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: Last Trading Day

Sun Capital Partners/K3 Capital Group: Agreed Underwhelming Offer

Event-Driven

<ul>
<li>There were no surprises and Inflexion launched the offer for <a href="https://www.smartkarma.com/entities/dwf-group-plc" target="_blank" data-smartkarma-citation="entities:39928:1" rel="noopener">DWF Group (DWF LN)</a> well ahead of the 7 August PUSU deadline. DWF shares increased by c. 15%.</li>
<li>The final proposal maintains what was announced: 97p in cash plus a 3p dividend,8.0x EV/Fwd NTM EBIT and 8.2x Fwd P/E, and an 18% discount to the IPO price.</li>
<li>The closing share price pre-first announcement was 56.5p, taking it as break, the market is pricing a 94% chance to complete the deal. Spread is 2.6%/6.2% (gross/annualised). <strong>Long.</strong>
</li>
</ul>


There were no surprises and Inflexion launched the offer for DWF Group (DWF LN) well ahead of the 7 August PUSU deadline. DWF shares increased by c. 15%.
The final proposal maintains what was announced: 97p in cash plus a 3p dividend,8.0x EV/Fwd NTM EBIT and 8.2x Fwd P/E, and an 18% discount to the IPO price.
The closing share price pre-first announcement was 56.5p, taking it as break, the market is pricing a 94% chance to complete the deal. Spread is 2.6%/6.2% (gross/annualised). Long.



DWF Group

Inflexion/​DWF: Deal Announcement

Inflexion/DWF: Deal Announcement