IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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Global Equity Research Ltd

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Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> IE considers <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.</li>
<li>The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.</li>
<li>The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.</li>
</ul>


The Probiotec Ltd (PBP AU) IE considers Pyridam Farma (PYFA IJ)’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.
The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.
The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.


Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

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Edison Investment Research

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Equity Bottom-Up

<p>McBride has witnessed improving momentum in its business during H123, with the company returning to positive adjusted operating profit during the last two months of the period. This trajectory has continued into the start of H2 and is coupled with some early signs of stabilisation in certain input costs and higher volumes from new business wins. The current retail environment is favourable as cost-conscious consumers turn to private-label products, and McBride has gained share of this segment. The company is launching a Transformation programme, targeting £50m of cost savings over five years. Energy costs remain high, as does general inflation, and the macroeconomic outlook for the consumer remains subdued. This results in a continued uncertain environment for McBride, though management’s full year expectations remain on track.</p>

McBride has witnessed improving momentum in its business during H123, with the company returning to positive adjusted operating profit during the last two months of the period. This trajectory has continued into the start of H2 and is coupled with some early signs of stabilisation in certain input costs and higher volumes from new business wins. The current retail environment is favourable as cost-conscious consumers turn to private-label products, and McBride has gained share of this segment. The company is launching a Transformation programme, targeting £50m of cost savings over five years. Energy costs remain high, as does general inflation, and the macroeconomic outlook for the consumer remains subdued. This results in a continued uncertain environment for McBride, though management’s full year expectations remain on track.

McBride - Improving backdrop with cautious optimism

United Kingdom

McBride plc develops laundry, household cleaning, and personal care products. The Company's products include textile washing powder, dishwash products, fabric conditioners, shampoos, foam baths, deodorants, toothpastes, and mouthwashes. Products are sold under the McBride label through major European grocery retailers.

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McBride PLC (MCB LN)

Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

The spread reflects concerns about the credibility of Pyridam’s funding (which requires OJK approval) due to the stark disparities in market cap....

Arun George

McBride - Improving backdrop with cautious optimism

McBride has witnessed improving momentum in its business during H123, with the company returning to positive adjusted operating profit during the...

Edison Investment Research

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