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.

Currys Lifts Profit Outlook After Suitors Walk Away

Currys - PBT guidance 6% ahead of consensus

JD.com and Elliott Interested in Unloved Currys

Event-Driven

<ul>
<li>Currys has rejected a second proposal from Elliot, at 67p/share, 8% higher. The Board rejected this second proposal, stating it undervalued the company and its potential for future growth.</li>
<li>My fair value estimate is 76p/share (FY24e PE of 10.2x vs 9.1x currently, and FY25e PE of 8.9x vs 7.9x currently). JD.com's surely negotiating a friendly offer ahead of 18 March.</li>
<li>A major shareholder advises not to engage with Elliot unless a 75p/share proposal is tabled. JD.com, a trade buyer, should be capable of meeting the Board's expectations. <strong>Reiterate long</strong>.</li>
</ul>


Currys has rejected a second proposal from Elliot, at 67p/share, 8% higher. The Board rejected this second proposal, stating it undervalued the company and its potential for future growth.
My fair value estimate is 76p/share (FY24e PE of 10.2x vs 9.1x currently, and FY25e PE of 8.9x vs 7.9x currently). JD.com's surely negotiating a friendly offer ahead of 18 March.
A major shareholder advises not to engage with Elliot unless a 75p/share proposal is tabled. JD.com, a trade buyer, should be capable of meeting the Board's expectations. Reiterate long.


Currys PLC

Currys Rejects Second Elliot Approach