External broker reports(aggregated public sources), Wilsons Advisory

Wilsons Advisory

External broker reports(aggregated public sources)

Wilsons has a distinguished history in financial services that spans over 125 years. Today, the group has significant capabilities in private wealth management, corporate finance, research and investment strategy, and institutional sales. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><ul><li>EQT Holdings reported FY22a EBIT of $39.7m, at the top end of the consensus range for $39.0- 41.0m.</li><li>Revenue was mixed by vertical and driven by unfavourable market driven FUMAS movements, despite a strong contribution from CTS.</li><li>A partial offset was achieved through lower than expected operational expenses, bringing NPAT largely in line. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div>

EQT Holdings reported FY22a EBIT of $39.7m, at the top end of the consensus range for $39.0- 41.0m.Revenue was mixed by vertical and driven by unfavourable market driven FUMAS movements, despite a strong contribution from CTS.A partial offset was achieved through lower than expected operational expenses, bringing NPAT largely in line. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EQT Holdings (EQT) - O/W: Strong Result Despite Volatility

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>Shareholders approved the scheme at the scheme meeting. However, <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> shares declined due to the slow progress in satisfaction of conditions precedent.</li>
<li>Key conditions precedent is ACCC, FIRB, UK's FCA and Central Bank of Ireland approvals. The wording in the Chairman's address on the conditions precedent is incrementally negative.</li>
<li>The downside to a deal break remains low. At the last close, the potential upside to the offer (10.1%) outweighs the downside (-3.8% to our A$4.21 price target).</li>
</ul>


Shareholders approved the scheme at the scheme meeting. However, Link Administration (LNK AU) shares declined due to the slow progress in satisfaction of conditions precedent.
Key conditions precedent is ACCC, FIRB, UK's FCA and Central Bank of Ireland approvals. The wording in the Chairman's address on the conditions precedent is incrementally negative.
The downside to a deal break remains low. At the last close, the potential upside to the offer (10.1%) outweighs the downside (-3.8% to our A$4.21 price target).


Link’s Scheme Approved but Time Running Out for Satisfying Conditions Precedent

<ul>
<li>The <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> scheme meeting is scheduled for 22 August. The independent expert has concluded that the revised Dye &amp; Durham/DND offer is fair and reasonable.</li>
<li>There are several conditions precedents which could yet derail the deal. The key hurdles are the ACCC approval, ongoing FCA investigation and regulatory approval for certain DND shareholders.</li>
<li>At the last close, the gross and annualised spread to a 27 September payment is 9.3% and 79.1%, respectively. Ongoing satisfaction of conditions is the key catalyst.</li>
</ul>


The Link Administration (LNK AU) scheme meeting is scheduled for 22 August. The independent expert has concluded that the revised Dye &amp; Durham/DND offer is fair and reasonable.
There are several conditions precedents which could yet derail the deal. The key hurdles are the ACCC approval, ongoing FCA investigation and regulatory approval for certain DND shareholders.
At the last close, the gross and annualised spread to a 27 September payment is 9.3% and 79.1%, respectively. Ongoing satisfaction of conditions is the key catalyst.


Link’s New Scheme Meeting on 22 August but Deal Break Risks Remain

<div><div><div><ul><li>We initiated coverage of EQT Holdings in November 2021, when its share price was $26.06/share.</li><li>Positively, despite the significant market volatility since (ASX 200 -8.2%) EQT’s share price has remained largely unchanged ($25.04/share), reflective of its stabilising and reliable earnings qualities.</li><li>Nevertheless, recent media commentary (AFR, The Australian) highlights the potential for heightened M&amp;A activity in the sector, which could result in broad changes to the competitive landscape. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div>

We initiated coverage of EQT Holdings in November 2021, when its share price was $26.06/share.Positively, despite the significant market volatility since (ASX 200 -8.2%) EQT’s share price has remained largely unchanged ($25.04/share), reflective of its stabilising and reliable earnings qualities.Nevertheless, recent media commentary (AFR, The Australian) highlights the potential for heightened M&amp;A activity in the sector, which could result in broad changes to the competitive landscape. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<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 revised scheme implementation deed with Dye&amp;Durham/DND at A$4.81 per share. The scheme meeting will be held in mid-August.</li>
<li>Shareholders will be supportive due to deal fatigue, and the offer price is 11% above the undisturbed price and at the low end of the original IE valuation range.</li>
<li>Regulatory approvals are a key risk. DND is presumably confident in its undertakings to gain ACCC approval. At last close, the gross spread is 7.8%.</li>
</ul>



Link Administration (LNK AU) has entered a revised scheme implementation deed with Dye&amp;Durham/DND at A$4.81 per share. The scheme meeting will be held in mid-August.
Shareholders will be supportive due to deal fatigue, and the offer price is 11% above the undisturbed price and at the low end of the original IE valuation range.
Regulatory approvals are a key risk. DND is presumably confident in its undertakings to gain ACCC approval. At last close, the gross spread is 7.8%.


Australia

Equity Holdings Limited provides personal trust and financial services to customers in Australia.   Services include will and estate planning, trustee for settlements, financial guardian, investment and property management and fund investments. Other services provided by the company  include income tax services, short term share trading and mortgage loans and investments.

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EQT Holdings (EQT AU)

EQT Holdings (EQT) - O/W: Strong Result Despite Volatility

Revenue was mixed by vertical and driven by unfavourable market driven FUMAS movements, despite a strong contribution from CTS.

Wilsons Advisory

Link’s Scheme Approved but Time Running Out for Satisfying Conditions Precedent

The scheme is approved, but the deal break risks from conditions precedent remain. At the last close, the potential upside to the offer (10.1%)...

Arun George

Link’s New Scheme Meeting on 22 August but Deal Break Risks Remain

There are several conditions precedents which could yet derail the deal. Ongoing satisfaction of conditions is the key catalyst. At the last close,...

Arun George

O/W: Yes, It’s a Sleepy Little Town.

Despite the significant market volatility since (ASX 200 -8.2%) EQT’s share price has remained largely unchanged ($25.04/share), reflective of its...

Wilsons Advisory

Link and DND Shake Hands at A$4.81

Shareholders will be supportive of the A$4.81 offer. Regulatory approvals are the key risk. At the last close, the gross spread to the offer is 7.8%.

Arun George

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