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/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> has entered a scheme implementation deed with <a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a> at A$68.50 per share, a 33.6% premium to the undisturbed price (14 February).</li>
<li>The offer will close in 2H, requiring several approvals - FIRB, CFIUS, HSR Act clearance, German Ministry FDI, German Federal Cartel Office clearance, and Turkish Competition Authority.</li>
<li>The offer price is attractive and 31% above the all-time high, lowering the chance of a competing proposal. At the last close, the gross spread is 3.8%.</li>
</ul>



Altium Ltd (ALU AU) has entered a scheme implementation deed with Renesas Electronics (6723 JP) at A$68.50 per share, a 33.6% premium to the undisturbed price (14 February).
The offer will close in 2H, requiring several approvals - FIRB, CFIUS, HSR Act clearance, German Ministry FDI, German Federal Cartel Office clearance, and Turkish Competition Authority.
The offer price is attractive and 31% above the all-time high, lowering the chance of a competing proposal. At the last close, the gross spread is 3.8%.


Altium (ALU AU): Renesas (6723 JP) Binding A$68.50 Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/renesas-electronics-corp" target="_blank" data-smartkarma-citation="entities:15933:1" rel="noopener">Renesas Electronics (6723 JP)</a>, a supplier of advanced semiconductors, is offering <a href="https://www.smartkarma.com/entities/altium-ltd" target="_blank" data-smartkarma-citation="entities:18626:1" rel="noopener">Altium Ltd (ALU AU)</a> shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.</li>
<li>Back in June 2021, Altium <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02382370-2A1302312" target="_blank" rel="noopener">rejected</a> a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant <a href="https://www.smartkarma.com/entities/autodesk-inc" target="_blank" data-smartkarma-citation="entities:13211:1" rel="noopener">Autodesk</a>. This was discussed in <a href="https://skr.ma/we6mt" target="_blank" rel="noopener">Altium Ltd (ALU) Rebuffs Autodesk Offer </a>
</li>
<li>This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.</li>
</ul>



Renesas Electronics (6723 JP), a supplier of advanced semiconductors, is offering Altium Ltd (ALU AU) shareholders A$68.50/share, in cash, a lifetime high, by way of a Scheme.
Back in June 2021, Altium rejected a A$38.50/share NBIO, then a A$40/share verbal Offer, from US engineering software giant Autodesk. This was discussed in Altium Ltd (ALU) Rebuffs Autodesk Offer 

This is compelling Offer for Altium. For Renesas, this transaction is a paradigm shift away from its core semiconductors manufacturing ops.


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>Autodesk Inc. delivered a solid result and managed an all-around beat in the last quarter.</li><li>The company's transition from upfront to annual billings for multiyear contracts continued, impacting billings but increasing deferred revenue.</li><li>Autodesk managed its capital allocation efficiently, repurchasing shares and focusing on disciplined profit and cash flow growth.</li></ul>

Autodesk Inc. delivered a solid result and managed an all-around beat in the last quarter.The company's transition from upfront to annual billings for multiyear contracts continued, impacting billings but increasing deferred revenue.Autodesk managed its capital allocation efficiently, repurchasing shares and focusing on disciplined profit and cash flow growth.

Autodesk Inc.: 4 Reasons Why The Company Plays Indispensable Role In AEC Industries

Equity Capital Markets

<ul><li>The last quarter was decent for Autodesk as it managed to meet the revenue expectations as well as the earnings expectations of Wall Street.</li><li>Key indicators remained consistent with the previous quarter, with modest growth in product usage, record bid activity on BuildingConnected, and improved renewal rates.</li><li>Autodesk is driving innovation and transformation, shifting from products to capabilities, exemplified by the successful launch of the AEC industry cloud, Forma.</li></ul>

The last quarter was decent for Autodesk as it managed to meet the revenue expectations as well as the earnings expectations of Wall Street.Key indicators remained consistent with the previous quarter, with modest growth in product usage, record bid activity on BuildingConnected, and improved renewal rates.Autodesk is driving innovation and transformation, shifting from products to capabilities, exemplified by the successful launch of the AEC industry cloud, Forma.

Autodesk Inc.: Next-Generation Building Design On the Cloud – Key Drivers

<ul><li>Despite pandemic, geopolitical, policy, and macroeconomic headwinds, Autodesk gave a strong financial performance in the quarter and delivered an all-around beat.</li><li>The product subscription renewal rate and its net revenue retention rate remain strong.</li><li>The company continues to make excellent progress in its strategic initiatives, which drives accelerating the adoption of the Autodesk Construction Cloud.</li></ul>

Despite pandemic, geopolitical, policy, and macroeconomic headwinds, Autodesk gave a strong financial performance in the quarter and delivered an all-around beat.The product subscription renewal rate and its net revenue retention rate remain strong.The company continues to make excellent progress in its strategic initiatives, which drives accelerating the adoption of the Autodesk Construction Cloud.

Autodesk Inc.: Launch of Moxion Rooms & Other Drivers

United States

Autodesk, Inc. supplies PC software and multimedia tools. The Company's two-dimensional and three-dimensional products are used across industries and in the home for architectural design, mechanical design, geographic information systems and mapping, and visualization applications. Autodesk's software products are sold worldwide through a network of dealers and distributors.

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Autodesk Inc (ADSK US)

Altium (ALU AU): Renesas (6723 JP) Binding A$68.50 Offer

The offer price is attractive and 31% above the all-time high, lowering the chance of a competing proposal. At the last close, the gross spread is...

Arun George

Renesas' Transformative Offer For Altium

Trading at a gross/annualised spread - assuming September completion - of 4.6%/7.9%. Inclusive of a A$0.25/share interim dividend. Pretty clean...

David Blennerhassett

Autodesk Inc.: 4 Reasons Why The Company Plays Indispensable Role In AEC Industries

Autodesk Inc. delivered a solid result and managed an all-around beat in the last quarter. The company's transition from upfront to annual...

Baptista Research

Autodesk Inc.: Next-Generation Building Design On the Cloud – Key Drivers

The last quarter was decent for Autodesk as it managed to meet the revenue expectations as well as the earnings expectations of Wall Street. Key...

Baptista Research

Autodesk Inc.: Launch of Moxion Rooms & Other Drivers

Despite pandemic, geopolitical, policy, and macroeconomic headwinds, Autodesk gave a strong financial performance in the quarter and delivered an...

Baptista Research

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