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16 June 2021
10:00 hour

ECA2021-94 - Information Regarding the Business Combination of Bespoke Capital Acquisition Corp. (BSPE) and Vintage Wine Estates

Nasdaq Trader

07/06/2021 - 19:06

News CategoryAlertMarketsWhat You Need To KnowEquity Corporate Actions Alert#2021-094The Nasdaq Stock Market


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  16. $BSPE Vintage Wine Estates – The SPAC you never heard of! (05/06/2021 - Reddit Stock Market)
    I brought Reddit $FRX and $MUDS first! This one I hope rockets as well. Why I went all in on Wednesday. After all the arbitrage games of keeping SPACs pinned to 10, looks like it is breaking out! See my photo. Business Background: · 10-20 dollar wines is their sweet spot (5% seltzer and hopes to expand into hard cider). · 35% of biz is direct to customer (they did well during pandemic) · Also they make wines for Costco, Target, etc. under their labeling. · Also they have a B2B with tasting rooms and restaurants which is roaring back. · Enterprise value is 680M and 21 revenue est. is around 200M. Trading Plan: · Merger vote happened but did not go below NAV. · Ticker change Tuesday on June 8th and theme has been rev generating companies doing well de-SPAC. $SKIN $BARK $SOFI. · If we get a major rip, I will sell. If not, frankly just don’t see much downside when they own 900 acres, long term leases of thousands of acres, own factory, and have many brands with a strong omnichannel presence. They can borrow very cheap, have low debt, and will grow. So don’t mind waiting it out if my trade does not work. 680M is nothing in this market! Why: · Stockcrusher, VetTech, M-SparCapital are pro traders who manage money on FinTwit and I trust their DD. Retail is not involved at all - yet. Only 110 watchers on Stocktwits. Get in early and frontload institutional investors who will want to buy after de-spac. · Duckhorn $NAPA (similar company) IPOd in March of this year at 15 and in a few days hit 20. Barrons article said if BSPE were valued similarly, shares could rise by 80% or more and that all SPACs being out of favor represent an opportunity. They will have earnings on June 7th, one day before $BSPE becomes $VWE and their stock keeps going up! · Also, they do a lot of M&A (lot of brands under Vintage, one big hit could change the game for them i.e. Bear Claw or Celsius type of drink). They said since most small wineries suffered w/o direct to customer biz during the pandemic they are seeing more attractive buyout offers. They said their guidance has been conservative and have deals to announce after de-SPAC (expect organic and more inorganic growth than guidance). · SPAC sponsor is Paul Walsh who CEO of the largest spirit company Diageo for over a decade (famous for branding Johnnie Walker (created billions of shareholder value and everybody involved knows this industry) · President of Vintage Wines, Terry Wheatley is also chairman of the 2d largest cannabis company in CA and they have cannabis infused drinks ready to go upon fed legalization. · Final bonus, if you own 1000 shares, you get free wine tasting for 4 at any of their 12 rooms across CA and 25% off on wine purchases. Sign up on their Shareholder Passport and see investor presentation at www.vintagewineestates.com   submitted by   /u/Buddy723 [link]   [comments]
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  27. Calling all winos! (09/06/2021 - Reddit Stock Market)
    Calling all wino degenerate gamblers! DISCLAIMER: This is not financial advice. All risk assumed is your own. I may have been drinking when I copy/pasted this so expect errors, omissions, and a statistically light presentation as it has been shown that fundamental analysis (and technical analysis) is essentially worthless. You may win, you may lose, but you can always drink more booze! Drink and trade responsibly! Problem gambling hotline: 1-800-522-4700 Alcohol addiction hotline: 1-800-923-4357 Intro Grab a glass of your favorite vino (maybe a nice cheese tray to accompany it in case you get hungry, this is kinda long), settle down somewhere comfortable, and put your thinking cap on because this is the pibbliest first DD. I present to you VWE, a stock sure to tug at the heartstrings of wine lovers and alcoholics everywhere. Vintage Wine Estates is a family of wineries and wines whose singular focus is producing the finest quality wines and incredible customer experiences. Their words not mine, but honestly how can you not have an incredible experience if you’re half a bottle down? VWE owns wineries throughout Napa, Sonoma, California’s Central Coast, Oregon and Washington State. VWE’s portfolio of wines and spirits includes: GIRARD WINERY CLOS PEGASE SWANSON VINEYARDS B.R. COHN VIANSA SONOMA CAMERON HUGHES WINDSOR VINEYARDS LAETITIA LAYER CAKE BAR DOG FIRESTEED CELLARS CHERRY PIE GAZE GOUGUENHEIM MIDDLE SISTER WINES PURPLE COWBOY DELECTUS WINERY COSENTINO WINERY TAMARACK CELLARS OWEN ROE QUPE CARTLIDGE & BROWNE SABOTAGE WINE SISTERHOOD THE SPLINTER GROUP ALLOY WINE WORKS GIRL & DRAGON CLAYHOUSE WINES BURIED CANE WINES IF YOU SEE KAY NO. 209 GIN SONOMA COAST VINEYARD References: Before I begin, most of the information I reference is pulled from the Management Information Circular dated April 9, 2021 of Bespoke Capital Acquisition Corp (yes it’s a recently completed SPAC, but don’t give up on me, keep reading!). A sentence followed by (xx) indicates the page number from which the information can be found. I’ve also copy/pasted from the Vintage Wine Estates website (www.vintagewineestates.com). If the information comes from somewhere else, I’ll be sure to cite! How They Make $$$ Revenue is generated from wholesale product sold to distributors, wine and other merchandise sold direct to consumers through wine club memberships, winery tasting rooms, and via the internets . The business to business segment sells private label wines and custom winemaking services, and also offers storage services. VWE also sells grapes and does off premise tastings for third party customers (D-4 to D-5). Market Info Over 427m cases of wine are consumed annually in the U.S., with an estimated market of $47b. There are over 10,000 wineries in the U.S. with about 50% indicating a willingness to sell in the next two years (1) – more on why this is good news for VWE in just a moment… Strengths VWE owns 9 winery estates and leases 3 and owns or controls over 900 acres of vineyards. The company has likely completed more brand mergers and acquisitions in the last 10 years in the US than any other company in the industry. As such, VWE is experienced in integrating acquisitions into its production and distribution networks, quickly increasing the sales and margins of the acquired business (D-3). VWE has historical revenue growth of about 21% (EBITDA growth 24%) over the past ten years (1). Pro-forma of the newly SPAC’d company is valued at a 2022 estimated EV/EBITDA of less than 13 and a price to earnings multiple of about 21 (1). VWE stomps in the $10 and up premium and fine wines segment which has grown about 6% annually and the segment is expected to continue to grow at 6% per annum (1). The wine industry is recession resistant (D-11). Good times people wanna party - drink up, bad times people wanna drink their sorrows away – pour me another! Weaknesses As an agriculturally dependent operation, there is seasonality associated with revenue and net income (think growing cycles, processing, transportation, etc). Expect to see lower sales and income January-March and higher October through December (D-10). Threats Interest rate risk: VWE has a $350m credit facility available for use; assuming maximum borrowing from the facility, a 1% increase in the 30 day LIBOR rate would result in an interest expense of about $2m annually (D-10). Raw materials price risk: Wine depends on grapes, so the price, quality and availability of grapes is subject to any factors that affect supply and demand (ex: fires burning through Napa Valley, bugs, shitty weather, drought, etc). VWE doesn’t deal in futes, so this leaves them exposed to price fluctuations (D-10). NAPA aka Duckhorn portfolio: A WVE competitor that makes some amazing wines! Merlot is their premium varietal, and they are also known for their Cabernet Sauvignon bottlings. Duckhorn Vineyards has been named one of the “Top 100 Wineries” in the world seven times by Wine & Spirits, and the 2014 Duckhorn Vineyards Napa Valley Merlot Three Palms Vineyard was named the “2017 Wine of the Year,” by Wine Spectator. Check out www.duckhornportfolio.com for more info. Opportunities VWE expects to grow its business through more acquisitions. Acquisition targets undergo a rigorous, data driven due diligence and underwriting process to assure a meaningful upside in each transaction (D-3). Going back to the market info section, there are a lot of potential acquisition targets ripe for the picking! Remember how the newly SPAC’d company is valued at a 2022 estimated EV/EBITDA of less than 13 and a price to earnings multiple of about 21, the most comparable company, Duckhorn Vineyards (NAPA) , which went public earlier this year, currently trades about 21.5 times 2022 EV/EBITDA and estimated PE of 45. I know you probably suck at numbers like I do, but VWE 13 compared to NAPA 21.5 EV/EBITDA, and PE’s for VWE 21 compared to NAPA 45 (as of April mind you). Wtf does that mean you say? It means this thing has legs to run (wine reference for all you snobs out there…)(1). NAPA is at $22.05 as of and VWE is $12.36 as of 6/8/21 so these numbers are slightly dated, but you get the point. TLDR: Drink wine and go long VWE. Positions: 500 shares and 20 VWE 7/16 15c   submitted by   /u/The_pibbliest [link]   [comments]
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  42. Arko - potentially very promising play or did a newbie misinterpret a merger? (24/02/2021 - Reddit Stock Market)
    Just want to preface this with A) I'm an idiot B) I haven't slept yet so this could literally be me completely missing the obvious So this was a holding company for a merger (?) between them and GPM and moving their listings to us. The holding company has a price of 9 dollars a share but the Tel-Aviv listing has them at over 900 a share......so after merger and listing on the us stock market..... why is the Nasdaq listing 9 dollars if it's the merged company of them and GPM in the us All the info on what's going on - https://www.globenewswire.com/news-release/2020/12/22/2149720/0/en/Haymaker-Acquisition-Corp-II-ARKO-Holdings-Ltd-and-GPM-Investments-LLC-Close-Business-Combination-under-New-Company-ARKO-Corp.html https://www.investing.com/equities/arko - This is the Tel Aviv which seems to have been powering along very well and after checking out both of the parties it seems that even in covid they have been pushing profits in stores they are trading 919 dollars a share Latest report on the business merger completion I could find - https://www.globenewswire.com/news-release/2020/12/22/2149720/0/en/Haymaker-Acquisition-Corp-II-ARKO-Holdings-Ltd-and-GPM-Investments-LLC-Close-Business-Combination-under-New-Company-ARKO-Corp.html So what I can't understand here is that the Nasdaq Arko listing is now? The main holding company or is arko tlv the main. Either way how come the Nasdaq listing is so much lower than the tlv if both are under the same umbrella as it were? They are teaming up and already acquired a evc company to begin a plan of outfitting their stations across the us for the ev boom that's coming aswell as upgrading all underlying stores Also just got good buy recommendation from Raymond James aswell as announcing they will be participating in their institutional investor conference   submitted by   /u/samacora [link]   [comments]
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  44. WeedMaps going public- merger vote date announced for June 10th. (26/05/2021 - Reddit Stocks)
    Ticker is currently $SSPK, will be changing to $MAPS after the merger goes through. Just released yesterday in the S-4/A filing: To Be Held On June 10, 2021 To the Shareholders of Silver Spike Acquisition Corp: NOTICE IS HEREBY GIVEN that an extraordinary general meeting (the “general meeting”) of Silver Spike Acquisition Corp., a Cayman Islands exempted company (“Silver Spike,” “we,” “our” or “us”), will be held on June 10, 2021, at 10:00 a.m. (local time), at the offices of Silver Spike, located at 660 Madison Ave., Suite 1600, New York, New York 10065 for the following purposes: 1. The Business Combination Proposal – To consider and vote upon a proposal to approve the transactions contemplated by the agreement and plan of merger.   submitted by   /u/waltertrading [link]   [comments]
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  45. Bespoke Cap Acquisition reports FY results (15/03/2021 - Seeking Alpha)

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  46. Bespoke Cap Acquisition reports Q1 results (14/05/2021 - Seeking Alpha)

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