Tiffany (NYSE:TIF) – Fundamentally attractive business with a timeless brand

Fundamentally attractive business with a timeless brand Market Cap and EV of ~$9.5bn, dividend yield c.1.9% Fundamentally attractive business with dominant luxury position, global presence and pricing power Timeless brand (est. 1837), enshrined in history through the 1961 movie “Breakfast at Tiffany’s” (priceless, wide moat) Currently focused on improving store experience, refreshed marketing and advancing …

China Pet Food – Is Private Equity barking up the wrong tree?

Deal activity at an all-time high: There have been more than 44 M&A deals in 2018 so far, with multiples reaching north of 25x EBITDA Significant Private Equity interest in the sector with boasts 90% recurring sales, high margins and opportunities across the value chain and in adjacencies (e.g. pet tech and pet health) Corporates …