European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Brookfield intends to launch an all-cash voluntary and conditional (50%+1) offer for underperforming, leveraged and Belgium-portfolio concentrated <a href="https://www.smartkarma.com/entities/befimmo-sa" target="_blank" data-smartkarma-citation="entities:21316:1" rel="noopener">Befimmo SA (BEFB BB)</a> at a 52% premium, 0.82x P/Fwd BV and 21.3x equity value/FFOe.</li>
<li>The offer represents a 21% discount to EPRA NTA (€60.32/share), large in comparison with other recent deals in the European space (in line with EPRA NTA).</li>
<li>Considering the share price underperformance, shareholders are likely to take the cash. <strong>Gross spread</strong> is <strong>-0.1%</strong>. Trading volume has been rather high over the last sessions.</li>
</ul>


Brookfield intends to launch an all-cash voluntary and conditional (50%+1) offer for underperforming, leveraged and Belgium-portfolio concentrated Befimmo SA (BEFB BB) at a 52% premium, 0.82x P/Fwd BV and 21.3x equity value/FFOe.
The offer represents a 21% discount to EPRA NTA (€60.32/share), large in comparison with other recent deals in the European space (in line with EPRA NTA).
Considering the share price underperformance, shareholders are likely to take the cash. Gross spread is -0.1%. Trading volume has been rather high over the last sessions.


Brookfield/Befimmo: Recommended (Cheap) Cash Offer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>AFR revealed late Saturday that Brookfield and Atlassian billionaire and recent green warrior Mike Cannon-Brookes had lobbed an A$8bn (4.7% premium) bid for AGL ahead of its vote to split.</li>
<li>The bid is too low, and would be fraught with competition issues, but it begs the question of whether the company would be better un-split and made greener, faster.</li>
<li>Other megacaps out there have expressed interest in owning Australian integrated utilities, and there are plans on the drawing board which would allow greening if more firming capacity investment arrived.</li>
</ul>


AFR revealed late Saturday that Brookfield and Atlassian billionaire and recent green warrior Mike Cannon-Brookes had lobbed an A$8bn (4.7% premium) bid for AGL ahead of its vote to split.
The bid is too low, and would be fraught with competition issues, but it begs the question of whether the company would be better un-split and made greener, faster.
Other megacaps out there have expressed interest in owning Australian integrated utilities, and there are plans on the drawing board which would allow greening if more firming capacity investment arrived.


Brookfield/Cannon-Brookes Lowball Bid for AGL (AGL AU) Likely to Get the Kibosh.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> will be deleted from the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> after the close of trading on 4 February and <a href="https://www.smartkarma.com/entities/arena-reit" target="_blank" data-smartkarma-citation="entities:12209:1" rel="noopener">Arena Reit (ARF AU)</a> will be included.</li>
<li>With this change announced, <a href="https://www.smartkarma.com/entities/telix-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:26052:1" rel="noopener">Telix Pharmaceuticals (TLX AU)</a> is a high probability inclusion to the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> next week when <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a> will be deleted.</li>
<li>
<a href="https://www.smartkarma.com/entities/arena-reit" target="_blank" data-smartkarma-citation="entities:12209:1" rel="noopener">Arena Reit (ARF AU)</a> has outperformed its peers over the last year and now trades at higher valuations. We would use price spikes on inclusion to rotate into its peers.</li>
</ul>



Ausnet Services (AST AU) will be deleted from the S&amp;P/ASX 200 (AS51 INDEX) after the close of trading on 4 February and Arena Reit (ARF AU) will be included.
With this change announced, Telix Pharmaceuticals (TLX AU) is a high probability inclusion to the S&amp;P/ASX 200 (AS51 INDEX) next week when Sydney Airport (SYD AU) will be deleted.

Arena Reit (ARF AU) has outperformed its peers over the last year and now trades at higher valuations. We would use price spikes on inclusion to rotate into its peers.


ASX200 Index Rebalance: Arena REIT to Replace Ausnet

<ul>
<li>The offer price has been reopened following the results of the offer period: Brookfield has received acceptances over 50.5% of the voting rights and now controls 71% of alstria.</li>
<li>Depending on the results, Brookfield may initiate procedures to initiate a delisting, but will not squeeze-out for at least three years. Liquidity of the shares will be much lower.</li>
<li>Brookfield may lower the dividend payout. The shares are trading at 3.4% FFO yield and 2.6% dividend yield, meaning that there are better opportunities elsewhere. Recommendation is tender.</li>
</ul>


The offer price has been reopened following the results of the offer period: Brookfield has received acceptances over 50.5% of the voting rights and now controls 71% of alstria.
Depending on the results, Brookfield may initiate procedures to initiate a delisting, but will not squeeze-out for at least three years. Liquidity of the shares will be much lower.
Brookfield may lower the dividend payout. The shares are trading at 3.4% FFO yield and 2.6% dividend yield, meaning that there are better opportunities elsewhere. Recommendation is tender.


Brookfield/​Alstria Office REIT: Additional Acceptance Period

<ul>
<li>There could be 2 changes to the ASX100 and ASX200 prior to the March rebalance due to the acquisitions of <a href="https://www.smartkarma.com/entities/ausnet-services" target="_blank" data-smartkarma-citation="entities:10293:1" rel="noopener">Ausnet Services (AST AU)</a> and <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063:1" rel="noopener">Sydney Airport (SYD AU)</a>. </li>
<li>There will also be the large <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> upweight and funding trade following unification, and possibly the <a href="https://www.smartkarma.com/entities/afterpay-limited" target="_blank" data-smartkarma-citation="entities:26940:1" rel="noopener">Afterpay Touch (APT AU)</a> acquisition by <a href="https://www.smartkarma.com/entities/square-inc" target="_blank" data-smartkarma-citation="entities:23755:1" rel="noopener">Square Inc (SQ US)</a>. </li>
<li>Then there will be more changes to the ASX200 and ASX300 at the March rebalance. There could be a lot of new listings included in the ASX300.</li>
</ul>


There could be 2 changes to the ASX100 and ASX200 prior to the March rebalance due to the acquisitions of Ausnet Services (AST AU) and Sydney Airport (SYD AU). 
There will also be the large BHP Group (BHP AU) upweight and funding trade following unification, and possibly the Afterpay Touch (APT AU) acquisition by Square Inc (SQ US). 
Then there will be more changes to the ASX200 and ASX300 at the March rebalance. There could be a lot of new listings included in the ASX300.


ASX100/​200/300 Index Rebalance Preview (March 2022): A Lot Happening From Now to March

Canada

Brookfield Asset Management Ltd. operates as an investment management firm. The Company focuses on property development, renewable energy, infrastructure, insurance, and private equity. Brookfield Asset Management serves customers worldwide.

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Brookfield Asset Management Lt (BAM US)

Brookfield/Befimmo: Recommended (Cheap) Cash Offer

Brookfield takes advantage of the discount to NAV of Befimmo to launch a €1.4 bin offer at a 52% premium. Considering 2-year share price...

Jesus Rodriguez Aguilar

Brookfield/Cannon-Brookes Lowball Bid for AGL (AGL AU) Likely to Get the Kibosh.

Brookfield and billionaire Mike Cannon-Brookes presented a bid to buy out AGL; the Board met Sunday. I expect it gets no play, but recent coal...

Travis Lundy

ASX200 Index Rebalance: Arena REIT to Replace Ausnet

Arena REIT will replace Ausnet in the ASX200 at the close on 4 Feb. That should mean Telix Pharma replaces Sydney Airport at the close on 9 Feb....

Brian Freitas

Brookfield/Alstria Office REIT: Additional Acceptance Period

Brookfield now controls 71% of alstria and has reopened the offering period until 3 February. It intends to act as a long-term shareholder and will...

Jesus Rodriguez Aguilar

ASX100/200/300 Index Rebalance Preview (March 2022): A Lot Happening From Now to March

There will be many changes to the ASX100/200/300 indices from now to March due to M&A activity & price moves. Plus a large funding trade following...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Brookfield/Befimmo: Recommended (Cheap) Cash Offer

Brookfield takes advantage of the discount to NAV of Befimmo to launch a €1.4 bin offer at a 52% premium. Considering 2-year share price...

Jesus Rodriguez Aguilar

Brookfield/Cannon-Brookes Lowball Bid for AGL (AGL AU) Likely to Get the Kibosh.

Brookfield and billionaire Mike Cannon-Brookes presented a bid to buy out AGL; the Board met Sunday. I expect it gets no play, but recent coal...

Travis Lundy

ASX200 Index Rebalance: Arena REIT to Replace Ausnet

Arena REIT will replace Ausnet in the ASX200 at the close on 4 Feb. That should mean Telix Pharma replaces Sydney Airport at the close on 9 Feb....

Brian Freitas

Brookfield/​Alstria Office REIT: Additional Acceptance Period

Brookfield now controls 71% of alstria and has reopened the offering period until 3 February. It intends to act as a long-term shareholder and will...

Jesus Rodriguez Aguilar

ASX100/​200/300 Index Rebalance Preview (March 2022): A Lot Happening From Now to March

There will be many changes to the ASX100/200/300 indices from now to March due to M&A activity & price moves. Plus a large funding trade following...

Brian Freitas

Brookfield/Alstria Office REIT: Additional Acceptance Period

ASX100/200/300 Index Rebalance Preview (March 2022): A Lot Happening From Now to March