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.

Sun Capital Partners/K3 Capital Group: Agreed Underwhelming Offer

Siris Capital/Equiniti: Non-Binding Proposal

Event-Driven

<ul>
<li>The agreed €20/share (cum dividend) represents c.59% premium, 12.1x EV/Fwd EBITDA and 12.9x Fwd P/E.</li>
<li>Intertrust has suffered from increasing competition and margin pressure due to digitalisation. The company is progressing in its operational turnaround. Industry is under consolidation.</li>
<li>The bid is just above my fair value estimate and the gross spread is 0.5%, probably too tight to be worth considering. Upside could come from a competing bid.</li>
</ul>


The agreed €20/share (cum dividend) represents c.59% premium, 12.1x EV/Fwd EBITDA and 12.9x Fwd P/E.
Intertrust has suffered from increasing competition and margin pressure due to digitalisation. The company is progressing in its operational turnaround. Industry is under consolidation.
The bid is just above my fair value estimate and the gross spread is 0.5%, probably too tight to be worth considering. Upside could come from a competing bid.


CSC/Intertrust NV: Conditional Offer Agreement