European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Shareholders of Cambridge (UK)-based  <a href="https://www.smartkarma.com/entities/abcam-plc-fdbd66c6-5b3f-46b0-9e33-c7c79214544f" target="_blank" data-smartkarma-citation="entities:38641:1" rel="noopener">Abcam (ABCM US)</a> followed Glass Lewis and ISS recommendations and approved (&gt;84%) the scheme resolutions at both the Court Meeting and the GM.</li>
<li>The $24/share cash offer represents 10x EV/Fwd Revenue, 25x EV/Fwd NTM EBITDA. <a href="https://www.smartkarma.com/entities/danaher-corp" target="_blank" data-smartkarma-citation="entities:8243:1" rel="noopener">Danaher Corp (DHR US)</a> and Abcam have guided that the transaction is expected to close by mid-2024.</li>
<li>Spread is 3.21%/6.21% (gross/annualised, assuming settlement by 30 May). From the current levels, I see a balanced risk/reward.</li>
</ul>


Shareholders of Cambridge (UK)-based  Abcam (ABCM US) followed Glass Lewis and ISS recommendations and approved (&gt;84%) the scheme resolutions at both the Court Meeting and the GM.
The $24/share cash offer represents 10x EV/Fwd Revenue, 25x EV/Fwd NTM EBITDA. Danaher Corp (DHR US) and Abcam have guided that the transaction is expected to close by mid-2024.
Spread is 3.21%/6.21% (gross/annualised, assuming settlement by 30 May). From the current levels, I see a balanced risk/reward.


<ul>
<li>The $26.00/share cash offer of <a href="https://www.smartkarma.com/entities/thermo-fisher-scientific-inc-49322cfa-b354-4c3d-ac3b-f4e91aead32b" target="_blank" data-smartkarma-citation="entities:26834:1" rel="noopener">Thermo Fisher Scientific (TMO UN)</a> for Swedish <a href="https://www.smartkarma.com/entities/olink-holding-ab" target="_blank" data-smartkarma-citation="entities:36991:1" rel="noopener">Olink Holding (OLK US)</a> started on 31 October. The 74% premium reflects that high-growth, positive adjusted EBITDA targets are rare.</li>
<li>The offer values Olink at ~12.2x EV/NTM Fwd revenue vs. 6.4x median of peers. Irrevocables total 66%, but the minimum acceptance condition requires acceptances from a high 70.6% of float. </li>
<li>Barring any unforeseen circumstances, such as regulatory action, I anticipate the deal closing and set my TP at $26/share. Gross spread is 4.81%.</li>
</ul>


The $26.00/share cash offer of Thermo Fisher Scientific (TMO UN) for Swedish Olink Holding (OLK US) started on 31 October. The 74% premium reflects that high-growth, positive adjusted EBITDA targets are rare.
The offer values Olink at ~12.2x EV/NTM Fwd revenue vs. 6.4x median of peers. Irrevocables total 66%, but the minimum acceptance condition requires acceptances from a high 70.6% of float. 
Barring any unforeseen circumstances, such as regulatory action, I anticipate the deal closing and set my TP at $26/share. Gross spread is 4.81%.


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>Danaher Corporation delivered a positive result and managed an all-around beat last quarter.</li><li>Transformative achievements and consistent performance marked the final quarter for Danaher Corporation despite a challenging operating environment.</li><li>As a more focused life sciences and diagnostic innovator, Danaher is advancing human health through science and technology.</li></ul>

Danaher Corporation delivered a positive result and managed an all-around beat last quarter.Transformative achievements and consistent performance marked the final quarter for Danaher Corporation despite a challenging operating environment.As a more focused life sciences and diagnostic innovator, Danaher is advancing human health through science and technology.

Danaher Corporation: Pioneering Global Health – The Road Ahead! - Major Drivers

<ul><li>Danaher managed to exceed the revenue and earnings expectations of Wall Street despite a more dynamic operating environment.</li><li>Better-than-expected respiratory testing revenue and high single-digit base business core revenue growth in Life Sciences and Diagnostics helped counteract weaker base business demand in bioprocessing.</li><li>Besides, broad-based strength throughout the Cepheid test portfolio drove another quarter of more than 30% core growth in non-respiratory testing in Molecular Diagnostics.</li></ul>

Danaher managed to exceed the revenue and earnings expectations of Wall Street despite a more dynamic operating environment.Better-than-expected respiratory testing revenue and high single-digit base business core revenue growth in Life Sciences and Diagnostics helped counteract weaker base business demand in bioprocessing.Besides, broad-based strength throughout the Cepheid test portfolio drove another quarter of more than 30% core growth in non-respiratory testing in Molecular Diagnostics.

Danaher Corporation: What Is The Reason For Their Competitive Edge? - Key Drivers

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a> is anticipating 32% YoY decline in revenue to ¥53B in FY24. Both operating and net profits are expected to decline more than 60% YoY in FY24.</li>
<li>The company has formulated the medium-term management plan 2026 for the three-year period ending in FY26, with the final-year quantitative targets being operating profit of ¥15 billion and ROE 8%.</li>
<li>Considering Takara Bio’s FY24 operating profit guidance of ¥8B, FY26 target seems to be aggressive and difficult to achieve.</li>
</ul>



Takara Bio Inc (4974 JP) is anticipating 32% YoY decline in revenue to ¥53B in FY24. Both operating and net profits are expected to decline more than 60% YoY in FY24.
The company has formulated the medium-term management plan 2026 for the three-year period ending in FY26, with the final-year quantitative targets being operating profit of ¥15 billion and ROE 8%.
Considering Takara Bio’s FY24 operating profit guidance of ¥8B, FY26 target seems to be aggressive and difficult to achieve.


Takara Bio (4974 JP): Corona Cliff Set to Jeopardize FY24 Financial; Formulated FY26 Management Plan

United States

Danaher Corporation designs, manufactures, and markets professional, medical, industrial and commercial products, and services in the sectors of test and measurement, environmental, life sciences, dental, and industrial technologies.

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Danaher (DHR UN)

Danaher/Abcam: Balanced Risk/Return

Shareholders of Abcam approve scheme resolutions, with a $24/share cash offer from Danaher Corp expected to close mid-2024. Balanced risk/reward...

Jesus Rodriguez Aguilar

Start of Tender Offer

Thermo Fisher Scientific offers $26/share for Olink Holding, 12.2x EV/NTM Fwd revenue, higher than peers, 74% premium due to rare high-growth,...

Jesus Rodriguez Aguilar

Danaher Corporation: Pioneering Global Health – The Road Ahead! - Major Drivers

Danaher Corporation delivered a positive result and managed an all-around beat last quarter. Transformative achievements and consistent...

Baptista Research

Danaher Corporation: What Is The Reason For Their Competitive Edge? - Key Drivers

Danaher managed to exceed the revenue and earnings expectations of Wall Street despite a more dynamic operating environment. Better-than-expected...

Baptista Research

Takara Bio (4974 JP): Corona Cliff Set to Jeopardize FY24 Financial; Formulated FY26 Management Plan

Takara Bio is anticipating 32% decline in revenue in FY24. Both operating and net profits are expected to decline 60%+ in FY24. The company aims to...

Tina Banerjee

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Danaher/Abcam: Balanced Risk/Return

​Shareholders of Abcam approve scheme resolutions, with a $24/share cash offer from Danaher Corp expected to close mid-2024. Balanced risk/reward...

Jesus Rodriguez Aguilar

Start of Tender Offer

​Thermo Fisher Scientific offers $26/share for Olink Holding, 12.2x EV/NTM Fwd revenue, higher than peers, 74% premium due to rare high-growth,...

Jesus Rodriguez Aguilar

Danaher Corporation: Pioneering Global Health – The Road Ahead! - Major Drivers

Danaher Corporation delivered a positive result and managed an all-around beat last quarter. Transformative achievements and consistent...

Baptista Research

Danaher Corporation: What Is The Reason For Their Competitive Edge? - Key Drivers

Danaher managed to exceed the revenue and earnings expectations of Wall Street despite a more dynamic operating environment. Better-than-expected...

Baptista Research

Takara Bio (4974 JP): Corona Cliff Set to Jeopardize FY24 Financial; Formulated FY26 Management Plan

Takara Bio is anticipating 32% decline in revenue in FY24. Both operating and net profits are expected to decline 60%+ in FY24. The company aims to...

Tina Banerjee

Shareholders of Abcam approve scheme resolutions, with a $24/share cash offer from Danaher Corp expected to close mid-2024. Balanced risk/reward...

Thermo Fisher Scientific offers $26/share for Olink Holding, 12.2x EV/NTM Fwd revenue, higher than peers, 74% premium due to rare high-growth,...