Owner and CEO, GR20 Research

Gregory Ramirez

Owner and CEO

Industry Research and Consulting Services

GR20 Research

GR20 Research provides industry research and consulting services

Thematic (Sector/Industry)

<ul>
<li>Fortnox has announced a public tender offer from EQT and First Kraft for SEK90 per share, valuing the company at SEK54.9bn, representing a 38% premium over the last closing price.   </li>
<li>The Fortnox deal signals a recovery in Software M&amp;A activity in 2025. It highlights the growing trend of SaaS companies going private, following similar moves by other European SaaS firms.   </li>
<li>Despite the premium, some shareholders may be dissatisfied. Similar criticisms have arisen in other recent deals, but the offer might succeed due to Fortnox's outstanding stock market performance.</li>
</ul>


Fortnox has announced a public tender offer from EQT and First Kraft for SEK90 per share, valuing the company at SEK54.9bn, representing a 38% premium over the last closing price.   
The Fortnox deal signals a recovery in Software M&amp;A activity in 2025. It highlights the growing trend of SaaS companies going private, following similar moves by other European SaaS firms.   
Despite the premium, some shareholders may be dissatisfied. Similar criticisms have arisen in other recent deals, but the offer might succeed due to Fortnox's outstanding stock market performance.


European Software: Fortnox (FNOX SS) Going Private – Might Makes Right

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Quantitative Analysis

<ul>
<li>Despite gold hitting record highs this month, ownership of key gold mining stocks among EM managers remains muted.</li>
<li>AngloGold Ashanti and Harmony Gold Mining have both experienced consistent gains in ownership since their 2023 lows.</li>
<li>Oaktree, Overstone and Vontobel EM strategies hold some of the larger portfolio positions in select Gold stocks.</li>
</ul>


Despite gold hitting record highs this month, ownership of key gold mining stocks among EM managers remains muted.
AngloGold Ashanti and Harmony Gold Mining have both experienced consistent gains in ownership since their 2023 lows.
Oaktree, Overstone and Vontobel EM strategies hold some of the larger portfolio positions in select Gold stocks.


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>RBI has expanded PSL norms higher loan limits, broader beneficiary definitions, and new incentives to push credit into underserved sectors and geographies.</li>
<li>This modernizes India's financial inclusion framework, aligns credit policy with inflation, green goals, and gender inclusion, and reduces compliance friction for banks.</li>
<li>PSL is evolving into a growth lever, not just a mandate impacting loan strategies, certificate pricing, and long-term retail credit profitability for banks and fintechs.</li>
</ul>


RBI has expanded PSL norms higher loan limits, broader beneficiary definitions, and new incentives to push credit into underserved sectors and geographies.
This modernizes India's financial inclusion framework, aligns credit policy with inflation, green goals, and gender inclusion, and reduces compliance friction for banks.
PSL is evolving into a growth lever, not just a mandate impacting loan strategies, certificate pricing, and long-term retail credit profitability for banks and fintechs.


RBI’s Overhaul of India’s Priority Sector Lending Norms

<ul>
<li>Automobile industry is expected to witness a mixed performance in FY25 Volume growth, with robust growth in tractors, moderate increases in 2W’s and PV’s, and a slight decline in CV’s</li>
<li>Favorable farmer sentiment driving tractor demand and substantial export opportunities for 2W’s are key growth triggers anticipated.</li>
<li>
<a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a> with a revenue share of 80% from tractor business, foresees significant growth driven by a robust domestic market and double-digit growth in their export business. </li>
</ul>


Automobile industry is expected to witness a mixed performance in FY25 Volume growth, with robust growth in tractors, moderate increases in 2W’s and PV’s, and a slight decline in CV’s
Favorable farmer sentiment driving tractor demand and substantial export opportunities for 2W’s are key growth triggers anticipated.

Escorts Kubota Limited (ESCORTS IN) with a revenue share of 80% from tractor business, foresees significant growth driven by a robust domestic market and double-digit growth in their export business. 


Automobile Industry FY25: Expectations for Different Verticals

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>The cabinet approved a Rs. 22,919 cr PLI for non-semiconductor electronics to boost domestic manufacturing, aiming for significant investment and job creation.</li>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a>'s IPO, initially filed in 2016, faces a potential two-year delay due to regulatory concerns flagged by SEBI, despite recent improvements in share transfer efficiency.</li>
<li>India's defence manufacturing achieved Rs. 1.27 lakh crore output in FY24 and aims for Rs. 3 lakh crore by 2029 through indigenous development and policy reforms.</li>
</ul>


The cabinet approved a Rs. 22,919 cr PLI for non-semiconductor electronics to boost domestic manufacturing, aiming for significant investment and job creation.

National Stock Exchange (NSEIN IN)'s IPO, initially filed in 2016, faces a potential two-year delay due to regulatory concerns flagged by SEBI, despite recent improvements in share transfer efficiency.
India's defence manufacturing achieved Rs. 1.27 lakh crore output in FY24 and aims for Rs. 3 lakh crore by 2029 through indigenous development and policy reforms.


#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

United Arab Emirates
Insights on United Arab Emirates

European Software: Fortnox (FNOX SS) Going Private – Might Makes Right

Fortnox receives public tender offer from EQT and First Kraft for SEK90/share, signaling a rebound in Software M&A activity. Some shareholders may...

Gregory Ramirez

Gold Miners: Off the Radar

Despite gold hitting record highs this month, ownership of key gold mining stocks among active emerging markets managers remains muted.

Steven Holden

RBI’s Overhaul of India’s Priority Sector Lending Norms

RBI's expanded PSL norms aim to boost credit in underserved sectors, align with inflation and green goals, and reduce compliance friction for...

Nimish Maheshwari

Automobile Industry FY25: Expectations for Different Verticals

Mixed performance expected in FY25 for automobile industry with strong growth in tractors, moderate increases in 2W’s and PV’s, and slight decline...

Nimish Maheshwari

#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...

Sudarshan Bhandari

European Software: Fortnox (FNOX SS) Going Private – Might Makes Right

​Fortnox receives public tender offer from EQT and First Kraft for SEK90/share, signaling a rebound in Software M&A activity. Some shareholders may...

Gregory Ramirez

Gold Miners: Off the Radar

Despite gold hitting record highs this month, ownership of key gold mining stocks among active emerging markets managers remains muted.

Steven Holden

RBI’s Overhaul of India’s Priority Sector Lending Norms

​RBI's expanded PSL norms aim to boost credit in underserved sectors, align with inflation and green goals, and reduce compliance friction for...

Nimish Maheshwari

Automobile Industry FY25: Expectations for Different Verticals

​Mixed performance expected in FY25 for automobile industry with strong growth in tractors, moderate increases in 2W’s and PV’s, and slight decline...

Nimish Maheshwari

#129 India Insight: GOI’s 23k Cr PLI for EMS, NSE 2 Yrs IPO Delay?, Indian Defence Soars

​Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...

Sudarshan Bhandari

Fortnox receives public tender offer from EQT and First Kraft for SEK90/share, signaling a rebound in Software M&A activity. Some shareholders may...

RBI's expanded PSL norms aim to boost credit in underserved sectors, align with inflation and green goals, and reduce compliance friction for...

Mixed performance expected in FY25 for automobile industry with strong growth in tractors, moderate increases in 2W’s and PV’s, and slight decline...

Cabinet approves PLI for non-semiconductor electronics, NSEIN's IPO faces delay, India aims for Rs. 3 lakh crore defence manufacturing output by...