In today’s briefing:
- India Channel Insight #48 | SKF, Schaeffler, Schneider
- Triton/Caverion: Hostile Competing Offer
- CDP Holding Pre-IPO – Sales Have Grown but Continues to Rake in Losses
India Channel Insight #48 | SKF, Schaeffler, Schneider
- We interacted with channels associated with SKF India Ltd (SKF IN) , Schaeffler India (SCHFL IN) & Schneider Electric Infrastructure (SCHN IN).
- Sector tailwinds, market share gain ability and changing consumer preferences are all working in place for growth ahead.
- SCHFL stands out in terms of growth and margins, SCHN’s channel feedback and recent performance in encouraging.
Triton/Caverion: Hostile Competing Offer
- On 10 January, former significant shareholder Triton gatecrashed the Bain Capital consortium offer with an €8/share hostile competing offer, 14.3% premium to Bain’s). There could be upside up to c.€9.01.
- Shareholder families have a c.27% (thus blocking) stake. Either they cash out in Triton’s offer, with a possible sweetener (a small increase could be likely) or will raise over Triton’s.
- The shares are trading 0.62% above Triton’s offer on expectations of a bidding war and/or that offer is not declared unconditional by 30 June. Risk/return looks again positive. Long.
CDP Holding Pre-IPO – Sales Have Grown but Continues to Rake in Losses
- CDP Holdings (1782198D CH) is looking to raise up to US$400m in its upcoming Hong Kong IPO.
- CDP Holding (CDP) is a human capital management (HCM) service provider.
- As per CIC, CDP was the No. 1 HCM SaaS+ platform in China in terms of revenue generated from HCM SaaS+ services in 2021.
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