The 2026 IPO Test: SpaceX, Cerebras, Dangote and the new IPO cycle
SpaceX, Cerebras, China Resources New Energy, Dangote, Airtel Money, OpenAI and Anthropic run through the five questions of The IPO Test.
The Number Behind the Number | 02 Remgro
Rupert Beleggings’ B shares are 7% of Remgro’s shares but carry 43% of its votes. Why the size of a holding and the size of a voice are not the same.
Who is Subramanian Sarma? The engineer who built L&T’s hydrocarbon business now oversees its core EPC businesses
Subramanian Sarma has sat on L&T’s board since 2015 and now oversees its core EPC businesses as Deputy MD & President. His board record and what to watch.
Global debt tops $365 trillion: an ESR outlook on six economies
Global debt tops $365 trillion. InsidEntity’s ESR reads six economies: five sit in Benchmark, while South Africa is one inflation print from Unsustainable.
The Number Behind the Number | 01 Naspers
Naspers reported US$11.6bn in profit for FY2026. Excluding Tencent’s dividend, free cash flow was US$253m. The number behind the number.
Moody’s rated Standard Bank and Nedbank in one sentence. The audit clock decides which one leads.
Moody’s gave Standard Bank and Nedbank the same Ba2 rating. On governance, Nedbank leads 4.37 to 3.88, and one auditor rotation could reverse that.
Nissan’s Board Said Motoo Nagai Was Independent. Its Shareholders Disagreed.
Nissan’s board judged a long-serving outside director independent. Two proxy advisers and its largest alliance partner disagreed, and so did shareholders.
AVI made more money. The balance sheet tells the better story.
Revenue rose 1.4% and net debt fell 26.4%. Why AVI’s board could return about R1.02 billion to shareholders, and why its two ratings differ.
Frasers nearly doubled its Hugo Boss stake and took the chair. The Shareholder Influence pillar would not move.
Frasers Group lifted its Hugo Boss stake from 26.06% to 47.89% and its CEO became chair. Why the Shareholder Influence pillar reads 4.50 either way.
Japan’s ESR has not moved in three months. Its central bank just raised rates to a 31-year high.
Japan’s Economic Sustainability Rating held at 5 as the Bank of Japan raised rates to a 31-year high. The rating is not stale; it measures something else.