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I'm currently looking at Becton Dickinson's (BD) spinoff of its Diabetes Care unit, named 'Embecta'. It'll take place on April 1st. The distribution ratio i.e., how many shares BD shareholders will get in the new company, is still unclear. But there are some promising signs. First, management is launching a presentation of Embecta tomorrow, implying that they could end up having a substantial equity stake in the new firm (aligning their interests with ours). About 60% of the CEO's 2021 total comp came in the form of equity awards. Second, the business appears attractive. Embecta generated $1.2 billion in 2021 sales and $415 million in net income (an excellent 36% NI margin, with EBIT margin at 39%). Half of sales were ex-U.S. Most people who treat their diabetes with medication use injection therapy, and Embecta is the leading provider of injection devices. So, these are the reasons that I'm keeping tabs on the firm. I think there will be more info when the presentation comes online tomorrow. For now, read the prospectus here: https://investors.bd.com/static-files/9208a877-eff6-4426-89ae-c6c4e1faab35

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Michelmersh, gesco ag, crh and Finsbury foods

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