Asahi Group Holdings is to pay $2.3bn for Diageo’s business in Kenya, which includes the UK group’s majority stake in East African Breweries. The Super Dry brewer is buying Diageo’s 65% stake in East African Breweries (EABL) and its 53.7% shareholding in Kenyan spirits group UDVK. Earlier this year, it was reported Diageo had hired banking advisers to carry out a review of EABL, which markets beer brands including Tusker and Serengeti Lager. Asahi said the business “offers high growth potential and sta ...

Core Viewpoint - Saudi Aramco is considering significant asset sales, including stakes in oil export and storage terminals, potentially raising over $10 billion as part of its strategy to free up cash for investments and support the Saudi economy [1][2][6]. Group 1: Asset Sales - The firm is weighing the sale of a stake in its oil export and storage terminals, with banks being asked to pitch for feasibility studies for these disposals [1][2]. - Aramco is exploring options to raise fresh equity from the asset sales and may consider a structure similar to a recent $11 billion lease transaction with BlackRock for the Jafurah gas project [2][6]. - The terminals business is viewed as a lucrative asset, and a formal sales process could begin as early as early next year [2][5]. Group 2: Market Context - Oil prices have dropped by approximately 20% this year, prompting Aramco to delay some projects and seek asset sales to generate cash for investments [6][8]. - The company is also considering selling part of its real estate portfolio, which is expected to be valued in the billions and attractive amid plans for increased foreign ownership in the kingdom [2][5]. Group 3: Economic Impact - As the world's largest oil exporter, Aramco plays a crucial role in the Saudi economy, with revenue from energy sales and substantial dividend payouts supporting the kingdom's economic transformation efforts [7][8]. - The company continues to invest in major projects like Jafurah, which is set to start production this year and reach full capacity by 2030 [7][8].

Core Viewpoint - Stonegate Group is planning to sell over 1,000 pubs to reduce its significant debt burden, potentially raising £1bn ($1.32bn) from the sale [1][2]. Group 1: Financial Situation - The company reported revenues exceeding £1.7bn in 2024 but has over £3bn in borrowings as of September 29, 2024, primarily due to its 2019 merger with Ei [2]. - Stonegate's finance costs reached £455m for the year ending September 2024, exacerbated by higher interest rates and increased wage bills due to national insurance and minimum wage hikes [5]. Group 2: Asset Details - The pubs targeted for sale, known as the "platinum" portfolio, consist of 1,034 sites and are considered some of Stonegate's strongest assets, generating £90m in earnings before interest, taxation, depreciation, and amortisation [2][6]. - The portfolio is entirely freehold and located across England and Wales, with no sites in Scotland [6]. Group 3: Strategic Moves - Stonegate has previously securitized the platinum assets through a £638m loan from Apollo, allowing for the potential sale of these assets without negatively impacting the rest of the business [3]. - The company is considering selling the assets in smaller tranches rather than a single transaction, which may attract interest from private equity buyers [4][6].

Group 1 - IHS Holding Limited's share price was $6.99 as of September 16th, with a trailing P/E of 21.18 [1] - The company initiated a strategic review in March 2024 to unlock shareholder value, targeting $500 million to $1 billion from asset and market disposals primarily for debt reduction [2] - IHS completed the sale of its Kuwait operations in December 2024 at a 14.2x adjusted EBITDA, significantly higher than its current trading multiple of around 6x [3] Group 2 - Debt reduction is the company's top priority, expected to improve leverage metrics and reduce financial risk, while also considering options for capital returns like share buybacks or dividends [4] - The market is beginning to recognize the impact of IHS's strategic moves, with further catalysts providing a compelling risk/reward scenario [5] - The company's stock price has appreciated approximately 33.90% since the previous bullish thesis in May 2025, indicating continued cash flow compounding [6]

Core Insights - Barclays PLC has agreed to sell its stake in Entercard Group to Swedbank AB for SEK 2.6 billion ($273 million), with completion expected by year-end pending regulatory approvals [1][10] - The sale aligns with Barclays' strategy to streamline operations and exit non-core markets, following previous divestitures [2][11] - The transaction is expected to release £900 million of risk-weighted assets, increasing Barclays' common equity tier 1 (CET1) ratio by four basis points [3][10] Barclays' Strategic Focus - The disposal of Entercard is part of Barclays' ongoing strategy to focus on wholesale banking, U.S. and U.K. credit cards, and its domestic retail arm [2] - The sale is modest in size but consistent with Barclays' capital discipline and focus on scalable businesses, providing limited earnings impact but enhancing liquidity [4] Entercard Overview - Entercard, established in 2005, is a leading provider of credit cards and personal loans in the Nordic region, with total assets of SEK 36 billion and equity of SEK 5.2 billion as of March 2025 [5] - The company serves 1.5 million customers and employs around 450 staff [5] Swedbank's Strategic Positioning - Swedbank will gain full ownership of Entercard, which will continue to operate under its brand identity, enhancing its position as the largest card issuer in the Nordics and Baltics [6][7] - The acquisition is viewed as a strategic investment, with potential for integration synergies and revenue growth opportunities from cross-selling [8] Broader Industry Context - Barclays has been actively simplifying its business through various divestitures, including its Germany-based consumer finance business and the acquisition of Tesco's retail banking business [11][12] - The bank's shares have performed well, rallying 50.7% this year, outperforming the industry's growth [13]

Financial Data and Key Metrics Changes - The company reported a statutory net profit of AUD 58.2 million for FY 2025, a decrease from AUD 110 million in the previous year [4] - Underlying net profit declined to AUD 26 million from AUD 32.2 million year-on-year, with underlying earnings per share dropping to AUD 0.056 from AUD 0.062 [4][5] - The final dividend declared for FY 2025 is AUD 0.28 per share, bringing the total dividend for the year to AUD 0.43, an increase of over 13% compared to FY 2024 [3][18] Business Line Data and Key Metrics Changes - Management fee revenue decreased by 57.6% compared to the prior period due to asset disposals [14] - Performance fees fell from AUD 11.3 million in FY 2024 to AUD 8 million in FY 2025, primarily attributed to Rock Group and VPC HoldCo [14] - The company achieved a 60% reduction in corporate costs during the financial year [5][27] Market Data and Key Metrics Changes - The fair value estimate of net asset value increased to AUD 15.51 per share at June 30, 2025, up from AUD 13.47 per share a year earlier, representing a growth of over 15% [12][23] - The cash reserves stood at AUD 138 million, despite the reduction due to the share buyback [20] Company Strategy and Development Direction - The company aims to accelerate growth by leveraging high-potential investment opportunities with existing boutique partners and exploring new investment prospects [26] - There is a continued focus on unlocking shareholder value through targeted capital structure initiatives [26] - The company plans to maintain disciplined cost management to support stability and capital efficiency [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining strong momentum built over the past two financial years and emphasized the importance of executing a clear and disciplined plan [25] - The Board is considering debt reduction to improve financial flexibility and resilience [28] Other Important Information - The company completed significant transactions, including the sale of its interest in Carlisle and a partial stake in Victory Park Capital, which contributed to cash inflows and asset realizations [8][9][10] - The investment management function was outsourced, leading to a significant reduction in corporate costs [16] Q&A Session Summary Question: Can you discuss the additional investments in existing affiliates? - The company is considering working capital loans and potential capital injections to support the growth of existing boutiques, without increasing equity stakes [32][34] Question: Any intentions regarding the Abacus instruments? - The company plans to hold the bonds long-term due to their attractive coupon, while monitoring the stock for potential liquidation in the short to medium term [37][39] Question: How does the investment committee approach capital allocation? - The newly formed investment advisory committee will evaluate opportunities based on their potential to deliver accretive growth, focusing on larger investments rather than numerous smaller ones [40][42]