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.

Sega Sammy Holdings/Rovio Entertainment: Agreed Offer

Event-Driven

<ul>
<li>On 22 March, Playtika said those preliminary discussions had ended. The shares had nevertheless traded at a wide spread to the offer because of doubts an offer would finally materialise.</li>
<li>The offer was pitched below the IPO price and at lower multiples than other recent deals. My DCF-based valuation is €8.80 (16% upside without considering any offer premium).</li>
<li>Due to the strategic importance of Angry Birds, one of the best and most enduring names in mobile gaming, Rovio remains a target. I'd be long at current share price.</li>
</ul>


On 22 March, Playtika said those preliminary discussions had ended. The shares had nevertheless traded at a wide spread to the offer because of doubts an offer would finally materialise.
The offer was pitched below the IPO price and at lower multiples than other recent deals. My DCF-based valuation is €8.80 (16% upside without considering any offer premium).
Due to the strategic importance of Angry Birds, one of the best and most enduring names in mobile gaming, Rovio remains a target. I'd be long at current share price.


Value in Rovio Beyond Playtika's Failed Offer