European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Wood Group’s challenging year has been marked by strategic restructuring, financial setbacks, and a pivot toward sustainable energy, alongside a volatile market response to high exceptional charges and governance issues.</li>
<li>The company’s share price dropped 60% on November 7 following the Deloitte review announcement, amplifying investor concerns over further potential cash flow impacts and operational instability.</li>
<li>Despite challenges, Wood Group remains a potential acquisition target, with shares trading at 3.6x EV/25e EBITDA, suggesting value for prospective buyers amid recent strategic shifts.</li>
</ul>


Wood Group’s challenging year has been marked by strategic restructuring, financial setbacks, and a pivot toward sustainable energy, alongside a volatile market response to high exceptional charges and governance issues.
The company’s share price dropped 60% on November 7 following the Deloitte review announcement, amplifying investor concerns over further potential cash flow impacts and operational instability.
Despite challenges, Wood Group remains a potential acquisition target, with shares trading at 3.6x EV/25e EBITDA, suggesting value for prospective buyers amid recent strategic shifts.


Is Wood Group Primed for an Opportunistic Acquisition?

<ul>
<li>Sidara has submitted a fourth and final 230p/share cash proposal. Wood's Board has changed tack and will grant due diligence. PUSU has been extended to 3 July.</li>
<li>This proposal represents 39.4% premium, implied equity value of £1,591 million ($2,033 million) and implied EV of £2,983 million ($3,122 million), and (still good value) 6.4x EV/NTM Fwd EBITDA.</li>
<li>The market is cautious (gross spread 12.5%). There's potential for a "best &amp; final" firm offer. However, if Sidara withdraws a significant sell-off in Wood's shares is expected.</li>
</ul>


Sidara has submitted a fourth and final 230p/share cash proposal. Wood's Board has changed tack and will grant due diligence. PUSU has been extended to 3 July.
This proposal represents 39.4% premium, implied equity value of £1,591 million ($2,033 million) and implied EV of £2,983 million ($3,122 million), and (still good value) 6.4x EV/NTM Fwd EBITDA.
The market is cautious (gross spread 12.5%). There's potential for a "best &amp; final" firm offer. However, if Sidara withdraws a significant sell-off in Wood's shares is expected.


<ul>
<li>On 12 May, The Times reported that Sidara was planning to make a higher bid for Wood after its initial offer was turned down by the company last week.</li>
<li>This proposal was unsolicited and conditional. Premium is 30%, implied equity value £1,418 million (c.$1.775 million), implied EV £2,508 million; 5.3x EV/Fwd NTM EBITDA. Sidara recognizes value.</li>
<li>Shares are trading at a lower spread than at the time of Apollo's 240p proposal. Nevertheless, without a significant sweetening, the likelihood of a deal seems relatively low.</li>
</ul>


On 12 May, The Times reported that Sidara was planning to make a higher bid for Wood after its initial offer was turned down by the company last week.
This proposal was unsolicited and conditional. Premium is 30%, implied equity value £1,418 million (c.$1.775 million), implied EV £2,508 million; 5.3x EV/Fwd NTM EBITDA. Sidara recognizes value.
Shares are trading at a lower spread than at the time of Apollo's 240p proposal. Nevertheless, without a significant sweetening, the likelihood of a deal seems relatively low.


Sidara/John Wood: Awaiting a Sweetened Offer

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>For the week ending 29/Nov, US crude inventories fell by 5.1m barrels, beating expectations of a 1.6m barrel decrease. However, gasoline and distillate stocks rose more than expected.</li>
<li>US natural gas inventories fell by 30 Bcf for the week ending 29/Nov. Inventories are 7.8% above the 5-year seasonal average.</li>
<li>UBS raised its 12-month price target on Chevron. Shell and Equinor plan to merge their UK offshore oil and gas assets to create a new company.</li>
</ul>


For the week ending 29/Nov, US crude inventories fell by 5.1m barrels, beating expectations of a 1.6m barrel decrease. However, gasoline and distillate stocks rose more than expected.
US natural gas inventories fell by 30 Bcf for the week ending 29/Nov. Inventories are 7.8% above the 5-year seasonal average.
UBS raised its 12-month price target on Chevron. Shell and Equinor plan to merge their UK offshore oil and gas assets to create a new company.


[ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/deliveroo-plc" target="_blank" data-smartkarma-citation="entities:27468:1" rel="noopener">Deliveroo (ROO LN)</a> and <a href="https://www.smartkarma.com/entities/oxford-nanopore-technologies-plc" target="_blank" data-smartkarma-citation="entities:34444:1" rel="noopener">Oxford Nanopore Technologies (ONT LN)</a> are newly eligible securities forecasted to be added to F250 due to the recent change of the FCA listing category framework.</li>
<li>
<a href="https://www.smartkarma.com/entities/ferrexpo-plc" target="_blank" data-smartkarma-citation="entities:24163:1" rel="noopener">Ferrexpo Plc (FXPO LN)</a> is the new forecasted addition-migration to F250 following its ~25% price jump over the last two days which made it surpass the entry threshold.</li>
<li>Applied Nutrition Plc (APN LN) is a newly eligible, forecasted to be added to small-cap following its IPO listing on 24 October 2024.</li>
</ul>



Deliveroo (ROO LN) and Oxford Nanopore Technologies (ONT LN) are newly eligible securities forecasted to be added to F250 due to the recent change of the FCA listing category framework.

Ferrexpo Plc (FXPO LN) is the new forecasted addition-migration to F250 following its ~25% price jump over the last two days which made it surpass the entry threshold.
Applied Nutrition Plc (APN LN) is a newly eligible, forecasted to be added to small-cap following its IPO listing on 24 October 2024.


FOOTSIE UK December 2024 Forecast (Final): ALW and STJ for Top 100; ROO and ONT for Next 250

United Kingdom

John Wood Group PLC is an international energy service company that provides products and services to the oil and gas and power industries.  The Company designs and manufactures submersible pumping systems, well-head systems, and pressure controls.  John Wood also provides aftermarket services for heavy industrial turbines and aero gas turbines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

John Wood (WG/ LN)

Is Wood Group Primed for an Opportunistic Acquisition?

The shares appear valuable, surely with buyers closely evaluating. They likely have leverage to bid lower than in 2023-24, unless competitive...

Jesus Rodriguez Aguilar

Sidara/John Wood: 4th Proposal at 230p

Sidara's final cash proposal for Wood at 230p/share represents a 39.4% premium, with potential for a firm offer but caution in the market due to a...

Jesus Rodriguez Aguilar

Sidara/John Wood: Awaiting a Sweetened Offer

Sidara plans higher bid for Wood after initial offer rejected by company, recognizing value but likelihood of deal remains low without significant...

Jesus Rodriguez Aguilar

[ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts

US crude inventories fell more than expected, while gasoline and distillate stocks rose. Natural gas inventories also fell, UBS raised Chevron's...

Mint Finance

FOOTSIE UK December 2024 Forecast (Final): ALW and STJ for Top 100; ROO and ONT for Next 250

Deliveroo and Oxford Nanopore set to join footsie 250 due to a change in the FCA listing category under the new framework. Ferrexpo Plc is a new...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Is Wood Group Primed for an Opportunistic Acquisition?

The shares appear valuable, surely with buyers closely evaluating. They likely have leverage to bid lower than in 2023-24, unless competitive...

Jesus Rodriguez Aguilar

Sidara/John Wood: 4th Proposal at 230p

​Sidara's final cash proposal for Wood at 230p/share represents a 39.4% premium, with potential for a firm offer but caution in the market due to a...

Jesus Rodriguez Aguilar

Sidara/John Wood: Awaiting a Sweetened Offer

​Sidara plans higher bid for Wood after initial offer rejected by company, recognizing value but likelihood of deal remains low without significant...

Jesus Rodriguez Aguilar

[ETP 2024/49] WTI Recovers on OPEC Extending Cuts; Henry Hub Drops on Volatile Weather Forecasts

​US crude inventories fell more than expected, while gasoline and distillate stocks rose. Natural gas inventories also fell, UBS raised Chevron's...

Mint Finance

FOOTSIE UK December 2024 Forecast (Final): ALW and STJ for Top 100; ROO and ONT for Next 250

​Deliveroo and Oxford Nanopore set to join footsie 250 due to a change in the FCA listing category under the new framework. Ferrexpo Plc is a new...

Dimitris Ioannidis

Sidara's final cash proposal for Wood at 230p/share represents a 39.4% premium, with potential for a firm offer but caution in the market due to a...

Sidara plans higher bid for Wood after initial offer rejected by company, recognizing value but likelihood of deal remains low without significant...

US crude inventories fell more than expected, while gasoline and distillate stocks rose. Natural gas inventories also fell, UBS raised Chevron's...

Deliveroo and Oxford Nanopore set to join footsie 250 due to a change in the FCA listing category under the new framework. Ferrexpo Plc is a new...