Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>The base date for rankings for the June 2024 index rebal event is 31st May 2024. In this insight, we take a look at the latest list of potential ADDs/DELs.</li>
<li>Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes.</li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
The base date for rankings for the June 2024 index rebal event is 31st May 2024. In this insight, we take a look at the latest list of potential ADDs/DELs.
Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes.


Quiddity Leaderboard SE600 Jun 24: Potential ADDs Could Continue to Outperform Potential DELs

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Darktrace shares rallied ~64% in 2024 after the company raised FY24 revenue, adj. EBITDA guidance and Thoma Bravo offered 620 pence/share in cash to take Darktrace private.</li>
<li>The acquisition is expected to complete during 3Q or 4Q of 2024. The cybersecurity unicorn has delivered revenue growth at scale coupled with solid profitability and cash flow generation.</li>
<li>I maintained a bullish view on the undervalued stock and initiated coverage of Darktrace on January 11, 2023, with a 497p price target as steep discount was unjustified.</li>
</ul>


Darktrace shares rallied ~64% in 2024 after the company raised FY24 revenue, adj. EBITDA guidance and Thoma Bravo offered 620 pence/share in cash to take Darktrace private.
The acquisition is expected to complete during 3Q or 4Q of 2024. The cybersecurity unicorn has delivered revenue growth at scale coupled with solid profitability and cash flow generation.
I maintained a bullish view on the undervalued stock and initiated coverage of Darktrace on January 11, 2023, with a 497p price target as steep discount was unjustified.


Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<ul>
<li>Thoma Bravo offers to acquire <a href="https://www.smartkarma.com/entities/darktrace-plc" target="_blank" data-smartkarma-citation="entities:34466:1" rel="noopener">Darktrace (DARK LN)</a> for $7.75/share in cash, 19.6% premium, 44.3% premium to 3-month VWAP, 148% to IPO price, 6.2x EV/Fwd NTM Revenue, 26.8x EV/Fwd NTM EBITDA.</li>
<li>Irrevocable undertakings total 14.4%. Darktrace's innovative technology aligns well with existing offerings in the cybersecurity ecosystem, making it a potential target for acquisition by a larger, established vendor.</li>
<li>I think the proposed price is fair and see the take-out as a strong result for Darktrace shareholders. I believe the deal will close. Gross spread is 2.3%. <strong>Long.</strong>
</li>
</ul>


Thoma Bravo offers to acquire Darktrace (DARK LN) for $7.75/share in cash, 19.6% premium, 44.3% premium to 3-month VWAP, 148% to IPO price, 6.2x EV/Fwd NTM Revenue, 26.8x EV/Fwd NTM EBITDA.
Irrevocable undertakings total 14.4%. Darktrace's innovative technology aligns well with existing offerings in the cybersecurity ecosystem, making it a potential target for acquisition by a larger, established vendor.
I think the proposed price is fair and see the take-out as a strong result for Darktrace shareholders. I believe the deal will close. Gross spread is 2.3%. Long.



Thoma Bravo Agrees to Acquire Cybersecurity Player Darktrace

<ul>
<li>The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.</li>
<li>In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.</li>
<li>Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. </li>
</ul>


The SE600 index is one of the most widely followed benchmark indices in Europe. This index is rebalanced on a quarterly basis.
In this insight, we take a look at the potential index changes that could take place between now and the end of the June 2024 index rebal event.
Currently, I see 7 ADDs and 7 DELs for the SE600 index. There are more names just outside the border requiring small price changes to get involved in index changes. 


Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

<ul>
<li>In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.</li>
<li>Separately, we see multiple M&amp;A-related intra-review changes in the next few months.</li>
<li>There could also be more regular changes during the December 2024 rebalanced event</li>
</ul>


In this insight, we take a look at the potential ADDs and DELs for the F100 and F250 indices during the December 2024 index rebal event.
Separately, we see multiple M&amp;A-related intra-review changes in the next few months.
There could also be more regular changes during the December 2024 rebalanced event


Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

United Kingdom

Darktrace PLC operates as an AI company. The Company develops immune system platform which leverages unsupervised machine learning to detect cyber-threats. Darktrace serves customers worldwide.

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Darktrace (DARK LN)

Quiddity Leaderboard SE600 Jun 24: Potential ADDs Could Continue to Outperform Potential DELs

The Top 10 potential ADDs have strongly outperformed the Top 7 potential DELs in the last 1-month, 3-month, and 1-year periods. I expect this trend...

Janaghan Jeyakumar, CFA

Bright Day For Darktrace: Thoma Bravo Adds Cybersecurity Unicorn To Its Portfolio

British cybersecurity unicorn Darktrace agreed sale to PE firm Thoma Bravo for ~£4.3B or 620p/share. In my insight I discuss valuation analysis of...

Andrei Zakharov

Thoma Bravo Agrees to Acquire Cybersecurity Player Darktrace

PE firm Thoma Bravo offers to acquire Darktrace for $7.75/share, 19.6% premium. Irrevocable undertakings total 14.4%. Darktrace's innovative...

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Mar 24: 7 Changes Likely; Expected ADDs Could Outperform Expected DELs

My latest estimate for one-way flow is US$95mn. The expected ADDs have strong positive momentum while the expected DELs have strong negative momentum.

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Dec 24: Thoughts Deliveroo and Coca-Cola; More Intra-Review Changes

Deliveroo could get into F250 in December 2024 while Coca-Cola might have to wait until March 2025 to get into F100 due to a minimum listing period...

Janaghan Jeyakumar, CFA

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