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

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<li>
<a href="https://www.smartkarma.com/entities/brewin-dolphin-holdings-plc" target="_blank" data-smartkarma-citation="entities:21853:1" rel="noopener">Brewin Dolphin Holdings (BRW LN)</a> has agreed to be acquired by RBC (scheme of arrangement). Consideration is 515p/share in cash, cum dividend; it represents a 62% premium.</li>
<li>The offer represents 3.2x forward sales vs. 2.9x for the median of comparables (source: Capital IQ consensus). The offer also represents 2.8% of AuM (vs. a common multiple of 2.5%).</li>
<li>Consideration looks fair. The market believes there will be a deal; gross spread is an unexciting (in my view) 0.58%, 1.19% annualised (assuming settlement on 30 September).</li>
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Brewin Dolphin Holdings (BRW LN) has agreed to be acquired by RBC (scheme of arrangement). Consideration is 515p/share in cash, cum dividend; it represents a 62% premium.
The offer represents 3.2x forward sales vs. 2.9x for the median of comparables (source: Capital IQ consensus). The offer also represents 2.8% of AuM (vs. a common multiple of 2.5%).
Consideration looks fair. The market believes there will be a deal; gross spread is an unexciting (in my view) 0.58%, 1.19% annualised (assuming settlement on 30 September).


Royal Bank of Canada/Brewin Dolphin Holdings: Agreed Offer