European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

ABC Technologies/TI Fluid Systems: Highly Likely Firm Offer by Tomorrow

ABC/TI Fluid Systems: Offer Announcement, Interesting Annual Return

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/ti-fluid-systems-plc" target="_blank" data-smartkarma-citation="entities:41309:1" rel="noopener">TI Fluid Systems (TIFS LN)</a> is trading at 10% gross spread to ABC (Apollo)'s Proposal, which the Board of TIFS would be minded to recommend if made firm.</li>
<li>Although TIFS has made notable strategic progress recently, and maintained margins despite tough conditions over the last years, the short-term car picture has gotten progressively worse.</li>
<li>200p implies 4.6x EV/NTM EBITDA versus global auto suppliers trading on a median of 4.4x and represents a good-value exit. I believe the deal will complete. Long.</li>
</ul>



TI Fluid Systems (TIFS LN) is trading at 10% gross spread to ABC (Apollo)'s Proposal, which the Board of TIFS would be minded to recommend if made firm.
Although TIFS has made notable strategic progress recently, and maintained margins despite tough conditions over the last years, the short-term car picture has gotten progressively worse.
200p implies 4.6x EV/NTM EBITDA versus global auto suppliers trading on a median of 4.4x and represents a good-value exit. I believe the deal will complete. Long.


ABC/TI Fluid Systems: 10% Gross Spread on a Highly Likely Deal