IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

Merger Arb Mondays (11 Nov) - Canvest, Get Nice, I-PEX, LAC, I'rom, Net One, Fuji Soft, NEC Networks

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Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/i-pex-inc" target="_blank" data-smartkarma-citation="entities:12587:1" rel="noopener">I-PEX (6640 JP)</a> has recommended an MBO at JPY2,950, 85.2% premium to the last close of JPY1,593.</li>
<li>While attractive compared to peer multiples and historical trading ranges, it is light due to an implied P/B below 1x and 11% below the mid-point IFA DCF valuation range.</li>
<li>The lack of activists on the register suggests a done deal.  The tender offer runs from 8 November to 19 December (30 business days), with payment commencing from 26 December. </li>
</ul>



I-PEX (6640 JP) has recommended an MBO at JPY2,950, 85.2% premium to the last close of JPY1,593.
While attractive compared to peer multiples and historical trading ranges, it is light due to an implied P/B below 1x and 11% below the mid-point IFA DCF valuation range.
The lack of activists on the register suggests a done deal.  The tender offer runs from 8 November to 19 December (30 business days), with payment commencing from 26 December. 


I-PEX (6640 JP): MBO at an 85% Takeover Premium but Implies P/B <1x