29 May Watchlist đź‘€

 

Today we are watching…

1. LATAM Airlines (#ltm-adr)

It’s time to make money from math. This South American airline went bankrupt last weekend with around $8 billion worth of debt. It has $1 billion in cash, it’s burning $300 million per week, and it made only $2.2 billion in earnings last year before coronavirus struck, and fliers disappeared. The chances of the debt getting paid off with anything left for the shareholder is slim to nothing, but the market still awards LATAM with a billion-dollar market capitalization. The best-case scenario is that current investors get ten percent of the shares in a reorganized airline because unsecured debtors only have valid claims against the Brazilian part of the business, which is still in operation. This is live one!

2. Cisco (#csco)

Cisco handles the internet’s infrastructure, and its services have been in hot demand lately as companies seek to improve security before permanently switching to remote video meetings. It’s now acquired ThousandEyes for one-billion-dollars, and over video meetings as well for good measure. “It was tough to sign a deal like this without ever walking into the same room,” but they got it done, and it’s just the ticket for Cisco. ThousandEyes is a cloud business that spots bugs and monitors companies’ networks for outages. Shares in acquiring companies usually fall as cash from the balance sheet disappears to complete big transactions, but this pair share synergies!

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