Stock Take 18/05/2021

Oatly applies for IPO

Oatly is a Swedish company that specialises in the development and production of milk substitutes without soy. The oat drinks that adorn themselves with the slogan “Wow no cow” are particularly well-known, but vegan alternatives for yoghurts, cream cheese and ice cream are also part of the Swedes’ product range.

Rickard Öste and Skånska Lantmännen founded Ceba Foods AB in 1994, followed by the launch of the Oatly brand in 2001, after which – another five years later – the company was renamed. Today, the headquarters are in Malmö in the south of Sweden. Meanwhile, Oatly’s plant-based products fill shop shelves in more than 20 countries in Europe and Asia.

In a financing round in July, Oatly secured 200 million US dollars in capital, valuing it at two billion US dollars. Owners include Verlinvest, China Resources and Blackstone, in addition to the founders and several others. Oatly already has prominent support. Among others, Oprah Winfrey and Natalie Portman.

After Beyond Meat was welcomed with open arms on the stock exchange, it can be assumed that the path to the stock market has been set for other companies specialising in plant-based food. The Swedes are the second company on the stock exchange to focus on plant-based products after the IPO, but the first on the stock exchange to produce dairy alternatives.

Oatly filed for an IPO with the US Securities and Exchange Commission (SEC) to make shares available on the stock exchange. The filing reveals several data that should be relevant to investors: In 2020, turnover increased to 421 million US dollars compared to 204 million US dollars in the previous year. However, along with the turnover, the loss also increased. While in 2019, there was a loss of 36 million US dollars, in 2020, it was 60 million US dollars.

Morgan Stanley, JPMorgan and Credit Suisse are leading the IPO to bring Oatly shares to NASDAQ. Further details became known a few days ago: The price range of the shares is to be between 15 and 17 US dollars, 32 million US depositary receipts (ADS) are to be brought to the stock exchange by investors, in addition to 64 million securities from Oatly itself, which are to come from a capital increase. This would bring the company’s valuation at the IPO up to 10 billion US dollars.

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In addition to the recently significantly stronger demand for plant-based foods, it is Oatly’s expansion plans in particular that could drive up the valuation. In addition to the US market, the Swedes are also setting their sights on entering the Chinese market. Moreover, the exclusive cooperation with the Starbucks coffee house chain should also be a good prerequisite – Starbucks has expanded the sale of Oatly products through its 15,000 cafés in the USA. Likewise, the company’s other goals remain ambitious: The group aims to double its turnover to up to 800 million US dollars in 2021.

ElringKlinger in strong demand

German automotive supplier ElringKlinger can look forward to a major order in the fuel cell sector. The joint venture EKPO Fuell Cell Technologies, which is operated together with Plastic Omnium, has been awarded a multi-year order with a total volume in the high double-digit million euro range, ElringKlinger announced on Monday evening. The order is for so-called fuel cell stacks, i.e. stacks of cells.

The client, the Aachen-based mobility company AE Driven Solutions GmbH, equips delivery vehicles for urban areas with fuel cell systems, it added. The start of the series production of the stacks is planned for the first half of 2022. ElringKlinger holds a 60 per cent stake in the joint venture.

ElringKlinger shares reacted strongly to the announcement of the huge order in XETRA trading on Tuesday and closed 3.92 per cent stronger at 14.59 euros.

Walmart with sales growth thanks to shopping boom in the USA

The largest US retailer Walmart has raised its full-year targets after a strong first quarter. In the three months to the end of April, operating profit rose by a good 32 per cent year-on-year to 6.9 billion dollars, Walmart announced in Bentonville on Tuesday. Revenues rose by only 2.7 per cent to 138.3 billion dollars but suffered significantly from the sale of parts of the international business. The boom in online sales also eased somewhat. This time, the increase in turnover was 37 per cent, compared to 69 per cent in the previous quarter.

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In the US home market, Walmart benefited strongly from the billion-dollar government aid programmes to overcome the corona crisis, which gave a strong boost to consumer spending. Like-for-like sales grew six per cent – much more than analysts expected. “Our optimism is higher than it was at the start of the year,” said group CEO Doug McMillon. “It’s clear that US consumers want to get out and shop.” Walmart is now looking at a significant increase in profits for the current financial year.

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Walmart shares rose 2.10 per cent to 141.81 US dollars in NYSE trading.

Lufthansa pushes for the opening of US flight market

Given the increasing demand for tickets, Lufthansa has called for a relaxation in air traffic with the USA. A perspective is now needed on how to travel between the USA and Europe can once again be made possible on a larger scale, explained board member Harry Hohmeister. 

With falling corona infection figures and rising vaccination rates, a cautious opening is possible. Germany needs an “opening perspective for the transatlantic”, Hohmeister said. In the past two weeks, booking figures for summer flights to the USA to the destinations New York, Miami and Los Angeles had also risen by up to 300 per cent. From June, Lufthansa will be flying again to other US destinations such as Orlando and Atlanta. Currently, there are only a few exceptions to the general ban on entry from the Schengen area to the USA and vice versa.

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