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.

Event-Driven

<ul>
<li>On 5 February, <a href="https://www.smartkarma.com/entities/acerinox-sa" target="_blank" data-smartkarma-citation="entities:21243:1" rel="noopener">Acerinox SA (ACX SM)</a> announced a friendly $61/share all-cash offer to acquire <a href="https://www.smartkarma.com/entities/haynes-international-inc" target="_blank" data-smartkarma-citation="entities:15211:1" rel="noopener">Haynes International (HAYN US)</a>, implied equity value $798 million, implied EV $970 million and 8.7% premium.</li>
<li>The offer represents 1.5x EV/24e Sales, 10.1x EV/24e EBITDA (5.8x including run-rate estimated synergies of c.$71 million, seemingly quite large). The acquisition amounts to approximately 33% of Acerinox's market cap.</li>
<li>Acerinox is paying higher multiples than those at which Acerinox itself is trading. The deal should close. The shares of Haynes are already up 2.7% pre-market after Q1 results. <strong>Long.</strong>
</li>
</ul>


On 5 February, Acerinox SA (ACX SM) announced a friendly $61/share all-cash offer to acquire Haynes International (HAYN US), implied equity value $798 million, implied EV $970 million and 8.7% premium.
The offer represents 1.5x EV/24e Sales, 10.1x EV/24e EBITDA (5.8x including run-rate estimated synergies of c.$71 million, seemingly quite large). The acquisition amounts to approximately 33% of Acerinox's market cap.
Acerinox is paying higher multiples than those at which Acerinox itself is trading. The deal should close. The shares of Haynes are already up 2.7% pre-market after Q1 results. Long.



Acerinox/Haynes: Expansion in High-Performance Alloys