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.

Event-Driven

<ul>
<li>KKR's launching a cash offer for space tech firm <a href="https://www.smartkarma.com/entities/ohb-se" target="_blank" data-smartkarma-citation="entities:40004:1" rel="noopener">OHB SE (OHB GR)</a> at €44/share, 37% premium, 8.1x EV/Fwd NTM EBITDA, 16.1x Fwd P/E for an implied equity value of c.€769 million.</li>
<li>The Fuchs family will retain its majority shareholding. OHB's strong balance sheet might be leveraged to further consolidate the industry. The offer price seems slightly cheap but not outrageous.</li>
<li>I believe a price hike is unlikely. Gross spread is 3.75%. Considering a break of €32.2, the market is pricing an 86% probability of success. I'd be long the shares.</li>
</ul>


KKR's launching a cash offer for space tech firm OHB SE (OHB GR) at €44/share, 37% premium, 8.1x EV/Fwd NTM EBITDA, 16.1x Fwd P/E for an implied equity value of c.€769 million.
The Fuchs family will retain its majority shareholding. OHB's strong balance sheet might be leveraged to further consolidate the industry. The offer price seems slightly cheap but not outrageous.
I believe a price hike is unlikely. Gross spread is 3.75%. Considering a break of €32.2, the market is pricing an 86% probability of success. I'd be long the shares.


OHB SE

KKR/OHB: Agreed Take-Private Offer