European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/deutsche-boerse-ag" target="_blank" data-smartkarma-citation="entities:21604:1" rel="noopener">Deutsche Boerse (DB1 GR)</a> offered a (full) price of DKK 735/share for <a href="https://www.smartkarma.com/entities/simcorp-a-s" target="_blank" data-smartkarma-citation="entities:22483:1" rel="noopener">SimCorp A/S (SIM DC)</a> to grow in data &amp; analytics. I recommend long. Acceptances total roughly 93.65% of share capital.</li>
<li>All conditions and approvals, including minimum acceptance of 50%+1 share have been fulfilled. Final results should be announced on 22 September and settlement should take place on 29 September.</li>
<li>Deutsche Börse will as soon as possible seek to initiate and complete a compulsory acquisition. After a recent dip, the shares trade again at the offer price.</li>
</ul>



Deutsche Boerse (DB1 GR) offered a (full) price of DKK 735/share for SimCorp A/S (SIM DC) to grow in data &amp; analytics. I recommend long. Acceptances total roughly 93.65% of share capital.
All conditions and approvals, including minimum acceptance of 50%+1 share have been fulfilled. Final results should be announced on 22 September and settlement should take place on 29 September.
Deutsche Börse will as soon as possible seek to initiate and complete a compulsory acquisition. After a recent dip, the shares trade again at the offer price.


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/simcorp-a-s" target="_blank" data-smartkarma-citation="entities:22483:1" rel="noopener">SimCorp A/S (SIM DC)</a> could trigger an intra-review ADD prior to the September 2023 Rebalance.</li>
<li>Apart from that, I expect four other changes during the regular rebalance in September 2023. These expected ADDs and DELs are different from those in my last insight.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.

SimCorp A/S (SIM DC) could trigger an intra-review ADD prior to the September 2023 Rebalance.
Apart from that, I expect four other changes during the regular rebalance in September 2023. These expected ADDs and DELs are different from those in my last insight.


Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.</li>
<li>There could be one intra-review deletion for the SE600 index in July or August.</li>
<li>I see 4 ADDs and 4 DELs for the SE600 index in the September 2023 Rebalance.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the SE600 and EURSTX Indices for the September 2023 Rebalance.
There could be one intra-review deletion for the SE600 index in July or August.
I see 4 ADDs and 4 DELs for the SE600 index in the September 2023 Rebalance.


Quiddity Leaderboard SE600 Sep 23: One Intra-Review Change and 4 Regular ADDs/DELs Likely

<ul>
<li>Deutsche Börse will offer for DKK 735/share for financial software developer SimCorp, 38.9% premium, 6.5x EV/Fwd Sales (in line with other transactions), and 30.3x EV/Fwd EBIT. </li>
<li>DB offers a full price to grow in data&amp;analytics: my EV/EBIT-based standalone fair value is DKK 629/share, plus (all) synergies taxed and capitalised of DKK 87/share results in DKK 716/share.</li>
<li>That figure is still below the offer price, and although gross spread is 0.48%, I'd be long in case of a possible bid by private equity.</li>
</ul>


Deutsche Börse will offer for DKK 735/share for financial software developer SimCorp, 38.9% premium, 6.5x EV/Fwd Sales (in line with other transactions), and 30.3x EV/Fwd EBIT. 
DB offers a full price to grow in data&amp;analytics: my EV/EBIT-based standalone fair value is DKK 629/share, plus (all) synergies taxed and capitalised of DKK 87/share results in DKK 716/share.
That figure is still below the offer price, and although gross spread is 0.48%, I'd be long in case of a possible bid by private equity.


Deutsche Börse/Simcorp: Recommended Offer

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

We continue to be encouraged by market dynamics that are supportive of an ongoing equity bull market. Additionally, there continues to be an absence of breakdowns on the major global indexes (MSCI ACWI, ACWI ex-US, EM, &amp; EAFE). As a result, our outlook remains bullish.  In this report we show some love to various Sectors that have not been big attention-grabbers for us in recent months, but still have plenty of attractive stocks. The stocks highlighted hail from a variety of countries. Sectors covered include Services, Communications, Staples, Financials, and Utilities.

We continue to be encouraged by market dynamics that are supportive of an ongoing equity bull market. Additionally, there continues to be an absence of breakdowns on the major global indexes (MSCI ACWI, ACWI ex-US, EM, &amp; EAFE). As a result, our outlook remains bullish.  In this report we show some love to various Sectors that have not been big attention-grabbers for us in recent months, but still have plenty of attractive stocks. The stocks highlighted hail from a variety of countries. Sectors covered include Services, Communications, Staples, Financials, and Utilities.

Global Equity Strategy: Market Dynamics Remain Positive, And So Are We

Denmark

SimCorp A/S is a global provider of highly specialised software for the investment management industry. The Company's software covers virtually all investment management processes across the front, middle and back office. SimCorp's product is developed, sold, implemented and supported by the head office in Copenhagen & subsidiaries in Europe N. America & Australasia.

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SimCorp A/S (SIM DC)

Deutsche Boerse Gets >90% of SimCorp

All conditions and approvals have been fulfilled. As acceptances are above 90%, Deutsche Börse will initiate a squeeze-out as soon as possible.

Jesus Rodriguez Aguilar

Quiddity Leaderboard SE600 Sep 23: CD Projekt Could Become an Intra-Review ADD

CD Projekt (CDR PW) is leading the race to become an intra-review ADD if Simcorp gets deleted but the final choice would depend on FFMC rankings as...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard SE600 Sep 23: One Intra-Review Change and 4 Regular ADDs/DELs Likely

In the June 2023 Rebal Trade, the suggested SHORTs have generated an average return of around -5.0% and the SE600 index has generated a return of ...

Janaghan Jeyakumar, CFA

Deutsche Börse/Simcorp: Recommended Offer

Deutsche Börse wants to grow in data & analytics and therefore offers a full price in a recommended offer for software solutions developer SimCorp.

Jesus Rodriguez Aguilar

Global Equity Strategy: Market Dynamics Remain Positive, And So Are We

We show some love to various Sectors that have not been big attention-grabbers for us in recent months, including Services, Communications,...

Vermilion Research

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