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.

Cobham/​​Ultra Electronics: UK Government Approval

Cobham/Ultra Electronics: Another Raid on UK Defence

Parker-Hannifin/Meggitt: Agreed 71% Takeover Premium

Event-Driven

Ultra Electronics Holdings / Event-Driven

<ul>
<li>The deal is expected to be referred for thorough analysis given political sensitivities as <a href="https://www.smartkarma.com/entities/ultra-electronics-holdings-plc" target="_blank" data-smartkarma-citation="entities:22196:1" rel="noopener">Ultra Electronics Holdings (ULE LN)</a> is a key supplier to the UK’s army. Shorts are increasing.</li>
<li>The review should fall under the old rules though. My standalone fair value estimate (DCF based) is 3,184p. (vs. 2,950p comps-based implied valuation and 3,325p median Capital IQ consensus TP).</li>
<li>
<strong>Long ULE LN</strong>, TP 3,500p, plus 16p interim. Upside is 17.2%. <strong>I just don't see the UK Government blocking a friendly defence deal from an investor coming from a key ally</strong>.</li>
</ul>


The deal is expected to be referred for thorough analysis given political sensitivities as Ultra Electronics Holdings (ULE LN) is a key supplier to the UK’s army. Shorts are increasing.
The review should fall under the old rules though. My standalone fair value estimate (DCF based) is 3,184p. (vs. 2,950p comps-based implied valuation and 3,325p median Capital IQ consensus TP).

Long ULE LN, TP 3,500p, plus 16p interim. Upside is 17.2%. I just don't see the UK Government blocking a friendly defence deal from an investor coming from a key ally.


Cobham/​Ultra Electronics: Updated Valuation and Spread

Ultra Electronics Holdings

Cobham/​Ultra Electronics: Updated Valuation and Spread

Cobham/Ultra Electronics: Updated Valuation and Spread