Equity Analyst, LightStream Research

Oshadhi Kumarasiri

An equity research analyst with over 7 years of experience in multiple sectors. Previously worked for one of the world's largest asset managers with about USD2.5trn in AUM, covering small and micro-cap companies in the consumer sphere across Europe and developed Asia. Also experienced in covering multiple industries including banking, insurance and asset management, retail, tech, telco and REIT.

Equity Analyst

Coca-Cola Amatil Takeover Offer: A Bump Forthcoming?

A Generous Offer By Coca-Cola European Partners

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

The takeover offer by <a href="https://www.smartkarma.com/entities/coca-cola-european-partners" target="_blank" data-smartkarma-citation="entities:29709:1" rel="noopener">Coca-Cola European Partners (CCEP US)</a> (CCEP) to acquire <a href="https://www.smartkarma.com/entities/coca-cola-amatil-ltd" target="_blank" data-smartkarma-citation="entities:675:1" rel="noopener">Coca Cola Amatil (CCL AU)</a> (CCL) at A$12.75 per share in cash, adjusted for 2H20 dividends paid, was at a 23% premium to CCL‘s undisturbed one-week volume-weighted price.We discussed this in our insight, <a href="https://www.smartkarma.com/insights/a-generous-offer-by-coca-cola-european-partners" target="_blank" rel="noopener">A Generous Offer By Coca-Cola European Partners</a> and deemed that CCEP’s offer was more than reasonable.However, it appears that at least four fund managers who collectively own about 9-10% of CCL shares consider that the offer materially undervalues the company.

The takeover offer by Coca-Cola European Partners (CCEP US) (CCEP) to acquire Coca Cola Amatil (CCL AU) (CCL) at A$12.75 per share in cash, adjusted for 2H20 dividends paid, was at a 23% premium to CCL‘s undisturbed one-week volume-weighted price.We discussed this in our insight, A Generous Offer By Coca-Cola European Partners and deemed that CCEP’s offer was more than reasonable.However, it appears that at least four fund managers who collectively own about 9-10% of CCL shares consider that the offer materially undervalues the company.

Growing Investor Opposition to CCEP's Take Over Offer: Will There Be a Bump?