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.

Numis Corporation - Markets still subdued but diversification helps

Event-Driven

<ul>
<li>In a back to the 90's, Deustche seeks to acquire UK corporate stockbroker Numis for a  350p/share package (72% premium, 2.1x P/BVPS, 15.5x on a smoothed-out P/E) via scheme of arrangement.</li>
<li>The deal should bring deal flow to Deutsche Bank's UK business. Mifid II may spark more consolidation across UK brokers. Readacross: <a href="https://www.smartkarma.com/entities/peel-hunt-ltd-guernsey" target="_blank" data-smartkarma-citation="entities:34432:1" rel="noopener">Peel Hunt Ltd/Guernsey (PEEL LN)</a> could become a target.</li>
<li>Irrevocables are 27.2%. There's no arguing with the premium and the deal should close. Spread is 2.63%/c. 4.93% (gross/annualised, assuming for simplicity all payments at settlement, around 15 November). <strong>Long.</strong>
</li>
</ul>


In a back to the 90's, Deustche seeks to acquire UK corporate stockbroker Numis for a  350p/share package (72% premium, 2.1x P/BVPS, 15.5x on a smoothed-out P/E) via scheme of arrangement.
The deal should bring deal flow to Deutsche Bank's UK business. Mifid II may spark more consolidation across UK brokers. Readacross: Peel Hunt Ltd/Guernsey (PEEL LN) could become a target.
Irrevocables are 27.2%. There's no arguing with the premium and the deal should close. Spread is 2.63%/c. 4.93% (gross/annualised, assuming for simplicity all payments at settlement, around 15 November). Long.



Deutsche Bank/Numis Corporation: Acquiring Deal Flow