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>
<a href="https://www.smartkarma.com/entities/hochtief-ag" target="_blank" data-smartkarma-citation="entities:21652:1" rel="noopener">Hochtief AG (HOT GR)</a> announced an unconditional off-market takeover offer for <a href="https://www.smartkarma.com/entities/cimic-group-ltd" target="_blank" data-smartkarma-citation="entities:20030:1" rel="noopener">CIMIC Group Ltd (CIM AU)</a> at A$22.00 cash per share, a 33.4% premium to the last close price. </li>
<li>The offer’s implied forward EV/EBITDA multiple is at a discount to peer multiples. However, the offer is attractive compared to historical and transaction multiples.  </li>
<li>The offer presents a reasonable exit for minorities tired of the weak share price due to years of troubled contracts.</li>
</ul>



Hochtief AG (HOT GR) announced an unconditional off-market takeover offer for CIMIC Group Ltd (CIM AU) at A$22.00 cash per share, a 33.4% premium to the last close price. 
The offer’s implied forward EV/EBITDA multiple is at a discount to peer multiples. However, the offer is attractive compared to historical and transaction multiples.  
The offer presents a reasonable exit for minorities tired of the weak share price due to years of troubled contracts.


CIMIC in an Off-Market Takeover Bid by Hochtief

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>At the December rebalance, there will be one change for the ASX100 while there will be five changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a>. All changes were expected.</li>
<li>Nearly all inclusions and exclusions have over 2 days of ADV to trade and that increases significantly on some stocks. The volatility on the inclusions has been extremely high.</li>
<li>There could be another change announced in the coming week depending on results of the <a href="https://www.smartkarma.com/entities/oil-search-ltd" target="_blank" data-smartkarma-citation="entities:773:1" rel="noopener">Oil Search Ltd (OSH AU)</a> Scheme Meeting for the merger with <a href="https://www.smartkarma.com/entities/santos-ltd" target="_blank" data-smartkarma-citation="entities:711:1" rel="noopener">Santos Ltd (STO AU)</a>.</li>
</ul>


At the December rebalance, there will be one change for the ASX100 while there will be five changes to the S&amp;P/ASX 200 (AS51 INDEX). All changes were expected.
Nearly all inclusions and exclusions have over 2 days of ADV to trade and that increases significantly on some stocks. The volatility on the inclusions has been extremely high.
There could be another change announced in the coming week depending on results of the Oil Search Ltd (OSH AU) Scheme Meeting for the merger with Santos Ltd (STO AU).


ASX100/​200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock

<ul>
<li>The review period for the December review ended on 19 November. The announcement of changes will take place on 3 December with implementation at the close on 17 December.</li>
<li>There could be two changes to the ASX100 and <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> prior to the regular rebalance if Spark Infrastructure and Oil Search are delisted.</li>
<li>Then there could be another change to the S&amp;P/ASX100 and up to five changes to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> at the regular review. Some impacts are large.</li>
</ul>


The review period for the December review ended on 19 November. The announcement of changes will take place on 3 December with implementation at the close on 17 December.
There could be two changes to the ASX100 and S&amp;P/ASX 200 (AS51 INDEX) prior to the regular rebalance if Spark Infrastructure and Oil Search are delisted.
Then there could be another change to the S&amp;P/ASX100 and up to five changes to the S&amp;P/ASX 200 (AS51 INDEX) at the regular review. Some impacts are large.


ASX100/200 Index Rebalance Preview: Permutations and Combinations as M&A Activity Booms

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<div><p>Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.</p></div><div>
<p>Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.</p>
<p>We have covered most aspects of the deal in our earlier note <a href="https://www.smartkarma.com/insights/ventia-ipo-at-your-service-everywhere" target="_blank" rel="noopener">Ventia IPO - At Your Service, Everywhere</a>.</p>
<p>In this note, we will talk about valuations.</p>
</div>

Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.
Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.
We have covered most aspects of the deal in our earlier note Ventia IPO - At Your Service, Everywhere.
In this note, we will talk about valuations.


Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable

<p>Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.</p><p>Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.</p>

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO. Capital Group has already signed up as a cornerstone.Ventia is an essential infrastructure services provider in Australia and New Zealand. It is one of the largest providers of maintenance services for critical public and private infrastructure.

Australia

Monadelphous Group Limited provides engineering and construction services to the resources and petrochemical industries. The Company provides mining and processing industry maintenance, mining equipment refurbishment, project management, construction, and airport ground handling services. Monadelphous Group serves customers in Australia.

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Monadelphous (MND AU)

CIMIC in an Off-Market Takeover Bid by Hochtief

Hochtief announced an unconditional off-market takeover offer at A$22 cash per share, a 33.4% premium to the last close. The offer presents a...

Arun George

ASX100/200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock

There is 1 change to the ASX100 and 5 changes to the ASX200 index. The adds have outperformed the deletes over the year and are trading at...

Brian Freitas

ASX100/200 Index Rebalance Preview: Permutations and Combinations as M&A Activity Booms

This is going to be a busy rebalance for the ASX100 & ASX200 indices with M&A driven changes followed by changes at the regular review. There is a...

Brian Freitas

Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable

Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

Ventia IPO - At Your Service, Everywhere

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CIMIC in an Off-Market Takeover Bid by Hochtief

Hochtief announced an unconditional off-market takeover offer at A$22 cash per share, a 33.4% premium to the last close. The offer presents a...

Arun George

ASX100/​200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock

There is 1 change to the ASX100 and 5 changes to the ASX200 index. The adds have outperformed the deletes over the year and are trading at...

Brian Freitas

ASX100/200 Index Rebalance Preview: Permutations and Combinations as M&A Activity Booms

This is going to be a busy rebalance for the ASX100 & ASX200 indices with M&A driven changes followed by changes at the regular review. There is a...

Brian Freitas

Ventia IPO - Strong Revenue Visibility, Valuation Appears Reasonable

Ventia, an infrastructure services provider, aims to raise up to US$812m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

Ventia IPO - At Your Service, Everywhere

Ventia, an infrastructure services provider, aims to raise up to US$821m via a mix of selling primary and secondary shares, in its Australian IPO....

Sumeet Singh

ASX100/200 Dec21 Index Rebalance: Kangaroos Loose in the Top Paddock