IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a> has received a competing proposal from Alludo. The offer is A$2.00 via a scheme or an off-market takeover at A$2.00, with a 50.1% minimum acceptance condition.</li>
<li>Unsurprisingly, the Board rejected Potentia’s A$1.80 per share off-market takeover offer. Potentia has three options - lift its offer, do nothing or sell into Alludo’s offer. </li>
<li>While Alludo’s offer is 11.1% above Potentia’s offer, it is far from a knockout bid. Therefore, there is a good chance that Potentia returns with improved terms.</li>
</ul>



Nitro Software Ltd (NTO AU) has received a competing proposal from Alludo. The offer is A$2.00 via a scheme or an off-market takeover at A$2.00, with a 50.1% minimum acceptance condition.
Unsurprisingly, the Board rejected Potentia’s A$1.80 per share off-market takeover offer. Potentia has three options - lift its offer, do nothing or sell into Alludo’s offer. 
While Alludo’s offer is 11.1% above Potentia’s offer, it is far from a knockout bid. Therefore, there is a good chance that Potentia returns with improved terms.


Nitro Attracts a Competing Offer from KKR's Alludo

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a> entered a trading halt in response to Potentia’s off-market takeover offer of A$1.80 per share, a 13.9% premium to its previous rejected offer of A$1.58.</li>
<li>Potentia will block rival schemes and not accept competing takeover offers. This move will make it hard for the Board to convince a rival bidder to table an offer.</li>
<li>Potentia wants a friendly offer and placed majority Board support as a condition. The offer is unattractive but Potentia has hinted at improved terms if provided due diligence access. </li>
</ul>



Nitro Software Ltd (NTO AU) entered a trading halt in response to Potentia’s off-market takeover offer of A$1.80 per share, a 13.9% premium to its previous rejected offer of A$1.58.
Potentia will block rival schemes and not accept competing takeover offers. This move will make it hard for the Board to convince a rival bidder to table an offer.
Potentia wants a friendly offer and placed majority Board support as a condition. The offer is unattractive but Potentia has hinted at improved terms if provided due diligence access. 


Nitro’s Carrot-And-Stick A$1.80 Takeover Offer from Potentia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nitro-software-ltd" target="_blank" data-smartkarma-citation="entities:30943:1" rel="noopener">Nitro Software Ltd (NTO AU)</a> entered a trading halt in response to an AFR report that Potentia has lobbed an indicative non-binding proposal at A$1.58 per share.</li>
<li>Potentia’s offer follows its success in securing a 17% stake at A$1.58 per share on Monday night. The stake is large enough to deter rival schemes. </li>
<li>The offer is opportunistic and unattractive. However, the ability of Potentia to relatively quickly secure a significant stake suggests that the Board will be under pressure to engage.</li>
</ul>



Nitro Software Ltd (NTO AU) entered a trading halt in response to an AFR report that Potentia has lobbed an indicative non-binding proposal at A$1.58 per share.
Potentia’s offer follows its success in securing a 17% stake at A$1.58 per share on Monday night. The stake is large enough to deter rival schemes. 
The offer is opportunistic and unattractive. However, the ability of Potentia to relatively quickly secure a significant stake suggests that the Board will be under pressure to engage.


Nitro’s Opportunistic A$1.58 Offer from Potentia

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Adobe has witnessed a particularly robust demand over Experience Cloud, Document Cloud, and Creative Cloud.</li><li>Adobe is winning in its established business and is viewing significant momentum in innovative categories.</li><li>During the quarter, it hiked prices for particular creative cloud subscriptions which helped the revenue growth.</li></ul>

Adobe has witnessed a particularly robust demand over Experience Cloud, Document Cloud, and Creative Cloud.Adobe is winning in its established business and is viewing significant momentum in innovative categories.During the quarter, it hiked prices for particular creative cloud subscriptions which helped the revenue growth.

Adobe Inc.: Creative Cloud Upside & Other Drivers

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/forter-inc" target="_blank" data-smartkarma-citation="entities:35955:1" rel="noopener">Forter (1397978D LN)</a> uses machine learning to detect fraud and approve online transactions in real-time.</li>
<li>With the surge in online shopping with COVID-19, the amount of online fraud increased, allowing Forter to experience strong revenue growth.</li>
<li>New product innovations and a number of strong partnerships will continue to drive the company forward.</li>
</ul>



Forter (1397978D LN) uses machine learning to detect fraud and approve online transactions in real-time.
With the surge in online shopping with COVID-19, the amount of online fraud increased, allowing Forter to experience strong revenue growth.
New product innovations and a number of strong partnerships will continue to drive the company forward.


Forter: New Products and Strong Partnerships Driving Growth for Fraud Solutions

United States

Adobe Systems Incorporated develops, markets, and supports computer software products and technologies.  The Company's products allow users to express and use information across all print and electronic media.  Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.

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Adobe Systems (ADBE US)

Nitro Attracts a Competing Offer from KKR's Alludo

While Alludo’s offer is 11.1% above Potentia’s offer, it is far from a knockout bid. Therefore, there is a good chance that Potentia returns with...

Arun George

Nitro’s Carrot-And-Stick A$1.80 Takeover Offer from Potentia

The offer is unattractive but Potentia has hinted at improved terms if provided due diligence access. An offer of around A$2.00 per share should...

Arun George

Nitro’s Opportunistic A$1.58 Offer from Potentia

AFR reports Potentia has lobbed a bid at A$1.58. While the offer is unattractive, the ability of Potentia to secure a significant stake suggests...

Arun George

Adobe Inc.: Creative Cloud Upside & Other Drivers

Adobe has witnessed a particularly robust demand over Experience Cloud, Document Cloud, and Creative Cloud. Adobe is winning in its established...

Baptista Research

Forter: New Products and Strong Partnerships Driving Growth for Fraud Solutions

Forter uses machine learning to detect fraud and approve online transactions in real-time. With surge in online shopping with COVID-19, the amount...

Shifara Samsudeen, ACMA, CGMA

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