|Bid||0.00 x 1300|
|Ask||0.00 x 1200|
|Day's Range||27.08 - 27.58|
|52 Week Range||15.21 - 34.98|
|Beta (5Y Monthly)||1.66|
|PE Ratio (TTM)||N/A|
|Earnings Date||Oct 29, 2020 - Nov 02, 2020|
|Forward Dividend & Yield||1.00 (3.71%)|
|Ex-Dividend Date||Aug 10, 2020|
|1y Target Est||31.00|
(Bloomberg) -- Private-equity firms including KKR & Co. and Carlyle Group Inc. are betting on a pickup in Japanese deal-making later this year as companies take steps to protect themselves against the coronavirus-fueled downturn.“Corporate demand for consultation over future business models has been growing quite strongly” Kazuhiro Yamada, head of Carlyle’s Japan buyout advisory team, said in an interview. The firm is sitting on substantial amounts of “dry powder” for new transactions, having announced in March it raised 258 billion yen ($2.4 billion) for its fourth Japan buyout fund, more than double the size of its predecessor.Industries that are faced with “very strong headwinds” due to the pandemic may seek to carve out non-essential operations for sale in order to focus on their core business, according to Hirofumi Hirano, chief executive officer of KKR Japan. Firms that are doing well might take the opportunity of such sales to better compete overseas, he added.The pandemic has dealt the same blow to deal-making in Japan as it has around the world. It interrupted the positive trend of recent years, where the role of private equity firms in puchasing and turning around unprofitable businesses jibed well with Prime Minister Shinzo Abe’s efforts to improve corporate governance and strengthen local firms.The value of Japanese transactions worth more than $10 million and involving private-equity funds plunged 56% in the second quarter to $1.45 billion, according to the consultancy Bain & Co.The situation should improve in the rest of the year, Jim Verbeeten, a Bain partner, said in an email, while cautioning that private-equity deal figures can be volatile.“As people begin to anticipate the coronavirus problem will become protracted, companies are likely to step up selection and concentration over the second half,” said KKR’s Hirano.Among the Japan-related deals that have got underway recently, Tokyo Rope Manufacturing Co. said in June it would divest its steel-cord making business in China because the pandemic further hurt customer orders. Pepper Food Service Co. plans to sell its fast-food chain Pepper Lunch to private equity company J-Star Co. to rebuild its main steak restaurant chain Ikinari! STEAK which has been struggling partly due to the fallout from the virus outbreak.Hitachi SaleJapanese conglomerates seem to be “seriously considering” sales of non-core assets through strategy reviews, meaning that many transactions could emerge over the coming months, said Carlyle’s Yamada.One of the biggest recent carve-out deals involved Hitachi Ltd. agreeing in December to sell its chemicals unit to Showa Denko K.K. in a tender offer worth more than $8 billion.Other executives are less optimistic. Atsushi Akaike, co-head of Japan at CVC Capital Partners Ltd., expects such carve-out transactions to decrease this year partly because sellers and buyers likely find it hard to decide the right price for assets in the midst of the pandemic.There is also less pressure on Japanese firms than their U.S. and European counterparts to divest non-essential operations to buttress their finances thanks to the willingness of domestic to keep lending amid government pressure.Still, CVC is undertaking due diligence on several deals, he said. The company’s latest investment in Japan was the purchase in 2017 of massage services provider Riraku KK.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Carlyle Group Inc. is considering options for Logoplaste, including a potential sale that could value the Portuguese plastic-packaging firm at more than 1 billion euros ($1.2 billion), people with knowledge of the matter said.The U.S. buyout firm has picked Barclays Plc and Goldman Sachs Group Inc. to advise on its review of the business, one of the people said, asking not to be identified because the information is private. A potential sale process could begin after the summer and would likely draw interest from rival packaging firms and other private equity funds, the people said.Logoplaste, founded in 1976, makes packaging products for companies including food group Kraft Heinz Co., alcohol producer Diageo Plc and cosmetics maker L’Oreal SA. It manages more than 60 plants across 16 countries and generates revenue of more than 500 million euros, according to a 2019 company report.Carlyle invested about 660 million euros in Logoplaste in 2016, one of the people said. Since then it has worked to grow the company’s packaging facilities in Europe and the Americas. Logoplaste intends to continue expanding, including through potential acquisitions, with any new investor that comes on board, the person said.Buyout funds have been seeking to exit companies that still offer predictable earnings during the coronavirus pandemic so they can return some cash to their investors. Private equity firms have divested $119 billion of assets this year, down 28% from the same period in 2019, according to data compiled by Bloomberg.No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said. Representatives for Carlyle, Barclays and Goldman Sachs declined to comment.Washington-based Carlyle posted positive returns across most of its business lines in the last quarter as assets grew to $221 billion, the firm said in July. The strongest gains came from its private equity funds.(Updates with Carlyle assets in final paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Moody's Investors Service, ("Moody's") assigned a B2 rating to Veritas Bermuda Ltd.'s ("Veritas") proposed senior secured notes, the same rating as the existing secured notes. The new notes are part of a package of new secured debt (term loans and notes) being used to refinance existing senior secured term loans.