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/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> has entered a SID with <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> at A$2.26 (A$2.10 scheme consideration + A$0.16 dividend), a 32.9% premium to the undisturbed price.</li>
<li>The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose a challenge for the scheme to get up. </li>
<li>MUFG’s offer could spark a rival offer, but Link’s long-suffering shareholders have endured a history of failed bids. At the last close, the risk/reward is unfavourable.</li>
</ul>



Link Administration (LNK AU) has entered a SID with Mitsubishi UFJ Financial (MUFG) (8306 JP) at A$2.26 (A$2.10 scheme consideration + A$0.16 dividend), a 32.9% premium to the undisturbed price.
The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose a challenge for the scheme to get up. 
MUFG’s offer could spark a rival offer, but Link’s long-suffering shareholders have endured a history of failed bids. At the last close, the risk/reward is unfavourable.


Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

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

Broadridge Financial Solutions, Inc / Equity Bottom-Up

<ul><li>Broadridge delivered a mixed set of results in the quarter.</li><li>Recurring sales increased by 8% on a constant currency basis, and both segments experienced significant growth but overall revenues were below analyst expectations.</li><li>However, the top-line growth combined with strict expense control helped to boost adjusted EPS by 11% which resulted in an earnings beat.</li></ul>

Broadridge delivered a mixed set of results in the quarter.Recurring sales increased by 8% on a constant currency basis, and both segments experienced significant growth but overall revenues were below analyst expectations.However, the top-line growth combined with strict expense control helped to boost adjusted EPS by 11% which resulted in an earnings beat.

Broadridge Financial Solutions Inc.: Recurring Sales

Credit

Broadridge Financial Solutions, Inc / Credit

<ul><li>Broadridge Financial Solutions is a well-known investor communications and technology-driven solutions provider for the financial services industry.</li><li>The company has had a decent financial performance in recent times and has seen a continuous expansion in investor positions, notwithstanding the market downturn.</li><li>Given their forward testing capabilities, Broadridge is confident of seeing steady growth in investor positions in the coming year.</li></ul>

Broadridge Financial Solutions is a well-known investor communications and technology-driven solutions provider for the financial services industry.The company has had a decent financial performance in recent times and has seen a continuous expansion in investor positions, notwithstanding the market downturn.Given their forward testing capabilities, Broadridge is confident of seeing steady growth in investor positions in the coming year.

Broadridge Financial Solutions Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

<ul><li>This is our first report on Broadridge Financial Solutions, a major investor communications and technology-driven solutions provider for the financial services industry.</li><li>The company delivered a mixed set of results for the quarter meeting revenue expectations of Wall Street but missing out on earnings.</li><li>Given their forward testing, Broadridge anticipates steady growth in investor positions throughout the coming two quarters.</li></ul>

This is our first report on Broadridge Financial Solutions, a major investor communications and technology-driven solutions provider for the financial services industry.The company delivered a mixed set of results for the quarter meeting revenue expectations of Wall Street but missing out on earnings.Given their forward testing, Broadridge anticipates steady growth in investor positions throughout the coming two quarters.

Broadridge Financial Solutions Inc.: Initiation of Coverage – Industry Dynamics & Key Drivers

<ul>
<li>The EGM to approve the <a href="https://www.smartkarma.com/entities/pexa-group-ltd" target="_blank" data-smartkarma-citation="entities:34716:1" rel="noopener">PEXA Group (PXA AU)</a> distribution of <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a>’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.</li>
<li>This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  </li>
<li>Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.</li>
</ul>


The EGM to approve the PEXA Group (PXA AU) distribution of Link Administration (LNK AU)’s remaining 38.49% stake is on 23 December. Shareholders get one PEXA share per 7.52 Link shares.
This marks the latest move to unlock the underlying value by pursuing a breakup strategy. Discussions continue on DND's acquisition of the CM and the BCM business for A$1.27 billion.  
Our base-case SoTP value is A$4.42 per share, which is 28% above the last close. If you haven’t been turned off by the Link saga, it is worth a look.


Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value

United States

Broadridge Financial Solutions Inc. provides technology-based outsourcing solutions to the financial services industry. The Company offers a broad range of solutions that help clients serve their retail and institutional customers across the entire investment lifecycle, including pre-trade, trade, and post-trade processing.

Broadridge Financial Solutions, Inc (BR US)

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Broadridge Financial Solutions, Inc (BR US)

Link Admin (LNK AU): MUFG’s Underwhelming Binding Offer

The presence of several substantial shareholders, lack of irrevocables, a light offer, recent derisking of the business and a long-dated offer pose...

Arun George

Broadridge Financial Solutions Inc.: Recurring Sales

Broadridge delivered a mixed set of results in the quarter. Recurring sales increased by 8% on a constant currency basis, and both segments...

Baptista Research

Broadridge Financial Solutions Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Broadridge Financial Solutions is a well-known investor communications and technology-driven solutions provider for the financial services...

Baptista Research

Broadridge Financial Solutions Inc.: Initiation of Coverage – Industry Dynamics & Key Drivers

This is our first report on Broadridge Financial Solutions, a major investor communications and technology-driven solutions provider for the...

Baptista Research

Link Admin (LNK AU) Sets in Motion a Strategy to Realise Underlying Value

The PEXA distribution marks the latest move to unlock the underlying value by pursuing a breakup strategy. If you haven’t been turned off by the...

Arun George

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