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.

Kinetic & Globalvia/Go-Ahead: Recommended Offer

I Squared/FirstGroup: Looming PUSU Deadline

Event-Driven

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<p><strong>Corrigenda</strong>: There is an error in this insight. Please note the correction.</p>
<p><strong>Correction</strong>: in the 3rd bullet in Executive Summary:<br>Instead of “Short 1 SGE LN, long 0.36 NEX LN” should read “Long 1 SGE LN, short 0.36 NEX LN”</p>
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<li>The deal is defensive and centered in the UK, with US, Spain and Morocco as other major markets. It seeks scale and the synergies look achievable.</li>
<li>The consideration represents a 18% premium, 12.7 EV/Fwd EBITDA and 19.5x Fwd P/E.</li>
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<li>Stagecoach shareholders will likely approve the integration. <strong>Short 1 SGE LN, long 0.36 NEX LN</strong>. Patience may be needed to set up a large position.</li>
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Corrigenda: There is an error in this insight. Please note the correction.
Correction: in the 3rd bullet in Executive Summary: Instead of “Short 1 SGE LN, long 0.36 NEX LN” should read “Long 1 SGE LN, short 0.36 NEX LN”



The deal is defensive and centered in the UK, with US, Spain and Morocco as other major markets. It seeks scale and the synergies look achievable.
The consideration represents a 18% premium, 12.7 EV/Fwd EBITDA and 19.5x Fwd P/E.



Stagecoach shareholders will likely approve the integration. Short 1 SGE LN, long 0.36 NEX LN. Patience may be needed to set up a large position.




National Express/Stagecoach: All-Stock Merger