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WHAT'S ON TAP
HOT OFF THE PRESS
Jamieson Wellness to go private for $2.5B
After getting an unsolicited bid, Jamieson (JWEL) is getting taken out for $2.5B by Japanese conglomerate Kirin - who’s buying their way into North America…
… at a reasonable price, with the $45.75 per share offer representing ~14x NTM EBITDA - a ~30% premium to recent trading but in line with JWEL’s average valuation.
The willingness to pay up speaks to the durability of the Jamieson’s end markets, with an aging population providing support for decades to come…
… and a longevity focused younger demographic representing meaningful growth upside. Great company, tough to see this one go.
Shopify runs 20% on Q2
Shopify (SHOP) is up nearly 20% since reporting a Q2 beat, which brought 34% growth on the top line that management expects can continue…
… thanks to payments penetration, B2B GMV growth, and continued international momentum. That’s showing up in SHOP’s unit economics, with FCF margins expanding to >18% and tracking to ~20% in Q3…
… supporting its aggressive buyback, with nearly $2B of its current $5B program chewed through in H1…
… as management takes advantage of its current valuation.
ON OUR RADAR
Flagging Celestica’s $3B equity raise, which comes on the heels of a strong Q2 and will be used to fund its ambitious CapEx plans to support demand.
Gran Tierra (GTE) ran ~40% after the $1.3B divestiture of its oil assets in Colombia and Ecuador, leaving its gas-heavy Canadian footprint and $315M of cash…
… with the buyer assuming GTE’s long-dated notes and the company using proceeds to redeem its 2027 notes - generating $80M of annual interest savings and freeing up capacity for buybacks.
GAINERS & LOSERS
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ATS Corp. (ATS) sank 27% on its Q1 results, with revenue landing below guidance and management pointing to weakness in Q2…
… driven by a continued wind-down in transportation, order slippage, and large project timing - all of which are weighing on the backlog.
Alongside the print, management announced an 18-month cost-discipline initiative they expect will drive 250 bps of margin improvement once finished…
… though investors will likely wait for proof of execution before giving ATS shares a sustainable bid.
Premium Brands (PBH) sold off 14% on its Q2, which missed small but came with a cut to the 2026 guide - driven by deferred launches in the US, low margin shedding, and softer foodservice volumes in Canada.
Management called out the headwinds as timing-related, citing strong end market demand for its recently added capacity that should result in higher FCF conversion, leverage reduction…
… and a re-rate if the company can execute.
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