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>On 13 August, The Times reported of bid speculation around RS Group and specifically mentioned an offer at £15/share, a sizable premium to the prior closing share price.</li>
<li>The shares trade on 19.6x Fwd P/E and 12.7x EV/Fwd EBITDA (source: Refinitiv). My fair value estimate is 1,229p, which implies 29% upside.</li>
<li>I believe the shares offer value with good growth prospects, as the company takes advantage of operational leverage, and bolt-on M&amp;A, with the potential upside risk of a bid. LONG.</li>
</ul>


On 13 August, The Times reported of bid speculation around RS Group and specifically mentioned an offer at £15/share, a sizable premium to the prior closing share price.
The shares trade on 19.6x Fwd P/E and 12.7x EV/Fwd EBITDA (source: Refinitiv). My fair value estimate is 1,229p, which implies 29% upside.
I believe the shares offer value with good growth prospects, as the company takes advantage of operational leverage, and bolt-on M&amp;A, with the potential upside risk of a bid. LONG.


RS Group plc

Takeover Interest