European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marel-hf" target="_blank" data-smartkarma-citation="entities:21794:1" rel="noopener">Marel HF (MARL IR)</a> announced a third proposal from <a href="https://www.smartkarma.com/entities/john-bean-technologies-corp" target="_blank" data-smartkarma-citation="entities:14349:1" rel="noopener">John Bean Technologies (JBT US)</a> for a cash and shares offer, equivalent €3.60/share, to be launched in Q1, with 24.7% irrevocable undertakings.</li>
<li>There is strong market growth potential, due to growing middle-class demanding a higher proportion of animal protein in their diet. The overall sector, despite global economic woes, seems piping hot.</li>
<li>My base-case fair value estimate is €3.54 (9.0% WACC, 2% implied perpetuity growth rate). The median IBES consensus TP is €3.50. On this basis, the offer price seems fair. Buy.
</li>
</ul>



Marel HF (MARL IR) announced a third proposal from John Bean Technologies (JBT US) for a cash and shares offer, equivalent €3.60/share, to be launched in Q1, with 24.7% irrevocable undertakings.
There is strong market growth potential, due to growing middle-class demanding a higher proportion of animal protein in their diet. The overall sector, despite global economic woes, seems piping hot.
My base-case fair value estimate is €3.54 (9.0% WACC, 2% implied perpetuity growth rate). The median IBES consensus TP is €3.50. On this basis, the offer price seems fair. Buy.



Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life (8750 JP)</a> has the wherewithal, and probably the synergies to make a bump for <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One (2412 JP)</a> work. M3 is clearly not in the driver's seat.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-united-network-a" target="_blank" data-smartkarma-citation="entities:12620:1" rel="noopener">China United Network (600050 CH)</a> is, for all intent and purpose, a pseudo-A to <a href="https://www.smartkarma.com/entities/china-unicom-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:1016:1" rel="noopener">China Unicom (762 HK)</a>. Go long Unicom, short United due to Unicom's significantly cheaper valuation.</li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-expressway-co-h" target="_blank" data-smartkarma-citation="entities:2178:1" rel="noopener">Zhejiang Expressway (576 HK)</a> has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long <a href="https://www.smartkarma.com/entities/zheshang-securities-co-ltd" target="_blank" data-smartkarma-citation="entities:29981:1" rel="noopener">Zheshang Securities (601878 CH)</a>.
</li>
</ul>



Dai Ichi Life (8750 JP) has the wherewithal, and probably the synergies to make a bump for Benefit One (2412 JP) work. M3 is clearly not in the driver's seat.

China United Network (600050 CH) is, for all intent and purpose, a pseudo-A to China Unicom (762 HK). Go long Unicom, short United due to Unicom's significantly cheaper valuation.

Zhejiang Expressway (576 HK) has had a stonking run since its rights issue. Look to unwind this set-up and take the other side: short Expressway, long Zheshang Securities (601878 CH).



Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

Iceland

Marel hf provides advanced equipment, systems and services to the poultry, fish, meat and further processing industries. The Company's products range the entire production process, from reception of raw materials to packaging and labeling of the final product. Marel offers integrated systems for all four industries in addition to a wide range of standardized standalone units.

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Marel HF (MARL IR)

Meaty Target

Marel HF receives a cash and shares offer from John Bean Technologies, signaling strong market growth potential in the animal protein sector. Fair...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meaty Target

​Marel HF receives a cash and shares offer from John Bean Technologies, signaling strong market growth potential in the animal protein sector. Fair...

Jesus Rodriguez Aguilar

Last Week in Event SPACE: Benefit One, China Unicom, Zhejiang Expressway/ Zheshang Sec, Hollysys

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Marel HF receives a cash and shares offer from John Bean Technologies, signaling strong market growth potential in the animal protein sector. Fair...