European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Alphawave IP Group plc provides next generation wired connectivity technology, enabling data to travel faster, more reliably and using less power. The Company serves customers in digital infrastructure markets worldwide.

<ul>
<li>Scheme sanctioned, settlement imminent: Alphawave’s acquisition by Qualcomm has cleared all regulatory and legal hurdles. With court approval now secured, shares will delist on 19 December.</li>
<li>Spread fully closed: At a 17 Dec close of 184.6p and FX-implied offer value of ~185.07p, the deal trades at a negligible +0.26% gross spread, eliminating upside for new entrants.</li>
<li>Attractive return for early entrants: Arbitrageurs positioned around 177–179p captured ~3–4% gross return, annualizing to ~8%. Clean execution, founder alignment, and low regulatory friction supported a high-certainty event-driven trade.</li>
</ul>


Scheme sanctioned, settlement imminent: Alphawave’s acquisition by Qualcomm has cleared all regulatory and legal hurdles. With court approval now secured, shares will delist on 19 December.
Spread fully closed: At a 17 Dec close of 184.6p and FX-implied offer value of ~185.07p, the deal trades at a negligible +0.26% gross spread, eliminating upside for new entrants.
Attractive return for early entrants: Arbitrageurs positioned around 177–179p captured ~3–4% gross return, annualizing to ~8%. Clean execution, founder alignment, and low regulatory friction supported a high-certainty event-driven trade.


Qualcomm - Alphawave: Closing the Loop on a Clean Trade

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

SEMIFIVE is a leading design solution provider and pioneer of platform-based custom silicon solutions.

<ul>
<li>SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. </li>
<li>A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. </li>
<li>Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.</li>
</ul>


SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. 
A 43.9% of the total IPO shares are under various lock-up periods lasting from 15 days to 6 months. This is also a bullish sign. 
Our base case valuation of SemiFive is implied market cap of 1.4 trillion won or target price of 42,349 won per share, which is 76% higher than the IPO price.


SemiFive IPO Bookbuilding Results Analysis

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

Koninklijke KPN NV provides telecommunications services throughout the Netherlands.  The Company provides local, long distance, international, and mobile telecommunications services, voice-mail, call forwarding, ISDN Internet lines, faxing, and communications services for businesses and individuals.  KPN offers mobile telecommunications through E-Plus in Germany and BASE in Belgium.

<ul><li>In this edition: • ASM International/ASML/BE Semiconductor Industries | SEMI revises its outlook for worldwide semiconductor equipment market upward but not as strong as WSTS did for the semiconductor market • InPost | survey shows a strong structural shift toward parcel lockers in the UK • KPN | home broadband market expected to grow at a 0.9% CAGR through 2029 • PostNL | CBb annulled fine for not meeting minimum delivery quality in 2019 • Dutch housing market | signs of moderation</li></ul>

In this edition: • ASM International/ASML/BE Semiconductor Industries | SEMI revises its outlook for worldwide semiconductor equipment market upward but not as strong as WSTS did for the semiconductor market • InPost | survey shows a strong structural shift toward parcel lockers in the UK • KPN | home broadband market expected to grow at a 0.9% CAGR through 2029 • PostNL | CBb annulled fine for not meeting minimum delivery quality in 2019 • Dutch housing market | signs of moderation

Koninklijke KPN NV - What's New(s) in Amsterdam

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Analog Devices, Inc. designs, manufactures, and markets integrated circuits used in analog and digital signal processing.  The Company's products are used in communications, computer, industrial, instrumentation, military/aerospace, automotive, and high-performance consumer electronics applications.  Analog Devices sells its products worldwide.

<ul><li>Analog Devices (ADI) delivered a robust performance in its fourth quarter of fiscal year 2025, showcasing resilience and growth across all its end markets amidst challenging macroeconomic and geopolitical conditions.</li><li>The reported revenue for the quarter reached $3.08 billion, representing a sequential growth of 7% and a significant year-over-year increase of 26%.</li><li>ADI's full fiscal year revenue surpassed $11 billion, up 17% from the previous year, driven by double-digit growth across its industrial, automotive, communications, and consumer segments.</li></ul>

Analog Devices (ADI) delivered a robust performance in its fourth quarter of fiscal year 2025, showcasing resilience and growth across all its end markets amidst challenging macroeconomic and geopolitical conditions.The reported revenue for the quarter reached $3.08 billion, representing a sequential growth of 7% and a significant year-over-year increase of 26%.ADI's full fiscal year revenue surpassed $11 billion, up 17% from the previous year, driven by double-digit growth across its industrial, automotive, communications, and consumer segments.

Analog Devices: How AI Data Centers Are Turning Into a Massive Power & Connectivity Landgrab Inside ADI’s Playbook!

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

<ul>
  <li>
<a href="https://smartkarma.com/entities/broadcom-inc">Broadcom </a>is a dominant force in the technology sector, operating a diversified business model across high-margin semiconductor solutions and mission-critical infrastructure software.</li>
  <li>The company is strategically positioned to capitalize on the artificial intelligence boom, supplying custom AI accelerators and high-performance networking hardware to major hyperscalers, highlighted by a landmark deal with OpenAI.</li>
  <li>An aggressive, acquisition-led growth strategy, spearheaded by CEO Hock Tan, has successfully integrated major companies like VMware, CA Technologies, and Symantec, driving significant revenue growth and strong free cash flow generation, albeit with increased debt and notable valuation risks.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Broadcom is a dominant force in the technology sector, operating a diversified business model across high-margin semiconductor solutions and mission-critical infrastructure software.
  The company is strategically positioned to capitalize on the artificial intelligence boom, supplying custom AI accelerators and high-performance networking hardware to major hyperscalers, highlighted by a landmark deal with OpenAI.
  An aggressive, acquisition-led growth strategy, spearheaded by CEO Hock Tan, has successfully integrated major companies like VMware, CA Technologies, and Symantec, driving significant revenue growth and strong free cash flow generation, albeit with increased debt and notable valuation risks.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Semiconductors
Insights on Semiconductor Supply Chain

Qualcomm - Alphawave: Closing the Loop on a Clean Trade

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SemiFive IPO Bookbuilding Results Analysis

SemiFive confirmed its IPO price at 24,000 won, which was at the high end of the IPO price range. A 43.9% of the total IPO shares are under various...

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In this edition: • ASM International/ASML/BE Semiconductor Industries | SEMI revises its outlook for worldwide semiconductor equipment market...

The IDEA!

Analog Devices: How AI Data Centers Are Turning Into a Massive Power & Connectivity Landgrab Inside ADI’s Playbook!

Analog Devices (ADI) delivered a robust performance in its fourth quarter of fiscal year 2025, showcasing resilience and growth across all its end...

Baptista Research

Primer: Broadcom (AVGO US) - Dec 2025

Broadcom is a dominant force in the technology sector, operating a diversified business model across high-margin semiconductor solutions and...

αSK