1.5 billion in pro forma adjusted EBITDA for the 12 months ended March 2024, including an expected $200 million in annual cost synergies to be fully realized within three years post-close. Primo and BlueTriton anticipate over $565 million in adjusted free cash flow for that period.
The increased brand presence, diversified offerings across formats and price points, and enhanced distribution capabilities position the combined entity for sustained long-term growth in the healthy hydration space.
BlueTriton’s owner, private equity firm One Rock Capital Partners, sees the deal as creating an industry-leading healthy beverage platform with iconic American water brands that can capitalize on increasing consumer focus on health and wellness. The press release states it is “an important milestone” for the beverage category.
To help fund the integration, Primo Water plans to pay a special dividend of up to $133 million to its current shareholders prior to closing. The new entity intends to maintain Primo’s existing $0.36 per share annualized dividend policy initially.
The transaction, already approved by both companies’ boards, still requires regulatory approvals, a green light from Primo Water shareholders, and court approval of the legal arrangement. But if cleared as expected, the merged business projects a solid financial profile with forecasted leverage of 3.0x net debt to EBITDA at closing and a target to delever to 2.0-2.5x in the medium-term.
With beverage giants increasingly pushing into functional and better-for-you categories, the supercharged scale and brand diversity arising from the Primo-BlueTriton union could make for a powerful contender in capturing health-conscious consumer demand for enhanced, sustainable hydration options.
In the relentless battle for tech supremacy, Apple has reclaimed its throne, dethroning Microsoft as the world’s most valuable public company after unveiling an ambitious artificial intelligence roadmap. The iPhone maker’s market capitalization surged past $3.3 trillion on Wednesday, surpassing Microsoft’s $3.2 trillion valuation, as investors rallied behind Apple’s audacious AI vision.
For years, Apple had remained relatively muted about its artificial intelligence pursuits, even as rivals like Microsoft, Google, and OpenAI raced ahead with generative AI models and conversational assistants. However, the company’s silence was shattered at its Worldwide Developers Conference (WWDC) on Monday, where it unveiled “Apple Intelligence” – a sweeping initiative to infuse AI capabilities across its product ecosystem.
At the core of Apple’s AI strategy is a suite of generative AI features that will be deeply integrated into its software and hardware. From writing assistance in core apps like Mail and Notes to AI-powered image and emoji generation, Apple aims to make artificial intelligence a seamless part of its user experience. Crucially, many of these cutting-edge AI capabilities will be exclusive to the latest iPhone models, potentially driving a surge in device upgrades and sales – a phenomenon analysts are calling an “iPhone super cycle.”
But Apple’s ambitions extend far beyond consumer-facing features. The company also announced plans to integrate large language models developed by OpenAI, a company in which Microsoft is a major investor, into its products and services. This strategic partnership underscores the complex web of alliances and rivalries that are emerging in the AI race.
While Apple’s AI plans have garnered widespread enthusiasm, skeptics question whether the company’s walled garden approach can truly compete with the open ecosystems fostered by rivals like Microsoft and Google. Apple’s insistence on maintaining tight control over its platforms and data has long been a source of contention, and some analysts worry that this could hamper the company’s ability to develop cutting-edge AI models at scale.
Nevertheless, Apple’s AI announcement has sent shockwaves through the tech industry, reigniting the battle for market dominance and technological leadership. As the company leverages its vast resources, cutting-edge hardware, and loyal user base to integrate AI into its products, it is poised to reshape the tech landscape and solidify its position as a formidable force in the AI revolution.
The resurgence of Apple as the world’s most valuable company is a testament to the immense potential – and potential pitfalls – of artificial intelligence. While AI promises to revolutionize industries and reshape the way we live and work, it also raises complex ethical and societal questions that must be grappled with by tech giants and policymakers alike.
As the AI race intensifies, companies like Apple and Microsoft will not only be vying for market supremacy but also shouldering the responsibility of shaping the future of this transformative technology. From addressing issues of bias and privacy to navigating the ethical implications of AI, these tech titans will play a pivotal role in determining how this powerful technology is developed and deployed.
With its latest AI offensive, Apple has reasserted its position as a tech leader, but the battle for AI dominance is far from over. As the industry continues to evolve at a breakneck pace, the companies that can strike the right balance between innovation, ethics, and user trust will emerge as the true winners in this high-stakes race.
QuantaSing is a leading online service provider in China dedicated to improving people’s quality of life and well-being by providing lifelong personal learning and development opportunities. The Company is the largest service provider in China’s online adult learning market and China’s adult personal interest learning market in terms of revenue, according to a report by Frost & Sullivan based on data from 2022. By leveraging its proprietary tools and technology, QuantaSing offers easy-to-understand, affordable, and accessible online courses to adult learners under a variety of brands, including QiNiu, JiangZhen and QianChi, empowering users to pursue personal development. Leveraging its extensive experience in individual online learning services, the Company has also expanded its services to corporate clients including, among others, marketing services and enterprise talent management services.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q3 results disappoint. The company reported Q3 revenue of RMB945.6 million, beating our estimate of RMB860.0 million by 10%. But, adj. EBITDA in the quarter was RMB12.2 million, well below our recently lowered estimate of RMB86.0 million. Notably, the lower than expected adj. EBITDA was due to increased sales and marketing expenses, which likely influenced the revenues in the quarter.
Adjusting business strategy. The company plans to invest more heavily into its new growth verticals, such as e-commerce products geared towards its existing user base, including its private label Chinese liquor sales. Additionally, the company is investing in its overseas learning markets, and in-person teaching locations.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
QuantaSing is a leading online service provider in China dedicated to improving people’s quality of life and well-being by providing lifelong personal learning and development opportunities. The Company is the largest service provider in China’s online adult learning market and China’s adult personal interest learning market in terms of revenue, according to a report by Frost & Sullivan based on data from 2022. By leveraging its proprietary tools and technology, QuantaSing offers easy-to-understand, affordable, and accessible online courses to adult learners under a variety of brands, including QiNiu, JiangZhen and QianChi, empowering users to pursue personal development. Leveraging its extensive experience in individual online learning services, the Company has also expanded its services to corporate clients including, among others, marketing services and enterprise talent management services.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A shift in business strategy. We believe the company plans to invest more heavily into its new growth verticals, such as e-commerce (private label Chinese liquor sales), overseas learning markets, and in-person teaching locations. This is a shift in its priority from its online adult learning services business, which appears to be maturing. As such, we are adjusting our revenue and cash flow outlook for the company.
Fiscal Q3 preview. We are lowering our fiscal Q3 revenue forecast from RMB930.0 million to RMB860.0 million because of anticipated slower revenue growth in its online learning business. Adj. EBITDA is expected to be slightly better than our previous estimate.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Proven Finance Executives Amy Schioldager and Evan Levitt to Join the Board
Wendy Schoppert Appointed Board Chair
BOCA RATON, Fla.–(BUSINESS WIRE)–Jun. 3, 2024– The ODP Corporation (“ODP” or the “Company”) (NASDAQ:ODP), a leading provider of business services, products and digital workplace technology solutions to businesses and consumers, today announced the appointment of financial executives Amy Schioldager and Evan Levitt to its Board of Directors.
The Company also announced that Wendy Schoppert, ODP Board member since 2020, will assume the role of independent Board Chair as Joseph Vassalluzzo steps down from the Board after 11 years of service.
These changes will be effective on June 10, 2024. ODP’s Board size will be increased from seven members to eight, with directors having an average tenure of approximately five years.
“We are thrilled to welcome Amy and Evan to the ODP Board at this juncture, as we continue to evolve our business and position our Company to drive future profitable growth,” said Wendy Schoppert, Chair-Elect of the Board. “They bring valuable perspectives to further enhance the diverse skills of our Board, advance our value creation initiatives, and champion the continued growth of our strong 5C Culture.”
“Both Amy and Evan are proven financial executives with decades of leadership experience at Fortune 500 companies,” Schoppert continued. “With 25 years of experience at BlackRock, Amy brings technical and strategic expertise, having led investment teams across markets and segments, and has deep shareholder and public company governance experience. Evan has extensive financial and audit expertise across industries, as well as a strong understanding of distribution and consumer businesses. We look forward to leveraging their unique backgrounds as we continue to focus on driving long-term profitable growth and shareholder value.
“We would also like to thank Joe for his Board service, including as independent Chairman for the past seven years. His leadership and insight have been instrumental through ODP’s evolution. We wish him all the best in the future,” Schoppert concluded.
About Amy Schioldager
Amy has over 25 years of experience in various leadership positions at BlackRock, Inc., where she led investment teams across global equity markets and client segments. Most recently, Amy served as Senior Managing Director and Global Head of Beta Strategies. In this role, she oversaw $2.5 trillion in assets under management across seven global offices. She also served on BlackRock’s Global Executive Committee, which oversaw $11 billion in profit and loss and 13,000 employees across 30 countries. In addition to her investment and business leadership experience, Amy has strong board experience: she currently serves on the public company boards of Intermediate Capital Group plc and Corebridge Financial Inc, as well as the private organization boards of Boardspan Inc and California State University – East Bay. She previously served on the board of American International Group Inc.
About Evan Levitt
Evan brings over 30 years of experience in finance and accounting and has served in numerous leadership positions across industries. Most recently, Evan was Interim Executive Vice President and Chief Financial Officer at BrandSafway, a leading construction company providing solutions to the industrial, commercial and infrastructure markets. Prior to that, he held various leadership roles at The Home Depot, Inc. / HD Supply Holdings over the course of 17 years, during which time he played a pivotal role in negotiating the sale of HD Supply to The Home Depot, Inc. His most recent role at the company was as Senior Vice President, Chief Financial Officer, Chief Administrative Officer of HD Supply Holdings Inc. He currently serves on the private company boards of Artera Services, where he is a member of the Audit Committee, and WASH, where he serves as the Chairman of the Audit and Risk Committee.
About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services, and technology solutions through an integrated business-to-business (B2B) distribution platform and omni-channel presence, which includes supply chain and distribution operations, dedicated sales professionals, a B2B digital procurement solution, online presence, and a network of Office Depot and OfficeMax retail stores. Through its operating companies ODP Business Solutions, LLC; Office Depot, LLC; Veyer, LLC; and Varis, Inc, The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.
Xcel Brands, Inc. 1333 Broadway 10th Floor New York, NY 10018 United States https:/Sector(s): Consumer Cyclical Industry: Apparel Manufacturing Full Time Employees: 84 Key Executives Name Title Pay Exercised Year Born Mr. Robert W. D’Loren Chairman, Pres & CEO 1.27M N/A 1958 Mr. James F. Haran CFO, Principal Financial & Accou
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Sells LOGO. The company announced on May 24th that it has an agreement to sell its Lori Goldstein (LOGO) assets to Lori Goldstein for an undisclosed amount. As a part of the agreement, the company waives the rights to the unpaid portion of the earn-out for 2023 and a pro rata portion of the earn-out payments for 2024. The sales is expected to be completed by June 21, 2024.
Move viewed favorably. The brand had been waning post Covid given scheduling conflicts with Lori Goldstein and her appearances on QVC. In our view, the move will allow the company to focus on its developing brands including C. Wonder and the recently launched Christie Brinkley’s Towerhill brand. Christie Brinkley is expected to be support her products by her strong social media presence.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
