Equity Research

Tesla shares are up 60% over the past 12 months—performing relatively well even with the impacts of the coronavirus on the broader stock market (S&P 500 down ~11% over the same period). We dissect the drivers and unpack what the market is building into TSLA’s valuation.

For many years, the IPO market appeared dormant. 2019, however, is bucking the trend with a large number of high-profile tech companies going live on stock exchanges. Not all of these IPOs have been successes. What is the process and what determines success (or lack thereof)?

One of the most notable developments of recent years has been the boom in veganism. The Beyond Meat Company’s IPO in May 2019 captured this zeitgeist and is one of the stand-out financial events of the year. Can the company live up to the hype and satisfy its investors?

As Airbnb may soon IPO, how does it compare against more traditional businesses in the travel space? We compare it to another top company in the travel sector, Expedia, and analyze how their originally divergent strategies are slowly converging.

Warren Buffett’s reputation as an investor has become legendary. What can an individual investor learn from Warren Buffett’s investment philosophy, investing strategy, and past mistakes?

Share buyback schemes, if executed poorly, can be disastrous for shareholders and company stakeholders. Using three examples from the UK market, reasons for failure are explored with some suggested remedies for managers making capital allocation decisions.

Share buybacks have become a popular financial tool for cash-rich businesses that are running short on sufficient projects to invest in. Three case studies are presented here that demonstrate when share buyback schemes are successes.

This year, Spotify will move its headquarters from Manhattan’s Chelsea neighborhood downtown to the Financial District. Beyond its physical presence, Spotify will also make its mark at NYSE when it goes public via direct listing, an unusual choice. What is expected to be the largest tech public debut of 2018 has set Wall Street and the music industry abuzz, with everyone eager to see how this unconventional approach will play out.

This article covers everything you need to know: a brief overview of the typical IPO process, how the direct listing will function, why Spotify chose to buck tradition, potential motivations behind the decision, and its potential implications.

The fitness industry is large, growing steadily and rapidly evolving. Since the 1980s, health club locations and memberships have more than tripled to 36,000 and 57 million, respectively. Yet, over the past decade, 35% of its customer base has shifted away from incumbent brands.

This article analyzes some of the shifts in the fitness industry that are illustrative of broader economic issues and highlights interesting implications for other consumer-facing businesses.